T&S Communications develops and mass-produces passive and active optical devices, including 1.6T optical engines and CPO components, for data-center networking.
T&S is the quiet outlier in this cluster: a component and packaging supplier rather than a module brand, and by a wide margin the most profitable company in the Chinese optical chain. FY2025 revenue was RMB 5.163 billion, up 58.79 percent, with net profit attributable RMB 2.017 billion, up 50.15 percent, both all-time highs, at a net margin of 39.08 percent and a return on invested capital of 40.58 percent. Those are semiconductor-IP-like returns earned on optical hardware, indicating real pricing power in optical engine packaging rather than the thin-margin module assembly the category is usually associated with. Active optical device revenue reached RMB 2.997 billion, up 81.11 percent, at 58.06 percent of revenue on higher-speed active deliveries, while passive devices contributed RMB 2.084 billion, up 32.23 percent at 40.37 percent. Operating cash flow was RMB 1.868 billion, up 47.97 percent, and R&D spend was RMB 267 million. The technology record is on the CPO transition path: completed volume production of 1.6T optical engines and finished development of CPO-supporting optical devices for next-generation supercomputing and AI cluster applications, with R&D on multi-channel components for CPO-ELS module applications and on silicon photonics integration. Its Thailand Phase 2 plant enters large-scale production in 2026. The visible drag is Q4, where foreign exchange losses raised financial expenses and stage-specific material supply bottlenecks constrained output, leaving
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T&S Communications develops and mass-produces passive and active optical devices, including 1.6T optical engines and CPO components, for data-center networking. T&S is the quiet outlier in this cluster: a component and packaging supplier rather than a module brand, and by a wide margin the most profitable company in the Chinese optical chain. FY2025 revenue was RMB 5.163 billion, up 58.79 percent, with net profit attributable RMB 2.017 billion, up 50.15 percent, both all-time highs, at a net margin of 39.08 percent and a return on invested capital of 40.5
T&S Communications ranks 35 of 100 on the AI Infra 100 (November 2026 edition) with a score of 93 out of 100, in Optical & photonic interconnect (Networking & interconnect). Assessment by Frontier Tech Intelligence.
Dongshan Precision (rank 13), Coherent (rank 19), Corning (rank 28), Innolight (rank 29), Huagong Tech (rank 55), Prysmian (rank 56).
T&S Communications is based in Shenzhen, Guangdong, China.
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