BRIEF: Lens Technology sees red on weak demand

Glass supplier Lens Technology Co. Ltd. (6613.HK; 300433.SZ) reported its revenue fell 17.13% year-on-year to 14.14 billion yuan ($2.07 billion) in the first quarter, as it slipped into the red with a 149.6 million yuan net loss, reversing a 429 million yuan profit a year earlier.

Excluding non-recurring items, the company logged a 174 million yuan loss in the first quarter, compared with a profit of 378 million yuan a year earlier. Its financial expenses surged to 252 million yuan, mainly due to foreign exchange losses, while it recorded a loss of 59.5 million yuan related to fair value changes in financial assets. Its investment income rose 157.3% year-on-year to 65.94 million yuan, partially offsetting the pressure.

The company blamed the weaker performance mainly on declining demand for its core products used in smartphones and computers. At the same time, currency fluctuations pushed up financial costs, further squeezing margins. Valuation losses from forward foreign exchange contracts also weighed on earnings.

According to the latest data from IDC, global smartphone shipments fell 4.1% year-on-year to 289.7 million units in the first quarter of 2026, snapping a streak of 10 consecutive quarters of growth dating back to mid-2023.

Lens Technology shares opened lower on Thursday and traded at HK$16.88 by the midday break, down 14.14%.

By Lee Shih Ta

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