Core Viewpoint - Shenzhen Kejinming Electronics Co., Ltd. (Kejinming) has responded to the first round of inquiry letters from the Beijing Stock Exchange, addressing issues related to its innovative characteristics, market space, operational compliance, and the necessity and rationality of fundraising projects [1][2]. Group 1: Innovation and Market Space - Kejinming focuses on the research and sales of smart visual terminal products, including smart micro-projectors, smart cloud photo frames, and smart portable players, aiming to provide immersive visual experience solutions across various scenarios [4]. - The company claims that its performance growth is primarily driven by technological innovation, accumulation of global brand clients, and a dual-driven business model of ODM (Original Design Manufacturer) and OBM (Original Brand Manufacturer) [8]. Group 2: Operational Compliance and Risks - Kejinming operates its OBM business through cross-border e-commerce platforms like Amazon and Walmart, which has raised regulatory concerns regarding the operation of multiple storefronts [11]. - The company asserts that the closure of certain storefronts was based on operational needs and does not involve asset or personnel disposals, and that its multi-store operation aligns with industry norms [11]. Group 3: Financial Performance and Profitability - The gross profit margin of Kejinming's smart micro-projectors has shown a declining trend, while the gross profit margin for smart cloud photo frames has increased significantly [12]. - The company has shifted its sales focus from OBM to ODM products, leading to a decrease in revenue and gross margin for OBM smart micro-projectors, which are now in a marginal profit state [13][14]. Group 4: Sales and Market Dynamics - Kejinming's overseas sales accounted for a significant portion of its revenue, with percentages of 87.40%, 81.58%, 80.05%, and 75.69% over the reporting periods, indicating a slight decline due to increased domestic market penetration [18]. - The company has established a strong presence in overseas markets, particularly in North America, Europe, and Japan, and plans to continue expanding its foreign sales [17]. Group 5: Accounts Receivable and Liquidity - The company has experienced an increase in accounts receivable and notes receivable, with asset-liability ratios of 58.21%, 51.71%, and 59.62%, which are higher than the industry average [19]. - Kejinming has provided sufficient impairment provisions for accounts receivable exceeding one year, and its payment terms and accounts payable are aligned with industry standards, indicating no significant liquidity risks [19].

Core Viewpoint - Shenzhen Kejinming Electronics Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, with Zheshang Securities as the sponsor and Huaxing Accounting Firm as the auditor [2] Company Overview - Kejinming focuses on the design, development, manufacturing, and sales of intelligent visual terminal products, emphasizing innovation and application of new display technologies [2] - The company's product matrix includes smart micro-projectors, smart cloud photo frames, and smart portable players, aiming to provide immersive visual experience solutions for global users [2] Financial Performance - Projected revenues for Kejinming from 2022 to 2024 are 519 million yuan, 614 million yuan, and 880 million yuan respectively [2] - Net profits attributable to the parent company for the same period are expected to be 24.62 million yuan, 45.11 million yuan, and 45.11 million yuan respectively [2] Key Financial Metrics - As of December 31, 2024, total assets are projected to be approximately 719.19 million yuan, with total equity of about 290.37 million yuan [3] - The company's debt-to-asset ratio is expected to be 46.27% in 2024, an increase from 36.66% in 2023 [3] - The gross profit margin is projected to be 28.07% in 2024, down from 32.40% in 2023 [3] - The net profit for 2024 is expected to be approximately 45.11 million yuan, consistent with 2023 [3] Shareholder Structure - Zhu Wenming holds 16.125 million shares, representing a 58.58% direct ownership stake, making him the controlling shareholder and chairman of the company [3] - Zhu Wenming and Chen Ximei, through Kejinming Enterprise Management, hold a combined 91.27% stake in the company [3] Management Background - Zhu Wenming, born in 1968, has extensive experience in management roles within the company since its inception [4] - Chen Ximei, born in 1971, has held various positions in the company, including human resources manager [5] - Zhu Countyxiong, born in 1994 and son of Zhu Wenming, currently serves as the general manager and has been recognized for his contributions to innovation [6]