Commercial aerospace concept stock Fuguang Co., Ltd. faces "voting with your feet" as Fujian state-owned second shareholder plans to reduce holdings by up to 3%

On February 4th, the optical lens manufacturer Guoguang Co., Ltd. (SH688010, stock price 30.64 RMB, market value 4.92 billion RMB), which has garnered attention for its “Commercial Space” concept, announced that its second-largest shareholder, Fujian State-owned Assets Management Co., Ltd. (hereinafter referred to as “Fujian State-Owned Assets”), plans to reduce its holdings by no more than 3% of the company’s total share capital.

The “Daily Economic News” reporter noted that less than a month ago, Guoguang Co., Ltd. had also hosted multiple institutional visits, introducing its layout in popular fields such as commercial space and vehicle-mounted lenses.

However, from the financial data, Guoguang Co., Ltd. is facing a “revenue growth without profit growth” dilemma, with a net loss attributable to shareholders of nearly 47 million RMB in the first three quarters of last year.

State-Owned Assets’ Second Shareholder Plans to Reduce Up to 3% of Shares

On February 4th, Guoguang Co., Ltd. issued an announcement titled “Notice of Shareholders Holding Over 5% of Shares Planning to Reduce Holdings.”

The announcement shows that as of the disclosure date, Fujian State-Owned Assets held approximately 20.78 million unrestricted circulating shares of Guoguang Co., Ltd., accounting for 12.94% of the total share capital; additionally, through a pledge account, it also held 8.5 million shares, representing 5.29% of the total share capital.

According to the reduction plan, Fujian State-Owned Assets intends to reduce no more than 4.82 million shares. Of these, no more than 1.61 million shares will be reduced via centralized bidding; no more than 3.21 million shares through block trades.

Obviously, if the above plan is implemented at the maximum, Fujian State-Owned Assets will reduce a significant portion of its holdings.

Regarding the reason for the reduction, the announcement explains it as “due to own capital needs.” However, reviewing the past interactions between Fujian State-Owned Assets and Guoguang Co., Ltd., this reduction does not seem entirely unexpected.

As early as the 2025 May shareholders’ meeting of Guoguang Co., Ltd., where the 2024 annual report was discussed, signs of “disagreement” had already appeared. At that time, Guoguang proposed a “Proposal for the Board of Directors to be authorized by the shareholders’ meeting to issue shares to specific objects through a simplified procedure,” aiming to issue shares to specific investors with a total financing amount not exceeding 300 million RMB, for main business operations and working capital supplementation. This proposal was ultimately not approved, with opposition votes accounting for 34.62%.

Verification by the reporter shows that the main opposition votes for this proposal came from the second-largest shareholder, Fujian State-Owned Assets. Subsequently, Fujian State-Owned Assets began reducing its holdings in Guoguang Co., Ltd.

In June last year, Guoguang announced that Fujian State-Owned Assets planned to reduce no more than 3% of the company’s total share capital.

In October last year, Guoguang disclosed the results of Fujian State-Owned Assets’ reduction. Between July 21 and July 28, last year, Fujian State-Owned Assets reduced about 1.61 million shares of Guoguang, representing 1% of the company’s shares, with a reduction amount of approximately 51.4 million RMB.

“Dreams of the Starry Sea” Cannot Overcome Losses

Contrasting sharply with the shareholder reduction is Guoguang’s grand vision demonstrated at the business level, especially in the recently booming field of commercial space.

During an investor relations event in early January 2026, Guoguang introduced its layout in the commercial space sector. Guoguang stated that since 2025, in the commercial space field, rocket-mounted lenses have achieved mass production and continuous upgrades; visible light products for low-earth orbit satellite star sensors have been delivered as prototypes; design of short-wave infrared products has been completed; low-earth orbit satellite ground observation lenses and casket lens system solutions have achieved clear imaging of ground observation targets; laser communication products for low-earth orbit satellites have been delivered in small batches.

Guoguang defines itself as “a major global manufacturer of optical lenses,” with products widely used in major national space missions such as “Shenzhou series” and “Chang’e lunar exploration.”

In addition to space, the company is also active in vehicle-mounted lenses and projection light machines.

“Since 2025, many of our products have been validated by customers, and we have obtained multiple fixed-point notices, successfully developed side-view hybrid lenses, 1.3M/2.3M different specifications of DMS (Driver Monitoring System) lenses, and completed new ADAS (Advanced Driver Assistance Systems) lens designs. Furthermore, we are deepening cooperation with existing clients and successfully expanding into top domestic and international clients,” Guoguang stated.

In the field of projection light machines, Guoguang claims to have successfully developed the world’s smallest full-color Micro-LED projector (0.18cc).

However, according to Guoguang’s Q3 2025 report, the company’s main financial data shows a weak trend. In the first three quarters of 2025, revenue reached 478 million RMB, a year-on-year increase of 3.88%; net profit attributable to shareholders was -47.0 million RMB.

Regarding the reasons for profit decline, Guoguang listed four explanations in its financial report: first, changes in security product structure led to decreased revenue and gross profit; second, increased talent reserves in R&D and marketing resulted in higher salary expenses; third, the implementation of a new equity incentive plan that year increased equity payment expenses compared to the previous year; fourth, government subsidies decreased year-on-year.

Earlier this year, when asked by institutions about “the development trend of main business,” Guoguang responded that customized products face stable and sustained market demand, but competition in the security lens market has intensified.

(Article source: Daily Economic News)