Evaluation of the Strategic Significance of Kweichow Moutai's Layout in the VCSEL Optical Chip Track

Based on retrieved data and online search results, this article systematically evaluates the impact of this investment on portfolio diversification and long-term valuation.

• Investment Entity: Moutai Jinshi (Guizhou) Industrial Development Fund Partnership (Limited Partnership) [1];
• Target: Zhejiang Eagle Semiconductor Technology Co., Ltd., founded in 2018, focusing on VCSEL chip R&D and application [1][2];
• Business Registration Change Date: December 31, 2025, new shareholders include Moutai Jinshi, etc., registered capital increased from approximately 41.84 million yuan to approximately 55.22 million yuan [1][2];
• Media Reports: The new shareholders this time also include industrial and market-oriented institutions such as SAIC Chuangyuan and Shenzhen Venture Capital [1].

• Stock Price Performance: In 2025, the opening price was approximately 1524 yuan, the closing price was approximately 1377.18 yuan, with an annual cumulative change of approximately -9.63%; as of the latest trading day, the price was approximately 1414.60 yuan [0];
• Market Capitalization and Valuation: Approximately 1.77 trillion yuan; TTM P/E is approximately 19.68x, P/B is approximately 6.89x, ROE is approximately 36.48%, net profit margin is approximately 51.51% [0];
• Cash Flow and Liability Status: Current ratio is approximately 6.62, quick ratio is approximately 5.18, with sufficient liquidity, providing a “patient capital” foundation for financial investments through its subsidiary funds [0].

• AI Computing Power Expansion: Global demand for high-speed optical modules such as 800G/1.6T in data centers is increasing, and optical interconnection has become a key path to improve cluster throughput [4];
• Autonomous Driving and Robotics: VCSEL has advantages of high precision, low power consumption, and reliability in scenarios such as lidar, in-cabin perception, and robot vision, which fits the applications of vehicle-mounted radar and intelligent robots [3][5];
• Technology Iteration and Material System: In the evolution from LED→VCSEL/EML/silicon photonics, VCSEL has cost and integration advantages in medium-short distance high-speed interconnection and sensing scenarios [6].

• Business Positioning: Design of new semiconductor materials, VCSEL R&D and packaging, applied in optical interconnection, autonomous driving, intelligent cockpit, consumer electronics, etc. [2][5];
• Financing History: In the B round, diversified industrial and financial investors (including SAIC Industrial Investment, etc.) were introduced, reflecting the industry’s recognition of its potential in optical interconnection and vehicle-mounted scenarios [5].

• Financial Attribute: Minority equity investment through industrial funds, which is “financial + weak synergy”, not the main business transformation of the listed company;
• Weight Judgment: The scale of Jinshi Fund is limited (public information is about 556 million yuan, of which Kweichow Moutai subscribed about 5.055 billion yuan), which has limited impact on the overall balance sheet; the degree of portfolio diversification is “marginally improved”, but not a structural change.

• Return Characteristics: The VCSEL track has fast technology iteration and is capital-intensive, with high potential for capital appreciation and dividends in the medium and long term, but volatility and failure risks also need to be emphasized;
• Risk Diversification: In addition to the traditional liquor business, moderate allocation to the technology growth track helps to smooth the consumer demand cycle, but excessive cross-border expansion should be avoided to prevent the dispersion of management attention.

• Current Environment: The consumer defense sector was under pressure in 2025, and Moutai’s stock price fell by approximately 9.63% cumulatively in 2025 [0];
• Cycle Hedging: The high-prosperity VCSEL/optical interconnection track may provide certain “new growth stories” and valuation support in the future. However, it should be emphasized that the scale of this investment is limited, and its direct pull on EPS/ROE/free cash flow is limited in the short term; if more clear industrial synergy (such as supply chain support, application scenario integration) is formed in the future, it may have a more significant impact on valuation in many years.

• DCF scenario analysis provided by brokerage APIs shows that there is a certain “safety margin” between the current price and the benchmark valuation, and the valuation has not yet overdrawn a significant growth premium [0];
• Against this background, laying out the high-tech track through funds is a marginal enhancement of “existing valuation safety margin + long-term growth potential”, rather than the “main engine” of valuation drivers.

• Technology and Capacity Risks: There are uncertainties in the evolution of VCSEL technology paths, yield fluctuations, and the ramp-up rhythm of high-end manufacturing production lines;
• Market and Demand Risks: Fluctuations in the prosperity of AI infrastructure and automotive-grade demand, and intensified price competition may lead to longer profit realization time;
• Information Disclosure and Control Risks: As an LP participating in the fund, the transparency and control over project post-investment management, exit paths, and profit realization are relatively limited.

• Information Transparency: It is recommended to regularly disclose the progress of the fund’s underlying projects and the status of fund recovery/exit to enhance market confidence;
• Post-investment Synergy: Explore scenario synergy with targets in smart IoT/smart retail/brand technology experience, etc., and strengthen the industrial linkage of “capital + application”;
• Risk Control: Establish phased milestones and exit plans to reduce the impact of a single project failure on the fund;
• Strategy Boundary: Such financial investments should maintain “moderate scale + strict boundary control” to avoid weakening the focus of main business resources and brand moat.

Moutai’s layout in the VCSEL optical chip track through Jinshi Fund conforms to the allocation logic of “cash cow enterprises with abundant cash flow moderately participating in the hard technology growth track”. This investment is more like a financial allocation of “patient capital”, which has limited impact on Kweichow Moutai’s investment portfolio and valuation in the short term, but is expected to hedge against the consumer demand cycle and enrich growth narratives in the medium and long term. It is recommended to continue to promote it in a “moderate, transparent, and controllable” manner, and establish clear mechanisms in information disclosure and post-investment synergy to strive for potential growth premiums under the premise of risk control.

References
[0] Jinling API Data (Brokerage real-time quotes, financial indicators, valuation summary and DCF scenarios, etc.)
[1] Moutai’s subsidiary fund and others invest in Eagle Semiconductor - East Money
https://finance.eastmoney.com/a/202601043607867832.html
[2] Moutai, invests in Zhejiang chip factory again! - Sina Finance
https://finance.sina.com.cn/stock/relnews/cn/2026-01-04/doc-inhfcxwn7413696.shtml
[3] Technology manufacturing industry continues to lead, industrial capital increases early-stage investment | 21 Private Equity Investment and Financing Weekly
https://www.21jingji.com/article/20250304/herald/ea9bdffc8ade6772befc37d58b76d3b4.html
[4] 2026 Strategy Meeting Speech - Optical Communication Continues to Boom, Paving the Way for AI Computing Power Interconnection (Guosen Securities) PDF
https://pdf.dfcfw.com/pdf/H3_AP202511151781882753_1.pdf
[5] Hangzhou Lion Microelectronics Co., Ltd. 2024 Annual Report Summary (Involving VCSEL and lidar, etc.)
https://static.cninfo.com.cn/finalpage/2025-04-29/1223380684.PDF
[6] “ZTE Communications Technology” Journal (Evolution and Application of VCSEL and other light sources in optical communication)
https://www.zte.com.cn/content/dam/zte-site/res-www-zte-com-cn/mediares/magazine/publication/com_cn/pdf/202505.pdf