联合光电 responde a la carta de consulta: La competitividad central de Changyi Optoelectronics destaca y el rendimiento continúa mejorando

Zhongshan United Photoelectric Technology Co., Ltd. (hereinafter referred to as “United Photoelectric”) recently provided detailed responses to inquiry letters regarding the issuance of shares to purchase assets and the collection of supporting funds. The response content is centered around the target asset Dongguan Changyi Photoelectric Co., Ltd. (hereinafter referred to as “Changyi Photoelectric”), covering multiple core aspects including production and operation, financial data, historical development, transaction counterparties, and operational compliance, comprehensively elaborating on Changyi Photoelectric’s core competitive advantages, performance improvement trends, and potential risks.

As the target asset of United Photoelectric’s restructuring, Changyi Photoelectric’s main products are mobile phone lenses and pan-security lenses. During the reporting period (2023, 2024, and January-August 2025), its operating performance showed a significant improvement trend. Financial data shows that Changyi Photoelectric’s operating revenue was 198 million yuan, 465 million yuan, and 364 million yuan respectively; gross profit margins of main business were -9.29%, 14.20%, and 20.77% respectively; net profit attributable to parent company after non-recurring items was -59.796 million yuan, 1.0719 million yuan, and 24.6959 million yuan respectively, successfully achieving a turnaround to profitability with continuously strengthening profit capacity.

Core Competitiveness and Market Position

The response letter shows that Changyi Photoelectric demonstrates strong market competitiveness and development potential in both the mobile phone lens and pan-security lens fields. In the mobile phone lens market, although industry concentration is relatively high with CR3 manufacturers (Sunny Optical, Largan, and Genius Electronic Optical) achieving 64.2% market share in 2024, Changyi Photoelectric has steadily increased its market share through OEM production for leading enterprises such as Sunny Optical. In 2023 and 2024, its mobile phone lens shipments were 219 million and 474 million units respectively, with the proportion of shipments among the top ten domestic manufacturers increasing from 5.14% to 10.73%. Product specifications are basically on par with competing products such as Chenyou Optics, core technologies are applied in mainstream mobile phone models from brands A, B, C, D, E, and F, with high technical matching with major customers and no risk of obsolescence.

In the pan-security lens field, Changyi Photoelectric’s fixed-focus lens product market share has increased year-on-year, with 2024 sales of 40 million units, accounting for 7.74% market share. It has obvious advantages in lens cost control, athermal technology, and day-and-night co-focal performance, and has established cooperative relationships with well-known brands such as TP-Link, Ezviz, and Ruiltech. During the reporting period, pan-security business revenue achieved a compound annual growth rate of 62.90% (calculated annually for January-August 2025), becoming the company’s second growth curve.

Performance Improvement Drivers and Sustainability

Changyi Photoelectric’s performance improvement is mainly attributed to product structure optimization, economies of scale, and cost control. In terms of mobile phone lenses, the proportion of high-specification 4P and 5P lenses has increased, coupled with the recovery of the smartphone market and the exit of certain suppliers, the selling price per unit has rebounded from 0.51 yuan/unit in 2023 to 0.61 yuan/unit in 2024, with gross profit margin significantly improving from -16.91% to 16.42%. Pan-security lenses have similarly benefited from increased production and process improvements, with gross profit margin improving from 0.98% in 2023 to 10.15% in 2024.

The company expects that although mobile phone lens prices may slightly decline in the future, and standardizing social security and housing fund payments may have a certain impact on profits, the overall profit capacity will maintain sustainability through the high-speed growth of pan-security business and continuous optimization of product structure. As of December 31, 2025, Changyi Photoelectric’s confirmed orders and intended orders combined total 175.175 million yuan, providing strong support for continuous business development.

Customer and Supply Chain Situation

Changyi Photoelectric has a higher customer concentration, with sales to the top five customers accounting for more than 70% across all reporting periods, with major customers including Sunny Optical, Xinxu Optics, and TP-Link. Among these, Sunny Optical is both the largest customer and a main supplier, with fair pricing between the two parties and commercial reasonableness. The company explained that customer concentration is mainly due to the high proportion of mobile phone lens business with a predominantly OEM model, and as pan-security business expands, customer concentration has shown a declining trend.

In terms of supply chain, main raw materials include metal parts, black materials, glass lenses, and plastic raw materials, with the impact of price fluctuations on operating performance being controllable. The company addresses raw material price risks through forward-looking inventory, optimization of the supplier system, and improved production efficiency. Regarding outsourcing, while core processes such as coating are outsourced, supplier competition is adequate with no significant dependency.

Potential Risks and Mitigation Measures

The response letter also disclosed issues faced by Changyi Photoelectric including production capacity exceeding environmental assessment approval, certain employees not having social security and housing fund contributions, and leasing factory space from related parties. The company has actively taken rectification measures, including promoting new environmental assessment approvals, gradually increasing social security and housing fund contribution ratios, and obtaining bottom-line commitment guarantees from actual controllers to ensure no losses to the listed company.

Independent financial advisors and accountants have conducted due diligence on related matters, confirming that Changyi Photoelectric’s core competitive advantages are sustainable, the turnaround to profitability trend is reasonable and shows no material differences from comparable companies in the same industry, and all risks are within controllable ranges.

The detailed response to this inquiry letter helps the market more clearly understand Changyi Photoelectric’s operational status and development prospects, laying a solid foundation for the smooth advancement of United Photoelectric’s major asset restructuring.

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