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2026-08-10

In recent months, OFILM's actions in the industry chain have become significantly encrypted.

On June 15th, OFILM Machine Vision Technology (Jiangxi) Co., Ltd. was listed and will operate the full stack of machine vision technology; On July 8th, Jiangxi Oufei Optical Micro Nano Devices Co., Ltd. was established, focusing on CPO co packaged optical passive devices; On August 6th, with a 51% stake in Zhongke Island Crystal, we entered the advanced packaging of TGV glass through-hole substrates. Within three months, we will work continuously in three areas: machine vision, optical communication optics, and advanced packaging, with a tight pace.

These pieces of information are integrated together to form a question: why would a company known for its camera modules deploy so many moves on the optical communication track?

One chain, two types of business

Let's first take a look at the optical module industry chain.

From upstream to downstream, the birth of an 800G optical module goes through approximately seven stages: wafer level optical glass processing, micro/nano structure manufacturing, optical coating, precision alignment coupling, integration of optical passive devices, assembly with optical/electrical chips, and whole machine module testing and certification. These seven stages can be roughly divided into two sections - the first five stages are precision manufacturing, and the last two stages are productization. The first stage earns money on processing accuracy and yield, while the second stage earns money on technical route judgment and customer relationships. These are two completely different capability models.

In the early stage, optical precision manufacturing focuses on factory management, yield ramp up, equipment investment, and process accumulation. OFILM has been producing camera modules for 20 years and currently supplies the flagship main camera and flagship telephoto lens of Huawei Pura90. It is also a core supplier of DJI and has accumulated the internal strength of this precision manufacturing system. Nowadays, in the field of optical communication devices, the same capability base is being reused.

In the later stage, the entire optical module relies on technical route prediction, taking into account customer relationships, certification cycles, and large-scale delivery. This is a productized business that requires a lot of money to run certification and compete for the market in the early stage. The risk curve is completely different from manufacturing business. Public information shows that the new Feiguang 800G optical module is in full production and has been certified by a major North American customer. New Thinking Motors has also grown into a leading supplier in the domestic VCM motor field and is advancing the IPO process in the Hong Kong stock market.

This arrangement is not simply about "splitting and divesting" the business from the listed company, but rather matching different types of businesses with independent organizational carriers that are suitable for their own development: the listed company focuses on its own expertise in optical precision manufacturing as its main business; New Feiguang, New Thinking Motors and other entities independently carry out optical module whole machine and VCM motor business, with independent teams, assessment and decision-making systems, and operate according to their respective business characteristics.

Hard assets of listed companies: research and development, patents, manufacturing capabilities

The more in vitro business there is, the more the market is concerned about one question: whether the research and development achievements of listed companies are complete?

The answer to this question can be directly read from intellectual property data. As of December 31, 2025, OFILM has 2245 valid patent applications and 1789 authorized patents, including 826 invention patents. The ownership of these patents belongs entirely to the listed company. In January 2026, Oufeiguang was awarded the National Intellectual Property Demonstration Enterprise, which is the highest honor granted by the China National Intellectual Property Administration to the enterprise in terms of its comprehensive ability in creation, application, protection and management, and is itself a third-party certification. Looking further at the process level, OFILM's core manufacturing capabilities are equally outstanding. The MGL multi group lens active alignment, CMP/GMP miniaturization module packaging and other process systems continue to iterate. From camera modules to optical communication optics, OFILM's output products are changing, but the underlying precision manufacturing capabilities are the same.

In other words, patents are in the body, processes are in the body, and manufacturing capabilities are in the body. The most valuable asset of a listed company is always here.

OFILM and NewFi operate independently and currently have virtually no business dealings

If there is an industrial chain relationship between listed companies and external businesses, it inevitably leads to speculation about whether the transaction scale will increase with the growth of external businesses. Therefore, whether the transaction is standardized and whether the pricing is fair are the core issues of market concern.

At the specific transaction level, the company responded on the Interactive Easy platform that the pricing of related party transactions is based on third-party prices in the market for similar products, and has been reviewed by an independent auditing agency. ——The audit institution for the 2025 annual report has issued a special statement of standard unqualified opinions on related party transactions and fund transactions, and the relevant review procedures and information disclosure have been fully implemented.

The reporter learned from OFILM that currently, OFILM and NewFi operate independently and have basically no business dealings. From the perspective of intellectual property, both parties bear their own research and development costs. At the same time, the reporter learned from the industry chain that as a star company in the field of optical modules, Xinfeiguang does not lack institutional funding attention and does not need a "blood transfusion" from listed companies.
Combining the above information, the industrial chain map of OFILM is gradually becoming complete.

Within the listed company system, the chassis for precision optical manufacturing is constructed: OFILM uses CPO optical passive devices, Zhongke Island Crystal uses TGV glass substrate packaging, and machine vision uses perception. Three new businesses share the same manufacturing capability base, with strong synergy between them, which is expected to cultivate a new profit growth curve for listed companies.

And some businesses that have differentiated requirements for organizational genes, incentive mechanisms, and fault tolerance mechanisms are undertaken by independent entities: the entire optical module of Xinfeiguang tests product definition and customer relationships, and the newly thought VCM motor has already embarked on an independent development path.

From camera modules to vehicle optics, from machine vision to optical communication - OFILM is evolving from a single optical manufacturing enterprise to an optoelectronic platform covering multiple precision optical application scenarios. This path requires different business forms and organizational arrangements, but the goal is always clear: to do a good job as a listed company and increase its profits.

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