For stock trading, consult Jinlin Analyst Research Reports — authoritative, professional, timely, comprehensive, helping you uncover potential thematic opportunities! Source: Leidi Leidi Network, Lei Jianping, October 29. Zhongji Innolight (300308.SZ) today released its financial report for the first nine months of 2026.
The report shows that Zhongji Innolight's revenue for the first nine months of 2026 was 69.547 billion yuan, up 178% year-on-year; net profit was 22.238 billion yuan, up 211.81% year-on-year; non-GAAP net profit was 22.1 billion yuan, up 212% year-on-year.
Among this, Zhongji Innolight's third-quarter 2026 revenue was 27.769 billion yuan, up 171.83% year-on-year; net profit was 8.587 billion yuan, up 173.74% year-on-year; non-GAAP net profit was 9.018 billion yuan, up 190% year-on-year.
Zhongji Innolight stated that during the reporting period, benefiting from the deepening advancement of global AI computing infrastructure construction, demand in the high-speed optical module market remained strong. The company seized industry opportunities, achieved steady expansion in high-speed optical module shipment scale, and with continuous improvement in operational efficiency, drove revenue and net profit to achieve relatively high growth compared to the same period last year.
During the reporting period, the company incurred total financial expenses of approximately 1.136 billion yuan, including foreign exchange losses and interest income of approximately 1.387 billion yuan respectively. During the reporting period, the company completed its issuance and listing on the Hong Kong Stock Exchange and raised total funds of approximately HKD 60.9 billion (including the exercise of the over-allotment option). In the third quarter of 2026, these raised funds generated interest income of approximately 136 million yuan; in addition, due to the weakening of the Hong Kong dollar against the renminbi, related foreign currency monetary funds generated foreign exchange losses of approximately 390 million yuan. The above fundraising matters collectively resulted in a net loss, reducing net profit attributable to shareholders of the listed company by approximately 254 million yuan.
During the reporting period, the company recognized investment income of approximately 108 million yuan from the disposal of equity investments, and recognized a fair value change loss of approximately 49 million yuan on trading financial assets, which were included in non-recurring profit and loss items. Among this, in the third quarter, the company recognized a fair value change loss related to listed company equity investments, reducing net profit attributable to shareholders of the listed company by approximately 440 million yuan.
Prominent Individual Investor Zhang Jianping Exits Top Ten Shareholder List
As of September 30, 2026, Shandong Zhongji Investment Holding Co., Ltd. held 10.31%, Wang Weixiu held 5.92%, Hong Kong Securities Clearing Company Limited held 5.39%, and HKSCC NOMINEES LIMITED held 5.32%. As of September 30, 2026, in Zhongji Innolight's equity structure, Suzhou Yixingfu Enterprise Management Center (Limited Partnership) held 3.96%, Suzhou Yunchangjin Enterprise Management Center (Limited Partnership) held 2.03%, Lumiza held 1.31%, Industrial and Commercial Bank of China Limited - E Fund ChiNext Trading Open-End Index Securities Investment Fund held 0.87%, Suzhou Furui Hui Enterprise Management Center (Limited Partnership) held 0.69%, and China Life Insurance Company Limited - Traditional Ordinary Insurance Product 005L-CT001 Shanghai held 0.65%.
As of the end of the reporting period, among the top 10 shareholders, Shandong Zhongji Investment Holding Co., Ltd. and Wang Weixiu were persons acting in concert, and Suzhou Yixingfu Enterprise Management Center (Limited Partnership), Suzhou Yunchangjin Enterprise Management Center (Limited Partnership), and Suzhou Furui Hui Enterprise Management Center (Limited Partnership) were persons acting in concert.
As of June 30, 2026, Shandong Zhongji Investment Holding Co., Ltd. held 10.89%, Hong Kong Securities Clearing Company Limited held 6.57%, Wang Weixiu held 6.25%, Suzhou Yixingfu Enterprise Management Center (Limited Partnership) held 4.18%, and Suzhou Yunchangjin Enterprise Management Center (Limited Partnership) held 2.14%. As of June 30, 2026, in Zhongji Innolight's equity structure, Lumiza held 1.38%, Suzhou Furui Hui Enterprise Management Center (Limited Partnership) held 0.73%, Industrial and Commercial Bank of China Limited - Guotai CSI All Share Communications Equipment Trading Open-End Index Securities Investment Fund held 0.61%, prominent individual investor Zhang Jianping held 0.53%, and CITIC Securities Company Limited held 0.49%.
By comparison, the shareholding ratios of the top ten shareholders all declined to some extent. The reason is that Zhongji Innolight listed on the Hong Kong Stock Exchange on July 30, 2026, raising a total of HKD 60.9 billion, which diluted equity. In addition, prominent individual investor Zhang Jianping exited the top ten shareholder list.
Temasek and Hillhouse Each Face Paper Losses Exceeding 500 Million Yuan
During Zhongji Innolight's Hong Kong listing process, a total of 29 cornerstone investors were introduced, subscribing to a total of USD 3.45 billion (approximately HKD 27 billion). Among them, Temasek subscribed USD 300 million (its subsidiary Taibai subscribed USD 240 million, and True Light subscribed USD 60 million), Hillhouse's HHLRA subscribed USD 300 million, JPM AM subscribed USD 250 million (JPMIMI subscribed USD 153.5 million, and JPMAMAPL subscribed USD 96.5 million), and BlackRock subscribed USD 250 million; Yunfeng Capital's YF Capital and Aspex each subscribed USD 150 million; Middle Eastern capital ADIA, Wellington, Perseverance Asset, Indus Fund, Mirae Investors, NGS Super Fund, Bain Capital, CPE, Boyu Capital, WT Asset Management, Singularity Asset, Tairen, Hao Fund, and Janchor Fund each subscribed USD 100 million; IDG Capital subscribed USD 90 million, and Ninety One Asia subscribed USD 10 million; Alibaba, Tencent, CPP Investments, Oaktree, CP Black Dragon, Chow Tai Fook Enterprises, Athos Capital, TAL Fund, Burkehill, General Atlantic, and Huadeng Technology each subscribed USD 50 million.
As of today's close, Zhongji Innolight's A-share price was 582.05 yuan, down 8.5% from the previous day; based on the closing price, the company's market value was 685.6 billion yuan. Zhongji Innolight's H-share price was 706.5 yuan, down 10% from the previous day; based on the closing price, the company's market value was HKD 832.2 billion. Zhongji Innolight's H-share issue price was HKD 980. Based on this, Zhongji Innolight's H-shares have already fallen 27.8% before the lock-up period has even expired. Temasek and Hillhouse each face paper losses of USD 83.4 million (approximately 556 million yuan), JPM AM and BlackRock each face paper losses of USD 69.5 million (approximately 460 million yuan), Yunfeng Capital and Aspex each face paper losses of USD 41.7 million (approximately 278 million yuan), and Middle Eastern capital ADIA, Wellington, Perseverance Asset, Indus Fund, Mirae Investors, NGS Super Fund, Bain Capital, CPE, Boyu Capital, WT Asset Management, Singularity Asset, Tairen, Hao Fund, and Janchor Fund each face paper losses of USD 27.8 million (approximately 186 million yuan); Alibaba, Tencent, CPP Investments, Oaktree, CP Black Dragon, Chow Tai Fook Enterprises, Athos Capital, TAL Fund, Burkehill, and General Atlantic each face paper losses of USD 13.9 million (approximately 92.59 million yuan).
Controlling Shareholder Cashes Out 3.2 Billion Yuan
Although shareholders have suffered heavy losses, this has not prevented the company's controlling shareholder from cashing out. On July 30, 2026, Zhongji Innolight issued an announcement stating that it had received notice from the controlling shareholder Shandong Zhongji Investment Holding Co., Ltd. (referred to as "Zhongji Holdings") and its persons acting in concert Wang Weixiu and Wang Xiaodong that the controlling shareholder's shareholding ratio had decreased by 1.46 percentage points. Before this change, Zhongji Innolight's controlling shareholder collectively controlled 17.99% of equity, and after the change still held 16.53%.
The decrease in Zhongji Innolight's controlling shareholder equity ratio was due to the company's overseas issuance of shares (H-shares) for listing, the exercise of equity incentive shares, and secondary market reductions, among other reasons, causing the combined shareholding ratio of Zhongji Holdings and its persons acting in concert to change by more than 1% integer multiple. During the period of equity change, Zhongji Holdings and its persons acting in concert collectively reduced 6,208,552 A-shares, of which Zhongji Holdings reduced 5.5 million shares and Wang Xiaodong reduced 708,600 shares. Zhongji Holdings reduced 5.5 million shares at an average price of 521.73 yuan per share; Wang Xiaodong reduced 708,552 shares at an average price of 414.24 yuan per share, with a total transaction amount of approximately 3.16 billion yuan and an overall average reduction price of 509.46 yuan per share.
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