New stock news: Pu Ying Innovation submitted its application to the Hong Kong Stock Exchange's Growth Enterprise Market. The net profit for 2025 plummeted by 68.3%.

According to the disclosure on June 30 by the Hong Kong Stock Exchange, Shenzhen Puwin Innovation Technology Co., Ltd. (referred to as: Puwin Innovation) has submitted an application for listing on the GEM board of the Hong Kong Stock Exchange, with Ed Capital as its exclusive sponsor. Company Profile The prospectus shows that Puwin Innovation is a Chinese manufacturer of enterprise-level financial intelligent printing and document processing equipment, focusing on the design, research and development, production, and sales of three major product lines: specialized printing machines for key tasks and integrated printing and scanning devices; intelligent self-service devices and terminals; as well as consumables, parts, and other products. The company's products are mainly used in the banking and financial sector for printing and application of passbooks, deposit certificates, and vouchers. Products are sold to Chinese and overseas customers through distribution and direct sales models, currently serving more than 186 customers, with products sold to over 54 countries and regions. With functions such as printing, scanning, recognition, magnetic stripe reading and writing, and human-machine interaction integrated into one, the company's products can provide a one-stop document processing solution for counter services, smart branches, and self-service terminals, and have obtained multiple domestic and international product certifications and registrations. The key task specialized printing machine and printing scanning integrated equipment constitute the main product categories and major sources of revenue, while intelligent self-service devices and terminal equipment help expand the field of digital and intelligent self-service applications. Relying on a large installed base, consumables, parts, and other products generate regular income through replacement demand, maintenance services, and full life cycle support. According to Frost & Sullivan data, the company is expected to rank first in the global financial intelligent printing scanning equipment market by revenue in 2025, with products sold to over 54 countries and regions and possessing a large installed base. During the reporting period, the company's customers mainly included distributors, financial institutions, and postal operators. As of December 31, 2024 and 2025, the revenue of the top five customers accounted for 48.5% and 45.2% of total revenue, respectively. Financial Information Revenue In 2024 and 2025, the company achieved revenues of approximately RMB 143 million and RMB 132 million, respectively. Gross Profit In 2024 and 2025, the company's gross profits were approximately RMB 47.6 million and RMB 45.89 million, respectively. Profit In 2024 and 2025, the company's annual profits were approximately RMB 7.983 million and RMB 2.531 million, respectively. Industry Overview The global market size of intelligent branch solutions is expected to reach approximately USD 80 billion by 2025 and is projected to reach about USD 100.3 billion by 2030, with a compound annual growth rate of approximately 4.6% from 2025 to 2030. The market is transitioning from rapid construction to stable penetration, with growth shifting from new sites to stock renovation and upgrades. Financial intelligent printing scanning equipment is aimed at the material processing links in branch business transactions, providing professional terminals for material collection, image retention, bill and receipt output actions, meeting long-term operations, compliance traceability, and auditable traceability. It can be classified into three categories: financial specialized printing equipment for proof and receipt output (stability, multi-medium adaptability, abnormal handling); financial scanning equipment for collection and image retention (image consistency, batch efficiency, system integration); and printing scanning integrated terminals and counter integrated terminals, integrating collection and output in one terminal to reduce switching and adapt to less labor and remote scenarios. By revenue, the global market size of financial intelligent printing scanning equipment is estimated to be approximately USD 13.4 billion in 2025 and is expected to reach about USD 18.4 billion by 2030, with a compound annual growth rate of approximately 6.5% from 2025 to 2030. This growth is primarily driven by the paperlessization of financial transactions and the automation of transaction processes, as well as the evolution towards high integration and multifunction terminals, constituting core capital expenditure for end customers. Asia-Pacific is expected to continue to be the largest and most clearly growing regional market in the world, with a market size of approximately USD 7.5 billion in 2025 and a projected global market share of approximately 59.0% by 2030, supported by a large base of commercial bank branches and financial services sinking; with core system upgrades and branch digital transformations, demand for advanced printing scanning peripherals with compliance standards continues to be released. Global market share ranking of financial intelligent printing scanning equipment: The market shows a pattern of leading players and overall dispersion. Based on revenue in 2025, the top five companies collectively accounted for approximately 26.4% of the market share, with Puwin Innovation holding approximately 10.1% and the top two companies together close to 20%, demonstrating a significant lead. The market share of the third to fifth companies is all below 3%, indicating a highly competitive environment. Asia-Pacific market share ranking of financial intelligent printing scanning equipment: The Asia-Pacific market is highly fragmented, with a much lower concentration than the global and European markets. Based on revenue in 2025, the top five companies collectively held only about 24.9% of the market share, benefiting from the presence of many local manufacturers in the China-Japan manufacturing chain. Puwin Innovation ranks first with approximately 9.9%, but the gap with subsequent competitors is limited. Board Information The company's board of directors will consist of 9 directors, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors. Shareholding Structure As of June 20, 2026, Mr. Zheng Xiaohui, Shenzhen Yunao, and Shenzhen Yunzhong directly hold 1.57%, 28.66%, and 17.71% of the company's equity, respectively. Mr. Zheng Xiaohui and Ms. Zhao Hui (Mr. Zheng Xiaohui's spouse) respectively hold 95.00% and 5.00% equity in Shenzhen Yunao, with Shenzhen Yunao being a general partner of Shenzhen Yunzhong. Mr. Zheng Xiaohui and Ms. Zhao Hui are considered beneficial owners of the 17.71% equity held by Shenzhen Yunzhong. Therefore, according to the GEM listing rules, Mr. Zheng Xiaohui, Ms. Zhao Hui, Shenzhen Yunao, and Shenzhen Yunzhong are the controlling shareholders of the company. Intermediary Team Exclusive Sponsor: Ed Capital Limited Company Legal Counsel: Regarding Hong Kong law: Tian Yuan Law Firm (Limited Liability Partnership); Regarding Chinese law: Tian Yuan Law Firm in Beijing; Regarding Italian law for business conducted in Italy: Gianni & Origoni (jointly with Eviana Leung & Partners); Regarding Hong Kong law for business conducted in Hong Kong: Ma Ka Wing & Co. Legal Counsel for Exclusive Sponsor: Regarding Hong Kong law: Zheng Guan Law Firm in cooperation with Beijing Jinlu Anshen (Hong Kong) Law Firm; Regarding Chinese law: Jingtian & Gongcheng Law Firm Auditors and Reporting Accountants: Ernst & Young Industry Consultants: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Consultants: Ed Capital Limited