证券日报网讯11月3日晚间，汉朔科技（301275）发布公告称，截至2025年10月31日，公司通过回购专 用证券账户以集中竞价交易方式累计回购公司股份320，000股，占公司总股本的0.0758%。 ...

格隆汇11月3日丨汉朔科技(301275.SZ)公布，截至2025年10月31日，公司通过回购专用证券账户以集中 竞价交易方式累计回购公司股份320,000股，占公司总股本的0.0758%，最高成交价为54.20元/股，最低 成交价为52.80元/股，成交总金额为1,714.52万元（不含交易费用）。本次回购符合公司回购股份方案 及相关法律法规的要求。 ...

证券代码：301275 证券简称：汉朔科技 公告编号：2025-047 汉朔科技股份有限公司 关于回购公司股份的进展公告 截至 2025 年 10 月 31 日，公司通过回购专用证券账户以集中竞价交易方式 累计回购公司股份 320,000 股，占公司总股本的 0.0758%，最高成交价为 54.20 元/股，最低成交价为 52.80 元/股，成交总金额为 1,714.52 万元（不含交易费用）。 本次回购符合公司回购股份方案及相关法律法规的要求。 二、其他说明 公司回购股份的时间、回购股份数量、回购的股份价格及集中竞价交易的委 托时段符合《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引 第 9 号——回购股份》等相关规定，具体如下： 1、公司未在下列期间内回购股票： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 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。 汉朔科技股份有限公司（以下简称"公司"）于 2025 年 9 月 28 日召开第二 届董事会第十二次会议，审议通过了《关于回 ...

Core Viewpoint - Hanshuo Technology (301275.SZ) has developed a comprehensive hardware and software core technology system around the electronic price tag IoT system, enhancing integration and reliability in its products [1] Group 1: Technology and Innovation - The company's "system-level packaging SiP chip and electronic shelf label" technology solution allows for high integration, small component footprint, and facilitates compact overall design and high system reliability [1] - Hanshuo Technology possesses proprietary patents for SiP chip packaging technology, which improves integration while further reducing power consumption, thereby helping to lower maintenance costs for customers [1]

Group 1 - Han Shuo Technology (301275.SZ) reported its Q3 2025 results on October 29, 2025, with 18 institutional investors disclosing holdings of 252 million A-shares, representing 59.61% of the total share capital [1] - The top ten institutional investors collectively hold 59.42% of the shares, with notable investors including Beijing Han Shuo Technology Co., Ltd. and Shanghai Jingzhuo Investment Management Co., Ltd. [1] Group 2 - In the public fund sector, one fund, Zhongyou Strategic Emerging Industries Mixed A, increased its holdings slightly compared to the previous period [2] - A total of 2,074 public funds did not disclose their holdings in this period, including funds such as Fortune Small and Medium Cap Selected Mixed A/B and Fortune Inflation and Deflation Theme Rotation Mixed A/B [2]

Core Viewpoint - HanShuo Technology reported a decline in revenue and net profit for the first three quarters of 2025, indicating short-term performance pressure due to various factors including margin compression and investment losses [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.809 billion yuan, a year-on-year decrease of 11.04% [1]. - The net profit attributable to shareholders was 314 million yuan, down 40.51% year-on-year [1]. - The net profit excluding non-recurring items was 366 million yuan, a decrease of 27.55% year-on-year [1]. - In Q3 2025, revenue was 835 million yuan, a year-on-year decline of 19.79% [1]. - The net profit for Q3 was 93 million yuan, down 37.50% year-on-year [1]. Margin and Cost Analysis - The gross margin for Q1-Q3 2025 was 32.88%, a decrease of 3.28 percentage points year-on-year [2]. - The gross margin for Q3 2025 was 35.94%, an increase of 1.98 percentage points year-on-year and 5.23 percentage points quarter-on-quarter [2]. - The company reported a fair value loss of 16.9069 million yuan for Q1-Q3 2025, compared to a gain of 1.851 million yuan in the same period last year [2]. - Investment income for Q1-Q3 2025 was -58.5536 million yuan, down from a profit of 7.4568 million yuan in the previous year [2]. - The expense ratio for Q1-Q3 2025 was 15.49%, a decrease of 0.67 percentage points year-on-year [2]. Competitive Advantages - The company has developed a proprietary HiLPC communication protocol that enhances network performance and efficiency [3]. - It has released over 40 electronic price tag products and more than 20 iterations of its system software since 2013, maintaining a leading position in the industry [3]. - The company is leveraging Microsoft Azure for technological support and has developed digital solutions for retail clients [3][4]. - The company is actively managing its domestic supply chain and promoting domestic chip substitution to maintain cost advantages [4]. Client and Market Expansion - HanShuo Technology has established a global presence with subsidiaries in over 70 countries and regions, serving more than 500 clients [4]. - The company collaborates with major global retailers such as Auchan, Aldi, and Woolworths, contributing to its revenue growth [4]. Investment Outlook - The revenue forecasts for 2025-2027 have been adjusted to 3.812 billion, 4.679 billion, and 5.768 billion yuan, reflecting a year-on-year decline of 15.0% in 2025, followed by growth in subsequent years [5]. - The net profit forecasts for the same period are 449 million, 604 million, and 832 million yuan, with a significant decline in 2025 [5]. - The earnings per share (EPS) estimates are 1.06, 1.43, and 1.97 yuan for 2025-2027 [5].

Core Insights - Han Shuo Technology reported a revenue of 2.809 billion yuan and a net profit of 366 million yuan for the first three quarters of 2025, with Q3 revenue at 835 million yuan and net profit attributable to shareholders at 92.524 million yuan [1] - The company is a global leader in digital solutions for retail, focusing on electronic price tag systems and smart retail solutions, emphasizing continuous R&D and product improvement [1] - The global electronic price tag market has a penetration rate of only 15%, indicating significant growth potential, with an expected market size of 34.9 billion yuan by 2028 and a compound annual growth rate of 13.2% from 2024 to 2028 [2] Company Developments - Han Shuo Technology is increasing its strategic investments in artificial intelligence, integrating advanced technologies like machine vision into retail scenarios [3] - The company is innovating by combining machine vision and big data analytics with its electronic price tag systems, transforming traditional shelves into smart sensing nodes to enhance operational efficiency and customer experience [3] - The AI shelf camera captures real-time product display status, accurately identifies stockouts and misplacements, and triggers automatic replenishment processes [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is under short-term pressure, primarily due to a slight decline in gross margin, fair value losses, and decreased investment income [2][8] - The company has established core competitive advantages through technology, product offerings, supply chain management, and customer relationships [3][7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 2.809 billion yuan, a year-on-year decrease of 11.04%, and a net profit attributable to shareholders of 314 million yuan, down 40.51% year-on-year [1] - The gross margin for the first three quarters of 2025 was 32.88%, a decrease of 3.28 percentage points year-on-year, while the gross margin for Q3 2025 was 35.94%, an increase of 1.98 percentage points year-on-year [2] - The company reported a fair value loss of 16.9069 million yuan for the first three quarters of 2025, compared to a gain of 185,100 yuan in the same period last year [2] Profit Forecast and Valuation - The company’s revenue forecasts for 2025-2027 are adjusted to 3.812 billion, 4.679 billion, and 5.768 billion yuan, respectively, with year-on-year changes of -15.0%, +22.8%, and +23.3% [8] - The net profit forecasts for the same period are 449 million, 604 million, and 832 million yuan, with year-on-year changes of -36.8%, +34.8%, and +37.7% [8] - The earnings per share (EPS) are projected to be 1.06, 1.43, and 1.97 yuan for 2025, 2026, and 2027, respectively [8]

Core Viewpoint - Han Shuo Technology (301275.SZ) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 2.809 billion yuan, representing a year-on-year decrease of 11.04% [1] - The net profit attributable to shareholders of the listed company was 314 million yuan, down 40.51% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 366 million yuan, a decrease of 27.55% year-on-year [1] - Basic earnings per share were 0.7624 yuan [1]

Core Insights - Hanshuo Technology reported a revenue of 2.809 billion yuan for the first three quarters of 2025, with a third-quarter revenue of 835 million yuan and a net profit attributable to shareholders of 92.5246 million yuan [1] - The company is a global leader in digital solutions for retail, focusing on electronic price tag systems and smart retail solutions, emphasizing continuous investment in R&D and product improvement [1] - The global electronic price tag market has a penetration rate of only 15%, indicating significant growth potential, with an expected market size of 34.9 billion yuan by 2028 and a compound annual growth rate of 13.2% from 2024 to 2028 [2] Company Developments - Hanshuo Technology is increasing its strategic investments in artificial intelligence, integrating advanced technologies like machine vision into retail scenarios [3] - The company is innovating by combining machine vision and big data analysis with its electronic price tag systems, transforming traditional shelves into smart sensing nodes that enhance operational efficiency and customer experience [3] - The AI shelf camera captures real-time product display status, accurately identifies stockouts and misplacements, and triggers automatic replenishment processes [3]