In the recent A-share market, the term "Yi Zhong Tian" has unexpectedly gained popularity. This does not refer to the renowned scholar known for his commentary on the Three Kingdoms, but rather to the "three musketeers" of the optical module sector—comprising Suzhou Tfc Optical Communication Co., Ltd. (TFC), Zhongji Innolight, and Eoptolink—each contributing a character to the nickname.
Among them, TFC stands out as the "small but beautiful" player, with the smallest scale and lowest market capitalization but the steadiest growth and highest gross margin. Since December, TFC's stock price has surged by 36%, reaching a market cap of 167.3 billion yuan as of December 12. Behind this rally is Zou Zhinong, a rural youth from Yichun, Jiangxi, who defied the odds to become the city's wealthiest individual.
Born in 1968 in a rural village in Yichun, Zou excelled academically and graduated from Jilin University of Technology with a degree in mechanical design—a rare achievement for someone from his background. After working at a blower factory in Siping, Jilin, Zou ventured into business during the entrepreneurial wave of the 1990s, initially selling computers.
In 2001, Zou and his wife moved to Suzhou, Jiangsu, founding Haoyi Digital Network Co., Ltd., which specialized in network cabling. This work exposed him to a critical bottleneck in optical communication: zirconia ceramic sleeves, a vital component then entirely imported from Japan at exorbitant prices.
Determined to localize production, Zou co-founded Suzhou Tfc Precision Ceramics Co., Ltd. in 2005—the precursor to TFC. The name "Tfc" derives from "technology first," reflecting its focus on innovation. The company spent two years overcoming technical hurdles, producing over a million defective ceramic sleeves before mastering the nano-ceramic sintering process.
By 2015, TFC went public on the ChiNext board, becoming China's "first optical communication components stock." Its success hinged on precision and reliability, with each production line bearing a plaque reminding employees to tread carefully—a philosophy Zou credits for its rise amid hundreds of competitors.
Post-IPO, TFC adopted a dual strategy of R&D and acquisitions, expanding from basic to high-end products and from telecom to data centers. A pivotal move came in 2020 when Zou anticipated the industry's shift toward high-speed, integrated optical communication. TFC raised 786 million yuan to invest in high-speed optical engines for 5G and data centers—a prescient bet that aligned with the AI computing boom and paved the way for its entry into Nvidia's supply chain.
While TFC has not publicly detailed its Nvidia partnership, analysts note its role in Nvidia's Quantum X800 silicon photonics CPO switch, where TFC supplies customized fiber array units (FAUs) and handles hermetic sealing—critical processes for optical performance.
TFC's 1.6T optical engines and FAUs address the bandwidth and latency demands of Nvidia's DGX GB200/300 AI servers and Quantum X800 platforms, positioning it as a key enabler of AI infrastructure. With few global players capable of meeting CPO's stringent requirements, TFC has become indispensable to Nvidia.
To support global clients like Nvidia, TFC has expanded overseas, with its Thailand production base operational since mid-2024. Domestically, it avoids competing with module giants like Zhongji Innolight and Eoptolink, instead serving as their supplier—a strategy that has won it nearly all major optical module makers as customers.
Financially, TFC's Q3 2025 revenue soared 63.6% year-on-year to 3.92 billion yuan, with net profit up 50.1% to 1.47 billion yuan, underpinning its 167.3 billion yuan valuation.
Zou's journey—from rural roots to billionaire—epitomizes the power of perseverance and foresight. As AI and CPO technologies evolve, TFC's ability to sustain growth will be closely watched.
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