With Zhongji Innolight Co.,Ltd. (300308.SZ) and Eoptolink Technology Inc.,Ltd. (300502.SZ) successively releasing their third-quarter reports for 2026, the quarterly results for all three leading A-share optical module companies 鈥?Zhongji Innolight Co.,Ltd., Eoptolink Technology Inc.,Ltd., and Suzhou Tfc Optical Communication Co.,Ltd. 鈥?are now fully disclosed. Against the backdrop of continued global AI computing infrastructure buildout, the optical communications supply chain remains in a high-growth phase. The three companies together posted revenue of 106.148 billion yuan for the first three quarters, with net profit attributable to shareholders of approximately 35.693 billion yuan, both representing substantial growth. In the third quarter alone, the three companies combined achieved net profit attributable to parent company shareholders of about 13.309 billion yuan.
In terms of business scale, Zhongji Innolight Co.,Ltd. recorded revenue approaching 70 billion yuan in the first three quarters, with net profit exceeding 22 billion yuan, continuing to lead the pack. Eoptolink Technology Inc.,Ltd. posted revenue of over 31.8 billion yuan in the first three quarters, with net profit surpassing 11.3 billion yuan, maintaining rapid growth. Although Suzhou Tfc Optical Communication Co.,Ltd. has a relatively smaller revenue scale at just 4.75 billion yuan, its net profit exceeded 2 billion yuan, with profit growth outpacing revenue growth. The three companies operate at different points in the supply chain 鈥?high-speed optical modules and upstream optical components 鈥?together forming a critical force for China's optical communications industry in the global AI computing infrastructure buildout.
However, beneath the overall high growth, the pace of earnings realization among the three companies has diverged.
Zhongji Innolight Co.,Ltd.: Net Profit Tops 22 Billion Yuan in First Three Quarters, Single-Quarter Results Hit New High
On October 29, Zhongji Innolight Co.,Ltd. (300308.SZ) released its 2026 third-quarter report. In the first three quarters, the company generated operating revenue of 69.547 billion yuan, up 178.13% year-on-year; net profit attributable to shareholders of the listed company reached 22.238 billion yuan, up 211.81% year-on-year; and net profit after deducting non-recurring gains and losses was 22.110 billion yuan, up 212.12% year-on-year. In the third quarter specifically, operating revenue reached 27.769 billion yuan, up 171.83% year-on-year and 24.63% quarter-on-quarter; net profit attributable to parent company shareholders was 8.587 billion yuan, up 173.74% year-on-year and 8.47% quarter-on-quarter. Both revenue and net profit attributable to parent company shareholders set new single-quarter historical highs.
Regarding the earnings growth, Zhongji Innolight Co.,Ltd. stated in its financial report that, benefiting from the deepening global AI computing infrastructure buildout, demand for high-speed optical modules remains strong, with sales of high-end optical modules such as 800G and 1.6T continuing to increase. At the same time, the company's high-speed optical module shipment scale has steadily expanded, and operational efficiency has continued to improve, driving significant year-on-year growth in both revenue and net profit. Notably, Zhongji Innolight Co.,Ltd. recorded R&D expenses of 1.863 billion yuan in the first three quarters, up 97.04% year-on-year, as R&D investment continued to rise. However, exchange rate fluctuations also had some impact on the company's profits. The company's financial expenses for the first three quarters were approximately 1.136 billion yuan, mainly due to foreign currency exchange losses and other factors. The company disclosed that matters related to funds raised from its Hong Kong listing collectively reduced net profit attributable to parent company shareholders by approximately 254 million yuan.
Eoptolink Technology Inc.,Ltd.: Net Profit Up Nearly 80% in First Three Quarters, Single-Quarter Figure Declines Sequentially
On October 29, Eoptolink Technology Inc.,Ltd. (300502.SZ) released its third-quarter report. In the first three quarters, the company achieved operating revenue of 31.850 billion yuan, up 92.97% year-on-year; net profit attributable to parent company shareholders of 11.372 billion yuan, up 79.74% year-on-year; and net profit after deducting non-recurring gains and losses of 11.140 billion yuan, up 76.79% year-on-year. In the third quarter specifically, operating revenue reached 10.940 billion yuan, up 80.30% year-on-year but down 12.98% quarter-on-quarter; net profit attributable to parent company shareholders was 3.843 billion yuan, up 61.15% year-on-year but down 19.07% quarter-on-quarter; and net profit after deducting non-recurring gains and losses was 3.630 billion yuan, up 53.32% year-on-year. Eoptolink Technology Inc.,Ltd. is the only one of the three companies to see a sequential decline in third-quarter net profit attributable to parent company shareholders.
In terms of business progress, Eoptolink Technology Inc.,Ltd. previously disclosed operational information showing that, as of October 23, the company had ample orders on hand, with 800G and 1.6T being the primary products for delivery this year. The 1.6T optical module has entered a phase of sustained volume ramp-up, and shipment pace is expected to continue accelerating. The company stated that AI infrastructure buildout and optical interconnect technology upgrades remain important growth drivers for the supply chain, and it holds a positive outlook for business development this year and next. However, cash flow performance also merits attention. In the first three quarters, Eoptolink Technology Inc.,Ltd. recorded net cash flow from operating activities of 1.464 billion yuan, down 68.42% year-on-year, forming a notable contrast with profit growth over the same period.
Suzhou Tfc Optical Communication Co.,Ltd.: Revenue Growth Relatively Moderate, Net Profit Up Over 40%
Suzhou Tfc Optical Communication Co.,Ltd. (300394.SZ) was the first to disclose its third-quarter report on the evening of October 28. In the first three quarters, the company achieved operating revenue of 4.751 billion yuan, up 21.25% year-on-year; net profit attributable to parent company shareholders of 2.083 billion yuan, up 42.18% year-on-year; and net profit after deducting non-recurring gains and losses of 2.065 billion yuan, up 44.26% year-on-year. In the third quarter specifically, operating revenue reached 1.923 billion yuan, up 31.50% year-on-year and 28.41% quarter-on-quarter; net profit attributable to parent company shareholders was 879 million yuan, up 55.30% year-on-year and 23.47% quarter-on-quarter; and net profit after deducting non-recurring gains and losses was 879 million yuan, up 55.78% year-on-year and 26.76% quarter-on-quarter.
Unlike Zhongji Innolight Co.,Ltd. and Eoptolink Technology Inc.,Ltd., which focus primarily on high-speed optical modules, Suzhou Tfc Optical Communication Co.,Ltd.'s business is more oriented toward the upstream of the optical communications supply chain, providing optical components and optical interconnect-related products. The company previously stated that, benefiting from the accelerated development of the global artificial intelligence industry and data center construction, demand for high-speed optical component products continues to grow steadily. In a recently disclosed investor relations activity record, Suzhou Tfc Optical Communication Co.,Ltd. stated that order conditions for its passive business are generally favorable, but there remains some mismatch pressure between current market demand and production capacity, making it impossible to fully meet customer demand. At the same time, the tight supply situation for core materials in the third quarter has eased significantly compared to earlier periods, with overall delivery pace becoming smoother.
AI Computing Demand Continues to Release, but Growth Faces New Tests
Amid the industry's high growth, companies are also accelerating capacity and supply chain layout. All three companies saw notable increases in inventory in the first three quarters. Comparing the end of September 2026 with the end of 2025, inventory increases for Suzhou Tfc Optical Communication Co.,Ltd., Eoptolink Technology Inc.,Ltd., and Zhongji Innolight Co.,Ltd. were 178.65%, 140.70%, and 88.30%, respectively. Eoptolink Technology Inc.,Ltd. stated in its financial report that the inventory increase was mainly related to growth in orders on hand and expected orders, as well as stockpiling cycles. Zhongji Innolight Co.,Ltd. also stated that the inventory increase was primarily to meet continuously growing order delivery demand. Increased inventory and capacity investment reflect, on the one hand, companies' preparation for future market demand, and on the other hand, mean that the importance of supply chain management, capital occupation, and capacity utilization will further increase.
For these three companies, the demand dividend brought by global AI data center construction is still being released, but how to continuously consolidate technological advantages, improve delivery capabilities, and maintain competitiveness in the next generation of optical interconnect technology evolution will determine whether the three companies can convert current high earnings growth into long-term competitive advantages. As of midday trading on the 30th, Zhongji Innolight Co.,Ltd. fell 1.46%, Eoptolink Technology Inc.,Ltd. dropped 7.68%, and Suzhou Tfc Optical Communication Co.,Ltd. declined 3.46%.
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