Core Insights - The light counting predicts that the market size for 800G Ethernet optical modules will exceed that of 400G by 2025, and the overall market for 800G and 1.6T optical modules will surpass $16 billion by 2029 [1] - The global optical communication industry is undergoing a structural transformation driven by AI, with unprecedented growth rates expected [1] - Hengtong Optic-Electric is positioned as a leading enterprise in China's optical communication industry, showcasing comprehensive technology layout and innovative vision at the 2025 PT Exhibition [1] Industry Trends - The demand for transmission bandwidth is increasing exponentially due to the rapid growth of AI-driven data centers and large-scale GPU clusters [1] - The "East Data West Computing" project is driving the upgrade of backbone networks, creating significant demand for the renovation of outdated networks [1] - The industry is transitioning from "quantitative change" to "qualitative change," with AI infrastructure and internationalization presenting unique opportunities [1] Company Developments - Hengtong Optic-Electric showcased its achievements in various fields, including high-speed optical modules and cross-data center interconnection solutions at the PT Exhibition [2] - The company has made significant progress in the marine communication sector, with over 108,000 kilometers of new submarine cables constructed [2] - Hengtong aims to become a global leader in information and energy interconnection solutions, focusing on AI computing infrastructure and integrated communication across air, land, and sea [2] Future Outlook - The company plans to enhance its supply capacity for high-end specialty optical fibers and modules to meet the explosive growth in AI computing demand [2] - Hengtong will continue to increase R&D investment and leverage synergies across its business segments to innovate in communication technologies [2] - The optical communication industry is poised for unprecedented development opportunities driven by the AI wave, with Hengtong playing a crucial role in this transformation [2]

Summary of Zhaochi Co., Ltd. Conference Call Industry Overview - The telecommunications market is currently valued at approximately 15 billion RMB, with a trend towards stabilization due to reduced supply and increased demand for 400G and 800G high-speed modules driven by AI applications [3][6] - The demand for high-speed modules in the data communication market is strong, with supply constraints expected to persist until the end of 2026 [3][6] Company Performance and Strategy - Zhaochi Co., Ltd. has achieved a gross margin of about 30% in the low-speed optical module market through process improvements and automation, aiming to capture over one-third of the market share [2][4][7] - The company plans to replicate its successful LED full industry chain experience in the optical communication sector by vertically integrating from optical chips to optical modules, thereby reducing costs and improving efficiency [2][10] - Zhaochi expects its optical communication business to generate over 1.5 billion RMB in revenue and a net profit of 1.5 billion RMB or more by 2026 [2][5] Product Development and Market Position - The company is actively introducing 400G and 800G high-speed modules, with expectations of significant order inflow once production capacity is sufficient by the end of 2026 [2][14] - Initial shipments of high-speed modules are projected to generate at least 500 million RMB in revenue, with potential to reach 1 billion RMB or more under favorable conditions, and gross margins expected to exceed 50% [2][16] - Zhaochi's Nanchang factory is set to produce 200,000 optical modules monthly, with total investment under 1 billion RMB, and the first phase of capital expenditure for optical chips is approximately 500 million RMB, with 70% of construction completed [2][18] Competitive Landscape - The low-speed optical module market has seen reduced competition as major manufacturers shift focus to high-speed modules, leading to a more stable competitive environment [3][6][7] - Zhaochi's main clients in the low-speed optical module market include leading domestic telecommunications companies, with a revenue target of approximately 1 billion RMB by 2026 [12][13] Future Outlook - The company anticipates a recovery in its television and LED industry chain in the coming year, with LED profits expected to grow by 20% annually [21][23] - Zhaochi is optimistic about its strategic transition into optical communication, viewing it as a significant growth opportunity [23]

9月11日，在第26届中国国际光电博览会（以下简称"光博会"）上，人潮涌动，新易盛、中际旭创、光 迅科技等光模块"顶流"云集。证券时报记者在现场看到，头部光通信厂商纷纷展示了当前最高端的1.6T 光模块产品，现场"保密"级别显著升级，不少产品现场不许拍照或者需要预约参观，有观众动笔记下产 品明细。 作为人工智能（AI）产业的核心基础设施之一，光模块指数板块今年以来涨幅翻倍，板块内上市公司 合计流通市值最新突破1.1万亿元。 本届光博会展会现场，供应商、客户、投资人来访络绎不绝。据会务官方介绍，本届展会聚集全球超 3800家光电企业，首日观众超过7万人次，同比去年增长17%。 记者注意到，新易盛、光迅科技、联特科技、索尔思光电、高意等海内外厂商都展出最新1.6T光模块样 品。本次代表中际旭创参展的，是其面向国内市场的子公司智禾光通，该公司展出了多款400G/800G高 速光模块等产品。 作为当前光通信领域高端主流技术，传输速率达到1.6T的光模块代表了行业前沿水平，应用于超大型数 据中心、AI算力集群、超算中心等对带宽需求极高的场景，今年开始起量。 有光模块厂商驻场负责人向记者介绍，公司早在2023年就有布局1 ...

Core Viewpoint - Ruijie Networks announced on September 4 that its self-developed 400G/800G high-speed optical module products are primarily aimed at internet companies with high-performance computing network needs, aligning with their data center switch products and overall solutions [1] Group 1 - The company has not collaborated with NVIDIA to develop CPO switches [1] - The company possesses relevant CPO technology reserves and has previously collaborated with Tencent and Broadcom on innovations and applications of CPO technology in switching networks [1] - Currently, the company has not initiated self-developed switch chip business [1]

Group 1 - The latest stock price of Huagong Technology is 52.83 yuan, up 1.13% from the previous trading day, with a trading volume of 2.874 billion yuan [1] - The company reported a revenue of 7.629 billion yuan for the first half of the year, a year-on-year increase of 44.66%, and a net profit attributable to shareholders of 911 million yuan, also up 44.87% year-on-year [1] - The revenue from the connection business reached 3.744 billion yuan, showing a significant year-on-year growth of 124% [1] Group 2 - The demand for 400G/800G high-speed optical modules is rapidly increasing, with the monthly production capacity of 800G and above products expected to reach 200,000 units after the overseas factory starts production [1] - The company's R&D investment continues to grow, with the 1.6T silicon optical module entering the sample testing phase [1] Group 3 - On August 19, the net inflow of main funds was 16.9391 million yuan, with a cumulative net inflow of 4.4382 million yuan over the past five days [2]

Company Developments - Changfei Company will showcase its innovations in the fields of 5.5G, AI computing power, and green lighting at the 2025 "China Optics Valley" International Optoelectronic Exposition from May 15 to 17, 2025, under the theme "Light Leading a Green Future" [2] - In the 5.5G sector, Changfei has launched several innovative products, including the Farbei® ultra-low loss G.654.E optical fiber, which is ideal for long-distance data center transmission, and various flexible multimode fibers that meet diverse transmission needs [2] - The company also presented a full range of cable solutions, including indoor and outdoor cables, leakage cables, ODN, and submarine cables, ensuring excellent product quality through its advanced drawing technology [2] Breakthroughs in Special Optical Communication - Changfei has made significant breakthroughs in special optical communication and sensing products, introducing a polarizer that effectively blocks reverse transmission signals, enhancing the stability and security of optical communication systems [3] - The company showcased its "Panda" polarization-maintaining fiber and other star products, demonstrating its deep expertise and innovative capabilities in the special fiber sector [3] AI Green Computing Solutions - In response to the explosive growth of data driven by AI computing and reasoning, Changfei launched AI green computing solutions centered around hollow-core and multi-core fibers [3] - The hollow-core fiber, a disruptive technology for next-generation optical communication, achieves efficient signal transmission in air cores, with a speed increase of approximately 47% and a delay reduction of about 31% compared to conventional fibers [3] - At the recent OFC in March, the company demonstrated the latest advancements in hollow-core fiber technology, achieving a single fiber length exceeding 20 kilometers and a minimum attenuation coefficient of 0.05 dB/km, setting a new global record [3][4] Multi-Core Fiber Applications - The application of multi-core fibers has significantly increased transmission capacity to dozens of times that of conventional single-mode fibers, enhancing information transmission efficiency and reducing cable volume by over 75% [4] - Changfei also showcased 400G/800G high-speed optical modules and high-density integrated wiring products, effectively covering the optical interconnection needs of intelligent computing hubs from 7 meters to 2 kilometers [4] Green Lighting Innovations - In the green lighting sector, Changfei introduced an intelligent sunlight introduction system that uses specialized optical fiber lamps and lighting cables to bring outdoor natural light indoors, addressing the needs for green lighting, environmental health, energy conservation, and low-carbon living [4] - This system has been successfully applied in various locations, including Shanghai Hongqiao, Xiamen North Station, and residential villas [5]