来源：智通财经 A股IPO"折戟"近一年半后，急于"补血"的浙江东方科脉电子股份有限公司（简称"东方科脉"）转战港股 主板上市。 9月25日，港交所官网披露了这家电子纸显示模组厂商的IPO申请材料。智通财经记者结合最新财报发 现，自2022年与电子纸"寡头"元太科技进一步绑定合作后，东方科脉毛利率持续走低、利润空间越做越 薄，资金压力也越来越大。截至6月末，公司现金及现金等价物仅0.84亿元，却有7.63亿元负债。 东方科脉原计划到上交所主板上市，但新"国九条"发布后，上交所主板上市标准中最近一年净利润指标 提高至1亿元，东方科脉未达标，随后主动撤回申请。 "A股IPO要求公司经营表现持续向上。"曾就职于普华永道的北京交通大学经管学院会计系教师于耀对 智通财经指出，在当前监管与公司的财务/运营轨迹组合下，东方科脉若继续选择A股上市，短期难度 大；若要重启，需先用两个完整会计年度把毛利、周转、现金流和集中度修复到'硬指标'线之上。" 就东方科脉转战港股上市，于耀对智通财经记者表示，当前是具备上市可行性且处于相对友好的时间窗 口，"东方科脉此次IPO，成败关键在于成本传导与毛利修复逻辑的可验证性、营运资金与现金的 ...

Core Viewpoint - The company has launched various electronic ink screen products, including electronic price tags, digital signage, electronic desk signs, and smart readers, which cater to different application needs in various scenarios [1] Product Development - The company is focusing on research and development of electronic paper products and technologies, with plans to expand into personal consumer markets and commercial application scenarios [1] - The new electronic paper full-color frame utilizes E Ink full-color electronic paper technology, showcasing excellent color display capabilities [1] Business Performance - Currently, the electronic paper business accounts for a small proportion of the company's overall business [1]

Core Viewpoint - Akita Micro's recent financial report shows a mixed performance with a revenue increase but a decline in net profit, highlighting potential concerns regarding accounts receivable and profitability metrics [1] Financial Performance - Total revenue for the reporting period reached 631 million yuan, a year-on-year increase of 21.37% [1] - Net profit attributable to shareholders was 51.26 million yuan, a year-on-year decrease of 5.78% [1] - In Q2, revenue was 363 million yuan, up 22.85% year-on-year, while net profit increased by 4.79% to 31.77 million yuan [1] - Gross margin was 23.89%, down 7.38% year-on-year, and net margin was 8.44%, down 19.98% year-on-year [1] - Total operating expenses were 50.73 million yuan, accounting for 8.05% of revenue, an increase of 6.21% year-on-year [1] - Earnings per share were 0.43 yuan, a decrease of 6.52% year-on-year [1] Balance Sheet Changes - Cash and cash equivalents increased by 74.93% due to an increase in dollar deposits [2] - Inventory rose by 35.6% due to an increase in raw materials and work-in-progress [3] - Contract liabilities increased by 37.08% due to higher prepayments [4] - Other receivables increased by 45.89% due to higher deposits and guarantees [6] Cash Flow Analysis - Net cash flow from operating activities increased by 200.71% due to higher sales collections and export tax refunds [7] - Net cash flow from investing activities decreased by 45.03% due to reduced purchases of financial products [7] - Net cash flow from financing activities increased by 57.8% due to the previous year's share buyback and bank loan repayments [7] Business Model and Market Position - The company relies heavily on research and development for its business model, particularly in the electronic paper sector [8] - The global electronic paper terminal market is projected to reach approximately $13 billion in 2024 and exceed $20 billion by 2028, with a compound annual growth rate of over 10% [8] - The company has applied for 32 patents related to electronic paper technology, with 6 invention patents and 8 utility model patents granted [9] Future Growth Prospects - The company plans to enhance its product offerings and expand into new application areas, focusing on technological upgrades and market demand [11] - The company is actively seeking investment opportunities to strengthen its industry position and drive sustainable growth [11]

Company Overview - Shenzhen Akitain Microelectronics Co., Ltd. focuses on electronic paper technology, which is characterized by low energy consumption and a wide range of applications, including electronic price tags and e-readers [2][3]. Market Potential - The global electronic paper terminal product market is projected to reach approximately $13 billion in 2024 and exceed $20 billion by 2028, with a compound annual growth rate (CAGR) of over 10% [2]. Product Development - As of December 31, 2024, the company has established mass production capabilities for electronic paper products and achieved small batch shipments [3]. - The company has applied for 32 patents related to electronic paper technology, with 6 invention patents and 8 utility model patents granted [3]. Sales and Export - In 2024, overseas sales accounted for 41.38% of total revenue, with major markets including North America, Europe, and Asia [3]. Impact of Tariffs - The company is minimally affected by U.S. tariffs, as direct exports to the U.S. are low. Recent trade agreements have led to the cancellation of 91% of tariffs on Chinese goods [4]. Automotive Sector - The company's products are utilized in automotive electronics, including dashboards and central control panels, with clients such as BYD and Nissan [4]. Future Growth Strategies - The company plans to seek investment opportunities that align with its strategic goals and enhance its competitive edge, focusing on high-potential sectors [5]. - The company has terminated certain fundraising projects to improve capital efficiency, reallocating funds to the electronic paper module production line [5]. Financial Performance - The company reports stable production and operational conditions, with future profit growth expected from product innovation and market demand alignment [6].

Core Viewpoint - The Chinese electronic paper industry is experiencing rapid growth despite the exit of Amazon's Kindle from the market, with significant advancements in technology and applications [1][2][3]. Industry Overview - The shipment volume of electronic paper application terminals has reached 379 million units, marking a year-on-year increase of 23.4% [1]. - Nearly 96% of electronic paper modules are manufactured in China, establishing a global supply chain centered around the country [1]. - The display output value of electronic paper technology exceeds $14.9 billion, making it the third-largest display technology after LCD and OLED [1]. Market Dynamics - The primary user terminal for electronic paper is electronic price tags, predominantly in the smart retail sector, followed by electronic paper tablets, which include e-readers, learning machines, and office notebooks [1][3]. - The Chinese electronic paper market is projected to grow at a rate of 30% by 2025, significantly outpacing the global market growth forecast of 9.3% [3]. Product Development - The sales volume of electronic paper tablets in China is expected to reach 1.834 million units in 2024, with a year-on-year growth of 49.1% [4]. - The market for electronic paper learning machines is expanding, with over 1 million units sold in 2024 by a leading company [6]. Future Trends - The future of electronic paper technology includes colorization, larger sizes, and flexibility, with plans to replace 20% of written paper [6]. - The evolution of electronic paper into mainstream terminals is expected to occur in three phases: introduction (2023-2028), rapid development (2028-2035), and popularization (2035-2045) [7]. - Key trends include significant growth in learning machines, increased penetration of color e-paper screens, and a younger user demographic [7].

Core Viewpoint - The article highlights the growing interest and investment in electronic paper (E-paper) technology by major display panel manufacturers, indicating a shift in focus from traditional LCD and OLED technologies to E-paper, which is seen as having unique advantages in low power consumption and readability under sunlight [1][24]. Group 1: Investment and Collaboration - In April, major panel manufacturers like AUO and Huike showcased their strategic commitment to the E-paper sector through various investments and collaborations [2]. - AUO's subsidiary, Daqin, signed an investment agreement with E Ink to establish a joint venture with a capital of NT$390 million, aiming to create a large-scale E-paper module production line expected to start production in Q4 2025 [3]. - Huike announced a joint development agreement with E Ink focusing on large-size E-paper, and its new production base in Guizhou has commenced operations with a total investment of RMB 5.5 billion [3][4]. Group 2: Technological Advancements - Huike's E-paper products cover sizes from 1.54 inches to 75 inches and possess full-color display capabilities, indicating significant technological advancements in the sector [4]. - Major players like TCL Huaxing and Samsung are also showcasing their latest E-paper products, reflecting their determination to accelerate their E-paper business [5][6]. Group 3: Market Demand and Applications - The demand for E-paper is expected to grow, with a projected 34.8% year-on-year increase in E-paper module shipments in 2024, driven by stable demand in the e-book market and the rise of electronic shelf labels (ESL) [15]. - ESLs are becoming increasingly popular in retail management, with a projected 39.3% year-on-year increase in shipments in 2024, largely due to projects from major retailers like Walmart [15]. Group 4: Unique Characteristics of E-paper - E-paper technology, characterized by bistability and reflective properties, allows images to remain displayed without power and utilizes ambient light for visibility, offering advantages such as ultra-low power consumption and a paper-like reading experience [10][11]. - Despite its advantages, E-paper has faced challenges in performance compared to traditional displays, but ongoing improvements in technology are expected to enhance its capabilities [14][19]. Group 5: Supply Chain Dynamics - The E-paper supply chain consists of upstream core components, midstream module manufacturing, and downstream device manufacturers, with a high concentration of market share among key players [20][23]. - E Ink dominates the global electronic ink market, while major panel manufacturers like TCL Huaxing and BOE are positioned in the TFT substrate segment, leveraging their existing technologies to enter the E-paper market [23]. Group 6: Future Outlook - The article suggests that with continued technological advancements and cost reductions, E-paper is poised to transition from a niche technology to a mainstream solution across various sectors, including smart retail, education, and transportation [26][27]. - The year 2025 is anticipated to be pivotal for the E-paper industry, marking the beginning of a "golden era" driven by investments from major panel manufacturers [27].

Group 1: Company Overview and Operations - The company has established mass production capabilities for electronic paper products and achieved small batch shipments as of the 2024 annual report [3] - Electronic paper technology offers advantages such as low energy consumption, flexible manufacturing, and a wide viewing angle, making it suitable for various applications [3] - The company has terminated the "Touch Display Module Ganzhou Production Base Project" and "New Display Device Construction Project" to improve fundraising efficiency, reallocating funds to other projects [3][4] Group 2: Product Applications and Clients - In the automotive electronics sector, the company's products are used in dashboards, central control panels, and rearview mirrors, with clients including BYD and Nissan [4] - The company's products are applied in the Internet of Things and smart living sectors, serving clients like GE and Samsung [4] - The company has not yet applied its products to robotic vacuum cleaners but has done so for electric two-wheelers [4] Group 3: Financial Performance and Employee Statistics - The net cash flow from investment activities increased by 117.60% year-on-year due to the redemption of financial products [5] - As of December 31, 2024, the company employed 2,279 people, with 261 in R&D, representing 11.45% of the total workforce [5] Group 4: Impact of Trade Policies - The company's direct exports to the U.S. are low, resulting in minimal impact from U.S. tariffs; the company is adapting its market strategies accordingly [6] - A trade agreement reached on May 12, 2025, will eliminate 91% of tariffs imposed on Chinese goods, positively affecting the company [6] Group 5: Future Growth Strategies - The company aims to enhance its long-term, stable development and return on investment by focusing on product innovation and market demand [6]

Group 1: Company Overview and Sales - The company's overseas sales accounted for 41.38% of total revenue in 2024, with major exports to North America, Europe, and Asia [3] - The company has a low export ratio to the U.S., minimizing the impact of U.S. tariffs [3] - The company is establishing a production base in Thailand to enhance overseas manufacturing capabilities [3] Group 2: Research and Development - In 2024, the company invested 80.3732 million yuan in R&D, a 25.07% increase year-on-year, representing 7.41% of total revenue [3] - As of December 31, 2024, the company employed 261 R&D personnel, making up 11.45% of the total workforce [3] Group 3: Product Development and Market Trends - The electronic paper market is projected to reach approximately $13 billion in 2024 and exceed $20 billion by 2028, with a compound annual growth rate of over 10% [4] - The company has established basic production capabilities for electronic paper products and achieved small-scale shipments [4] Group 4: Strategic Plans and Financial Management - The company plans to seek investment and acquisition opportunities that align with its strategic goals and enhance its competitive edge [5] - The company terminated certain fundraising projects to improve capital efficiency, reallocating funds to other projects [5] - The company maintains a stable profit distribution policy, focusing on long-term shareholder value creation [7]

Core Viewpoint - The company is a national high-tech enterprise specializing in the research, design, production, and sales of LCD display and touch products, aiming to provide customized solutions and enhance its market presence in various sectors such as industrial control, IoT, healthcare, and automotive electronics [4][5][11]. Company Overview - The company focuses on LCD displays and touch products, with major applications in industrial control, IoT, healthcare, and automotive electronics [4][5]. - Key products include monochrome LCDs, color LCD modules, and capacitive touch screens, serving clients like ABB, HP, GE, and BYD [5][11]. Financial Performance - In the reporting period, the company achieved a revenue of 1,084.67 million yuan, a year-on-year increase of 9.02%, while net profit decreased by 25.91% to 90.61 million yuan [11]. - Total assets amounted to 1,651.14 million yuan, a decrease of 1.44%, while net assets grew by 0.67% to 1,369.87 million yuan [11]. Business Model - The company operates a customized sales model targeting both end-product manufacturers and technical service providers, ensuring tailored solutions based on client specifications [9][10]. - The procurement strategy is primarily self-sourced, focusing on minimizing risks associated with material price fluctuations [6][10]. R&D and Innovation - The company emphasizes innovation and R&D, with ongoing projects in electronic paper technology, automotive display systems, and energy storage solutions [13][14][16][18]. - Significant investments in R&D aim to enhance product competitiveness and align with market demands [12][13]. Market Trends and Opportunities - The global electronic paper market is projected to reach approximately $13 billion in 2024, with a compound annual growth rate exceeding 10% [14]. - The automotive sector is experiencing rapid growth in demand for touch display systems, driven by the increasing penetration of electric vehicles [17]. Talent Development - The company implements a talent development strategy focusing on internal training and external recruitment to build a high-level talent pool [21]. Operational Efficiency - Continuous improvements in operational processes and the adoption of lean production practices are prioritized to enhance efficiency and product quality [22]. ESG Management - The company integrates ESG principles into its operations, aiming to contribute to sustainable development and align with national carbon neutrality goals [23]. Shareholder Returns - The company has consistently provided cash dividends since its listing, with a cumulative dividend payout of 183.43 million yuan, reflecting a commitment to shareholder returns [24][25]. International Expansion - The establishment of a production base in Thailand is a strategic move to enhance international operations and mitigate supply chain risks [26].

电子纸是一种模仿墨水在纸张上印刷效果的显示技术，其核心优势是具有双稳态（Bistable）和反 射式（Reflective）特性，即极少的耗电量与依靠反射环境光来显示内容。 近年来，随着LCD/OLED技术高度成熟以及全球对节能减碳、绿色环保需求增长的情况下，电子 纸显示技术吸引到越来越多显示行业玩家关注。 随着电子纸技术关注度的日渐上升，在近日的Touch Taiwan 2025展会上，电子纸技术方案与终端 应用也成为本次展会焦点之一。 电子纸技术持续往大尺寸、全彩、可折叠等方向发展 元太科技 作为电子纸产业链龙头企业，元太科技展出了首款宽温全彩电子纸E Ink Marquee™，采用全新四 色粒子显示系统，色彩更鲜艳，专为户外及数字广告牌应用而设计。 产品可在无需冷却系统的情况下在-20°C 至 65°C 的操作环境运作，产品最大可达75英寸，显示画 面更新时间介于5至7秒之间。 元太科技还推出最大尺寸的E Ink Spectra™ 6产品—75英寸全彩电子纸，具有高色彩饱和度、显示 流畅度进一步提升、超低功耗设计，操作温度介于0至50°C。 宽温全彩电子纸E Ink Marquee™（图片来源：元太科技 ...