Net profit halved in the first three quarters, the "Queen of Apple Supply Chain" still firmly claims the title of the richest woman in China.
On October 27, the *2026 Hurun Rich List* was officially released. Zhang Yiming, founder of ByteDance, regained the title of China's richest man with a net worth of 670 billion yuan, setting a new record for the wealth of China's richest individual; meanwhile, the title of China's richest woman was claimed by Zhou Qunfei with a fortune of nearly 130 billion yuan.
However, just two days before the list was unveiled, Lens Technology, the leading "Apple supply chain" enterprise helmed by Zhou Qunfei, just released its third-quarter performance report showing a halved net profit.
According to the financial report, in the first three quarters of this year, Lens Technology recorded operating revenue of 47.902 billion yuan, down 10.74% year on year, and attributable net profit of 1.42 billion yuan, a decrease of 50.06% compared with the same period of the previous year.
Looking at a longer time horizon, Lens Technology's performance has been on a downward trend since the fourth quarter of last year. In the first quarter of this year, its attributable net profit even turned from profit to loss, recording a single-quarter loss of 150 million yuan.
At the same time, the growth of the company's smartphone and computer business, which forms the core foundation of its performance, faces challenges. In 2025, the revenue growth rate of this business dropped sharply from 28.63% in 2024 to 5.94%. In the first half of this year, the business generated operating revenue of 22.382 billion yuan, down about 17.67% from the same period last year.
Although the revenue of the company's smart vehicle and cockpit business, smart head-mounted display and smart wearable business, and other smart terminal businesses increased in the first half of the year, their relatively small scale makes it difficult to completely reverse the downward trend of performance.
Facing performance pressure, Lens Technology has chosen to accelerate its layout in emerging strategic tracks such as AI edge-side hardware and AI computing power hardware.
On October 16, Lens Technology announced in a public notice that it plans to acquire 59.78% equity of PMG for a cash consideration of 25 million US dollars (about 172 million yuan). Its holding subsidiary Zhejiang Yuanshi is one of the server cabinet suppliers certified by NVIDIA's RVL program.
The 100-billion-yuan "Apple supply chain" giant saw its net profit halved in the first three quarters
On October 25, Lens Technology, one of the giants in the "Apple supply chain", disclosed its third-quarter report for 2026. The data shows that this performance report is not optimistic.
According to the financial report, in the first three quarters of this year, Lens Technology achieved operating revenue of 47.902 billion yuan, down 10.74% year on year; its attributable net profit stood at 1.42 billion yuan, a decrease of about 50% compared with the same period of last year.
Breaking down the data quarter by quarter, Lens Technology's operating 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 recorded operating 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 striking. In the fourth quarter of 2025, the profit growth curve of Lens Technology began to turn downward, recording a single-quarter attributable net profit of 1.175 billion yuan, down 6.23% year on year.
Entering 2026, the company's attributable net profit in the first quarter turned from profit to loss, recording a loss of 150 million yuan; it returned to profitability in the second quarter, recording a single-quarter attributable net profit of 726 million yuan, a slight year-on-year increase of 1.77%.
However, the good times did not last long. In the third quarter, the company's attributable net profit declined again, dropping 50.42% year on year to 843 million yuan, directly "halved" compared with 1.7 billion yuan in the same period of last year.
In terms of expenses, in the whole first three quarters, Lens Technology's sales expenses amounted to 374 million yuan, down 11.19% year on year; management expenses reached 2.279 billion yuan, up 8.35% year on year; R&D expenses stood at 2.435 billion yuan, a slight year-on-year decrease of 0.2%.
During the same period, the company's financial expenses surged 1068.19% year on year to 716 million yuan, mainly due to the increase in net exchange loss 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 amounted to 422 million yuan, accounting for about 30% of the company's attributable net profit in the current period.
If non-recurring gains and losses are excluded, the decline in the company's profit indicators will further expand, with a year-on-year decrease as high as 63.07%.
By the end of the third quarter, Lens Technology had total assets of about 91.165 billion yuan; total liabilities of 37.979 billion yuan; and an asset-liability ratio of about 41.66%, up 6.19 percentage points from the same period of the previous year.
On October 27, Lens Technology closed at 26.58 yuan per share, with the latest market value of about 140.3 billion yuan.
Zhou Qunfei becomes China's richest woman, the main engine driving the company's performance growth loses momentum
Tianyancha information shows that Lens Technology Co., Ltd. (referred to as "Lens Technology") was listed on the ChiNext board of Shenzhen Stock Exchange in 2015, with Zhou Qunfei as its legal representative.
On October 27, in the latest *2026 Hurun Rich List* released by Hurun Research Institute, Zhou Qunfei became China's richest woman with a fortune of nearly 130 billion yuan, and was listed on the ranking together with her husband Zheng Junlong.
However, before becoming China's richest woman, Zhou Qunfei once had an experience as a "factory worker". In her early years, due to poor family conditions, Zhou Qunfei dropped out of middle school and went to work at Aoya Optical Glass Products Factory. With her outstanding work performance, Zhou Qunfei was highly valued by the management.
In 1993, 23-year-old Zhou Qunfei left Aoya Optical to start her own entrepreneurial career, taking orders in the form of a family workshop. Later, an opportunity provided by a friend accidentally led her into the mobile phone glass industry.
In 2003, Zhou Qunfei officially founded Lens Technology, focusing on the R&D, production and sales of mobile phone protective window glass. With strict control over product quality and continuous innovation, Lens Technology stood out in the fierce market competition.
In 2006, Lens Technology established ties with Apple, and the two sides jointly developed the full glass display of the first-generation iPhone. In the following year, Lens Technology successfully passed Apple's supplier certification and became a member of the "Apple supply chain".
After boarding Apple's big ship, Lens Technology's performance took off, and its smartphone and computer business gradually developed into the company's long-term growth engine.
According to Tonghuashun iFinD data, in 2023, this business brought Lens Technology revenue of 44.901 billion yuan, accounting for as high as 82.4% of total operating revenue; in 2024, this revenue further rose to 57.754 billion yuan, up 28.63% year on year.
In 2025, the revenue of Lens Technology's smartphone and computer business successfully exceeded the 60-billion-yuan mark, but the revenue growth rate suddenly dropped to 5.94%, significantly slower than that of the previous year.
In the first half of this year, Lens Technology's smartphone and computer business contributed operating revenue of 22.382 billion yuan, down 17.67% year on year, accounting for about 77.54% of total revenue.
In response, Lens Technology mainly attributed this to the disturbance of the memory chip cycle on terminal demand and the decrease in assembly business revenue.
Lens Technology admitted in its semi-annual report that in the first half of 2026, a rare supply-demand gap emerged in the global memory chip market, memory prices rose rapidly, and the price increase in the supply chain was transmitted step by step to the rise of terminal selling prices.
A number of research institutions pointed out that the consumer electronics market showed signs of weakening, especially entry-level and mainstream consumer products are more sensitive to prices, and consumers' mobile phone replacement cycle has been extended.
At the same time, quarterly monitoring data from market research firm IDC shows 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 down the forecast of global notebook computer shipments in 2026.
Facing the industry-wide demand fluctuation, Lens Technology actively adjusted its product and customer structure, newly developed well-known domestic customers, introduced assembly business of high-end products such as action cameras, and tried to offset the revenue decline pressure of some low value-added businesses by increasing the shipment volume of high value-added high-end 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 vehicle and cockpit business achieved operating revenue of 3.372 billion yuan, up 6.56% year on year; the revenue of its smart head-mounted display and smart wearable business was about 1.777 billion yuan, up 7.95% year on year.
During the reporting period, other smart terminal businesses contributed revenue of 534 million yuan, up 46.92% year on year. Lens Technology said that with the accelerated implementation of the industry, the company's embodied intelligence business continued to grow at a high speed, with shipment volume ranking at the forefront of the industry.
According to Lens Technology, the company's layout in core components such as dexterous robot hands and joint modules, as well as complete machine assembly, is gradually entering a harvest period. The mass delivery of related products has contributed important incremental revenue to other smart terminal businesses.
However, in terms of scale, the revenue proportion of other smart terminal businesses in the first half of this year was only 1.85%, which is far behind the smartphone and computer business, and it is difficult to offset the performance pressure brought by the revenue decline of the latter in the short term.
Plans to spend heavily to take controlling stake in PMG to increase layout in the AI computing power track
Under performance pressure, Lens Technology clearly pointed out in its semi-annual report that while consolidating the core foundation of consumer electronics, the company will focus on cultivating emerging strategic tracks such as AI edge-side hardware and AI computing power hardware.
On October 16, Lens Technology issued a public notice stating that the company signed a share purchase agreement with relevant parties including Lü Shoushou, Peimeigao International Co., Ltd. (referred to as "PMG"), Zhejiang Yuanshi and Lü Shaohua on the same day, planning to acquire 59.78% equity of PMG for a cash consideration of 25 million US dollars (about 172 million yuan).
Lens Technology said that the funds for this purchase come from legal sources such as the company's own funds or self-raised funds. After the completion of the above-mentioned purchase, PMG will become a holding subsidiary of Lens Technology and be included in the company's consolidated statements.
According to the financial data disclosed in the public notice, from January to April 2026, PMG's operating revenue was about 11.9557 million yuan, and its net profit was about 704,500 yuan. As of April 30 this year, PMG's net assets were about 11.4532 million yuan, with an asset-liability ratio of 75.08%.
In terms of the above financial data, PMG's performance is not outstanding, so some views believe that what Lens Technology actually favors is Zhejiang Yuanshi, which is controlled by PMG. It is reported that Zhejiang Yuanshi's main business is AI server cabinets and their structural parts.
The public notice shows that at present, the relevant company has completed capacity expansion for AI server structural parts and high-efficiency liquid cooling heat dissipation systems in the Songshan Lake Park, and has passed the factory audit of leading domestic and foreign customers and obtained formal orders, and is in the stage of mass production ramp-up.
It is worth mentioning that Zhejiang Yuanshi has another identity — one of the server cabinet suppliers certified by NVIDIA's RVL program.
According to Hunan Daily, in NVIDIA's ecosystem, the core of global AI computing power, the qualification for RVL certified suppliers has a high threshold and a long cycle, and it often takes years from certification to formal supply.
As one of the few server cabinet suppliers that have obtained this certification, Zhejiang Yuanshi has supplied core components such as MGX racks and slide rails for NVIDIA's GB200/GB300 series, with a number of products ready for mass production. It has also officially entered the development team of Vera Rubin, the next-generation main server, and deeply participated in the R&D of key hardware.
Some analysts pointed out that this acquisition may become a key step for Lens Technology to enter the global AI computing power hardware supply chain.
According to the equity acquisition agreement, the seller promises to conduct sincere and friendly consultations with the buyer (Lens Technology) after the delivery, use their respective resources and advantages to jointly develop Chinese and international customers, carry out joint R&D and market development in new fields such as liquid cooling product development and OEM cooperation, forging technology, and high-power vapor chamber (VC) for high-end laptops.
In fact, Lens Technology has already started to make layouts to obtain this "admission ticket" for AI computing power as early as December 2025. At that time, Lens Technology signed a letter of intent for acquiring 100% equity of PMG with Lü Shoushou.
In June this year, Lens Technology made a capital increase of 50 million yuan to Zhejiang Yuanshi in monetary form, obtaining 14.28% equity of the latter.
Lens Technology said that after the completion of this transaction, the acquisition of the remaining 40.22% equity of PMG will be further negotiated by all relevant parties based on PMG's actual operating conditions, audit and evaluation results, etc., and confirmed by both transaction parties in the subsequent acquisition agreement.
In addition, in July this year, Lens Technology also officially announced its cooperation with Intel to jointly explore TGV advanced packaging technology.
The two sides will discuss and evaluate potential cooperation related to key processes including but not limited to perforation forming of glass substrates, high-precision laser processing, metallized through-hole deposition and multi-layer interconnection wiring.
It is understood that TGV glass substrates have the advantages of low loss, high temperature resistance, warpage resistance, extremely high surface flatness, and can perfectly meet the strict packaging requirements of AI computing chips, and are regarded by the market as the ideal material for next-generation advanced packaging.
According to Omdia's estimated data, the global market size of packaging glass substrates will reach 18.6 billion US dollars in 2026, and is expected to exceed 32 billion US dollars in 2030, with a compound annual growth rate of about 14.5%. The industry also regards 2026 as the first year of commercialization of glass substrates.
From Lens Technology's perspective, this cooperation will help the company establish a long-term, stable and mutually trustful strategic partnership with Intel, leveraging the strong professional strength and operational capabilities of all parties in their respective fields (including precision manufacturing, material science and global supply chain management) to