Shanghai Xizhi Technology reported interim revenue of RMB79.78 million for the six months ended 30 June 2026, up 284.0% from RMB20.79 million a year earlier, driven by strong optical-interconnect demand.
Gross profit expanded to RMB52.52 million, lifting gross margin to 65.8% from 40.0% in the prior-year period.
The IFRS loss widened sharply to RMB3.26 billion, versus RMB346.27 million in first-half 2025, largely reflecting a RMB2.92 billion non-cash loss on fair-value changes of pre-IPO preference shares that automatically converted to ordinary shares at the April 2026 listing.
Excluding share-based payments, fair-value movements and listing expenses, adjusted net loss stood at RMB147.15 million, little changed from RMB131.44 million a year earlier.
Operating expenses rose on accelerated product development: • Research & development outlays more than doubled to RMB349.72 million, representing 438% of revenue. • Selling and marketing costs reached RMB39.50 million, up 86.0%. • General and administrative expenses climbed 124.2% to RMB120.96 million.
Segment performance: • Optical Interconnect revenue soared 275.2% to RMB60.70 million, led by commercial deployment of the LightSphere X GPU supernode solution and overseas sales of Scale-up Electric-to-Pluggable (EPS) products. • Optical Computing revenue advanced 312.9% to RMB19.08 million, underpinned by shipments of the PACE 2 chip and Gazelle evaluation hardware.
Cash and equivalents, including short- and long-term deposits, totalled RMB2.86 billion at 30 June 2026, bolstered by HK$2.74 billion (approximately RMB2.43 billion) of IPO proceeds. The gearing ratio improved to 12% from –127% at end-2025 after conversion of preference shares.
Capital expenditure reached RMB53.11 million; outstanding commitments stood at RMB20.20 million. R&D investment accounted for 70% of IPO proceeds, with HK$1.88 billion remaining to fund future optical-interconnect and optical-computing projects.
Management reiterated expectations to meet the Hong Kong Stock Exchange revenue threshold for Commercial Company status by 2027.