On August 20, 2026, Dongguan Yuanli Optoelectronics Co., Ltd. (hereinafter referred to as "Yuanli Optoelectronics") will face the review meeting of the Beijing Stock Exchange Listing Committee. Yuanli Optoelectronics, a national-level specialized and innovative "Little Giant" enterprise rooted in Dongguan's optoelectronics industry cluster, is primarily engaged in the R&D, production, and sales of light guide plates, which are core components of LCD backlight modules. During 2023, 2024, and 2025 (hereinafter referred to as the "reporting period"), Yuanli Optoelectronics achieved operating revenues of RMB 234.0379 million, RMB 287.735 million, and RMB 408.4923 million respectively, with net profits of RMB 24.8002 million, RMB 31.1633 million, and RMB 62.4337 million.

Throughout the reporting period (2023-2025), Yuanli Optoelectronics' comprehensive gross margin climbed from 28.12% to 33.57%, significantly surpassing the industry average. During the same period, the gross margin of the backlight display components business at comparable company Hanbo High-Tech experienced a fluctuating decline. Behind the high gross margin, Yuanli Optoelectronics' top five suppliers are highly concentrated. In each period of the reporting period, the company's procurement amount from the top five suppliers accounted for 92.56%, 93.44%, and 90.88% of the total procurement amount for the respective periods, indicating a notably high concentration of suppliers. The company's primary raw materials include plastic pellets and similar items.

In 2025, Yuanli Optoelectronics' net profit attributable to the parent company surged from RMB 31.16 million to RMB 62.43 million, doubling year-over-year. However, net cash flow from operating activities declined from RMB 29.1689 million in 2024 to RMB 24.8668 million, a year-over-year decrease of 14.75%. The 100.34% increase in net profit contrasted sharply with the 14.75% decline in operating cash flow—this "scissors gap" constitutes a financial warning signal. In 2023, the company's net cash flow from operating activities was even negative at RMB -2.4591 million.

Equally concerning is the persistently low cash-to-revenue ratio. During the reporting period, the ratio of cash received from sales of goods and rendering of services to operating revenue stood at 0.65, 0.76, and 0.72 respectively, remaining below 1 for three consecutive years. This indicates that a substantial portion of revenue exists in the form of accounts receivable. One of the root causes of the cash flow predicament is the rapid expansion of accounts receivable. At the end of each reporting period, the book value of accounts receivable surged from RMB 71.6191 million to RMB 121 million, and further to RMB 150 million. From 2023 to 2025, accounts receivable grew by approximately 109%, while operating revenue only increased by roughly 74% during the same period—the growth rate of accounts receivable significantly outpaced revenue growth.

Moreover, the company extended credit terms for certain customers during the reporting period. The Beijing Stock Exchange inquiry letter explicitly requested clarification on "whether performance was boosted by relaxing credit policies." Given that major customer Hanbo High-Tech continues to suffer losses, the recovery risk associated with these accounts receivable should not be underestimated.

The ownership structure may be the most concerning aspect of Yuanli Optoelectronics. According to the prospectus, Zhang Yuanli, along with his daughter Zhang Jiayi and nephew Ruan Xuhong, have signed a concert party agreement, with the three collectively holding a direct and indirect shareholding ratio of 84.30% and voting rights of 80.15%. Zhang Yuanli serves as Chairman, Ruan Xuhong holds the positions of Director and General Manager, and Zhang Jiayi acts as Procurement Director—decision-making, execution, and procurement are all deeply involved with family members.

Under absolute family control, internal control issues have frequently emerged. The company once provided interest-free loans of RMB 400,000 to Board Secretary and Chief Financial Officer Lü Peirong, and RMB 60,000 to Chen Yuanyuan, spouse of actual controller Ruan Xuhong. The labor dispatch employment ratio once reached 28.45%, far exceeding the regulatory red line of 10%. More notably, within the labor subcontracting payments of the "Intelligent Manufacturing Project" under construction, whose general contractor is Hubei Shengxin, RMB 8.8217 million flowed to 10 labor service companies actually controlled by relatives of the actual controller—2 of which have already been deregistered and 8 are in the process of deregistration.