Economic Observer reporter Zhang Xiaohui

On August 10, 2026, OFILM Group Co., Ltd. (002486.SZ, hereinafter referred to as "OFILM") issued a "Clarification Announcement on Media Reports", stating that some media questioned the actual controller of OFILM, Cai Rongjun, for transferring benefits to its actual controlled companies, New Feiguang Communication Technology Co., Ltd. (hereinafter referred to as "New Feiguang") and New Thinking Motor Co., Ltd. (hereinafter referred to as "New Thinking"), and the company made a clarification specifically for this purpose.

After the clarification announcement was issued, on August 10th, the stock price of OFILM fell by 2.89%, with a closing price of 7.40 yuan per share and a total market value of 25.87 billion yuan.

OFILM announced on August 10th that the company has reported the case and will hold relevant parties legally responsible in accordance with the law. On the morning of August 11, 2026, a reporter from the Economic Observer called the Office of the Secretary General of OFILM to inquire about the above matter. The staff replied that the police in Nanchang High tech Zone had accepted the case and the company would announce any progress in the future.

The related party transaction with Xinfeiguang is only 1.23 million yuan

In the clarification announcement, OFILM mainly clarified the related party transactions between the listed company and the two companies, New Feiguang and New Thinking, which are actually controlled by Cai Rongjun.

OFILM stated in the announcement that the company is completely independent of New Micron in terms of business model and product line. The company focuses on the research and manufacturing of optical components for terminal consumer electronics products such as cameras, lenses, and fingerprint recognition, while Xinfei Light focuses on the research and manufacturing of optical modules and active optical cables (AOC). The product form and final application scenarios of the company are completely different from Xinfei Light, serving completely different industrial chain links; The company's main customers are terminal brand customers such as smartphones and smart cars, while New Feiguang's main customers are North American data centers, domestic cloud service providers, telecommunications equipment providers, etc.

OFILM stated that the company produces or OEM the optical modules, optical components, glass bridges, precision structural components, and other products mentioned in the report for Xinfeiguang, and there is no behavior of artificially lowering the prices of company components or transferring profits to Xinfeiguang.

The Economic Observer reporter noticed that in the past three years, the related party transactions between OFILM and Xinfeiguang only amounted to 1.2348 million yuan for the rental of factory buildings in 2023.

It is reported that OFILM was founded in Shenzhen in 2002 and listed on the Shenzhen Stock Exchange in 2010. Its actual controller is Cai Rongjun, and it is a leading optical and optoelectronic enterprise in China. The company's core business is divided into two major segments: consumer electronics optics and in car intelligent hardware. Its main products include mobile phone cameras, fingerprint modules, in car imaging, and radar sensing products. It has deeply entered the Apple supply chain, with peak revenue exceeding 50 billion yuan.

In 2020, affected by the entity list, Apple terminated its cooperation, and OFILM suffered consecutive large losses. It decisively divested low-end assets, fully bound to Huawei's mobile phone supply chain, and made efforts to gradually turn losses around in the fields of autonomous driving and in car cameras.

Cai Rongjun was born in 1972 and graduated from Shantou University with a bachelor's degree. He has been the General Manager of OFILM since 2002 and the Chairman of OFILM since 2004. In March 2026, Hurun Research Institute released the "2026 Hurun Global Rich List", and Cai Rongjun ranked 3635th with 7.5 billion yuan.

The controlling shareholder of OFILM is Shenzhen OFILM Investment Holdings Co., Ltd. (hereinafter referred to as "OFILM"), and Cai Rongjun is the actual controller of OFILM. OFILM holds 5.78% of the shares of the listed company OFILM, and Cai Rongjun also directly holds 0.63% of the shares of OFILM. This equity share means that OFILM's shareholding is not concentrated, with Cai Rongjun holding only 6.41% of the shares.

The number of related party transactions with new thinking has been increasing year by year

The main business of New Thinking is motor related business, which is an upstream enterprise of OFILM. From 2023 to 2025, the related party transactions between OFILM and New Thinking amounted to 326 million yuan, 432 million yuan, and 595 million yuan, respectively.

In a clarification announcement, OFILM stated that the new thinking was acquired by Cai Rongjun and his controlled company Shenzhen Hezheng, and there was no "early separation of the VCM motor core business from OFILM, with OFILM bearing all research and development costs, and high gross profit businesses returning to new thinking after maturity. ”The situation.

OFILM explained in the announcement that the related transactions between the company and New Thinking in the past three years mainly involved purchasing products and services from New Thinking, and the products purchased by the company from New Thinking were motor products. In the motor industry, end customers of camera module manufacturers have the ability to independently decide their motor suppliers and module manufacturers. Although New Thinking supplies products to camera module manufacturers, the selection, key technical specifications, demand, and price of motors are essentially determined by the end customers. New Thinking supplies motors to OFILM, which are usually specified or pre certified by end customers. OFILM needs to purchase according to the standards, quality, technical specifications, and quantity set by end customers.

How does OFILM determine the price for purchasing motors from New Thinking?

OFILM also explained that the products provided by New Thinking to OFILM and other independent customers are determined through an independent bidding, tendering, or quoting process conducted by end customers. In general projects, end customers clarify product specifications and pricing requirements through internal procurement platforms or direct commercial negotiations, and initiate independent bidding, tendering, or quoting processes. Pricing is mainly determined by end customers, and as a module manufacturer, OFILM does not affect the pricing mechanism.When formulating bidding or tendering plans for end customers, New Thinking will refer to internal pricing guidelines, comprehensively consider current bidding requirements, similar market prices, raw material and manufacturing costs, production complexity, and available capacity and orders. Pricing will be market-oriented, combined with product costs and expected profit margins.

Investors' Concerns

In other aspects, OFILM also clarified the statement made by a certain media outlet that "investors have reported their research and development achievements for in vitro reuse and shared infrastructure".

OFILM stated that the company has invested in research and development projects, focusing on its own business directions such as optical lens modules, camera module packaging, and automotive optical components, and has not involved the research and development of CPO core processes such as WLG wafer level glass and high-precision optical coupling. The company's R&D system operates independently, and R&D projects, experimental development, and patent applications are all implemented independently by the company, which is different from the R&D goals, technical routes, and product application scenarios of New Feiguang and New Thinking. The processes, technologies, and patents developed by the company serve the company's products, and there are no R&D technologies or patents that are mutually applicable or shared with New Thinking or New Micron. There is also no situation where the company bears the risk of R&D losses but directly applies mature processes to New Micron's optical module products without reasonable authorization or technology transfer fees.

OFILM stated that its production and operation sites are mainly located in Nanchang and Hefei cities, while its new production base is in Guangming District, Shenzhen, and its main production base is in Jiashan County, Jiaxing City, Zhejiang Province. Each company operates independently, and all related party transactions are strictly subject to internal review and disclosure procedures in accordance with the requirements of related party transactions, priced at market prices and fairly priced.

On the Shenzhen Stock Exchange's interactive trading platform, investors' recent questions are all related to the reported incident involving Cai Rongjun. For example, an investor asked, "Recently, there have been public reports from small and medium-sized investors questioning whether the company's related party transactions with Xinfeiguang have harmed the rights and interests of listed companies. May I ask: Has the company received the report materials? Has it proactively reported the relevant situation to regulatory authorities

As of the time of writing, apart from clarifying the announcement, OFILM has not provided any answers to these investors one by one.

According to the 2026 interim report, OFILM expects a net profit loss of 360 million to 460 million yuan.

Regarding the reasons for the losses, OFILM stated that during the reporting period, due to the significant increase in storage chip prices and weak demand in downstream terminal markets, some terminal manufacturers voluntarily lowered their production and shipment plans, resulting in a phased reduction in the company's sales order scale and a decrease in the gross profit of its main business; The government subsidies related to revenue obtained by the company decreased year-on-year; The profit and loss of minority shareholders in the company increased year-on-year, resulting in a corresponding decrease in net profit attributable to shareholders of the listed company.

(Author Zhang Xiaohui)