Driven by rising demand for AI servers, Montage Technology Co., Ltd. sustained its earnings momentum in the first half of the year, though a notable gap emerged between its net profit attributable to shareholders and its net profit excluding non-recurring items. According to the financial report, the company posted operating revenue of RMB 3.335 billion for the period, a year-on-year increase of 26.66%. Net profit attributable to shareholders reached RMB 1.997 billion, jumping 72.33%, while net profit excluding non-recurring gains rose 21.17% to RMB 1.322 billion. Cash flow from operating activities amounted to RMB 1.328 billion, up 25.44% year on year.

Breaking down the business segments, interconnect chips continue to serve as the company's primary revenue engine. The interconnect chip product line generated sales revenue of RMB 3.111 billion in the first half, up 26.4% year on year, accounting for over 90% of total revenue. The combined revenue from four new products—MRCD/MDB, PCIe Retimer, CKD, and CXL MXC—reached RMB 538 million, representing a robust 80.7% growth. Geographically, overseas revenue totaled RMB 2.32 billion in the first half of 2026, making up approximately 69.6% of product sales, while domestic revenue stood at around RMB 1.011 billion.

South Korea has historically been the company's largest single market. In 2025, revenue from South Korean customers reached RMB 2.925 billion, accounting for roughly 53.6% of annual sales. On July 15 of this year, however, the Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office conducted an on-site search and evidence collection at the company's South Korea office regarding potential violations of antitrust regulations. South Korean media reports indicate that the investigation also involves Renesas Electronics and Rambus, with the probe centering on alleged price-fixing in the supply of memory interface chips to major clients like Samsung Electronics and SK Hynix.

During the company's 2026 interim results briefing held on September 8, a query about the latest status of this matter was directed to the company, but no response was provided. Previously, in its interim report, Montage Technology disclosed that, as of the report's publication date, neither the company nor its directors or employees had been accused of any misconduct by the prosecutors' office or any government agency. The company emphasized that operations remain normal, and given that the case is still under investigation, it is currently impossible to predict the timeline or outcome of the inquiry.

Another notable shift in the first half relates to the profit structure. The financial report reveals that the growth rate of net profit attributable to shareholders significantly outpaced both revenue and net profit excluding non-recurring items, primarily due to investment income and changes in fair value. Combined investment income and fair value gains totaled RMB 682 million for the period, an extraordinary year-on-year surge of 5,939.4%. The gap between net profit attributable to shareholders and net profit excluding non-recurring items stood at approximately RMB 675 million.

Alongside revenue expansion, accounts receivable have climbed markedly. As of the end of June, the company's accounts receivable reached RMB 975 million, up roughly 72% from RMB 568 million at the end of 2025, while inventory increased from RMB 896 million to RMB 996 million. Client concentration in receivables is notably high, with the top five customers accounting for 89.53% of the total receivable balance, and the largest client representing 48.7%.

In response to questions regarding whether the growth in receivables outpacing revenue and the high concentration of customers could pose collection risks, Montage Technology's Chairman and CEO Yang Chonghe stated that the company's receivables primarily correspond to leading global clients in the industry, with a strong historical collection record and stable credit profiles. As of now, receivables at the period-end are being collected normally, and the company has not experienced any bad debt write-offs since its listing.