---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40305063.md"
description: "CF, Zhaoyi 2026 Q1 Earnings Report InterpretationCore Financial DataIn Q1 2026, operating revenue reached 3.695 billion yuan, a year-on-year increase of 27.70%; net profit attributable to shareholders of the listed company was 495 million yuan, a year-on-year increase of 226.40%; net profit after deducting non-recurring gains and losses was 461 million yuan, a significant year-on-year increase of 966.44%, compared to less than 50 million yuan in the same period last year, while the gross profit margin continued to rise to 41.51%.CF Performance AnalysisThe performance of non-GAAP net profit was generally average. Besides relying on long-term cooperation agreements, the growth was also due to a 1-2 quarter lag in revenue recognition for special optical fiber orders.Judging by the industry's pace, the current optical fiber sector corresponds to the storage sector after Q3 last year. The revenue increment brought by the optical fiber price increase will most likely be recognized in Q3 this year;Key Anchor for the Optical Fiber Sector: Focus on the disclosure of the long-term agreement by the first domestic company to formally enter the North American CSP market. This is a key signal for the sector's rally❗️❗️❗️ It corresponds to the rally of storage original equipment manufacturers in the first half of Q1 this year. As long as the industry's fundamental demand is positive, there is no need to overly worry about the lag in order revenue recognition. Moreover, CF's core expectation gap is not limited to the logic of optical fiber price increases.ZY): Q1 revenue was 4.188 billion yuan, a surge of 119.38% year-on-year; net profit was 1.461 billion yuan, a year-on-year increase of 522.79%; net profit after deducting non-recurring gains and losses was 1.42 billion yuan, a year-on-year increase of 529.9%.Key Reminder: The core reference indicator on the income statement is net profit after deducting non-recurring gains and losses.ZY Performance AnalysisZY's Q1 performance significantly exceeded market and peer expectations. If the stock price fails to show a limit-up move the next day, it would undoubtedly indicate a divergence in market sentiment. The current discount of its A-H shares more intuitively reflects the market expectation gap.In the short term, storage chip module performance holds a leading advantage but is highly likely to be surpassed in Q3 this year. With the release of financial reports from several overseas companies, the high prosperity of the storage industry has become a market consensus. Subsequently, focus on whether the storage super-cycle rally can be replicated in the special optical fiber sector.$YOFC(06869.HK)$YOFC(601869.SH)"
datetime: "2026-04-30T00:16:40.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40305063.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40305063.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40305063.md)
author: "[佩宁Penny财商成长系](https://longbridge.com/en/profiles/17154496.md)"
---

# CF, Zhaoyi 2026 Q1 Earnings Report InterpretationC…


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## Comments (2)

- **MiaMiaLucky · 2026-05-04T05:29:04.000Z · 👍 1**: There's actually no Tesla.
- **阿二每天都要开心呀 · 2026-04-30T00:29:06.000Z · 👍 1**: Fill it up