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]