Analysis of Zhongji Innolight (300308.SZ) Reaching a New Stock Price High: Driven by Google AI Collaboration and Industry Trends

Zhongji Innolight (300308.SZ) entered the hot list on November 26, 2025, with market attention rising significantly [9]. On that day, its stock price hit a historical high, with market capitalization exceeding 600 billion yuan [2]. The main driving factors include:

1. Google AI Computing Power Cooperation
   : The company is a core supplier for Google, with an 800G optical module procurement share of over 50-60% [0]. Meta and Google reached a multi-billion dollar TPU computing power cooperation, directly driving demand growth [0].
2. Industry Trend
   : Under the wave of AI data center construction, the demand for optical modules continues to upgrade, with 400G/800G/1.6T products becoming mainstream [0].

• Market Position
  : The world’s largest optical module supplier, ranking first in market share for four consecutive years [0].
• Financial Performance
  : In the first half of 2025, revenue was 14.789 billion yuan (+36.95% YoY), and net profit was 3.995 billion yuan (+69.40% YoY) [0].
• Technological Leadership
  : 1.6T optical modules have achieved large-scale production, with technology leading the North American market by nearly one year [0].

• Policy Support
  : China’s digital economy and AI development strategy provide long-term support for the optical module industry [0].
• Industry Growth
  : The AI infrastructure component market is expected to grow at a 15% CAGR [8].

• Customer Concentration
  : Dependence on major clients like Google; changes in cooperation may affect performance [0].
• Technological Iteration
  : Continuous R&D investment is needed to maintain a leading position [0].