Produced by Radar Finance Written by Zhou Hui Edited by Meng Shuai
On October 27, the “2026 Hurun Rich List” was announced. Zhang Yiming, the founder of ByteDance, once again became the richest man in China with a net worth of 670 billion yuan, and set a new wealth record for the richest man in China. The crown of the richest woman in China was won by Zhou Qunfei with a wealth of nearly 130 billion yuan.
However, just two days before the list was announced, Lens Technology, the “leading fruit chain” headed by Zhou Qunfei, had just handed over a third-quarter performance sheet with net profit cut in half.
The financial report shows that in the first three quarters of this year, Lens Technology achieved revenue of 47.902 billion yuan, a year-on-year decrease of 10.74%, and recorded a net profit attributable to the parent company of 1.42 billion yuan, a decrease of 50.06% from the same period last year.
Looking at the timeline, Lens Technology’s performance has been on a downward trend since the fourth quarter of last year. In the first quarter of this year, the net profit attributable to the parent company even turned from profit to loss, recording a loss of 150 million yuan in a single quarter.
At the same time, the growth of smartphone and computer businesses, which are the company’s basic performance base, faces challenges. In 2025, the revenue growth rate of this business will plummet to 5.94% from 28.63% in 2024. In the first half of this year, this business achieved revenue of 22.382 billion yuan, a decrease of approximately 17.67% compared with the same period last year.
Although the company’s revenue from smart cars and cockpits, smart headsets and smart wearables, and other smart terminal businesses increased in the first half of the year, given their relatively small size, it is difficult to completely reverse the trend of declining performance.
Faced with performance pressure, Lens Technology chose to accelerate the layout of emerging strategic tracks such as AI terminal hardware and AI computing hardware.
On October 16, Lens announced that it planned to purchase 59.78% of PMG’s equity for a cash consideration of US$25 million (approximately RMB 172 million). Its controlled subsidiary Zhejiang Yuanshi is one of Nvidia’s RVL certified server cabinet suppliers.
The 100-billion-dollar “fruit chain” giant’s net profit in the first three quarters was cut in half
On October 25, Lens Technology, one of the giants of “Fruit Chain”, disclosed its third quarter report for 2026. From the data point of view, this performance answer sheet is not optimistic.
The financial report shows that in the first three quarters of this year, Lens Technology achieved revenue of 47.902 billion yuan, a year-on-year decrease of 10.74%; it recorded a net profit attributable to the parent company of 1.42 billion yuan, a decrease of approximately 50% from the same period last year.
Looking at the quarter-by-quarter breakdown, Lens Technology’s revenue has continued to decline since the fourth quarter of last year. From the fourth quarter of 2025 to the third quarter of this year, the company achieved revenue of 20.747 billion yuan, 14.14 billion yuan, 14.727 billion yuan and 19.035 billion yuan respectively, with year-on-year growth rates of -12.34%, -17.13%, -7.36% and -8.05% respectively.
The performance of Lens Technology on the profit side is even more “dazzling”. In the fourth quarter of 2025, Lens Technology’s profit growth curve began to turn downward, recording a net profit attributable to the parent company of 1.175 billion yuan in a single quarter, a year-on-year decrease of 6.23%.
Entering 2026, the company’s net profit attributable to the parent company turned from profit to loss in the first quarter, recording a loss of 150 million yuan; in the second quarter, it returned to profitability, with a single quarter net profit attributable to the parent company of 726 million yuan, a slight increase of 1.77% year-on-year.
But the good times did not last long. In the third quarter, the company’s net profit attributable to its parent company fell again, down 50.42% year-on-year to 843 million yuan, which was directly “cut in half” from 1.7 billion yuan in the same period last year.
In terms of expenses, throughout the first three quarters, Lens Technology’s sales expenses were 374 million yuan, a year-on-year decrease of 11.19%; administrative expenses were 2.279 billion yuan, a year-on-year increase of 8.35%; R&D expenses were 2.435 billion yuan, a slight decrease of 0.2% year-on-year.
During the same period, the company’s financial expenses increased significantly by 1068.19% to 716 million yuan compared with the same period last year, mainly due to the increase in net exchange losses during the reporting period.
It is worth mentioning that non-recurring gains and losses have supported Lens Technology’s performance to a certain extent. In the first three quarters of this year, Lens Technology’s non-recurring gains and losses were 422 million yuan, accounting for approximately 30% of the company’s net profit attributable to the parent company for the period.
If non-recurring gains and losses are deducted, the decline in the company’s profit indicators will further expand, with a year-on-year decline of up to 63.07%.
As of the end of the third quarter, Lens Technology’s total assets were approximately 91.165 billion yuan; total liabilities were 37.979 billion yuan; the asset-liability ratio was approximately 41.66%, an increase of 6.19 percentage points from the same period last year.
On October 27, Lens Technology closed at 26.58 yuan per share, with the latest market value of approximately 140.3 billion yuan.
Zhou Qunfei aspires to be the richest woman in China, but the main engine of the company’s performance growth has stalled
Information from Tianyancha shows that Lens Technology Co., Ltd. (“Lens Technology”) was listed on the GEM of the Shenzhen Stock Exchange in 2015, and its legal representative is Zhou Qunfei.
On October 27, in the latest “2026 Hurun Rich List” released by Hurun Research Institute, Zhou Qunfei became the richest woman in China with a wealth of nearly 130 billion yuan, and she and her husband Zheng Junlong were on the list together.
However, before becoming the richest woman in China, Zhou Qunfei also had an experience as a “factory girl”. In his early years, due to his poor family, Zhou Qunfei dropped out of middle school and went to work in the Aoya Optical Glass Products Factory. With his outstanding work performance, Zhou Qunfei is highly valued by leaders.
In 1993, 23-year-old Zhou Qunfei left Oya Optics and started his own entrepreneurial career, taking orders as a family workshop. Later, an opportunity provided by a friend allowed her to enter the mobile phone glass industry by mistake.
In 2003, Zhou Qunfei officially founded Lens Technology, focusing on the research and development, production and sales of mobile phone protective window glass. With strict control of product quality and continuous innovation, Lens Technology stands out in the fierce market competition.
In 2006, Lens Technology and Apple became involved, and the two parties jointly created the first-generation iPhone’s full-glass screen. The following year, Lens Technology successfully passed Apple’s supplier certification and became a member of the “Fruit Chain”.
After boarding the Apple ship, Lens Technology’s performance began to take off, and its smartphone and computer businesses gradually developed into the company’s long-term growth engine.
Flush iFinD data shows that in 2023, this business will bring revenue to Lens Technology of 44.901 billion yuan, accounting for 82.4% of revenue; in 2024, this revenue will further jump to 57.754 billion yuan, a year-on-year increase of 28.63%.
By 2025, Lens Technology’s smartphone and computer business revenue has successfully exceeded the 60 billion yuan mark, but the revenue growth rate has suddenly dropped to 5.94%, a significant slowdown from the previous year.
In the first half of this year, Lens Technology’s smartphone and computer business contributed revenue of 22.382 billion yuan, a year-on-year decrease of 17.67%, accounting for approximately 77.54% of the revenue.
In this regard, Lens Technology mainly attributes this to the memory chip cycle disrupting terminal demand and the reduction in assembly business revenue.
Lens Technology admitted in its semi-annual report that in the first half of 2026, a rare supply and demand gap occurred in the global memory chip market, storage prices rose rapidly, and supply chain price increases were gradually transmitted to terminal selling prices.
Many research institutions pointed out that the consumer electronics market is showing signs of weakening, especially entry-level and mainstream consumer-level products are more price-sensitive, and consumer replacement cycles have lengthened.
At the same time, quarterly monitoring data from market research firm IDC showed that global smartphone shipments fell 4.1% year-on-year in the first quarter and 6.7% year-on-year in the second quarter. TrendForce has continuously revised downward its forecast for global notebook computer shipments in 2026.
Faced with fluctuations in industry demand, Lens Technology has actively adjusted its product and customer structure, opened up new well-known domestic customers, and introduced high-end product assembly business such as action cameras, trying to offset the declining revenue pressure of some low-value-added businesses by increasing the shipments of high-end high-value-added products.
Affected by this, the gross profit margin of the company’s smartphone and computer business increased, up 2.99 percentage points year-on-year to 16.17%.
During the same period, Lens Technology’s smart car and cockpit business achieved revenue of 3.372 billion yuan, a year-on-year increase of 6.56%; smart head-mounted display and smart wearable business revenue was approximately 1.777 billion yuan, a year-on-year increase of 7.95%.
During the reporting period, other smart terminal businesses contributed revenue of 534 million yuan, a year-on-year increase of 46.92%. Lens Technology said that as the industry accelerates, the company’s embodied intelligence business continues to grow rapidly, with shipments ranking among the forefront of the industry.
According to Lens Technology, the company’s layout in core components such as robot dexterous hands, joint modules and complete machine assembly is gradually entering the harvest period. The batch delivery of related products has contributed important revenue increases to other smart terminal businesses.
However, from a volume perspective, other smart terminal businesses accounted for only 1.85% of revenue in the first half of this year, which is significantly different from the smartphone and computer businesses. In the short term, it is difficult to hedge against the performance pressure brought by the decline in revenue of the latter to the company.
Plans to spend heavily to control PMG and increase AI computing power track layout
Under performance pressure, Lens Technology clearly pointed out in its semi-annual report that while consolidating the fundamentals of consumer electronics, the company will focus on cultivating emerging strategic tracks such as AI end-side hardware and AI computing hardware.
On October 16, Lens Technology announced that the company signed a share sale and purchase agreement with Lu Songshou, PMG International Co., Ltd. (referred to as “PMG”), Zhejiang Yuanshi, Lu Shaohua and other relevant parties on the same day, and planned to purchase 59.78% of PMG’s equity for a cash consideration of US$25 million (approximately RMB 172 million).
Lens Technology stated that the funds for this purchase came from the company’s own or self-raised funds and other legal funds. After the above-mentioned purchase is completed, PMG will become a holding subsidiary of Lens Technology and be included in the company’s consolidated statements.
The financial data disclosed in the announcement show that from January to April 2026, PMG’s revenue was approximately 11.9557 million yuan, and its net profit was approximately 704,500 yuan. As of April 30 this year, PMG’s net assets were approximately 11.4532 million yuan, with an asset-liability ratio of 75.08%.
As far as the above-mentioned financial data is concerned, PMG’s performance is not impressive, so some people believe that Lens Technology’s actual target may be Zhejiang Yuanshi controlled by the former. It is reported that Zhejiang Yuanshi’s main business is AI server cabinets and structural parts.
The announcement shows that at present, relevant companies have completed the expansion of AI server structural parts, high-efficiency liquid cooling systems, etc. in Songshan Lake Park, and have passed factory inspections from domestic and foreign leading customers and obtained formal orders, and are in the ramp-up stage of mass production.
It is worth mentioning that Zhejiang Yuanshi also has another identity – one of NVIDIA RVL certified server cabinet suppliers.
According to Hunan Daily, in the NVIDIA ecosystem, which is the core of global AI computing power, the qualification threshold for RVL certified suppliers is high and the cycle is long. From certification to formal supply, it often takes years.
As one of the few server cabinet suppliers to obtain this certification, Zhejiang Yuanshi has supplied core components such as MGX racks and slide rails for Nvidia’s GB200/GB300 series. Many products have reached mass production readiness. It has also officially joined the development team of Vera Rubin, the next-generation main server, and is deeply involved in key hardware research and development.
Some analysts pointed out that this acquisition may be a key step for Lens Technology to enter the global AI computing hardware supply chain.
According to the equity acquisition agreement, the seller promised to negotiate in good faith and friendly terms with the buyer (Lens Technology) after the closing, and use their respective resources and advantages to jointly develop Chinese and international customers, as well as the development and OEM of liquid cooling products, and carry out joint R&D and market development in new areas such as forging technology and high-power vapor chambers (VC) for high-end notebook computers.
In fact, as early as December 2025, Lens Technology has begun to make arrangements to win this “ticket” for AI computing power. At that time, Lens Technology and Lu Songshou signed an agreement of intent to acquire 100% of the equity of PMG.
In June this year, Lens Technology increased its investment in Zhejiang Yuanshi by 50 million yuan in the form of currency, acquiring 14.28% of the latter’s equity.
Lens Technology stated that after the transaction is completed, the acquisition of the remaining 40.22% equity of PMG will be further negotiated by the relevant parties based on PMG’s actual operating conditions, audit and evaluation results, etc., and will be determined by the parties to the transaction in the subsequent acquisition agreement.
In addition, in July this year, Lens Technology also officially announced that it would “join hands” with Intel to jointly explore TGV advanced packaging technology.
The two parties will discuss and evaluate potential cooperation related to key processes (including but not limited to the above) such as glass substrate through-hole molding, high-precision laser processing, metallized via deposition and multi-layer interconnect wiring.
It is understood that TGV glass substrate has the advantages of low loss, high temperature resistance, anti-warping, extremely high surface flatness, and can perfectly adapt to the stringent packaging requirements of AI computing chips. It is considered by the market to be an ideal material for the next generation of advanced packaging.
Omdia calculations show that the global packaging glass substrate market will reach US$18.6 billion in 2026, and is expected to exceed US$32 billion in 2030, with a compound annual growth rate of approximately 14.5%. The industry also regards 2026 as the first year of commercialization of glass substrates.
According to Lens Technology, this cooperation will help the company and Intel establish a long-term, stable and mutually trusting strategic partnership. Focusing on the strong professional strength and operational capabilities of each party in their respective fields (including precision manufacturing, materials science and global supply chain management), it will promote the early large-scale application of relevant new technologies and promote the realization of the company’s medium and long-term strategic goals.
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