Investment Rating - The report assigns an "Accumulate" rating for the company [4][57]. Core Viewpoints - The company is a leading player in the font library industry, continuously expanding its font application scenarios and aiming to become a diversified cultural technology group [2][4]. - The "Ziyou" platform has introduced a new subscription-based authorization model, achieving significant user engagement with over 13.2 million registered users and 370,000 daily active users by the end of 2024 [2][32]. - Strategic investment from Founder Holdings enhances the company's access to industry resources and collaboration opportunities, particularly in artificial intelligence and font design [3][46]. Summary by Sections Company Overview - Founded in 1993, the company specializes in font design, font library product development, and Chinese character information technology research, holding core intellectual property rights [11][12]. - The company has developed over 1,700 B-end fonts and more than 3,600 font products, with notable custom fonts for major brands like Huawei and Xiaomi [1][11]. Market Potential - The font library industry is projected to grow significantly, with the market size expected to exceed 1.5 billion by 2026, driven by the digital economy and improved copyright markets [17][20]. Financial Performance - The company reported a revenue of 190.72 million in 2024, a decrease of 12.17% year-on-year, while maintaining a gross margin of around 80% [4][23]. - The revenue forecast for 2025-2027 is 238.21 million, 284.88 million, and 325.70 million respectively, with net profits expected to be 50 million, 63 million, and 72 million [4][57]. Business Segments - The core business segments include font software licensing (68.97% of revenue), internet platform licensing (23.88%), and other technical services [27][26]. - The font software licensing segment is expected to see a revenue growth of 28.31% in 2025, while the internet platform licensing segment is projected to grow by 20.23% [51][53]. Strategic Initiatives - The company is actively embracing AI technology to enhance its font design and recognition capabilities, aiming to solve issues related to AI-generated content [3][40]. - The partnership with Founder Holdings is expected to accelerate development in the font library industry and improve profitability [46][47]. Investment Outlook - The report anticipates continued growth in the company's revenue and profitability, supported by its innovative business model and strategic partnerships [4][57]. - The company is positioned to leverage its technological advancements and cultural heritage to create significant commercial and social value [57].

Group 1 - The core viewpoint of the report is that Hanyi Co., Ltd. is a leading enterprise in the font library industry, focusing on the integration of technology and culture, and actively embracing artificial intelligence for growth [1][4] - The company has launched over 1,700 B-end fonts with copyright and developed more than 3,600 font products by the end of 2024, maintaining stable revenue and a gross profit margin of around 80% from 2022 to 2024 [1] - The "Ziyou" platform has adopted a new subscription-based authorization model, achieving over 13.2 million registered users and 370,000 daily active users by the end of 2024, indicating significant growth potential [2] Group 2 - Strategic investment from Founder Holdings enhances the company's access to industry resources and collaboration opportunities, particularly in font design and artificial intelligence technology [3] - The company is leveraging AI to address issues in AI-generated content, such as text errors and copyright concerns, and is seeking partnerships in AI applications and new consumer IP sectors [3] - The profit forecast for 2025-2027 estimates revenues of 238 million, 285 million, and 326 million yuan, with net profits of 50 million, 63 million, and 72 million yuan respectively, reflecting a positive growth outlook [4]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [4][57]. Core Insights - The company is a leading player in the font library industry, continuously expanding its font application scenarios and aiming to become a diversified cultural technology group [2][11]. - The company has developed over 1,700 B-end fonts and more than 3,600 font products, maintaining a stable revenue with a gross margin around 80% from 2022 to 2024 [1][4]. - The "Ziyou" platform has introduced a new subscription-based licensing model, achieving over 13.2 million registered users and 370,000 daily active users by the end of 2024, indicating significant growth potential [2][32]. - Strategic investment from Founder Holdings enhances the company's access to industry resources and collaboration opportunities, particularly in AI and font technology [3][46]. Summary by Sections Company Overview - Founded in 1993, the company specializes in font design, font library development, and Chinese information technology research, holding core intellectual property rights [11][12]. - The company has a strong design team and has created numerous custom fonts for major brands like Huawei and Xiaomi [11][12]. Market Potential - The font library industry is projected to grow significantly, with the market size expected to exceed 1.5 billion by 2026, driven by digital economy expansion and improved copyright markets [17][20]. Financial Performance - In 2024, the company reported a revenue of 190.72 million, a decrease of 12.17% year-on-year, with a net profit of 8.81 million, down 78.74% [23][53]. - The core business segments include font software licensing (68.97% of revenue) and internet platform licensing (23.88% of revenue), both showing strong gross margins [27][34]. Strategic Initiatives - The company is actively exploring AI applications in font design and recognition, enhancing its competitive edge in the industry [40][47]. - The partnership with Founder Holdings is expected to accelerate development in the font library sector and improve profitability [46][47]. Profit Forecast and Investment Advice - The company forecasts revenues of 238.21 million, 284.88 million, and 325.70 million for 2025, 2026, and 2027 respectively, with corresponding net profits of 50 million, 63 million, and 72 million [4][57]. - The report emphasizes the company's potential for sustained growth and recommends a "Buy" rating based on its market position and future prospects [4][57].

2025.05. 23 本文字数：5138，阅读时长大约8.5分钟 导读 ： 汉仪股份、徐建刚及上海鲁门之间的关系，在隐匿多年后被外界所察觉，缘于一场牵扯各方的诉讼。 作者 | 第一财经 蔡真 北京市第一中级人民法院公布的一则判决书将汉仪股份（301270.SZ）与代理商的矛盾置于台前， 也揭示了汉仪股份在业务模式、公司治理上的种种内幕。 据判决书，时任公司销售总监徐建刚与婚外情人设立公司成为字库授权业务的代理商。 而在上市辅 导期，汉仪股份董事长谢立群疑似指示徐建刚将该代理商业务暂停，以降低其排名，并通过"改发 票"等操作规避中介机构审核。 有法律人士对第一财经指出，汉仪股份的做法已构成违法违规。但汉仪股份方面则告诉第一财经，判 决书中部分内容存在"断章取义"，公司已回复深交所和北京证监局对相关问题的询问，北京市高级人 民法院已受理公司的再审申请。 代理商排名与关联关系争议 汉仪股份成立于1993年，是国内字体设计行业头部公司，开发设计的多款字体被企业和个人广泛使 用。2022年8月，汉仪股份登陆创业板，成为A股首家字库类上市公司。 从产业链看，字库公司的上游是设计公司、字体作者、设计师还有版权服务商等，下 ...

2025.05. 22 本文字数：5136，阅读时长大约8.5分钟 作者 | 第一财经 蔡真 北京市第一中级人民法院公布的一则判决书将汉仪股份（301270.SZ）与代理商的矛盾置于台前，也揭 示了汉仪股份在业务模式、公司治理上的种种内幕。 导读 ： 汉仪股份、徐建刚及上海鲁门之间的关系，在隐匿多年后被外界所察觉，缘于一场牵扯各方的诉讼。 据判决书，时任公司销售总监徐建刚与婚外情人设立公司成为字库授权业务的代理商 。而在上市辅导 期，汉仪股份董事长谢立群疑似指示徐建刚将该代理商业务暂停，以降低其排名，并通过"改发票"等操 作规避中介机构审核。 有法律人士对第一财经指出，汉仪股份的做法已构成违法违规。但汉仪股份方面则告诉第一财经，判决 书中部分内容存在"断章取义"，公司已回复深交所和北京证监局对相关问题的询问，北京市高级人民法 院已受理公司的再审申请。 代理商排名与关联关系争议 汉仪股份成立于1993年，是国内字体设计行业头部公司，开发设计的多款字体被企业和个人广泛使 用。2022年8月，汉仪股份登陆创业板，成为A股首家字库类上市公司。 从产业链看，字库公司的上游是设计公司、字体作者、设计师还有版权服务商等，下 ...

Core Viewpoint - The relationship between Han Yi Co., Ltd. and its agent Shanghai Lu Men has come to light due to a lawsuit, revealing issues in the company's business model and governance [1] Group 1: Company Background - Han Yi Co., Ltd. was established in 1993 and is a leading company in the font design industry in China, having launched on the Growth Enterprise Market in August 2022 as the first font library listed company in A-shares [2] - The company's revenue from font software licensing accounted for over half of its income, with 2019 figures showing 123 million yuan from this segment, representing 58.02% of its main business revenue [5] Group 2: Legal Issues and Governance - A court ruling revealed that former sales director Xu Jiangang set up a company with his extramarital partner to act as an agent for Han Yi's font library, leading to allegations of misconduct and regulatory violations [1][9] - Han Yi's chairman, Xie Li Qun, allegedly instructed Xu to manipulate the ranking of the agent's business to avoid scrutiny during the IPO process, which could constitute a violation of securities laws [9][10] - The company did not disclose the relationship with Shanghai Lu Men in its IPO prospectus, which may represent a significant omission and could lead to administrative penalties [9][10] Group 3: Financial Implications - In 2019, Han Yi's total main business revenue was 212 million yuan, with over 93 million yuan coming from font licensing services, indicating a reliance on external agents for revenue generation [15][16] - The company faced a lawsuit from Shanghai Lu Men for overdue payments and damages, with the court ruling in favor of the agent, which Han Yi is appealing [15][20] Group 4: Regulatory Scrutiny - Regulatory bodies, including the Beijing Securities Regulatory Bureau and the Shenzhen Stock Exchange, have inquired about the relationship between Han Yi, Xu Jiangang, and the individual service providers, highlighting concerns over compliance and disclosure practices [20][22] - Han Yi claims that it was unaware of the hidden relationships until the lawsuit emerged, raising questions about its internal controls and governance practices [20][22]

Core Viewpoint - The company has announced its profit distribution plan for the year 2024, which includes a cash dividend of RMB 1.02 per 10 shares for all shareholders, totaling approximately RMB 9.996 million in cash dividends [1][2][4]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting, with a cash dividend of RMB 1.02 per 10 shares (including tax) to be distributed to all shareholders [1]. - The total cash dividend amount is expected to be RMB 9,996,000, with no stock dividends or capital reserve transfers involved [1][2]. Dividend Payment Details - The cash dividend will be distributed based on the total share capital as of the equity distribution registration date, excluding shares held in the repurchase account [1]. - The dividend payment will not be subject to withholding tax for individual shareholders at this stage; tax will be calculated based on the holding period when shares are sold [2]. Key Dates - The equity registration date is set for May 27, 2025, and the ex-dividend date is May 28, 2025 [2][3]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their securities companies or other custodians [3]. Adjustments and Parameters - The cash dividend per share, calculated based on the total share capital, is approximately RMB 0.999600 per share [4]. - The reference price for the ex-dividend date will be adjusted by subtracting the cash dividend amount from the closing price on the last trading day before the ex-dividend date [4]. Consultation Information - For inquiries, the company has provided contact details, including a phone number and address for further assistance [5].

证券代码：301270 证券简称：汉仪股份 公告编号： 2025-023 北京汉仪创新科技股份有限公司 2024年年度权益分派实施公告 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。 特别提示： 1、北京汉仪创新科技股份有限公司（以下简称"公司"）回购专用证券账 户中的股份2,000,000股不参与本次权益分派。公司2024年度利润分配方案：公司 以2024年度权益分派股权登记日的总股本（扣除回购账户中的股数）为基数，向 全体股东按每10股派发现金股利人民币1.02元（含税），预计共计派发现金股利 9,996,000元。本次利润分配不送红股，不进行资本公积金转增股本，剩余未分配 利润结转至以后年度。 （总股本扣除公司回购专用证券账户股份余额）因回购股份、股权激励行权等发 生变动，将按照分配比例不变的原则对分配总额进行相应调整。 2、自本次分配方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分配方案与 公司2024 年年度股东大会审议通过的分配方案一 致。 4 、本次分配方案的实施距离股东大会审议通过的时间未超过两个月。 二、 本次实施的利润分配方案 ...

证券代码：301270 证券简称：汉仪股份 公告编号：2025-022 北京汉仪创新科技股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会没有出现否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过决议的情况。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 14 日（星期三）下午 14:00 7、会议出席情况 （1）本次会议出席总体情况 通过现场表决和网络投票的股东和股东代表 52 人，代表股份 27,380,090 股， 占公司有表决权股份总数的 27.9389％。 （2）现场会议出席情况 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 5 月 14 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深 圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 14 日 9:15-15:00 期间的任意时间。 2、会议召开地点：北京 ...

中国北京市建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于北京汉仪创新科技股份有限公司 2024 年年度股东大会的法律意见书 致：北京汉仪创新科技股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、《上市公司股东会规则》(以下简称"《股 东会规则》")等相关法律、法规以及《北京汉仪创新科技股份有限公司章程》 (以下简称"《公司章程》")的规定，北京市通商律师事务所(以下简称"本所")接 受北京汉仪创新科技股份有限公司(以下简称"公司")的委托，指派律师出席公司 2024 年年度股东大会(以下简称"本次股东大会 ...