世纪数码冲刺北交所上市 股权结构变动被问询

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 recent performance showing a decline in revenue and net profit [1][5]. Company Overview - Century Digital specializes in digital printing technology, focusing on industrial applications such as textile digital printing, advertising signage, and corrugated box packaging [2]. - The company is controlled by Jin Lifeng, who holds 88.24% of the shares [2]. Investment Changes - After three years, the original institutional investor exited in April 2025, while new investors signed a performance agreement with Jin Lifeng, stipulating that the company must have its listing application accepted by the end of June 2025 and successfully listed by the end of June 2027, or face a buyback [1][3]. - The previous investor, Zhongchuangxin Fund, had set profit targets for 2021-2023, which Century Digital failed to meet in 2021 and 2022 [4]. Financial Performance - Century Digital's revenue and net profit declined in the first half of 2025, with revenue at 3.11 billion and a net profit of 241.08 million, representing a year-on-year decrease of 4.4% and 16.45%, respectively [5]. - The company reported a drop in its net profit margin, with a non-recurring net profit decrease of over 20% [1][5]. Research and Development - R&D spending in the first half of 2025 was 130.36 million, down 5.32% year-on-year, indicating a lower investment in innovation compared to industry peers [5][6]. - R&D expenses as a percentage of revenue have consistently been below 6%, contrasting with comparable companies in the industry [5][6]. Sales and Marketing - Sales expenses increased by 47.73% in the first half of 2025, totaling 127.65 million, attributed to higher salaries and increased marketing costs, despite a decline in revenue [6]. - The core products, digital inkjet printers and digital printing machines, saw a revenue decline of 10.7% and 16.36%, respectively, in the first half of 2025 [6].