Recently, Zhongrun Optics released its performance forecast for the first half of 2026, projecting revenue between RMB 380 million and RMB 450 million, marking a year-on-year surge of 52.16% to 80.20%. The net profit attributable to shareholders is anticipated to reach RMB 30 million to RMB 35 million, up 45.88% to 70.20% from the previous year. Additionally, non-recurring net profit is estimated at RMB 21 million to RMB 25 million, reflecting a year-on-year increase of 16.56% to 38.77%.

Reflecting on the full year of 2025, Zhongrun Optics recorded revenue of RMB 658 million, up 44.75% year-on-year, with a net profit attributable to shareholders of RMB 63.0462 million, an 18% increase from the previous year. Notably, the lower bound of the 2026 half-year revenue forecast is nearing the total revenue of the entire previous year, setting a strong foundation for sustained high growth throughout the year.

Delving into the performance forecast, the growth drivers exhibit a clear dual-track pattern. On one hand, the original optical lens business continues to demonstrate robust endogenous growth, with significant expansion in sectors such as high-definition imaging and display, intelligent mobile machine perception, video communication, and interaction. The company is actively advancing product development, customer acquisition, and the introduction of new application scenarios, directly fueling the growth in related product sales and the ongoing optimization of its business structure.

On the other hand, the consolidation of Hunan Dais Optics Co., Ltd. has started to yield results. This precision optical component enterprise was officially incorporated into the company's consolidated financial statements in July 2025. During the same period last year, it was not yet consolidated, while this reporting period marks the first full coverage of the entire first half (January-June) operating performance, leading to a substantial year-on-year revenue increase in the advanced manufacturing and testing sectors.

Recalling 2025, Zhongrun Optics completed the acquisition of a 51% stake in Dais Optics, establishing a dual-drive business model centered on "optical lenses + optical components." According to the announcement at that time, Dais Optics' products in the optical communication and optical interconnection fields have commenced small-batch trial production, with mass production slated for the second half of 2026. This development is poised to further bolster performance growth in the subsequent quarters.

However, the growth rate of non-recurring net profit significantly trails behind the increases in revenue and net profit attributable to shareholders. This disparity to some extent mirrors the variations in profit margin structures between the consolidated and original businesses, as well as factors such as increased expenses due to consolidation.

It is important to note that since Dais Optics was not consolidated in the first half of 2025 but was fully consolidated in the first half of 2026, the base effect inherently amplifies the year-on-year increases in revenue and net profit attributable to shareholders. Non-recurring net profit is more directly influenced by the expense structure of consolidation, and the growth rate gap does not necessarily signal issues with the profitability quality of the endogenous business. Nevertheless, it serves as an objective reminder for the market to maintain reasonable expectations regarding the pace of improvement in overall profitability.

Looking ahead, the surge in performance is not an isolated occurrence but rather a phased realization of the company's long-term strategic vision. Just half a month ago, Zhongrun Optics unveiled its 2026 private placement plan to issue A-shares to specific investors, aiming to raise no more than RMB 1.0036 billion. Of this amount, RMB 900.7 million will be earmarked for the construction of a smart manufacturing base for high-precision optical components, and RMB 102.9 million will be invested in upgrading the R&D center for high-precision optical components. The project will be situated in the Jiaxing High-Tech Industrial Development Zone, with a planned total investment of approximately RMB 1 billion.

According to the announcement, the project is expected to complete overall construction and meet completion conditions within 24 months, with production commencing within 36 months. From a production capacity standpoint, the optical lens segment will concentrate on capacity building in key areas such as intelligent mobile machine perception, high-definition imaging and display, and advanced manufacturing and testing. The optical component segment will enhance industrialization capabilities for processes such as glass aspheric precision molding and ultra-precision machining.

As we look towards the second half of the year, Zhongrun Optics has stated its intention to further strengthen production capacity release and enhance customer service and product delivery capabilities. The mass production of Dais Optics' products in the optical communication and optical interconnection fields will serve as a pivotal window for assessing the synergistic effects of the "dual-drive" strategy.

Nevertheless, risks loom large. The private placement project is still pending shareholder approval and SSE review, introducing an element of uncertainty. The capital-raising projects entail a lengthy cycle from construction to full operation, posing short-term pressure on earnings per share dilution. The significant gap between the growth rates of non-recurring net profit and revenue also serves as a reminder for the market to exercise patience regarding improvements in profitability quality.

Furthermore, from July 9 to 14, 2026, shareholder Dongtai Shangtong Enterprise Management Partnership reduced its stake by 1.2428 million shares, a development that warrants ongoing vigilance. Simultaneously, Dais Optics has pledged to achieve net profits of RMB 21 million, RMB 29 million, and RMB 40 million for 2025, 2026, and 2027, respectively. The subsequent performance of these earnings targets will also constitute an important variable to monitor.

Overall, Zhongrun Optics' first-half performance forecast underscores the initial success of its M&A integration, while the RMB 1 billion private placement signals a longer-term commitment to production capacity and R&D expansion. For this optical enterprise, the pace of production capacity release and the rhythm of profitability quality improvement will collectively determine the ultimate success of this transformational narrative.