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 challenges as it approaches its listing on the Beijing Stock Exchange, including a change in investors and declining financial performance [1][7]. Investment Changes - After more than three years, the original institutional investor exited in April 2023, while new investors signed 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 original institutional investor, Zhongchuangxin Fund, had previously invested 40.08 million yuan for a 10.02% stake, with performance targets set for net profits from 2021 to 2023 [3][4]. Financial Performance - Century Digital's revenue and net profit both declined in the first half of 2025, with revenue at 311 million yuan, down 4.4% year-on-year, and net profit at 24.11 million yuan, down 16.45% [7][8]. - The company reported a decrease in net profit for 2024, with a total revenue of 56.87 million yuan, slightly down from 57.11 million yuan in 2023 [9]. R&D and Sales Expenses - R&D spending in the first half of 2025 was 13.04 million yuan, a decrease of 5.32% year-on-year, indicating a long-term trend of lower R&D investment compared to industry peers [8][10]. - Sales expenses increased by 47.73% in the first half of 2025, totaling 12.77 million yuan, despite a decline in revenue, suggesting ineffective sales strategies [10][11]. 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 saw significant revenue declines in the first half of 2025 [11].