On the evening of August 24, Eoptolink Technology disclosed its 2026 semi-annual report, marking the completion of the earnings season for the three leading optical module players in A-shares, collectively known as the "Yi-Zhong-Tian" trio. Their combined net profits attributable to shareholders reached 22.384 billion yuan. On August 24, however, the share prices of all three companies fell collectively, with a combined market value erosion of over 150 billion yuan in a single day. By the close of trading, Zhongji Innolight Co., Ltd. had dropped 7.72% to 870.22 yuan per share, TFC Communication had fallen 8.63% to 249.5 yuan per share, and Eoptolink Technology had declined 6.79% to 412 yuan per share.

Eoptolink Technology: H1 Net Profit of 7.529 Billion Yuan, Up 91% Year-on-Year

Eoptolink Technology announced on the evening of August 24 that for the first half of 2026, the company achieved operating revenue of 20.91 billion yuan, a year-on-year increase of 100.34%. Net profit attributable to shareholders reached 7.529 billion yuan, up 90.98% year-on-year, while net profit excluding non-recurring items stood at 7.511 billion yuan, up 90.92%. Both revenue and profit nearly doubled, with the continued expansion of AI computing infrastructure remaining the core driver of growth. The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital.

In terms of business structure, high-speed optical interconnect products remain the primary growth engine. In the first half, the company's optical interconnect product revenue reached 20.883 billion yuan, a year-on-year increase of 100.59%, with gross margins further rising to 48.46%, an improvement of 0.99 percentage points compared to the same period last year. Meanwhile, the company's production capacity, output, and sales volume all increased significantly, with capacity rising from 15.2 million units in the same period last year to 28.36 million units, and sales volume growing from 6.95 million units to 11.19 million units.

Zhongji Innolight: H1 Net Profit of 13.651 Billion Yuan, Up 242% Year-on-Year

According to Zhongji Innolight's 2026 semi-annual report, the company achieved operating revenue of 41.778 billion yuan in the first half, a year-on-year increase of 182.49%. Net profit attributable to shareholders reached 13.651 billion yuan, up 241.7% year-on-year. The company's Q2 net profit was 7.917 billion yuan, while Q1 net profit was 5.734 billion yuan, implying a 38% quarter-on-quarter growth in Q2. The company plans to distribute cash dividends of 12 yuan (tax included) per 10 shares to all shareholders.

The announcement noted that key customers have further increased capital expenditures to boost investment in computing infrastructure, with demand for high-end optical modules such as 800G and 1.6T growing significantly, driving the rapid and sustained growth of the company's revenue and net profit. In an institutional conference call on August 23, Zhongji Innolight stated that expansion efforts have been substantial this year, and capital expenditures in the second half will remain high due to strong order visibility and robust demand. The company's H-share issuance earlier this year was also driven by expectations of strong downstream customer demand, necessitating significant capital investment. The July H-share issuance raised USD 7 billion, providing effective support for expansion and material preparation, while also facilitating easier future financing and supporting business growth. Capital expenditures are expected to increase further in the second half, with infrastructure spending rising and equipment investments typically completed in the first three quarters. Capital expenditures are projected to remain significant from the second half of this year through next year.

Regarding whether customers have signed long-term agreements for optical modules, Zhongji Innolight said that while the industry typically signed three-month orders in the past, many customers have now placed orders extending into 2027, a significant improvement from before. Some customers are also in talks for long-term agreements, though specific details cannot be disclosed.

Notably, renowned veteran investor Zhang Jianping emerged as a new top-ten shareholder in Zhongji Innolight in Q2, holding 5.9348 million shares, representing 0.53% of total share capital. A senior investment advisor at a Nanjing-based brokerage commented, "Zhang Jianping exited the top-ten shareholder lists of several stocks including Sichuan Gold and Northern Rare Earth in Q2, and rotated into Zhongji Innolight, fully demonstrating his recognition of the company's growth value."

TFC Communication: H1 Net Profit of 1.204 Billion Yuan, Up 34% Year-on-Year

TFC Communication released its 2026 semi-annual report, achieving operating revenue of 2.828 billion yuan, a year-on-year increase of 15.15%. Net profit attributable to shareholders reached 1.204 billion yuan, up 33.92% year-on-year. The company's Q2 net profit was 712 million yuan, while Q1 net profit was 492 million yuan, implying a 44% quarter-on-quarter growth in Q2.

The announcement stated that the performance growth was primarily driven by the accelerated global development of the artificial intelligence industry, along with the construction of global data centers and AI supercomputing centers, which fueled sustained and stable growth in demand for high-speed optical components. Although temporary supply shortages of certain materials during the reporting period significantly impacted the production ramp-up of active optical components, the company leveraged its highly reusable common technology platform and vertically integrated product advantages to provide customers with comprehensive optical interconnect solutions. Continuous automation upgrades, smart manufacturing initiatives, and lean improvements contributed to the year-on-year performance growth.

TFC Communication plans to distribute cash dividends of 5 yuan (tax included) per 10 shares, totaling 545 million yuan (tax included), representing 45.29% of the semi-annual net profit. Notably, the company has maintained a cash dividend ratio exceeding 40% of annual net profit attributable to shareholders for twelve consecutive years since its listing.