1.6T Optical Module EML Chip Supply-Demand Tightness: Leading Manufacturers Have Significant Advantages in Securing Production Capacity

In 2025, the supply-demand gap for EML chips in 1.6T optical modules will reach 40%. As the global leader in EML chips, Lumentum’s total production capacity in 2025 will be approximately 60 million units, of which only 20 million are 200G EML chips and production will ramp up in the second half of the year. Leading manufacturers like Zhongji Innolight have locked in 70% of Lumentum’s capacity by paying a 30% advance deposit, forming a supply chain advantage [1].

• Zhongji Innolight
  : 2025 Q1-Q3 revenue of 25.005 billion yuan (+44.43%), net profit of 7.132 billion yuan (+90.05%), remaining the industry leader [2].
• Eoptolink
  : Revenue of 16.505 billion yuan (+221.70%), net profit of 6.327 billion yuan (+284.37%), leading in growth rate [4].
• Tianfu Communication
  : Revenue of 3.918 billion yuan (+63.63%), net profit of 1.465 billion yuan (+50.07%), focusing on upstream optical components [4].

The penetration rate of silicon photonics solutions in 1.6T modules exceeds 80%, but EML is irreplaceable in medium and long-distance scenarios. According to LightCounting reports, cloud computing spending and optical module sales growth exceed expectations, with both volume and price increasing in the industry [2].

The supply-demand imbalance confirms strong industry demand, and leading manufacturers consolidate their positions by locking in production capacity. Eoptolink’s high growth rate reflects its improved competitiveness, and Tianfu Communication benefits from the long-term potential of CPO [5].

• Risks
  : Supply chain disruption, technical route switching risk.
• Opportunities
  : Dividends from volume and price increases for leading manufacturers, CPO technological breakthroughs (Tianfu Communication).