在AI算力需求爆发的背景下，源杰科技的数据中心市场CW(连续波)硅光光源产品逐步放量，驱动业绩 高速增长并同比扭亏为盈。2025年前三季度，公司营收3.83亿元同比大增115.09%，净利润1.06亿元实 现扭亏为盈，其中三季度单季营收1.78亿元，同比增幅高达207.31%。前三季度公司销售毛利率高达 54.76%，同比提升33.42个百分点。 高毛利率的数据中心业务大幅增加，显著优化了公司的产品结构，过去依赖电信市场的源杰科技，如今 已形成"电信+数通"双轮驱动格局。 光通信市场竞争加剧之际，国内光芯片龙头企业源杰科技(SH688498，股价546.51元，市值469.71亿元) 正式迈出跨市场上市步伐。 《每日经济新闻》记者注意到，近日，源杰科技发布公告称，公司董事会已审议通过授权管理层启动境 外发行股份并在香港联交所上市相关筹备工作。 从经营业绩来看，源杰科技此次赴港上市可谓恰逢其时。2025年前三季度，公司实现营收3.83亿元，同 比大增115.09%；归母净利润1.06亿元，同比扭亏为盈。 所在市场快速增长 源杰科技的核心业务聚焦在光通信领域的"心脏"——光芯片。作为极少数掌握IDM(垂直整合制造 ...

光通信市场竞争加剧之际，国内光芯片龙头源杰科技正式迈出跨市场上市步伐。 近日，源杰科技发布公告称，公司董事会已审议通过授权管理层启动境外发行股份并在香港联交所上市 相关筹备工作。 从经营业绩来看，源杰科技此次赴港上市可谓恰逢其时。2025年前三季度，公司实现营收3.83亿元，同 比大增115.09%；归母净利润1.06亿元，同比扭亏为盈。 值得注意的是，源杰科技并非近期又一家冲击"A+H" 双平台的本土科技企业。在它之前，三达膜也宣 布了香港发行H股的计划，显示出内地科技公司两地上市的新趋势。 01 前三季度同比扭亏 源杰科技的核心业务，聚焦在光通信领域的"心脏"—— 光芯片。 作为极少数掌握IDM 全流程模式的本土企业，源杰科技已建立包含芯片设计、晶圆制造、芯片加工和 测试的完整链条。 公司主要产品包括2.5G、10G、25G、50G、100G、200G及更高速率的DFB、EML激光器系列产品，以 及50mW、70mW、100mW、150mW等大功率硅光光源产品。 在AI算力需求爆发的背景下，源杰科技的数据中心市场CW（连续波）硅光光源产品逐步放量，驱动业 绩高度增长并同比扭亏为盈。 2025年前三季度，公 ...

Core Viewpoint - The company is focused on enhancing operational quality and expanding its market presence in the optical chip industry, particularly in telecommunications and data centers, while implementing a comprehensive action plan for quality improvement and return on investment by 2025 [1][2][6]. Group 1: Business Focus and Performance - The company specializes in the research, design, production, and sales of optical chips, with key applications in telecommunications, data centers, and automotive laser radar markets [1]. - The net profit attributable to shareholders reached 46.26 million yuan, a year-on-year increase of 330.31% [2]. - Revenue from the telecommunications market was 99.87 million yuan, a decrease of 8.93% year-on-year, while revenue from data centers and other businesses surged to 104.60 million yuan, an increase of 1,034.18% [2]. Group 2: Product Development and Market Strategy - The company has established a comprehensive IDM business model covering chip design, wafer manufacturing, processing, and testing, enhancing its competitive edge [2]. - In the telecommunications sector, the company is focusing on next-generation DFB/EML products to meet the evolving demands of 25G/50G PON networks [3]. - The data center market is experiencing rapid growth, with the company delivering high-power CW laser products and developing 200G PAM4 EML products, which are set to be showcased at the 2025 OFC conference [4]. Group 3: Investment and Capacity Expansion - The company has increased the investment scale of the "50G Optical Chip Industrialization Project" from 129 million yuan to 487 million yuan, with significant funds allocated for equipment purchases [7][8]. - As of June 2025, the cumulative investment in the project reached approximately 214 million yuan [7]. - The company is actively optimizing its production lines to accommodate various high-speed optical chip production standards [8]. Group 4: Financial Management and Governance - The company has improved its inventory turnover rate to 1.7, a 32.67% increase year-on-year, reflecting enhanced operational efficiency [8]. - The structure of accounts receivable has improved, with long-term receivables decreasing from 5.20% to 1.86% [8]. - The company has revised its governance structure, eliminating the supervisory board and enhancing the role of the audit committee [10]. Group 5: Investor Relations and Returns - The company emphasizes investor communication and transparency, participating in industry performance briefings and enhancing information disclosure [12]. - A cash dividend of 8.55 million yuan will be distributed to shareholders, with plans for mid-term cash dividends based on operational performance [13]. - The company aims to continuously evaluate and implement measures to enhance quality and efficiency, thereby improving investor returns [13].