Orbbec (SH:688322) Xin Lang Cai Jing·2026-01-19 10:15Core Viewpoint - The optical imaging industry is experiencing a capital operation wave characterized by mergers, acquisitions, and financing, driven by the promising market prospects in emerging technologies such as automotive lenses, AR/VR optics, and machine vision [2][14]. Group 1: Financing Activities - Company OrbiMed is advancing a private placement plan to raise 980 million yuan for expansion, despite having over 2 billion yuan in cash and deposits, significantly exceeding its interest-bearing liabilities of 100 million yuan [3][18]. - After its IPO in July 2022, which raised 1.24 billion yuan instead of the planned 1.94 billion yuan, OrbiMed attempted a 1.5 billion yuan private placement in July 2023, which was ultimately terminated due to market conditions [6][20]. - In April 2025, OrbiMed initiated a new round of financing with a target of 2.187 billion yuan, later reducing the amount to 1.918 billion yuan and then to 980 million yuan, indicating a strong desire for financing despite previous setbacks [22][23]. Group 2: Financial Performance and R&D - OrbiMed's R&D expenditures have decreased from 381 million yuan in 2022 to 204 million yuan in 2024, nearly halving over two years, with a further decline to 147 million yuan in the first three quarters of 2025 [24]. - The company's gross margin remains between 40% and 50%, which is significantly lower than comparable companies such as Optics and Cambrian [24]. - Despite the decline in R&D spending, the company has maintained a low debt ratio of around 10% over the years, indicating a stable financial position [3][21]. Group 3: Stock Buyback and Incentives - OrbiMed has implemented a stock buyback program, offering stock options at approximately 16 yuan per share to a select group of five individuals, including three foreign employees, resulting in a floating profit exceeding five times the current stock price of around 102 yuan [11][27]. - The company's approach of pursuing financing while simultaneously executing stock buybacks and offering low-threshold stock incentives to a limited number of executives raises questions about its governance and strategic priorities [17][27].