Core Viewpoint - The company is focusing on the global digital upgrade trend and is actively pursuing new customer development and opportunities for equipment replacement in existing markets [1] Group 1: Market Trends - According to DISCIEN data, it is expected that by 2026, the demand for equipment replacement in the global shipment volume will reach 20%, and this proportion will increase to 28% by 2027 [1] Group 2: Company Strategy - The company has accumulated a significant number of top global retail brand clients through years of strategic development, with some clients entering the replacement phase, which will generate demand for replacement orders [1]

Core Viewpoint - The company is optimistic about its expansion in the U.S. market and has established a solid foundation for future revenue growth through effective customer acquisition [1] Group 1 - The company is actively developing its global supply chain system in collaboration with multiple partners to mitigate tariff risks [1] - The company will continuously monitor changes in tariff policies and adjust its production and operational strategies flexibly to ensure stable business development [1]

Market Overview - On September 18, the other electronic sector declined by 1.33%, with Baibang Technology leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the other electronic sector included: - Zhongrong Electric (301031) with a closing price of 112.38, up 6.59% and a trading volume of 70,500 shares, totaling 785 million yuan [1] - Shihua Technology (688093) closed at 42.80, up 4.21% with a trading volume of 87,800 shares, totaling 375 million yuan [1] - Haoshanghao (001298) closed at 36.40, up 2.30% with a trading volume of 311,900 shares, totaling 112.5 million yuan [1] - Conversely, significant decliners included: - Zibang Technology (300736) closed at 14.25, down 6.25% with a trading volume of 144,000 shares, totaling 210 million yuan [2] - Shannon Chip (300475) closed at 75.51, down 3.69% with a trading volume of 486,200 shares, totaling 374.7 million yuan [2] - Igor (002922) closed at 20.94, down 3.59% with a trading volume of 198,900 shares, totaling 422 million yuan [2] Capital Flow - The other electronic sector experienced a net outflow of 1.075 billion yuan from institutional investors, while retail investors saw a net inflow of 1.136 billion yuan [2][3] - Key stocks with notable capital flows included: - Haoshanghao (001298) had a net inflow of 61.88 million yuan from institutional investors, while retail investors had a net outflow of 16.27 million yuan [3] - Zhongrong Electric (301031) saw a net inflow of 24.68 million yuan from institutional investors, with retail investors also experiencing a net outflow of 10.87 million yuan [3] - Jingquan Technology (002885) had a net inflow of 19.81 million yuan from institutional investors, while retail investors had a net outflow of 25.59 million yuan [3]

Core Viewpoint - Hanshuo Technology experienced a decline of 1.46% in stock price on September 12, with a trading volume of 122 million yuan, indicating potential market concerns regarding its financial performance and investor sentiment [1]. Financing Summary - On September 12, Hanshuo Technology had a financing buy-in amount of 15.19 million yuan and a financing repayment of 27.35 million yuan, resulting in a net financing outflow of 12.14 million yuan [1]. - The total financing and securities balance for Hanshuo Technology as of September 12 is 129 million yuan, which constitutes 7.07% of its market capitalization [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]. Financial Performance Summary - For the first half of 2025, Hanshuo Technology reported a revenue of 1.974 billion yuan, reflecting a year-on-year decrease of 6.73% [2]. - The net profit attributable to shareholders for the same period was 222 million yuan, down 41.68% compared to the previous year [2]. Shareholder and Dividend Information - 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]. - Since its A-share listing, Hanshuo Technology has distributed a total of 64.20 million yuan in dividends [3]. - The top shareholders include various funds, with the largest being the FuGuo Innovation Trend Stock A, holding 728,500 shares as a new shareholder [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company's performance in the first half of 2025 was under pressure due to U.S. tariff policies and the gradual release of global electronic shelf label (ESL) demand. However, with the anticipated demand recovery from North American customers and the large-scale replacement of existing electronic price tags, high growth is expected to return [2][13]. - The report projects revenues for 2025, 2026, and 2027 to be 49.53 billion, 59.49 billion, and 70.46 billion yuan respectively, with net profits attributable to the parent company expected to be 7.53 billion, 9.20 billion, and 11.49 billion yuan respectively [13]. Financial Summary - Total revenue for 2023 is reported at 3,775 million yuan, with projections of 4,486 million yuan for 2024, 4,953 million yuan for 2025, 5,949 million yuan for 2026, and 7,046 million yuan for 2027, reflecting growth rates of 31.9%, 18.8%, 10.4%, 20.1%, and 18.5% respectively [4]. - Net profit attributable to the parent company is expected to grow from 678 million yuan in 2023 to 1,149 million yuan in 2027, with growth rates of 226.2%, 4.8%, 6.0%, 22.1%, and 24.9% respectively [4]. - Earnings per share (EPS) is projected to increase from 1.60 yuan in 2023 to 2.72 yuan in 2027 [4]. Market Data - The current stock price is 54.91 yuan, with a target price set at 65.97 yuan, indicating a potential upside [6][7]. - The company has a total market capitalization of 23,194 million yuan and a total share capital of 422 million shares [7]. Industry Insights - The global demand for retail digitalization continues, with the North American market for electronic price tags experiencing rapid growth. In the first half of 2025, global ESL module shipments reached 248 million units, a year-on-year increase of 56% [13]. - The company is developing a complete digital store solution based on its electronic price tag system, which includes AI cameras, inspection robots, and smart shopping carts, aiming to enhance inventory and order management [13].

中国国际金融股份有限公司 关于汉朔科技股份有限公司 | 项 目 | 工作内容 | | --- | --- | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 10 次 | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7.向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 次 0 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 否 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9.保荐业务工作底稿记录、保管是否合规 | 是 | | 10.对上市公司培训情况 | | | （1）培训次数 | 0 次 | | （2）培训日期 | 不适用 | | （3）培训的主要内容 | 不适用 | | 11.上市公司特别表决权事项（如有） | | | （1）持有特别表决权股份的股东是否持续符合 | 不适用 | | 《创业板股票上市规则》第 4.4.3 条的要求； | | | （2）特别表 ...

Core Points - Han Shuo Technology announced the release of restricted shares from its initial public offering, with a total of 6,241 shareholders involved [2] - The number of shares being released is 2,031,246, which represents 0.4809% of the company's total share capital [2] - The lock-up period for these shares was set for six months from the date of the company's stock listing, with the release date scheduled for September 11, 2025 [2]

证券代码：301275 证券简称：汉朔科技 公告编号：2025-037 汉朔科技股份有限公司 关于首次公开发行网下配售限售股份上市流通提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次上市流通的限售股份为汉朔科技股份有限公司（以下简称"公司"、 "发行人"）首次公开发行网下配售限售股份； 2、本次申请解除限售的股东户数总计 6,241 户，解除限售股份数量为 2,031,246 股，占公司总股本的比例为 0.4809%，限售期为自公司股票上市之日起 6 个月； 3、本次解除限售股上市流通日为 2025 年 9 月 11 日（星期四）。 一、首次公开发行网下配售股份概况 根据中国证券监督管理委员会《关于同意汉朔科技股份有限公司首次公开发 行股票注册的批复》（证监许可〔2024〕1661 号），公司首次公开发行人民币 普通股（A 股）股票 42,240,000 股，并于 2025 年 3 月 11 日在深圳证券交易所创 业板上市。首次公开发行股票完成后，公司总股本由 380,160,000 股增加至 422,400,000 股，其中有 ...

中国国际金融股份有限公司 关于汉朔科技股份有限公司 中国国际金融股份有限公司（以下简称"保荐人"）作为汉朔科技股份有 限公司（以下简称"公司""发行人"）首次公开发行股票并在创业板上市的 保荐人及持续督导机构，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对公司首次公开发行网下配售 限售股份上市流通进行了审慎核查，核查情况及核查意见如下： 一、首次公开发行网下配售股份概况 根据中国证券监督管理委员会《关于同意汉朔科技股份有限公司首次公开 发行股票注册的批复》（证监许可〔2024〕1661 号），公司首次公开发行人民 币普通股（A 股）股票 42,240,000 股，并于 2025 年 3 月 11 日在深圳证券交易 所创业板上市。首次公开发行股票完成后，公司总股本由 380,160,000 股增加至 422,400,000 股，其中有流通限制或限售安排的股份数量为 390,639,246 股，占 发行后总股本的比例为 92.48%；无流通限制及限售安排的股份数量 31,760,754 股，占发行后 ...

Group 1 - The company, Hanshu Technology (301275), provides smart retail comprehensive solutions centered around electronic price tag systems for clients in the pan-retail sector [1] - The company offers multiple product series and models of smart terminal electronic price tags, with varying price ranges [1] - According to the company's public information, the average unit price of multiple product series in the first half of 2024 is 42.10 yuan [1]