来源：财中社 近日，最大的电子纸显示解决方案供应商东方科脉赴港IPO。 何为"电子纸"？上至Kindle墨水屏，下至商超的电子纸标签，全都离不开这家黑白配色的电纸书模组 商。 小小墨水屏背后，元太科技垄断市场 虽然在模组领域市占率第一，但东方科脉的生产基本仰仗于其供应商元太科技。招股书显示，东方科脉 的所有电子墨水薄膜全部来自元太科技。而剩余的供应商则主要为集成电路等次要电子元件。 2022-2024年及2025年上半年，公司向前五大供应商的采购金额分别为8.3亿元、6.9亿元、7.6亿元及6亿 元，分别占总采购额的89.6%、90.2%、78.4%及78.7%。其中2023-2024年以及2025上半年，最大供应商 元太科技的采购额均占比约50%。2025年上半年，公司采购元太科技金额达到4亿元，占比51.6%。 根据灼识咨询，东方科脉在全球商用端智能物联电子纸显示解决方案厂商中位居第一，拥有26.3%的全 球市场占有率。 "电子纸"为人熟知，主要用于护眼的墨水屏阅读器屏幕，其优势除了护眼外，更大的优点在于"省电"。 电纸书阅读时是不耗电的，只有在翻页时才需要消耗电量，故而电纸书阅读器续航持久，也因此电子纸 ...

出品：新浪财经上市公司研究院 作者：君 9月25日，东方科脉正式向联交所递交上市申请，中信证券担任独家保荐人。这是其继去年冲刺沪市主板IPO失败后的第二次尝试。 东方科脉拟将本次募集资金进一步用于完善产能布局和生产基地智能化升级、提升公司的研发和技术能力、营运资金及一般公司用途。 近年来，东方科脉业绩频繁波动，且经营活动产生的现金流量净额与净利润的差异较大。2025年上半年，公司收入、净利大幅增长，但经营活动产生的现金 流量大额净流出。同时，公司存货及应收账款持续攀升，资产减值及信用减值压力较大，财务风险显著升高。 此外，东方科脉的客户及供应商集中度双高，近两年一期的毛利率停滞，盈利能力未得到实质性改善，而这正是公司前次IPO惨败的核心原因。公司的最大 供应商近年来逐步下场布局电子纸模组业务，是否可能形成"降维打击"之势？ 盈利能力远未达标 沪市主板IPO折戟 经新浪财经上市公司研究院统计，东方科脉成立至今的融资总额为4.69亿元。截至最近一期融资，公司投后估值约22.73亿元。自2021年11月至今，公司未获 新的融资，反映其对资本的吸引力大幅削弱。 截至递表，周爱军直接持有东方科脉20.79%的股份，通过 ...

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]

Core Insights - E Ink Holdings has achieved top ratings in both "Climate Change" and "Water Security" categories in the 2024 CDP assessment, marking a significant milestone for the company [1][3] - The company emphasizes that sustainable operations are crucial for long-term competitiveness and profitability, integrating ESG into its core business strategy [3][6] Group 1: CDP Assessment Achievements - E Ink Holdings participated in the 2024 CDP assessment with over 22,700 companies, with only about 2% achieving an "A" rating in any category [3] - The company improved its ratings from A- and B to A in both "Climate Change" and "Water Security," while maintaining the highest level of recognition as a Supplier Engagement Leader [3][4] Group 2: Sustainability Initiatives - In the "Climate Change" category, E Ink Holdings scored "A" in 13 out of 16 assessment areas, including governance, environmental policy, and greenhouse gas emissions [4] - The company has committed to international standards such as TCFD and TNFD for identifying risks and opportunities in its value chain, aiming to limit global warming to within 1.5°C [5] Group 3: Environmental Impact - By the end of 2024, E Ink Holdings achieved a global renewable energy usage rate of 58%, resulting in a reduction of 29,309 tons of CO₂e emissions, a 42% decrease in greenhouse gas emissions, and a 33% reduction in water intensity compared to 2021 [5] - The company has completed carbon footprint assessments for two products based on ISO 14067 standards and continues to invest in low-power, low-carbon electronic paper technology [5][6] Group 4: Supply Chain Management - E Ink Holdings has obtained the Advanced level certification for sustainable procurement (ISO 20400) and has established a management system that includes ESG surveys and risk assessments for suppliers [5] - The company encourages suppliers to set carbon reduction targets, aiming for a net-zero future through collaborative efforts [5]

Core Viewpoint - The article discusses the ongoing trade negotiations and tariff policies under the Trump administration, highlighting the implications for various countries and industries, particularly focusing on the U.S.-China trade relationship and the potential impacts on exports and economic growth. Group 1: Tariff Negotiations and Policies - The U.S. has postponed the deadline for tariff negotiations from July 9 to August 1, with President Trump indicating a potential increase in tariffs on imports from various countries, including Japan, which could reach 30-35% [1][2] - The "Big and Beautiful" bill passed by the U.S. House aims to reduce taxes and government spending, which is seen as part of Trump's economic strategy to boost domestic demand while increasing government revenue through tariffs [2][3] - The U.S. has reached agreements with the UK and Vietnam, while negotiations with Japan, the EU, and India are ongoing, indicating a complex international trade landscape [1][2] Group 2: Impact on Exports and Industries - The article notes that the tariff situation has led to a surge in exports from China, with a 6% growth rate in exports from January to May, surpassing the previous year's growth [4] - Companies are experiencing pressure to expedite production due to uncertainty surrounding future tariffs, particularly in the electronic paper industry, which has seen significant demand from clients [5][6] - The "rush to export" phenomenon is highlighted, with estimates suggesting that approximately $24 billion in exports were preemptively shipped to the U.S. in anticipation of higher tariffs [7][8] Group 3: Economic Outlook and Challenges - The article emphasizes that while there has been a temporary boost in exports, the long-term outlook remains uncertain due to ongoing tariff negotiations and potential economic pressures [9][10] - The manufacturing PMI in China has shown signs of recovery, but new export orders remain below the growth threshold, indicating persistent challenges in the export sector [10][11] - The article suggests that the global trade environment will continue to impact China's economy, with a need for strategic policy adjustments to navigate the uncertainties ahead [12][13]

Group 1 - The first China Electronic Paper Ecological and Industrial Integration Innovation Development Forum was held in Beijing, focusing on technology, ecological integration, and market development trends in the electronic paper industry [1] - Hanwang Technology's chairman noted that the exit of Kindle in 2023 caused a temporary setback but stimulated innovation among domestic e-book brands, leading to a vibrant Chinese e-book market [1] - According to the report by Luotu Technology, the total sales of electronic paper tablets in China are expected to reach 1.834 million units in 2024, representing a year-on-year growth of 49.1% [1] Group 2 - Hanwang Technology's vice president described the three development phases of e-books: introduction, rapid development, and popularization, indicating that the current phase is still in the introduction stage [2] - The general manager of E Ink Technology highlighted the broad application scenarios for electronic paper, including its potential to replace tablets in education, and identified three future trends: colorization, flexibility, and large size [2] - The forum marked the initiation of the standard formulation for "Quality Grading and 'Leader' Evaluation Requirements for Electronic Paper Readers," indicating a shift from being "followers" to "rule makers" in the industry [2]

Group 1 - In 2024, China's data production is expected to grow by 25%, with the core digital economy's added value accounting for about 10% of GDP [1] - The electronic paper industry in China is entering a golden development phase, with total sales of electronic paper tablets projected to reach 1.834 million units in 2024, a year-on-year increase of 49.1% [1] - The electronic paper technology has achieved a display output value of $14.9 billion, ranking among the top three display technologies alongside LCD and LED [1] Group 2 - The exit of Kindle in 2023 caused a temporary setback in the industry, but it has stimulated domestic e-book brands' innovation, with platforms like Yuewen, JD.com, and Dangdang emerging [1] - The development of e-book readers is currently in the introduction phase, with expectations to enter a high-speed growth phase, potentially exceeding annual shipments of 100 million units [1] - The average price of e-book readers is anticipated to drop below 1,000 yuan in the popularization phase, leading to annual shipments surpassing 1 billion units and a market value of $100 billion [1] Group 3 - Five industry trends have been identified: education leading growth, stable rise in e-readers, slowing growth in office products, tripling penetration of color ink screens, and the integration of AI capabilities to enhance user experience [2] - Consumer behavior is shifting due to national subsidy policies, leading to upgrades in consumer choices without reducing budgets [2] - The future direction for e-book products is towards youthfulness and fashion, with a focus on improving user experience through AI [2]

Core Viewpoint - The company E Ink Holdings is optimistic about the demand for electronic paper, positioning 2023 as a transformative year with expectations for quarterly growth and a focus on large-size color electronic paper [1][2]. Group 1: Demand and Market Trends - The demand for electronic shelf labels (ESL), digital billboards, and consumer electronics like e-readers and notebooks is expected to be strong in 2023, particularly for ESLs [1]. - ESL adoption is increasing beyond large retailers in Europe to other types of stores, with a growing trend in the U.S. and expansion into Asian markets such as Japan, South Korea, Singapore, and Thailand [2]. Group 2: Company Performance - E Ink Holdings reported a revenue of NT$32.163 billion, an 18.6% year-over-year increase, and a net profit of NT$8.867 billion, a 13.5% increase, marking the second-highest revenue and profit in its history [2]. - The company is actively expanding its production capabilities, including planning a new H6 production line for larger electronic paper sizes to meet the rising demand in the digital billboard market [2].