Zhejiang Crystal-Optech Co., Ltd. (002273)

Individual Stock Analysis Report | Industry: Optical Components | Report Date: September 13, 2026 | As of 2026-09-11 close (market snapshot source timestamps 2026-09-11 16:01 and 16:21; some technical indicator snapshot dates differ, see indicator table notes)

This report is automatically compiled and generated by AI based on public information, for reference only and does not constitute investment advice.

1. Core Summary

Crystal-Optech achieved operating revenue of RMB 3.478 billion in H1 2026, up 15.15% year-on-year, with net profit attributable to parent of RMB 524 million, up 4.73% year-on-year, and non-GAAP net profit attributable to parent of RMB 469 million, up 5.03% year-on-year, showing a clear "revenue growth without profit growth" characteristic; of which Q2 2026 net profit attributable to parent declined 0.77% year-on-year. The consolidated gross margin for the period was 31.68%, up 2.22 percentage points year-on-year, but the period expense ratio rose to 16.01%, and the company attributed the slowdown in profit growth to exchange gains turning into losses and front-loaded strategic investments.

The company's base business is still dominated by consumer electronics, with H1 2026 consumer electronics revenue of RMB 2.918 billion, accounting for 83.89%, up 14.73% year-on-year, with a gross margin of 32.00%; automotive electronics (AR+) revenue of RMB 321 million, up 33.11% year-on-year, with its share rising to 9.24%; reflective materials revenue of RMB 212 million, up 13.04% year-on-year, with a gross margin of 36.09%. In 2025, the company had revenue of RMB 6.928 billion and net profit attributable to parent of RMB 1.172 billion, up 10.37% and 13.84% year-on-year respectively, but net cash flow from operating activities declined 24.62% year-on-year to RMB 1.347 billion.

The company has formed three growth curves: consumer electronics and automotive optics, AR optics, and AI optics. AR+ business revenue grew 95.24% year-on-year in 2025 and continued rapid growth in H1 2026; in AI optics, the reflective waveguide pilot line has been running and passed customer certification, but optical storage is still in pre-mass-production validation, filters and silicon lenses in the optical connectivity field are in customer sampling, and glass substrates and waveguides are still in early-stage technical engagement, none of which have yet contributed to performance. The company has clearly stated that its performance growth over the next two years will still mainly depend on consumer electronics business for major North American customers.

As of September 11, 2026, the stock closed at RMB 24.67, down about 44% from its 52-week high, with declines of about 10.57% and 33.20% over the past 20 and 60 trading days respectively. The stock price is below major moving averages, MACD is in a weak state below the zero axis, RSI is about 42.42 and has not entered oversold territory, the average chip cost is about RMB 28.44, and the technical picture shows weak low-level consolidation after a medium-term downtrend. The current dynamic PE is about 32.71x, PE (TTM) about 28.68x, and the market consensus for 2026 earnings is about RMB 1.446 billion, but this expectation was formed before the semi-annual report and may not fully reflect the slowdown in profit growth.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Consumer electronics (FY2025 RMB 5.892 billion, 85.04% of total, gross margin 31.56%; 2026H1 revenue RMB 2.918 billion, 83.89% of total, gross margin 32.00%) — including infrared cut-off filters (IRCF), optical low-pass filters (OLPF), microprism modules, coated filters (first mass production for major North American customer in 2025), black film products (under R&D), thin-film optical panels, semiconductor optics (wafer-level micro-nano manufacturing/advanced packaging)
• Automotive electronics (AR+) (FY2025 RMB 586.2 million, 8.46% of total, gross margin 26.83%; 2026H1 revenue RMB 321.4 million, 9.24% of total, gross margin 27.92%) — including AR-HUD (the company is a Tier 1 direct supplier to OEMs), glass-based LiDAR window sheets (self-described as a leading domestic mass-production manufacturer), automotive optical components (supplied through module makers)
• Reflective materials (FY2025 RMB 399.2 million, 5.76% of total, gross margin 33.81%; 2026H1 revenue RMB 211.9 million, 6.09% of total, gross margin 36.09%) — subsidiary Yexhili, including firefighting/road administration/police use/traffic sign markings, vehicle body reflective markings, apparel and footwear, etc.
• Other businesses (FY2025 RMB 51 million, 0.74% of total; 2026H1 revenue RMB 27 million, 0.78% of total)

2.3 Position in the Industry Chain Upstream and Downstream and Cost-Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

2026 semi-annual report disclosure date is 2026-08-23/24; 2025 annual report disclosure date is 2026-04-17/18. 2026H1 non-GAAP net profit attributable to parent RMB 469 million (+5.03%), basic earnings per share RMB 0.38 (+2.70%), consolidated gross margin 31.68% (YoY +2.22pct), proposed dividend of RMB 1 per 10 shares (tax inclusive). 2026Q2 non-GAAP net profit attributable to parent RMB 241 million. 2026H1 by business: consumer electronics RMB 2.918 billion (+14.73%, gross margin 32.00%); automotive electronics (AR+) RMB 321 million (+33.11%, gross margin 27.92%); reflective materials RMB 212 million (+13.04%, gross margin 36.09%). 2025A non-GAAP net profit attributable to parent RMB 1.044 billion (+9.28%), basic earnings per share RMB 0.86 (+14.67%), weighted average ROE 12.45%, gross margin 31.29% (+0.20pct), net cash flow from operating activities RMB 1.347 billion (-24.62%), proposed dividend of RMB 2 per 10 shares. 2025A by business: consumer electronics RMB 5.892 billion (+7.41%, gross margin 31.56%); automotive electronics (AR+) RMB 586 million (+95.24%, gross margin 26.83%, +13.30pct). 2026 company operating target: revenue growth of 10%~30% year-on-year. Sources: Shenzhen Stock Exchange annual/semi-annual reports, East Money, China Securities Network, Stockstar, Securities Times, Guosen Securities research report (2026-09-07), Everbright Securities research report (2026-09-03).

2026H1 showed "revenue growth without profit growth," with net profit growth (4.73%) far below revenue growth (15.15%). The company/brokerages explained this as exchange gains turning into losses plus front-loaded strategic investments, causing the period expense ratio to rise to 16.01% (YoY +4.1pct). This growth rate represents a significant gap from multiple brokerages' previous forecasts of about +23% net profit attributable to parent for full-year 2026: H1 achieved only about RMB 524 million, and to reach RMB 1.446 billion for the full year, H2 would need to contribute about RMB 920 million, with extremely strong seasonal dependence. 2026Q2 single-quarter net profit attributable to parent turned negative year-on-year (-0.77%), which is the core contradiction.

3.2 Profit Forecast

Tonghuashun consensus estimates are as of 2026-07-07 (15 institutions within 6 months), earlier than the 2026 semi-annual report, and may already be optimistic/lagging, not reflecting the profit growth slowdown in the August semi-annual report; using it for valuation carries risk of overestimation; it is recommended to use brokerage forecasts after the semi-annual report (2026-08/09) as the basis. After the semi-annual report, brokerage forecasts are timely but dispersed: Guosen Securities (2026-08/09), Everbright Securities (2026-09-03), Kaiyuan Securities (2026-08-26), Orient Securities (2026-07-28), Guolian Minsheng (2026-09-12), CICC (about 2026-06), China Galaxy (2026-04-24). Forecasts for 2028 diverge significantly, with 2028E net profit attributable to parent ranging from RMB 1.621 billion (Guolian Minsheng) to RMB 2.360 billion (consensus upper limit), with the pace of AI optics and other new business commercialization being the main variable.

3.3 Valuation Levels and Institutional Ratings

East Money industry analysis page (based on 2026 interim report basis): total market cap RMB 34.31 billion, float market cap RMB 33.70 billion; PE(TTM) 28.68x; 2025A 29.26x; 2026E 24.19x; 2027E 19.89x; 2028E 16.06x; PEG 0.57; price-to-sales (TTM) 4.64x. Everbright Securities (2026-09-03) stated corresponding PE 25/22/18x (2026-2028). aastocks company page (last updated 2026/08/21): market cap about RMB 38.21 billion, float market cap about RMB 37.43 billion. 52-week stock price range: about RMB 20.43-44.30 (investing.com). Uncertainty notes: real-time stock price/PE could not be reliably obtained from JS-rendered quote pages; the above PE and market cap come from third-party aggregation pages with inconsistent as-of dates (East Money based on 2026 interim report, aastocks as of 2026-08-21), and the market cap difference between RMB 34.31 billion and RMB 38.21 billion is likely due to different base dates/stock prices, which could not be cross-verified, and the latest quote source should be used as the basis; PE varies greatly across sources due to different bases (TTM vs forecast year) and benchmark stock prices, and the base date must be noted before use. Target price sources are dispersed, with differing dates, and some were published before semi-annual report disclosure; the average target prices from investing/stockanalysis (about RMB 34.75-35.95) are significantly higher than domestic brokerages (RMB 31-34), due to differences in sample institutions and update cadence, and cannot be directly mixed. Not obtained: 2026 Q3 report (not yet disclosed as of the research note retrieval time); precise current closing price and real-time dynamic PE(TTM). Data retrieval time: approximately early to mid-September 2026.

4. Recent News and Announcements

4.1 Announcement on Abnormal Stock Trading Fluctuations (Announcement No. 2026-032, Disclosure Date Evening of 2026-07-02)

The company's A-shares had a cumulative closing price deviation exceeding 20% over three consecutive trading days (2026-06-30, 2026-07-01, 2026-07-02). According to East Money's reprint of Shenzhen Business Daily·Duchuang, specific closing prices: 6/30 closed at RMB 35.48 (+10.02%); 7/1 closed at RMB 39.03 (+10.01%); 7/2 closed at RMB 39.02 (-0.03%). Core risk disclosure: the AI optics segment mainly involves optical storage and optical connectivity; the optical storage business is in the pre-mass-production validation stage and has not yet achieved sales revenue from 2025 to date, with a long process validation cycle, and significant scale improvement will take time; the optical connectivity business focuses on five major categories — "filters, prisms, silicon lenses" + "glass substrates, waveguides" — building a "3+2" product matrix, among which filters and silicon lenses are in the customer sampling stage, and frontier products such as glass substrates and waveguides are still in early-stage technical engagement, none of which have contributed to performance. The company clearly stated: the core driver of its performance growth over the next two years remains consumer electronics business for major North American customers; AI optics projects have long commercialization and performance realization cycles, with limited short-term contribution to overall performance, and are unlikely to become a major source of performance growth. The company clearly stated "there is no situation requiring disclosure of a performance forecast," and pre-announced that the semi-annual report is scheduled for disclosure on 2026-08-24. Upon verification, the controlling shareholder and actual controller did not buy or sell company shares during the abnormal fluctuation period; there are no major undisclosed matters or matters under planning that should be disclosed. Sources: CNINFO (original announcement), Shanghai Securities News electronic edition, Securities Times Network, Yicai, Gelonghui, China Finance Network, East Money announcement page. Note: c114 website has content almost identical to the July 2 abnormal fluctuation announcement, but the page shows "47 minutes ago," suspected to be a reprint/auto-generated timestamp, and it cannot be concluded that a new abnormal fluctuation announcement was added in late August; this point is doubtful, and CNINFO/exchange announcements should be used as the basis.

4.2 Public Trading Information (Dragon-Tiger List Type)

According to Sohu's "Major Events Memo" (https://q.stock.sohu.com/cn/002273/bw.shtml), it appeared on the list multiple times in 2026: 2026-07-02 (cumulative three-trading-day price deviation reaching 20%); 2026-06-29 (decline deviation reaching 7%); 2026-05-22 and 2026-05-29 also had listing records. This indicates significant stock price volatility and active capital trading over the past two-plus months. This source is a third-party compilation page, and specific seats and amounts should be verified against Shenzhen Stock Exchange public information.

4.3 2026 Semi-Annual Report and Summary (Disclosed 2026-08-24)

The board of directors held the 11th meeting of the 7th board on 2026-08-21 and approved it. H1 operating revenue RMB 3.478 billion, +15.15% year-on-year; net profit attributable to parent RMB 524 million, +4.73% year-on-year. Cross-check: 2025 semi-annual report revenue RMB 3.020 billion (RMB 3,020,459,777.07), net profit attributable to parent RMB 500.68 million (RMB 500,678,613.08), 3.478/3.020 ≈ +15.2%, 524/500.68 ≈ +4.7%, consistent with the year-on-year basis, and the characteristic that "net profit growth is significantly lower than revenue growth" is credible. By business (East Money main business composition, period 2026-06-30): optical optoelectronics industry revenue RMB 3.239 billion (93.13% of total, gross margin 31.60%); reflective materials industry RMB 211.9 million (6.09% of total, gross margin 36.09%). By product: consumer electronics RMB 2.918 billion (83.89% of total, gross margin 32.00%), automotive electronics (AR+) RMB 321.4 million (9.24% of total, gross margin 27.92%). By region: export sales RMB 2.367 billion (68.04% of total), domestic sales RMB 1.085 billion (31.18% of total). Strategic framework: established the "15th Five-Year Plan" strategy, with three growth curves being the first curve "consumer electronics + automotive optics" (base business), the second curve "AR optics," and the third curve "AI optics." In H1, the reflective waveguide pilot line was put into operation, product yield improved, and customer certification was passed; AI optics established a dedicated international team and is in the cultivation and expansion stage. Sources: Securities Daily Network, Shanghai Securities News electronic edition summary, East Money main business composition page.

4.4 2026 Semi-Annual Profit Distribution Plan Announcement (Announcement No. 2026-040, 2026-08-24)

Based on total share capital of 1,390,632,221 shares less 465,055 shares already repurchased in the repurchase account, i.e., 1,390,167,166 shares as the base, a cash dividend of RMB 1 per 10 shares (tax inclusive), totaling RMB 139,016,716.60; no bonus shares, no capitalization of reserves. Since the 2025 annual shareholders' meeting has authorized the board to formulate the 2026 interim dividend plan, this does not need to be submitted to the shareholders' meeting for review again. The parent company's H1 2026 net profit was RMB 479,693,523.50; as of 2026-06-30, the parent company's distributable profit was RMB 2,789,908,120.28. Sources: Securities Times electronic edition, Securities Daily electronic edition.

4.5 Progress Announcement on the "Quality and Return Dual Enhancement" Action Plan (Announcement No. 2026-041, 2026-08-24)

Reaffirmed the "one stable, two new" growth curves (consumer electronics + automotive optics/AR optics/AI optics); stated that capital expenditure and R&D investment are tilted toward the three core main businesses; AI optics builds a "3+2" product matrix (filters, prisms, lenses + glass substrates, waveguides). Source: East Money announcement page.

4.6 Announcement on Changes in Accounting Policies (Announcement No. 2026-042, 2026-08-24)

Accounting policies were changed in accordance with the Ministry of Finance's "Interpretation No. 20 of Accounting Standards for Business Enterprises" (Cai Kuai [2026] No. 7, issued 2026-06-04), no board/shareholders' meeting review is required, there is no material impact on the company's financial condition, operating results, and cash flows, and no retrospective adjustment. Source: cnfin announcement page.

4.7 11th Meeting of the 7th Board of Directors and Related Review Procedures

The company's 11th meeting of the 7th board of directors (disclosed 2026-08-21 or 8-23) approved the "2026 Semi-Annual Report and Summary," the "2026 Semi-Annual Profit Distribution Plan," and the "Proposal on the Progress of the 'Quality and Return Dual Enhancement' Action Plan." The date basis differs slightly between "meeting on August 21 / report on August 23," and the original announcement should be used as the basis. Source: Securities Daily Network.

4.8 Announcement on Repurchase and Cancellation of Certain Restricted Shares and Reduction of Registered Capital and Notification to Creditors (Announcement No. 2026-044, 2026-08-27)

Reason: the company-level performance assessment target corresponding to the first unlock period of the 2025 restricted stock incentive plan was not met. Treatment: repurchase and cancel 200,000 restricted shares granted but not yet unlocked held by 1 incentive recipient. Share capital change: total share capital decreased from 1,390,632,221 shares to 1,390,432,221 shares; registered capital changed by the same amount from RMB 1,390,632,221 to RMB 1,390,432,221. Procedure: approved at the 10th meeting of the 7th board on 2026-08-04 + the second extraordinary shareholders' meeting of 2026 on 2026-08-26; creditor claim period is 2026-08-27 to 2026-10-10. Sources: Securities Daily electronic edition, East Money, Sina Finance announcement page. Note: the "performance assessment target not met" occurred in the first unlock period of the 2025 restricted stock incentive plan, which is a somewhat negative signal; however, the company's overall 2025 annual report performance was positive growth, and the two are not contradictory — the assessment target may have been set relatively high.

4.9 Announcement on Resolutions of the 10th Meeting of the 7th Board of Directors (Announcement No. 2026-033, 2026-08-05)

Approved the above repurchase and cancellation proposal (director Li Xiayun recused from voting, 10 votes in favor) and the proposal to reduce registered capital and amend the Articles of Association, and submitted them to the 2026 second extraordinary shareholders' meeting for review. Source: cnfin announcement page.

4.10 Announcement on Resolutions of the 2026 Second Extraordinary Shareholders' Meeting (Announcement No. 2026-043, 2026-08-26/27)

Approved the "Proposal on Repurchase and Cancellation of Certain Restricted Shares under the 2025 Restricted Stock Incentive Plan" (99.32% in favor, 0.64% against, 0.04% abstained, 8,456,000 shares recused on-site), the "Proposal on Reducing the Company's Registered Capital and Amending Corresponding Provisions of the Articles of Association," and the "Proposal on By-Electing a Non-Independent Director of the 7th Board of Directors." No proposal was rejected. Attendance: 1,271 shareholders and representatives in total, representing 329,758,682 shares, accounting for 23.72% of the company's total voting shares (15 on-site representatives holding 160,818,328 shares, 11.57%; 1,256 online voters representing 168,940,354 shares, 12.15%). Sources: Shenzhen Stock Exchange/CNINFO, East Money.

4.11 Announcement on Completion of By-Election of Non-Independent Director (Announcement No. 2026-045, 2026-08-27)

Yu Zhigang was elected as a non-independent director of the 7th board of directors, replacing the departed non-independent director Chen Qingzhong, and also took over the positions of member of the board's Strategy and Sustainable Development Committee and Remuneration and Assessment Committee. Previously on 2026-08-05 there was the "Announcement on Resignation and By-Election of Non-Independent Director" (Announcement No. 2026-036). Sources: cnfin announcement page, China Finance Network.

4.12 Convening of the 2026 Second Extraordinary Shareholders' Meeting

Announcement date 2026-08-05, meeting date 2026-08-26 (i.e., the above second extraordinary shareholders' meeting). Source: Sohu memo page.

4.13 Implementation of 2025 Annual Equity Distribution (Announced 2026-05-25)

Plan: based on total share capital of 1,390,632,221 shares less 465,055 shares already repurchased in the repurchase account, i.e., 1,390,167,166 shares as the base, a cash dividend of RMB 2 per 10 shares (tax inclusive), totaling RMB 278,033,433.20, accounting for 23.71% of net profit attributable to parent for the same period. Record date 2026-06-02, ex-rights/ex-dividend date 2026-06-03. Corresponding to full-year 2025 performance: operating revenue RMB 6.928 billion (+10.37% year-on-year), net profit attributable to parent RMB 1.172 billion (+13.84% year-on-year), basic EPS RMB 0.86 (prior year RMB 0.75). Non-GAAP net profit RMB 1.044 billion (+9.28%), net cash flow from operating activities RMB 1.347 billion (-24.62% year-on-year). Note: the 2025 annual report summary shows total share capital at end-2025 of 1,390,632,221 shares and the repurchase account at 14,732,555 shares (mid-2025); by the time the 2025 annual report dividend was implemented, the repurchase account had dropped to 465,055 shares, indicating the company disposed of/cancelled repurchased shares during the period, and official announcements should be used as the basis. Sources: Tonghuashun, Hexun reprint of Gelonghui, Gelonghui, East Money (Shenzhen Business Daily·Duchuang).

4.14 2025 Semi-Annual Equity Distribution and 2024 Annual Equity Distribution

The 2025 semi-annual equity distribution was implemented on 2025-09-10, with RMB 1.00 per 10 shares (tax inclusive), no bonus shares, no capitalization of reserves. The 2024 annual equity distribution was implemented on 2025-05-20, with RMB 2.00 per 10 shares. Sources: China Securities Journal electronic edition related announcements.

4.15 Sixth Employee Stock Ownership Plan Second Batch Share Unlock/Sale (Announcement No. 2026-005, 2026-01-24)

The performance assessment years are the three fiscal years 2023-2025; the second batch unlock conditions were met, allowing the unlock of 2.298 million shares, accounting for 30% of this plan and 0.17% of total share capital. Sale period 2025-08-29 to 2026-01-23, sale quantity 2.298 million shares (0.17% of total share capital at the time), method was centralized bidding, and all were sold; the remaining 2.298 million shares remain locked. Source: China Securities Journal electronic edition.

4.16 Eighth Employee Stock Ownership Plan First Batch Shares

The first batch of 300,000 shares was unlocked on 2025-10-17 (0.02% of total share capital), and the remaining 450,000 shares under the plan remain locked; duration 48 months, starting from the 2024-10-17 transfer, unlocked in three tranches (40%/30%/30%). Source: China Securities Journal electronic edition.

4.17 Ninth Employee Stock Ownership Plan (Draft)

The 5th meeting of the 7th board of directors (held 2025-12-29, announced 2025-12-30, Announcement Nos. 2025-072/073) approved the "Ninth Employee Stock Ownership Plan (Draft)" and the "Management Measures," with 5 participating persons — directors Li Xiayun, Lin Min, Wang Zhenyu, FENGLEI LIU, and Wang Jianhua — recusing from voting, and this proposal needs to be submitted to the 2026 first extraordinary shareholders' meeting for review. Sources: Shanghai Securities News electronic edition, East Money announcement page.

4.18 Announcement on Completion of Implementation of Share Reduction Plan by Shareholders Formerly Holding More Than 5%

The announcement title with announcement number (2026) No. 005 was found in the same edition of the China Securities Journal electronic edition (2026-01-24 page). The specific reduction entity, quantity, price range, and completion status were not fully obtained in the original text this time; this is a single source and not fully cross-verified, and the original CNINFO text should be directly retrieved before citation.

4.19 Foreign Exchange Derivatives Hedging (4th Meeting of the 7th Board of Directors, held 2025-10-27, announced 2025-10-28)

Approved the "Proposal on Conducting Foreign Exchange Derivatives Hedging Transactions," agreeing that the company and its subsidiaries continue to conduct such transactions within one year from the date of board approval, with an annual cumulative amount not exceeding the equivalent of RMB 1 billion; also approved the "2025 Third Quarter Report." Source: CNINFO PDF. Some announcement numbers in this PDF are marked as "(2024) 069/070," suspected to be clerical errors in the original text, and formal disclosure should be used as the basis.

4.20 5th Meeting of the 7th Board of Directors (2025-12-29)

Apart from the ninth employee stock ownership plan, no other major matters were found.

4.21 Data Uncertainty and Risk Disclosure

1) Base date: the latest announcement in this memo ends on 2026-08-27; the semi-annual report is 2026-08-24. If the "recent" period required by the report is a later date, announcements after 2026-08-27 need to be supplemented. 2) Abnormal c114 article timestamp: the c114.net.cn AI optics article is marked "47 minutes ago" and its content is consistent with the 2026-07-02 abnormal fluctuation announcement, highly suspected to be a reprint/auto-generated item, and should not be used as evidence of a "new abnormal fluctuation announcement in late August"; CNINFO/exchange disclosure must be used as the basis. 3) Performance forecast: the company's 2026-07-02 announcement clearly stated "no need to disclose a performance forecast," and this memo did not find any performance forecast/express report documents other than the 2026 semi-annual report. 4) Shareholder reduction: the 2026-01-24 "Announcement on Completion of Implementation of Share Reduction Plan by Shareholders Formerly Holding More Than 5%" was only seen by title, and the specific entity/quantity original text was not obtained, so it is unverified information. 5) The number of shares in the repurchase account changed greatly (14,732,555 shares in mid-2025 vs. 465,055 shares in mid-2026), indicating repurchase share cancellation or transfer actions during the period, and the corresponding original announcement was not found in this search and needs further verification. 6) Single source for segment data: 2026H1 revenue by product/region comes from East Money's main business composition page, a third-party compilation, and should be checked against the original semi-annual report. 7) Information source quality: this memo prioritizes original texts from CNINFO, Shenzhen Stock Exchange, China Securities Journal/Shanghai Securities News/Securities Times/Securities Daily electronic editions; secondary/aggregated sources such as Gelonghui, Tonghuashun, Sohu memo, and c114 are all noted, and in case of conflict with the original texts, the latter should prevail. 8) Content not found in this search round: latest announcements on private placements/convertible bonds, major mergers and acquisitions, controlling shareholder pledges or increases/decreases in holdings (except for the doubtful item in item 18 above).

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Crystal-Optech (002273) closed at RMB 24.67 as of 2026-09-11, down 1.79%, with a turnover rate of 2.19%, turnover of RMB 735 million, and volume ratio of 1.07, indicating stable but relatively light trading. In terms of trend, after a sharp rise in late May 2026 (closed at RMB 40.34 on 5/22 and RMB 43.73 on 5/28), the stock price continued to decline, fluctuated around RMB 35 in late June and hit the limit up (main force net inflow of RMB 530 million on 6/30), continued downward in July-August (closed at RMB 26.02 on 8/28, main force net outflow of RMB 227 million), and weakly fluctuated in the RMB 24-25 range in September, showing "momentum clearing after a sharp rise"; the current price is about -44% from the 52-week high and about +13% from the 52-week low, with -10.57% over the past 20 days and -33.20% over the past 60 days (single media compilation basis). At the technical indicator level, snapshot dates and calculation bases differ across sources: Investing.com (2026-09-04 snapshot) MA5/10/20/50/200 were 25.40/25.51/25.70/25.82/26.78 respectively, while aastocks (2026-09-08) 10-day/50-day/90-day/250-day moving averages were 25.890/28.174/31.960/28.218; the specific values are inconsistent, but the common conclusion is that moving averages are in a bearish alignment and the current price is below all major moving averages; on MACD, Jiufang Zhitou showed a death cross below the zero axis on 2026-09-11 and continued weak decline, while East Money Qianstock Qianping showed no obvious signal, with the combined judgment being weak below the zero axis; on RSI, Jiufang Zhitou said RSI death cross on September 10 and short-term fall below 50, while aastocks' 14-day RSI on 9/8 was 42.42, consistently pointing to weak momentum but not oversold; KDJ and BOLL both showed no obvious signal in East Money Qianstock Qianping, and since specific Bollinger Band upper/lower values were not obtained this time, they are not cited. On the capital side, main force funds were mainly net outflows over the past 10 trading days (Jiufang Zhitou basis: about RMB 217 million outflow over the past 10 days, main force outflow proportion -31.62%), with net inflows only on 9/9, 9/7, and 8/31 during the period; the average chip cost of RMB 28.44 is above the current price, with heavy trapped positions; institutional participation is 31.45% (moderate control). Overall, the stock price is in a weak low-level consolidation stage within a medium-term downward channel, with a weak technical picture but not oversold, and whether it can stabilize depends on the effectiveness of support near RMB 24 and whether funds can return. It should be emphasized that the dates and calculation bases of technical indicators differ across sources, and this section only adopts qualitative conclusions consistent across multiple sources, with specific values for reference only.

5.3 Short-Term Outlook (Next Week, Scenario Analysis, for Reference Only)

6. Industry Landscape and Competitor Analysis

7. Risk Disclosure

• Consumer electronics customer concentration and demand fluctuation risk: In H1 2026, consumer electronics revenue accounted for 83.89% of total revenue, and the company has clearly stated that its performance growth over the next two years will still mainly depend on consumer electronics business for major North American customers. If major customer orders, product cycles, or procurement strategies change, it could have a significant impact on revenue and profit.
• Risk of profit growth lower than revenue growth: In H1 2026, revenue grew 15.15% year-on-year, but net profit attributable to parent grew only 4.73%, and Q2 net profit attributable to parent declined 0.77% year-on-year; the period expense ratio rose 4.1 percentage points year-on-year, and exchange gains turning into losses and front-loaded strategic investments may continue to pressure profit margins.
• Risk of AI optics commercialization falling short of expectations: In the company's AI optics, optical storage is still in pre-mass-production validation, filters and silicon lenses are in customer sampling, and glass substrates and waveguides are in early-stage technical engagement; related products have not yet contributed to performance, and project commercialization, customer certification, and mass production all involve long cycles and uncertainty.
• Risk of AR+ business volume ramp-up falling short of expectations: Automotive electronics (AR+) revenue grew 95.24% year-on-year in 2025, but H1 2026 revenue was still RMB 321 million, accounting for 9.24%, and its gross margin of 27.92% was lower than consumer electronics and reflective materials; if OEM project nominations, mass production pace, or product introduction progress fall short of expectations, the growth curve may slow.
• Operating cash flow quality risk: The company's 2025 net cash flow from operating activities was RMB 1.347 billion, down 24.62% year-on-year; cash flow declined despite continued revenue growth, and subsequent attention should be paid to the impact of receivables, inventory, and customer collections on cash generation capability.
• Risk of deviation between performance forecasts and valuation: The market consensus was formed earlier than the 2026 semi-annual report, expecting 2026 net profit attributable to parent of about RMB 1.446 billion, while the company's H1 profit growth has clearly slowed; if H2 cannot achieve a strong seasonal improvement, earnings forecasts and valuations based on forecast PE may face downward revisions.
• Stock price volatility and technical weakening risk: From late June to early July 2026, the company's shares had a cumulative three-trading-day price deviation exceeding 20%, after which the stock price fell, and as of September 11 it was down about 44% from the 52-week high; the current stock price is below major moving averages, with large declines over the past 20 and 60 days, and the average chip cost is above the current price, which may face continued pressure from trapped positions and capital outflows.
• Incentive assessment failure risk: Due to failure to meet the company-level performance assessment target for the first unlock period of the 2025 restricted stock incentive plan, the company repurchased and cancelled 200,000 restricted shares held by 1 incentive recipient; although the company's overall performance maintained growth, this matter reflects that actual operating performance did not meet the relevant incentive targets, and subsequent attention should be paid to incentive constraints and the fulfillment of internal operating targets.

8. Conclusion and Outlook

The company's current growth logic mainly comes from the steady expansion of its consumer electronics base business, the rapid growth of AR+ business, and the medium- to long-term layout of AI optics. Consumer electronics still contributes the vast majority of revenue, the revenue share and business scale of automotive optics continue to rise, and reflective materials maintain a relatively high gross margin; if AR optics projects continue to ramp up and demand from major consumer electronics customers remains stable, the three growth curves are expected to support continued revenue growth.

Key attention should be paid to whether profit growth can again match revenue growth. In H1 2026, gross margin improved, but rising expense ratios, foreign exchange factors, and front-loaded investments suppressed profit release, and Q2 net profit attributable to parent turned negative year-on-year. The market consensus for 2026 net profit attributable to parent is about RMB 1.446 billion, up about 23.36% from 2025, while H1 achieved only RMB 524 million; subsequent realization depends on a clear acceleration in H2 performance, so the forecast has room for adjustment.

AI optics is currently more in the technology validation and customer introduction stage, and it is difficult for it to bear the main responsibility for performance growth in the short term; the ramp-up of AR+ business, changes in consumer electronics demand, efficiency of expense investment, and improvement in operating cash flow will jointly determine the company's future growth quality. At the stock price level, it remains below major moving averages, with weak capital flows and relatively heavy trapped positions; fundamental improvement and the pace of new business realization are key observation variables for subsequent valuation digestion and volatility convergence.

Data Sources

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• (Registered address: No. A5, Xingxing Electronic Industrial Zone, Jiaojiang District, Taizhou City, Zhejiang Province)
• Zhejiang Crystal-Optech Co., Ltd. ZHEJIANG CRYSTAL-OPTECH CO
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• Crystal-Optech 2025 Net Profit Grows 13.84%, Proposes RMB 2 per 10 Shares
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• $Crystal-Optech(SZ002273)$ In the entire Corning Glass Bridge (CPO optical coupling glass substrate) industry chain, Crystal-Optech ...
• Clarifying 3+2 Industry Chain Facts 1. Glass substrate: has entered pre-mass-production stage, the fastest progress in the 3+2 layout, can_Wealth Account_East Money - Clarifying 3+2 Industry Chain Facts
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• Lianchuang Electronics - Company Research Report - Automotive Business High Growth, Performance Inflection Point Has Appeared - 230209 (35 pages).pdf - 37, 2251,4672,0535199539941,068921 revenue growth revenue growth 002036 CH Lianchuang Electronics (optical business) 2%105%23%71%17%26%85%63%49%2382 HK Sunny Optical Technology 16%46%0%-1%21%-14%5%-8%-14%...
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• Stock Code: 002273
• Crystal-Optech (002273): Profit Level Steadily Growing, Three Growth Curves Open Long-Term Development Space
• Crystal-Optech: 2025 Net Profit RMB 1.172 Billion, Up 13.84% Year-on-Year, Proposes RMB 2 per 10 Shares
• Crystal-Optech: 2025 Net Profit Up 13.84% Year-on-Year, Proposes RMB 2 per 10 Shares
• Crystal-Optech (002273.SZ)
• [Crystal-Optech: 2025 Net Profit RMB 1.172 Billion, Up 13.84% Year-on-Year, Proposes RMB 2 per 10 Shares - Crystal-Optech: 2025 Net Profit RMB 1.172 Billion, Up 13.84%