全球电子纸显示龙头东方科脉递表港交所，2024年全球商用端市场份额达26.3%

Core Viewpoint - Zhejiang Oriental Kema Electronic Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, positioning itself as the largest commercial smart IoT electronic paper display solution provider globally with a market share of 26.3% as of 2024 [1] Group 1: Company Overview - The company focuses on the design, research and development, manufacturing, and sales of electronic paper display modules, with products applicable in various sectors such as smart retail, smart office, smart education, smart logistics, smart transportation, and e-readers [1] - The company has maintained steady growth in performance, with sales volume of smart IoT electronic paper display modules increasing from 50.6 million units in 2022 to 67.1 million units in 2024, and total revenue of RMB 12.13 billion, RMB 10.24 billion, and RMB 11.51 billion during the same period [1] Group 2: Financial and R&D Investment - R&D expenditures from 2022 to 2024 were RMB 38 million, RMB 39.9 million, and RMB 56 million, representing 3.1% to 4.9% of total revenue [2] - As of June 30, 2025, the company has obtained 94 patents, including 28 invention patents, indicating strong technological innovation capabilities [2] Group 3: Customer Structure and Production Capacity - The company has a high customer concentration, with the top five customers accounting for 93.3%, 88.7%, and 82.6% of revenue from 2022 to 2024, and the largest customer contributing 47.7%, 50.7%, and 36.3% respectively [2] - The company operates four production and R&D bases domestically and internationally, with an annual production capacity exceeding 130 million units and 47 specialized production lines [2] Group 4: Industry Outlook - The global demand for electronic paper is expected to grow due to its advantages such as ultra-low power consumption and eye-friendly experience, with the market for smart IoT electronic paper solutions projected to increase at a compound annual growth rate of 14.6%, from RMB 54.8 billion in 2024 to RMB 108.4 billion in 2029 [2] Group 5: Listing and Fund Utilization - The listing is sponsored by CITIC Securities (Hong Kong) Limited, with the raised funds intended for enhancing production capacity, upgrading production bases, increasing R&D investment, and supporting working capital [3] - The listing is expected to further enhance the company's global competitiveness and accelerate its international strategic layout [3]