On March 4, Qingdao Hi-Tech Optoelectronics Co., Ltd. (hereinafter referred to as 'Hi-Tech Optoelectronics') revealed its plans to engage in daily related-party transactions with Frayer and Efinger, both based in the United States, as well as Sinopharm Hi-Tech Optoelectronics, in 2026. The company intends to procure raw materials, encompassing coating machine components and surgical instrument materials, from these related parties, amounting to a total of 2.1 million yuan. Simultaneously, it aims to sell optical components, endoscope core components, and surgical instruments valued at 11.5 million yuan, culminating in a total transaction volume of 13.6 million yuan.

To grasp the significance of this 13.6 million yuan figure, it's essential to first delve into the recent performance report of this medical optics leader, which has just reported a robust double-digit surge in both revenue and net profit. Financial data indicates that Hi-Tech Optoelectronics achieved an impressive total annual operating revenue of 603 million yuan, marking a year-on-year increase of 36.08%. Moreover, the net profit attributable to shareholders reached 172 million yuan, reflecting a year-on-year growth of 26.79%.

Amidst a backdrop of global supply chain disruptions and escalating tariff barriers, such a growth rate is truly remarkable and has garnered significant attention within the industry. More crucially, Hi-Tech Optoelectronics has leveraged its flexible scheduling capabilities between domestic and overseas factories to solidify its ODM foundation while simultaneously achieving breakthroughs in both the medical endoscope and optical sectors.

The 13.6 million yuan in related-party transactions at the outset of 2026 perfectly aligns with this growth trajectory, serving as a window into its subsequent momentum. From the transaction structure, it's evident that this is far from a mere internal transfer. The act of selling optical components to Frayer in the United States while purchasing coating machine parts from them underscores Hi-Tech Optoelectronics' pivotal role in the global optical collaboration network. Coating technology is the cornerstone of optical devices, and forging deep integration with overseas companies in this realm is a testament to its technological prowess.

It's worth noting the sales expectations for its equity-held subsidiary, Sinopharm Hi-Tech Optoelectronics. The announcement reveals that the company anticipates supplying endoscopic cameras, light sources, and related core components this year, with the amount representing a substantial proportion. Reflecting on 2024, Sinopharm Hi-Tech Optoelectronics' actual procurement was a mere 678,300 yuan, significantly below the expected target, which was attributed to 'lower-than-anticipated sales in the terminal market' at the time.

Judging from the 2026 expectations, after a year of refinement and channel deepening, Sinopharm Hi-Tech Optoelectronics' complete machine business is clearly poised for significant growth. For Hi-Tech Optoelectronics, this signifies that its optical core components are finally gaining traction in the domestic endoscope complete machine market, truly paving the way from behind the scenes to the forefront.

Furthermore, the arrangement to sell surgical instruments to Germany's Efinger showcases the company's global expansion in the field of minimally invasive surgery. Efinger is a renowned 'invisible champion' in microsurgical instruments and holds a stake in Hi-Tech Optoelectronics' subsidiary. Exporting Chinese-made surgical instruments to them symbolizes Hi-Tech Optoelectronics' transition from a mere supplier of optical components to a comprehensive solution provider for surgical scenarios.

Analyzing this 13.6 million yuan transaction, a clear trajectory emerges: upstream optical components form the technological bedrock, midstream endoscope core components drive growth, and downstream surgical instruments extend into application scenarios. The ability of an optical company to engage in such deep transactions with related parties across these three levels is itself a testament to its industrial chain penetration.

Of course, the previous execution deviation in related-party transaction expectations also serves as a reminder to the market that the journey from expectation to realization is seldom smooth. However, at least this spring, Hi-Tech Optoelectronics' 'promising beginning' allows the optical industry to witness a company accelerating its pace, using light as a medium to weave together optical components, endoscopes, and surgical instruments into an increasingly complete industrial chain.

If this path proves successful, the beneficiaries will extend beyond this single company, expanding the imagination space for the entire domestic optical industry in the high-end medical field.