证券代码：301275 证券简称：汉朔科技 公告编号：2025-040 汉朔科技股份有限公司 关于回购公司股份方案的公告 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。 重要内容提示： 汉朔科技股份有限公司（以下简称"公司"）回购方案的主要内容如下： 3、回购股份的价格：不超过人民币 84 元/股（含本数，不高于董事会审议 通过本次回购股份决议前 30 个交易日公司股票交易均价的 150%）； 4、回购股份的实施期限：自公司董事会审议通过本次回购股份方案之日起 12 个月内； 5、回购股份的数量及占公司总股本的比例：按回购价格上限 84 元/股 （含）、回购资金总额下限及上限测算，预计回购股份数量为 1,785,715 股- 3,571,428 股，占公司目前总股本的 0.42%-0.85%。具体回购股份的数量以回购 实施完成/回购期满时实际回购的股份数量为准。 6、拟用于回购的资金总额及资金来源：预计回购资金总额不低于人民币 15,000 万元且不超过人民币 30,000 万元（均含本数）。具体回购资金总额以实 际使用的资金总额为准。资金来源为公司自有资金和 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 65.97 RMB, based on a projected 2025 forward PE of 37x [1][5][17]. Core Insights - The company's performance in the first half of 2025 was under pressure, with revenue of 1.97 billion RMB, down 6.73% year-on-year, and net profit attributable to shareholders of 0.22 billion RMB, down 41.68% year-on-year. The decline was attributed to the impact of tariffs and order timing [5][17]. - The North American market is showing positive signs of demand recovery, particularly with the large-scale adoption of electronic shelf labels (ESL) by major retailers like Walmart, which is expected to drive growth [5][17]. - The report highlights the ongoing global digitalization trend in retail, with ESL shipments in the first half of 2025 reaching 248 million units, a 56% increase year-on-year [5][17]. - The company is expanding its digital store solutions, which include AI cameras and smart carts, aiming to enhance inventory and order management through digital integration [5][17]. Financial Summary - Projected revenues for 2025, 2026, and 2027 are 4.95 billion RMB, 5.95 billion RMB, and 7.05 billion RMB, respectively. Net profit attributable to shareholders is projected at 0.75 billion RMB, 0.92 billion RMB, and 1.15 billion RMB for the same years [3][5][17]. - The gross profit margin for the first half of 2025 was 31.59%, a decrease of 5.66 percentage points year-on-year, primarily due to increased competition and lower margins on ESL terminals [5][17]. - The company maintains a strong balance sheet with a net asset return rate projected to be 16.7% in 2025, decreasing from 33.9% in 2023 [3][5][17].

证券代码：301275 证券简称：汉朔科技 公告编号：2025-038 汉朔科技股份有限公司 关于为全资子公司提供担保的进展公告 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、担保情况概述 汉朔科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开了第 二届董事会第九次会议、第二届监事会第九次会议，并于 2025 年 5 月 16 日召开 2024 年年度股东大会分别审议通过了《关于公司 2025 年度为子公司提供担保额 度预计的议案》。公司于 2025 年 8 月 22 日召开了第二届董事会第十一次会议， 审议通过了《关于在公司担保额度内增加被担保对象的议案》。为满足公司及全 资子公司业务发展及生产经营需要，提高工作效率，公司拟为合并报表范围内部 分全资子公司向银行等金融机构申请综合授信（包括但不限于办理人民币流动资 金贷款、项目贷款、贸易融资、银行承兑汇票、信用证、保函、票据贴现、保理、 出口押汇、外汇远期结售汇以及衍生产品等相关业务）及日常经营需要提供担保， 担保方式包括但不限于履约担保、产品质量担保等。预计担保总额度不超过人民 ...

Market Overview - On September 19, the other electronic sector rose by 0.2%, led by Fuxin Technology, while the Shanghai Composite Index closed at 3820.09, down 0.3%, and the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Fuxin Technology (688662) closed at 57.80, with a significant increase of 19.99% and a trading volume of 96,700 shares, amounting to a transaction value of 543 million yuan [1] - Tailong Co., Ltd. (300650) saw a rise of 6.24%, closing at 17.72 with a trading volume of 296,700 shares [1] - Hanshuo Technology (301275) increased by 3.92%, closing at 56.17 with a trading volume of 57,000 shares [1] - Other notable performers include Yingtang Zhikong (300131) up 3.42% and Xiangnan Xinchuan (300475) up 2.68% [1] Capital Flow - The other electronic sector experienced a net outflow of 427 million yuan from institutional investors, while retail investors saw a net inflow of 554 million yuan [2] - Fuxin Technology had a net inflow of 96.73 million yuan from institutional investors, but a net outflow of 60.10 million yuan from speculative funds [3] - Zhongdian Port (001287) also saw a significant net inflow of 78.41 million yuan from institutional investors, with a net outflow from speculative and retail investors [3]

Core Viewpoint - HanShuo Technology (301275.SZ) is a well-known provider of digital solutions for retail stores, focusing on electronic price tag systems as part of its smart retail comprehensive solutions [1] Group 1: Company Overview - The company offers a complete digital store solution product portfolio, which includes AI cameras, inspection robots, and smart shopping carts, built around the electronic price tag system [1] - HanShuo Technology emphasizes its investment and layout in the field of artificial intelligence, aiming to enhance the digitalization level of retail stores through technologies like machine vision [1] Group 2: Market Strategy - The company will continue to monitor the application of cutting-edge technologies such as robots (including humanoid robots) and artificial intelligence in retail stores [1] - HanShuo Technology maintains an open attitude towards market opportunities, planning to expand through self-research or collaboration with outstanding enterprises in the field [1]

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].