艾媒咨询 | 2025年中国CPO产业市场状况及标杆企业经营数据分析报告

2025年，中国CPO（共封装光学）产业生态快速成熟，正式从实验室走向产线，迈入规模化商用阶段，成为支撑AI算力基础设施升级的核心技术路径之一。全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research（艾媒咨询）最新发布《2025年中国CPO产业市场状况及标杆企业经营数据分析报告》数据显示，2025年前三季度中国CPO营收前三企业合计占TOP10近七成，行业竞争格局较为集中；研发投入强度显著提升，前十企业平均研发费用占营收比重达13.77%，头部企业如炬光科技、曙光数创的研发投入强度分别为22.14%和21.65%；毛利率方面，技术领先企业稳定在30%-52%区间。艾媒咨询分析师认为，2025年CPO产业爆发式增长的核心驱动力是AI算力需求的持续释放，行业集中化格局与高研发投入、高盈利水平形成正向循环，头部企业凭借技术与规模优势持续巩固领先地位，未来随着1.6T及更高速率产品落地与国产替代深化，产业盈利韧性将进一步凸显。
In 2025, China's CPO (Co-Packaged Optics) industry ecosystem rapidly matured, officially transitioning from the lab to production lines and entering the stage of large-scale commercialization, becoming one of the core technological pathways supporting the upgrade of AI computing infrastructure. According to the latest report, "2025 China CPO Industry Market Status and Benchmark Enterprise Operation Data Analysis Report," released by iiMedia Research (a leading global third-party data mining and analysis firm for the new economy industry), data shows that in the first three quarters of 2025, the top three CPO revenue-generating enterprises in China collectively accounted for nearly 70% of the top 10, indicating a relatively concentrated industry competition landscape. R&D investment intensity significantly increased, with the average R&D expenses of the top 10 enterprises reaching 13.77% of revenue, while leading firms such as Jiguang Technology and Inspur Shuyang had R&D investment intensities of 22.14% and 21.65%, respectively. In terms of gross margin, technology-leading enterprises remained stable within the 30%-52% range. Analysts from iiMedia Research noted that the core driver of the explosive growth in the CPO industry in 2025 was the sustained release of AI computing demand. The industry's concentrated landscape, coupled with high R&D investment and high profitability, formed a positive cycle, allowing leading enterprises to continuously consolidate their dominant positions through technological and scale advantages. In the future, with the commercialization of 1.6T and higher-speed products and the deepening of domestic substitution, the industry's profitability resilience will further emerge.