Zhejiang Dongfang Kemai Electronic Co., Ltd. ("Dongfang Kemai") has recently passed its listing hearing for IPO on the Hong Kong Stock Exchange (HKEX).

Founded in 2005, Dongfang Kemai has grown into a specialized manufacturer and service provider integrating the R&D, design, production, and sales of various ePaper display modules.

Dongfang Kemai is one of the core companies in the global ePaper industry, with four production bases located in Jiaxing (Zhejiang Province), Dalian (Liaoning Province), and Vietnam.

According to the prospectus, Dongfang Kemai's revenue for 2023, 2024, and 2025 was RMB 1.024 billion, RMB 1.152 billion, and RMB 1.713 billion, respectively. Gross profit was RMB 162 million, RMB 182 million, and RMB 280 million, with gross margins of 15.8%, 15.8%, and 16.4%, respectively.

In 2025, revenue from small-size ePaper display modules (under 4 inches) was RMB 1.42 billion, accounting for 82.9%. Revenue from medium-size modules (4-6 inches) was RMB 200 million (11.6%), and revenue from large-size modules (over 6 inches) was RMB 83.96 million (4.9%).

Production Bases

Overview of Global Flat Panel Display Technologies

Currently, mainstream flat panel display technologies include four categories: ePaper, liquid crystal display (LCD), light-emitting diode (LED), and organic light-emitting diode (OLED).

1) ePaper: Utilizes electrophoretic or electrochromic principles to form images through ambient light reflection, requiring no backlight. It features paper-like display, sunlight readability, and flexibility. It consumes nearly zero power during static display and only draws power when refreshing, with significantly lower power consumption than other display technologies. Additionally, since it does not emit light actively, ePaper has no blue light and no flickering, offering superior eye protection. This technology can be integrated with flexible substrate technology for rollable, ultra-thin smart device form factors.

2) LCD: Achieves imaging through liquid crystal molecules controlling backlight transmission. It offers mature manufacturing, low cost, and stable display performance, making it the most widely applied display technology today.

3) LED: A self-emissive technology that displays images through high-density point light source arrays. It offers high brightness and long viewing distance, suitable for outdoor large-format display applications.

4) OLED: Uses organic light-emitting materials for self-emissive display, featuring high contrast ratio, wide viewing angle, and fast response. It supports high contrast, quick response, and flexible form factors, making it ideal for premium mobile and wearable devices.

Financial Data

Revenue
Revenue for 2023, 2024, and 2025 was approximately RMB 1.024 billion, RMB 1.152 billion, and RMB 1.713 billion, respectively.

Net Profit
Net profit for 2023, 2024, and 2025 was RMB 50.739 million, RMB 53.404 million, and RMB 80.228 million, respectively.

Gross Margin
Gross margin for 2023, 2024, and 2025 was 15.8%, 15.8%, and 16.4%, respectively.