“墨水平板商”文石BOOX递表港交所，六成收入来自海外

Core Viewpoint - Guangzhou Wenshih Information Technology Co., Ltd. (Wenshih BOOX) has submitted an application for a main board listing, focusing on "墨水平板" (ink screen tablets) as its main product, 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][4]. Group 1: Company Overview - Wenshih BOOX provides consumer-grade eye-protecting reading and writing smart terminals, an open-source operating system BOOX OS, and specialized applications for text information processing needs [3]. - The company is the second largest globally and the largest in China in the knowledge-focused productivity tool sector, with a product portfolio that includes high-speed readers and productivity tablets [3]. - The company declared dividends of 10 million RMB and 90 million RMB for 2023 and 2024, respectively, and plans to declare 100 million RMB for the nine months ending September 30, 2025, using internal resources for settlement [3]. Group 2: Financial Performance - Revenue for the reporting periods was 804 million RMB, 1.018 billion RMB, and 799 million RMB, while profits were 124 million RMB, 122 million RMB, and 103 million RMB, indicating a downward trend in profits [4][6]. - The gross profit margin has shown fluctuations, with margins of 33.5%, 36.9%, and 39.0% for the respective years [6]. - Operating cash flow turned negative in the last reporting period, with net cash flows of 106 million RMB, 133 million RMB, and -41 million RMB [8][9]. Group 3: Market Exposure and Risks - The overseas market contributed 56.2%, 59.4%, and 59.5% to total revenue during the reporting periods, highlighting the importance of international expansion for business growth [4]. - Revenue from the U.S. market was 147 million RMB, 195 million RMB, and 150 million RMB, accounting for 18.3%, 19.2%, and 18.7% of total revenue, respectively [7]. - The company faces potential negative impacts on revenue and profitability due to increased tariffs imposed by the U.S. government on imports from various countries, particularly China [7]. Group 4: Inventory and Operational Challenges - The company's inventory has been increasing, reaching over 400 million RMB, with figures of 242 million RMB, 305 million RMB, and 435 million RMB during the reporting periods [10]. - The rise in inventory is attributed to the expansion of product categories, which poses challenges for effective inventory management and may lead to liquidity pressures [10].