In the burgeoning fields of automotive lenses, AR/VR optics, and machine vision, publicly traded companies in the optical imaging sector are spearheading a wave of capital activities marked by mergers, acquisitions, and private placements.
However, behind this fervor aimed at seizing technological high ground and building secondary growth curves, the acquisition rationale and integration effectiveness of some companies are facing market scrutiny. Issues such as weak profitability accompanying aggressive expansion, uncertainty of target assets, and regulatory risks are beginning to surface.
Union Optech has engaged in multiple capital operations in recent years and is currently planning a private placement to acquire 100% equity of Changyi Optoelectronics, a target company that sources over half of its revenue from Sunny Optical. Concurrently, Union Optech intends to raise an additional 200 million yuan in matching funds for capacity expansion, despite its 2021 private placement project being repeatedly delayed and remaining unfinished to this day.
Furthermore, since 2024, Union Optech has experienced revenue growth without corresponding profit increases, slipping into a net loss. Its operating cash flow has consistently fallen short of capital expenditures, while its receivables collection cycle continues to lengthen. The consecutive asset sales have failed to fundamentally resolve the company's funding constraints.
The acquisition target derives over half of its revenue from Sunny Optical, while the previous private placement project remains incomplete after four years.
Union Optech's core business involves the design, development, precision manufacturing, sales, and technical services of optical lenses, primarily applied in security surveillance cameras, mobile phones, automotive imaging systems, video conferencing, digital cameras/camcorders, smart home devices, sports DV, aerial drones, virtual reality VR, and laser projection products.
Over the past three years, with the rapid development of emerging optical fields, Union Optech has significantly accelerated its pace of asset acquisitions.
In November 2022, February 2024, May 2025, and October 2025, Union Optech successively acquired 30% equity in United Automotive, 65% equity in Xi'an Weipu, 100% equity in Changyi Optoelectronics, and 30% equity in Millimeter Automotive, intensifying its布局 in smart automotive, optical lenses, and infrared lens-related businesses.
In May 2025, Union Optech announced plans to raise 260 million yuan through a private placement at 16.18 yuan per share to fund the acquisition of Changyi Optoelectronics.
Public information indicates that Changyi Optoelectronics specializes in the R&D, production, and sales of optical lenses and precision optical components. Its main products include mobile phone lenses and general security lenses, with key clients comprising Sunny Optical, Newlux Optoelectronics, TP-Link, Reolink Technology, EZVIZ, Hualai Technology, and Huachuang Network.
Notably, in 2024, sales to Changyi's top five clients accounted for nearly 80% of its revenue, with sales to industry leader Sunny Optical alone representing 50.15%, indicating high customer concentration.
Alongside the 260 million yuan private placement to acquire full ownership of Changyi Optoelectronics, Union Optech also plans to raise 200 million yuan in matching funds for the "General Security and Smart Product Optical Lens Construction Project."
In December 2021, Union Optech completed a 475 million yuan private placement intended for the "New Display and Smart Wearable Product Intelligent Manufacturing Project."
However, in October 2024, the company announced an extension of this project's completion date to December 31, 2025. One year later, in October 2025, Union Optech further postponed the deadline to December 31, 2026. This means the sole project from the previous placement has undergone multiple delays over four years and remains unfinished.
Persistent cash flow deficits and deteriorating receivables make asset sales an inadequate solution to funding shortages.
Despite accelerating capital operations, Union Optech's performance has shown signs of strain.
In 2024, the company achieved revenue of 1.88 billion yuan, a 14.15% year-on-year increase, but its net profit attributable to shareholders was 39 million yuan, down 40.02%. For the first three quarters of 2025, revenue reached 1.436 billion yuan, growing 8.11% year-on-year, while net profit attributable to shareholders was -24 million yuan, indicating continued revenue growth without profit and a descent into loss.
Amid performance pressures, the company's financial position has become increasingly constrained.
Data shows that in most years, Union Optech's operating cash flow has been lower than its capital expenditures, resulting in persistent cash flow deficits. Simultaneously, the days sales outstanding for accounts receivable and notes rose from 74 days in 2021 to 111 days in 2024, and further increased to 115 days in the first three quarters of 2025, a 19% year-on-year rise, signaling continuously worsening collection conditions.
Notably, in November 2023 and August 2024, Union Optech sold 99% of its stake in Lianhui Fund and 66.66% equity in Ruijin Technology for 182 million yuan and 23 million yuan, respectively, to recoup funds and bolster performance. However, these consecutive asset disposals have failed to fundamentally address the underlying funding issues.
With rising industry excitement around autonomous driving, artificial intelligence, and humanoid robots, core technologies and products like various optical lenses and 3D visual perception are viewed as key future growth areas.
Yet, the高涨的资本热情 contrasts with the operational fundamentals of some companies, where profitability disconnects from热门概念. The varying quality of acquisition targets, risks associated with high-valuation M&A and integration, and disclosure and regulatory risks stemming from "热点-chasing" behavior warrant ongoing market attention.
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