Zhongji Innolight Co., Ltd.: A Leading Global Optical Interconnects Solution Provider

Research evidence excerpt

Zhongji Innolight Co., Ltd.: A Leading Global Optical Interconnects Solution Provider

Zhongji Innolight Co., Ltd.

17 July 2026 Citi Research

Figure 6. Rising Penetration of SiPh in Global Datacom Optical Interconnect

Market

120 (US$bn)

2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E

SiPh Others

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Source: Citi Research, LightCounting, CIC

Flexible and resilient supply chain

Innolight generally procures key components (including PMIC, DSP, EML) from

global premier suppliers, but at the same time, it cultivates domestic supply chains

to further diversify its supplier base. The company also uses its strategic

investments and partnerships to prepare for advanced technologies and global

expansion.

We believe Innolight has a unique edge in supply-chain management, including

global, broad-based supplier networks with low concentration in single suppliers

and strong bargaining power. The company uses multi-year framework agreements

to secure critical components. Long-term strategic collaboration is important to

provide resilience in supply-chain procurement, as a result driving an excellent

delivery track record and cost-competitive supply to its customers.

Strong relationships with industry-leading customers

90% of the company’s revenue came from non-China markets in 2025. The

company is serving a majority of global leading CSPs and AI computing solutions

providers, which are mostly the world’s leading players. Innolight has built up long-

term customer partnerships backed by seamless alignment on technology and

product roadmaps. The company is able to provide unique insights on emerging

industry trends as customers upgrade AI infrastructure. We think customers also