Core Viewpoint - Hansang Technology (301491.SZ) has successfully listed on the ChiNext board, focusing on high-end audio products and technology solutions, with a complete technology and product chain from streaming modules to audio terminal products, edge computing, and cloud platforms [1] Group 1: Company Overview - Hansang Technology specializes in high-end audio products and has established long-term partnerships with renowned international audio brands such as NAD, JBL, McIntosh, Sonus Faber, and B&W [6] - The company’s revenue is primarily derived from high-performance audio products, innovative audio, and AIoT smart products, which collectively account for over 90% of total revenue from 2022 to 2024 [6] - The revenue share of innovative audio and AIoT smart products is expected to increase from 38.32% in 2022 to 50.23% in 2024 [6] Group 2: Financial Metrics - The company’s IPO price was set at 28.91 CNY per share, with an issuance P/E ratio of 14.90, compared to the industry average P/E ratio of 37.29 [2] - The company plans to invest raised funds into various projects, including a project for producing 1.5 million high-end audio products, which will receive 200 million CNY, and a smart audio IoT product manufacturing project, which will receive 327 million CNY [4] Group 3: Customer Dependency and Risks - Hansang Technology has a significant reliance on its largest customer, Tonies GmbH, with sales to this customer accounting for 34.41%, 41.77%, and 48.49% of total revenue from 2022 to 2024 [7] - The company has acknowledged the risk of revenue volatility, with gross margins fluctuating from 28.49% in 2022 to 32.50% in 2024, indicating potential impacts from market competition, raw material price increases, or declining downstream demand [7]

Core Viewpoint - Hansang Technology (301491.SZ) has successfully listed on the ChiNext board, focusing on high-end audio products and technology solutions, with a complete technology and product chain from streaming modules to audio terminal products, edge computing, and cloud platforms [1] Group 1: Company Overview - Hansang Technology specializes in high-end audio products and technology solutions, providing a comprehensive product chain [1] - The company has established long-term partnerships with renowned international audio brands such as NAD, JBL, McIntosh, Sonus Faber, and B&W [4] Group 2: Financial Performance - The company's initial offering price was 28.91 CNY per share, with an institutional quotation of 29.3 CNY per share, resulting in a market capitalization of 3.729 billion CNY [2] - From 2022 to 2024, the revenue from high-performance audio products, innovative audio, and AIoT smart products accounted for over 90% of total revenue, with the share of innovative audio and AIoT products increasing from 38.32% in 2022 to 50.23% in 2024 [4] Group 3: Customer Dependency - The company has a significant reliance on its largest customer, Tonies GmbH, with sales to this customer representing 34.41%, 41.77%, and 48.49% of total revenue from 2022 to 2024 [5] - Despite the dependency, the company maintains that the relationship with Tonies GmbH is stable and does not pose a significant risk to its ongoing operations [5] Group 4: Market Position and Risks - In the high-end audio sector, Hansang Technology's audio amplifier products accounted for 3.12% of the domestic export value of similar products in 2024, indicating a notable market position [4] - The company has experienced fluctuations in gross profit margins, which were 28.49%, 29.87%, and 32.50% from 2022 to 2024, and acknowledges potential risks from market competition, rising raw material costs, and declining downstream demand [5]

智通财经7月25日讯，今日有1只新股申购，为创业板的汉桑科技；无新股上市。 | | 一 新股申购 一 | | | | | --- | --- | --- | --- | --- | | | 汉桑科技 (301491) | | | | | 所属行业 | 发行价格 公募报价中位数 | | 发行市盈率 | 行 | | | (元) | (元) | | | | 计算机、通信和 其他电子设备制 | 28.91 | 29.30 | 14.90 | | | 造业 | | | | | | 主承销商 | 申购上限 | 总市值 | 可比公司 | | | | (股) | (亿元) | | | | 中金公司、中邮 证券 | 7500 | 37.29 | 国光电器 | | | | | | 奋达科技 | | | | | | 歌尔股份 | | 募投项目 公司2022-2024年分别实现营业收入13.86亿元/10.31亿元/14.54亿元，YOY依次为36.08%/-25.60%/40.98%；实现归母净利润1.90亿元/1.36亿元/2.54亿元，YOY 依次为79.08%/-28.26%/86.52%。根据公司管理层初步预测，公司202 ...

Core Viewpoint - Hansang (Nanjing) Technology Co., Ltd. has officially launched its IPO on the ChiNext board, aiming to expand its production capacity and seize early advantages in the AIoT sector, with revenue nearing 1.5 billion yuan and a net profit compound growth rate exceeding 40% during the reporting period [1][4][10]. Financial Performance - The company reported revenues of 1.386 billion yuan, 1.03 billion yuan, and 1.454 billion yuan for the years 2022 to 2024, with net profits of 189 million yuan, 136 million yuan, and 250 million yuan respectively [4]. - The compound annual growth rates for the company's main business revenue and net profit over the past five years are approximately 16.34% and 41.04% respectively, indicating stable performance [4]. Product and Technology Development - Hansang Technology has established itself as a comprehensive supplier of high-end audio products and technology solutions, with a focus on R&D and innovation for over 20 years [5][6]. - The company has developed a complete technology and product chain from streaming modules to audio terminal products, and has established long-term partnerships with renowned international audio brands such as NAD, JBL, and Tonies GmbH [6][7]. - As of March 28, 2025, the company holds a total of 112 authorized patents, all of which are independently developed [7][8]. Market Opportunities - The global high-fidelity audio market is projected to reach $16 billion in 2023 and grow to $17.5 billion by 2025, with a compound annual growth rate (CAGR) of 4.58% [8]. - The smart speaker industry is expected to grow at a CAGR of 9.98% from 2022 to 2027, indicating strong demand for innovative audio products [9]. - The AIoT audio market is anticipated to benefit from the integration of AI and IoT technologies, with significant potential for growth in various sectors including smart homes and wearable devices [9]. IPO Fund Utilization - The funds raised from the IPO will be allocated to projects including the annual production of 1.5 million high-end audio products, smart audio IoT product manufacturing, and the R&D of new technologies and products in the AIoT space [11][12]. - The company aims to enhance its production capacity and strengthen its position as a leading global supplier of high-end audio products and technology solutions [12].

Company Overview - Hansong Technology is a comprehensive supplier providing high-end audio products and full-link technology solutions, focusing on R&D, design, and manufacturing services for globally recognized audio brand clients [1]. Issuance Details - The company plans to issue shares at a price of 28.91 yuan per share, with a total of 32,250,000 shares to be issued, aiming to raise approximately 93,234.75 million yuan after deducting issuance costs [3]. - The net proceeds from the issuance are expected to be around 86,474.62 million yuan after deducting issuance expenses of 6,760.13 million yuan [3]. - The funds raised will be allocated to projects including the annual production of 1.5 million sets of high-end audio products, smart audio IoT product manufacturing, and R&D for new technologies and products in AIoT [3]. Shareholding Structure - Wang Bin directly holds 37.93% of Hansong Technology and, through indirect means, controls an additional 9.58%, making him the controlling shareholder [2]. - Wang Bin and Helge Lykke Kristensen, who are spouses, collectively control 84.93% of the company, with Kristensen holding 31.93% indirectly [2]. - Wang Jue, Wang Bin's sister, holds 8.87% and is considered a concerted action person, bringing the total control to 93.80% [3].

Core Insights - The electronic audio industry is experiencing new development opportunities driven by the digital economy and consumption upgrades, with Hansan Technology (Nanjing) Co., Ltd. positioning itself as a leading provider of high-end audio products and full-link technical solutions [1][3][7] Industry Outlook - The electronic audio industry is a key sub-sector of the "computer, communication, and other electronic device manufacturing" category, supported by national policies aimed at promoting its development [3] - The industry has entered a stable growth phase, with an estimated output value of approximately 362.8 billion yuan in 2023 and a compound annual growth rate of 3.10% over the past five years [3] - The integration of technologies such as 5G, IoT, and AI is driving the transition of audio products from traditional devices to smart home, wearable, and commercial systems, with high-performance audio and AIoT products becoming new growth engines [3] Competitive Advantages - Hansan Technology has established a solid competitive barrier through its multi-dimensional advantages in technology, R&D, customer relationships, production, and international layout, becoming a significant player in the global high-end audio sector [4] - The company has developed core technical capabilities in high-performance audio signal processing, audio transmission, and system intelligence, achieving industry-leading product performance [4] - Hansan's self-developed streaming media module has received certification from major global streaming platforms, supporting multi-channel wireless transmission and AoIP wired transmission based on the AES67 protocol [4] Innovation and R&D - The company emphasizes R&D, with three major R&D centers in Nanjing, India, and Denmark, and a professional team of 278 members, maintaining R&D expenses above 5% of revenue [5] - As of March 28, 2025, Hansan Technology holds 112 authorized patents, with numerous international awards recognizing its R&D strength [5] - The company has established long-term partnerships with renowned global audio brands, providing continuous order support and enabling it to adapt to market demands and technological trends [5] Manufacturing and Production - Hansan Technology employs a "sales-driven production" model with flexible manufacturing capabilities, able to meet production demands ranging from hundreds to millions of units [6] - The company has automated testing processes and quality control measures across the entire production chain, ensuring product quality meets customer requirements [6] International Expansion and Future Development - The company has established subsidiaries in various countries, creating a global R&D, sales, and service network that enhances its ability to respond to market demands [7] - The upcoming IPO is seen as a crucial opportunity for the company to enhance its overall strength, address capacity bottlenecks, and meet growing market demands [7] - The company aims to leverage capital market resources to invest in new technologies and products, expand its international presence, and enhance its market share in the high-end audio sector [7]

每经AI快讯，7月25日，今日有1只新股申购，为创业板的汉桑科技；无新股上市。 ...

凡参与本次网上发行的投资者持有的申购配号尾数与上述号码相同的，则为中签号码。中签号码共有 2.6914万个，每个中签号码只能认购500股汉桑科技A股股票。 格隆汇7月28日丨汉桑科技(301491.SZ)公布次公开发行股票并在创业板上市网上摇号中签结果，具体如 下： ...

| 末尾位数 | 中签号码 | | --- | --- | | 末"4"位数 | 6283 | | 末"5"位数 | 20082、00082、40082、60082、80082、87360、37360 | | 末"6"位数 | 270305、770305、016515 egsea.com | | 末"7"位数 | 2178636、7178636、5933445 | | 末"8"位数 | 04723730、54723730 | 人民财讯7月28日电，汉桑科技(301491)7月28日晚间披露网上中签结果，中签号码共26914个，每个中 签号码能认购500股汉桑科技A股股票。 转自：证券时报 ...

今日汉桑科技(301491.SZ)上市，无新股申购。 ...