Accelink Technologies’ profit doubles while Dioo Microcircuits remains loss-making: How is AI business progress reflected in results?
Accelink Technologies has deployed high-speed optical modules at scale, while ICZOOM is benefiting from an upswing in the electronics industry. Dioo Microcircuits’ return to profit in the first three quarters mainly came from investment-related gains, and humanoid robots still account for a small share of Zhaowei Machinery & Electronics’ revenue. Product portfolios, customer adoption and profit contributions need to be understood in stages.
The earnings contributions of AI-related businesses differ markedly: Accelink Technologies has already recorded revenue and profit growth, while progress on new products at Dioo Microcircuits and Zhaowei Machinery & Electronics must be assessed alongside current operating performance and their share of revenue.
Which parts of Accelink Technologies’ growth have already translated into results?
In the third quarter of 2026, Accelink Technologies reported revenue of 5.073 billion yuan, up 54.27% year on year, and net profit attributable to shareholders of 702 million yuan, up 102.62% year on year and approximately 105% from 342 million yuan in the second quarter. Profit grew faster than revenue; revenue and attributable net profit for the first three quarters also rose 36.94% and 78.65%, respectively.
A Soochow Securities research report dated 16 October said the company had deployed several mainstream 400G and 800G optical modules at scale and possessed core technologies including laser, detector and silicon photonics chip platforms, helping it control production costs. Large-scale deliveries and cost control provide important business context for understanding its operating performance.
Progress on higher-speed products must be distinguished: the 3.2T silicon photonics single-mode NPO module has completed full system-level validation, while the 6.4T NPO optical engine and similar products are part of subsequent plans. The brokerage believes overseas capacity and preparations for a Hong Kong listing could support expansion among overseas customers; the evidence of current deployment at scale mainly comes from 400G and 800G products.
Why can Dioo Microcircuits’ return to profit in the first three quarters not yet be interpreted as an improvement in its core business?
In the first three quarters of 2026, Dioo Microcircuits’ revenue was 363 million yuan, down 20.58% year on year; net profit attributable to shareholders was 118 million yuan, compared with a loss of 24.28 million yuan a year earlier. The company attributed the increase in profit mainly to higher investment income and gains from changes in fair value. Third-quarter revenue still fell 11.1% year on year, and attributable net profit was a loss of 20.78 million yuan: cumulative profitability coexisted with pressure on the quarter’s operations.
The optical module business has begun shipping to customers, but new products are at different stages: high-current, high-efficiency DC-DC products, buck-boost power-supply modules, and EML and silicon photonics AFEs for high-speed optical modules are undergoing customer validation and testing; high-precision digital-to-analog conversion products for OCS switches have completed tape-out and are scheduled for sample delivery. These stages determine the order in which product plans translate into sales contributions.
Customer adoption of interface products has progressed further: the eUSB Repeater has completed reference-design validation for a leading customer’s next-generation AI laptop platform and has been adopted by leading PC makers and leading domestic AI glasses and AR/VR device manufacturers. It addresses interface-level matching between the main controller and peripherals in miniature devices.
How far is Zhaowei Machinery & Electronics’ dexterous-hand business from making a significant revenue contribution?
Zhaowei Machinery & Electronics said in an announcement that revenue from its humanoid robot business accounted for no more than 1% of operating revenue in the first half of 2026, and it expects no material impact on full-year operating results. This revenue base directly constrains how the growth potential of its robotics business should be understood.
A China Renaissance Securities research report dated 26 August viewed the barriers formed by the company’s dexterous-hand transmission modules and customer base favorably. The company is focusing its embodied intelligence business on miniature transmission and drive systems, concentrating on robotic and dexterous hands while advancing complete-hand products and drive modules such as finger joints. Work on mass production of dexterous hands continues.
The material cited the company as expecting its robotics business revenue to potentially double to 40 million–50 million yuan in 2026 and targeting more than 100 million yuan in 2027. This uses the scope of “robotics business,” while the revenue share in the announcement uses “humanoid robots”; the difference in scope should be retained when interpreting the targets.
What business mechanisms support ICZOOM’s rapid growth?
ICZOOM expects net profit attributable to shareholders of 178 million–196 million yuan in the third quarter of 2026, up 545%–613% year on year; for the first three quarters, it expects 335 million–371 million yuan, up 312%–355% year on year. The company attributes the growth to the electronics industry upswing and improved supply-chain coverage and fulfillment efficiency.
Its growth also comes from customers and orders: registered customers, transacting customers, order volumes and average order value all grew rapidly. As an electronic components trading platform, this means purchasing demand is reflected in both transaction volume and the size of individual orders. Its internal procurement platform for medium and large customers, authorized distribution, domestic components and overseas business jointly provide support.
