济南森峰科技恢复创业板IPO审核：激光设备制造商的数字化营销之路
济南森峰激光科技股份有限公司（简称"森峰科技"）近期完成了财务资料更新，深交所已恢复其创业板发行上市审核程序。作为国家级专精特新"小巨人"企业，森峰科技在招股说明书中披露了其独特的客户拓展策略——主要依靠谷歌、快手等数字平台推广以及老客户转介绍。
Jinan Senfeng Laser Technology Co., Ltd. (referred to as "Senfeng Technology") recently completed the update of its financial documents, and the Shenzhen Stock Exchange has resumed its GEM IPO review process. As a national-level "little giant" enterprise specializing in niche markets, Senfeng Technology disclosed in its prospectus its unique customer acquisition strategy—primarily relying on digital platforms like Google and Kuaishou for promotion, along with referrals from existing customers.
森峰科技成立于2007年，是一家专业从事激光加工设备研发制造的高新技术企业。公司主要产品包括激光切割设备等，广泛应用于汽车零部件、工程机械、建筑桥梁模板等多个领域。此次IPO，公司计划募集资金4.09亿元，用于智能制造项目和技术研发。
Founded in 2007, Senfeng Technology is a high-tech enterprise specializing in the R&D and manufacturing of laser processing equipment. Its main products include laser cutting equipment, widely used in automotive parts, construction machinery, bridge construction templates and other fields. For this IPO, the company plans to raise 409 million yuan for intelligent manufacturing projects and technology R&D.
数字化营销策略：森峰科技在招股书中坦言，由于激光设备单价高、使用周期长，同一客户短期内重复大额采购的可能性较小。因此，公司业务增长主要依靠新客户开发，而数字营销平台在其中扮演关键角色。
Digital Marketing Strategy: Senfeng Technology stated in its prospectus that due to the high unit price and long lifecycle of laser equipment, the possibility of the same customer making repeated large purchases in the short term is small. Therefore, the company's business growth mainly relies on new customer acquisition, with digital marketing platforms playing a key role.
在国内市场，公司通过百度、快手等平台进行推广；在国际市场，则主要依赖谷歌广告和行业展会。数据显示，2019-2021年间，公司每年在广告推广上的投入约1500万元，主要支付给谷歌推广服务商焦点科技、百度服务商山东开创集团等。
In the domestic market, the company promotes through platforms like Baidu and Kuaishou; in the international market, it mainly relies on Google Ads and industry exhibitions. Data shows that from 2019 to 2021, the company invested about 15 million yuan annually in advertising, mainly paid to Google service provider Focus Technology and Baidu service provider Shandong Kaichuang Group.
财务表现：2019-2021年，森峰科技营业收入从5.58亿元增长至8.46亿元，但净利润波动较大，分别为-479万元、8247万元和6748万元。这种波动性也反映了激光设备行业的特点。
Financial Performance: From 2019 to 2021, Senfeng Technology's operating income grew from 558 million yuan to 846 million yuan, but net profit fluctuated significantly, recording -4.79 million yuan, 82.47 million yuan and 67.48 million yuan respectively. This volatility also reflects the characteristics of the laser equipment industry.
对赌协议风险：值得注意的是，2021年12月，公司10名股东与实控人李峰西、李雷夫妇签署了对赌协议。若上市失败，这些股东有权要求回购股份。虽然公司本身不是协议当事人，但仍存在股权结构变动的风险。
VAM Agreement Risk: Notably, in December 2021, 10 shareholders signed a valuation adjustment mechanism (VAM) agreement with the actual controllers Li Fengxi and Li Lei (a couple). If the IPO fails, these shareholders have the right to request share repurchase. Although the company itself is not a party to the agreement, there is still a risk of changes in the equity structure.
森峰科技的案例展示了传统制造业企业如何通过数字营销转型来拓展业务。在当今SEO和内容营销日益重要的商业环境中，该公司对谷歌、百度等平台的重视，以及每年稳定的营销投入，都值得其他B2B制造企业借鉴。
The case of Senfeng Technology demonstrates how traditional manufacturing enterprises can expand their business through digital marketing transformation. In today's business environment where SEO and content marketing are increasingly important, the company's emphasis on platforms like Google and Baidu, as well as its stable annual marketing investment, are worth learning from for other B2B manufacturing enterprises.
