Core Viewpoint - Hansang Technology, a leading provider of high-end audio products and full-chain audio technology solutions, is facing challenges with declining profit margins despite revenue growth, primarily due to market strategies and increased operational costs from a new factory in Vietnam [3][6]. Financial Performance - As of October 24, 2025, Hansang Technology's total market capitalization is 8.6 billion [3]. - In the first three quarters of 2025, the company achieved revenue of 1.269 billion, representing a year-on-year growth of 9.53%, while net profit attributable to shareholders was 156 million, a decline of 18.40% [3]. - For the first half of 2025, revenue grew by 4.77%, but net profit decreased by 15.75%, with gross margin dropping from 32.50% in 2024 to 28.82% [5]. Customer Dependency and Market Strategy - Hansang Technology's largest customer, Tonies GmbH, accounted for 34%, 42%, and 49% of sales revenue from 2022 to 2024, indicating a significant reliance on this client [6][7]. - The company is taking steps to mitigate this dependency by enhancing core technology research and development, improving integrated service capabilities, and expanding its global market presence [8]. International Trade and Tariff Impact - The company has established a manufacturing base in Vietnam to counteract the impact of increased tariffs due to U.S.-China trade tensions, with the second factory in Vietnam now operational [11]. - Most of the tariff costs are currently borne by customers, with only minor price adjustments made in response to market conditions [11]. Market Position - Hansang Technology's products, particularly the Toniebox smart early education device, have a strong market presence and are well-received by consumers globally, maintaining a leading market share despite competitive pressures [8].

Core Insights - On October 27, Hansang Technology experienced a decline of 2.31% with a trading volume of 155 million yuan [1] - The company reported a net financing outflow of 5.96 million yuan on the same day, with a total financing balance of 157 million yuan, accounting for 8.90% of its market capitalization [1] Financial Performance - For the period from January to September 2025, Hansang Technology achieved a revenue of 1.269 billion yuan, representing a year-on-year growth of 9.53% [2] - The net profit attributable to the parent company was 156 million yuan, showing a year-on-year decrease of 18.40% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Hansang Technology was 22,700, a decrease of 29.73% from the previous period [2] - The average number of circulating shares per shareholder increased by 42.31% to 1,190 shares [2] - Hong Kong Central Clearing Limited emerged as a new major shareholder, holding 160,200 shares, ranking as the seventh largest circulating shareholder [2] Company Overview - Hansang (Nanjing) Technology Co., Ltd. is located in Jiangning Economic and Technological Development Zone, Nanjing, Jiangsu Province, and was established on August 21, 2003 [1] - The company specializes in providing high-end audio products and comprehensive audio technology solutions, focusing on R&D, design, and manufacturing services for globally recognized audio brands [1] - The revenue composition of the company includes 65.68% from innovative audio and AIOT smart products, 33.24% from high-performance audio products, and 1.08% from other sources [1]

Core Viewpoint - Hansan (Nanjing) Technology Co., Ltd. held its fifth meeting of the second board of directors on October 24, 2025, where several important resolutions were passed, including the approval of the Q3 2025 report and adjustments to the investment amounts of raised funds, laying a foundation for the company's future operational development and proper use of raised funds [1][3][4]. Group 1: Board Meeting Overview - The board meeting was convened on October 24, 2025, with all nine directors present, including one participating via communication [2]. - The meeting was legally valid, following the procedures outlined in the Company Law and the Articles of Association [2]. Group 2: Resolutions Passed - Resolution 1: The Q3 2025 report was approved unanimously, confirming that the report complies with legal regulations and accurately reflects the company's situation [3]. - Resolution 2: The board approved adjustments to the investment amounts for fundraising projects, ensuring that any shortfall will be covered by self-owned or self-raised funds without harming shareholder interests [4]. - Resolution 3: The board agreed to use raised funds to replace previously invested self-raised funds, confirming compliance with relevant regulations and ensuring that the investment plan remains unaffected [5]. Group 3: Implications for the Company - The approval of these resolutions is expected to further standardize the company's information disclosure and fundraising management, providing assurance for future operational development [5].

Core Viewpoint - HANSAN Technology (301491.SZ) reported a revenue of 1.269 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 9.53% [1] - The net profit attributable to shareholders decreased by 18.40% year-on-year to 156 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses also decreased by 17.64% year-on-year, amounting to 156 million yuan [1] - The basic earnings per share stood at 1.5 yuan [1] Financial Performance - Revenue for the first three quarters reached 1.269 billion yuan, marking a 9.53% increase compared to the previous year [1] - Net profit attributable to shareholders was 156 million yuan, down 18.40% year-on-year [1] - Net profit after deducting non-recurring items was also 156 million yuan, reflecting a decrease of 17.64% year-on-year [1] - Basic earnings per share reported at 1.5 yuan [1]

Company Performance - HANSAN Technology reported a revenue of approximately 1.269 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.53% [1] - The net profit attributable to shareholders of the listed company was approximately 156 million yuan, showing a year-on-year decrease of 18.4% [1] - Basic earnings per share were 1.5 yuan, which is a year-on-year decrease of 24.24% [1] Market Capitalization - As of the report date, HANSAN Technology has a market capitalization of 8.6 billion yuan [2]

中国国际金融股份有限公司 关于汉桑（南京）科技股份有限公司 调整募集资金投资项目拟投入募集资金金额的核查意见 中国国际金融股份有限公司（以下简称"保荐人"）作为汉桑（南京）科技股份有限 公司（以下简称"公司"）首次公开发行股票并在创业板上市的保荐人，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》《上市公司募集资金监管 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，就公司调整募集资金投资项目（以下简称"募投项目"）拟投入募集资金金额的 事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意汉桑（南京）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〔2025〕644号）同意，公司首次公开发行人民币普通股（A 股）3,225.0000万股，发行价格为28.91元/股，募集资金总额为人民币93,234.75万元，扣 除相关发行费用（不含增值税）后，实际募集资金净额为人民币86,489.52万元。 | 序号 | 项目名称 | 项目投资总额 | 原计划募集资金投 | 调整后拟使用募集 | | --- | - ...

目 录 一、以自筹资金预先投入募投项目及支付发行费用的鉴证报告…第 1—2 页 二、以自筹资金预先投入募投项目及支付发行费用的专项说明…第 3—5 页 | 三、附件 ……………………………………………………………第 | | 6—10 | 页 | | --- | --- | --- | --- | | （一）本所营业执照复印件 ……………………………………………第 | | | 6 页 | | （二）本所执业证书复印件 | ……………………………………………第 | | 7 页 | | （三）本所从事证券服务业务备案完备证明材料 ……………………第 | | | 8 页 | | （四）签字注册会计师执业证书复印 ……………………………第 | | 9—10 | 页 | 关于汉桑（南京）科技股份有限公司 以自筹资金预先投入募投项目及支付发行费用的 鉴证报告 天健审〔2025〕16339 号 汉桑（南京）科技股份有限公司全体股东： 我们鉴证了后附的汉桑（南京）科技股份有限公司（以下简称汉桑科技公司） 管理层编制的《以自筹资金预先投入募投项目及支付发行费用的专项说明》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供汉桑科 ...

中国国际金融股份有限公司 关于汉桑（南京）科技股份有限公司 使用募集资金置换预先投入募投项目及 已支付发行费用的自筹资金的核查意见 中国国际金融股份有限公司（以下简称"保荐人"）作为汉桑（南京）科技股份有限 公司（以下简称"公司"）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》《上市公 司募集资金监管规则》《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，就公司使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金事项进行了核查，具体情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意汉桑（南京）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〔2025〕644号）同意，公司首次公开发行人民币普通股（A 股）3,225.0000万股，发行价格为28.91元/股，募集资金总额为人民币93,234.75万元，扣 除相关发行费用（不含增值税）后，实际募集资金净额为人民币86,489.52万元。 上述募集资金已于2025年7月31日划至公司指定账户。天健会计师事务所（特殊 ...

证券代码：301491 证券简称：汉桑科技 公告编号：2025-009 汉桑（南京）科技股份有限公司 关于调整募集资金投资项目拟投入募集资金金额的 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、误导性陈述或者重大遗漏。 汉桑（南京）科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第二届董事会第五次会议及第二届监事会第四次会议，分别审议通过了 《关于调整募集资金投资项目拟投入募集资金金额的议案》，同意对首次公开发 行募集资金投资项目（以下简称"募投项目"）拟投入募集资金金额进行调整。 保荐人中国国际金融股份有限公司对本事项出具了无异议的核查意见，现将有关 情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意汉桑（南京）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〔2025〕644 号）同意，公司首次公开发 行人民币普通股（A 股）3,225.0000 万股，发行价格为 28.91 元/股，募集资金总 额为人民币 93,234.75 万元，扣除相关发行费用（不含增值税）后，实际募集资 金净额为人民币 86,489.52 ...

关于使用募集资金置换预先投入募投项目及已支付 发行费用的自筹资金的公告 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、误导性陈述或者重大遗漏。 汉桑（南京）科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第二届董事会第五次会议及第二届监事会第四次会议，分别审议通过了 《关于使用募集资金置换预先投入募投项目及已支付发行费用的自筹资金的议 案》，同意公司使用募集资金置换预先投入募集资金投资项目（以下简称"募投 项目"）及已支付发行费用的自筹资金，合计置换金额为人民币 6,059.78 万元， 其中，置换已投入募投项目的自筹资金金额为 5,072.08 万元，置换已支付发行费 用的自筹资金金额为 987.70 万元（不含增值税）。保荐人中国国际金融股份有 限公司对本事项出具了无异议的核查意见，现将有关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意汉桑（南京）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〔2025〕644 号）同意，公司首次公开发 行人民币普通股（A 股）3,225.0000 万股，发行价格为 28.91 元 ...