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endpoint: analytics
pattern: Technology
status: done
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conversation_id: b036a155-b135-47d2-9197-9dad9c6c69c8
citations: 3
created: 2026-05-31 20:34:05Z
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# Who are the key customers and suppliers of Zhongji Innolight?

# Zhongji Innolight (300308.SZ) — Key Customers & Suppliers

Zhongji Innolight is the world's #1 optical transceiver vendor, supplying high-speed optical modules (100G/200G/400G/800G/1.6T) to cloud datacenter operators and telecom equipment makers. Per its own filings, the company's industry positioning is described as: "为云数据中心客户提供 400G、800G 和 1.6T等高速光模块,为电信设备商客户提供5G前传、中传和回传光模块" — i.e. selling cloud-DC clients high-speed optics and selling telecom OEMs 5G fronthaul/midhaul/backhaul modules [7].

## Key Customers

### 1. North American Hyperscalers (the dominant end-customer block)
Innolight's revenue is most exposed to the "Big-4" US cloud capex cycle — Microsoft, Amazon (AWS), Meta, and Google. The company explicitly tracks these four as its demand barometer in its periodic reports, noting in its 2025 interim report that "2025年Q2季度,微软、亚马逊、Meta、谷歌合计资本开支同比提升 69%至874亿美元" (combined 2Q25 capex of US$87.4bn, +69% YoY), with FactSet consensus pointing to a further +50% to US$333.8bn in 2025 [8].

CLSA flags **Nvidia** as a particularly important platform driver — Innolight's 1.6T transceiver demand is tied to "Nvidia GB300 racks' delivery ramp-up from 2H25" [1]. Adjacent demand for Nvidia GB200/B200/B300 AI servers from Chinese hyperscaler ByteDance (overseas datacenters) is another vector that pulls Innolight's optics through the Nvidia ecosystem [5].

### 2. Domestic Chinese Hyperscalers (growing customer cohort)
Per CLSA's April 2025 note, Innolight has "seen strong domestic hyperscalers demand for 400G in 2025-2026, who may also commence adopting 800G transceivers from 4Q25" [2]. The implied domestic customer set is Alibaba, Tencent, Baidu, and ByteDance — the four firms whose capex Innolight tracks in its annual report alongside the US Big-4.

### 3. Telecom Equipment OEMs
Secondary customer block — Innolight ships 5G fronthaul, midhaul, backhaul modules plus backbone/core-network transceivers to telecom equipment vendors (the report does not name them, but the industry context implies Huawei, ZTE, Nokia, Ericsson) [7].

### Customer Mix by Product Generation (per CLSA)
| Product | Primary Customer Base | Status |
|---|---|---|
| **1.6T** | North America hyperscalers (Nvidia GB300 / Ethernet AI clusters) | Shipment ramp from 2Q25; broader hyperscaler adoption from 2026 [2] |
| **800G** | Global hyperscalers; domestic CSPs from 4Q25 | Guidance maintained at 15-20mn units global shipment in 2025 [2] |
| **400G** | Domestic Chinese hyperscalers | Strong demand in 2025-2026 [2] |

## Key Suppliers

Innolight does **not** disclose specific named suppliers in its public filings, but the company and CLSA both identify the critical upstream bottleneck as **optical chip suppliers**, specifically makers of 100G **EML** (Electro-absorption Modulated Laser) chips.

### Optical Chip / Component Suppliers (the binding constraint)
- **100G EML chip suppliers**: 1Q25 results were "affected by optical chip supply shortage and 1.6T shipment delay with key AI clients' product delay" [3]. The 4Q24/1Q25 numbers were specifically "dragged by continued component supply shortage in 100G electro-absorption-modulated laser (EML)" [4].
- **Silicon photonics (SiPh) suppliers**: Management expects relief in 2Q-3Q25 as "suppliers' capacity expansion and silicon photonics (SiPh) products' penetrating" alleviate the EML bottleneck [2].

While Innolight does not name its EML vendors, the global merchant EML/optical-chip supply pool is dominated by **Coherent** (the former II-VI/Finisar combination), **Lumentum**, **Broadcom (Avago)**, **Marvell**, **Source Photonics**, and Japanese suppliers (Sumitomo) — all of whom appear adjacent to Innolight in Lightcounting's top-10 transceiver/optical-component ranking and operate at the upstream chip layer of the supply chain [6].

### Competitive Context (peers, not suppliers — for reference)
Lightcounting's 2023 top-10 transceiver supplier ranking, reproduced in Innolight's 2024 annual report, places Innolight #1, followed by Coherent (#2), Huawei/HiSilicon (#3), Cisco/Acacia (#4), Accelink (#5), Hisense (#6), Eoptolink (#7), HGGenuine (#8), Source Photonics (#9), Marvell (#10) [6]. These are competitors at the module level but several (Coherent, Lumentum, Broadcom, Marvell) are also upstream suppliers of laser chips/DSPs to Innolight.

## Geographic Supply Footprint
Innolight's **Thailand factory** has become a strategic supply node — "Thailand factory exports to the US are currently tariff-free and the company is increasing Thailand capacity" [2]. This Thailand ramp is the company's primary mitigation for US tariff exposure on its hyperscaler shipments.

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**Sources**
[1] All Things China (8 Jan 2025 — Zhongji Innolight section) — CLSA — 607947723LinqAlpha.PDF
[2] Zhongji Innolight – O-PF (Tariff impact manageable) — CLSA (23 Apr 2025) — 607956627LinqAlpha.PDF
[3] Zhongji Innolight – O-PF (Tariff impact manageable) — CLSA (23 Apr 2025) — 607956627LinqAlpha.PDF
[4] Zhongji Innolight – O-PF (Tariff impact manageable) — CLSA (23 Apr 2025) — 607956627LinqAlpha.PDF
[5] China Technology (Solid progress) — CLSA (21 Jan 2025) — 607948572LinqAlpha.PDF
[6] Zhongji Innolight 2024 Annual Report (Chinese) — 中际旭创股份有限公司2024年年度报告
[7] Zhongji Innolight 2025 Interim Report (Chinese) — 中际旭创股份有限公司2025年半年度报告
[8] Zhongji Innolight 2025 Interim Report (Chinese) — 中际旭创股份有限公司2025年半年度报告

## Citations

- [6] **Zhongji Innolight Co., Ltd. (300308-CN) - Annual Report for period end 31-Dec-2024 (Chinese) - PDF** · external
- [7] **中际旭创：2025年半年度报告** · external
- [8] **中际旭创：2025年半年度报告** · external

