Fuzhi Intelligent to be Reviewed by Beijing Stock Exchange: Digital Camera Business Doubles, Control Rights Amendment Pending

With the rise of content platforms such as Douyin and Xiaohongshu, the demand for smart cameras such as mirrorless and interchangeable lens cameras has been reopened and is entering the mass market.

This wave of changes has also been transmitted to the upstream supply chain.

On June 22, Zhuhai Fujichinon Intelligent Co., Ltd. ("Fujichinon Intelligent") will have its Beijing Stock Exchange listing application reviewed.

This company focuses on precision structural components in fields such as consumer electronics. It originally relied more on revenue from structural parts for display terminals, but in recent years precision structural components for digital cameras have become its fastest-growing business segment in consumer electronics.

In 2025, revenue from precision structural components for digital cameras reached 117 million yuan for Fujichinon Intelligent, nearly doubling compared to the previous year.

Behind this growth is the boost from orders by Japanese camera manufacturer Fujifilm.

However, as "Fujichinon Intelligent" gains new growth relying on orders from Fujifilm, the fact that "Fujichinon" is also part of the company's name has become an issue needing explanation: the two parties have no equity relationship, and the Chinese name has not yet obtained trademark registration. Is there potential for disputes regarding company name, trademark or brand recognition in the future?

At the same time, Fujichinon Intelligent faces another fundamental governance test. The company's two founders, Lu Shaozhou and Dong Chuntao, have jointly governed the company on an equal footing for a long time, holding almost equal shares and jointly controlling the company through a concerted action agreement.

This arrangement might operate smoothly with tacit understanding in the startup stage, but if the two disagree, whether Fujichinon Intelligent has a stable, executable decision-making mechanism remains to be seen.

On the eve of the review meeting, Lu Shaozhou and Dong Chuntao signed a supplementary agreement stipulating that when their opinions diverge, Lu Shaozhou's opinion shall prevail.

If this arrangement ultimately gains regulatory approval, it may provide a reference path for similar shareholding structures of companies seeking listing — the key to joint control lies in a dispute resolution mechanism that cannot just be "joint negotiation", but must yield clear results when conflicts arise.

This "Fujichinon" Is Not That "Fujichinon"

Fujichinon Intelligent mainly focuses on precision structural components in fields such as consumer electronics and automobiles.

Among them, precision structural components for consumer electronics are Fujichinon Intelligent's main source of income, generating 578 million yuan, 662 million yuan, and 707 million yuan in 2023, 2024, and 2025 respectively, accounting for 60-70%.

Breaking it down further, Fujichinon Intelligent's consumer electronics segment is mainly divided into display terminals and digital cameras.

Precision structural components for display terminals are the core segment, maintaining about a 50% contribution to revenue from 2023 to 2025, with major clients including Sony, Hisense, and TCL.

However, there are signs that this business is contracting, with display terminals generating 523 million yuan in 2025, a decrease of 1.59% year-on-year.

In contrast, precision structural components for digital cameras by Fujichinon Intelligent are growing rapidly, with revenue in 2025 reaching 117 million yuan, nearly doubling year-on-year.

Moreover, gross margin surged, reaching 42.22% for precision structural components for digital cameras in 2025, an increase of nearly 14 percentage points year-on-year.

This growth is inseparable from the support of Japanese camera manufacturer "Fujifilm".

In 2025, Fujichinon Intelligent successfully developed and mass-produced upper and lower shells with a stronger metallic texture, earning Fujifilm's recognition — that year, Fujifilm purchased 77 million yuan worth of precision structural components from Fujichinon Intelligent, making it the company's fourth largest customer.

For example, the structural parts used in Fujifilm's popular camera "X100VI" come from Fujichinon Intelligent's X105 lens ring.

Interestingly, Fujichinon Intelligent's Chinese name overlaps with that of the camera manufacturer Fujifilm; both contain the word "Fujichinon," but there is no equity relationship between the two.

Fujichinon Intelligent is likely aware that its name is similar to Fujifilm's Chinese name. Since its founding in 2004, Fujichinon Intelligent mainly entered the market relying on technology for precision structural components for digital cameras, matching its products to digital cameras, until 2008 when its business expanded to display terminals.

Given this background, Fujichinon Intelligent only succeeded in registering the English trademark "fujichinon", but its Chinese name failed to obtain trademark registration, which has raised questions from regulators.

"Please explain whether the unregistered 'Fujichinon Intelligent' company name violates the Anti-Unfair Competition Law or infringes on others' registered trademark rights; and whether there is a risk of third parties initiating litigation or arbitration regarding the 'Fujichinon Intelligent' Chinese name," the Beijing Stock Exchange pointed out.

According to Fujichinon Intelligent, although it has not obtained a registered Chinese trademark for "Fujichinon Intelligent," no company has successfully registered this Chinese trademark in mainland China.

Furthermore, Fujichinon Intelligent believes it has established high market recognition, so even if someone successfully registers the "Fujichinon Intelligent" Chinese trademark in the future, it will not affect its continued use within its original scope.

"The fact that the company name 'Fujichinon Intelligent' has not been registered as a trademark will not have a significant impact on the issuer's normal production and operations, nor does it violate the Anti-Unfair Competition Law or other laws and regulations, nor infringe others' registered trademark rights," Fujichinon Intelligent stated.

It is worth noting that further inquiry revealed that Fujichinon Intelligent has indeed attempted to register relevant Chinese trademarks, but all applications have failed.

Tianyancha shows that in September and October 2021, Fujichinon Intelligent applied several times to register the "Fujichinon Intelligent" trademark, but all applications were rejected by relevant departments.

Given the close resemblance between the company name and the Chinese name of a famous camera brand, and the latter now being an important customer, whether Fujichinon Intelligent will face disputes in the future over company name, trademark or brand recognition remains uncertain. Especially as its digital camera structural parts business becomes a new source of growth, market perception of the "Fujichinon" name is likely to be scrutinized even further.

Stability of Control Remains to Be Tested

This listing of Fujichinon Intelligent has also sparked widespread market attention over its stability of actual control.

Currently, Fujichinon Intelligent has no controlling shareholder. Lu Shaozhou and Dong Chuntao are joint actual controllers. They control 32.08% and 31.39% of shares through direct or indirect means, respectively.

With such similar holdings, together through a concerted action agreement, they control 74.40% of voting rights of Fujichinon Intelligent.

The two are not related. From their entrepreneurial history, Lu Shaozhou and Dong Chuntao are classmates from Guangdong University of Technology, having co-founded the company in 2004 and worked together for over 20 years. Their division of labor is clear: Lu Shaozhou leads technology and production, while Dong Chuntao handles sales and market development.

The potential risk of such equal co-governance is that if the two break ranks, it could drag down the company's management and operations.

To address this, in 2017, Lu Shaozhou and Dong Chuntao specified in their concerted action agreement that if they cannot reach consensus at the proposal stage, the related proposal will be abandoned; if consensus cannot be reached at the voting stage, they will both vote against the issue.

In other words, this is a typical "joint veto mechanism".

The inherent flaw of this mechanism is that although it prevents one side from acting alone, it cannot resolve a real stalemate in decision-making when disputes truly arise.

For a startup, high mutual trust may cover institutional gaps; but for a public company, major issues such as investment, business transformation, and financing require a predictable decision-making mechanism.

Once Lu Shaozhou and Dong Chuntao disagree on key matters, the company may be stuck in a veto deadlock: proposals cannot be submitted, or if submitted will be jointly vetoed.

In fact, as early as Fujichinon Intelligent's 2022 attempt to list on the Shenzhen Growth Enterprise Market (GEM), the Shenzhen Stock Exchange required clarification on the "stability of concerted action relationship, whether differences can be effectively resolved, and whether there is risk of change in control".

At that time, Fujichinon Intelligent simply stated: "Both parties strictly follow the dispute resolution mechanism set out in the concerted action agreement. As long as the agreement remains effective, there is no risk of change in control," without making adjustments to the decision-making mechanism.

Even as Fujichinon Intelligent applied for Beijing Stock Exchange listing, the regulator still focused on the risks of this mechanism.

Therefore, Fujichinon Intelligent made a key adjustment to its decision-making mechanism on the eve of the review meeting.

On June 8, 2026, Lu Shaozhou and Dong Chuntao signed a supplementary agreement changing the dispute resolution mechanism to: for matters requiring board or shareholder approval, if consensus is not reached after discussion, Lu Shaozhou's opinion shall prevail.

At least from a structural perspective, Fujichinon Intelligent has now set a final decision-maker for possible future disputes.

The subtlety of this arrangement is that the new agreement essentially changes the power relationship between the two actual controllers.

Although Dong Chuntao still controls about 31% of voting rights and remains an actual controller, if consensus is not reached, his opinion will give way to Lu Shaozhou.

Whether this patch can truly alleviate regulatory concerns remains uncertain.

For a company about to become publicly listed, control stability should not depend solely on founders' tacit understanding, nor rely entirely on temporary fixes to the agreement.

This listing of Fujichinon Intelligent may still require further examination of corporate governance.

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