COMPANY PROFILE / OPTICAL COMMUNICATIONS & PHOTONICS
Zhongji InnoLight
The Chinese company that grew fast on AI data centres by specialising in assembling and mass-producing optical modules
Zhongji InnoLight is a Chinese company that specialises in developing and manufacturing optical transceivers (optical modules), the devices that plug into data centre switches and servers. Revenue for 2025 was CNY 38.24 billion (Chinese yuan), up 60% on the year before, and about 91% of it came from outside China. In the first half of 2026 alone revenue reached CNY 41.78 billion, and on 30 July 2026 the company also listed on the Hong Kong Stock Exchange. What sets it apart is that it buys in optical chips such as lasers and concentrates its resources on design, assembly, testing and high-volume manufacturing. Using only the annual and interim reports filed with the Shenzhen Stock Exchange and its official announcements, this profile sets out what the company is putting into optical communications and photonics, who it works with and where it is heading.
- Zhongji InnoLight in 30 seconds, and where it stands in optical communications and photonics
- The logo and how the name is written
- Where the company sits in optical communications and photonics
- Scale
- Resources committed to optical communications and photonics
- Track record so far
- Plans ahead
- What the company is aiming for in optical communications and photonics
- Partnership map
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Zhongji InnoLight in 30 seconds, and where it stands in optical communications and photonics
Hong Kong 3308H shares listed on 30 July 2026
Companies in optical communications and photonics fall into three broad groups: optical components & modules, chips & foundries, and network systems & carriers. Zhongji InnoLight belongs to the first, optical components & modules, but unlike Lumentum or Coherent it is not a company that makes its own laser chips Sourced. The annual report names the main raw materials for optical modules as optical components, integrated circuit chips and structural parts, and says these are sourced mainly from third-party suppliers. Describing the state of the industry, it also notes that EML lasers of 200G and above still have to be imported. The company's strength, in other words, lies not in the optical chips themselves but in combining large numbers of chips into standards-compliant optical modules, in volume, quickly and cheaply. In 2025 optical modules made up about 98% of revenue, making it an almost pure-play optical module company Our calculation.
2. The logo and how the name is written
The Zhongji InnoLight logo is a trademark of the company. We have not recreated it with generated imagery;
the image was taken from the company's official website (the website given in its annual report) and is placed here as img/innolight_logo.svg.
A note on names: the company's registered English name is ZHONGJI INNOLIGHT CO., LTD., and its English short name on the Hong Kong market is "ZJ INNOLIGHT". Japanese-language coverage writes the name with the Japanese reading of its Chinese characters; this English edition uses Zhongji InnoLight throughout. The name "InnoLight" is also used by several other legal entities within the group, such as the Taiwanese subsidiary "InnoLight Taiwan". The main operating subsidiary is a Suzhou-based company whose Chinese name translates as Suzhou InnoLight Technology Co., Ltd., a separate legal entity from the listed company; the company's own website presents the brand as "InnoLight Technology". The folder name for this company in our series follows the listed company's English name, "Zhongji InnoLight".
Official site: https://www.zj-innolight.com/3. Where the company sits in optical communications and photonics
Looked at by where in the optical landscape it operates, most of Zhongji InnoLight's products go into optical interconnect inside the data centre, and some into telecom networks (5G fronthaul, midhaul and backhaul, metro and core networks, and fibre access) Sourced. The annual report defines its main business as the research, development, production and sale of high-end optical communication transceiver modules.
| Area | Main products (as described in the annual report) | Position |
|---|---|---|
| Optical interconnect inside the data centre | 1.6T (OSFP), 800G (OSFP and QSFP-DD), 400G, 200G and 100G optical modules | Most of revenue. Mainly for large overseas cloud operators |
| Data centre interconnect (DCI) | Coherent modules such as 400G ZR/ZR+ and 800G ZR | Partly still at the stage of successive trade-show announcements |
| Telecom networks | Modules for 5G fronthaul, midhaul and backhaul, modules for metro and core transport, and optical components for FTTX | For network equipment makers |
| Beyond optical communications | "Other" businesses such as optical components and automotive optoelectronics | 2.05% of revenue in 2025 |
4. Scale
About 98% of Zhongji InnoLight's revenue comes from optical modules, so the company-wide figures are effectively the size of its optical communications business Sourced.
| Item (CNY billion) | 2023 | 2024 | 2025 | January to June 2026 |
|---|---|---|---|---|
| Revenue | 10.718 | 23.862 | 38.240 | 41.778 |
| of which optical communication transceiver modules | - | 22.886 | 37.457 | - |
| Net profit attributable to shareholders of the listed company | 2.174 | 5.171 | 10.797 | 13.651 |
| Cash flow from operating activities | 1.897 | 3.165 | 10.896 | 1.800 |
| R&D investment | 0.809 | 1.333 | 1.676 | - |
| Optical module volumes (million units) | Capacity | Output | Sales | Gross margin |
|---|---|---|---|---|
| 2024 | 20.88 | 15.36 | 14.59 | 34.65% |
| 2025 | 28.06 | 23.76 | 21.09 | 42.61% |
Dividing 2025 optical module revenue of CNY 37,457 million by sales of 21.09 million units gives about CNY 1,776 per module Our calculation. The same calculation for 2024 gives about CNY 1,569. The rise can be read as reflecting a larger share of high-speed products such as 800G and 1.6T. This is, however, an average across everything from low-speed products to 1.6T; it is not the price of any particular product. The annual report also records that output (23.76 million units) exceeded sales and that inventory doubled, from 2.54 million to 5.21 million units Sourced.
| Employees (end of 2025) | Headcount | R&D staff by qualification | Headcount |
|---|---|---|---|
| Production | 8,090 | Doctorate | 39 |
| Technical | 2,341 | Master's degree | 394 |
| Sales | 135 | Bachelor's degree | 1,017 |
| Total (in service) | 11,625 | Total R&D staff | 2,169 (18.66% of all employees) |
5. Resources committed to optical communications and photonics
For the four angles this series uses (people; money; outside investments, acquisitions and joint ventures; universities, research institutes and public funding), we separate what could be confirmed from what could not.
| Angle | Details | Category |
|---|---|---|
| People | 2,169 R&D staff (up 49.28% from 1,453 a year earlier). R&D is organised into four departments: optoelectronic technology, product development, project operations and general management | Sourced |
| Money (R&D) | R&D investment of CNY 1,675.93 million (2025, 4.38% of revenue). The company says the money goes mainly to product upgrades and to building up products and technologies across the optoelectronics supply chain. R&D expense for the first half of 2026 was CNY 1,153 million (up 96.9% year on year) | Sourced |
| Money (capital expenditure) | Purchases of fixed and other long-term assets of CNY 2,760 million (2025; CNY 2,866.16 million the year before). Phase III of the high-end optical module industrial park at its Tongling subsidiary, funded by a 2021 private share placement, has been completed | Sourced |
| Money (outside funding) | Issued H shares in Hong Kong: 54.5 million shares at HK$980 each, about HK$53.41 billion in total. The over-allotment option was exercised in full, adding 8,175,000 shares and additional proceeds of about HK$7,938.7 million | Sourced |
| Production sites, including overseas | Production sites are in Suzhou, Tongling and Chengdu (China), Taiwan and Thailand. Besides the Singapore sub-subsidiary TeraHop Pte. Ltd., there are entities with the same name in Thailand (TeraHop (Thailand)) and the United States (TeraHop US); the Thai entity receives tax incentives from the Thailand Board of Investment (BOI) | Sourced |
| Outside investment (in a subsidiary) | A company indirectly owned by the Abu Dhabi Investment Authority (ADIA) and two companies indirectly owned by Temasek invested a combined US$517 million in TeraHop Pte. Ltd. The group's stake remained 67.71% after the investment | Sourced |
| Outside investments, acquisitions and JVs | Nine subsidiaries were newly consolidated in 2025, all described as newly established or merged. The relevant section of the annual report names no specific investments in optical chip companies or the like. Cash paid for investing activities was CNY 982.7 million | Details of investees could not be confirmed |
| Public funding | Government grants recognised in profit or loss were CNY 145.93 million (2025). No breakdown by business or technology is given | Amount sourced / breakdown could not be confirmed |
| Universities and research institutes | A university professor sits on the board as an independent director, but the annual report mentions no joint research agreements with universities in optical communications | Could not be confirmed |
| Standards bodies | The Suzhou subsidiary takes part in the OSFP and QSFP-DD industry groups, related IEEE 802.3 work and working groups of the China Communications Standards Association (CCSA) | Sourced (company's statement) |
According to the annual report, Zhongji InnoLight's 1.6T products have two design platforms: one based on EMLs and one based on silicon photonics Sourced. The EML approach uses an InP EML laser for each channel. In the silicon photonics approach, a silicon chip does the modulation and the light source can be a continuous-wave (CW) laser, so it avoids the need for expensive, supply-constrained high-speed EMLs (a general explanation).
The 2026 interim report states explicitly that having several solutions, silicon photonics and EML, has improved its raw material procurement and lowered the risk of shortages Sourced. The same report says that 1.6T silicon photonics modules have entered full-scale volume production, with shipments rising quarter by quarter. For a company that does not make its own lasers, having designs that do not depend on any one optical chip is itself a competitive advantage. See also our explainers on silicon photonics and on semiconductor lasers.
6. Track record so far
The annual report itself lists the company's history of announcements at major trade shows. Claims of being "the industry's first" are the company's own wording.
| When | What happened | What it means |
|---|---|---|
| December 2020 | At ECOC 2020 (online), launched 800G pluggable optical modules (OSFP and QSFP-DD800) that the company calls the industry's first | An early entry into the 800G generation |
| 2022 | Showed 800G silicon photonics modules at OFC 2022 | Launch of the silicon photonics approach |
| 2023 | At OFC 2023, demonstrated a 1.6T OSFP-XD module, second-generation 800G with a 5 nm DSP, and 400G ZR/ZR+ coherent modules | Groundwork for 1.6T and coherent |
| 2024 | Showed a 1.6T LPO module and a silicon photonics 800G ZR at OFC 2024 | Also covers the low-power approach that omits the DSP |
| 2025 | Showed a 1.6T 2xFR4 with a 3 nm DSP and an 800G LR2 "coherent-lite" module at OFC 2025. Revenue of CNY 38.24 billion (up 60.25%) | Preparing for 1.6T volume production |
| 2025 | Investment companies linked to ADIA and Temasek invested US$517 million in TeraHop, a Singapore sub-subsidiary | Outside money raised for the overseas business |
| March 2026 | At OFC 2026, demonstrated a 12.8T (8xDR8) XPO module and a 6.4T (4xDR8) NPO module, a 1.6T 2xLR4 using a thin-film lithium niobate (TFLN) modulator and an 800G LR2 coherent-lite module | Starting to show what comes after pluggables (XPO and NPO) |
| January to June 2026 | Revenue of CNY 41.78 billion (up 182.49% year on year). 1.6T silicon photonics modules entered full-scale volume production and became the core of revenue growth | Half a year's revenue exceeded the whole of the previous year |
| 30 July 2026 | Listed on the Main Board of the Hong Kong Stock Exchange (stock code 3308). The over-allotment option was exercised in full on 26 August, taking the H shares to 62,675,000 | Secured a channel for raising money internationally |
7. Plans ahead
optical modulesCentred on silicon photonics and coherent
CPO, OCSAs stated in the 2026 interim report. Timing not disclosed
data centre powerA policy of expanding beyond basic interconnect
industry investmentInvestment in next-generation technology is stated explicitly. Targets not disclosed
The "2026 business plan" in the 2025 annual report lists four points: (1) expanding delivery capacity and shipments of high-end products such as 1.6T and 800G; (2) building the capability to supply key overseas customers in volume from overseas; (3) strengthening R&D with a focus on next-generation optical interconnect; and (4) investing along the supply chain, upstream and downstream, and integrating businesses Sourced. The 2026 interim report added expansion into thermal management, liquid cooling and data centre power.
None of the following appears in the annual report, the interim report or the announcements Not yet confirmed.
The names of major customers and suppliers / a revenue breakdown by product (800G, 1.6T and so on) / the production capacity of overseas sites such as Thailand / when NPO, XPO, CPO and OCS products will enter volume production / the specific uses and amounts of the H-share proceeds (this article has not checked the prospectus) / whether there are plans to make optical chips in house. The annual report reproduces a research firm's (LightCounting) ranking of optical module makers, but since those are not the company's own figures, this article does not use them.
8. What the company is aiming for in optical communications and photonics
This section includes things the company does not say directly. We set them out as inferences within what the primary sources support, with the evidence for each.
| What the evidence suggests | Primary information it rests on | Category |
|---|---|---|
| A shift from "optical module maker" to "provider of comprehensive optical interconnect solutions" | The annual report states the aim of becoming a provider of comprehensive optical interconnect solutions with international influence, and the interim report widened the scope to thermal management, liquid cooling and power | Sourced (the company's stated goal) |
| Its top priority is raising the share of production outside China | The 2026 plan in the annual report cites the ability to supply key overseas customers in volume from overseas, and outside money has gone into the Thai entity and TeraHop in Singapore. The company lists changes in tariff policy as a risk | Inference |
| It is preparing several ways to survive as a module company in the CPO era | At OFC 2026 it demonstrated XPO (12.8T) and NPO (6.4T) modules, and the interim report lists NPO, XPO, CPO and OCS side by side as development targets | Inference |
| It is reducing optical chip procurement risk by diversifying designs | The interim report says its silicon photonics and EML approaches have improved procurement, and states that it is developing new suppliers of optoelectronic chips and securing supply capacity in advance | Sourced |
| In future it may also invest upstream (in optical chips and the like) | The annual report says it will speed up vertical and horizontal investment along the supply chain, though it does not name targets | Inference |
In 2025 90.58% of revenue came from outside China, and the annual report names its main markets as North America, Europe and others Sourced. The same report states as risks that if China-U.S. trade friction intensifies and sanctions deepen, demand for optical modules could fall and key raw materials could become harder to obtain, and that additional and "reciprocal" tariffs since April 2025 have left the industry facing supply chain restructuring and geopolitical risk. Against that background, the second item in its 2026 plan is the ability to supply key overseas customers in volume from overseas; it has a production entity in Thailand that receives tax incentives, and its Singapore holding company has taken in US$517 million from state-linked investors in the Middle East and Singapore. We read this as meaning that overseas production is not merely a cost measure for the company but a condition for keeping supply to the U.S. market, its largest group of customers, uninterrupted Not yet confirmed.
9. Partnership map
10. Technologies, products and services
We draw on the product list in the annual report and the R&D description in the 2026 interim report. For performance figures, we state whether the product is in volume production or on show as a demonstration. Compliance with standards is as stated by the company.
| Product | What it is (as the company describes it) | Status |
|---|---|---|
| 1.6T OSFP | OSFP224 DR8, 2xFR4 and others, with an 8×200G optical interface. Two design platforms, EML and silicon photonics. Stated to comply with IEEE 802.3df and the OSFP1600 MSA and to support CMIS 5.x. The company claims it was first in the industry to launch a 1.6T-DR8 OSFP224 LPO | In volume production (the silicon photonics version entered full-scale volume production in the first half of 2026) |
| 800G OSFP / QSFP-DD | Two architectures, 8×100G and 4×200G. Besides EML designs, silicon photonics designs cover reaches up to 10 km. Stated to comply with IEEE 802.3ck and the relevant MSAs | In volume production |
| 400G, 200G, 100G | QSFP-DD, OSFP and QSFP28 (SR4, CWDM4, LR4 and others). Stated to comply with IEEE 802.3bs/bm/cd and others | In volume production |
| Coherent | 400G ZR/ZR+ (QSFP-DD), silicon photonics 800G ZR (OSFP) and 800G LR2 coherent-lite | Announced step by step at trade shows. Production volumes not disclosed |
| XPO and NPO | A 12.8T (8xDR8) XPO module and a 6.4T (4xDR8) NPO module | Demonstrations at OFC 2026. Described as under customer-specific development or in R&D |
| TFLN modulator | A 1.6T OSFP 2xLR4 using thin-film lithium niobate Mach-Zehnder modulators | Demonstration at OFC 2026 |
| Telecom networks | 5G fronthaul, midhaul and backhaul, metro and core transport, and optical components for FTTX | In volume production |
| Manufacturing technology | Single-mode and multimode parallel optics design and precision manufacturing, COB (chip-on-board) packaging, and fully automated assembly and test platforms | Core technologies named by the company |
The annual report says Zhongji InnoLight was an early adopter in the industry of COB (chip-on-board) optoelectronic device design and packaging, and that production takes place in class 10,000 clean rooms (roughly ISO class 7) on automated lines Sourced. COB mounts laser and photodetector chips directly on the board, without hermetic packages, and aligns them with fibres and lenses (a general explanation). It cuts parts and process steps, but in exchange quality comes to depend on the choice of encapsulant that protects bare chips from moisture and particles and on the precision of equipment that repeats sub-micron alignment in huge numbers.
For a company that buys its optical chips, this is exactly where the difference is made: packaging and yield. The 2026 interim report also says it has pushed ahead with automating production processes, raising production efficiency and product yield. At optical module revenue of more than CNY 37.4 billion a year, just 1% is about CNY 370 million, so small differences in packaging yield translate into large sums Our calculation. See also our explainers on optical transceivers and on optical connectors and fibre packaging.
11. The risks this company carries
| Risk | Details | Category |
|---|---|---|
| Customer concentration | The top five customers accounted for 75.98% of revenue and the largest alone for 24.06% (2025). Names not disclosed | Sourced |
| Supplier concentration | The largest single supplier accounted for 35.76% of annual purchases, and the top five for 51.50% | Sourced |
| Dependence on foreign optical chips | Describing the industry, the annual report says EMLs of 200G and above still have to be imported and that suppliers of electrical chips of 200G and above are mainly overseas. The company also states that many key raw materials are sourced from abroad | Sourced |
| China-U.S. trade friction and tariffs | North America is the main export market, and the company itself lists tighter sanctions and changes in tariff policy as risks | Sourced |
| Technology generation changes | The company writes that optical modules change generations quickly and that choosing the wrong R&D direction risks its products being displaced. The spread of CPO could also change the demand structure for pluggables | Sourced / CPO impact is an Inference |
| Swelling working capital | In the first half of 2026 revenue rose 182%, but operating cash flow fell 44.08% to CNY 1.8 billion. Inventory at the end of 2025 was also about double a year earlier | Sourced |
| Related-party transactions | Of sales to the top five customers, an amount equal to 8.10% of annual revenue is described as going to related parties. The transparency of the terms deserves attention | Sourced / assessment is an Inference |
12. Glossary
- Optical module (optical transceiver)
- A part that converts electrical signals to light to send them, and turns received light back into electrical signals. It plugs into switches and servers.
- OSFP / QSFP-DD
- Industry agreements (MSAs) that set the shape and dimensions of optical modules. The mainstream form factors for 800G and 1.6T.
- EML
- Electro-absorption modulated laser. A high-speed laser chip made from InP.
- Silicon photonics
- Technology that builds optical waveguides and modulators on a silicon chip. It uses an external laser as its light source.
- LPO
- Linear pluggable optics. A pluggable optical module that omits the signal-processing DSP to cut power consumption and latency.
- NPO / XPO
- NPO places the optical engine near the switch. XPO is the name Zhongji InnoLight uses for the approach of its 12.8T module; the report does not define it.
- TFLN
- Thin-film lithium niobate. A material for optical modulators that run fast at low voltage.
- H shares
- Shares of a mainland Chinese company listed on the Hong Kong Stock Exchange, traded separately from its mainland A shares.
13. References
- Zhongji InnoLight Co., Ltd. 2025 Annual Report (in Chinese; published on 31 March 2026 on CNINFO, the disclosure website designated by the Shenzhen Stock Exchange). Company information, revenue, profit and cash flow (2023 to 2025), product list and standards, capacity, output and sales volumes, revenue by region, top five customers and suppliers, R&D investment and staff, headcount, patent count, the investment in TeraHop, subsidiaries, government grants, and the 2026 business plan and risks. https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF
- Zhongji InnoLight Co., Ltd. 2026 Interim Report (in Chinese; published 22 August 2026). Revenue, profit and cash flow for the first half of 2026, overseas revenue, volume production of 1.6T silicon photonics modules, the OFC 2026 demonstrations, production sites, supply chain diversification, outlook, and the H-share listing (30 July 2026, offer price HK$980, about HK$53.41 billion in total). https://static.cninfo.com.cn/finalpage/2026-08-22/1225491753.PDF
- Zhongji InnoLight Co., Ltd. Announcement on the full exercise of the over-allotment option, stabilising actions and the end of the stabilisation period (in Chinese; announcement no. 2026-084, published 27 August 2026). Issue of 8,175,000 over-allotment shares, total H shares of 62,675,000 and additional proceeds of about HK$7,938.7 million. https://static.cninfo.com.cn/finalpage/2026-08-27/1225515675.PDF
- Zhongji InnoLight Co., Ltd. Official website (the company website given in the annual report; source of the company name style and the logo image). https://www.zj-innolight.com/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name, English name, registered head office, stock codes and company website | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| Definition of the main business, sourcing of main raw materials from third parties, and the statement on the industry that EMLs of 200G and above must be imported | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| Revenue, net profit, operating cash flow and R&D investment (2023 to 2025), optical module revenue and gross margin, and the 90.58% share of overseas revenue | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| Optical module capacity, output, sales and inventory (2024 and 2025) | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| Optical modules at about 98% of revenue, average revenue of about CNY 1,776 per module (about CNY 1,569 in 2024), and the rough scale of yield differences | Our calculation | Averages calculated in this article from the figures in reference 1. Not product prices |
| Top five customers (75.98%, largest 24.06%, related parties 8.10%) and top five suppliers (51.50%, largest 35.76%) | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| 2,169 R&D staff and their qualifications, 11,625 employees and the breakdown by function, and 411 patents | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| US$517 million investment in TeraHop Pte. Ltd. and the 67.71% stake, BOI tax incentives for the Thai entity, newly consolidated subsidiaries, capital expenditure and government grants | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| Product list and statements of standards compliance, the EML and silicon photonics platforms, COB packaging and clean rooms, and trade-show announcements from 2020 to 2025 | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| Participation in standards bodies and industry groups | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| The 2026 business plan, the goal of becoming a provider of comprehensive optical interconnect solutions, and risk factors (trade friction, tariffs, supply chain, technology) | Sourced | Reference 1 https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| First-half 2026 revenue of CNY 41.78 billion, net profit, operating cash flow and R&D expense | Sourced | Reference 2 https://static.cninfo.com.cn/finalpage/2026-08-22/1225491753.PDF |
| Full-scale volume production of 1.6T silicon photonics modules, the OFC 2026 demonstrations (XPO, NPO, TFLN, LR2) and improved procurement through multiple approaches | Sourced | Reference 2 https://static.cninfo.com.cn/finalpage/2026-08-22/1225491753.PDF |
| Production sites (Suzhou, Tongling, Chengdu, Taiwan, Thailand) and outlook (NPO, XPO, CPO, OCS; thermal management, liquid cooling and power; strategic acquisitions) | Sourced | Reference 2 https://static.cninfo.com.cn/finalpage/2026-08-22/1225491753.PDF |
| H-share listing date, stock code, number of shares issued, offer price and total raised | Sourced | Reference 2 https://static.cninfo.com.cn/finalpage/2026-08-22/1225491753.PDF |
| Full exercise of the over-allotment option, total H shares and additional proceeds | Sourced | Reference 3 https://static.cninfo.com.cn/finalpage/2026-08-27/1225515675.PDF |
| The three types of company in optical communications and photonics | Our calculation | This article's own classification. Example companies drawn from those covered in this series |
| Names of customers and suppliers, revenue by product, capacity of overseas sites, timing of volume production for next-generation products, specific uses of the H-share proceeds, and plans to make optical chips in house | Not yet confirmed | Not stated in references 1 to 3 (this article has not checked the prospectus). Press-based information is not used https://static.cninfo.com.cn/finalpage/2026-08-22/1225491753.PDF |
| A research firm's ranking of optical module makers | Not yet confirmed | Reproduced in reference 1, but not used because it is not the company's own data https://static.cninfo.com.cn/finalpage/2026-03-31/1225056459.PDF |
| The readings that overseas production is the top priority, that it is preparing several ways to survive in the CPO era, and that it may invest upstream | Inference | This article's interpretation of the plans, risk statements and investment relationships in references 1 and 2 |
| The assessments of changes in demand structure due to CPO and of the transparency of related-party transactions | Inference | This article's interpretation of references 1 and 2 |
| 1% of optical module revenue is about CNY 370 million | Our calculation | Calculated in this article as 1% of CNY 37,457 million in reference 1 |
| General properties of COB packaging, EMLs and silicon photonics | Inference | This article's explanation based on general technical knowledge. Not company-specific figures |
Last updated 26 September 2026 / Troy Technical
Every figure in this article comes from the annual report, interim report and announcements Zhongji InnoLight Co., Ltd. has published on the Shenzhen Stock Exchange's designated disclosure website (all in Chinese). "CNY" means Chinese yuan (renminbi). No research-firm estimates or press-based figures have been used. Passages marked "Inference" are this article's interpretation of the primary sources, not statements made by the company.