How is China's germanium dioxide supply structure changing with new capacity expansions?
This capacity race highlights a strategic shift toward downstream value capture. Zhongjin Lingnan is building a 120,000-wafer-per-year germanium single-crystal substrate line, targeting 2026 H2 startup. Chihong already produces fiber-grade, infrared-grade, and photovoltaic-grade germanium materials, capturing profits across the full chain. The competition is no longer about raw germanium but high-purity GeO2 and downstream crystals.
