东方科脉赴港IPO，供应商卡脖子还“抢饭碗”

Core Insights - Oriental Kema, the largest supplier of electronic paper display solutions, is set to go public in Hong Kong, highlighting its significant market position and the growing demand for electronic paper technology [1][2]. Market Position and Growth - Oriental Kema holds a 26.3% share of the global market for commercial smart IoT electronic paper display solutions, ranking first among competitors [1]. - The global market for smart IoT electronic paper solutions is projected to grow at a compound annual growth rate (CAGR) of 14.6%, increasing from RMB 54.8 billion in 2024 to RMB 108.4 billion by 2029 [1]. Supply Chain Dynamics - The company relies heavily on its supplier, E Ink Technology, for all electronic ink films, with E Ink accounting for approximately 50% of its procurement in recent years [2][4]. - E Ink dominates the electronic paper market, supplying over 90% of the total market, which limits the bargaining power of downstream manufacturers [3]. Financial Performance - Oriental Kema has faced revenue and profit growth challenges, with revenues of RMB 12.1 billion, RMB 10.2 billion, and RMB 11.5 billion from 2022 to 2024, and a significant decline in net profit [4][5]. - Despite a substantial revenue increase of approximately 70% to RMB 800 million in the first half of 2025, the company's gross margin has decreased by about 5 percentage points, stabilizing at 15.8% [5][6]. Product Segmentation - The company's main products include electronic paper display modules of various sizes, with small-sized modules (less than 4 inches) accounting for over 80% of sales in the first half of 2025 [7]. - Price ranges for electronic paper modules vary significantly, with small-sized modules priced between RMB 10-20, while larger modules exceed RMB 146-472 [7][8]. Cash Flow and Receivables - Despite profit growth, the company reported a negative net cash flow from operating activities of RMB -1.2 billion in the first half of 2025, indicating potential liquidity issues [5][9]. - Accounts receivable and inventory have increased significantly, with accounts receivable rising from RMB 210 million at the end of 2023 to RMB 350 million by mid-2025 [9]. Competitive Landscape - E Ink Technology has begun to enter the electronic paper module market, potentially positioning itself as a competitor to Oriental Kema, which could impact the latter's market share and profitability [9].