Core Viewpoint - Yuanjie Technology is a leading domestic optical chip IDM manufacturer, capable of supplying major international and domestic optical module manufacturers in bulk, showcasing a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Yuanjie Technology achieved revenue of 383 million yuan, ranking 13th in the industry, significantly lower than the top player, Wentai Technology, which reported 29.769 billion yuan [2] - The company's net profit for the same period was 106 million yuan, ranking 8th in the industry, below Wentai Technology's 1.505 billion yuan [2] - The revenue composition includes 51.04% from data center and other sectors (105 million yuan) and 48.73% from the telecom market (99.8735 million yuan) [2] Group 2: Financial Ratios - As of Q3 2025, Yuanjie Technology's debt-to-asset ratio was 9.08%, lower than the industry average of 24.02%, indicating strong solvency [3] - The gross profit margin for the same period was 54.76%, significantly higher than the industry average of 30.71%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 30.35% to 9,929, while the average number of circulating A-shares held per shareholder decreased by 23.29% to 6,057.94 [5] - Notable changes among the top ten circulating shareholders include the entry of China Aviation Opportunity Leading Mixed Fund as the second-largest shareholder [5] Group 4: Business Highlights and Future Outlook - Yuanjie Technology has established a strong supply chain, providing bulk supplies to major optical module manufacturers [6][7] - The company is capitalizing on AI opportunities, rapidly expanding in the data center market, with projected revenues of 528 million, 937 million, and 1.434 billion yuan for 2025 to 2027, reflecting growth rates of 109.56%, 77.30%, and 53.03% respectively [6] - The company has successfully developed and validated high-performance products, including 100G PAM4 EML and CW laser chips, which are expected to drive future growth [6][7]

Core Viewpoint - The company is holding its 2024 annual shareholders' meeting to discuss various proposals, including the cancellation of the supervisory board and amendments to the company's articles of association, as well as financial reports and future plans [1][21]. Meeting Procedures - The meeting will be organized by a designated committee, ensuring that only eligible shareholders and representatives can attend [1][2]. - All agenda items must be voted on without postponement, and attendees are required to maintain order during the meeting [2][3]. - Shareholders have the right to speak, ask questions, and vote, but must register to speak and adhere to time limits [2][3][4]. Financial Performance - For the fiscal year 2024, the company reported a revenue of approximately 252.17 million yuan, a 74.63% increase from 2023 [9][11]. - The net profit attributable to shareholders was -6.13 million yuan, representing a 131.49% decrease compared to the previous year [9][11]. - The company’s total assets decreased by 3.99% to approximately 2.15 billion yuan [9][11]. Business Developments - The company has expanded its product offerings in the telecommunications market, particularly with the introduction of 10G EML products, which have seen significant order increases [24]. - In the AI data center market, the company achieved sales breakthroughs with high-power CW laser chips, indicating a successful adaptation to market demands [24][25]. - The overall gross margin has declined due to increased costs associated with production and R&D investments [25]. Future Plans - The company has proposed a financial budget for 2025, focusing on revenue growth and internal management improvements [13][14]. - A profit distribution plan has been outlined, proposing a cash dividend of approximately 8.55 million yuan based on the total shares eligible for distribution [15][16]. - The company plans to continue its strategy of enhancing shareholder returns through potential mid-term dividends, contingent on financial performance [16]. Governance Changes - A proposal to abolish the supervisory board and amend the company's articles of association has been submitted, transferring supervisory responsibilities to the audit committee of the board [21][22]. - The company aims to improve its internal governance mechanisms by revising and establishing new governance policies [22].

➢ 持续加大研发投入，充分把握高端光芯片领域的发展机遇：公司 2022~2024 年的研发费用率分别为 9.58%/21.43%/21.62%。2024 年全年公司研发费用达 5451.76 万元，同比大幅增长 76.2%。电信市场方面，公司积极配合海内外设备 商提前布局下一代 25G/50G PON 所需的 DFB/EML 产品，实现第一阶段的卡位 和小批量出货。数通市场来看，除了 CW 70mW 芯片外，公司 100G PAM4 EML、 CW 100mW 芯片已完成客户认证，200G PAM4 EML 已完成产品开发并推出， 还研发了适配 CPO 方案的 300mW 高功率 CW 光源，此外针对 OIO 领域的 CW 光芯片需求，公司也已展开相关预研工作。 ➢ 投资建议：公司作为国内光芯片厂龙头商，技术实力突出，持续聚焦电信& 数通领域的高端品类国产替代，成长空间广阔。我们预计公司 2025-2027 年的 归母净利润分别为 0.95/1.68/2.45 亿元，对应 PE 倍数 104/59/40 倍。维持"推 荐"评级。 ➢ 风险提示：数通市场需求不及预期，行业竞争加剧，新产品发展不及预期。 [盈利预 ...