RMB 13.6bn net profit — but only RMB 1.8bn came back as cash. Innolight's 2026 interim report hides five perception gaps that will determine whether the AI optical‑module story holds. Read the full breakdown.
Huachuang initiates Montage Tech with Strong Buy. 2025 rev +49.9% to RMB 5.46bn; 1H26E net profit +64–81%. MRDIMM CAGR 148% through 2030 drives the re-rating story. But 76x 2026E P/E leaves little room for execution missteps.
Zijin Gold International 02259.HK: 1H26 revenue +100% to US$3.99bn, net profit +179% to US$1.45bn on gold strength and mine M&A. But 2027E output flat at 60.3t — all growth deferred to 2028. Margin story depends on cost curve, not volume.
NAURA 1H26: revenue +25%, operating CF turns positive, but net profit only +5%. The gap isn't weak demand – it's R&D expensing, qualification costs, sales buildout & option amortisation. Unpacking the four prepaid costs. (176 letters)
NAURA Technology (002371.SZ): China’s seven‑category front‑end equipment platform. Revenue +25% but R&D caps profit. Gross margin recovery & Core Micro synergy key to 2027E inflection. Base‑case target RMB321.