Core Viewpoint - Zhengzhou New Century Digital Technology Co., Ltd. (Century Digital) is facing significant changes in its investment structure as it approaches a critical period for its listing on the Beijing Stock Exchange, with recent performance showing a decline in revenue and net profit [1][5]. Company Overview - Century Digital specializes in digital printing technology, focusing on industrial applications such as textile digital printing, advertising signage, and corrugated box packaging [2]. - The company is controlled by Jin Lifeng, who holds 88.24% of the shares [2]. Investment Changes - After three years, the original institutional investor exited in April 2025, while new investors signed a performance agreement with Jin Lifeng, stipulating that the company must have its listing application accepted by the end of June 2025 and successfully listed by the end of June 2027, or face a buyback [1][3]. - The previous investor, Zhongchuangxin Fund, had set profit targets for 2021-2023, which Century Digital failed to meet in 2021 and 2022 [4]. Financial Performance - Century Digital's revenue and net profit declined in the first half of 2025, with revenue at 3.11 billion and a net profit of 241.08 million, representing a year-on-year decrease of 4.4% and 16.45%, respectively [5]. - The company reported a drop in its net profit margin, with a non-recurring net profit decrease of over 20% [1][5]. Research and Development - R&D spending in the first half of 2025 was 130.36 million, down 5.32% year-on-year, indicating a lower investment in innovation compared to industry peers [5][6]. - R&D expenses as a percentage of revenue have consistently been below 6%, contrasting with comparable companies in the industry [5][6]. Sales and Marketing - Sales expenses increased by 47.73% in the first half of 2025, totaling 127.65 million, attributed to higher salaries and increased marketing costs, despite a decline in revenue [6]. - The core products, digital inkjet printers and digital printing machines, saw a revenue decline of 10.7% and 16.36%, respectively, in the first half of 2025 [6].

Core Viewpoint - Zhengzhou New Century Digital Technology Co., Ltd. (Century Digital) is facing significant changes in its investment structure as it approaches its listing on the Beijing Stock Exchange, with original investors exiting and new investors entering under a performance-based agreement [1][2][9]. Company Overview - Century Digital specializes in digital printing technology, focusing on industrial applications such as textile digital printing, advertising signage, and corrugated box packaging [3]. - The company has a history of fluctuating market presence, having been listed on the New Third Board in 2016, delisted in 2019, and planning a second listing in January 2024 [5]. Financial Performance - The company reported a decline in both revenue and net profit for the first half of 2025, with revenue of 311 million yuan, down 4.4% year-on-year, and net profit of 24.11 million yuan, down 16.45% [2][11]. - For the years 2021 to 2024, Century Digital's revenue was 363 million yuan, 414 million yuan, 571 million yuan, and 569 million yuan, respectively, while net profit figures were 20.68 million yuan, 31.79 million yuan, 49.88 million yuan, and 57.30 million yuan [11]. Investment Changes - Original institutional investors exited their positions in April 2023, triggering a buyback clause due to the company's failure to complete an IPO within the agreed timeframe [6][9]. - New investors, including Jinan Quanyun Lake Light Equity Investment Partnership and Shandong Huiyi Venture Capital, have signed similar performance agreements with the company's actual controller, Jin Lifeng, regarding the IPO timeline [9][10]. Research and Development - Century Digital's R&D expenditure for the first half of 2025 was 13.04 million yuan, a decrease of 5.32% year-on-year, indicating a trend of reduced investment in innovation compared to industry peers [12][15]. - The company's R&D expenses as a percentage of revenue have consistently been below the industry average, with figures of 3.52%, 3.24%, and 4.25% for the years 2022 to 2024 [12]. Sales and Marketing - Sales expenses increased by 47.73% in the first half of 2025, totaling 12.77 million yuan, despite a decline in revenue, suggesting inefficiencies in sales strategies [12][15]. - The core products, digital inkjet printers and digital printing machines, saw a revenue decline of 10.7% and 16.36%, respectively, in the first half of 2025 [15].

Core Viewpoint - Zhengzhou New Century Digital Technology Co., Ltd. (Century Digital) is facing significant changes in its investment structure as it approaches a critical period for its listing on the Beijing Stock Exchange, with original investors exiting and new investors entering into a performance-based agreement with the controlling shareholder, Jin Lifeng [1][2]. Group 1: Company Overview - Century Digital specializes in digital printing technology, focusing on industrial applications such as textile digital printing, advertising signage, and corrugated box packaging [3]. - The company was listed on the New Third Board in 2016, delisted in 2019, and is set to relist in January 2024 [4]. Group 2: Financial Performance - As of June 30, the total market value of Century Digital was 620 million yuan, with Jin Lifeng's share value exceeding 540 million yuan [5]. - The company reported a decline in revenue and net profit for the first half of 2025, with revenue of 311 million yuan, down 4.4% year-on-year, and net profit of 24.11 million yuan, down 16.45% year-on-year [10][11]. - The company's performance has not met the profit targets set in agreements with investors, with net profits for 2021 and 2022 falling short of the stipulated goals [11]. Group 3: Investment and Shareholder Changes - The original institutional investors exited their positions due to the company not completing its IPO within the agreed timeframe, triggering buyback clauses [8]. - New investors, including Jinan Quanyun Lake Light Equity Investment Partnership and Shandong Huiyi Venture Capital, have signed new performance agreements with Jin Lifeng, stipulating similar buyback conditions if the company fails to meet listing deadlines [8][9]. Group 4: Research and Development - Century Digital's R&D expenditure for the first half of 2025 was 13.04 million yuan, a decrease of 5.32% year-on-year, indicating a long-term trend of R&D investment below industry averages [12]. - The company’s R&D expenses as a percentage of revenue have been consistently lower than comparable companies in the industry [12][14]. Group 5: Sales and Market Dynamics - Sales expenses increased by 47.73% in the first half of 2025, totaling 12.77 million yuan, despite a decline in revenue, suggesting ineffective sales strategies [15]. - Revenue from core products, including digital inkjet printers, has also seen a decline, with a drop of 10.7% and 16.36% respectively for the first half of 2025 [15].

Core Viewpoint - Zhengzhou New Century Digital Technology Co., Ltd. (Century Digital) is facing significant challenges as it approaches its listing on the Beijing Stock Exchange, including a change in investors and declining financial performance [1][7]. Investment Changes - After more than three years, the original institutional investor exited in April 2023, while new investors signed a performance agreement with the actual controller, Jin Lifeng, stipulating that the company must have its listing application accepted by June 30, 2025, and successfully listed by June 30, 2027, or face a buyback [1][5]. - The original institutional investor, Zhongchuangxin Fund, had previously invested 40.08 million yuan for a 10.02% stake, with performance targets set for net profits from 2021 to 2023 [3][4]. Financial Performance - Century Digital's revenue and net profit both declined in the first half of 2025, with revenue at 311 million yuan, down 4.4% year-on-year, and net profit at 24.11 million yuan, down 16.45% [7][8]. - The company reported a decrease in net profit for 2024, with a total revenue of 56.87 million yuan, slightly down from 57.11 million yuan in 2023 [9]. R&D and Sales Expenses - R&D spending in the first half of 2025 was 13.04 million yuan, a decrease of 5.32% year-on-year, indicating a long-term trend of lower R&D investment compared to industry peers [8][10]. - Sales expenses increased by 47.73% in the first half of 2025, totaling 12.77 million yuan, despite a decline in revenue, suggesting ineffective sales strategies [10][11]. Product Performance - The core products, digital inkjet printers and digital printing machines, accounted for over 70% of the company's main business revenue from 2022 to 2024, but saw significant revenue declines in the first half of 2025 [11].

每经记者｜陈晴 每经编辑｜文多 正值冲刺北交所上市的关键时刻，数码喷印设备制造商——郑州新世纪数码科技股份有限公司（以下简 称"世纪数码"）却迎来投资方变动。 苦守三年多以后，原有机构于今年4月清仓退出，几乎同时，新进投资方与实控人金利峰签下对赌协 议，约定公司上市申请需在2025年6月底前获得受理并于2027年6月底前成功上市，否则将触发回购。 尽管公司的上市申请已于6月30日"压线"获受理，却难掩近期业绩疲软：今年上半年公司营收、净利润 双双下滑，扣非净利润更跌超20%。 原机构上市关键期清仓退出 世纪数码以数码喷印技术为核心，主营业务聚焦于纺织数码印花、广告标识及瓦楞纸箱包装数码打印的 工业应用，专业从事数码喷墨印花机、数码打印机、瓦楞彩箱数码印刷机等数码喷印设备及相关配件耗 材的研发、生产和销售。 图片来源：世纪数码招股书（申报稿）截图 世纪数码控股股东、实际控制人为金利峰，其直接持有公司88.24%的股份。公司曾于2016年在新三板 挂牌，2019年摘牌后于2024年1月二次挂牌。 2021年10月，公司启动增资，河南中创信环保产业创业投资基金（有限合伙）（以下简称中创信基金） 认购334万股，总投 ...

Company Overview - Zhengzhou New Century Digital Technology Co., Ltd. (Century Digital) has submitted a prospectus for an initial public offering (IPO) on the Beijing Stock Exchange, with Dongfang Securities as the sponsor [1] - The company is headquartered in Zhengzhou, Henan Province, and its controlling shareholder, Jin Lifeng, holds 88.24% of the shares [1] Business Focus - Century Digital specializes in the research, production, and sales of digital printing equipment, including digital inkjet printing machines, digital printers, and corrugated box digital printing machines, with applications in textile printing, advertising signage, and corrugated packaging [1] - Key clients include Shanghai Moyin Digital Technology, Guangzhou Xinfeyang Digital Technology, and others [1] Industry Growth - The digital printing industry is experiencing rapid growth, with the global digital inkjet printing market in textiles expected to reach USD 5.8 billion in 2024 and grow to USD 10.56 billion by 2029, reflecting a compound annual growth rate (CAGR) of 12.7% [1] - In China, the penetration rate of digital inkjet printing in textiles increased from 2.1% in 2015 to 18.2% in 2023 [1] - The digital printing market for advertising in China is projected to grow from CNY 44.2 billion in 2024 to CNY 55.6 billion by 2029 [1] Revenue Composition - In the reporting period, revenue from digital inkjet printing machines accounted for over 39%, while digital printers contributed over 31% [3] - The company holds a 27% market share in the domestic digital printer market, ranking first, and approximately 25% in the digital heat transfer printing machine market [3] Financial Performance - Revenue for the years 2022, 2023, and 2024 was approximately CNY 414.1 million, CNY 571.3 million, and CNY 568.7 million, respectively, with net profits of CNY 31.8 million, CNY 49.9 million, and CNY 57.3 million [5] - The gross profit margin improved from 16.63% in 2022 to 21.28% in 2024 [5] Asset and Equity Position - As of December 31, 2024, total assets were approximately CNY 340.3 million, with total equity of CNY 260.8 million [6] - The company's debt-to-asset ratio was 23.38% in 2024, indicating a stable financial position [6] Future Plans - The company plans to raise CNY 419 million through the IPO to fund the construction of a production base for high-end digital printing equipment and the expansion of its R&D capabilities [10][11] - The total investment for the project to produce 10,000 high-end digital printing devices is estimated at CNY 320 million [11]

Core Viewpoint - Zhengzhou New Century Digital Technology Co., Ltd. (referred to as "Century Digital") has had its IPO application accepted by the Beijing Stock Exchange, with Dongfang Securities as the sponsor and Li Xin Accounting Firm as the auditor [1] Financial Performance - Century Digital's revenue for the years 2022 to 2024 is projected to be CNY 414.1 million, CNY 571 million, and CNY 569 million respectively, while net profit attributable to the parent company is expected to be CNY 31.79 million, CNY 49.88 million, and CNY 57.30 million [1] - Total assets as of December 31 for the years 2022, 2023, and 2024 are CNY 2.14 billion, CNY 2.92 billion, and CNY 3.40 billion respectively [2] - Shareholder equity as of December 31 for the same years is CNY 1.74 billion, CNY 2.23 billion, and CNY 2.61 billion [2] - The company's operating income for 2022, 2023, and 2024 is CNY 414.11 million, CNY 571.34 million, and CNY 568.74 million respectively, with a gross profit margin of 16.63%, 18.43%, and 21.28% [2] - The net profit for the same years is CNY 31.79 million, CNY 49.88 million, and CNY 57.30 million, with a return on equity of 20.16%, 25.13%, and 23.83% [2] R&D and Cash Flow - Research and development expenses as a percentage of operating income are 3.52%, 3.24%, and 4.25% for the years 2022, 2023, and 2024 respectively [3] - The net cash flow from operating activities for the years 2022, 2023, and 2024 is CNY 3.88 million, CNY 63.68 million, and CNY 47.25 million respectively [3] Shareholding Structure - Jin Lifeng directly holds 88.24% of Century Digital's shares, making him the controlling shareholder and actual controller of the company [3]