1月6日，A股三大指数继续走高，沪指13连阳创十年来新高；截至收盘，沪指涨1.5%报4083点，深证成指涨1.4%，创业板指涨0.75%。 全市场成交额2.83万亿元，较前一交易日增量2650亿元，超4100股上涨，近150股涨停。 | 代码 名称 | 现价 涨跌 | 涨幅 | | --- | --- | --- | | 000001 上证指数 | 4083.67 +60.25 +1.50% | | | 399001 深证成指 14022.55 +193.92 +1.40% | | | | 399006 创业板指 | 3319.29 +24.74 +0.75% | | 盘面上，脑机接口板块继续爆发，三博脑科、伟思医疗及诚益通等十余股涨停；钛白粉企业近日再度集体宣布涨价，钛白粉板块拉 升，安宁股份、钒钛股份涨停；券商股走高，华安证券、华林证券涨停；工业金属、硅能源、电子纸及化学原料等板块涨幅居前。另 外，CPO概念、美容护理、F5G概念、噪声防治等板块跌幅居前。 具体来看： 脑机接口板块全天强势，倍益康30cm涨停，伟思医疗、三博脑科、爱朋医疗、翔宇医疗等20cm涨停。 消息面上，市场交易活跃度维持高位，上证指 ...

2025年12月28日，科大讯飞与全球电子纸领导厂商E Ink元太科技在深圳联合举办「T2000技术及MAX2 新品联合发布暨用户品鉴会」，正式推出全球首发元太T2000 时序控制芯片、国内首款搭载Oxide氧化 物背板技术的13.3英寸电子纸办公本MAX2。这款集 "大屏高清、高速响应、本地AI" 于一体的旗舰产 品，不仅破解了大尺寸电子纸"刷新慢、体验钝" 的行业痛点，更标志着电子纸设备从 "阅读工具" 全面 迈向 "专业生产力载体"，为高端办公市场注入颠覆性创新动能。 本次发布的核心亮点在于科大讯飞与元太科技的技术协同突破，推出全球首发搭载元太科技T2000时序 控制芯片、国内首款应用黑白墨水屏Oxide氧化物背板技术的办公本MAX2。依托这一核心技术组合， 新品实现了 "大屏" 与 "高速" 的双重突破 —— 作为国内首款13.3英寸300PPI墨水屏办公本，其不仅具备 适配A4文档阅览的超大视野，更借助T2000芯片10倍提升的图像处理速度与Oxide背板35%的刷新提 速，彻底改变了大尺寸电子纸 "刷新慢、体验钝" 的固有印象。同时，新品以 "大屏化 + 本地 AI" 为核 心竞争力，内置本地AI ...

11月21日消息，据报道，全球电子纸领导厂商E Ink元太科技正在积极布局大尺寸数字标牌市场。 公司认为，该领域目前基数较低，因而具备巨大的增长空间。 公司正积极扩张大尺寸产线。H5产线已进入试量产并预计明年贡献营收；H6产线也将于明年投 产。此外，为满足远期需求，公司已投资约7.48亿元人民币于桃园观音购地与租赁既有厂房，为 2028年后建设规模更大的新产线做准备。这一系列的产能扩张、成本优化与技术升级，将显著提 升公司竞争力，驱动未来3-5年的业绩增长。 元太H5宽幅电子纸产线已于今年开始试量产，明年将可贡献全年营收，H6产线则正在准备中，预 期明年陆续上线，董事长李政昊表示，由于市场对大尺寸的大型化电子纸需求强劲，因此公司持 续新设产线以应对需求，除零售业回应正面，模组合作伙伴也开始投资大尺寸模组，明年大尺寸 模组产线将维持满载，非常看好此市场。 图片来源：元太科技 另元太与友达旗下子公司达擎成立合资公司，于友达桃园龙科厂区打造大型电子纸模组生产线， 目前已通过关键客户认证，今年底就可进入量产，双方将联手积极拓展大尺寸电子纸显示应用商 机。李政昊补充，龙科厂区产线明年也将是满载。 李政昊表示，大尺寸数字 ...

Core Insights - E Ink, a global leader in electronic paper technology, has achieved LEED v4.1 Gold certification for its headquarters in Hsinchu, Taiwan, and its twin buildings FABVI & FABVII in Yangzhou, China, demonstrating a commitment to sustainable building practices [1][3]. Group 1: Sustainability Initiatives - The company is expanding its manufacturing capacity in response to increasing demand for electronic paper, reserving nearly 80,000 ping (approximately 264,000 square meters) for future operations, which is more than double its current production area [3]. - The Hsinchu headquarters, which began construction at the end of 2021 and is set to be completed by the end of 2024, is designed with energy efficiency and resource optimization as core goals, aligning with global net-zero carbon trends [3][4]. - The building incorporates high-efficiency design elements, including a central chilled water air conditioning system and smart lighting controls, achieving an overall energy savings rate of 26% [4]. Group 2: Water and Waste Management - The headquarters features a rainwater recycling system for irrigation, significantly reducing water consumption, and the lighting system adjusts based on natural light levels to enhance energy efficiency [4]. - During construction, the company adhered to green building principles, achieving a waste reuse rate of 75% for construction waste [4]. Group 3: Technological Integration - The headquarters utilizes energy-efficient electronic paper technology, enhancing meeting management with an electronic paper notebook reservation system and displaying real-time parking information on electronic paper billboards [5]. - The Yangzhou facility also received LEED certification, featuring high-insulation wall panels and low-emission glass, along with an energy monitoring platform that saves approximately 4.77 million kWh annually, equivalent to a reduction of 2,797 tons of carbon emissions [5][6]. Group 4: Renewable Energy and Local Sourcing - The Yangzhou plant has a self-sufficient solar power system with a capacity of 9.9 MW, generating about 11.8 million kWh of green electricity annually, which reduces carbon emissions by approximately 6,910 tons [6]. - The facility's construction phase achieved over 40% reduction in waste compared to LEED benchmarks, with a recycling rate of 82.1% for construction waste, and all major materials were sourced from nearby suppliers to minimize transportation emissions [6].

Core Viewpoint - Zhejiang Dongfang Kema Electronic Co., Ltd. (Dongfang Kema), a global supplier of smart IoT electronic paper display solutions, has submitted an IPO application to the Hong Kong Stock Exchange after previously withdrawing its application from the Shanghai Stock Exchange due to inquiries regarding fluctuating gross margins, supplier equity stakes, and rising accounts receivable and inventory issues [2][19] Group 1: Market Overview - The global smart IoT electronic paper solutions market was valued at 25.2 billion yuan in 2020 and is projected to reach 54.8 billion yuan by 2024, with a compound annual growth rate (CAGR) of 21.4% [3] - In 2024, electronic paper display solutions are expected to account for 10.2% of the global electronic paper solutions market, with Dongfang Kema holding a 26.3% market share, making it the largest commercial provider in this sector [4] Group 2: Financial Performance - Dongfang Kema's revenues for 2022, 2023, 2024, and the first half of 2025 were 1.214 billion yuan, 1.024 billion yuan, 1.152 billion yuan, and 796 million yuan, respectively, with profits of 91.876 million yuan, 50.739 million yuan, 53.404 million yuan, and 43.036 million yuan [5] - The company experienced a 15.6% year-on-year revenue decline in 2023 due to a product transition period and fluctuations in demand for newly launched products [5] - The average selling price of small-sized electronic paper display modules decreased from 17.83 yuan per unit in 2022 to 14.31 yuan per unit in 2024, despite an increase in sales volume [5][6] Group 3: Supply Chain Dynamics - Dongfang Kema relies heavily on upstream suppliers, with the top five suppliers accounting for 89.6% to 78.4% of total procurement from 2022 to 2025 [7][8] - The largest supplier, E Ink Holdings, accounted for 46.2% to 51.6% of total procurement during the same period, indicating a significant dependency on this supplier for electronic ink film [8] Group 4: Operational Challenges - The company faces challenges with high accounts receivable and inventory levels, with accounts receivable reaching 242 million yuan in 2022 and inventory valued at 249 million yuan [10][11] - The operating cash flow turned negative in 2024, dropping from 178 million yuan to 19 million yuan, and further to a net outflow of 123 million yuan in the first half of 2025 [14] Group 5: Future Outlook - Dongfang Kema plans to use part of the funds raised from the IPO for working capital and general corporate purposes, highlighting the need for liquidity amid tight cash flow [17][16] - The company's ability to navigate the challenges of upstream monopolies and downstream concentration in the supply chain will be critical for its future success [19]

Core Insights - Oriental Kema, the largest supplier of electronic paper display solutions, is set to go public in Hong Kong, highlighting its significant market position and the growing demand for electronic paper technology [1][2]. Market Position and Growth - Oriental Kema holds a 26.3% share of the global market for commercial smart IoT electronic paper display solutions, ranking first among competitors [1]. - The global market for smart IoT electronic paper solutions is projected to grow at a compound annual growth rate (CAGR) of 14.6%, increasing from RMB 54.8 billion in 2024 to RMB 108.4 billion by 2029 [1]. Supply Chain Dynamics - The company relies heavily on its supplier, E Ink Technology, for all electronic ink films, with E Ink accounting for approximately 50% of its procurement in recent years [2][4]. - E Ink dominates the electronic paper market, supplying over 90% of the total market, which limits the bargaining power of downstream manufacturers [3]. Financial Performance - Oriental Kema has faced revenue and profit growth challenges, with revenues of RMB 12.1 billion, RMB 10.2 billion, and RMB 11.5 billion from 2022 to 2024, and a significant decline in net profit [4][5]. - Despite a substantial revenue increase of approximately 70% to RMB 800 million in the first half of 2025, the company's gross margin has decreased by about 5 percentage points, stabilizing at 15.8% [5][6]. Product Segmentation - The company's main products include electronic paper display modules of various sizes, with small-sized modules (less than 4 inches) accounting for over 80% of sales in the first half of 2025 [7]. - Price ranges for electronic paper modules vary significantly, with small-sized modules priced between RMB 10-20, while larger modules exceed RMB 146-472 [7][8]. Cash Flow and Receivables - Despite profit growth, the company reported a negative net cash flow from operating activities of RMB -1.2 billion in the first half of 2025, indicating potential liquidity issues [5][9]. - Accounts receivable and inventory have increased significantly, with accounts receivable rising from RMB 210 million at the end of 2023 to RMB 350 million by mid-2025 [9]. Competitive Landscape - E Ink Technology has begun to enter the electronic paper module market, potentially positioning itself as a competitor to Oriental Kema, which could impact the latter's market share and profitability [9].

Core Viewpoint - Dongfang Kemaï has submitted a listing application to the Hong Kong Stock Exchange, marking its second attempt after a failed IPO on the Shanghai Stock Exchange last year [1][12]. Financial Performance - Dongfang Kemaï's financial performance has shown significant volatility, with a notable disparity between net profit and cash flow from operating activities. In the first half of 2025, the company reported a revenue of 796 million, a year-on-year increase of 69.34%, and a net profit of 43.04 million, a substantial increase of 186.52%. However, cash flow from operating activities was negative at -123 million, a decline of 87.91% year-on-year [2][21]. - The company's total revenue for the years 2022, 2023, and 2024 were 1.214 billion, 1.024 billion, and 1.152 billion respectively, with net profits of 91.88 million, 50.73 million, and 53.40 million, indicating a downward trend in overall performance [21]. Capital Structure and Funding - Dongfang Kemaï has raised a total of 469 million since its establishment, with a post-investment valuation of approximately 2.273 billion. The company has not secured new financing since November 2021, reflecting a significant decrease in its capital attractiveness [2][10]. Ownership and Control - The actual controller of Dongfang Kemaï is Zhou Aijun, who directly holds 20.79% of the shares and controls a total of 36.79% of the voting rights through various partnerships and agreements [3][4]. Market Position - Dongfang Kemaï is recognized as a leader in the global smart IoT electronic paper display solutions market, holding a 26.3% market share based on 2024 sales [14]. IPO Challenges - The company previously attempted to list on the Shanghai Stock Exchange in June 2023 but withdrew its application in May 2024 due to increased listing requirements, which included profitability and cash flow criteria that Dongfang Kemaï failed to meet [9][10][11]. R&D and Innovation - Dongfang Kemaï's R&D investment has been significantly lower than its peers, with R&D expenses as a percentage of total revenue ranging from 3.13% to 4.86% over recent years, compared to competitors whose R&D intensity is 2-3 times higher [27]. Customer and Supplier Concentration - The company faces high customer concentration, with its top five customers accounting for 93.3% to 82.6% of total revenue over the past few years. The largest customer contributed 36.1% of total revenue in the first half of 2025 [28][29]. - Supplier concentration is also high, with the top five suppliers representing 89.6% to 78.4% of total purchases, and the largest supplier accounting for over 51% of total procurement [33]. Financial Risks - The company has experienced rising inventory and accounts receivable, with inventory and accounts receivable reaching 480 million and 349 million respectively by June 30, 2025, indicating a significant portion of working capital is tied up [21][22].

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].

Market Performance - Major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.37% to 3857 points, the Shenzhen Component Index up by 0.99%, and the ChiNext Index rising by 2.23% [1] - The total trading volume for the day was 2.83 trillion yuan, a decrease of 170.7 billion yuan compared to the previous trading day [1] - Over 3300 stocks in the market experienced declines [1] Sector Performance - The lithium battery and lithium mining sectors surged, with CATL rising by 14% at one point, and several stocks such as Sieng and Hanke Technology hitting the daily limit [1] - Insurance stocks saw widespread gains, with New China Life Insurance reaching a historical high [1] - The liquor sector also saw a rise, with Kweichow Moutai hitting the daily limit [1] - The CRO sector increased, with Haoyuan Pharmaceutical rising over 13% [1] - The small metals sector strengthened, with multiple stocks like Shengtun Mining and Guangsheng Nonferrous hitting the daily limit [1] - Other sectors with notable gains included beauty care, medical services, and military industry [1] Declining Sectors - The F5G concept experienced a decline, with Changxin Bochuang falling over 11% [1] - The education sector weakened, with Kede Education dropping over 9% [1] - The state-owned cloud concept weakened, with Qiming Information leading the decline [1] - The semiconductor sector corrected, with Qipai Technology falling over 9% [1] - Other concepts such as East Data West Calculation, Zhipu AI, and electronic paper also saw significant declines [1] Top Gainers and Fund Inflows - The top gainers included sectors such as electric power and grid (+3.15%), automotive (+2.78%), and precious metals (+2.529%) [2] - Other sectors with notable fund inflows included food and beverage (+2.48%), biotechnology (+2.33%), and soft drinks (+2.179%) [2]

Group 1: Company Developments - Yangzhou Tianfu Long Group successfully listed on the Shanghai Stock Exchange, becoming the 25th listed company in Yangzhou, highlighting its leadership in the differentiated polyester staple fiber sector [1] - The company has been deeply engaged in the new materials field for over 20 years, aligning with the city's project construction momentum [1] Group 2: Economic Performance - Yangzhou's GDP reached 378.22 billion yuan in the first half of the year, with key indicators like industrial sales and foreign investment showing strong growth, ranking among the top in the province [1] - The "613" industrial system saw a 12.2% increase in new emerging industrial chains, indicating a positive cycle of project attraction and industrial chain upgrades [3] Group 3: Investment and Partnerships - European companies, including a Swiss air purifier firm and a German paint group, have signed agreements to establish bases in Yangzhou, with expected annual output exceeding 3 billion yuan [2] - Yangzhou's investment promotion efforts have resulted in 907 signed projects, achieving 75.6% of the annual target, with 82% of these projects in manufacturing [2] Group 4: Infrastructure and Industrial Parks - The city aims to establish around 40 specialized industrial parks by 2026, with industrial sales expected to account for 60% of the total [4] - The aviation industry is a key focus, with significant investments in research and development facilities and a complete industrial chain being developed [4] Group 5: Financial Strategies - Yangzhou has implemented a model combining "industrial chain + fund + supply chain finance" to attract core industry projects, with a 54.1% year-on-year increase in sales for the high postal storage industry park [5] - A 3 billion yuan industrial mother fund has been established to leverage external capital for local industrial upgrades [5] Group 6: Operational Efficiency - Yangzhou has optimized its service mechanisms to enhance project implementation speed, with an average project approval time reduced to 15 working days [7] - The city has seen a 24% increase in industrial profits and a 6.5% growth in high-tech manufacturing output in the first half of the year [7]