全球光模块领域龙头中际旭创敲定香港联交所H股发行价每股980港元，募资规模达545亿港元，成为2026年港股募资榜首 1。
公司财务表现强劲。2025年实现营业收入382.40亿元，同比增长60.25%；归母净利润107.97亿元，同比增长108.78% 1。进入2026年，增速进一步加快，一季度归母净利润达57.35亿元，同比增速达262.28% 1。
然而，公司客户结构存在明显风险。2025年前五大客户销售金额为290.56亿元，占总销售比例75.98% 1；到2026年一季度，这一比例进一步上升至81.9%，其中最大客户占比达25.1% 1。主要客户包括英伟达、谷歌、微软等北美科技巨头 1。此外，2025年关联方PINEWAVE交易金额达4.34亿美元（约31亿元），占营收8% 1。
大股东在上市前后进行了减持操作。董事长刘圣等股东在2025年7月1日至9月17日期间累计减持463.41万股，套现约12.13亿元 1；控股股东中际投资于2025年11月20日至2026年1月15日减持550万股，套现约28.7亿元 1。
Zhongji Xuanchuang, the world's leading optical module manufacturer, launched its Hong Kong IPO process on July 22 and finalized the H-share pricing on July 28, 2026, at 980 Hong Kong dollars per share, representing a 3% discount.1 The total fundraising target reached 54.5 billion Hong Kong dollars, making it the largest capital raise on the Hong Kong stock exchange in 2026.1
The company's financial performance has been robust. In 2025, Zhongji Xuanchuang achieved operating revenue of 38.24 billion yuan with year-on-year growth of 60.25%, and net profit attributable to parent shareholders of 10.797 billion yuan, up 108.78% compared to the prior year.1 Growth momentum accelerated further in the first quarter of 2026, with net profit reaching 5.735 billion yuan, representing year-on-year growth of 262.28%.1
However, the company faces significant concentration risk in its customer base. In 2025, its top five customers accounted for 75.98% of total sales, totaling 29.056 billion yuan, with major clients including NVIDIA, Google, and Microsoft.1 This concentration intensified in the first quarter of 2026, with the top five customers representing 81.9% of revenue, and the largest customer accounting for 25.1% of sales.1 Related-party transactions with PINEWAVE amounted to 434 million U.S. dollars, approximately 3.1 billion yuan, comprising 8% of annual revenue.1
Major shareholders, including Chairman Liu Sheng, reduced their holdings between July 1 and September 17, 2025, selling a combined 4.6341 million shares for approximately 1.213 billion yuan.1 Controlling shareholder Zhongji Investment further reduced its stake by 5.5 million shares between November 20, 2025 and January 15, 2026, raising approximately 2.87 billion yuan.1
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