ZHONGJI INNOLIGHT(SZ:300308) Chang Jiang Shang Bao·2025-09-28 23:06Core Viewpoint - The major shareholder of Zhongji Xuchuang plans to reduce its stake in the company amid a significant increase in stock price, raising concerns about potential market reactions and future performance [1][2][3]. Shareholder Actions - The controlling shareholder, Shandong Zhongji Investment Holding Co., intends to sell up to 5.5 million shares, representing 0.49% of the total share capital, within three months due to personal funding needs [1][2]. - The controlling shareholder currently holds approximately 127 million shares, accounting for 11.42% of the total share capital [2]. - Other shareholders, including the son of the actual controller, have also been actively reducing their stakes, with significant amounts cashed out in recent months [6]. Stock Performance - Since the beginning of 2025, Zhongji Xuchuang's stock price has surged over 236.31%, reaching a closing price of 413.70 yuan per share on September 26, 2025 [3][4]. - The stock has experienced a remarkable increase of 520.24% from a low of 66.70 yuan per share in April 2025 [4]. Market Context - The optical module market is experiencing rapid growth, driven by strong demand from AI applications and cloud service providers [8]. - Major tech companies are expected to increase their capital expenditures significantly, indicating a robust market environment for optical modules [8]. - The global market for optical modules is projected to grow at a compound annual growth rate of 22% from 2024 to 2029 [8]. Company Performance - Zhongji Xuchuang has shown impressive revenue growth, with operating income increasing from 96.42 billion yuan in 2022 to 238.62 billion yuan in 2024, and net profit rising from 12.24 billion yuan to 51.71 billion yuan during the same period [9]. - In the first half of 2025, the company achieved operating income and net profit of 147.89 billion yuan and 39.95 billion yuan, respectively, reflecting year-on-year growth of 36.95% and 69.40% [9]. - The company continues to invest heavily in research and development, with expenditures increasing from 7.92 billion yuan in 2022 to 13.33 billion yuan in 2024 [9].