Zhongrun Optics Forecasts First-Half Revenue Growth

Zhongrun Optics recently released its earnings forecast for the first half of 2026. The company expects first-half revenue of RMB 380 million to RMB 450 million, up 52.16% to 80.20% year on year; net profit attributable to shareholders of RMB 30 million to RMB 35 million, up 45.88% to 70.20%; and net profit excluding non-recurring items of RMB 21 million to RMB 25 million, up 16.56% to 38.77%.

For full-year 2025, Zhongrun Optics posted revenue of RMB 658 million, up 44.75% year on year, and net profit attributable to shareholders of RMB 63.0462 million, up 18%. In other words, the lower end of its 2026 half-year revenue forecast is already close to last year's full-year total, effectively setting the tone for strong growth this year.

Breaking down the upbeat forecast, the growth drivers show a clear dual-track pattern. On the one hand, the company's existing optical lens business continues to deliver strong organic growth, with high-definition imaging and display, intelligent mobile machine perception, and video communications and interaction segments all recording rapid gains. Continued product development, customer expansion and adoption in new application scenarios directly drove higher sales volumes and ongoing optimization of the business mix.

On the other hand, the consolidation effect of Hunan Das Optoelectronics Co., Ltd. is becoming visible. The precision optical components maker was formally included in the company's consolidated statements in July 2025. It was not consolidated in the same period last year, while the current reporting period fully covers operations for the entire first half, January through June, significantly increasing revenue in advanced manufacturing and inspection.

Looking back at 2025, Zhongrun Optics completed the acquisition of a 51% stake in Das Optoelectronics, establishing a dual-engine business model of "optical lenses + optical components." According to the announcement at the time, Das Optoelectronics' products for optical communications and optical interconnect had entered small-batch trial production, with mass production expected in the second half of 2026 — a further boost to earnings in coming quarters.

However, the growth range for net profit excluding non-recurring items lags noticeably behind the increases in revenue and net profit attributable to shareholders. This gap partly reflects differences in margin structure between the consolidated and existing businesses, as well as higher expenses brought about by the consolidation.

It is worth noting that because Desi Optoelectronics was not consolidated in the first half of 2025 but was fully consolidated in the first half of 2026, the base effect itself will amplify the year-on-year growth in revenue and net profit attributable to shareholders of the parent company. Net profit excluding non-recurring items is more directly affected by the cost structure brought by the consolidation, so the growth gap does not necessarily indicate a problem with the profitability quality of the underlying business, but it does objectively suggest that the market should maintain reasonable expectations for the pace of improvement in overall profitability.

Looking further, the surge in performance is not an isolated event but a phased payoff of the company's long-term strategic depth. Just half a month ago, Zhongrun Optics disclosed its plan for a 2026 private placement of A shares, aiming to raise up to 1.0036 billion yuan, of which 900.7 million yuan will go toward building a smart manufacturing base for high-precision optical components and 102.9 million yuan toward upgrading a high-precision optical component R&D center. The sites are in the Jiaxing High-tech Industrial Development Zone, with total planned investment of about 1 billion yuan.

According to the announcement, the project is expected to be fully built and ready for completion within 24 months, with production starting within 36 months. In terms of capacity, the optical lens side will build capacity for key areas including intelligent mobile machine perception, high-definition imaging and display, and advanced manufacturing and inspection; the optical element side will strengthen industrialization capabilities in processes such as precision glass aspheric molding and ultra-precision machining.

Looking ahead to the second half of the year, Zhongrun Optics said it will further step up capacity ramp-up and strengthen customer service and product delivery capabilities, while the start of volume production of Desi Optoelectronics products in optical communications and optical interconnection will be a key window for gauging the synergies of its "dual-wheel drive" strategy.

Risks, however, must not be overlooked. The private placement still requires approval by the shareholders' meeting and review by the Shanghai Stock Exchange, and remains uncertain; the fundraising projects have a long lead time from construction to full production, creating near-term pressure on earnings per share; and the notable gap between the growth of net profit excluding non-recurring items and revenue growth is a reminder that the market should be patient with improvements in earnings quality.

In addition, from July 9 to 14, 2026, shareholder Dongtai Shangtong Enterprise Management Partnership reduced its stake by 1.2428 million shares, and the sell-down warrants continued monitoring. Meanwhile, Desi Optoelectronics has committed to net profits of 0.21/0.29/0.40 billion yuan for 2025-2027 respectively, and how those performance commitments are met will also be an important variable to watch.

Overall, Zhongrun Optics' first-half earnings preview confirms the initial results of its acquisition and integration efforts, while the 1 billion yuan private placement points to longer-term capacity and R&D plans. For the optics company, the pace of capacity ramp-up and the improvement in earnings quality will together determine how this transformation story ultimately plays out.