公众号记得加星标⭐️，第一时间看推送不会错过。 对互连带宽的永无止境的需求是塑造数据中心发展的关键趋势之一，其驱动力来自互联网流量的持续 增长和人工智能大型语言模型的快速扩展。然而，带宽的提升通常意味着功耗的增加，这在数据中心 能耗飙升的时代无疑是一个令人不快的副作用：值得注意的是，预计到2027年，一个英伟达机架的功 耗将高达600千瓦。正因如此，业界正在寻求以皮焦耳/比特为单位的更高数据传输能效。 在这种情况下，共封装光器件（CPO）正迅速发展，主要成为网络交换机（数据中心横向扩展）中传 统可插拔光模块的替代方案。通过将电子芯片和硅光子芯片集成在同一封装中，CPO 将光纤尽可能 靠近 ASIC 或 FPGA，从而显著降低功耗并带来其他优势。本文将简要概述 CPO，并回顾该领域的 一些最新进展。 CPO是必经之路 一般来说，数据中心内部互连的能源效率可以通过尽可能用光纤替代铜线来实现。然而，这种替代的 实际可行性以及最终获得的收益不仅取决于传输速度和距离，还取决于许多其他因素。理想情况下， 光纤应直接连接到网络交换机核心的硅芯片（ASIC 或FPGA），以避免铜缆混合互连的缺点。即使 是相对较短的铜线，例如 ...

Financial Performance - In the first half of 2025, the company's revenue reached 14.789 billion CNY, a year-on-year increase of approximately 37% [2] - The net profit for the same period was 4.242 billion CNY, with a net profit margin of 28.70% [3] - In Q2 2025, the company reported a revenue of 8.115 billion CNY, a quarter-on-quarter growth of about 22% [3] - The gross margin for Q2 2025 was 41.5%, an increase of nearly 5 percentage points compared to Q1 2025 [3] - The consolidated net profit for Q2 2025 was 2.552 billion CNY, with a quarter-on-quarter growth of approximately 51% [3] Business Operations - The company has seen a significant increase in demand for 800G and 400G optical modules, driven by capital expenditure from key overseas clients in AI infrastructure [4] - The company has begun gradual shipments of 1.6T products, with expectations for continued mass production in the upcoming quarters [4] - The company is actively expanding production capacity for high-end products like 1.6T and 800G to meet rising industry demand [4] Investor Q&A Highlights - The gross margin for high-end products like 1.6T is expected to be better, primarily due to the use of silicon photonics [5] - The company has strong inventory capabilities to address supply tightness in core upstream components, which is crucial given the rapid growth in demand for 800G and 1.6T [5] - The company plans to gradually increase its dividend payout ratio to share operational success with shareholders [6] - The company is observing a growing demand for optical connection solutions as the industry evolves [7] Market Outlook - The company anticipates that material costs will impact gross margins, but it remains confident in maintaining gross margin growth through product technology and bulk purchasing strategies [8] - The company has developed capabilities for 3.2T products and is in the active research phase, although market demand is currently focused on 1.6T and 800G [8] - The company is expanding both domestic and international production, with expectations for improved gross margins in the domestic market [9] Strategic Initiatives - The company is addressing foreign exchange risks by monitoring exposure and hedging against currency fluctuations [10] - There is a growing demand for data center interconnect solutions, driven by various application scenarios within data centers [11] - The company sees significant opportunities in the scale-out market due to increasing interconnect needs as clients transition from GPU to ASIC chips [12] - The company is actively developing copper connection and liquid cooling solutions, with positive progress reported [13] - The demand for ZR modules in AI data centers is expected to grow, with the company promoting its 400G ZR and 800G ZR technologies [14]