Crealights Technology, an optoelectronic interconnection product provider for AI data centers, reported a substantial increase in revenue from RMB175.3 million in 2023, to RMB861.8 million in 2024, and RMB1,221.1 million in 2025. This growth was driven by increased market demand for AI-related applications, expanded production capacity, and an advancing product portfolio focusing on high-speed optoelectronic technologies like silicon photonics (SiPh).
The company experienced a shift from a gross loss of RMB31.3 million (-17.9% gross margin) in 2023 to gross profits of RMB101.8 million (11.8% gross margin) in 2024 and RMB109.8 million (9.0% gross margin) in 2025. This improvement is attributed to economies of scale and higher manufacturing efficiency as production of higher-speed products ramped up. Despite this, Crealights posted net losses of RMB108.6 million in 2023, RMB17.9 million in 2024, and RMB100.1 million in 2025, primarily due to this strategic transition from lower to higher-speed products and significant R&D expenditures.
Crealights dedicated RMB42.3 million to R&D in 2023 (24.1% of revenue), RMB63.8 million in 2024 (7.4% of revenue), and RMB104.3 million in 2025 (8.5% of revenue). The company plans to continue these investments in 2026 to remain competitive in AI technologies, leading to an expectation of remaining loss-making and having a net operating cash outflow during the year. Their product portfolio now includes 100G, 200G, 400G, and 800G optical transceivers, with 400G and above single-mode transceivers utilizing SiPh technology.
In recent developments, Crealights entered a strategic cooperation agreement in Q2 2026 for CPO/NPO solutions in AI computing infrastructure and a three-year JDM collaboration in Q1 2026. The company also received a Lightwave Innovation Award for its high-speed optical transceivers. As of 2025, Crealights ranked 17th globally among optical transceiver providers by revenue (0.8% market share) and 8th among Chinese optical transceiver providers in AI optical transceivers (1.6% global market share). The company's IPO closed on June 24, 2026, with an offer price of HK$114.00 per share, raising approximately $195 million at a $1.3 billion valuation, and is scheduled for listing on June 29, 2026, after an oversubscription of 562 times for its public offering.
