IPO雷达｜“墨水平板商”文石BOOX递表港交所，六成收入来自海外，期内利润持续下滑

Core Viewpoint - Guangzhou Wenshih Information Technology Co., Ltd. (Wenshih BOOX) has submitted an application for a main board listing, primarily focusing on "墨水平板" products, with 60% of its revenue coming from overseas markets, including nearly 20% from the U.S. market, while profits have shown a declining trend [1][3]. Financial Performance - Revenue for the periods 2023, 2024, and the first three quarters of 2025 were RMB 804 million, RMB 1.018 billion, and RMB 799 million respectively, while profits were RMB 124 million, RMB 122 million, and RMB 103 million, indicating a downward trend in profits [3][5]. - The gross profit margins for the same periods were 33.5%, 36.9%, and 39.0% respectively, with sales costs representing 66.5%, 63.1%, and 61.0% of revenue [5]. - Operating cash flow turned negative in the first three quarters of the last year, with net cash flow from operating activities being RMB 1.061 million, RMB 1.328 million, and -RMB 4.121 million [8][9]. Market Presence - The company is the second largest globally and the largest in China in the knowledge-focused productivity tool sector, with a product lineup that includes high-speed readers and productivity tablets [3]. - The contribution of overseas markets to total revenue was 56.2%, 59.4%, and 59.5% during the reporting periods, highlighting the importance of international expansion for business growth [5]. U.S. Market Impact - Revenue from the U.S. market was RMB 147 million, RMB 195 million, and RMB 150 million, accounting for 18.3%, 19.2%, and 18.7% of total revenue respectively [6]. - The U.S. has implemented multiple rounds of tariff increases on imports, which may negatively impact competition and ultimately affect the company's revenue and profitability [6]. Inventory and Cash Flow Management - The company's inventory has been increasing, reaching RMB 4.35 billion, which includes raw materials, work-in-progress, and finished goods [10]. - The company faces challenges in managing inventory levels due to plans for product category expansion, which may increase storage system pressure and affect operating cash flow [10].