Eoptolink Technology Inc., Ltd. (Chengdu Eoptolink Technology Inc., Ltd.) (300502)

Individual Stock Analysis Report | Industry: Optical Modules / Optical Communications (AI Compute Data Centers) | Report Date: September 13, 2026 | Data as of the close on September 11, 2026; September 12–13, 2026 is a weekend market holiday.

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

The most decision-relevant fact about Eoptolink currently is: performance remains in a high-growth phase, but the quality and sustainability of that growth require ongoing tracking and verification. In 2025, the company achieved operating revenue of RMB 24.842 billion and net profit attributable to shareholders of RMB 9.532 billion, up 187.29% and 235.89% year-on-year, respectively; in H1 2026, operating revenue was RMB 20.910 billion and net profit attributable to shareholders was RMB 7.529 billion, up 100.34% and 90.98% year-on-year, respectively, with gross margin still at 48.44%. Of this, Q2 2026 revenue was RMB 12.572 billion and net profit attributable to shareholders was RMB 4.749 billion, up 50.8% and 70.8% quarter-on-quarter, respectively; 800G remained the main shipping product, while 1.6T shipments grew significantly compared to Q1.

The company relies almost entirely on optical interconnect products, which accounted for 99.72% of total revenue in 2025, with overseas revenue accounting for approximately 96%; core growth comes from demand for 800G, 1.6T and higher-speed optical modules from AI compute data centers. The company has large-scale mass production capability above 800G and 1.6T delivery capability, and is positioned across technology routes including LPO/LRO, NPO, XPO, and CPO; the Thailand base continues to expand production, which is expected to improve delivery capability and leverage overseas production capacity.

Profitability is now significantly higher than during the traditional optical module business era, with optical interconnect product gross margin at approximately 47.81% in 2025 and approximately 48.44% in H1 2026. Following the acquisition of Alpine, the company has certain self-developed silicon photonics capabilities and partial self-supply of optical components; product mix upgrading, silicon photonics/LPO positioning, and capacity expansion constitute the main supports for profit growth. However, the company remains in the mid-stream manufacturing and packaging segment, relies on external procurement for high-end optical chips and electrical chips, has high downstream customer concentration, and its performance is relatively sensitive to North American cloud providers' capital expenditure.

As of September 11, 2026, the stock price was RMB 423.00, with total market capitalization of approximately RMB 589.771 billion and a Tonghuashun dynamic P/E ratio of approximately 39.17x. The stock price is above MA5, MA10, MA20 and MA50, but essentially coincides with MA200 at approximately RMB 423.23; RSI and MACD are relatively strong, while STOCHRSI and Williams %R are already in overbought territory, and ADX at approximately 21.8 indicates that trend sustainability has not yet been fully confirmed. Technically, RMB 426–435 is the short-term resistance zone, RMB 410–418 is the first support zone, and RMB 395–405 is the stronger support zone.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Portfolio

• Optical Interconnect Products: 2025 revenue of RMB 24.771 billion, accounting for 99.72% of 2025 total revenue (+188.07%), the absolute main business; products cover traditional pluggable optical modules, LPO/LRO, XPO, NPO, CPO multi-form factors, with 400G/800G/1.6T as the core growth engines
• Technology Platform: VCSEL/EML, silicon photonics (SiPh), thin-film lithium niobate (TFLN) multiple routes in parallel; one of the few companies globally with large-scale mass production and delivery capability above 800G, one of the first globally to mass-produce and deliver 1.6T optical modules, and the world's first manufacturer to launch and mass-produce LPO optical modules
• Capacity Layout: Chengdu headquarters has been completed; Thailand factory Phase I completed and put into production in H1 2023, Phase II completed at the end of 2024 and put into production in early 2025, in a continuous expansion phase (Company Investor Relations Record 2025-07-16)
• New Product Developments (March 2026): First to release new products including single-wavelength 400G IMDD 1.6T DR4, 6.4T NPO, 12.8T XPO, etc.

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

Eoptolink is positioned in the mid-stream manufacturing and packaging segment of the optical module industry chain. Upstream, it procures optical components, integrated circuit chips, structural parts and PCBs, etc. (2025 Annual Report business model); downstream customers are communications equipment manufacturers, internet (cloud) providers and distributors, including global AI/cloud giants such as Nvidia, Google, Amazon, Meta, etc. Through high-speed product (800G/1.6T) mix upgrading and silicon photonics/LPO differentiated technology, profitability has been pushed to a level approaching that of the upstream high-end chip segment (gross margin approximately 48%, net margin approximately 38%).

• Procurement Structure (2025 Annual Report business model): Main raw materials are optical components, integrated circuit chips, structural parts and PCBs; implements a global supply chain layout, and has established long-term strategic cooperative relationships with core leading suppliers in the optical communications industry chain
• Cost Composition (brokerage estimate based on Zhongji Innolight annual report, not Eoptolink official disclosure): Optical components approximately 37%, optical chips approximately 19%, integrated circuit chips approximately 22%, direct materials account for approximately 80% of costs; according to Zhiyan Consulting, optical chip costs account for 30%-60% of total optical module costs (data is third-party estimate, for reference only)
• Pricing Power Assessment: Generally a price taker for upstream high-end optical chips/electrical chips. Electrical chips (DSP, etc.) are mainly externally procured; high-end EML optical chips are dominated by overseas manufacturers such as Broadcom and Mitsubishi (EML supply is tight in 2025-2027, with 100G EML prices rising approximately 20% in 2026)
• Vertical Integration Progress: Completed acquisition of US-based Alpine Optoelectronics (including Chengdu Zifeng Photonics) in 2022, obtaining silicon photonics self-development capability (silicon photonic chip packaging, coherent technology), achieving partial self-supply of optical component assemblies such as ROSA/TOSA (cross-confirmed by King & Wood Mallesons, ICCSZ, Lao Zhang Touyan). There are also reports of supplying EML compound chips through affiliated enterprise Hongchen Photonics (single source "Caifuhao", for reference only)
• Customer Structure: Communications equipment manufacturers, internet (cloud) providers and distributors (overseas distributors use outright purchase sales); core customers include global AI/cloud giants such as Nvidia, Google, Amazon, Meta; overseas sales include partial distributor model (some distributors hold equity as interest alignment)
• Regional Structure (2025 Annual Report): Overseas revenue of RMB 23.888 billion (+251.03%), accounting for 96.16% of total revenue; domestic revenue of RMB 954 million, accounting for 3.84%; 2025H1 basis overseas share 94.4%. Overseas proportion exceeding 90% has persisted for many years, accelerating upward in recent years
• Structural Characteristics: High customer concentration, highly dependent on North American cloud giants' capital expenditure
• Accounts receivable turnover days extended from approximately 65 days in 2023 to approximately 89 days at the end of 2025Q3 (Source: financial blog, single source), reflecting lengthening downstream payment collection periods and limited bargaining power with customers (large cloud providers); inventory at end of 2023 approximately RMB 963 million → end of 2024 RMB 4.132 billion → end of 2025 RMB 7.234 billion (book balance RMB 7.767 billion), expanding more than 6x in two years, and "inventory net realizable value" was listed as a key audit matter for two consecutive years (2024/2025); 2025 operating cash flow net amount RMB 7.701 billion (+1101.57%), monetary funds RMB 8.156 billion, no short-term borrowings, sound financial structure.
• Top Five Customer Concentration: 2025H1 top five accounts receivable customers accounted for 72.74% (Source: ICCSZ Optical Communications Network, single media source); 2025Q3 end top five customers accounted for "over 70%" of revenue (Source: financial blog "Eoptolink Net Profit Soaring", single source). The two data points are at different times/bases, and the latter could not be directly cross-verified from annual report primary disclosure; refer to the latest periodic report for specifics.

Eoptolink is positioned in the mid-stream manufacturing and packaging segment of the optical module industry chain, but through high-speed product mix upgrading (800G/1.6T) and silicon photonics/LPO differentiated technology, has pushed profitability to a level approaching the upstream high-end chip segment of the smile curve (gross margin approximately 48%, net margin approximately 38%). Further profit improvement drivers include: ① product generation migration toward 1.6T/3.2T and increased silicon photonics share; ② cost reduction from optical component/silicon photonics self-supply brought by the Alpine acquisition; ③ Thailand base scale cost reduction and tariff avoidance. Main constraints: high-end electrical/optical chips are still externally procured, constrained by leaders such as Broadcom/Mitsubishi, lacking top-down chip pricing power; high downstream large customer (North American cloud providers) concentration, lengthening payment periods, with bargaining power at both ends — upstream chip makers and downstream cloud providers.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The above are all official disclosure basis data, cross-checked multiple times (Jiemian/Securities Times/Shanghai Securities News/China Securities Network · East Money/Sina research basis consistent). The 2026 Q1 Report is the latest formal financial report; additionally: non-GAAP net profit attributable to shareholders RMB 2.768 billion, +76.44% YoY; basic earnings per share RMB 2.80; net operating cash flow RMB 684 million, +243.71% YoY; net profit attributable to shareholders declined approximately 13.25% QoQ (2025Q4 net profit approximately RMB 3.205 billion), the first QoQ decline in nine quarters, with the income statement dragged by exchange losses (significant increase in financial expenses). 2025 Annual Report additionally: sales gross margin approximately 47.81% (East Money main business composition); R&D expenses RMB 702 million, approximately +73% YoY; profit distribution plan is cash dividend of RMB 10 per 10 shares (tax inclusive) and 4-share bonus issue (ex-rights date approximately 2026-06-11, total share capital increased from approximately 994 million shares to approximately 1.394 billion shares); 2025 "inventory net realizable value" listed as key audit matter for the second consecutive year. 2024 Annual Report additionally: non-GAAP net profit attributable to shareholders RMB 2.83 billion, +317.59% YoY; gross margin 44.72%, ROE 34.08%, EPS RMB 4.00; dividend RMB 4.5 per 10 shares + 4-share bonus issue per 10 shares. 2025 First Three Quarters additionally: EPS RMB 6.37, net assets per share RMB 14.61, ROE 43.56%, debt-to-asset ratio 31.99%. In addition, the 2026 Semi-Annual Earnings Preview (published 2026-07, cited in Capital Securities 2026-07-20 research report) forecasts net profit attributable to shareholders of RMB 7.000–8.000 billion, +77.6%~+102.9% YoY; non-GAAP net profit attributable to shareholders RMB 6.98–7.98 billion, +77.5%~+102.9% YoY; of which Q2 forecast net profit attributable to shareholders RMB 4.22–5.22 billion (QoQ +52%~+88%). The 2025 Earnings Preview (published 2026-01-30) forecast net profit attributable to shareholders of RMB 9.4–9.9 billion, +231.24%~+248.86% YoY, actual result of RMB 9.532 billion landed within the range. East Money "Business Analysis - Main Business Composition" page already shows 2026-06-30 period data (optical interconnect products main business revenue RMB 20.88 billion, other RMB 27 million, total approximately RMB 20.9 billion; overseas share 97.92%), which implies 2026H1 operating revenue of approximately RMB 20.9 billion; this is an estimated value based on main business composition, not a formal summary basis, pending verification from the H1 formal report.

The company is an optical module manufacturer (R&D, production and sales of full-series optical communication application optical modules), with products covering 400G/800G/1.6T and higher-speed optical interconnect, serving AI compute clusters, cloud data centers, telecommunications networks, and has positioned itself in LPO/LRO/XPO/NPO/CPO and self-developed MEMS-based OCS optical circuit switching; it is the world's second-largest high-speed optical module manufacturer (second only to Zhongji Innolight), with overseas revenue accounting for approximately 96% in 2025. Performance over the past two years has shown high-speed growth: 2024 revenue +179.15% YoY, net profit attributable to shareholders +312.26% YoY; 2025 revenue +187.29% YoY, net profit attributable to shareholders +235.89% YoY, sales gross margin approximately 47.81%, R&D expenses RMB 702 million, approximately +73% YoY. 2026 Q1 Report revenue +105.76% YoY, net profit attributable to shareholders +76.80% YoY, but net profit attributable to shareholders declined approximately 13.25% QoQ (2025Q4 net profit approximately RMB 3.205 billion), the first QoQ decline in nine quarters, mainly dragged by exchange losses (significant increase in financial expenses). The 2026 Semi-Annual Earnings Preview shows YoY growth remains high (net profit attributable to shareholders forecast RMB 7.000–8.000 billion, +77.6%~+102.9% YoY, of which Q2 QoQ +52%~+88%). Note: 2025 "inventory net realizable value" listed as key audit matter for the second consecutive year; Q1 2026 results have shown QoQ disturbance, "single-quarter linear extrapolation to full year" risk is high; 2026H1 operating revenue of approximately RMB 20.9 billion is an estimated value based on main business composition, not a formal basis; H1 net profit attributable to shareholders of RMB 7.0–8.0 billion is an unaudited earnings preview range, formal data pending verification.

3.2 Earnings Forecast

The above table is Capital Securities (Hong Kong) 2026-07-20 forecast (Accumulate/Buy). Other institutions' net profit forecasts (unit: RMB 100 million, all net profit attributable to shareholders unless otherwise noted): Guotai Haitong 2026-02-02: 2026E 16.856 billion, 2027E 19.081 billion (2025E 9.682 billion); Nanxing Securities 2026-06-08: 2026E 19.041 billion, 2027E 25.610 billion, 2028E 33.471 billion; Shanxi Securities 2026-05-27: 2026E 21.238 billion, 2027E 40.536 billion, 2028E 59.012 billion; Industrial Securities 2026-09: 2026E 20.503 billion, 2027E 35.848 billion, 2028E 51.076 billion (Accumulate); Goldman Sachs (compiled from East Money Caifuhao, source not Goldman original text, medium reliability): 2026E approximately 22.0 billion, 2027E approximately 42.0 billion, 2028E approximately 61.0 billion (Buy, target price RMB 639); Citigroup 2026-06-25: 2026E raised 8%, 2027E raised 13%, 2028E 65.828 billion (Buy, target price RMB 701). Overall, domestic brokerages' 2026 net profit forecasts are mostly in the RMB 18.5–21.2 billion range, and 2027 in the RMB 19.0–40.5 billion range (significant divergence), with a general expectation of nearly doubling net profit YoY in 2026. EPS forecast basis note: Capital Securities basis gives 2026–2028 EPS of RMB 13.27/17.40/21.94 based on approximately 1.394 billion shares after bonus issue; Guotai Haitong gives 2026–2027 EPS of RMB 16.96/19.20 based on pre-bonus share capital (different bases, do not mix directly). Research notes did not provide corresponding operating revenue forecast values for each institution. Uncertainty note: Sell-side 2027–2028 forecasts diverge greatly (2027E net profit from RMB 19.0 billion to RMB 40.5 billion, 2028E from RMB 30.6 billion to RMB 65.8 billion), reflecting very different assumptions about 1.6T/3.2T volume ramp, NPO/CPO commercialization and materials (optical chips/EML) supply, and should not be used directly as consensus expectations; Citigroup's "2028 net profit RMB 65.828 billion, three-year CAGR 190%" contains internal inconsistency (calculated from 2025 RMB 9.532 billion to 2028 RMB 65.8 billion, 3-year CAGR is approximately 90%, not 190%), suspected to be an original text/basis issue, discount when adopting.

3.3 Valuation Level and Institutional Ratings

Stock Price and Market Cap: 2026-04-23 closing price RMB 608.28, total market cap approximately RMB 604.636 billion (National Business Daily, annual report disclosure date basis, at which time total share capital was approximately 994 million shares). Auxiliary observation: 2026-03-31 shareholder count 155,500, corresponding stock price approximately RMB 315.6; 2026-06-30 shareholder count 257,100 (+65.33%), corresponding stock price approximately RMB 607 (Baidu Stock page, for reference only). 52-week price range: investing.com two snapshots show 205.22–618.87 and 119.71–618.87 respectively (range difference may include adjusted price basis difference). Implied PE (estimated, not official): based on 2026-04-23 market cap RMB 604.6 billion and 2025 net profit attributable to shareholders RMB 9.532 billion, static PE approximately 63x; Capital Securities gives 2026–2028 PE of 36/28/22x based on 2026-07 stock price (corresponding to its RMB 18.5/24.3/30.6 billion forecasts). Key note: current (latest trading day) stock price/market cap/PE(TTM)/PB could not be obtained as clean, single-basis official figures — market data pages on multiple financial portals are JS-rendered, scraping returns are truncated or are different-date snapshots, with obvious conflicts (RMB 604.6 billion market cap corresponds to RMB 608.28; other snapshots at RMB 607, RMB 485.62, RMB 315.6 at different dates), this memo does not draw definitive conclusions on "current PE". Also note the bonus issue (10-for-4, ex-rights 2026-06) changed share capital from approximately 994 million shares to approximately 1.394 billion shares, directly comparing PE and EPS will be distorted; it is recommended to independently verify using the latest closing price from a market data terminal + total share capital of 1.394 billion shares.

4. Recent News and Announcements

4.1 2026 Q1 Report Disclosure: Revenue RMB 8.338 Billion, +105.76% YoY

Announcement disclosure date 2026-04-24. Operating revenue RMB 8.338 billion, +105.76% YoY; net profit attributable to shareholders RMB 2.780 billion, +76.80% YoY; non-GAAP net profit attributable to shareholders RMB 2.768 billion, +76.44% YoY; EPS RMB 2.80; gross margin approximately 48.61%. Source: Sina Earnings Report, East Money Data Center.

4.2 2026 Semi-Annual Earnings Preview: Net Profit Attributable to Shareholders Forecast RMB 7.0–8.0 Billion, +77.56%~+102.93% YoY

Announcement number corresponding date 2026-07-19 evening/disclosure date 2026-07-20. Forecast 2026H1 net profit attributable to shareholders RMB 7.0–8.0 billion, +77.56%~+102.93% YoY; non-GAAP net profit attributable to shareholders RMB 6.981–7.981 billion, +77.46%~+102.88% YoY; prior year same period net profit attributable to shareholders RMB 3.942 billion. Reasons for change: continued growth in AI-related compute investment, product mix optimization; estimated non-recurring gains/losses impact of approximately RMB 19 million. Based on this, Q2 single-quarter net profit attributable to shareholders is estimated at approximately RMB 4.22–5.22 billion (Q1 already disclosed RMB 2.780 billion). Preview figures are unaudited. Source: Gelonghui, Stockstar, Cailianshe/East Money, Securities Times.

4.3 2026 Semi-Annual Report Disclosure: Revenue RMB 20.910 Billion, +100.34% YoY

Disclosure date 2026-08-25. Operating revenue RMB 20.910 billion, +100.34% YoY; net profit attributable to shareholders RMB 7.529 billion, +90.98% YoY; non-GAAP net profit attributable to shareholders RMB 7.511 billion, +90.9% YoY; EPS RMB 5.41; gross margin 48.44% (26H1 optical interconnect product revenue RMB 20.883 billion, gross margin 48.46%). Single 26Q2: revenue RMB 12.572 billion (+96.9% YoY, +50.8% QoQ), net profit attributable to shareholders RMB 4.749 billion (+100.4% YoY, +70.8% QoQ). Operating highlights: 26H1 optical interconnect product sales volume 11.19 million units; 800G is the main shipping product, 1.6T shipments in Q2 grew significantly compared to Q1; period-end inventory RMB 11.655 billion (+61.1% vs. beginning of year), prepayments RMB 870 million, construction in progress RMB 557 million (+70.4%); 26H1 net operating cash flow RMB 1.616 billion (+69.7%). Source: Sina Earnings Report, Tonghuashun, Changjiang Securities research report (2026-09-06).

4.4 2026-07-28 Listed as a Security Trading Public Information with a 15% Decline

2026-07-28: (300502) Eoptolink was listed as "Securities with a 15% Decline" trading public information (i.e., the day's decline reached 15%, triggering Dragon-Tiger List disclosure). Source: Sohu Stock "Major Events Memo". Limitation: This entry is only a memo list item; details of the day's Dragon-Tiger List buy/sell seats were not obtained; recommend referring to the Shenzhen Stock Exchange trading public information original table.

4.5 2024 Restricted Stock Incentive Plan Reserved Grant Second Tranche Vesting Results and Share Listing

Announcement No. 2026-056, disclosed 2026-09-11; vesting date and listing circulation date 2026-09-15. Vested 480,592 shares, accounting for 0.0345% of total share capital before vesting, vesting to 41 persons, no lock-up period. Approved by the 5th Board of Directors 16th Meeting on 2026-08-24. Original plan grant price RMB 23.24/share (subsequently adjusted); company-level assessment targets: 2024 revenue ≥ RMB 4.5 billion, 2024–2025 cumulative ≥ RMB 11.0 billion, 2024–2026 cumulative ≥ RMB 19.5 billion. First grant second tranche vesting conditions met/forfeiture of partial restricted shares: see 2026 5th Board of Directors 13th Meeting related resolution description; recommend verifying specific share numbers against original announcement. Source: East Money Announcements, Securities Daily, Sina Announcements.

4.6 2026 Restricted Stock Incentive Plan (Draft) Approved and First Grant Completed

2026-08-20: 5th Board of Directors 15th Meeting approved the "2026 Restricted Stock Incentive Plan (Draft)". 2026-09-07: 2026 Third Extraordinary Shareholders' Meeting approved the draft and assessment measures, and authorized the Board to handle matters; same day 5th Board of Directors 17th Meeting resolution: due to 4 proposed first grant recipients resigning, first grant number adjusted from 961 to 957 persons, first grant equity quantity unchanged; first grant date 2026-09-07, grant quantity 5.1852 million shares, grant price RMB 212.00/share. Note: Grant price RMB 212.00/share is the announcement figure, not directly comparable to the 2024 plan's RMB 23.24/share. Source: Securities Daily, East Money Announcements, Beijing Grandway Law Offices legal opinion.

4.7 2025 Annual Dividend Plan: RMB 10 per 10 Shares (Tax Inclusive) and 4-Share Bonus Issue per 10 Shares

2025 Annual Dividend Plan: RMB 10 per 10 shares (tax inclusive, same after tax); simultaneously 4-share bonus issue per 10 shares. Key dates: record date 2026-06-10; ex-rights/ex-dividend date 2026-06-11; dividend payment date 2026-06-11; bonus shares listing date 2026-06-11. Source: Sohu Stock "Major Events Memo". Limitation: Single source; recommend verifying against the company's equity distribution implementation announcement original text.

4.8 2026 Third Extraordinary Shareholders' Meeting Resolution Announcement

2026-09-07: 2026 Third Extraordinary Shareholders' Meeting (Announcement No. 2026-050). Attending shareholders 4,087 persons, representing 669,219,459 shares, accounting for 47.9983% of total voting shares; minority shareholders 4,085 persons, holding 34.6627%. Core proposal was "2026 Restricted Stock Incentive Plan (Draft)", total vote approximately 95.21% in favor, approximately 4.77% against. Source: Tonghuashun notice, Jiufang Zhitou, Sohu Memo.

4.9 Participation in Sichuan Region 2026 Investor Online Collective Reception Day and Semi-Annual Report Earnings Briefing

2026-09-09 announcement (No. 2026-055): Participation in "Sichuan Region 2026 Investor Online Collective Reception Day and Semi-Annual Report Earnings Briefing", time 2026-09-11 (Friday) 14:00–17:00, platform "Panorama Roadshow" (rs.p5w.net), to communicate on 2025 annual and 2026 semi-annual performance, governance, strategy, operations, financing, equity incentives, etc. Also refer to "Eoptolink 2025 Annual Earnings Online Briefing": Company stated Thailand factory Phase II has been completed since early 2025 and is accelerating expansion, expecting 2026 Q2–Q4 capacity and delivery capability to continuously improve; citing LightCounting forecast of 2025–2030 global optical module market CAGR 22% (of which Ethernet optical modules 24%). The timing of this briefing was approximately May 2026 (around the 2025 Annual Shareholders' Meeting). Source: East Money Announcements, China Fortune Network, Shanghai Securities Roadshow.

4.10 Institutional Research Reports and Uncertainty and Uncovered Items Note

2026-09-06 Changjiang Securities (Yang Yang/Huang Tianyou/Cao Junru) maintained "Buy": forecasts 2026–2028 net profit attributable to shareholders of approximately RMB 20.039 billion/36.183 billion/55.739 billion (corresponding PE approximately 28/15/10x); the same document also shows figures of RMB 19.281 billion/36.178 billion/55.731 billion, two bases inconsistent, need to verify against report PDF original text, single-source uncertainty exists. moomoo (citing S&P/3 analysts) shows 2026Q3 consensus forecast revenue of approximately RMB 17.765 billion, EPS approximately RMB 5.435 — this is consensus forecast (not company disclosure). Uncertainty and uncovered items: 1) The latest verifiable announcement from this search is 2026-09-11; announcements/news after mid-September 2026 were not obtained; 2) No clear announcement of recent (2026) share buyback/cancellation plans was found; 3) Specific announcement data on 2026 directors/supervisors/senior management or major shareholder increases/decreases in holdings was not obtained, an uncovered item; 4) 2026-07-28 "15% decline" is only a Dragon-Tiger List memo entry, lacking seat details, single source; 5) Equity distribution date only seen in Sohu "Major Events Memo" single source; 6) Earnings previews are unaudited range figures; brokerage forecasts and consensus expectations should be distinguished from formal company disclosures; 7) 2025 full-year basis (for comparison): operating revenue RMB 24.842 billion, net profit approximately RMB 9.553 billion, for cross-reference. Source: Sina Finance research reports, moomoo, East Money main business composition/F10, brokerage research basis.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Eoptolink closed at RMB 423.00, up 2.94% from the previous trading day, with turnover and turnover rate recovering in tandem, volume-price coordination improved compared to September 10. Price returned above MA5, MA10 and MA20, but MA200 at approximately RMB 423.23 essentially coincides with the closing price, and the RMB 423 area remains an important observation level for the medium-long-term trend. On short-term indicators, RSI at approximately 60.6, MACD positive, moving average system and platform technical summary relatively strong; but STOCHRSI and Williams %R are already in overbought territory, ADX at approximately 21.8 indicates trend sustainability has not yet been fully confirmed. On September 7, there was approximately RMB 3.735 billion net inflow of main funds, while September 10 saw approximately RMB 882 million net outflow; complete main fund data for September 11 has not yet been disclosed, so recent fund sustainability remains to be confirmed.

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

⚠️ Risk Warning: The following content is only a subjective scenario projection based on closing data as of September 11, 2026, does not constitute investment advice, and does not represent a deterministic prediction of future stock prices.

① Key Technical Levels

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Consolidation (relatively higher weight, approximately 60%; this weight is a subjective heuristic judgment based on current technical and fund flow conditions, not a statistical probability.): Price range approximately RMB 410~435. Trigger conditions include: stock price remains above RMB 410~418 support zone; RMB 426~435 resistance zone does not see volume breakout; turnover remains in the recent normal range of approximately RMB 9.0–18.0 billion; optical module and communications sectors do not show obvious sustained leadership or catch-up declines. If established, short-term may oscillate repeatedly around MA5, MA10, MA20, with overbought signals gradually digested.
• Weaker Downside (medium weight; this judgment is a subjective heuristic judgment based on current technical and fund flow conditions, not a statistical probability.): Price range approximately RMB 395~410. Trigger conditions include: stock price continuously breaks below RMB 410; turnover increases but closing cannot recover the RMB 410~418 range; main funds again show obvious net outflow; communications or optical module sector overall weakens, or market risk appetite continues to decline. If further breaks below RMB 395~405 strong support zone, may open space for retracement toward approximately RMB 380.
• Rebound Strengthening (low-to-medium weight; this judgment is a subjective heuristic judgment based on current technical and fund flow conditions, not a statistical probability.): Price range approximately RMB 435~460. Trigger conditions include: closing price effectively breaks above RMB 435; single-day turnover expands to approximately RMB 20.0 billion+ and sustains continuously; main funds again show relatively large-scale net inflow; communications or optical module sector strengthens in tandem; stock price stabilizes above MA200 at approximately RMB 423 and converts it into support. If conditions appear simultaneously, price may advance toward RMB 450 and Bollinger upper band at approximately RMB 460.7, but overbought indicators mean volatility may expand after breakout; single-day volume surge does not directly equate to trend reversal confirmation.

③ Fund and Liquidity Background

As of September 11, 2026, single-day turnover approximately RMB 17.733 billion, turnover rate 3.37%; last 5 trading days turnover approximately RMB 9.041–20.918 billion, turnover rate approximately 1.75%–4.08%, overall liquidity relatively ample, typically not facing obvious liquidity constraints like small-cap stocks, but high stock price and relatively large single-day turnover amounts also mean prices may fluctuate rapidly due to sector sentiment and large fund inflows/outflows. On the main fund side, September 7 total net inflow approximately RMB 3.735 billion, September 10 total net outflow approximately RMB 882 million, fund sustainability unstable; September 11 complete ultra-large order and large order data for the stock has not yet been disclosed, cannot confirm whether main funds continued net inflow that day. Shareholder data as of June 30, 2026, with quarterly disclosure lag: total shareholders 257,067, up 65.33% from March 31, 2026; top ten circulating shareholders collectively hold approximately 226 million shares, accounting for 18.04% of circulating shares, indicating relatively low concentration; institutions collectively hold approximately 455 million shares, accounting for 36.28% of circulating shares, of which fund holdings approximately 361 million shares, accounting for 27.24% of circulating shares; other institutions, asset management plans and brokerage-related holdings also disclosed. The above data indicate the stock is not entirely dominated by natural person short-term funds, but cannot be directly regarded as the real-time chip structure as of September 11, 2026; institutions may have already adjusted positions during the period.

If in the next week single-day turnover reaches and sustains above RMB 20.0 billion while closing price stabilizes above RMB 435, it can be regarded as upward breakout obtaining relatively strong volume confirmation; if turnover expands but stock price still cannot break through the RMB 426~435 resistance zone, it more likely reflects high-level turnover rather than a trend breakout.

④ Points of Focus (Observation Thoughts Only, Not Trading Instructions)

• Observe the battle around MA200 at approximately RMB 423, focusing on whether it can continuously close and stabilize above it.
• Observe whether the RMB 410~418 short-term moving average support zone is effective, and whether a break below is accompanied by increased turnover.
• Observe whether the RMB 426~435 resistance zone can be broken through with increased turnover, sector strengthening in tandem and main fund net inflow support.
• Observe whether single-day turnover can again reach and sustain above RMB 20.0 billion. The above are all observation thoughts, not trading instructions.

The above scenario projection is based on September 11, 2026 closing data and historical price, technical indicator calculations; short-term stock prices will also be disturbed by multiple factors including news, fund flows, and overall market environment; technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual trends, and do not constitute buy/sell advice. Please combine with the latest market information for independent judgment and bear investment risk yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

Optical modules are core components for optoelectronic signal conversion within data centers, positioned in the mid-stream value segment of the "upstream optical chips/electrical chips → mid-stream optical module manufacturing and packaging → downstream AI/cloud data centers" industry chain. In 2025, total global optical module industry sales were approximately USD 23.8 billion (+50%+ YoY), with extremely high top-tier concentration: top five companies' global market share approximately 61.4%, Chinese companies occupy 7 of the global top ten manufacturers (Source: 21 Economic Network/Zhiyan Consulting/LightCounting). In terms of technology evolution, 800G large-scale commercialization, 1.6T ramping from H2 2025, 3.2T pre-research; silicon photonics, LPO/LRO, CPO are the focal points of next-generation route competition, with industry iteration cycles shortened from 3-4 years to approximately 2 years (21 Economic Network).

6.2 Competitive Landscape

• Global market share has multiple bases (statistical scope including/excluding non-data center, including/excluding telecom leads to numerical differences, need to cite by institution basis): LightCounting — 2025 Zhongji Innolight first (USD 5.333 billion), Eoptolink second (USD 3.5 billion); Zhiyan Consulting — Zhongji Innolight 23.1%, Eoptolink 15.3%, Accelink Technologies 6.5%; Counterpoint — Zhongji Innolight approximately 27%, Coherent approximately 17%, Eoptolink third
• Scale: Zhongji Innolight largest (2025 optical module sales volume 21.09 million units, global first), Eoptolink global second (approximately 7.1 million units), in a "challenger" posture (Eoptolink 2025 revenue growth +187% vs. Innolight +60%)
• Profitability: Eoptolink gross margin/net margin (47.8%/38.5%) significantly higher than Zhongji Innolight (42.6%/approximately 28%) and Accelink Technologies (23.4%), benefiting from product mix upgrading + vertical integration + cost control
• Customer binding model differences: Zhongji Innolight deeply binds CSP large customers through direct sales (Google, Amazon, etc.); Eoptolink uses direct sales + overseas outright-purchase distributors, and allocates equity to some distributors as incentive
• Technology routes: Zhongji Innolight holds major share in silicon photonics + 1.6T volume delivery, Nvidia supply chain; Eoptolink is tagged with 800G LPO global first launch, 1.6T mass production, and also positioned in CPO; Accelink Technologies is the only domestic differentiated player achieving full-stack self-development (100% self-supply below 25G, 25G EML self-sufficiency rate over 70%), but asset-heavy integration actually dragged down gross margin

6.3 Main Competitors

In terms of scale, Zhongji Innolight leads (2025 optical module sales volume 21.09 million units vs. Eoptolink approximately 7.1 million units), but Eoptolink shows a challenger posture with revenue growth +187% (vs. +60%); in profitability, Eoptolink gross margin/net margin (47.8%/38.5%) exceeds Innolight (42.6%/approximately 28%) and Accelink (23.4%), core from high-end product mix + vertical integration + cost control; in chip self-controllability, Zhongji Innolight basically externally procures all high-end EML relying on scale to lock capacity, Eoptolink acquired Alpine to master silicon photonics self-development + self-supply of partial optical components, Accelink Technologies is the only domestic full-stack self-development player but asset-heavy drags gross margin.

7. Risk Warnings

• Customer and Regional Concentration Risk: 2025 overseas revenue accounted for approximately 96%, downstream customers include global cloud providers such as Nvidia, Google, Amazon, Meta; 2025 H1 top five accounts receivable customers accounted for 72.74%; if North American cloud providers' capital expenditure slows, orders adjust or customer structure changes, company revenue and profit may be significantly affected.
• Upstream Chip Supply and Cost Risk: The company's high-end optical chips and electrical chips are still mainly externally procured, with dependence on suppliers such as Broadcom, Mitsubishi and overseas supply chains; information indicates EML supply is relatively tight in 2025–2027, with information that 100G EML prices may rise approximately 20% in 2026; if price increases cannot be passed downstream, may compress the company's gross margin.
• Inventory Impairment and Stockpiling Risk: The company's inventory increased from approximately RMB 963 million at end of 2023 to approximately RMB 7.767 billion book balance at end of 2025, and further reached RMB 11.655 billion at end of H1 2026, up 61.1% from beginning of year; "inventory net realizable value" has been listed as a key audit matter for two consecutive years; if product iteration, customer demand or prices change, there is inventory impairment pressure.
• Accounts Receivable and Collection Risk: The company's accounts receivable turnover days lengthened from approximately 65 days in 2023 to approximately 89 days at end of Q3 2025, and bargaining power with large cloud providers is limited; if overseas large customer collection cycles continue to extend, may increase working capital occupation and cause operating cash flow volatility.
• Product Iteration and Technology Route Risk: The company is positioned simultaneously in 1.6T, LPO/LRO, NPO, XPO, CPO and higher-speed products, but the industry technology iteration cycle has shortened; if customer verification and large-scale delivery of 1.6T, 3.2T or NPO/CPO products fall short of expectations, the existing high-gross-margin product structure may face adjustment.
• Overseas Operations and Exchange Rate Risk: The company's overseas revenue accounts for over 90%, and Q1 2026 profit has been dragged by exchange losses and increased financial expenses; exchange rate fluctuations, changes in overseas production and operating environment, and overseas supply chain arrangements may cause significant fluctuations in profit margin and single-quarter performance.
• Capacity Expansion and Delivery Execution Risk: Thailand factory is in continuous expansion phase, with construction in progress up 70.4% from beginning of year in H1 2026; if overseas base ramp-up, equipment investment or supply chain coordination fall short of expectations, may affect capacity release, delivery pace and capital returns.
• Valuation and Stock Price Volatility Risk: As of September 11, 2026, stock price RMB 423, approximately 31.6% below 52-week high of RMB 618.87, but total market cap approximately RMB 589.771 billion, dynamic P/E ratio approximately 39.17x; stock price remains in high volatility state, and STOCHRSI and Williams %R already show overbought; if performance growth, gross margin or market expectations fall below current pricing, may see relatively large adjustments.

8. Conclusion and Outlook

The company's core growth logic remains AI compute infrastructure expansion driving high-speed optical module demand, and upgrading from 800G to 1.6T and higher-speed products to enhance unit value and profitability. H1 2026 1.6T shipment acceleration, Thailand factory continuous expansion, and new route positioning in LPO, NPO, XPO, CPO provide product and capacity foundation for subsequent revenue and profit growth; at the same time, the company's R&D expenses continue to increase, with 2025 R&D expenses of RMB 702 million, up approximately 73% YoY.

It should be noted that Q1 2026 net profit attributable to shareholders declined approximately 13.25% QoQ, mainly affected by exchange losses and increased financial expenses; although Q2 performance rebounded significantly, sell-side forecasts for 2027–2028 profits diverge greatly, reflecting inconsistent market judgments on 1.6T/3.2T volume ramp, NPO/CPO commercialization and optical chip supply. The company's subsequent performance will depend on continued high-end product volume ramp, overseas customer demand, capacity ramp-up and whether gross margin can maintain current levels.

Overall, Eoptolink has moved from the industry prosperity recovery phase into a high-growth realization and sustainability verification phase; operating scale, profitability and technology product structure are all in a relatively strong state, but high overseas revenue proportion, customer concentration, upstream chip dependence and relatively high market valuation make its performance and stock price relatively sensitive to industry cycles, customer capital expenditure, exchange rates and market expectation changes.

Data Sources

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• [[PDF] Optical Module Mass Production "Shovel Seller", Benefiting from Industry Inflation, Supply-Demand Gap and Domestic Substitution](https://pdf.dfcfw.com/pdf/H3_AP202606251823823889_1.pdf?1782371439000.pdf=)
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• Eoptolink 2025 H1 Net Profit Surges 355.68%, Optical Module Business Leads ...
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• Eoptolink Acquisition of Optical Module Maker Alpine Optoelectronics Remaining Equity Transfer Completed
• Optical Module Supplier Eoptolink H1 Overseas Revenue Share Over 80%, Plans Significant Premium ...
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• Customer Progress: Has Supplied **Domestic Leading Optical Module Manufacturers (Zhongji Innolight, TFC Optical, Accelink ...
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