Core Viewpoint - Zhejiang Dongfang Kema Electronic Co., Ltd. (referred to as "Dongfang Kema") has submitted its IPO prospectus to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company is a leading manufacturer and service provider in the electronic paper display technology sector, holding a significant market share globally [1][4]. Company Overview - Dongfang Kema was established in 2005 and has become a core enterprise in the global electronic paper industry, with production bases in Jiaxing, Zhejiang, Dalian, Liaoning, and Vietnam [1]. - According to Zhi Shi Consulting, Dongfang Kema is the largest commercial smart IoT electronic paper display solution provider globally, with a market share of 26.3% based on projected 2024 revenue [1]. Financial Performance - The company's revenue for the years 2022 to 2024 is projected to be 1.214 billion RMB, 1.024 billion RMB, and 1.152 billion RMB, respectively, with net profits of 91.88 million RMB, 50.74 million RMB, and 53.40 million RMB for the same years [2]. - In the first half of this year, Dongfang Kema achieved a revenue of 796 million RMB, representing a year-on-year growth of 69.34%, and a profit of 43.04 million RMB, up 186.52% year-on-year [1][2]. Customer Concentration - The company has a high customer concentration, with sales to its top five customers accounting for 88.75%, 86.61%, and 93.31% of total revenue from 2020 to 2022 [4][5]. - Han Shuo Technology Co., Ltd. has been the largest customer for two consecutive years, with sales to them accounting for 65.84% of total revenue in 2020 [4][5]. Shareholding Structure - Prior to the IPO, the shareholding structure includes Zhou Aijun holding 20.79%, Hongrong Investment 15.14%, Fuzhou Zhuiyuan 7.17%, Mr. Lü 6.89%, and Zhao Jinggang 5.86% [3].
东方科脉转战港股IPO，红榕投资是其股东，曾与第一大客户同时冲击A股
Sou Hu Cai Jing·2025-09-26 13:44