Yunnan Germanium Q1-Q3 net profit up 869.79% to 176M yuan on AI data center demand

The outsized profit jump is less a volume story than a pricing one: Yunnan Germanium credits both higher sales and higher average prices for indium phosphide and related compound semiconductor materials, suggesting supply tightness in a niche upstream layer of the AI data center buildout. That matters because germanium and indium phosphide sit far upstream of the optical communications and AI hardware chain, where pricing power is rarely this visible. The concentration of growth in the third quarter alone is worth noting. Whether this pricing strength persists as downstream AI demand evolves is the open question.