Recently, Zhongji InnoLight (300308) released an operational clarification announcement, specifying fundamentals, order status, production capacity, and medium-to-long-term product roadmap to stabilize market expectations.
The announcement noted that optical interconnects are core components of AI computing infrastructure, with the industry maintaining a positive trajectory and demand rising rapidly. In the long term, industry demand will be driven by four major network architecture scenarios: scale-out, scale-up, scale-across, and scale-in. The share of optical interconnects in global AI capital expenditure is expected to rise from the current ~5% to over 10%.
In terms of supply-demand dynamics, downstream demand remains robust, while manufacturers capable of large-scale stable delivery are relatively limited. Industry competition is orderly, product pricing is rational, and the price system remains healthy. The company continues to strengthen supply chain resilience and ensure delivery capabilities through diversified product portfolios, deep ties with core suppliers, and long-term supply agreements.
▋ Order Backlog
Zhongji InnoLight stated that downstream demand remains highly vigorous, and the company's backlog is full. In overseas markets, orders from key customers have been booked through 2027, with some major clients providing clear guidance for 2028 demand. Demand for high-end optical modules such as 1.6T and 800G is expected to maintain rapid growth, while demand for next-generation optical interconnect products like NPO and XPO is also poised to gradually materialize.
In domestic markets, the construction of AI computing infrastructure is advancing rapidly, and demand for products such as 400G and 800G is expected to further increase. Orders from major overseas customers are already scheduled through 2027; some key clients have provided demand guidance for 2028.
On the technology R&D front, the company is deploying next-generation optical interconnect solutions around the four major scenario architectures, continuously increasing R&D investment in 1.6T, 3.2T, and higher-speed optical modules, while simultaneously advancing the development of cutting-edge products such as NPO and XPO. Currently, several new products are undergoing joint R&D and sample verification with key customers. Leveraging first-mover advantages accumulated in silicon photonics, thin-film lithium niobate (TFLN), and coherent technologies, the company will continue to consolidate its technical barriers and drive the industrialization of next-generation products.
▋ Operational Status
Current production and operations are normal, with a stable supply chain, sufficient capacity utilization rate, and strong customer order demand.
In terms of performance, from 2017 to 2025, Inn
olight's revenue grew from CNY 2.357 billion to CNY 38.240 billion, with a compound annual growth rate (CAGR) of 41.67%; net profit attributable to shareholders of the listed company increased from CNY 162 million to CNY 10.797 billion, with a CAGR of 69.03%. In the first half of 2026, revenue reached CNY 41.778 billion, up 182.49% year-on-year; net profit attributable to shareholders of the listed company was CNY 13.651 billion, up 241.70% year-on-year.
In future operations, Zhongji InnoLight will continue to leverage its core strengths in technological innovation, rapid mass production, scalable manufacturing, and quality control, continuously enriching its portfolio of high-end optical interconnect products, seizing opportunities in the computing power industry, and driving steady performance growth.