In the past two days, a listed company secretary who looks exactly like female star Dilmurat Dilraba has become a hotly debated figure in the capital market.
On the evening of August 5, OFILM (002456.SZ) announced that Zhou Liang, who joined the company in July 2013, resigned as secretary of the board of directors due to work adjustments. After resignation, he continued to serve as the company’s director and deputy general manager.
At the same time, OFILM held a temporary meeting on August 4 and agreed to appoint Li Yin as the company’s deputy general manager and secretary of the board of directors, with a term until November 2027.
For Li Yin, who joined OFILM not long ago, this is not an easy job as secretary to the board of directors.
She had previously served as board secretary of two listed companies and won industry awards. Her new appointment coincided with OFILM’s performance decline and the actual controller being reported.
Moreover, the stock price also fell in tandem with the performance. As of September 21, OFILM closed at 7.04 yuan.The year-to-date decline has reached 33.71%, with a total market value of 24.611 billion yuan.
01
Annual salary may double at OFILM
Public information shows that Li Yin was born in October 1991 and is now 35 years old. She graduated from Fudan University with an undergraduate degree and a graduate degree from the Chinese University of Hong Kong.
In March 2021, Li Yin entered the board of directors office of Xiangfenghua (300890.SZ), the graphite anode giant. Previously, she worked in Johnson & Johnson (China) Medical Equipment Co., Ltd., Huatai Securities Co., Ltd. and other institutions.
In March 2022, Li Yin was hired as the secretary of the board of directors of Xiangfenghua, and in July 2023, he also served as the deputy general manager. Xiangfenghua’s 2023 annual report shows that 32-year-old Li Yin received pre-tax remuneration of 481,300 yuan from the company that year.
In April 2024, Li Yin resigned from her position as deputy general manager and secretary of the board of directors of Xiangfenghua due to personal reasons, nearly one year before the end of her original term.
The month after leaving Xiangfenghua, Li Yin joined Kexin Technology (300565.SZ), which focuses on the ICT field, as deputy general manager and secretary to the board of directors until October 2027.
During his tenure at Kexin Technology,She won the title of the 20th “New Wealth Gold Medal Secretary to the Board” in December 2024 and September 2025 and the 11th Golden Qilin·Gold Medal Secretary to the Board Emerging Entrepreneurship Award.. The two industry honors show that she is not only beautiful, but also has certain strength.
But in April this year, Li Yin resigned again due to personal reasons, about a year and a half before the expiration of his term. Kexin Technology’s 2025 annual report shows that she received pre-tax remuneration of 480,500 yuan last year.
In July this year, Li Yin joined OFILM, a leading optical company, and in August she officially succeeded Zhou Liang as the company’s secretary of the board of directors and concurrently as deputy general manager.
In terms of salary, the changes brought about by the new owner are more obvious. OFILM’s annual report shows that Zhou Liang’s pre-tax remuneration from the company from 2023 to 2025 was 831,600 yuan, 1.0184 million yuan and 991,700 yuan respectively.
According to this level,Li Yin’s annual salary after taking office at OFILM may reach about one million yuan, which is about double the previous salary of about 480,000 yuan when she worked at Xiangfenghua and Kexin Technology.。
Although the salary has doubled, the work challenges will definitely increase. The correction of an annual report made by Li Yin during his previous tenure at Xiangfenghua is also worthy of attention.
At the end of June, Xiangfenghua issued three correction announcements at once to amend the annual report from 2023 to 2025. Among them, the 2023 annual report involves statistical errors in the sales data of the company’s top five customers.
It is worth mentioning that Xiangfenghua’s 2023 annual report was disclosed in April 2024, and at the same time it was announced that Li Yin resigned from the position of secretary to the board of directors.
As the organizer of information disclosure activities of listed companies, the secretary to the board of directors is not directly equivalent to the ultimate person responsible for the annual report data. However, statistical errors in the annual report still reflect omissions in related work.
The month after her old employer corrected three annual reports in one go, Li Yin came to OFILM. And her new owner is facing operating pressure.
02
Loss of 444 million in half year
OFILM’s predecessor was established in March 2001 as a Sino-foreign joint venture with a registered capital of US$16 million. It plans to engage in the research, development, production and sales of precision thin film components for optical fiber communications.
After its establishment until mid-2002, the company still failed to master relevant core technologies and was unable to produce normally. In addition, the global optical communications industry entered a trough at that time, and the company’s internal and external operating environments encountered difficulties.
Therefore, the company’s original shareholders introduced Cai Rongjun as general manager to start cooperative operations. The company also transformed into the production of precision optoelectronic thin film components suitable for consumer electronics.
After that, the company still failed to achieve profitability, so in October 2004, it was 100% acquired by two brothers Cai Rongjun and Cai Gaoxiao for 4.3934 million yuan.
Cai Rongjun was born in a rural area in Jieyang, Guangdong in 1972. After graduating from Shantou University in 1995, he went to Guangzhou and worked for Kodak, the world’s largest imaging products company at the time.
At Kodak, Cai Rongjun successively served as technician, engineer, senior engineer, and technical department manager. Until Kodak faced bankruptcy, he resigned in 2001 and went to Shenzhen to start a business.
After acquiring OFILM, Cai Rongjun became the chairman and led the company to complete four transformations, from infrared cut filters to touch screens to cameras and fingerprint recognition modules, all of which achieved good results.
In August 2010, OFILM was listed on the Shenzhen Stock Exchange. In November 2016, OFILM acquired Sony Electronics South China Co., Ltd., a subsidiary of Sony, for 1.58 billion yuan and entered Apple’s supply chain.
In 2019, OFILM’s revenue reached 51.974 billion yuan, which was the peak of its performance and has not been surpassed so far.
In July 2020, Nanchang OFILM Technology Co., Ltd. was included in the entity list by the United States, and Apple subsequently terminated cooperation.
After that, OFILM decisively divested low-end assets, while strengthening cooperation with domestic mobile phone manufacturers such as Huawei and Xiaomi, and made the smart car business a key business area.
Despite this, the company’s revenue gradually recovered after business adjustments, but profits never kept up.
From 2023 to 2025, OFILM’s revenue was 16.863 billion yuan, 20.437 billion yuan, and 22.150 billion yuan respectively; the net profits attributable to the parent company during the same period were 76.905 million yuan, 58.3818 million yuan, and 41.6342 million yuan respectively.
In three years, revenue increased by more than 5 billion yuan, but net profit dropped from nearly 77 million yuan to nearly 42 million yuan, a drop of about 35 million yuan.。
Entering 2026, performance shows no signs of improvement. In the first half of the year, it achieved revenue of 7.841 billion yuan, a year-on-year decrease of 20.29%; net profit attributable to the parent company was a loss of 444 million yuan, a loss that expanded 307.36% year-on-year.
03
The actual accuser is trapped in the reporting door
While operations were under pressure, Li Yin took office as a new official, and encountered OFILM’s actual controller and chairman Cai Rongjun being caught in a whistleblower scandal.
On August 7, some media reported that an investor reported that Cai Rongjun had harmed the interests of listed companies through unfair related transactions and free transfer of technology through the in vitro companies he controlled – Xinfei Optical Communication Technology Co., Ltd. (hereinafter referred to as “Xinfeiguang”) and New Thinking Motor Co., Ltd. (hereinafter referred to as “New Thinking”).
On the evening of August 9th,OFILM issued a clarification announcement, stating that the relevant reports were online rumors, and had issued retraction letters to relevant media, and also reported the case for accountability.。
On August 14, the company’s independent directors decided to introduce an independent third party for verification. On the evening of August 31, the company disclosed the progress of the verification of relevant matters.
The special assurance report issued by Shenzhen Xutai Accounting Firm showed that it did not find any unfair pricing of related transactions between OFILM and the two companies, nor did it find any abnormal situation in which OFILM provided R&D results, technical data or other R&D resources to the latter for free or at a significantly low price.
From the perspective of business relationships, Xinfeiguang, which was founded in 2020, is now mainly engaged in the R&D and manufacturing of optical modules and active optical cables (AOC). Its main customers are North American data centers, domestic cloud service providers and telecommunications equipment manufacturers.
OFILM said that from 2023 to 2025, the company’s related-party transactions with Xinfeiguang only included leasing factories to Xinfeiguang in 2023, and the amount was relatively small.
According to Tianyancha, Shenzhen Hezheng Industrial Investment Co., Ltd. (hereinafter referred to as “Shenzhen Hezheng”), which is 100% controlled by Cai Rongjun, is the largest shareholder of Xinfeiguang, holding 30.3555% of the shares.
New Thinking was established in September 2014. Its current main products are motor products and it is an upstream company of OFILM. From 2023 to 2025, OFILM purchased products and services from it in amounts of 324 million yuan, 432 million yuan, and 595 million yuan respectively, increasing year by year.
Currently, New Thinking is rushing to be listed on the Hong Kong stock market. After submitting the form for the first time in January this year, it submitted the form again on July 5, with Huatai International and CICC as joint sponsors.
In fact, although he is the controlling shareholder and chairman of New Thinking, Cai Rongjun is not the founder of the company. In November 2016, Cai Rongjun’s nephew Cai Zhenpeng acquired approximately 90.03% of the shares of New Thinking for approximately 130.5 million yuan.
After that, after equity transfer and financing, Cai Zhenpeng’s direct shareholding ratio dropped to 9.88%, and he enjoyed interests through three partnerships; Cai Rongjun directly held about 7.50% of the shares, and indirectly held 27.04% of the shares through Shenzhen Hezheng.
As of now, Cai Zhenpeng, Cai Rongjun and their related entities hold a total of approximately 56.97% of New Thinking, forming a controlling shareholder group.
04
結語
For OFILM, the related-party transaction dispute has been concluded by a third-party verification, but the company’s core issue is still on the business side.
Changes in consumer electronics demand, rising costs and declining profitability have been directly reflected in OFILM’s financial data for the first half of 2026.
From achieving annual revenue of nearly 52 billion yuan after entering the fruit chain, to now continuing to face significant pressure on half-year profits, OFILM has gone through a clear business cycle.
When Li Yin took over as secretary of the board of directors at this time, she had to face not only capital market communication, but also practical issues such as company performance repair and market value management.
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