The actual controller Cai Rongjun was accused of "emptying the company's assets", what did OFILM clarify?
On August 10, 2026, OFILM Group Co., Ltd. (002486.SZ, hereinafter referred to as "OFILM") issued the *Clarification Announcement on Media Reports*, stating that some media questioned that CAI Rongjun, the actual controller of OFILM, transferred benefits to Xinfeiguang Communication Technology Co., Ltd. (hereinafter referred to as "Xinfeiguang") and New Thought Motor Co., Ltd. (hereinafter referred to as "New Thought") which are under his actual control, and the company made a special clarification for this matter.
After the clarification announcement was released, the share price of OFILM fell by 2.89% on August 10, with a closing price of RMB 7.40 per share and a total market value of RMB 25.87 billion.
OFILM stated in the announcement on August 10 that the company has filed a report with the police and will pursue the legal responsibilities of relevant entities in accordance with the law. On the morning of August 11, 2026, a reporter from *Economic Observer* called the Secretary of the Board of Directors Office of OFILM to inquire about the above matters, and the staff replied that the police of Nanchang High-tech Zone had accepted the case, and the company will make an announcement if there is any follow-up progress.
Only RMB 1.23 million of Related Party Transactions with Xinfeiguang
In the clarification announcement, OFILM mainly clarified the related party transactions between the listed company and the two companies Xinfeiguang and New Thought which are actually controlled by CAI Rongjun.
OFILM stated in the announcement that the company and Xinfeiguang are completely independent in business models and product lines. The company focuses on the R&D and manufacturing of optical components for terminal consumer electronic products such as cameras, lenses, and fingerprint identification, while Xinfeiguang focuses on the R&D and manufacturing of optical modules and active optical cables (AOC). The product forms and final application scenarios of the company and Xinfeiguang are completely different, serving completely different links of the industrial chain; the company's main customers are terminal brand customers such as smartphones and smart cars, and the main customers of Xinfeiguang are North American data centers, domestic cloud service providers, and telecommunication equipment manufacturers.
OFILM said that the company produces or OEMs the optical module optical components, glass bridges, precision structural parts and other products mentioned in the report for Xinfeiguang, and there is no act of artificially lowering the selling price of the company's parts and components to transfer profits to Xinfeiguang.
The reporter from *Economic Observer* noted that in the past three years, the only related party transaction between OFILM and Xinfeiguang was RMB 1.2348 million from leasing plant 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 domestic optoelectronic enterprise. The company's core business is divided into two major sectors: consumer electronics optics and automotive intelligent hardware, mainly engaged in mobile phone cameras, fingerprint modules, automotive imaging, and radar sensing products. It was once deeply involved in Apple's supply chain, with a peak revenue of over RMB 50 billion.
Affected by the Entity List in 2020, Apple terminated its cooperation. After consecutive large losses, OFILM decisively divested low-end assets, fully tied to Huawei's mobile phone supply chain, and made efforts in the self-driving and automotive camera tracks to gradually turn losses into profits.
CAI Rongjun, born in 1972, graduated from Shantou University with a bachelor's degree. He has served as 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 a wealth of RMB 7.5 billion.
The controlling shareholder of OFILM is Shenzhen OFILM Investment Holding Co., Ltd. (hereinafter referred to as "OFILM Investment"). CAI Rongjun is the actual controller of OFILM Investment, which holds 5.78% of the equity of the listed company OFILM. In addition, CAI Rongjun directly holds 0.63% of the equity of OFILM. Such shareholding means that the shareholding of OFILM is not concentrated, and CAI Rongjun's affiliated parties only hold 6.41% of the shares.
Related Party Transactions with New Thought Increase Year by Year
The main business of New Thought is motor-related business, and it is an upstream enterprise of OFILM. From 2023 to 2025, the related party transactions between OFILM and New Thought were RMB 326 million, RMB 432 million, and RMB 595 million respectively.
OFILM stated in the clarification announcement that New Thought was acquired by CAI Rongjun and his controlled enterprise Shenzhen Hezheng, and there is no such situation as "splitting the core VCM motor business from OFILM in the early years, with OFILM bearing all R&D costs, and the high-margin mature business returning to New Thought".
OFILM explained in the announcement that the related party transactions between the company and New Thought in the past three years are mainly the purchase of products and services from New Thought, and the products purchased by the company are motor products. In the motor industry, the end customers of camera module manufacturers have the ability to independently determine their motor suppliers and module manufacturers. Although New Thought supplies products to camera module manufacturers, the selection, key technical specifications, demand and price of motors are essentially determined by the end. The motors supplied by New Thought to OFILM are usually designated or pre-certified by end customers, and OFILM needs to purchase in accordance with the standards, quality, technical specifications and quantity set by end customers.
How is the price of motors purchased by OFILM from New Thought determined?
OFILM also made an explanation. The products provided by New Thought to OFILM and other independent customers are determined through independent bidding, tendering or quotation processes carried out by end customers. In general projects, end customers clarify product specifications and pricing requirements through internal procurement platforms or direct commercial negotiations, and launch independent bidding, tendering or quotation processes. Pricing is mainly determined by end customers, and OFILM as a module manufacturer does not affect the price formulation mechanism. When New Thought formulates the bidding or tendering plan for end customers, it will refer to the internal pricing guidelines, comprehensively consider the current bidding requirements, similar market prices, raw material and manufacturing costs, production complexity, as well as available production capacity and orders. The pricing is market-oriented, combining product costs and expected profit margins.
Investors' Concerns
In other respects, OFILM also made a clarification in response to the media report that "some investors reported that the company's R&D achievements are reused externally and the infrastructure is shared".
OFILM stated that all R&D projects invested by the company are focused on its own business directions such as optical lens modules, camera module packaging, and automotive optical components, and do not involve the R&D 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 project initiation, experimental development, and patent application are all independently implemented by the company. The R&D objectives, technical routes, and product application scenarios of the company are different from those of Xinfeiguang and New Thought. The processes, technologies and patents formed by the company's R&D all serve the company's own products. There is no R&D technology and patent that is mutually used or shared with New Thought and Xinfeiguang, nor is there a situation where the company bears the risk of R&D losses but directly reuses mature processes in Xinfeiguang's optical module products without reasonable authorization or technology transfer fees.
OFILM said that the company's production and operation sites are mainly located in Nanchang and Hefei, the production base of Xinfeiguang is located in Guangming District of Shenzhen, and the main production base of New Thought is located in Jiashan County, Jiaxing City, Zhejiang Province. All companies operate independently. All related party transactions strictly follow the requirements of related party transactions to perform internal review procedures and disclosure procedures, and are priced at market prices with fair pricing.
On the Shenzhen Stock Exchange's Interactive Platform, the questions raised by investors in the latest day are all related to CAI Rongjun being reported. For example, an investor asked: "Recently, some small and medium-sized investors have publicly reported, questioning that the company's related party transactions with Xinfeiguang have harmed the rights and interests of the listed company. Excuse me: Has the company received this report material? Has it taken the initiative to report the relevant situation to the regulatory authority?"
As of the press time of the reporter, OFILM has not responded to these investors one by one except for the clarification announcement.
The 2026 semi-annual performance forecast shows that OFILM expects its net profit to be between a loss of RMB 360 million and RMB 460 million.
Regarding the reason for the loss, OFILM stated that during the reporting period, due to the sharp rise in the price of memory chips, the weakening of downstream terminal market demand, some terminal manufacturers took the initiative to reduce production and shipment plans, the company's sales order scale decreased periodically, resulting in a reduction in the gross profit of the company's main business; the government subsidies related to income obtained by the company decreased year-on-year; the minority shareholders' profit and loss increased year-on-year, resulting in a corresponding reduction in the net profit attributable to the shareholders of the listed company.
This article is from the WeChat Official Account "Economic Observer", author: ZHANG Xiaohui, published with authorization from 36Kr.