Zhongji Innolight's 2025 Revenue Surges 60%, Net Profit Doubles, Proposes 10 Yuan Dividend Per 10 Shares | Earnings Report

The AI computing power wave is sweeping the globe. As the absolute leader in the high-speed optical module sector, Zhongji Innolight has delivered a stellar 2025 annual report. Financial data released on Monday show that Zhongji Innolight's full-year revenue exceeded 38.24 billion yuan, a year-on-year increase of 60.25%; net profit attributable to the parent company was 10.797 billion yuan, a year-on-year increase of 108.78%. Net profit after non-recurring gains and losses also grew by over 111%. The company leads the industry in both performance growth and profitability quality. Regarding the revenue structure, the company remains "highly focused with global delivery": optical transceiver modules contributed 97.95% of revenue, overseas revenue accounted for 90.58%, and direct sales accounted for 98.69%. At the same time, the company introduced a high cash dividend plan of 10 yuan for every 10 shares, totaling over 1.1 billion yuan in cash, rewarding shareholders with tangible benefits. Full-Year Revenue Up 60%, Profit Doubles, Q4 Continues to "Steepen the Slope" From a quarterly perspective, growth was not "front-loaded and back-heavy" but rather strengthened quarter by quarter: Q1/Q2/Q3/Q4 revenue reached 6.674/8.115/10.216/13.235 billion yuan, respectively. Q1/Q2/Q3/Q4 net profit attributable to the parent company reached 1.583/2.412/3.137/3.665 billion yuan, respectively. Against the backdrop of continuously rising AI-related demand and the product structure iterating toward high speed, both revenue and profit in the fourth quarter reached single-quarter highs for the year, reflecting the alignment of delivery capacity with customer pull-in schedules. For the full year, the company's financial data improved across the board, with core financial indicators hitting historical highs. On the earnings side, net profit attributable to the parent company was 10.797 billion yuan and net profit after non-recurring gains and losses was 10.710 billion yuan, both breaking the 10-billion-yuan mark. The growth rate far exceeded revenue, demonstrating the profitability elasticity brought by scale effects and product structure optimization. Basic earnings per share were 9.80 yuan, a year-on-year increase of 107.63%, significantly enhancing the capacity for shareholder returns. Optical Modules Lead the Way, High-End Transformation Drives Profit Leap Zhongji Innolight's performance growth is driven entirely by its core business of optical transceiver modules. In 2025, this business achieved revenue of 37.457 billion yuan, a year-on-year increase of 63.67%, accounting for as much as 97.95% of total revenue, with concentration in the main business continuing to rise. The product structure continues to iterate toward the high end, with the shipment proportion of high-margin, high-speed optical modules such as 800G and 1.6T steadily increasing. This directly drove the gross profit margin up by 7.96 percentage points year-on-year to 42.61%, achieving a qualitative leap in profitability. Sales volume and production capacity increased in tandem. Full-year optical module sales were 21.09 million units, up 44.55% year-on-year; production was 23.76 million units, up 54.69% year-on-year, with capacity utilization remaining high. Notably, overseas revenue was 34.637 billion yuan, accounting for 90.58%, a year-on-year increase of 67.20%. The company is deeply integrated with leading North American cloud service providers and AI giants, and its advantage in overseas markets continues to expand. The company has formed a product matrix covering the full series of high-speed optical modules from 100G to 1.6T, and is one of the few manufacturers in the world capable of mass-delivering 1.6T high-end products, with deep technical and product barriers. It is worth noting that the company was the first in the industry to launch the full range of 1.6T OSFP products, including the industry-leading 1.6T-DR8 OSFP224 LPO solution. At the same time, it improved the dual-platform layout of 800G OSFP and QSFP-DD, and scaled up the application of silicon photonics solutions. Next-generation technologies such as LPO (Linear Drive Pluggable), CPO (Co-packaged Optics) are progressing simultaneously. 1.6T products were shipped in batches in the third quarter of 2025 and scaled up rapidly in the fourth quarter, becoming a new profit growth point. Future Outlook: 1.6T Ramp-up, 3.2T Layout, Strong Growth Momentum Positioned at the forefront of the continuous explosion of AI computing power, the company's future growth path is clear. The financial report statement pointed out that in 2026, the company will focus on promoting the delivery of 1.6T and 800G high-end products to consolidate its advantages in overseas markets. It will continue to increase R&D investment, advance the development of next-generation technologies such as 3.2T and above high-speed optical modules, silicon photonics, coherent optics, and CPO to build a solid technological moat. Simultaneously, it will deepen the industrial chain layout, expand new business growth points, and enhance comprehensive competitiveness. At the industry level, Zhongji Innolight predicts that the global data center optical module market will reach $22.8 billion in 2026, with 800G and 1.6T products dominating the market, and high industry prosperity will continue. As the only manufacturer in the world with large-scale mass production and delivery capabilities for both 800G and 1.6T, Zhongji Innolight will fully enjoy industry dividends, with ample momentum for performance growth.