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 ...

Financial Performance - The company reported a total revenue of 3.145 billion yuan for the first half of 2025, an increase of 7.06% year-on-year [1] - The net profit attributable to shareholders was 182 million yuan, a decrease of 13.78% year-on-year [1] - In Q2 2025, total revenue reached 1.672 billion yuan, up 13.81% year-on-year, while net profit for the quarter was 107 million yuan, an increase of 14.27% year-on-year [1] - The gross margin was 15.16%, down 5.84% year-on-year, and the net margin was 5.71%, down 19.95% year-on-year [1] - The company's accounts receivable reached 1.608 billion yuan, representing a 24.97% increase year-on-year, with accounts receivable accounting for 429.38% of the net profit [1][3] Cost and Efficiency - Total expenses (selling, administrative, and financial) amounted to 116 million yuan, which is 3.7% of revenue, reflecting a 10.21% increase year-on-year [1] - The company's return on invested capital (ROIC) was 5.99%, indicating a generally weak capital return [3] - The net profit margin for the previous year was 6.28%, suggesting that the company's products or services have average added value [3] Business Model and Projects - The company relies heavily on research and development and capital expenditures, necessitating careful evaluation of the profitability of these investments [3] - The MED project focuses on micro-cavity electronic paper display technology, which is a type of reflective display that does not require a backlight and is designed for low power consumption and high contrast [4] - The MED products are positioned in the mid-to-large size color electronic paper market, targeting applications such as electronic tags, e-readers, and public display systems [5]

Group 1: MED Project Overview - The MED project aims to develop micro electric-chamber display technology, which is a type of electronic paper display that relies on ambient light for information display, offering advantages such as low power consumption and high contrast [4][5][6]. - The project is positioned in the mid-to-large size color electronic paper market, targeting applications in electronic labels, e-books, and various display terminals [5][10]. Group 2: Market Potential and Growth - The global electronic paper display market is projected to reach $72.3 billion by 2025, with an annual growth rate exceeding 50% [11]. - The demand for color electronic paper displays is expected to surge, with 2023 marking the beginning of significant industrial applications [10][11]. Group 3: Technical and Production Capabilities - The company has established a pilot production line for mid-size MED modules and has successfully created multiple product samples [13][14]. - The project includes the construction of a new R&D center focused on developing high-performance color electronic paper displays and integrated touch display technologies [14][15]. Group 4: Financial and Investment Aspects - The total investment for the MED project is estimated at RMB 9 billion, with RMB 8.3 billion allocated for construction and RMB 700 million for working capital [19]. - The company has completed the capital contributions from shareholders, amounting to RMB 5.5 billion, and plans to secure a RMB 3.5 billion syndicated loan by September 2024 [19][21]. Group 5: Challenges and Risks - The project faces challenges related to the maturity of color electronic paper display technology and the high costs associated with production [16][21]. - The company anticipates that the MED project will impact profitability during the construction phase due to increased operational and development costs [21][23]. Group 6: Future Outlook - The company aims to achieve small-scale production of MED products by the second half of 2025, focusing on educational and outdoor applications [17][19]. - The MED project is expected to enhance the company's core competitiveness and expand its international market presence [6][10].

Group 1: AUO Optronics - In Q1 2025, AUO Optronics reported a consolidated revenue of NT$721.0 billion (approximately RMB 163.96 billion), a 5.0% increase from Q4 2024 and a 21.2% increase year-on-year [2][4] - The net profit attributable to the parent company for Q1 2025 was NT$32.9 billion (approximately RMB 7.43 billion), with a gross margin of 12.2% [2][4] - The revenue growth was driven by inventory replenishment in the supply chain and increased demand for value-added products in Mobility and Vertical Solutions [3][4] Group 2: Lai Bao High-Tech - In 2024, Lai Bao High-Tech achieved a revenue of RMB 58.96 billion, a year-on-year increase of 5.54%, while the net profit attributable to the parent company was RMB 3.74 billion, a slight decrease of 0.43% [5][6] - The growth in revenue was primarily due to increased sales of large-sized capacitive touch screens and automotive cover glass products [7] - In Q1 2025, Lai Bao High-Tech reported a revenue of RMB 14.73 billion, a 0.31% increase year-on-year, but the net profit decreased by 36.10% to RMB 75.02 million [7][8] Group 3: AOC Technology - AOC Technology reported a revenue of RMB 552.30 billion in 2024, a slight increase of 1.16%, but the net profit dropped by 66.31% to RMB 94 million [9][10] - In Q1 2025, the company experienced a revenue decline of 4.24% to RMB 122.62 billion, with a net loss of RMB 1.70 billion [9][10] - The decline in profit was attributed to price competition and adjustments in orders, particularly in the television segment [11] Group 4: Micro導 Nano - In 2024, Micro導 Nano achieved a revenue of RMB 2.70 billion, a significant increase of 60.74%, while the net profit decreased by 16.16% to RMB 227 million [12][13] - The company reported a revenue of RMB 510 million in Q1 2025, a remarkable year-on-year increase of 198.95%, with a net profit of RMB 84 million, reflecting a substantial growth of 2253.57% [14][15] - The growth in revenue was driven by the implementation and acceptance of projects by clients, leading to increased orders [14][15]