Group 1 - The core point of the announcement is that Han Shuo Technology has confirmed that as of the date of the announcement, the company and its subsidiaries have no overdue external guarantees [2] - There are no external guarantees involved in litigation or any losses incurred due to being ruled against in such guarantees [2]

Core Viewpoint - Hanshuo Technology experienced a decline of 1.28% in stock price on August 26, with a trading volume of 199.9 million yuan, indicating potential market concerns regarding its financial performance and investor sentiment [1]. Financing and Trading Data - On August 26, Hanshuo Technology had a financing buy-in amount of 19.93 million yuan and a financing repayment of 32.46 million yuan, resulting in a net financing buy of -12.52 million yuan [1]. - As of August 26, the total balance of margin trading for Hanshuo Technology was 134 million yuan, which accounts for 7.23% of its circulating market value [1]. - There were no shares sold or repaid in the securities lending market on the same day, indicating a lack of short-selling activity [1]. Company Overview - Hanshuo Technology, established on September 14, 2012, is located in Jiaxing, Zhejiang Province, and focuses on IoT wireless communication technology, primarily in the retail store digitalization sector [1]. - The company's main revenue sources include electronic price tag terminals (91.01%), accessories and other smart hardware (4.69%), and software, SaaS, installation, and other services (4.30%) [1]. Financial Performance - For the first half of 2025, Hanshuo Technology reported a revenue of 1.974 billion yuan, a year-on-year decrease of 6.73%, and a net profit attributable to shareholders of 222 million yuan, down 41.68% compared to the previous year [2]. - Cumulative cash dividends paid by Hanshuo Technology since its A-share listing amount to 64.2048 million yuan [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Hanshuo Technology was 19,300, a decrease of 26.14% from the previous period, while the average circulating shares per person increased by 35.40% to 1,642 shares [2]. - The top circulating shareholders include various funds, with the largest being the Fortune Innovation Trend Stock Fund, holding 728,500 shares as a new shareholder [3].

Core Insights - Han Shuo Technology (301275) reported a decline in revenue and net profit for the first half of 2025, with total revenue of 1.974 billion yuan, down 6.73% year-on-year, and net profit of 222 million yuan, down 41.68% year-on-year [1] - The company's gross margin decreased to 31.59%, a drop of 15.2% year-on-year, while the net profit margin fell to 11.24%, down 37.47% year-on-year [1] - Accounts receivable increased significantly, with a year-on-year growth of 62.14%, indicating potential liquidity issues [1] Financial Performance - The second quarter of 2025 saw total revenue of 999 million yuan, down 13.1% year-on-year, and net profit of 72.12 million yuan, down 65.9% year-on-year [1] - Total expenses for sales, management, and finance amounted to 126 million yuan, accounting for 6.41% of revenue, a decrease of 43.5% year-on-year [1] - Earnings per share decreased to 0.53 yuan, down 47.51% year-on-year, while operating cash flow per share dropped to 0.13 yuan, down 89.88% year-on-year [1] Cash Flow and Asset Management - Significant changes in financial items include a 9413.46% increase in trading financial assets due to increased short-term investments [2] - Other non-current assets rose by 106.86% due to an increase in time deposits [2] - The net cash flow from operating activities decreased by 88.75%, attributed to increased procurement expenses and tax payments [2] Business Evaluation - The company's return on invested capital (ROIC) was 28.31%, indicating strong capital returns, with a historical median ROIC of 19.13% since its listing [3] - The company has maintained a healthy cash asset position, but the accounts receivable to profit ratio has reached 174.16%, raising concerns [3] - Analysts project a revenue of 778 million yuan and an average earnings per share of 1.84 yuan for 2025 [3] Market Dynamics - The decline in net profit is attributed to several factors, including the impact of U.S. tariffs on market demand and the timing of customer orders [5] - The gross margin decline is linked to increased competition in the market and lower margins on electronic price tags [5] - The company is focusing on stabilizing core customer relationships while expanding its customer base, with a solid pipeline of global projects [5] Fund Holdings - The largest fund holding Han Shuo Technology is the Chuangjin Hexin Technology Growth Stock A, with 157,600 shares, and a recent net value of 1.9858 [4] - Other funds have also entered the top holdings for Han Shuo Technology, indicating growing institutional interest [4]

Core Viewpoint - The company, Hanshuo Technology, has demonstrated robust performance in the first half of the year, achieving significant revenue and profit growth despite a complex global economic environment [1] Group 1: Financial Performance - In the first half of the year, the company reported operating revenue of 1.974 billion yuan and a net profit attributable to shareholders of 222 million yuan, with a net profit of 287 million yuan after deducting non-recurring gains and losses [1] Group 2: Industry Trends - The global retail industry is experiencing a digital transformation, with increasing demand for digital solutions driven by the integration of IoT and AI technologies [2] - The shift from traditional hardware to AIoT smart terminals is evident, as retailers seek to enhance operational efficiency and reduce costs [2] Group 3: Market Opportunities - The global electronic shelf label (ESL) market is projected to see significant growth, with an expected shipment of 248 million ESL modules in the first half of 2025, representing a 56% year-on-year increase [3] - The North American market is showing increased demand for electronic shelf labels, particularly driven by Walmart's initiatives [4] Group 4: Competitive Position - Hanshuo Technology ranks second among global listed companies in terms of revenue from retail digital solutions, establishing a strong competitive advantage in the industry [3] - The company has developed a proprietary technology system based on high-performance IoT wireless communication protocols, enhancing its product competitiveness [3] Group 5: Global Expansion - The company is actively expanding its global presence, establishing a comprehensive sales and service network across Europe, Asia-Pacific, and the Americas [5] - By 2024, Hanshuo Technology aims to cover over 70 countries and regions, enhancing its market share and customer service capabilities [5] Group 6: Innovation and Product Development - Continuous investment in R&D, exceeding 90 million yuan in the first half of 2025, is driving product innovation and the development of AIoT solutions [6] - The company plans to upgrade its electronic shelf labels to integrate dynamic pricing and digital display functionalities, improving shelf management efficiency [6] Group 7: Sustainability Initiatives - The company is focusing on digital energy management solutions to help retailers achieve cost savings and enhance energy efficiency [7] - Collaborations with energy sector partners aim to explore innovative models for energy management in retail environments [7]

Core Viewpoint - HanShuo Technology announced on August 26 that its market expansion and customer reserve situation in the United States are strong, which is expected to provide robust support for revenue in the next 2-3 years [1] Group 1: Market Expansion - The company is continuously expanding its customer base in North America [1] - The clarity of tariff policies in the North American market is beneficial for planning demand schedules for potential customers [1] Group 2: Revenue Outlook - The strong market development and customer reserves are anticipated to significantly support the company's future revenue growth [1]

证券日报网讯 汉朔科技8月26日发布公告，在公司回答调研者提问时表示，扣非净利润与净利润差异主 要系购买外汇远期合约产生的损失。毛利率影响方面，由于客户竞争策略等因素，公司毛利率有所下 降，但整体毛利率依旧在30%以上，属于合理区间。 （编辑 袁冠琳） ...

Core Insights - The global demand for retail digitization is expected to continue growing, particularly for electronic shelf label (ESL) solutions, with a projected shipment of 248 million ESL modules in the first half of 2025, representing a 56% year-on-year increase [1] Group 1: Market Trends - The demand for ESL solutions is significantly driven by major retailers like Walmart in North America, which serves as a strong example for other large retailers to accelerate their digital upgrades [1] - Europe remains a key market for ESL applications, with Western Europe showing high penetration rates as the use of ESLs expands from daily consumer goods to other retail sectors such as clothing and home improvement [1] Group 2: Future Projections - The market is entering a replacement cycle in Western Europe, with an expected 20% of global shipments in 2026 coming from replacement demand, increasing to 28% by 2027 [1]

Group 1 - The core viewpoint of the article highlights Han Shuo Technology's commitment to a global strategy, focusing on long-term partnerships with leading retail brands and strong customer loyalty [1] - The company emphasizes balanced market presence across regions, including Europe, North America, Australia, and Japan, with leading retail clients in each area [1] - The global retail industry is experiencing accelerated digitalization, integrating IoT, big data, and AI technologies to enhance online and offline channels, leading to a comprehensive upgrade of the retail landscape [1] Group 2 - The North American market is witnessing a rapid increase in penetration rates, primarily driven by Walmart's large-scale implementation of electronic price tag solutions, which is creating demand among other retail brands [1] - The European market is expanding from Western Europe to Eastern Europe, Northern Europe, Southern Europe, and Central Asia, with stable growth in market demand and diversification into other retail formats beyond supermarkets [1] - Western European clients are gradually entering a replacement cycle, contributing to the overall stability of demand in the European market [1]

Core Viewpoint - Han Shuo Technology announced a decline in performance for the first half of 2025, attributing it to several factors including tariff impacts, customer order timing, and a decrease in gross margin [1] Group 1: Performance Decline Reasons - Tariff Impact: The U.S. tariffs have affected the primary growth area, leading to a slowdown in customer demand in the U.S. market, which is considered the most potential market globally [1] - Customer Order Timing: The overall business progress remained stable, but some major customer orders were not released in the first half of the year and are expected to manifest in subsequent quarters [1] - Gross Margin Decline: The gross margin for the first half was 31.59%, a decrease of 5.66 percentage points year-on-year, primarily due to increased market competition from new customers and a decline in gross margin for electronic price tags [1] Group 2: Business Outlook - Core Customer Cooperation: The company continues to strengthen cooperation with core customers while steadily expanding its new customer base [1] - Global Project Reserves: The company has sufficient global project reserves, indicating a solid market layout [1] - Industry Trend: The overall industry trend remains positive, laying a strong foundation for future business development [1]

Group 1 - The company announced on August 26 that the demand in the European market is steadily increasing, with noticeable demand growth in Eastern Europe, Southern Europe, and the UK [1] - The company has a good customer base in North America, and the clarified tariff policies are expected to benefit potential customers in planning their demand [1] - The penetration rates in other markets such as Japan, Australia, Southeast Asia, the Middle East, and West Asia are continuously improving [1] Group 2 - Customers who started using electronic price tags since 2017 are expected to enter a replacement period starting in 2026 [1] - Major clients like Auchan and Ahold have already begun to enter the replacement phase [1]