3400亿市值A股巨头股价暴涨320%，重要股东却连续11季度减持！高管们也排队套现：不到两年减持42次，无一增持

Core Viewpoint - The "Yizhongtian" combination, representing leading companies in the optical module sector, particularly Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication, is gaining investor attention due to significant performance growth, despite ongoing share reductions by major shareholders [1]. Group 1: Company Performance - Xinyi Sheng reported a revenue of 10.437 billion yuan for the first half of 2025, nearly quadrupling from the same period last year, with a net profit of 3.942 billion yuan, marking a year-on-year increase of 355.68% [1][4]. - The company's stock price surged from 11.62 yuan at the end of 2022 to a peak of 401.1 yuan by September 2, 2025, representing a maximum increase of over 30 times in less than three years [4]. - The growth in Xinyi Sheng's performance is primarily driven by the surge in demand for optical modules due to the AI wave and increased capital expenditures from global cloud providers [4][11]. Group 2: Shareholder Actions - LO Jeffrey Chih, a significant shareholder, has reduced his stake from 4.98% in Q3 2022 to 2.5% by Q2 2025, marking 11 consecutive quarters of share reduction [2]. - In 2023, Xinyi Sheng's executives conducted 42 share reduction transactions without any recorded increases, indicating a trend of cashing out among major shareholders [2][3]. - The two controlling shareholders, Gao Hongrong and Huang Xiaolei, hold relatively low stakes of 7.40% and 7.13%, respectively, which is uncommon among listed companies [3]. Group 3: Market Sentiment and Analyst Ratings - Despite the share reductions, multiple institutions remain optimistic about Xinyi Sheng, with Goldman Sachs raising its target price to 398 yuan, which was achieved shortly after [7]. - CITIC Securities forecasts continued strong performance in the second half of 2025, maintaining a recommendation rating for the company [8]. - However, Xinyi Sheng's stock has shown volatility, with significant price fluctuations observed, including a 12.4% drop in early September 2025 [8]. Group 4: Business Risks - A high percentage of Xinyi Sheng's revenue, 94.47%, comes from overseas markets, making it vulnerable to geopolitical risks [5]. - The company's accounts receivable have increased significantly, with a 250% rise to 2.54 billion yuan by the end of 2024, which raises concerns about cash flow management [5].