Zhuhai Optical Library Technology Co., Ltd. (Optical Library Technology) (300620)

Individual Stock Analysis Report　|　Industry: Optoelectronic Devices and Optical Communications Devices　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; certain technical-page data, including moving averages, MACD and RSI, were updated around the early hours of September 12, 2026; shareholder-structure data are as of June 30, 2026 and are subject to a quarterly lag.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Optical Library Technology delivered rapid growth in the first half of 2026: operating revenue reached RMB 1.032 billion, up 72.91% year on year; net profit attributable to the parent company was RMB 148 million, up 186.09%; and recurring net profit attributable to the parent company was RMB 131 million, up 216.26%. Growth was mainly driven by demand from AI computing infrastructure, data centers, high-speed optical modules and optical devices, as well as new products, customer expansion and economies of scale. At the same time, net cash flow from operating activities was negative RMB 161 million in the first half, a significant deterioration from the same period last year. The clear divergence between profit growth and cash collection is currently the most important fundamental issue for decision-making.

The company is shifting its business focus toward optical communications devices. In 2025, revenue from optical communications devices was RMB 786 million, up 100.37% year on year and accounting for 53.34% of total revenue. In the first half of 2026, revenue from this business was approximately RMB 602 million, up 115.04% year on year, with a gross margin of approximately 39.36%; however, these segment figures come from a brokerage report and should be distinguished from audited figures. Fiber-laser devices continued to generate a certain level of profitability, with revenue up 17.37% year on year in 2025 and a gross margin of 39.96%. Revenue from lidar light-source modules and devices fell 27.53% year on year, with a gross margin of only 12.00%, highlighting significant divergence across businesses.

The company has capabilities in high-power and polarization-maintaining fiber devices, submarine and high-speed optical communications devices, fiber arrays and lithium-niobate modulators. Overseas revenue accounted for 49.96% in 2025, and its business covers more than 40 countries and regions, including Europe, the United States and Japan. The company plans to acquire 99.97% of Suzhou Anjiexun Optoelectronics Technology Co., Ltd. through a combination of share issuance, convertible bonds and cash payment, at a transaction consideration of RMB 1.640 billion. As of September 12, 2026, the transaction still required review by the stock exchange and registration with the China Securities Regulatory Commission, creating uncertainty regarding completion timing and fulfillment of performance commitments.

As of September 11, 2026, the company’s share price was RMB 289.50, with a total market capitalization of approximately RMB 72.138 billion. Based on first-half 2026 results and market forecasts, the company remained highly valued, while institutional earnings forecasts for 2026–2028 varied considerably. Technically, the share price was below the approximately RMB 289–297 moving-average concentration zone formed by MA10 to MA100. MACD was negative and RSI was in the neutral zone. Recently, the stock has shown high volatility, rallies followed by retreats and net outflows of large-order funds.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• Fiber-laser devices: Includes fiber isolators, fiber Bragg gratings, fiber combiners, fiber delivery heads, polarization devices, collimators and other products, mainly used in fiber lasers, industrial laser processing, laser cleaning, laser medicine, sensing and scientific research. Revenue was RMB 498 million in 2025, accounting for 33.78%, up 17.37% year on year, with a gross margin of 39.96%.
• Optical communications devices: Includes optical isolators, optical circulators, couplers, wavelength-division multiplexers, MEMS VOA optical switches, polarization-maintaining fiber arrays, high-density fiber arrays, MPO-type connectivity products, miniature fiber-optic connection assemblies, fiber feedthroughs, and lithium-niobate modulator chips and devices. Applications include telecom backbone networks, metropolitan-area networks, submarine optical networks, data centers, high-speed optical modules, coherent communications modules, WSS and AI computing networks. Revenue was RMB 786 million in 2025, accounting for 53.34%, up 100.37% year on year, with a gross margin of 33.48%.
• Lidar light-source modules and devices: Mainly targets vehicle-mounted lidar, roadside lidar, low-altitude applications and FMCW lidar. Products include 1550nm fiber lasers, laser light-source modules and related devices. Revenue was RMB 101 million in 2025, accounting for 6.87%, down 27.53% year on year, with a gross margin of 12.00%.
• Other devices: Revenue was RMB 89 million in 2025, accounting for 6.02%, up 107.99% year on year, with a gross margin of approximately 41.14%.

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

Optical Library Technology is primarily positioned in the upstream of the fiber-laser and optical communications value chains, serving as a supplier of high-tech optical devices, passive optical devices, fiber devices and modulator devices. The company does not sell finished communications equipment or complete optical modules; rather, it supplies key components upstream of optical modules, optical communications equipment and lasers. It has established certain barriers through technology, processes, reliability and customer certification.

• Inputs required for fiber-laser devices mainly include specialty fibers, optical crystals, Faraday rotators, optical filters, metal and ceramic structural parts, precision mechanical components, optical-coating materials, laser chips and testing equipment.
• Inputs required for optical communications devices mainly include optical fibers, optical crystals, lithium-niobate wafers or thin-film materials, optical chips, ceramic and metal packaging components, precision mechanical components, optical-coating materials and testing equipment.
• In 2025, operating costs were approximately RMB 963 million, of which direct materials were RMB 607 million, accounting for 63.02% of operating costs; direct labor was RMB 190 million, accounting for 19.71%; and direct expenses were RMB 166 million, accounting for 17.27%. The company has not disclosed the amounts of individual raw materials or the price sensitivity of any single material, so specific material-cost shares cannot be further derived.
• Purchases from the five largest suppliers totaled RMB 125 million in 2025, accounting for 19.42% of annual purchases; the largest supplier accounted for 5.33%. This indicates that overall supplier concentration is not high, although optical crystals, specialty fibers, lithium-niobate materials, chips and high-precision processed parts may have technical or certification barriers.
• The company may have limited bargaining power for general mechanical parts, standard optical fibers and ordinary electronic materials, making it closer to a price taker. For high-power isolators, submarine optical-network devices, polarization-maintaining devices and thin-film lithium-niobate modulators, however, it can achieve a certain product premium through processes, reliability and customer certification.
• Downstream customers for fiber-laser devices mainly comprise domestic and overseas fiber-laser manufacturers. End applications include laser cutting, welding, marking, cleaning, additive manufacturing, automobiles, new-energy batteries, consumer electronics, aerospace, healthcare and scientific research. Pricing pressure is considerable for low- and medium-power and standardized products. High-power, polarization-maintaining and special-wavelength devices are harder to replace because of long certification cycles and stringent reliability requirements.
• Downstream customers for optical communications devices mainly include optical-module companies, communications-equipment companies, submarine optical-network customers, data-center industry participants, cloud-computing companies, telecom operators and industrial-internet customers. These customers are relatively large and highly specialized in procurement, with stringent requirements for product pricing, delivery and yields.
• Lidar light-source modules and devices remain in the introduction, validation and small-batch stages. Order timing is heavily affected by automaker nominations, autonomous-driving technology routes and vehicle-production schedules. Revenue, production volume and sales volume all declined in 2025, indicating that the business is sensitive to downstream order changes.
• Sales to the five largest customers totaled RMB 587 million in 2025, accounting for 39.83% of annual sales; the largest customer accounted for 11.22% and the second-largest for 10.16%. The five largest customers accounted for 38.12% of sales in 2024. The two years were similar, indicating a moderate overall level of customer concentration. The above concentration data come from the company’s annual report; customers are anonymized as “Customer One” through “Customer Five,” so their identities cannot be directly verified.
• Receivables from the five largest customers accounted for 34.00% of total accounts receivable in 2025, down from 45.86% in 2024, indicating that concentration risk in customer receivables eased.
• The company primarily uses direct sales. Direct sales accounted for 99.86% of revenue in 2025, while distribution sales accounted for 0.14%. Direct sales facilitate technical collaboration, product customization and customer certification, but also increase pressure related to customer development, after-sales service and accounts-receivable management.
• As of December 31, 2025, accounts receivable were RMB 520 million, up 50.48% year on year and equivalent to approximately 35.31% of operating revenue; inventories were RMB 361 million, up 34.68% and equivalent to approximately 24.52% of operating revenue; accounts payable were RMB 213 million, and notes payable were RMB 78 million. Accounts receivable were approximately 2.44x accounts payable, indicating that the company’s capital tied up in downstream customers was materially greater than the credit support provided by suppliers. Net operating cash flow was RMB 231 million in 2025, higher than RMB 187 million in 2024, so cash collection did not deteriorate in line with revenue growth.
• Purchases from the five largest suppliers accounted for 19.42% of total purchases in 2025, with the largest supplier accounting for 5.33%; sales to the five largest customers accounted for 39.83%, with the largest customer accounting for 11.22%. Supplier concentration was low, while customer concentration was moderate. Customer data can only be checked against the anonymized disclosures in the annual report; the quality and stability of specific customers should continue to be assessed based on subsequent annual reports and announcements.

Optical Library Technology operates in the upstream device segment of the fiber-laser and optical communications value chains. It is a technology-, process- and customer-certification-driven, medium- to high-value-added manufacturer rather than a resource-based upstream company. Its current profile is characterized by strong technical barriers and rapid scale expansion, but still limited downstream bargaining power. Future margin improvement will mainly depend on a higher proportion of high-power and polarization-maintaining devices, volume shipments of thin-film lithium-niobate and high-speed optical communications products, improved capacity utilization and yields, automation-driven cost reductions and optimization of the customer mix.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Recurring net profit attributable to the parent company was RMB 131.45 million in the first half of 2026, up 216.26% year on year; basic EPS was RMB 0.5955, up 186.02%; and weighted-average ROE was 6.65%, up 4.02 percentage points from the same period last year. Recurring net profit attributable to the parent company was RMB 139.95 million in 2025, up 190.11% year on year; basic EPS was RMB 0.7090, and weighted-average ROE was 8.69%.

Revenue, net profit attributable to the parent company and recurring net profit attributable to the parent company all grew rapidly in the first half of 2026. Second-quarter profit accounted for approximately 70% of first-half net profit attributable to the parent company, indicating that growth was concentrated in the second quarter. According to Southwest Securities’ breakdown, first-half 2026 revenue from optical communications devices was approximately RMB 602 million, up 115.04% year on year and accounting for approximately 58.3% of operating revenue, with a gross margin of approximately 39.36%, up 12.89 percentage points year on year. Overseas revenue was approximately RMB 588 million, up 119.34% year on year and accounting for approximately 57.02% of operating revenue. These business-mix data come from a brokerage report and should be used as an analytical reference rather than an audited basis. Net cash flow from operating activities was negative RMB 161.42 million in the first half of 2026, compared with RMB 10.4781 million in the same period last year, while FY2025 net operating cash flow was RMB 231.25 million, up 23.59% year on year. The divergence between rapid profit growth and negative operating cash flow requires close monitoring.

3.2 Earnings Forecasts

As of September 10, 2026, the earnings-forecast page of Tonghuashun showed that three institutions had issued earnings forecasts in the preceding six months. Forecast dispersion was considerable, particularly for 2027–2028. Guotai Haitong’s forecasts were materially higher than those of Southwest Securities and Tianfeng Securities. Southwest Securities forecast 2026–2028 revenue of RMB 1.924 billion, RMB 2.376 billion and RMB 2.876 billion, respectively, with net profit attributable to the parent company of RMB 243 million, RMB 305 million and RMB 372 million, and EPS of RMB 0.98, RMB 1.22 and RMB 1.49. Tianfeng Securities forecast revenue of approximately RMB 1.950 billion, RMB 2.295 billion and RMB 2.607 billion, net profit attributable to the parent company of RMB 255 million, RMB 326 million and RMB 390 million, and EPS of RMB 1.02, RMB 1.31 and RMB 1.57. Guotai Haitong forecast EPS of RMB 1.74, RMB 4.45 and RMB 7.61, and 2026 net profit attributable to the parent company of RMB 433 million. A relatively prudent base case can refer to Southwest Securities and Tianfeng Securities: 2026–2028 revenue of approximately RMB 1.9–2.9 billion, net profit attributable to the parent company of approximately RMB 240–390 million and EPS of approximately RMB 0.98–1.57. These forecasts are compiled by platforms such as Tonghuashun from brokerage reports; they are not company guidance and do not represent the full market consensus.

3.3 Valuation and Institutional Ratings

As of the September 10, 2026 close, the share price was approximately RMB 300.00, total market capitalization was approximately RMB 74.754 billion, trailing P/E was approximately 273.63x and P/B was approximately 33.11x, based on the Lixinger market-data platform. Based on 2025 EPS of RMB 0.709, the static P/E was approximately 423x. Based on Tonghuashun’s average EPS forecasts, forward P/E for 2026–2028 was approximately 240x, 129x and 84x; based on Southwest Securities’ forecasts, approximately 306x, 246x and 201x; based on Tianfeng Securities’ forecasts, approximately 294x, 229x and 191x; and based on Guotai Haitong’s forecasts, approximately 172x, 67x and 39x. Based on Guotai Haitong’s target price of RMB 240.30, the price was approximately 19.9% below the share price of around RMB 300. The current share price was above recently available institutional target prices. Overall, the company’s fundamentals were growing rapidly, but its valuation was extremely high. Even based on Tonghuashun’s average forecasts, forward P/E was approximately 240x for 2026 and still approximately 129x for 2027. Forecast dispersion and negative operating cash flow both add uncertainty to the valuation assessment. The sustainability of the valuation will depend on volume growth in high-speed optical communications device orders, scaled shipments of thin-film lithium-niobate products, conversion of profit growth into operating cash flow and whether high growth can meet the more aggressive institutional forecasts.

4. Recent News and Announcements

4.1 Major Asset Restructuring Remains in Progress and Has Not Been Completed

Optical Library Technology plans to acquire 99.97% of Suzhou Anjiexun Optoelectronics Technology Co., Ltd. held by Zhang Guanming, Suzhou Xunnuo Investment Partnership (Limited Partnership), Liu Xiaoming, Du Wengang and Yu Zhuangcheng through a combination of share issuance, convertible bonds and cash payment. It also plans to issue shares to no more than 35 specified investors to raise配套 funds. The transaction consideration is RMB 1.639508 billion, including approximately RMB 491.8524 million in cash consideration, approximately RMB 655.8194 million in share consideration and approximately RMB 491.8362 million in convertible-bond consideration. Following the company’s 2025 profit distribution, the initial issue and conversion price of the shares and convertible bonds was adjusted from RMB 37.45 per share to RMB 37.25 per share.

4.2 Restructuring Still Requires Review and Registration, Creating Uncertainty Regarding Completion

As of September 12, 2026, public announcements had not disclosed completion of the transaction, transfer of the target assets or completion of the配套-funds issuance. The transaction still required review by the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, creating uncertainty regarding review, registration, implementation and fulfillment of the target company’s performance commitments. The counterparties committed that Anjiexun’s cumulative net profit attributable to the parent-company shareholders after deducting non-recurring items would be no less than RMB 495 million for 2025–2027.

4.3 Change in the Lead Person at the Independent Financial Adviser

On August 28, 2026, the company announced that Chen Yinan, the original lead person at independent financial adviser Huatai United Securities, would no longer serve in that role because of a work change. The replacement lead persons are Cui Zhiqiang, Guo Ziteng and Zhang Ningxiang, while the other financial-adviser personnel will continue to perform their duties. This was an intermediary-team change; no termination of the transaction or major review obstacle was disclosed.

4.4 Substantial Growth in the 2026 First-Half Earnings Guidance

On July 7, 2026, the company estimated that first-half 2026 net profit attributable to shareholders of the listed company would be RMB 140.05–150.42 million, up 170%–190% year on year, and recurring net profit would be RMB 124.28–132.59 million, up 199%–219%. The company said growth was mainly driven by global investment in AI computing infrastructure, data-center construction, rising demand for high-speed optical modules and optical devices, and expanded production and sales, economies of scale and cost reductions and efficiency improvements.

4.5 Interim Report Confirmed the Earnings Guidance

The interim report disclosed on August 18, 2026 showed first-half operating revenue of RMB 1.03166 billion, up 72.91% year on year; net profit attributable to shareholders of the listed company of RMB 148.40 million, up 186.09%; and recurring net profit of RMB 131.45 million, up 216.26%. The final disclosed figures fell within the previous earnings-guidance range. The company attributed growth to increased demand from AI computing and data centers, new product launches, customer expansion and economies of scale.

4.6 Negative Operating Cash Flow and Impairment Provisions

Net cash flow from operating activities was negative RMB 161.42 million in the first half of 2026, down significantly from the same period last year. The company recognized total credit-impairment and asset-impairment provisions of RMB 21.8549 million in the first half, including RMB 14.4088 million for bad debts on accounts receivable and RMB 7.5036 million for inventory write-downs. Accounts receivable, inventories and working-capital usage require continued monitoring.

4.7 Election of a Non-Independent Director at the Shareholders’ Meeting

On August 5, 2026, the company held its first extraordinary shareholders’ meeting of 2026. The meeting approved the compensation-management policy and elected Fu Hao as a non-independent director of the fourth board of directors. Votes in favor accounted for 99.8770% of the valid voting shares represented at the meeting. A total of 523 shareholders attended, representing 117,746,648 shares, or 47.2535% of the company’s total voting shares. Among them, 520 were minority shareholders, representing 8.1575% of total voting shares.

4.8 Increase in Shareholder Count; No Change in Controlling Shareholder or Actual Controller

As of June 30, 2026, the company had approximately 85,900 shareholders, an increase of approximately 23,600 from the previous period. This figure comes from a third-party announcement-compilation page, and the final figure should be based on the company’s periodic reports and subsequent shareholder-register disclosures. China CITIC Securities’ 2026 interim tracking report stated that, as of June 30, 2026, it had not identified any change in the company’s controlling shareholder or actual controller.

4.9 No Recent Repurchase or Clear Shareholding-Increase/-Reduction Announcements Identified

As of September 12, 2026, within the company announcements and relevant Shenzhen Stock Exchange announcements retrieved, no share-repurchase plan, repurchase progress announcement or repurchased-share cancellation announcement disclosed between July and September 2026 was identified. Nor were any clear shareholding-increase or shareholding-reduction plans or implementation announcements by the controlling shareholder, actual controller, directors, supervisors or senior executives identified. The company’s 2026 interim report listed share capital of 249,180,545 shares, and the announcements did not indicate any recent change in share capital attributable to repurchases. This retrieval-based conclusion does not constitute an absolute denial of all trading activity.

4.10 Cash Management Using Temporarily Idle Raised Funds

On August 18, 2026, the company disclosed an update on its use of a portion of temporarily idle raised funds for cash management. The company had previously been authorized to use no more than RMB 210 million of temporarily idle raised funds for cash management. It subscribed for a RMB 10 million structured deposit from China Guangfa Bank, with an interest-accrual date of August 18, 2026, a maturity date of November 16, 2026 and an expected annualized yield of 0.5% or 1.68%. The announcement stated that the arrangement would not affect construction of the fundraising projects or the normal operation of the principal business.

4.11 Ongoing Sponsorship Supervision Identified No Major Problems

China CITIC Securities disclosed its 2026 interim tracking report on September 4, 2026, covering January 1 through June 30, 2026. The report stated that it had not identified major problems involving information disclosure, implementation of internal systems, operation of shareholders’ and board meetings, the custody and use of raised funds, related-party transactions, external guarantees, or asset purchases and disposals. It also had not identified any change in the controlling shareholder or actual controller.

4.12 No Major Negative Regulatory Information Identified

China CITIC Securities stated that, from January 1 through June 30, 2026, it had not been subject to regulatory measures by the China Securities Regulatory Commission or the Shenzhen Stock Exchange in its capacity as sponsor. Based on the present search, no company-specific negative regulatory information, including a formal investigation, administrative penalty, exchange disciplinary action or major inquiry letter, was identified for Optical Library Technology between July and September 12, 2026. Regulatory information may be subject to disclosure delays or omissions and should continue to be monitored.

4.13 Other Recent Announcements and Overall Assessment

On August 18, 2026, the company disclosed eight announcements, including its interim report, a special report on the custody and use of raised funds, related-party fund flows, a continuing risk-assessment report on Huafa Group Finance Company, an impairment-provision announcement and a cash-management update. Overall, as of September 12, 2026, the company’s news flow was concentrated on strong interim-report growth, the continued progress of the major Suzhou Anjiexun asset restructuring, and follow-up issues including negative cash flow and impairment provisions. No new major M&A progress, repurchase, shareholder shareholding-increase/-reduction or regulatory-penalty announcement was identified between September 1 and September 12, 2026.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Optical Library Technology recently showed high volatility and a rally followed by a retreat. The September 11, 2026 closing price of RMB 289.50 was below the approximately RMB 289–297 short-term moving-average concentration zone formed by MA10, MA20, MA50 and MA100, but remained above MA200 at approximately RMB 277.35. MACD was negative and RSI was neutral, indicating weak short-term momentum without a clear oversold signal. Support should be monitored around RMB 276–284 and stronger support around RMB 269–273. Resistance should be monitored around the RMB 293–300 moving-average zone and the RMB 304–306 previous-high zone. From a fund-flow perspective, large-order funds recorded a clear net outflow on September 11. Whether any rebound is confirmed should be assessed together with subsequent turnover, price levels and large-order fund direction.

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

⚠️ Risk warning: The following is only a subjective scenario analysis based on the September 11, 2026 closing data and publicly available technical indicators. It does not constitute investment advice or a definitive forecast of future share prices.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weightings, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weighting, approximately 60%; this weighting is a subjective heuristic based on current technical indicators, turnover and fund flows, not a statistical probability.): Price range of approximately RMB 276–300. Trigger conditions would be the price holding the RMB 276–284 support zone but failing to break RMB 300–306 effectively; turnover would remain around RMB 2.5–4.0 billion, with main-fund flows fluctuating. This would indicate weak short-term repair and range trading rather than a clear trend reversal.
• Weak downward movement (medium weighting; this is a subjective scenario assessment, not a statistical probability.): Price range of approximately RMB 260–276. Trigger conditions would include a decisive break below RMB 276 accompanied by a clear increase in daily turnover and continued net outflows from main funds, or broad weakness in related sectors such as communications, optical modules and CPO. If RMB 276 is lost, RMB 269–273 should first be monitored; if that zone also fails to attract buying, a decline toward lower-stage support should be considered.
• Stronger rebound (lower weighting, but not impossible; this is a subjective scenario assessment, not a statistical probability.): Price range of approximately RMB 300–325. Trigger conditions would include a volume-backed break above RMB 300–306, daily turnover of more than RMB 4.0–4.5 billion, a shift in large-order funds from net outflow to continuous net inflow, and continued strength in related optical-communications sectors. If the breakout is effective, the area around RMB 319 and the estimated upper Bollinger Band near RMB 325 can be monitored. However, negative MACD and continued resistance from MA10 to MA100 mean that a single-day spike should not be equated with a trend reversal.

③ Fund-Flow and Liquidity Background

As of September 11, 2026, turnover value was approximately RMB 3.966 billion and the turnover rate was 5.57%. Weekly turnover value was approximately RMB 2.0–4.2 billion, with a recent normal range of approximately RMB 2.5–3.5 billion. The stock is not a low-liquidity small-cap stock, so trading impact is relatively limited under normal conditions, although substantial price volatility may still cause intraday slippage and market impact. Shareholder-structure data showed that, as of June 30, 2026, the ten largest shareholders held approximately 144 million shares in total, or approximately 57.93% of total share capital. Based on tradable shares, the ten largest tradable shareholders held approximately 58.09%. The four largest shareholders held approximately 51.4% in total, indicating relatively high concentration. The ten largest shareholders included institutional or fund holdings such as HuaTai-PineBridge Quality Growth Hybrid A, Guotai CSI All-Share Communications Equipment ETF, CICC Opportunity Navigator Hybrid Initiated A and HKSCC, rather than only the controlling shareholder and industrial capital. The shareholder count increased from 62,321 on March 31, 2026 to 85,905 on June 30, 2026, indicating an increase in retail investors and potentially greater short-term dispersion of holdings. These shareholder data are subject to a quarterly lag and cannot fully represent the real-time ownership structure on September 11, 2026. Net outflows from extra-large and large orders totaled approximately RMB 358 million on September 11, indicating significant disagreement and selling pressure.

Observable volume-confirmation signals: If the share price regains RMB 300–306 while daily turnover remains above RMB 4.0–4.5 billion for consecutive sessions and large-order funds record continuous net inflows, this could confirm renewed short-term capital participation. If turnover increases while the share price breaks below RMB 276, the move is more likely to reflect a high-volume decline or pressure from position turnover.

④ Points to Monitor (For Observation Only, Not Trading Instructions)

• Observe whether the RMB 276–284 support zone holds, particularly whether a high-volume breakdown occurs near RMB 276; this is an observation framework, not a trading instruction.
• Observe whether the RMB 293–300 moving-average resistance zone can be regained and held; this is an observation framework, not a trading instruction.
• Observe whether the RMB 304–306 previous-high resistance is broken on increased volume, and assess whether consecutive closes can hold above it; this is an observation framework, not a trading instruction.
• Observe whether turnover remains above RMB 4.0–4.5 billion and whether large-order funds shift from net outflow to continuous net inflow; this is an observation framework, not a trading instruction.

The above scenario analysis is based on the September 11, 2026 closing data and historical price and technical-indicator calculations. Short-term share-price performance will also be affected by news flow, fund flows, the broader market and other factors. Technical indicators are inherently lagging and limited. This does not guarantee actual future performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and assume their own investment risks.

6. Industry Landscape and Competitor Analysis

6.1 Industry Overview

The company’s industry covers several segments, including fiber-laser devices, optical communications devices, optical chips and lidar light sources. Key competitive barriers include product performance, reliability, customer certification, mass-production yields, automation capabilities and global delivery capabilities.

6.2 Competitive Landscape

• Fiber-laser devices: China has largely completed domestic substitution for low- and medium-power products and some medium- and high-power products. There are many participants, and competition is shifting from simple price competition toward high power, high reliability, polarization maintenance, special wavelengths and rapid customization. The industry remains affected by industrial-manufacturing investment cycles, laser pricing competition and cost-reduction pressure from downstream equipment manufacturers.
• Optical communications devices: AI computing and data-center expansion are driving demand for 800G, 1.6T and higher-speed optical modules, fiber arrays, optical connectors, high-speed modulators and CPO-related devices. Industry trends include higher speeds, lower power consumption, miniaturization, higher density, photonic integration, thin-film lithium niobate, silicon photonics, LPO and CPO.
• Optical communications customers are generally large and highly specialized in procurement, with stringent requirements for supplier reliability, delivery capabilities, mass-production yields and product-iteration speed. The industry is trending toward scale and customer concentration.
• Lidar light sources are part of a growth market but are highly volatile. Customer validation cycles are long, and orders are closely tied to automaker nominations, autonomous-driving technology routes and vehicle-production schedules. Optical Library Technology’s revenue and production and sales volumes in this business declined in 2025, and the business remains in a volatile and ongoing validation phase.
• Overseas revenue accounted for 49.96% in 2025 and increased 86.23% year on year, but the company also faces foreign-exchange, trade-policy, overseas-supply-chain and global-customer-certification risks. Foreign-exchange losses were approximately RMB 12.19 million in 2025.

6.3 Major Competitors

Compared with Tianfu Communication, Optical Library Technology has a more diversified profile encompassing fiber-laser devices, lithium-niobate modulators and lidar light sources. Compared with Sijia Photon, its strengths are more evident in high-power fiber devices, polarization-maintaining devices, submarine optical-network devices and lithium-niobate modulators. Compared with T&S Communications, its business coverage is broader, although there is some overlap in fiber arrays, fiber connection assemblies and data-center devices. Compared with Accelink Technologies, Optical Library Technology is smaller in scale and has a narrower product portfolio, focusing mainly on key optical devices and certain high-barrier niches. Its core strengths are concentrated in high-power and polarization-maintaining fiber devices, submarine and high-speed optical communications devices, fiber arrays and lithium-niobate modulators.

7. Risk Factors

• Divergence between operating cash flow and profit growth: Net cash flow from operating activities was negative RMB 161.42 million in the first half of 2026, while net profit attributable to the parent company increased 186.09% year on year. If accounts receivable and inventories continue to grow, profit growth may not translate into cash collection at the same pace.
• Working-capital usage and impairment risk: At the end of 2025, accounts receivable were RMB 520 million, up 50.48% year on year and equivalent to approximately 35.31% of operating revenue; inventories were RMB 361 million, up 34.68%. In the first half of 2026, total credit-impairment and asset-impairment provisions were RMB 21.8549 million, including RMB 14.4088 million for bad debts on accounts receivable and RMB 7.5036 million for inventory write-downs.
• Rapid growth in optical communications devices, but pricing power remains to be validated: Revenue from this business increased 100.37% year on year in 2025, but its gross margin declined from a relatively high level to 33.48%. Customers are large and highly specialized in procurement. If downstream customers continue to demand price reductions or competition intensifies, scale growth may not fully translate into profit growth.
• Significant volatility in the lidar business: Revenue from lidar light-source modules and devices fell 27.53% year on year in 2025, with a gross margin of only 12.00%. The business is affected by automaker nominations, autonomous-driving technology routes and vehicle-production schedules, creating substantial uncertainty regarding future revenue and profitability.
• Implementation and integration risks related to the major asset restructuring: The company plans to acquire 99.97% of Suzhou Anjiexun Optoelectronics Technology Co., Ltd. for RMB 1.640 billion, but as of September 12, 2026, review, registration, asset transfer and配套-fund issuance had not been completed. The completion timing, integration results and fulfillment of the cumulative RMB 495 million recurring-net-profit commitment for 2025–2027 remain uncertain.
• Exposure to foreign-exchange and trade factors in overseas operations: Overseas revenue accounted for 49.96% in 2025 and increased 86.23% year on year, but the company incurred approximately RMB 12.19 million in foreign-exchange losses that year and also faces risks related to trade policy, overseas supply chains and global customer certification.
• High valuation and market-volatility risk: As of September 11, 2026, the share price was RMB 289.50 and total market capitalization was approximately RMB 72.138 billion. Based on market data as of the September 10 close, trailing P/E was approximately 273.63x, while institutional forecasts for 2026–2028 varied significantly. The share price fell approximately 11.4% from August 17 to September 11, and combined net outflows from extra-large and large orders were approximately RMB 358 million on September 11. If results or expectations fall short of market requirements, valuation volatility could increase further.
• Customer structure and supply chain require continued monitoring: Sales to the five largest customers accounted for 39.83% in 2025, with the largest customer accounting for 11.22%. Direct sales accounted for 99.86%, creating high requirements for customer development, certification, delivery and collection management. Although the five largest suppliers accounted for only 19.42% of purchases, specialty fibers, optical crystals, lithium-niobate materials, chips and high-precision processed parts may still present technical and certification barriers.

8. Conclusion and Outlook

Optical Library Technology’s growth is primarily driven by demand for high-speed optical communications devices supported by AI computing and data-center construction, as well as continued volume growth in high-power fiber devices, thin-film lithium niobate and high-speed optical communications products. First-half 2026 results confirmed the contribution of demand expansion and economies of scale to revenue and profit. If new products continue to achieve scaled shipments and the company further improves capacity yields, automation and customer mix, profitability may continue to improve. Successful completion of the major asset restructuring could also expand its product and business capabilities, although this depends on final completion of the transaction and fulfillment of the target company’s performance commitments.

The quality of growth and the ability to absorb the valuation require close attention. Operating cash flow turned negative in the first half of 2026, while accounts receivable, inventories and credit and asset-impairment provisions all increased. Whether subsequent earnings growth can translate into cash collection at the same pace will affect financial quality. In addition, the gross margin of optical communications devices, foreign-exchange factors affecting overseas operations, volatility in the lidar business and customer requirements for pricing, delivery and yields could all cause profit growth to lag revenue growth. The current valuation already reflects high expectations for future rapid growth, while institutional forecast ranges are wide. The degree to which fundamentals are delivered and match the valuation requires continued observation.

Short-term technical trends indicate significant market disagreement. The RMB 276–284 area is an important support zone to monitor, while RMB 293–300 and RMB 304–306 represent resistance areas. Subsequent price performance will still depend on turnover, fund flows, earnings delivery and market risk appetite. These technical ranges reflect historical data as of September 11, 2026 only and cannot replace an assessment of the company’s operating fundamentals.

Data Sources

• Optical Library Technology (300620)_Company Announcement_Optical Library Technology: 2026 Interim Report Summary_Sina Finance_Sina.com
• 2026 Interim Report Review: AI High-Speed Optical Interconnection Drives Strong Earnings Growth; Thin-Film Lithium Niobate Opens Up Growth Potential — Macro Research Report_Data Center_Eastmoney
• Optical Library Technology (300620) Main Funds Recorded Net Purchases of RMB 539 Million on August 20_Stock Channel_Securities Star
• Company Announcements_Optical Library Technology: 2025 Financial Final Accounts Report_Sina Finance_Sina.com
• Optical Library Technology (300620) Earnings Forecast_F10_Tonghuashun Financial Services
• Institutional Ratings|Guotai Haitong Securities Gives Optical Library Technology an “Outperform” Rating
• Optical Library Technology (300620) P/E|Valuation|Fundamentals — Lixinger
• Optical Library Technology (300620)_Company Announcement_Optical Library Technology: 2026 Interim Report_Sina Finance_Sina.com
• Optical Library Technology (300620)_Company Announcement_Optical Library Technology: Announcement on Change of Lead Person at Independent Financial Adviser_Sina Finance_Sina.com
• Optical Library Technology (300620)_Company Announcement_Optical Library Technology: 2-1 Major Asset Restructuring Report_Sina Finance_Sina.com
• Stock Code: 300620　　Stock Abbreviation: Optical Library Technology　　Announcement No.: 2026-038
• Optical Library Technology: Summary of Supplementary Legal Opinion (III) of DeHeng Law Offices Regarding Zhuhai Optical Library Technology Co., Ltd.’s Related-Party Transaction Involving Share Issuance, Convertible Bonds and Cash Payment for Asset Acquisition and配套-Fundraising_Announcement Summary_Data Analysis_Stocks_Securities Star
• Stock Code: 300620　　Stock Abbreviation: Optical Library Technology　　Announcement No.: 2026-044
• Optical Library Technology (300620)_Company Announcement_Optical Library Technology: 2026 Interim Report_Sina Finance_Sina.com
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-18/4548e750-7716-4c58-ba08-16312df26937.PDF
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-05/20c5db27-09ce-4447-9498-6a41217cb12f.PDF
• Optical Library Technology_Individual Stock Calendar_Eastmoney_Data Channel
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-09-04/c8767ae3-9b1e-4fe8-bc01-9aa4de2261e5.PDF
• Optical Library Technology (300620) Announcements (All) — Lixinger
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-18/318fdd4b-c683-49c5-be9e-0d1bfde6da11.PDF
• Optical Library Technology (300620) Company Announcements_Sina Finance_Sina.com
• List of ChiNext-Listed Companies on the Shenzhen Stock Exchange
• Optical Library Technology (300620) Stock Information — Data Platform
• Optical Library Technology (300620) Historical Stock Data: Historical Quotes, Prices and Charts_Investing.com
• Optical Library Technology 300620 Stock Quotes, Charts and News — Webull
• Optical Library Technology (300620) Stock Trend Technical Analysis_Future Forecast_Trading and Operation Recommendations_Investing.com
• Optical Library Technology (300620) Stock Commentary_Data Center_Eastmoney
• Optical Library Technology (300620)_Fund Flows_Securities Star
• Optical Library Technology (300620) — Historical Trading Data — Dabaike
• Optical Library Technology (300620) Shareholder Research_F10_Tonghuashun Financial Services

This report was automatically researched, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; certain technical-page data, including moving averages, MACD and RSI, were updated around the early hours of September 12, 2026, while shareholder-structure data are as of June 30, 2026 and subject to a quarterly lag. Timing differences may exist. Specific data should be based on the company’s official announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and assume their own investment risks.