A hot topic in financial circles recently has been: “O-Film Tech now has a beauty Board Secretary.”

As early as August 5, O-Film Tech announced that Zhou Liang, its Board Secretary, had stepped down from his position due to work adjustments, though he would continue to serve as a director and Deputy General Manager of the company.

On that same day, the company appointed Li Yin as Deputy General Manager and Board Secretary, with related reports referring to her as a “post-90s beauty Board Secretary.”

Over the past month, industry attention on this “Dilraba” has not subsided.

As a listed company, O-Film Tech's recent buzz, aside from the August publicity, stems from the attention drawn by this beauty Board Secretary.

Public information reveals that Li Yin was born in October 1991. She graduated with a bachelor's degree from Fudan University and a master's degree from The Chinese University of Hong Kong, and has obtained the Board Secretary qualification certificate from the Shenzhen Stock Exchange.

Previously, she served as Deputy General Manager and Board Secretary at Xiangfenghua and Comminfo Technology.

This background highlights at least two key points.

First, she is no stranger to the capital market. The core responsibility of a Board Secretary is to translate the company's operational language into public information that the market can comprehend and regulators can verify.

Having worked in two listed companies, she possesses experience in information disclosure, shareholder communication, and regulatory compliance.

Second, she brings both academic credentials and work experience in technology manufacturing listed companies. O-Film Tech has a complex supply chain and a large-scale manufacturing system, so the Board Secretary must understand not only the capital market but also the languages of R&D, procurement, clients, and factories.

While her past experience proves her suitability for the position, it does not automatically mean she can resolve O-Film Tech's current challenges.

The Board Secretary is not the company's “press spokesperson,” nor a catalyst for stock prices.

The value of this role lies in clearly articulating real operations and linking long-term strategies with short-term performance.

For O-Film Tech, what the outside world is concerned about is how to narrow losses, how to transform the business, and how to enhance the quality of information disclosure.

O-Film Tech Faces Significant Pressure This Year

O-Film Tech achieved total operating revenue of RMB 22.15 billion in 2025, an 8.38% year-on-year increase. However, net profit attributable to shareholders of the listed company was only RMB 41.6342 million, with a loss of RMB 29.8877 million after deducting non-recurring gains and losses. While revenue continues to grow, profits remain very thin.

In the first half of 2026, the company achieved operating revenue of RMB 7.841 billion, a 20.29% year-on-year decrease; net profit attributable to shareholders was a loss of RMB 444 million.

In other words, while there was only a small profit for the full year last year, there has been a more significant loss in the first half of this year.

The company explained in its performance forecast that the main reasons include rising storage chip prices, weakening downstream terminal demand, and some clients reducing production and shipment plans, leading to a temporary reduction in order scale and a decline in gross profit from the main business.

At the same time, the company faces significant pressure in the capital market.

Meanwhile, government subsidies decreased year-on-year, while minority shareholder gains and losses increased, also impacting profits.

These explanations are typical. O-Film Tech is in the midstream of the consumer electronics supply chain, with a large revenue scale, but profit margins are not entirely under its control.

When upstream prices rise, costs appear first in financial reports; when downstream demand weakens, orders change first; manufacturing companies also bear fixed costs such as equipment, personnel, R&D, and production line utilization.

When orders are stable, scale can dilute costs. When orders suddenly decrease, scale can become a burden.

More notably, O-Film Tech's profitability has been under pressure for some time. From 2020 to 2025, the company's net profit attributable to shareholders after deducting non-recurring gains and losses was negative for multiple consecutive years. For investors, this is not a one-time fluctuation but a long-term issue of how manufacturing scale can translate into stable profits.

Smartphone Business Remains Foundational, Auto Business Still to Be Observed

O-Film Tech's business is not singular, mainly covering smartphones, smart cars, and new areas.

The smartphone business includes products such as camera modules, optical lenses, fingerprint recognition, and 3D ToF. The company has technical accumulations in high-pixel camera modules, periscope telephoto lenses, and ultrasonic under-display fingerprints, along with mature mass production capabilities.

However, the smartphone industry has entered a phase of stock competition (inventory competition).

Reuters, citing IDC data, stated that in the second quarter of 2026, smartphone shipments in China fell 4.3% year-on-year to 66 million units, with a 4.2% decline in the first half, marking the fifth consecutive quarterly decline. Rising storage chip and component prices have also suppressed consumer upgrades.

For suppliers like O-Film Tech, the decline in the smartphone market means more than just selling fewer modules; it also brings client price pressures, changes in product mix, and decreased production line utilization.

High-end lenses and camera modules may improve unit prices, but whether they can achieve sufficient scale depends on real volume growth from terminal brands.

Smart cars are an important direction for O-Film Tech to find a second growth curve. The company has laid out driving domains, body domains, and cabin domains, with products extending from in-car lenses and cameras to domain control and smart cabin vision.

This direction indeed offers greater imagination. Automobile intelligence will increase the number of cameras and raise demand for products like visual perception, cabin monitoring, and electronic rearview mirrors.

However, the auto business has its own timeline, often requiring a long cycle from client design wins to project validation, mass production, and payment collection. The market may assign valuations first, but financial reports ultimately depend on revenue and profit realization.

New areas include handheld smart imaging devices, smart door locks, endoscopes, VR, and AR, helping to diversify risks from single terminals. However, more business does not equal more profit; the key is whether it can move from “having orders” to “having gross margins.”

What Can This Board Secretary Bring to O-Film Tech?

Market expectations for the new Board Secretary are often simplified to “can she boost the stock price?” This misunderstands the Board Secretary's role.

For O-Film Tech, Li Yin's more realistic tasks may include four aspects.

First, clearly explain the company's complex business structure. Smartphones, cars, and new areas are at different development stages and cannot be covered by a single “growth” concept.

Investors need to know which businesses contribute revenue, which contribute profits, and which are still in the investment phase.

Second, dissect the causes of losses. How much did rising storage chip prices affect, how much did order reductions affect, how much did product mix changes affect, and how much did reduced subsidies and minority shareholder gains and losses affect?

Only by explaining clearly can the market judge whether this is a short-term fluctuation or a problem with the profit model.

Third, improve the quality of investor relations responses. The Board Secretary is not there to help the company avoid questions but to establish a stable, continuous, and verifiable communication mechanism.

For manufacturing companies, real orders, client design wins, production line utilization, R&D investment, and cash flow are often more persuasive than grand strategic statements.

Fourth, drive the company to develop a more distinctive capital market narrative. O-Film Tech's past image in the market was more as a smartphone optical module supplier.

Whether it can become a smart vision solutions company in the future depends not just on changing slogans but on proving it through auto business volume growth, new areas generating profits, and overall improvements in gross margin and cash flow.

Final Commentary

A young woman entering the senior management of a listed company is commendable and deserves normal scrutiny. Her age and image may bring attention but will not automatically bring performance.

The capital market may give newcomers time but will not wait indefinitely for explanations.

What O-Film Tech needs most now is not a prettier story but a more stable financial report. The smartphone business must maintain cash flow and profit bottom lines, the auto business must prove design wins can lead to mass production, and new areas must prove investments can yield returns.

If the company can accomplish these tasks one by one, every communication from the Board Secretary will carry more weight.

Conversely, if revenue continues to decline and net profit after deducting non-recurring items remains negative, even the most impressive resume will remain just that—a resume.

Therefore, the real focus of this personnel change is not the four words “beauty Board Secretary” but whether O-Film Tech can use this new capital market communication window to clearly explain operational pressures, solidify transformation paths, and rebuild profits.

For listed manufacturing companies, the most persuasive PR will always be the next healthier financial report.