In an era of information overload, Onyx International, the company behind BOOX e-ink devices, is attempting to carve out a niche by helping users filter distractions and acquire knowledge efficiently. The company, which champions "focused reading + productive work" as its core philosophy, has officially submitted an application for a main board listing on the Hong Kong Stock Exchange.
Financial Highlights: Crossing the Billion-Yuan Mark
Onyx International achieved a significant milestone in 2024 with total revenue surpassing 1 billion yuan ($140 million) for the first time, reaching 1.018 billion yuan. Net profit stood at 121 million yuan during the same period. Notably, more than half of the company's revenue came from overseas markets, demonstrating strong international competitiveness. In the color e-ink display segment, Onyx shipped approximately 200,000 units in 2024, securing the top global position. By retail revenue metrics, BOOX has become the world's second-largest and China's top brand in knowledge-focused productivity tools.
Emerging Challenges: Profit Margins Under Pressure
Despite robust revenue growth, Onyx faces notable headwinds. From 2023 through the first three quarters of 2025, the company's net profit gradually declined from 124 million yuan to 103 million yuan, revealing a "revenue growth without profit growth" pattern. The first three quarters of 2025 saw negative operating cash flow for the first time, with a net outflow of 41.2 million yuan. Concurrently, inventory levels reached 435 million yuan, indicating operational pressures.
Strategic Outlook: Navigating Complex Markets
The company is actively addressing external challenges including U.S. tariff increases, intensifying industry competition, and rising costs. The Hong Kong IPO represents a strategic move to secure funding, enhance brand recognition, and expand market reach. However, investor reception remains uncertain in the current market environment. Whether Onyx can leverage its leadership in e-ink technology to overcome these challenges warrants continued observation.