上市对赌大限压顶，世纪数码业绩滑坡中“闯关”北交所

Core Viewpoint - Zhengzhou New Century Digital Technology Co., Ltd. (Century Digital) is facing significant changes in its investment landscape as it approaches a critical period for its listing on the Beijing Stock Exchange, with recent performance showing declines in revenue and net profit [1][8]. Investment Changes - Original institutional investors exited completely in April 2023 after holding shares for over three years, coinciding with new investors signing a performance agreement with the actual controller, Jin Lifeng, stipulating that the company must have its listing application accepted by June 30, 2025, and successfully listed by June 30, 2027, or face a buyback [1][5]. - The new investors, including Jinan Qianyun Lake Light Equity Investment Partnership and Shandong Huiyi Venture Capital Co., Ltd., have also signed similar agreements, indicating a focus on the company's performance and listing timeline [5][7]. Financial Performance - In the first half of 2025, Century Digital reported a revenue of 311 million yuan, a year-on-year decline of 4.4%, and a net profit of 24.11 million yuan, down 16.45% [8][12]. - The company's revenue and net profit for the first half of 2025 reflect a significant downturn, with the non-recurring net profit dropping over 20% [1][8]. - For the years 2021 to 2024, the company achieved revenues of 363 million yuan, 414 million yuan, 571 million yuan, and 569 million yuan, respectively, with net profits showing a similar growth trend but failing to meet the performance targets set in the agreements with investors [8][10]. R&D and Sales Expenses - R&D expenditures for the first half of 2025 were 13.04 million yuan, a decrease of 5.32% year-on-year, indicating a reduction in investment in core technology despite previous commitments to focus resources on key products [9][12]. - In contrast, sales expenses increased significantly, reaching 12.77 million yuan in the first half of 2025, a rise of 47.73%, attributed to higher salaries for sales personnel and increased marketing costs, despite a decline in revenue [12]. Product Performance - The core products, digital inkjet printers and digital printing machines, accounted for over 70% of the company's main business revenue from 2022 to 2024, but their revenues fell by 10.7% and 16.36%, respectively, in the first half of 2025 [12].