家里孩子的作业打印、办公室的合同或其他文件资料输出、商场的广告海报……这些日常场景中，我们都需要用到的打印机，均离不开墨水。而这看似不 起眼的"小瓶装墨水"，却要撑起一家公司的上市梦想。 珠海传美讯新材料股份有限公司（以下简称：传美讯），这家专注于数码喷印墨水的研发、生产和销售的企业，正试图叩开北交所的大门。 数码喷印墨水属于新兴的数码喷印技术的核心耗材，它与数码喷头、系统板卡等关键部件配套于数码喷印设备。传美讯成立于2004年，公司的产品线也从 主要应用于办公家用打印领域的墨水，逐步拓展至工业大幅面打印设备的墨水，由传统的广告业与写真影像业，延伸至纺织品印花及数码印刷等更广泛的 领域，产品不仅在国内销售，还远销土耳其、巴西、印度尼西亚、阿根廷等海外国家地区。 销量涨了，价格却一路下滑 2022年-2024年（以下简称：报告期内），传美讯营业收入分别为1.85亿元、1.92亿元、2.07亿元，2023年和2024年同比增长3.57%和7.79%，但同期归母净 利润分别为3519.1万元、4220.23万元、4010.91万元，2024年出现增收不增利情况。 然而，看似稳步增长的曲线下，却藏着产品竞争力的隐忧。 ...

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]