Google's recent unveiling of its latest artificial intelligence large model has ignited fervent discussions in the market. The new-generation AI model, Gemini 3, not only sets multiple performance benchmarks but also marks a significant shift in AI capabilities from merely "answering questions" to adeptly "completing tasks." Furthermore, Google's introduction of Nano Banana Pro, a state-of-the-art image generation and editing model, has also stirred up considerable market buzz.

Some analysts posit that with the launch of Google's innovative models and their training on proprietary TPUs, which substantially slash model training costs while delivering robust performance, Google is poised to be the pioneer in achieving a positive return on investment (ROI) and realizing a fully commercialized closed loop. Looking forward, Google is well-positioned to emerge as a frontrunner in this AI revolution.

Dissecting the Various Links in Google's AI Industrial Chain

Fundamental Computing Power Infrastructure

This forms the bedrock of the industrial chain. On the hardware front, the seventh-generation TPU chip, Ironwood, dramatically enhances single-chip computing prowess and energy efficiency. When 9,216 of these chips are interconnected, the resulting computing power surpasses that of the world's fastest supercomputer by 24-fold, with companies like Anthropic making substantial purchases.

In terms of network architecture, the adoption of OCS optical switching technology elevates data center network throughput by 30% and curtails power consumption by 40%, significantly optimizing computing power transmission efficiency. Key suppliers include Tengjing Technology and Hu Electric Co., Ltd., which provide OCS core optical components and TPU PCB parts, respectively.

Core Model Layer

At the heart of this layer lies the Gemini large model, which boasts over 650 million monthly active users, processes a monthly Token volume that annually increases by over 20 times, and handles a staggering 7 billion tokens per minute through API calls. The model is in a constant state of iteration, with the Gemini 3 Pro-related Nano Banana Pro already making its debut. Future enhancements will focus on code generation and multimodal creation upgrades, providing the core technological impetus for applications across the entire industrial chain.

Upper-Layer Applications and Commercial Monetization Layer

On one front, AI deeply empowers Google's traditional businesses. For instance, the "AI Overview" feature in search drives query volume growth, while YouTube's AI-driven demand development feature boosts advertiser conversion value by 40%, making advertising one of the fastest-growing segments.

On the other hand, through Google Cloud, it extends computing power services externally, with accumulated pending order revenue reaching a staggering $155 billion. Nine out of the top ten global AI labs and 60% of generative AI startups are its clients. Additionally, diverse terminal applications like Gmail's Smart Compose and Google Photos' Magic Editor continue to permeate users' daily lives.

Profitability of Enterprises within Google's AI Industrial Chain

Corporate profitability is typically gauged by the volume and caliber of earnings over a specified period. Profitability analysis entails a thorough examination of a company's profit margins.

This article, part of the corporate value series' [Profitability] section, selects 23 enterprises from Google's AI industrial chain as research specimens, employing metrics such as return on equity (ROE), gross profit margin, and net profit margin.

Please note that the data is historical and does not portend future trends; it is intended solely for static analysis and does not constitute investment advice.

No.10 Botjay Technology

Industry Segment: Industrial Control Equipment

Profitability: ROE 1.32%, Gross Profit Margin 42.54%, Net Profit Margin 1.53%

Performance Forecast: ROE peaked at 12.28% in the past three years, with the latest forecast averaging 5.70%.

Main Products: Industrial automation equipment constitutes the primary revenue stream, accounting for 84.73% of income, with a gross profit margin of 41.14%.

Company Highlights: Botjay Technology specializes in industrial automation, intelligent equipment, and system solutions within the Smart Manufacturing (intelligent manufacturing) realm. The company has enjoyed a long-standing collaboration with clients like Google.

No.9 Zhidemai

Industry Segment: Portal Websites

Profitability: ROE 4.01%, Gross Profit Margin 47.19%, Net Profit Margin 5.30%

Performance Forecast: ROE has steadily declined to 4.01% over the past three years, with the latest forecast averaging 6.02%.

Main Products: Information promotion revenue is the primary income source, accounting for 44.26% of income, with a gross profit margin of 55.44%.

Company Highlights: Zhidemai has introduced the "ZDM-Copilot Assisted Creation Tool," seamlessly integrating AIGC technology into its editor for various creation stages (AI outline) and polishing (AI title generation).

No.8 Yeahmobi

Industry Segment: Marketing Agency

Profitability: ROE 6.67%, Gross Profit Margin 18.58%, Net Profit Margin 9.02%

Performance Forecast: ROE has oscillated between 6%-12% over the past three years, with the latest forecast averaging 7.00%.

Main Products: Performance advertising marketing services constitute the primary revenue stream, accounting for 97.52% of income, with a gross profit margin of 16.90%.

Company Highlights: Yeahmobi is propelled by three core products: the AIGC digital marketing creation platform KreadoAI, the data analysis & growth model platform Shuyan Intelligence, and the intelligent multi-cloud management platform cycor.

No.7 FG Optotech Inc.

Industry Segment: Communication Network Equipment and Devices

Profitability: ROE 3.61%, Gross Profit Margin 33.88%, Net Profit Margin 7.26%

Performance Forecast: ROE has fluctuated between 3%-8% over the past three years, with the latest forecast averaging 6.23%.

Main Products: Fiber laser devices constitute the primary revenue stream, accounting for 42.47% of income, with a gross profit margin of 34.32%.

Company Highlights: FG Optotech's subsidiary, Jiahua Weijie, specializes in high-end micro-optical connections for data communication, with terminal clients encompassing renowned domestic and international internet companies like Google, Facebook, and Amazon.

No.6 Dacolian

Industry Segment: Communication Network Equipment and Devices

Profitability: ROE 4.55%, Gross Profit Margin 30.90%, Net Profit Margin 11.94%

Performance Forecast: ROE has consistently declined to 4.55% over the past three years, with the latest forecast averaging 3.55%.

Main Products: Transmission products constitute the primary revenue stream, accounting for 86.02% of income, with a gross profit margin of 32.86%.

Company Highlights: Dacolian's data communication products primarily include DCI products and various optical transceivers for data communication, with clients in the data operator sector including Google.

No.5 Insight Group

Industry Segment: Marketing Agency

Profitability: ROE -6.83%, Gross Profit Margin 24.12%, Net Profit Margin -2.77%

Performance Forecast: ROE peaked at 6.06% over the past three years, with the latest forecast averaging 8.40%.

Main Products: Performance marketing constitutes the primary revenue stream, accounting for 52.94% of income, with a gross profit margin of 6.28%.

Company Highlights: Insight Group's self-developed marketing AIGC application large model provides technical services for AI-generated and edited copy/images/videos for some well-known brands.

No.4 Kinwong Electronic

Industry Segment: Printed Circuit Boards

Profitability: ROE 11.84%, Gross Profit Margin 22.73%, Net Profit Margin 9.16%

Performance Forecast: ROE has oscillated between 11%-14% over the past three years, with the latest forecast averaging 11.76%.

Main Products: Printed circuit boards constitute the primary revenue stream, accounting for 94.67% of income, with a gross profit margin of 18.78%.

Company Highlights: Kinwong Electronic is a national high-tech enterprise specializing in the R&D, production, and sales of PCBs, with overseas clients including Amazon and Google.

No.3 Euro-Tech

Industry Segment: Other Power Equipment

Profitability: ROE 13.33%, Gross Profit Margin 21.36%, Net Profit Margin 7.07%

Performance Forecast: ROE has steadily risen to 13.33% over the past three years, with the latest forecast averaging 13.46%.

Main Products: Power adapters constitute the primary revenue stream, accounting for 44.04% of income, with a gross profit margin of 18.26%.

Company Highlights: Euro-Tech boasts a deep-rooted presence in the switching power supply sector and has forged business relationships with numerous renowned enterprises, including Google.

No.2 Shenghong Technology

Industry Segment: Printed Circuit Boards

Profitability: ROE 13.95%, Gross Profit Margin 22.72%, Net Profit Margin 10.76%

Performance Forecast: ROE has oscillated between 9%-14% over the past three years, with the latest forecast averaging 35.78%.

Main Products: PCB manufacturing constitutes the primary revenue stream, accounting for 93.66% of income, with a gross profit margin of 17.86%.

Company Highlights: Shenghong Technology specializes in high-density printed circuit boards, with products widely adopted by renowned domestic and international brands like Amazon, Microsoft, Cisco, Facebook, and Google.

No.1 Zhongji Innolight

Industry Segment: Communication Network Equipment and Devices

Profitability: ROE 31.23%, Gross Profit Margin 33.81%, Net Profit Margin 22.51%

Performance Forecast: ROE has consistently risen to 31.23% over the past three years, with the latest forecast averaging 37.05%.

Main Products: Optical communication transceiver modules constitute the primary revenue stream, accounting for 95.91% of income, with a gross profit margin of 34.65%.

Company Highlights: Zhongji Innolight stands as a global leader in the optical module industry, maintaining stable cooperative relationships with major internet cloud computing vendors like Google.

The latest rankings of profitability and growth capacity for core industrial chain enterprises have been published on Zhishi Xingqiu. Interested parties are encouraged to join and explore!