Group 1 - The core point of the announcement is the completion of the third lock-up period for the 2022 employee stock ownership plan of Hanwang Technology, with performance targets met for the subsidiary Hanwang Yingyan [1][2][3] - The employee stock ownership plan was approved and implemented in December 2021 and January 2022, with a total of 400,800 shares purchased through the secondary market [1] - The third lock-up period's performance assessment required the subsidiary's net profit to be no less than 10% or a net profit margin of 8% or above for 2024 [2] Group 2 - The net profit of Hanwang Yingyan for 2024 was reported at 10.0378 million yuan, with total revenue of 154.9 million yuan and a cash collection rate of 109.19% [2] - The third lock-up period has ended as of July 4, 2025, and the corresponding shares can be sold according to market conditions and relevant regulations [3] - The employee stock ownership plan can be extended upon approval by the board of directors, and any changes to the plan require a two-thirds majority consent from the plan participants [3][4]

证券代码：002362 证券简称：汉王科技 公告编号：2025-023 汉王科技股份有限公司 关于 2022 年员工持股计划（专项）第三个锁定期届满的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、2022年员工持股计划（专项）批准和实施情况 汉王科技股份有限公司（以下简称"公司"）分别于2021年12月17日、 2022 年1月6日召开的第六届董事会第八次（临时）会议、第六届监事会第四次 （临时）会议和 2022年第一次临时股东大会审议通过了《公司2022年员工持股 计划（草案）及其摘要的议案》等相关议案，同意公司实施 2022年员工持股计 划（专项），通过二级市场购买的方式取得并持有公司股票。 2022 年 2 月 7 日至 2022 年 7 月 4 日，公司 2022 年员工持股计划证券账户 通过二级市场集中竞价交易累计购入本公司股票 40.08 万股。具体详见 2022 年 7 月 5 日在指定信息披露媒体巨潮资讯网、《证券时报》《中国证券报》披露的 《关于 2022 年员工持股计划（专项）进展暨完成股票购买的公告》。 二、本员工持股计划锁定 ...

Core Viewpoint - China is emerging as a global leader in the electronic paper tablet production and innovation, showcasing the robust vitality and innovation capability of its electronic paper industry ecosystem [1][2] Industry Overview - The global digital reading market is evolving, presenting unprecedented development opportunities for the Chinese electronic paper industry [1] - The launch of the standard "Quality Grading and 'Leader' Evaluation Requirements for Electronic Paper Readers" signifies a potential redefinition of the Chinese e-book industry landscape by domestic brands [2][3] Market Dynamics - The exit of Amazon's Kindle in 2023 has led to a brief industry setback but has also spurred domestic e-book brands like Hanvon, iFlytek, and others to innovate independently [3] - The Chinese e-book market is transitioning from a "replacement" phase to a "leading" phase, with increased competition among local brands [3] Sales Projections - The report predicts that by 2024, the total sales volume of electronic paper tablets in China will reach 1.834 million units, representing a year-on-year growth of 49.1% [4] - Hanvon Technology has achieved the highest sales growth in the electronic paper reader market for two consecutive years, with a compound annual growth rate of 174% from 2022 to 2024 [4] Future Trends - Electronic paper is expected to become the third mainstream terminal after smartphones and computers, with annual shipments potentially exceeding 100 million units during its rapid growth phase [5] - The average price of electronic paper terminals is anticipated to drop below 1,000 yuan during the popularization phase, leading to a market size of 100 billion USD [5] Consumer Insights - The evolution of electronic paper products has led to the emergence of various forms such as educational and office tablets, catering to diverse consumer needs [5] - Domestic brands are increasingly aligning product features with consumer demands, enhancing their market responsiveness [5] Technological Advancements - Future developments in electronic paper technology may include color displays and cost reductions in components like oxide backplanes and driver ICs [5] - The industry is positioned at a "certainty" window for growth as digitalization and intelligence become the main themes of the era [6] Industry Aspirations - Industry leaders aim to establish a high-end, complete, and prosperous electronic paper ecosystem that can significantly boost consumption [6] - The electronic paper industry is expected to achieve large-scale applications in digital office and intelligent learning scenarios, moving towards a market scale of 100 billion USD [6]

Group 1: Company Overview and Market Position - Hanwang Technology is recognized as a leader in the electronic paper reader market, achieving the highest sales growth for two consecutive years [5] - The company has been awarded the title of "Leader Brand in Electronic Paper Readers" and has dominated sales rankings during major promotional events [5][27] - Hanwang's products integrate advanced AI technologies, including OCR and NLP, enhancing their functionality beyond traditional reading tools [26] Group 2: AI and Healthcare Applications - The company has deployed four main projects in the AI healthcare sector, serving over 500 hospitals [3] - The AI electronic sphygmomanometer, based on the Korotkoff sound method, has achieved significant market success, ranking first in sales on major e-commerce platforms [16][28] - Hanwang's blood pressure monitor addresses a substantial market need, with approximately 300 million hypertension patients in China and 1.3 billion globally [29] Group 3: Research and Development Investments - From 2022 to 2024, Hanwang invested approximately 917 million yuan in R&D, accounting for 19.65% of the company's total revenue during this period [8] - The company is focusing on cutting-edge technologies such as magnetic capacitive touch chips, large models, and bionic robots, which are still in the incubation phase [8][21] - The company aims to enhance its marketing capabilities and accelerate the conversion of R&D results to improve overall performance [21] Group 4: Product Innovations and Future Plans - Hanwang plans to launch multiple new products in the second half of the year, including various models of electronic paper books and AI healthcare devices [9][10] - The company is also developing a bionic flying robot and a four-legged robot, with commercial versions expected to be released by the end of the year [10][20] - The introduction of the "Scanned King" app aims to enhance user experience and expand into overseas markets [10] Group 5: Financial Performance and Market Strategy - The company is currently experiencing losses due to high R&D investments and the early-stage development of new products, although mature businesses are profitable [7][21] - Strategies to improve profitability include enhancing existing product quality, expanding consumer demographics, and increasing sales of high-margin products [21][22] - The company is also focusing on optimizing its AI smart reading products, with expectations for continued revenue growth in the coming years [21]

Core Insights - The founder and chairman of Hanwang Technology, Liu Yingjian, emphasizes the importance of focusing on forward-looking technologies such as scent recognition and biomimetic robots, while also advocating for retaining core technical personnel for potential future contributions [1][8] - Hanwang Technology has played a crucial role in the Chinese electronic paper industry, being one of the earliest companies to promote e-book readers, despite facing significant competition from Amazon's Kindle [3][4] - The electronic paper market is experiencing a resurgence, with projections indicating a 49.1% year-on-year increase in sales for 2024, positioning Hanwang as a leading brand in this sector [6][7] Company Development - Hanwang Technology's e-book business peaked in 2010 with sales of 1 million units, contributing 880 million yuan to the company's revenue, which accounted for three-quarters of its total revenue at that time [4] - The entry of Amazon's Kindle into the Chinese market in 2013 significantly impacted domestic e-reader manufacturers, leading to a 77% drop in Hanwang's e-book revenue in 2012 [4][5] - Despite challenges, Liu believes in the long-term potential of electronic paper, which is seen as a sustainable product with a growing market, especially in educational and office applications [6][7] Market Trends - The electronic paper market is projected to continue its growth trajectory, with advancements in technology and applications expanding beyond traditional reading devices to sectors like retail, transportation, and healthcare [7][8] - Hanwang Technology is focusing on hardware sales and has shifted its business model away from traditional content-sharing revenue streams [7] - The company plans to introduce a new electronic paper product comparable in size to mobile phone screens, leveraging a mature supply chain to reduce costs [8]

Core Viewpoint - The Chinese electronic paper industry is experiencing rapid growth despite the exit of Amazon's Kindle from the market, with significant advancements in technology and applications [1][2][3]. Industry Overview - The shipment volume of electronic paper application terminals has reached 379 million units, marking a year-on-year increase of 23.4% [1]. - Nearly 96% of electronic paper modules are manufactured in China, establishing a global supply chain centered around the country [1]. - The display output value of electronic paper technology exceeds $14.9 billion, making it the third-largest display technology after LCD and OLED [1]. Market Dynamics - The primary user terminal for electronic paper is electronic price tags, predominantly in the smart retail sector, followed by electronic paper tablets, which include e-readers, learning machines, and office notebooks [1][3]. - The Chinese electronic paper market is projected to grow at a rate of 30% by 2025, significantly outpacing the global market growth forecast of 9.3% [3]. Product Development - The sales volume of electronic paper tablets in China is expected to reach 1.834 million units in 2024, with a year-on-year growth of 49.1% [4]. - The market for electronic paper learning machines is expanding, with over 1 million units sold in 2024 by a leading company [6]. Future Trends - The future of electronic paper technology includes colorization, larger sizes, and flexibility, with plans to replace 20% of written paper [6]. - The evolution of electronic paper into mainstream terminals is expected to occur in three phases: introduction (2023-2028), rapid development (2028-2035), and popularization (2035-2045) [7]. - Key trends include significant growth in learning machines, increased penetration of color e-paper screens, and a younger user demographic [7].

Core Insights - The exit of Kindle from the Chinese e-book market has created a significant opportunity for domestic brands like Hanwang Technology to fill the void and innovate in the electronic paper industry [1][3][10] Market Opportunities - The Chinese electronic paper market is expected to experience explosive growth, with projected shipments of electronic paper tablets reaching 3.1 million units by 2025, reflecting a growth rate exceeding 30%, significantly higher than the global average of 9.3% [3] - The digital reading market in China is also expanding, with revenue expected to reach 66 billion yuan in 2024, accounting for half of the publishing industry, supported by a user base of 670 million and a total of 63 million works [3] Industry Standards and Ecosystem Development - The establishment of market standards is underway, including quality grading for electronic paper readers and eye protection norms, leading the industry towards a more standardized development path [4] - The electronic paper industry is evolving from a niche market to a mainstream segment, with a focus on multi-modal interaction and AI applications to enhance user experience and productivity [7][9] Technological Advancements - The industry is undergoing a critical transition from black-and-white to color electronic paper, with challenges such as insufficient oxide backplane production capacity and high costs of high-voltage driver ICs [6] - Companies are collaborating to enhance production capabilities and reduce costs, with a focus on full-color, flexible, and large-size electronic paper technologies [6] Scene Expansion - Electronic paper is expanding its applications from reading to office and educational environments, with products like Hanwang's color office tablet M10C targeting light office scenarios [4][5] - The integration of AI in educational tools, such as the Xiaoyuan Learning Machine, is enabling personalized learning experiences, showcasing the potential for electronic paper in educational settings [5] Ecosystem Collaboration - The electronic paper industry is moving towards a collaborative ecosystem that includes advancements in processors, multi-modal interaction, and AI applications, which are essential for achieving annual sales exceeding 100 million units and entering a trillion-yuan market [7][9] - The industry is still in its early stages compared to smartphones and PCs, necessitating the establishment of unified platforms and standards to accelerate development [9]

Core Viewpoint - The e-book market in China is experiencing significant growth despite the exit of Kindle, with projections indicating a nearly 50% increase in sales of e-paper tablets in 2024, surpassing 1.83 million units. E-books have evolved into multifunctional productivity tools, but they face competition from AI-driven devices that threaten their traditional advantages [1][2]. Group 1: Market Growth and Trends - The e-book market is expected to become the third major terminal after smartphones and computers, with annual shipments potentially exceeding 100 million units during its growth phase, and prices dropping below 1,000 yuan during the popularization phase, leading to a market size of 100 billion USD [2]. - The growth of the Chinese e-book market is attributed to the increasing popularity of digital reading, paperless office practices, and environmental awareness, supported by government initiatives to expand the application of e-paper technology across various sectors [3]. Group 2: Product Development and Features - Domestic e-book brands are learning from Kindle's experience, focusing on both hardware and software advancements, and diversifying product functionalities beyond reading to include note-taking, annotation, and voice transcription, catering to various user needs [3][4]. - The transition of e-books into productivity tools aligns with market demands, allowing users to efficiently manage work tasks while enhancing the product's competitiveness by expanding its market reach beyond traditional reading [4]. Group 3: Competitive Landscape - E-books maintain a competitive edge over AI devices like headphones and glasses due to their larger screens, better battery life, and superior processing capabilities, making them suitable for deeper office tasks such as document viewing and note-taking [5]. - To enhance competitiveness, e-book manufacturers are encouraged to integrate AI technologies for features like smart document analysis and voice transcription, improve display quality, and create a more open ecosystem that supports third-party applications [5].

Group 1 - The first China Electronic Paper Ecological and Industrial Integration Innovation Development Forum was held in Beijing, focusing on technology, ecological integration, and market development trends in the electronic paper industry [1] - Hanwang Technology's chairman noted that the exit of Kindle in 2023 caused a temporary setback but stimulated innovation among domestic e-book brands, leading to a vibrant Chinese e-book market [1] - According to the report by Luotu Technology, the total sales of electronic paper tablets in China are expected to reach 1.834 million units in 2024, representing a year-on-year growth of 49.1% [1] Group 2 - Hanwang Technology's vice president described the three development phases of e-books: introduction, rapid development, and popularization, indicating that the current phase is still in the introduction stage [2] - The general manager of E Ink Technology highlighted the broad application scenarios for electronic paper, including its potential to replace tablets in education, and identified three future trends: colorization, flexibility, and large size [2] - The forum marked the initiation of the standard formulation for "Quality Grading and 'Leader' Evaluation Requirements for Electronic Paper Readers," indicating a shift from being "followers" to "rule makers" in the industry [2]

Core Insights - Hanwang Technology has achieved remarkable growth in the e-paper book market, driven by a "technology + ecosystem" strategy, with a compound annual growth rate of 174% from 2022 to 2024, outperforming global trends [1] - The company has successfully captured market share by expanding beyond traditional reading scenarios into office and education sectors, leading to significant sales during promotional events [1][2] - The e-paper book market is projected to reach a scale of $100 billion by 2035, with Hanwang positioning itself strategically through industry standards and partnerships to enhance its competitive edge [3] Market Strategy - Hanwang's market strategy has shifted from "stock competition" to "incremental creation," focusing on new market segments and innovative product offerings [1] - The company has integrated various e-book platforms and applications, enhancing the usability of its e-paper books and catering to a broader audience [2] Industry Outlook - The e-paper book market is expected to grow significantly, with predictions of over 100 million units sold by 2035, driven by ecosystem collaboration and cost control [3] - Hanwang's proactive approach in setting industry standards and collaborating with upstream partners is aimed at establishing competitive barriers and controlling supply chain costs [3] - The integration of e-paper technology in sectors like government and education is anticipated to unlock further commercial value [3]