{"city":"Shenzhen","name":"T&S Communications","slug":"t-s-communications","facts":[{"date":"2026-04-07","type":"revenue_band","value":">500m","source":"tfcsz.com and 163.com"},{"date":"2026-04-07","type":"revenue","value":"Passive optical devices","source":"tfcsz.com and 163.com"},{"date":"2026-04-07","type":"revenue","value":"Active optical devices","source":"tfcsz.com and 163.com"},{"date":"2026-04-07","type":"revenue","value":"RMB 5163000000","source":"tfcsz.com and 163.com"},{"date":"2026-01-21","type":"setback","value":"Stage-specific material production bottlenecks in the optical communications industry constrained fourth-quarter growth","source":"10jqka.com.cn"},{"date":"2026-01-21","type":"setback","value":"Foreign exchange losses increased financial expenses","source":"10jqka.com.cn"}],"peers":[{"name":"Dongshan Precision","rank":13,"slug":"dongshan-precision","score":"98"},{"name":"Coherent","rank":19,"slug":"coherent","score":"96"},{"name":"Corning","rank":28,"slug":"corning","score":"94"},{"name":"Innolight","rank":29,"slug":"innolight","score":"94"},{"name":"Huagong Tech","rank":55,"slug":"huagong-tech","score":"90"},{"name":"Prysmian","rank":56,"slug":"prysmian","score":"89.5"}],"stage":null,"state":"Guangdong","aliases":["天孚通信","Tianfu Communication","Suzhou T&S Communications Co., Ltd.","TFC"],"country":"China","domains":[{"why":"T&S Communications develops and mass-produces passive and active optical devices, including 1.6T optical engines and CPO components, for data-center networking.","list":"AI Infra 100","rank":35,"tier":"member","layer":"Networking & interconnect","total":93,"domain":"AI Core","scores":{"gate_ne":["firepower"],"leverage":8,"position":10,"progress":10,"firepower":10,"commercial":10,"deployment":8,"production":8,"technology":10},"edition":"November 2026","segment":"Optical & photonic interconnect"}],"founded":null,"signals":[{"date":"2026-09-29","header":"Mainland capital net inflow into Tianfu Communication stock","outlet":"Yicai"},{"date":"2026-09-28","header":"Mid-October 2026: Multiple Chinese optical module concept stocks decline amid market sell-off","outlet":"Yicai"},{"date":"2026-09-28","header":"A-share market opens lower with gold and optical module stocks leading declines","outlet":"36Kr newsflashes"},{"date":"2026-09-22","header":"Mainstream funds net bought 20.51 billion yuan in Cambricon in the morning session on September 22, 2026","outlet":"Yicai"},{"date":"2026-09-22","header":"Mainstream capital net inflow into semiconductor and biopharma sectors on September 22, 2026","outlet":"36Kr newsflashes"},{"date":"2026-09-10","header":"Tianfu Communication attracted RMB 3.185 billion in net main-fund inflows.","outlet":"36Kr"}],"website":"china-tscom.com","category":"AI Infra · Networking & interconnect","categories":[{"name":"Optical & photonic interconnect","domain":"AI Core","parent":"AI Infra · Networking & interconnect"}],"last_round":null,"updated_at":"2026-09-30T10:00:38.035+00:00","facts_total":11,"positioning":"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 ","sub_category":"Optical & photonic interconnect","signals_total":7,"url":"https://www.frontiertechintelligence.com/companies/t-s-communications","title":"T&S Communications · ai core, Shenzhen, Guangdong, China · scores, facts and signals · Frontier Tech Intelligence","description":"T&S Communications develops and mass-produces passive and active optical devices, including 1.6T optical engines and CPO components, for data-center networking. AI Infra 100 rank 35 (score 93) 7 signals and 11 facts with sources.","publisher":"Frontier Tech Intelligence (Future Frontiers, a trade name of Essential Cognition Inc.)","note":"Assessment by Frontier Tech Intelligence; facts and signals carry their sources."}