东脉电子是全球智能物联电子纸显示解决方案的领导者。根据灼识咨询的资料，以2024年收入计算，公司是全球最大的商用端智能 物联电子纸显示解决方案厂商，占据全球市场份额的26.3%，充分展现了公司在行业中的领先地位。 9月26日，浙江东脉电子股份有限公司（以下简称"东脉电子"）正式向香港交易所递交了上市申请，拟通过募集资金用于完善产能布 局和生产基地智能化升级，以及提升研发和技术能力，丰富产品矩阵，以更好地满足下游市场不断增长的需求。 公司发展历程 募集资金用途 完善产能布局和生产基地智能化升级。东脉电子计划谨慎且有效地进一步扩大产能，以不断提升生产及供货效率，巩固成本优势。 公司致力于满足下游市场不断增长的需求，通过智能化升级提高生产效率和产品质量。 提升研发和技术能力。东脉电子将通过募集资金提升其研发和技术能力，丰富产品矩阵。公司将聚焦彩色、柔性、高刷新率、高分 辨率等前沿电子纸技术，以及OTFT、胆甾等新材料应用的研发与升级。特别是，公司计划加大对AI技术在波形调试阶段的投入，以 实现全产品波形自动化调试及验证工作。通过技术创新和性能优化，公司将继续加强现有智能物联电子纸显示解决方案的丰富度。 丰富产品组合 ...

直销为主拓展市场 公司销售主要通过全球直销进行，部分海外市场借助当地销售合作伙伴及分销商拓展业务。2022 - 2025 年6月，分销商收入占比在0.7% - 1.6%之间，占比较小。公司通过与客户直接签订合同，提供定制化产 品与服务，赢得客户认可。 来源：新浪港股-好仓工作室 财务数据波动，风险暗藏其中 东方科脉近期冲刺港股IPO，招股书数据揭示了公司的发展态势与潜在风险。尽管公司在业务布局上有 亮点，但净利润大幅下降以及较高的客户集中度等问题值得投资者关注。 业务聚焦电子纸显示，直销模式主导 专注智能物联电子纸显示解决方案 东方科脉专注于各类智能物联电子纸显示模组及相关显示解决方案的研发、生产与销售。其产品覆盖全 尺寸、全色彩，广泛应用于智慧零售、办公、教育等多个领域。公司凭借自主核心技术，构建了垂直整 合的生产生态系统，在行业内处于领先地位。 营收有起伏，2025年上半年增长显著 东方科脉近三年及2025年上半年营收数据如下： 年份 金额（人民币千元） 2022年 1,213,847 2023年 1,024,198 2024年 1,151,556 2024年上半年（未经审 计） 469,855 2025 ...

智通财经APP获悉，据港交所9月25日披露，浙江东方科脉电子股份有限公司(简称：东方科脉)向港交所主板递交上市申请，中信证券为其独家保荐人。招股 书显示，根据灼识咨询，以2024年收入计算，东方科脉是全球最大的商用端智能物联电子纸显示解决方案厂商，占全球市场份额26.3%。 招股书显示，东方科脉是全球智能物联电子纸显示解决方案的领导者。东方科脉深耕电子纸显示技术领域十余载，基于自主拥有的电子纸显示模组设计制造 的核心技术，专注于研发和生产各类智能物联电子纸显示模组及相关显示解决方案。公司的产品矩阵覆盖全尺寸、全色彩等多种形式，并广泛应用于智能零 售、智慧办公、智慧教育、智慧物流、智慧交通及电子阅读器和新兴应用等场景，以数字化的新型显示解决方案赋能物联网时代的智慧生活与工作场景。 为高效服务全球客户，东方科脉在海内外设有4个生产研发基地(位居全球同业之首)及多个办公驻点，客户服务全面覆盖欧、美、亚等国际市场。 在市场空间方面，全球零售业加速数字化转型，电子价签普及率稳步提升。根据灼识咨询，预计2029年全球智能物联电子纸显示解决方案市场在智能零售领 域将达到5.545亿片，2024年至2029年期间复合年均增长 ...

据港交所9月25日披露，浙江东方（600120）科脉电子股份有限公司(简称：东方科脉)向港交所主板递交上市申请，中信证券为其独家保荐人。招股书显 示，根据灼识咨询，以2024年收入计算，东方科脉是全球最大的商用端智能物联电子纸显示解决方案厂商，占全球市场份额26.3%。 招股书显示，东方科脉是全球智能物联电子纸显示解决方案的领导者。东方科脉深耕电子纸显示技术领域十余载，基于自主拥有的电子纸显示模组设计制造 的核心技术，专注于研发和生产各类智能物联电子纸显示模组及相关显示解决方案。公司的产品矩阵覆盖全尺寸、全色彩等多种形式，并广泛应用于智能零 售、智慧办公、智慧教育、智慧物流、智慧交通及电子阅读器和新兴应用等场景，以数字化的新型显示解决方案赋能物联网时代的智慧生活与工作场景。 为高效服务全球客户，东方科脉在海内外设有4个生产研发基地(位居全球同业之首)及多个办公驻点，客户服务全面覆盖欧、美、亚等国际市场。 在市场空间方面，全球零售业加速数字化转型，电子价签普及率稳步提升。根据灼识咨询，预计2029年全球智能物联电子纸显示解决方案市场在智能零售领 域将达到5.545亿片，2024年至2029年期间复合年均增长率为 ...

Core Viewpoint - The company asserts its position as a leading enterprise in the smart transportation and intelligent IoT sectors, backed by solid technology, diverse application cases, and forward-looking industry layout [1] Group 1: Company Positioning - The company claims to be one of the leading enterprises in the smart transportation and intelligent IoT fields, supported by a robust technology product system and rich application scenarios [1] - The company maintains a high level of R&D investment annually, covering full-stack capabilities including artificial intelligence algorithms, intelligent sensors, and cloud-edge collaboration [1] Group 2: Product Implementation - The company has successfully commercialized products in smart transportation, such as intelligent perception and coordination stations, and vehicle-road collaboration solutions [1] - In the intelligent IoT sector, products like the Hunting Light 3.0 camera and AI video charging piles have been scaled for use in emergency and campus scenarios [1] Group 3: Future Strategy - The company plans to continue focusing on its core business, keeping pace with technological innovations and industry changes, while enhancing internal management precision [1] - The company is committed to actively monitoring capital market policies and directions to achieve positive resonance between industry and capital [1]

Group 1 - The company, Qianfang Technology, is recognized as a leading enterprise in the fields of smart transportation and intelligent IoT [1] - The company emphasizes its solid technical product system, rich practical case scenarios, and forward-looking industry layout [1]

Investment Rating - The report maintains a "Buy" rating for Hikvision Technology Co., Ltd. [1] Core Views - Hikvision is positioned as a global leader in the security industry, focusing on intelligent IoT and digital transformation, leveraging its extensive experience in the field [7] - The company is expanding its innovative business segments, which are expected to contribute significantly to revenue growth, with a focus on eight key areas including robotics, smart logistics, and AIoT [7] - The development of AI large models is creating new business opportunities, enhancing both core and innovative business segments, thus supporting long-term sustainable growth [7] - Revenue projections for 2025-2027 are estimated at 973 billion, 1080 billion, and 1179 billion RMB, with net profits expected to be 137 billion, 157 billion, and 179 billion RMB respectively [7] Financial Projections - Total revenue is projected to grow from 89,341 million RMB in 2023 to 117,903 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.16% [1] - The net profit attributable to shareholders is expected to fluctuate, with a decline in 2024 followed by a recovery, reaching 17,923 million RMB by 2027 [1] - The earnings per share (EPS) is forecasted to increase from 1.54 RMB in 2023 to 1.96 RMB in 2027 [1] Market Data - The closing price of Hikvision's stock is reported at 30.75 RMB, with a market capitalization of approximately 281.82 billion RMB [5] - The price-to-earnings (P/E) ratio is projected to decrease from 19.98 in 2023 to 15.72 in 2027, indicating potential value appreciation [1][5]

Core Viewpoint - The company emphasizes the rapid development of various technologies that will deeply empower the smart IoT sector, aiming to provide smarter and more efficient solutions for customers, thereby promoting high-quality development in the IoT business [2] Group 1 - The company is committed to embracing new technologies with an open attitude [2] - The focus is on enhancing the smart IoT business through technological advancements [2] - The company aims to deliver high-quality solutions to its clients [2]

今天的中国空调企业，逐步摆脱单纯依赖成本优势的路径，转而凭借技术创新、绿色低碳和智能物联等 在国际市场赢得竞争新优势。近年来，中国空调在变频、压缩机等技术方面持续取得突破，有些还搭载 了人工智能技术，设备更加节能高效。 不仅如此，不少企业还针对海外市场推出个性化产品，深受客户青睐。比如，在欧洲市场，安装空调费 用高昂、周期漫长，在法国安装一台分体式空调的成本远高过空调本身的售价。对此，中国企业推出移 动式分体空调，消费者自己动手就能快速完成安装。再比如，针对部分国家电价高等背景，中国企业研 发出光伏储能等创新空调产品，以本土定制化产品研发赢得消费者认可。产品优、服务好，中国品牌空 调热销自是当然。海关总署数据显示，在去年较高基数基础上，今年上半年，我国对欧盟国家空调出口 量同比增长43.2%，创历史同期新高。 谋创新、促升级、抓机遇，深耕国际国内两个市场，更多行业将进一步筑牢面向未来的核心竞争力 今夏，北半球多国持续高温，我国多地打破气温纪录，由此让空调销量大涨。据统计，今年上半年，空 调市场国内销售额达1263亿元，同比增长12.4%；出口额达93.5亿美元，同比增长近10%。从中，我们 看到了中国制造的实 ...

Group 1 - The core viewpoint emphasizes the growth of the air conditioning market in China, driven by high temperatures and increased domestic and international sales [1][2] - In the first half of the year, domestic air conditioning sales reached 126.3 billion yuan, a year-on-year increase of 12.4%, while export value reached 9.35 billion USD, growing nearly 10% [1] - Chinese air conditioning companies are shifting from relying solely on cost advantages to leveraging technological innovation, green low-carbon solutions, and smart IoT to gain competitive advantages in international markets [2][3] Group 2 - The export volume of air conditioners to EU countries increased by 43.2% year-on-year in the first half of the year, setting a historical record for the same period [2] - New air conditioning products with features like fresh air, purification, and smart temperature control are becoming popular in the market, reflecting the industry's response to changing consumer demands [3] - The construction of a unified national market has facilitated rapid responses to regional demand surges, with e-commerce platforms quickly adjusting supply to meet increased orders [3]