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 ...

Core Viewpoint - Zhejiang Dongfang Kema Electronic Co., Ltd. (referred to as "Dongfang Kema") has submitted its IPO prospectus to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company is a leading manufacturer and service provider in the electronic paper display technology sector, holding a significant market share globally [1][4]. Company Overview - Dongfang Kema was established in 2005 and has become a core enterprise in the global electronic paper industry, with production bases in Jiaxing, Zhejiang, Dalian, Liaoning, and Vietnam [1]. - According to Zhi Shi Consulting, Dongfang Kema is the largest commercial smart IoT electronic paper display solution provider globally, with a market share of 26.3% based on projected 2024 revenue [1]. Financial Performance - The company's revenue for the years 2022 to 2024 is projected to be 1.214 billion RMB, 1.024 billion RMB, and 1.152 billion RMB, respectively, with net profits of 91.88 million RMB, 50.74 million RMB, and 53.40 million RMB for the same years [2]. - In the first half of this year, Dongfang Kema achieved a revenue of 796 million RMB, representing a year-on-year growth of 69.34%, and a profit of 43.04 million RMB, up 186.52% year-on-year [1][2]. Customer Concentration - The company has a high customer concentration, with sales to its top five customers accounting for 88.75%, 86.61%, and 93.31% of total revenue from 2020 to 2022 [4][5]. - Han Shuo Technology Co., Ltd. has been the largest customer for two consecutive years, with sales to them accounting for 65.84% of total revenue in 2020 [4][5]. Shareholding Structure - Prior to the IPO, the shareholding structure includes Zhou Aijun holding 20.79%, Hongrong Investment 15.14%, Fuzhou Zhuiyuan 7.17%, Mr. Lü 6.89%, and Zhao Jinggang 5.86% [3].

东方科脉深耕电子纸显示技术十余载，拥有自主核心技术，产品矩阵覆盖全尺寸、全色彩等多种形式， 并广泛应用于指挥零售、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。 在财务表现上，截至2022年、2023年以及2024年12月31日，东方科脉收入分别为人民币12.14亿元、 10.24亿元和11.52亿元；同期，年内利润分别为9187.6万元、5073.9万元和5340.4万元。 经济观察网9月25日，港交所披露，浙江东方（600120）科脉电子股份有限公司递交上市申请，中信证 券为独家保荐人。 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网电子纸显示解决方案厂 商，占全球市场份额26.3%。 值得注意的是，东方科脉曾冲击上交所主板。其IPO申请于2023年6月30日获受理，不过，因公司和保 荐人国泰君安证券股份有限公司主动撤回发行上市申请，2024年5月20日IPO终止。 ...

Core Viewpoint - China is emerging as a global leader in the electronic paper tablet production and innovation, showcasing the robust vitality and innovation capability of its electronic paper industry ecosystem [1][2] Industry Overview - The global digital reading market is evolving, presenting unprecedented development opportunities for the Chinese electronic paper industry [1] - The launch of the standard "Quality Grading and 'Leader' Evaluation Requirements for Electronic Paper Readers" signifies a potential redefinition of the Chinese e-book industry landscape by domestic brands [2][3] Market Dynamics - The exit of Amazon's Kindle in 2023 has led to a brief industry setback but has also spurred domestic e-book brands like Hanvon, iFlytek, and others to innovate independently [3] - The Chinese e-book market is transitioning from a "replacement" phase to a "leading" phase, with increased competition among local brands [3] Sales Projections - The report predicts that by 2024, the total sales volume of electronic paper tablets in China will reach 1.834 million units, representing a year-on-year growth of 49.1% [4] - Hanvon Technology has achieved the highest sales growth in the electronic paper reader market for two consecutive years, with a compound annual growth rate of 174% from 2022 to 2024 [4] Future Trends - Electronic paper is expected to become the third mainstream terminal after smartphones and computers, with annual shipments potentially exceeding 100 million units during its rapid growth phase [5] - The average price of electronic paper terminals is anticipated to drop below 1,000 yuan during the popularization phase, leading to a market size of 100 billion USD [5] Consumer Insights - The evolution of electronic paper products has led to the emergence of various forms such as educational and office tablets, catering to diverse consumer needs [5] - Domestic brands are increasingly aligning product features with consumer demands, enhancing their market responsiveness [5] Technological Advancements - Future developments in electronic paper technology may include color displays and cost reductions in components like oxide backplanes and driver ICs [5] - The industry is positioned at a "certainty" window for growth as digitalization and intelligence become the main themes of the era [6] Industry Aspirations - Industry leaders aim to establish a high-end, complete, and prosperous electronic paper ecosystem that can significantly boost consumption [6] - The electronic paper industry is expected to achieve large-scale applications in digital office and intelligent learning scenarios, moving towards a market scale of 100 billion USD [6]

Core Viewpoint - The company is making significant progress in its overseas production base in Vietnam, which is expected to achieve mass production by Q3 this year, enhancing its global supply chain and manufacturing capabilities [1]. Group 1: Strategic Expansion - The Vietnam project is a key part of the company's "strategic layout + technological layout" dual-driven strategy, with subsidiaries established in Hong Kong, Japan, and other regions, covering markets in China, Europe, the US, Japan, South Korea, and Southeast Asia [1]. - The global supply network has effectively improved the company's risk resistance and customer service efficiency in international markets [1]. Group 2: Technological Advancements - The company is actively expanding its technology portfolio in response to the rapid development of AI technologies, focusing on integrated touch, 3D display, dynamic privacy protection, and low-power display technologies [3]. - The company sees significant growth potential in Mini LED technology and has launched several products in automotive, gaming, and laptop sectors, while also expanding applications in medical and gaming markets [3]. - The company maintains industry leadership in dynamic privacy protection displays, with its laptop products holding a leading market share in the global high-end business sector, and has extended this technology to mobile phones, automotive, and medical applications [3]. - The company is also increasing its investment in electronic paper display technology, which is gaining traction in various fields due to its low power consumption and environmental benefits [3]. Group 3: Market Outlook and Financial Performance - The company has established a complete R&D and service system in the automotive display sector, collaborating with several leading domestic and international automotive manufacturers and Tier 1 suppliers [4]. - The company anticipates that the small and medium-sized display panel market is in a recovery phase, driven by the acceleration of AI applications and increased demand for high-end products like gaming laptops [4]. - Despite a projected revenue decline of 9.77% to 3.413 billion yuan in 2024, the net profit attributable to shareholders is expected to improve by 31.64%, indicating a recovery in profitability through product optimization and efficiency improvements [4]. - The company plans to continue focusing on emerging technologies, overseas expansion, and customized services to build a strong competitive moat [4].