BOOX品牌持有者文石正申请在香港上市。其两大核心设备销售下滑，但借助转售储备芯片，仍维持收入增长
重点：
* 2026年上半年，文石的收入增长全数来自转售储备芯片；旗下两大电子纸机型线“高速电纸书”及“生产力平板”的销售收入合计下降4.7%
* 这家香港上市申请人的存货在2026年上半年增加50%，占用大量现金，同期银行借款增逾一倍
胡鸣鹤
以电子纸阅读设备闻名的广州文石信息科技股份有限公司，最近却从一项意想不到的业务找到增长来源：转售储备的芯片。
这家总部位于广州的BOOX电纸书及数码笔记本制造商，上周申请在香港上市。公司收入结构正在转变，至少暂时偏离了核心业务，能否获投资者接受仍待观察。更大的挑战是，在智能手机不断蚕食市面之际，如何让消费者继续愿意购买专门用于阅读和书写的设备。
芯片售价上涨也正考验文石及其同业，智能手机和个人电脑制造商同样受到冲击，被迫提价后，核心机型销量下滑。
至少从收入看，文石似乎稳住了阵脚。2026年上半年收入由上年同期的5.34亿元，增长7.4%至5.74亿元。但细看之下，转售储备芯片带来5,570万元收入，已超过总体收入的增幅。
随着电纸书销售急跌，公司两大设备机型线的收入同比下降4.7%，合计毛利减少11.7%。主要受芯片转售带动的“其他机型及服务”毛利增长，足以抵消上述跌幅。不过，由于开支及其他成本增加，盖过了毛利的小幅增长，文石上半年净利润仍下降24%至5,330万元。
零部件成本上涨，尤其是存储芯片涨价，正考验文石及其竞争对手。$亚马逊(NASDAQ|AMZN)$8月将美国基本款Kindle售价由109.99美元提高至149.99美元，称原因是内存和存储成本增加。中国电子电纸书制造商$汉王科技(SZ002362)$副总裁王杰8月接受《华夏时报》访问时则表示，尽管面临成本压力，公司仍维持售价不变，因为这类设备并非必需品。
储备芯片
芯片售价自2025年下半年开始上涨，文石于是增加采购，以防日后进一步涨价。这项部署后来派上用场。公司在保留足够零部件满足自身生产需要后，按市价转售部分储备。
即使如此，文石的存货仍由2025年底至2026年6月底增加50%，达7.488亿元，其中约四分之三为原材料。公司上半年经营活动耗用现金1.987亿元，同期银行借款增逾一倍。管理层表示，现有原材料存货足以兼容今明两年的生产及交付。
董事会主席淡玉婷曾任电子纸工艺公司荷兰iRex科技的中国区首席代表，并于2008年共同创办文石。公司于2009年创立BOOX品牌，当时外观出首款具手写能力的电纸书。
今年上半年，大中华区以外的客户及经销商贡献文石54.6%的收入，其中欧洲占20.1%，美国占17.7%。
在中国市面，亚马逊于2023年6月关闭Kindle中国电子书店，并于一年后停止下载服务，把市面让给文石等本土对手。BOOX的安卓设备可以运行腾讯的微信读书，让中国使用者换用电子纸显示屏时，仍可使用熟悉的阅读应用程序。不过，手机阅读的趋势持续冲击电子电纸书厂商。中国最新的全民阅读调查表明，2025年有79%的成年人使用手机阅读。
毕竟，对经常外出的消费者来说，多带一部文石设备既要花钱，也要腾出空间。BOOX中国网站上的电纸书售价由899元起，部分型号超过3,000元。在美国，6英寸的Go 6（第二代）税前售价约200美元，带有锁屏广告的基本款Kindle则为150美元。消费者必须认为阅读舒适度、应用程序挑选和书写工具值得这笔额外开支，才会购买另一部设备。
电纸书的吸引力
30多岁的香港传媒工作者Jessie Liu两年前买了一部BOOX Go Color 7。她喜欢它比基本款Kindle的6英寸显示屏更大，而且购买时Kindle还没有彩色型号。不过，她说若要向朋友建议，自己大概还是会选Kindle。
一名40多岁的北京科技公司创办人表示，自己曾具备四、五部Kindle；亚马逊退出中国市面前，那是他主要的阅读方式。后来他经朋友建议买了一部BOOX，但对机型评价平平。他说：“没有什么特别出色的地方，但也没有什么显著难题。”
研究机构洛图科技认为，专用电子电纸书能否吸引消费者，取决于彩色表明成效和软件能否改善。兼容手写笔的笔记本则把用途延伸至读书以外，让专业人士可以批注报告和记录手写笔记。
文石表示，随着纯阅读机型需要减弱，客户正转向具手写能力的设备。2026年上半年，其“高速电纸书”收入减少逾一半至1.043亿元，毛利率亦由上年同期的35.8%降至26.2%。管理层将毛利率受压归因于旧款电纸书折价、较低毛利机型占比提高，以及芯片成本上升。
相比之下，文石同期“生产力平板”收入增长32%至3.837亿元，但较小尺寸型号热销，令平均售价下降22%。
中国电子电纸书及笔记本市面的走势，与文石的表现显著不同。洛图科技数据表明，2026年上半年电纸书销量同比增长22.3%，办公笔记本销量则下降30.5%。同期BOOX在中国线上电子纸平板总体市面排名第三，按销量计市占率为17.5%。
文石等传统电子电纸书及电子笔记本厂商，亦面临其他机型的竞争。$科大讯飞(SZ002230)$推出结合手写与会议转录能力的设备；亚马逊的Kindle Scribe及reMarkable笔记本同样可用于书写和处理文件。
文石拟将上市所得款项用于研发、销售及市面推广、收购及投资、生产与供应链升级，以及营运资金。其上市估值仍未确定。2024年一宗涉及联想集团所控制投资者的交易，推算公司当时估值略高于10亿元；不过，该交易涉及现有股份及投资者特殊权利。
这意味着文石如今值多少，将由香港投资者决定。但管理层预期，支撑今年收入增长的芯片转售业务会逐步减少。面对智能手机带来的日益激烈竞争，潜在投资者还须判断文石的核心电纸书和平板笔记本业务，往后能否继续发展。
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Onyx, the owner of the BOOX brand, is applying for a listing in Hong Kong. Sales of its two core device lines are declining, but the company still maintains revenue growth by reselling stockpiled chips
Key points:
* In the first half of 2026, Onyx's revenue growth came entirely from reselling stockpiled chips; combined sales revenue from its two major e-paper device lines, "high-speed e-readers" and "productivity tablets," fell 4.7%
* The Hong Kong listing applicant's inventory increased 50% in the first half of 2026, tying up substantial cash, while bank borrowings more than doubled over the same period
Hu Minghe
Guangzhou Onyx Information Technology Co., Ltd., known for its e-paper reading devices, has recently found a source of growth in an unexpected business: reselling stockpiled chips.
This Guangzhou-based manufacturer of BOOX e-readers and digital notebooks applied to list in Hong Kong last week. The company's revenue structure is shifting, at least temporarily veering away from its core business, and whether investors will accept this remains to be seen. The bigger challenge is how to keep consumers willing to buy devices dedicated to reading and writing as smartphones continue to erode the market.
Rising chip prices are also testing Onyx and its peers. Smartphone and personal computer makers are similarly affected, and after being forced to raise prices, sales of their core models have declined.
At least in terms of revenue, Onyx appears to have held its ground. In the first half of 2026, revenue grew 7.4% to 574 million yuan from 534 million yuan in the same period a year earlier. But a closer look shows that reselling stockpiled chips generated 55.7 million yuan in revenue, exceeding the overall revenue increase.
As e-reader sales fell sharply, revenue from the company's two major device lines declined 4.7% year-on-year, with combined gross profit down 11.7%. Growth in gross profit from "other devices and services," driven mainly by chip reselling, was enough to offset that decline. However, rising expenses and other costs outweighed the modest gross profit growth, and Onyx's first-half net profit still fell 24% to 53.3 million yuan.
Rising component costs, especially memory chip price increases, are testing Onyx and its competitors. $Amazon(NASDAQ|AMZN)$ raised the price of its basic Kindle in the U.S. from $109.99 to $149.99 in August, citing increased memory and storage costs. Wang Jie, vice president of Chinese e-paper device maker $Hanwang Technology(SZ002362)$, said in an August interview with China Times that the company kept prices unchanged despite cost pressures, because such devices are not necessities.
Stockpiled chips
Chip prices began rising in the second half of 2025, so Onyx increased purchases to guard against further increases. That move later paid off. After retaining enough components to meet its own production needs, the company resold part of its stockpile at market prices.
Even so, Onyx's inventory increased 50% from the end of 2025 to the end of June 2026, reaching 748.8 million yuan, with about three-quarters consisting of raw materials. Operating activities consumed 198.7 million yuan in cash in the first half, and bank borrowings more than doubled over the same period. Management said the existing raw material inventory is sufficient to support production and delivery for both this year and next.
Board chairperson Dan Yuting previously served as chief representative for China at Dutch e-paper technology company iRex Technologies, and co-founded Onyx in 2008. The company created the BOOX brand in 2009, when it launched its first e-reader with handwriting capability.
In the first half of this year, customers and distributors outside Greater China contributed 54.6% of Onyx's revenue, with Europe accounting for 20.1% and the United States 17.7%.
In the Chinese market, Amazon closed its Kindle China e-bookstore in June 2023 and stopped download services a year later, ceding the market to local rivals such as Onyx. BOOX's Android devices can run Tencent's WeRead, allowing Chinese users to keep using familiar reading apps when they switch to an e-paper display. However, the trend of reading on phones continues to hit e-paper device makers. China's latest national reading survey shows that 79% of adults used mobile phones for reading in 2025.
After all, for consumers who are often on the go, carrying an extra Onyx device costs money and takes up space too. Prices for e-readers on BOOX's Chinese website start at 899 yuan, with some models exceeding 3,000 yuan. In the U.S., the 6-inch Go 6 (2nd generation) sells for around $200 before tax, while the basic Kindle with lock-screen ads costs $150. Consumers must believe that reading comfort, app selection, and writing tools are worth the extra expense before they will buy another device.
The appeal of e-readers
Jessie Liu, a Hong Kong media professional in her 30s, bought a BOOX Go Color 7 two years ago. She likes that its display is larger than the basic Kindle's 6-inch screen, and Kindle didn't yet have a color model at the time of purchase. However, she said that if she were to recommend one to friends, she would probably still choose a Kindle.
A founder of a Beijing tech company in his 40s said he once owned four or five Kindles; before Amazon exited the Chinese market, that was his primary way of reading. Later, on a friend's recommendation, he bought a BOOX, but gave the model a lukewarm review. "There's nothing particularly outstanding about it, but there's nothing notably wrong with it either," he said.
Research firm Runto Technology believes that whether dedicated e-paper e-readers can attract consumers depends on whether color display performance and software can be improved. Stylus-compatible notebooks extend use beyond reading, allowing professionals to annotate reports and take handwritten notes.
Onyx says that as demand for pure reading models weakens, customers are shifting toward devices with handwriting capability. In the first half of 2026, revenue from its "high-speed e-readers" fell by more than half to 104.3 million yuan, with gross margin declining from 35.8% to 26.2% year-on-year. Management attributed the gross margin pressure to discounts on older e-reader models, a higher share of lower-margin models, and rising chip costs.
By contrast, Onyx's "productivity tablet" revenue grew 32% to 383.7 million yuan in the same period, but strong sales of smaller-size models pushed the average selling price down 22%.
The trajectory of China's e-paper e-reader and notebook market differs markedly from Onyx's performance. According to Runto Technology data, e-reader sales by volume grew 22.3% year-on-year in the first half of 2026, while office notebook sales fell 30.5%. During the same period, BOOX ranked third in China's overall online e-paper tablet market, with a 17.5% market share by volume.
Traditional e-paper e-reader and notebook makers such as Onyx also face competition from other devices. $iFlytek(SZ002230)$ has launched devices that combine handwriting with meeting transcription capabilities; Amazon's Kindle Scribe and reMarkable notebooks can likewise be used for writing and document processing.
Onyx plans to use the listing proceeds for research and development, sales and marketing, acquisitions and investments, production and supply chain upgrades, and working capital. Its listing valuation has not yet been determined. A 2024 transaction involving investors controlled by Lenovo Group implied the company was valued at slightly more than 1 billion yuan at the time; however, that transaction involved existing shares and special investor rights.
This means Hong Kong investors will decide how much Onyx is worth today. But management expects the chip reselling business that supported this year's revenue growth to gradually wind down. Facing intensifying competition from smartphones, potential investors must also judge whether Onyx's core e-reader and tablet notebook business can continue to grow going forward.
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