深圳商报读创客户端记者 舒桂林 深圳市墨库新材料集团股份有限公司（简称"墨库股份"）近日向深交所递交创业板IPO招股书，计划公 开发行1300万股新股，募资7.2亿元用于年产4万吨高性能环保墨水项目、总部研发中心建设及补充流动 资金。 招股书显示，墨库股份主要从事数码喷印墨水的研发、生产与销售，主要产品包括分散墨水、涂料墨 水、UV墨水、水性染料墨水等。公司产品应用于新兴的数码喷印技术，该技术集计算机、机电一体 化、精密机械制造、精细化工等高新技术于一体，主要运用数字化设备与喷印技术，通过控制系统将数 码喷印墨水按照设定程序喷印至承印材料上形成图案的过程。 墨库股份2022-2024年营收分别为5.22亿元、6.18亿元和7.27亿元，年均复合增长率达17.95%；同期归母 净利润从5758万元跃升至1.43亿元，年均复合增长率高达57.84%。2025年前三季度，公司继续保持增长 势头，实现营收5.90亿元，净利润9475万元。 尽管业绩亮眼，招股书也提示了若干风险因素： 租赁房产瑕疵构成潜在隐患。公司生产经营使用的部分房产存在未取得产权证书或未办理租赁备案情 形，涉及租赁面积超3万平方米。尽管高栏港分公司 ...

12月25日，深圳市墨库新材料集团股份有限公司(简称：墨库股份)深交所创业板IPO已受理。华泰联合 证券为其保荐机构，拟募资7.2亿元。 招股书显示，墨库股份主要从事数码喷印墨水的研发、生产与销售，主要产品包括分散墨水、涂料墨 水、UV墨水、水性染料墨水等。 公司产品应用于新兴的数码喷印技术，该技术集计算机、机电一体化、精密机械制造、精细化工等高新 技术于一体，主要运用数字化设备与喷印技术，通过控制系统将数码喷印墨水按照设定程序喷印至承印 材料上形成图案的过程。 报告期内，公司主营业务收入的构成情况如下： 公司生产的数码喷印墨水作为关键耗材，与数码喷头、系统板卡等核心部件以及其他配件产品配套于数 码喷印设备，主要应用于纺织品数码印花、广告图像、桌面办公打印、包装及出版物、电子电路、建筑 装饰、工艺装饰品等领域。 根据中国印刷及设备器材工业协会的统计数据，2022年我国数码喷印墨水的市场规模为14.53万吨， 2023年我国数码喷印墨水的市场规模预测为16.28万吨，2024年我国数码喷印墨水的市场规模预测为 19.21万吨。 根据上述数据计算的国内数码喷印墨水市场占有率情况如下： | | | | 单位:万吨 ...

Core Viewpoint - The company, Zhuhai Chuanmeixun New Materials Co., Ltd., is attempting to go public on the Beijing Stock Exchange, focusing on the development, production, and sales of digital printing inks, which are essential for various printing applications [1][2]. Financial Performance - The company's operating revenue for the years 2022 to 2024 was 185 million, 192 million, and 207 million yuan, respectively, with year-on-year growth rates of 3.57% and 7.79% for 2023 and 2024 [2]. - However, the net profit attributable to the parent company showed a decline in 2024 despite revenue growth, with figures of 35.19 million, 42.20 million, and 40.11 million yuan for the same years [2]. Product Pricing and Competition - The average selling prices of the company's main products have been declining, with water-based dye ink dropping from 21.65 yuan/kg in 2022 to 21.08 yuan/kg in 2024, a decrease of 2.41% [3][4]. - The price of dispersed ink fell from 41.02 yuan/kg to 32.22 yuan/kg, a decline of 21.45%, while water-based pigment ink and UV ink prices decreased by 12.94% and 20.93%, respectively [3][4]. Production Capacity Utilization - The utilization rate for UV ink production was only 7.67% in 2022, increased to 25.95% in 2023, but fell back to 19.33% in 2024, indicating inefficiencies in production [4][6]. - Water-based pigment ink's utilization rate remained between 50% and 75%, with a reported rate of 75.02% in 2024 [6]. IPO and Governance Issues - The company plans to invest 43.16 million yuan in a project to build a production capacity of 4,700 tons of digital printing ink as part of its IPO fundraising [6]. - Concerns have been raised by the Beijing Stock Exchange regarding the overlap between major customers and suppliers, with significant sales and procurement amounts reported during the review period [6]. Shareholder Structure and Control - The actual controllers of the company, LIM KHENG TEE and Lin Yuxiang, control 62.79% of the shares through a holding company and an employee stock ownership platform [7][9]. - Following a divorce, Lin Yuxiang's ex-wife acquired 12.84% of the holding company, indirectly holding 6.78% of the company, raising questions about the stability of control and governance [12][13]. Financial Health and Compliance - The company's asset-liability ratios were significantly higher than industry averages, at 46.92%, 51.7%, and 42.65% during the reporting period, while still distributing dividends of 10 million yuan in 2022 and 10.2 million yuan in 2023 [15]. - The company has faced regulatory scrutiny for governance issues, including contract management and financial internal controls, leading to administrative penalties [15].

Core Viewpoint - Zhu Hai Chuan Mei Xun New Materials Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, facing challenges such as leadership changes and declining profit margins despite revenue growth [1][5]. Company Overview - The company was founded in 2004 and is controlled by LIM KHENG TEE and Lin Yu Xiang, who together hold 62.79% of the shares [2]. - Lin Yu Xiang, a former professional baseball player, has gradually reduced his management role and shareholding, officially stepping down as chairman in December 2023 [3][4]. Leadership Changes - LIM KHENG TEE, aged 59, has taken over as chairman from Lin Yu Xiang, who remains a director and deputy general manager [4]. - The leadership transition coincides with Lin Yu Xiang's divorce, which resulted in a share transfer to his ex-wife [3]. Financial Performance - The company's revenue increased from 185 million yuan in 2022 to 207 million yuan in 2024, but net profit showed a decline from 42.2 million yuan in 2023 to 40.11 million yuan in 2024, indicating a "growth without profit" scenario [5]. - The sales prices of several products, including dispersed ink and water-based pigment ink, have been decreasing, contributing to the profit decline [5][7]. Industry Competition - The digital ink printing industry is experiencing intense competition, leading to price wars and declining product prices [5][8]. - Competitors have indicated that the current price pressure is primarily due to competition within the industry, with expectations of continued price declines [8]. Future Plans - The company plans to raise 43.16 million yuan through the IPO to expand production capacity, aiming to increase total capacity from 9,599.19 tons to 14,299.19 tons, a 49% increase [8].

Core Viewpoint - Zhuhai Chuanmeixun New Materials Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, aiming to raise 124 million yuan for various projects including the production of digital printing inks and a research center [1][3] Company Overview - Chuanmeixun, established in 2004, is one of the early companies in China engaged in the production and R&D of digital printing inks, offering products such as water-based dye inks, dispersion inks, water-based pigment inks, and UV inks [3] - The company’s revenue from 2022 to 2024 is projected to be 185 million yuan, 192 million yuan, and 207 million yuan respectively, indicating a slow growth trend [3] - Net profits for the same period are expected to be 35 million yuan, 42 million yuan, and 40 million yuan, with a slight decline of 4.96% in 2024 [3] Financial and Operational Issues - Chuanmeixun has faced challenges with declining profitability indicators, including gross margin and net profit margin, despite increasing revenue [3] - The company has been issued a warning by the Guangdong Regulatory Bureau due to issues such as non-standard contract management, flaws in financial internal controls, and errors in customer classification [4] - Specific financial control issues include accounting errors, such as bank transfer dates occurring before approval dates and modifications on original vouchers [4] - The company has not signed framework contracts with its top ten customers and suppliers, relying instead on sales and purchase orders, which lack clear terms regarding rights, obligations, and liabilities [4] Additional Concerns - Prior to the IPO, the chairman borrowed 93,000 yuan from a subsidiary, which has raised concerns due to the subsidiary ceasing operations [7] - Other issues include idle production capacity, declining prices of core products, insufficient accounts receivable turnover, and weak bargaining power within the industry [7]

Core Viewpoint - Zhu Hai Chuan Mei Xun New Materials Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange, with Guolian Minsheng Securities as the sponsor and Zhonghui Accounting Firm as the auditor [1] Company Overview - Chuan Mei Xun specializes in the research, production, and sales of digital printing inks suitable for inkjet printers, large-format printers, and digital printing machines [1] - The main products include water-based dye inks, dispersion inks, water-based pigment inks, and UV inks, which are widely used in various fields such as office and home printing, advertising image digital printing, textile digital printing, packaging, and publishing [1] Financial Performance - Revenue for the years 2022 to 2024 is projected to be 185 million yuan, 192 million yuan, and 207 million yuan respectively [2] - Net profit attributable to the parent company for the same period is expected to be 35.19 million yuan, 42.22 million yuan, and 40.11 million yuan respectively [2] Key Financial Metrics - Total assets as of December 31, 2024, are projected to be approximately 357.89 million yuan, an increase from 341.94 million yuan in 2023 and 250.86 million yuan in 2022 [3] - Shareholder equity is expected to reach 205.25 million yuan by the end of 2024, up from 165.16 million yuan in 2023 and 133.16 million yuan in 2022 [3] - The company's debt-to-asset ratio is projected to decrease from 53.17% in 2023 to 44.74% in 2024 [3] - Gross profit margin is expected to be 41.28% in 2024, slightly down from 41.72% in 2023 but up from 35.59% in 2022 [3] - The weighted average return on equity is projected to be 21.65% in 2024, down from 28.46% in 2023 [3] Management and Ownership - The actual controllers of the company, LIM KHENG TEE and Lin Yu Xiang, collectively hold 62.79% of the shares through Diming Company and Zhuhai Qianjing [3] - LIM KHENG TEE serves as the chairman and general manager, while Lin Yu Xiang is the vice general manager [3] Management Background - LIM KHENG TEE has extensive experience in management roles across various companies, including serving as general manager of Chuan Mei Xun Electronic Technology (Zhuhai) Co., Ltd. [4] - Lin Yu Xiang has a background in sports and has held various managerial positions, including serving as chairman of Chuan Mei Xun Electronic Technology (Zhuhai) Co., Ltd. [4]