正冲刺上市，相伴3年的机构却“清仓跑路”，接盘者另有玄机

Core Viewpoint - Zhengzhou New Century Digital Technology Co., Ltd. (Century Digital) is facing significant changes in its investment structure as it approaches a critical period for its listing on the Beijing Stock Exchange, with original investors exiting and new investors entering into a performance-based agreement with the controlling shareholder, Jin Lifeng [1][2]. Group 1: Company Overview - Century Digital specializes in digital printing technology, focusing on industrial applications such as textile digital printing, advertising signage, and corrugated box packaging [3]. - The company was listed on the New Third Board in 2016, delisted in 2019, and is set to relist in January 2024 [4]. Group 2: Financial Performance - As of June 30, the total market value of Century Digital was 620 million yuan, with Jin Lifeng's share value exceeding 540 million yuan [5]. - The company reported a decline in revenue and net profit for the first half of 2025, with revenue of 311 million yuan, down 4.4% year-on-year, and net profit of 24.11 million yuan, down 16.45% year-on-year [10][11]. - The company's performance has not met the profit targets set in agreements with investors, with net profits for 2021 and 2022 falling short of the stipulated goals [11]. Group 3: Investment and Shareholder Changes - The original institutional investors exited their positions due to the company not completing its IPO within the agreed timeframe, triggering buyback clauses [8]. - New investors, including Jinan Quanyun Lake Light Equity Investment Partnership and Shandong Huiyi Venture Capital, have signed new performance agreements with Jin Lifeng, stipulating similar buyback conditions if the company fails to meet listing deadlines [8][9]. Group 4: Research and Development - Century Digital's R&D expenditure for the first half of 2025 was 13.04 million yuan, a decrease of 5.32% year-on-year, indicating a long-term trend of R&D investment below industry averages [12]. - The company’s R&D expenses as a percentage of revenue have been consistently lower than comparable companies in the industry [12][14]. Group 5: Sales and Market Dynamics - 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 [15]. - Revenue from core products, including digital inkjet printers, has also seen a decline, with a drop of 10.7% and 16.36% respectively for the first half of 2025 [15].