On December 25th, the initial public offering (IPO) application of Shenzhen Moku New Materials Group Co., Ltd. (Moku) for the Shenzhen Stock Exchange's ChiNext board was accepted. Huatai United Securities is the sponsor, and the company plans to raise 720 million yuan.
According to the prospectus, Moku is primarily engaged in the research and development, production, and sales of digital printing inks. Its main products include disperse inks, coating inks, UV inks, and water-based dye inks, among others.
The company's products are applied in emerging digital printing technology, which integrates computer science, mechatronics, precision machinery manufacturing, and fine chemicals. This technology primarily uses digital equipment and printing techniques to spray ink onto substrates according to pre-set programs to form patterns.
As a key consumable, the digital printing inks produced by the company are used alongside core components like digital printheads and system boards, as well as other accessory products in digital printing equipment. They are mainly applied in textile digital printing, advertising graphics, desktop office printing, packaging and publications, electronic circuits, architectural decoration, and craft decorations.
Statistics from the China Printing and Equipment Industries Association indicate that the market size for digital printing inks in China was 145,300 tons in 2022. It is forecasted to reach 162,800 tons in 2023 and 192,100 tons in 2024.
After deducting issuance expenses, the net proceeds from this offering are intended to be fully used for the following projects.
The prospectus highlights that raw materials constitute a high proportion of the company's operating costs, posing potential risks of supply shortages and price fluctuations. During the reporting period, direct materials accounted for 79.70%, 79.76%, 80.46%, and 81.66% of the main business cost, respectively.
Financially, for the years 2022, 2023, 2024, and the period from January to September 2025, Moku reported operating revenues of approximately 522 million yuan, 618 million yuan, 727 million yuan, and 590 million yuan, respectively.
During the same periods, the company's net profits were 57.5794 million yuan, 120 million yuan, 143 million yuan, and 94.7485 million yuan, respectively.
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