--- title: "Surged over 269%: Did Yuan Yonggang win again with his bet on \"optical mother machines\"?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43500907.md" description: "Introduction: Scarcity drives value, but how big is the market? Recently, $LANDUN PHOTOELECTRON(300862.SZ) surged, sending another message to the market: don't just stand in the 'light,' remember to bring the tools that create it. The robust demand for optical modules from AI computing power has been the fundamental driver behind the recent popularity of optical module concept stocks like 'Yi Zhongtian.' However, the market previously paid less attention to the core components of optical modules and the equipment used to manufacture them, especially equipment manufacturers, which serve as the 'mother machines' upstream of optical modules. There is an important background here: although among the top 10 global optical module manufacturers..." datetime: "2026-08-20T02:18:40.000Z" locales: - [en](https://longbridge.com/en/topics/43500907.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43500907.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43500907.md) author: "[阿尔法工场](https://longbridge.com/en/profiles/5044766.md)" generator: "portal-rs" --- # Surged over 269%: Did Yuan Yonggang win again with his bet on "optical mother machines"? Lead: Scarcity drives value, but how big is the market? Recently, $LANDUN PHOTOELECTRON(300862.SZ) surged, sending another message to the market: don't just stand in the "light," remember to bring the tools that create it. The robust demand for optical modules by AI computing power has been the fundamental driver behind the recent boom of optical module concept stocks like "Yi Zhongtian." However, the market previously paid little attention to the core components of optical modules and the equipment used to manufacture them, especially equipment manufacturers, which serve as the "industrial mother machines" upstream of optical modules. Here lies an important background: although Chinese companies occupy 7 out of the top 10 global optical module manufacturers, with an even higher share in the high-speed datacom (800G/1.6T) segment, mainstream companies in the field of equipment manufacturing for core optical module components remain foreign. "Domestic" "industrial mother machines" are still scarce. Lanchuang Technology, which Landun Optoelectronics plans to acquire, primarily focuses on the R&D and sales of high-end vacuum coating equipment, essential for manufacturing core optical module components. Broadly speaking, Lanchuang Technology can also be categorized within the optical communications sector. However, it does not sell optical modules or finished filter products; instead, it provides production equipment to filter factories, positioning itself in the upstream equipment segment of optical communications. The acquisition plan was first disclosed on July 28, but Landun Optoelectronics' stock had already entered an upward channel starting July 21. By August 18, the closing price had risen from 15.32 yuan/share to 56.5 yuan/share, a cumulative increase of over 269%, bringing the total market capitalization to approximately 10.43 billion yuan. In response to the continuous rise in its stock price, Landun Optoelectronics stated that between August 10 and August 18, 2026, its stock hit the daily limit up for 5 consecutive trading days, surging 197.21% in the short term. This has accumulated significant trading risks and severely deviated from the company's fundamentals. Consequently, the company's stock will be suspended from August 19, 2026 (Wednesday), with an expected suspension period of no more than 3 trading days. **01 Is Lanchuang Technology's Equipment Really Scarce?** First, some context: currently, most manufacturers capable of producing high-performance vacuum coating equipment are foreign companies, with very few domestic players. Among overseas mainstream companies, Germany's Bühler-Leybold is the benchmark for TFF filter equipment, with its core product being the Bühler-Leybold IBS-1400 series ion beam sputtering equipment. The US's Veeco is a veteran major player in IBS equipment. Japan's Optorun is extremely strong in the consumer electronics optics market. Global leading TFF filter manufacturers generally equip their core production lines for mass-producing ultra-narrow band thin-film filters (DWDM/LWDM) with IBS ion beam sputtering coating equipment from German Leybold and US Veeco. Filter manufacturers achieve mass production by adding their proprietary film systems and process technologies on top of this hardware foundation. When building high-end TFF production lines, leading domestic filter manufacturers also procured IBS equipment from Leybold and Veeco. According to the "Acquisition Plan," Lanchuang Technology is one of the few domestic high-end equipment manufacturers to achieve commercial mass production in the ultra-narrow band thin-film filter (TFF) field. It has successfully broken through key process bottlenecks such as surface defects in thin films, with comprehensive output and technical stability ranking at the forefront of the industry. Currently, Lanchuang Technology's main products or focus areas include high-precision magnetron sputtering coating equipment, high-speed IBS (ion beam sputtering) equipment, and ALD (atomic layer deposition) equipment. Only with these high-precision devices can the required filters for the optical communication field be manufactured. For instance, high-speed IBS ion beam sputtering equipment, benchmarking against German Leybold and US Veeco, can be used to produce bare chips for DWDM/LWDM ultra-narrow band TFF filters, which are key production equipment for 800G/1.6T high-speed datacom optical modules. However, it is necessary to distinguish that 800G/1.6T optical modules run on three major parallel architectures: parallel multi-channel without WDM, TFF-Z-Block WDM, and AWG-PLC WDM. TFF is merely one sub-solution among them. Within the 8-channel LWDM/MWDM WDM architecture, TFF ultra-narrow band thin-film filters (assembled into Z-Block components) are the mainstream implementation solution, used in modules requiring WDM multiplexing such as 800G-FR8 and 1.6T-2FR4. Looking at the entire 800G and 1.6T optical module market, the TFF route is not the only one. There is also a large volume of DR/VR/SR parallel architecture optical modules in the market that do not require WDM multiplexing and thus do not use TFF filters at all. Within WDM scenarios, AWG arrayed waveguide gratings also exist as alternative solutions. The IBS/magnetron sputtering coating equipment produced by Lanchuang Technology can be used to manufacture TFF filters. However, the market it corresponds to is not just the "800G/1.6T optical module big market," but also the upstream equipment demand for the LWDM/MWDM WDM niche track, while also targeting non-datacom scenarios such as telecom DWDM, instruments, and medical lasers. The capital market's pursuit of Landun Optoelectronics' acquisition of Lanchuang Technology during this period stems from the popularity of the "chasing light" concept. However, upon careful analysis, whether a two-to-three-fold increase in valuation is justified depends on individual judgment. Additionally, recent expansion plans by major optical module manufacturers and their moves upstream have also heightened investor interest in Lanchuang Technology, given that it is indeed a major upstream equipment provider for optical modules. Just in June, Dongshan Precision disclosed that its subsidiary, Source Photonics, and its subsidiaries plan to implement optical chip and optical module expansion projects in Changzhou and other locations, with a total project investment of $1.2 billion; Zhongji Innolight recently announced its intention to acquire a 10.47% stake in Zhongshi Technology for 1.747 billion yuan, aiming to alleviate thermal dissipation needs in the supply chain. Previously, its wholly-owned subsidiary, Zhongji Innolight (Shanghai) Investment Co., Ltd., had also invested heavily to become the fourth-largest shareholder of PCB leader Pengding Holdings; Guangxun Technology raised 3.485 billion yuan for projects such as "Construction of High-Speed Optical Transmission Products Production for Computing Centers," aimed at expanding high-speed optical module production, while supporting coherent products, optical switches, and high-density connectors; HG Tech took a stake in EML chip design company Yunling Optoelectronics, laying out a CPO technology platform; Mingpu Guangci proposed a private placement of no more than 1.283 billion yuan, of which 788 million yuan would be invested in a high-speed optical module intelligent manufacturing project to build an 800G/1.6T high-speed datacom optical module production line... This trend of optical module manufacturers expanding production and investing naturally attracted more "light chasers" in the stock market. **02 Three A-Share Platforms Support Yuan Yonggang's "Optoelectronic Empire"** Yuan Yonggang and his wife Wang Wenjuan are the actual controllers of Landun Optoelectronics. They are already "veteran players" in the "chasing light" track, gradually building an industrial empire spanning optical modules, batteries, and high-end scientific instruments. Besides Landun Optoelectronics, their controlled companies, Dongshan Precision and Anfu Technology, have garnered more investor attention. In the optoelectronics track, Dongshan Precision is the core carrier of Yuan Yonggang's layout. In 2025, Dongshan Precision spent no more than 5.935 billion yuan to acquire 100% equity in Source Photonics, officially entering the optical module track. Source Photonics ranked among the top ten global optical module suppliers. After consolidation, the optical module business drove a significant surge in Dongshan Precision's performance. For the first half of 2026, the company expects net profit attributable to shareholders to reach 2.9-3.0 billion yuan, a year-on-year increase of 282.58%-295.78%. The capital market responded accordingly; despite experiencing corrections, Dongshan Precision's market capitalization remains at approximately 360 billion yuan. Yuan Yonggang directly holds about 16.53%, corresponding to a holding value of up to 59.5 billion yuan. Driven by the stock price surge due to Dongshan Precision's optical module business, the Yuan Fugen (Yuan Yonggang's father) family's 账面 wealth reached 44 billion yuan in the "2025 Hurun Rich List," ranking 130th nationally. In the "2026 Hurun Global Rich List," the Yuan Fugen family's wealth has risen to 50.5 billion yuan, ranking 579th. A similar plot seems to be repeating with Landun Optoelectronics. After Landun Optoelectronics announced the acquisition plan for Lanchuang Technology, this company, originally focused on environmental monitoring and meteorological observation instruments, saw four consecutive 20% limit-up boards. As of the close on August 18, its total market capitalization exceeded 10 billion yuan. Notably, Landun Optoelectronics' own fundamentals are under pressure, reporting a net loss of 88.7665 million yuan in 2025 and continuing to lose 8.6643 million yuan in the first quarter of 2026. In contrast, Lanchuang Technology shows outstanding growth, with a net profit of 102 million yuan in the first half of 2026. If the transaction is completed, Landun Optoelectronics will add a high-end coating equipment business and, relying on Lanchuang Technology's equipment processes, alleviate its reliance on imported optical components for its instrument business, thereby extending Yuan Yonggang's optoelectronic empire into upstream equipment for optical communications. Furthermore, Anfu Technology, controlled by Yuan Yonggang, is beginning to layout in the optoelectronic chip track beyond its Nanfu Battery base. In 2025, it strategically invested in Suzhou Yilanwei, an optical chip enterprise, and also invested in domestic GPU manufacturer Xiang Dixian, expanding its second growth curve. Anfu Technology's market capitalization has increased more than fourfold since Yuan Yonggang took control, briefly breaking through 20 billion yuan, but it also faces the risk of impairment from high goodwill. Behind these multiple industrial cards, risks are equally objective. Dongshan Precision's large-scale expansion has led to an increase in debt scale; Landun Optoelectronics' restructuring faces approval uncertainties; and Anfu Technology hangs over 2.9 billion yuan in goodwill. On one side is the performance and market capitalization elasticity brought by capital M&A; on the other are multiple tests including technological iteration, liabilities, and goodwill. The subsequent integration effectiveness of Yuan Yonggang's optoelectronic chess game spanning "equipment-components-optical modules" remains to be tested by time. ### Related Stocks - [300862.CN](https://longbridge.com/en/quote/300862.CN.md) - [002384.CN](https://longbridge.com/en/quote/002384.CN.md) - [03308.HK](https://longbridge.com/en/quote/03308.HK.md) - [300308.CN](https://longbridge.com/en/quote/300308.CN.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**