Core Viewpoint - The article discusses the impact of Amazon's Kindle exit from the Chinese market, highlighting the opportunity it presents for domestic players like Guangzhou Wenshi Information Technology Co., Ltd. (Wenshi BOOX) to capture market share and innovate in the e-ink display sector [6][25]. Group 1: Company Overview - Wenshi BOOX submitted its IPO prospectus to the Hong Kong Stock Exchange in January 2026, aiming to tell a "Chinese version of Kindle" success story [6]. - In 2024, Wenshi's revenue reached 1.02 billion yuan, a year-on-year increase of 26.6%, with over 50% of its revenue coming from overseas markets, which grew by 33.8% [8]. - Wenshi has diversified its product offerings beyond pure reading devices, covering sizes from 6 inches to 25.3 inches, with productivity tablets contributing over 50% of its revenue [9]. Group 2: Financial Performance - Despite a 10% revenue increase in the first nine months of 2025, Wenshi's net profit declined by 4% [10]. - The company's sales expenses rose from 9.1% to 13.9%, indicating a need for high marketing investments to compete in a crowded market [10][24]. - Wenshi's adjusted net profits for 2023, 2024, and the first nine months of 2025 were 120 million yuan, 130 million yuan, and 120 million yuan, respectively [23]. Group 3: Market Position and Strategy - The global market for knowledge-focused productivity tools is projected to grow from 10.7 billion yuan in 2020 to 29.1 billion yuan in 2024, with Wenshi being the second-largest globally and the largest in China [26][27]. - Wenshi's strategy includes positioning itself as a "knowledge-focused productivity tool" rather than just a reading device, with three main revenue sources: productivity tablets, high-speed readers, and software services [17][29]. - The company has emphasized AI and ecosystem development in its fundraising efforts, recognizing the need to address its software shortcomings [14][22]. Group 4: Competitive Landscape - The exit of Kindle has led to increased competition in the e-ink market, with various players adopting different strategies, from conservative to aggressive approaches [29]. - Wenshi's competitive advantage lies in its comprehensive product range and global market presence, but it faces challenges in content ecosystem and vertical technology [30][31]. - The supply chain risk is significant, as over 90% of e-paper module production is controlled by a single supplier, E Ink Holdings, which also holds a stake in Wenshi [31].

Core Viewpoint - Guangzhou Wenshi Information Technology Co., Ltd. (Wenshi Information) has submitted an application for listing on the Hong Kong Stock Exchange, focusing on knowledge-centric productivity tools, and is positioned as the second largest globally and the largest in China in this sector [1][6]. Company Overview - Founded in 2008, Wenshi Information aims to empower global knowledge workers through a combination of software and hardware tools, addressing the processing needs of text information generated from listening, remembering, reading, and writing [2][3]. - The product line includes a range of eye-friendly reading and writing smart terminals, an open-source operating system (BOOXOS) integrated with AI and cloud services, and specialized applications for reading and writing [2]. Financial Performance - Revenue figures for the company from 2023 to the first three quarters of 2025 are as follows: 804 million yuan, 1.018 billion yuan (26.62% year-on-year growth), and 799 million yuan (10.21% year-on-year growth), indicating a slowdown in growth despite overall revenue increase [3]. - Net profit has shown a declining trend, with figures of 124 million yuan, 121 million yuan (down 2.42%), and 103 million yuan (down 3.74%) for the same period, highlighting a situation of increasing revenue but decreasing profit [3]. - Operating cash flow turned negative, with a net cash flow of -41 million yuan for the first nine months of 2025, primarily due to increased inventory and changes in working capital [3]. Market Potential - The global market for knowledge-centric productivity tools is at a turning point, transitioning from pure reading scenarios to broader productivity-oriented applications, driven by increasing demand for visual health awareness and high-density information processing [4][5]. - The penetration rate of knowledge-centric productivity tools is expected to reach 51.2% in 2024 and grow to 71.0% by 2030, with the market size projected to expand from 29.1 billion yuan in 2024 to 82.1 billion yuan by 2030, reflecting a compound annual growth rate of 15.6% from 2025 to 2030 [6]. Competitive Landscape - Wenshi Information faces competition from major players like Amazon (Kindle Scribe), Hanwang, and iFlytek, which may pressure its market share through content bundling, price wars, or technological advantages [7]. - Approximately 60% of the company's revenue comes from overseas markets, with the U.S. accounting for about 20%. Trade tensions and economic downturns could adversely affect its business [7]. Strategic Positioning - The company has established a technological moat through its integrated ecosystem of hardware, operating system, and software, which differentiates it from pure hardware manufacturers and positions it to capitalize on industry growth [6]. - The current financial pressures and operational risks contrast sharply with the long-term narrative of ecological and global expansion, highlighting the challenges in inventory management and supply chain operations [8].

Core Viewpoint - Onyx International Inc. (文石信息科技) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to list on the main board, highlighting its position as a global leader in the knowledge-focused productivity tools industry [1][2]. Company Overview - Founded in 2008, Onyx International Inc. is recognized as the second-largest knowledge-focused productivity tool brand globally and the largest in China, based on retail revenue projections for 2024 [2]. - The company specializes in consumer-grade eye-protective reading and writing products, integrating AI and cloud services into its proprietary open operating system, BOOX OS, to enhance user experience [4]. Product Offerings - The product range includes high-speed readers and productivity tablets, with display sizes ranging from 6 inches to 25.3 inches, designed to meet diverse digital reading and writing needs [8]. - The company has developed a software ecosystem, including the StarNote application, allowing users to synchronize notes and annotations across devices [8]. Financial Performance - For the fiscal years ending December 31, 2023, and 2024, and the nine months ending September 30, 2024, the company's revenues were RMB 803.58 million, RMB 1.017519 billion, and RMB 724.741 million, respectively [15][16]. - The net profits for the same periods were RMB 124.055 million, RMB 121.184 million, and RMB 106.950 million [15]. Shareholder Structure - Prior to the IPO, the major shareholders include Ms. Dan Yuting with 27.33% and the employee shareholding platform with 42.05%, totaling approximately 69.38% [11]. - Other significant shareholders include Lenovo Group and several investment firms, collectively holding 15.90% [10][11]. Management Team - The board consists of 8 members, including 5 executive directors led by Ms. Dan Yuting as Chairperson and General Manager, and 3 independent non-executive directors with diverse backgrounds [13][14]. Underwriting and Advisory Team - The IPO is being managed by CITIC Securities as the sole sponsor, with Ernst & Young as the auditor and various law firms providing legal counsel [17].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Onyx International Inc. 廣州文石信息科技股份有限公司 (the "Company") (A joint stock company incorporated in the People's Republic ...

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