- The report primarily focuses on IPO performance in August 2025, highlighting that the A-share market saw 8 new listings with a total fundraising amount of 40.93 billion yuan, a significant month-on-month decline in fundraising scale[3][10][18] - The average first-day increase for new IPOs in the Shanghai and Shenzhen markets was 272.76%, with no cases of breaking below the issue price, driven by low issuance PE ratios and the scarcity of new listings[3][14][18] - The report emphasizes the importance of "entry" strategies, recommending participation in low-priced, small-cap IPOs with high first-day increase potential, as well as large-cap IPOs with significant offline allocation[3][19][22]

Market Overview - The Shanghai Composite Index closed at 3814.20 points, below the five-day moving average, with a decline of 1.14% [1] - The total trading volume of A-shares reached 1,878.28 billion yuan [1] Stocks Performance - A total of 139 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Hailianxun (300277) with a deviation rate of 14.15%, closing up 20.03% [1] - Shoukai Co. (600376) with a deviation rate of 7.01%, closing up 9.85% [1] - Zhongchen Technology (603275) with a deviation rate of 6.97%, closing up 9.99% [1] - Other notable stocks with smaller deviation rates include: - Yunda Co. (300409) with a deviation rate of 6.32%, closing up 10.92% [1] - Hanzhong Precision (002158) with a deviation rate of 6.30%, closing up 10.00% [1] Detailed Stock Data - The following table summarizes the performance of selected stocks that broke through the five-day moving average: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Five-Day MA (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300277 | Hailianxun | 20.03 | 24.96 | 13.54 | 15.46 | 14.15 | | 600376 | Shoukai Co. | 9.85 | 6.33 | 2.71 | 2.90 | 7.01 | | 603275 | Zhongchen Technology | 9.99 | 10.43 | 50.42 | 53.94 | 6.97 | | 002067 | Jingxing Paper | 10.00 | 15.98 | 4.34 | 4.62 | 6.55 | | 300409 | Yunda Co. | 10.92 | 20.47 | 22.07 | 23.47 | 6.32 | | 002158 | Hanzhong Precision | 10.00 | 3.58 | 25.04 | 26.62 | 6.30 | | 688108 | Sainuo Medical | 9.10 | 11.70 | 33.29 | 35.13 | 5.54 | | 603283 | Saiteng Co. | 7.32 | 9.18 | 41.65 | 43.85 | 5.27 | | 300655 | Jingrui Materials | 7.83 | 14.56 | 12.30 | 12.94 | 5.24 | | 300905 | Baolidai | 9.29 | 12.54 | 32.92 | 34.57 | 5.02 | | 603992 | Songlin Technology | 6.80 | 1.51 | 29.63 | 31.10 | 4.98 | | 688717 | Ailuo Energy | 9.04 | 5.60 | 68.52 | 71.80 | 4.78 | | 002549 | Kaimeteqi | 8.68 | 17.83 | 16.53 | 17.28 | 4.52 | | 603367 | Chenxin Pharmaceutical | 10.02 | 5.75 | 25.75 | 26.90 | 4.45 | | 301491 | Hansang Technology | 6.43 | 26.20 | 66.30 | 69.07 | 4.18 | | 300303 | Jufei Optoelectronics | 5.04 | 10.31 | 6.84 | 7.08 | 3.48 | | 601869 | Changfei Optical Fiber | 10.00 | 5.24 | 88.00 | 91.06 | 3.47 | | 600699 | Junsheng Electric | 4.33 | 6.13 | 21.26 | 21.95 | 3.26 | | 002531 | Tienswind Energy | 5.37 | 2.16 | 6.86 | 7.07 | 3.03 | | 301182 | Kaiwang Technology | 6.37 | 9.05 | 38.56 | 39.73 | 3.02 [2]

Group 1 - The report is a continuous supervision tracking report for Hansang (Nanjing) Technology Co., Ltd. by China International Capital Corporation (CICC) [1] - CICC has confirmed that it has timely reviewed the company's information disclosure documents and has not missed any reviews [1] - The company has established and effectively executed relevant regulations and internal control systems [1] Group 2 - There are no significant issues identified in the operation of the company's board meetings, investment activities, or financial assistance [1] - The company and its shareholders have fulfilled their commitments, including extending lock-up periods [2][3] - CICC has faced regulatory measures from the China Securities Regulatory Commission and Shenzhen Stock Exchange due to insufficient verification of internal controls in a previous project [3]

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 2025 年半年度持续督导跟踪报告 | 保荐机构名称：中国国际金融股份有限公司 | 被保荐公司简称：汉桑科技（301491） | | --- | --- | | 保荐代表人姓名：尚林争 | 联系电话：010-65051166 | | 保荐代表人姓名：徐石晏 | 联系电话：010-65051166 | 一、 保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 1次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | ...

Core Viewpoint - Hansang Technology (301491.SZ) reported a revenue of 712 million yuan for the first half of 2025, reflecting a year-on-year growth of 4.77%, while net profit attributable to the parent company decreased by 15.75% to 94.5 million yuan due to pricing strategies based on tariff expectations leading to a decline in product gross margin [1] Business Performance - The innovative audio and AIoT smart products segment performed exceptionally well, generating revenue of 447 million yuan, a year-on-year increase of 23.02%, becoming the main growth driver for the company [1] - The company is accelerating its product structure adjustment towards intelligence and scenario-based applications [1] Research and Development - The company increased its R&D investment, with R&D expenses reaching 41.5 million yuan in the first half of the year, accounting for 5.83% of total revenue [1] - As of the end of the reporting period, the company had a research team of 277 people and had obtained a total of 119 patents covering core technologies such as audio processing, wireless transmission, and edge streaming playback [1] Future Strategy - Hansang Technology aims to focus on the "full-link sound technology closed loop," deepening its layout in emerging scenarios such as AIoT and automotive audio, and promoting upgrades from core modules to system solutions to achieve steady growth for the year [1]

Quantitative Models and Construction Methods 1. Model Name: IPO Return Estimation Model - **Model Construction Idea**: The model estimates the returns of IPO investments by considering account size, subscription limits, winning rates, and IPO yield rates[47] - **Model Construction Process**: The model calculates the IPO return for a single account using the formula: $ \text{Single Account IPO Return} = \min(\text{Account Size}, \text{Subscription Limit}) \times \text{Winning Rate} \times \text{Yield Rate} $ For full subscription scenarios, the formula is: $ \text{Full Subscription Return} = \text{Subscription Limit} \times \text{Winning Rate} \times \text{Yield Rate} $ - Winning rate is based on actual IPO results - Yield rate is determined by the price difference between the IPO price and the first trading day price for registration-based IPOs, or the price difference on the opening day for non-registration-based IPOs[47] - **Model Evaluation**: The model provides a structured approach to estimate IPO returns under different scenarios, but it relies on historical data and assumptions, which may introduce subjectivity[47][72] --- Model Backtesting Results 1. IPO Return Estimation Model - **Main Board**: - August 2025: A-class return rate: 0.014%, C-class return rate: 0.013%[48] - Full subscription return: A-class: 6.8 million yuan, C-class: 6.4 million yuan[57] - **ChiNext Board**: - August 2025: A-class return rate: 0.066%, C-class return rate: 0.064%[48] - Full subscription return: A-class: 33.2 million yuan, C-class: 32.1 million yuan[57] - **Cumulative 2025 Returns**: - A-class: 1.134%, C-class: 1.035%[54] --- Quantitative Factors and Construction Methods 1. Factor Name: Winning Rate Factor - **Factor Construction Idea**: Measures the probability of winning IPO shares based on investor category and market conditions[30][31] - **Factor Construction Process**: Winning rates are calculated as the ratio of successful allocations to total applications, segmented by investor categories (A-class and C-class) and market boards (Main Board, ChiNext, etc.)[30][31] - **Factor Evaluation**: The factor effectively captures the allocation efficiency and competitiveness of different investor categories in IPOs[30][31] 2. Factor Name: Yield Rate Factor - **Factor Construction Idea**: Represents the profitability of IPO investments based on the price difference between the IPO price and the trading price[47] - **Factor Construction Process**: Yield rate is calculated as: $ \text{Yield Rate} = \frac{\text{Trading Price} - \text{IPO Price}}{\text{IPO Price}} $ - For registration-based IPOs, the trading price is the average price on the first trading day - For non-registration-based IPOs, the trading price is the average price on the opening day[47] - **Factor Evaluation**: The factor provides a direct measure of IPO profitability but may be influenced by market volatility and external factors[47] --- Factor Backtesting Results 1. Winning Rate Factor - **Main Board**: - A-class: 0.12‰, C-class: 0.12‰[30] - **ChiNext Board**: - A-class: 0.25‰, C-class: 0.24‰[30] 2. Yield Rate Factor - **Main Board**: - August 2025: 140.68%[23] - **ChiNext Board**: - August 2025: 302.58%[23]

Financial Performance - The company reported a total revenue of 712 million yuan for the first half of 2025, an increase of 4.77% year-on-year [1] - The net profit attributable to shareholders was 94.5 million yuan, a decrease of 15.75% year-on-year [1] - In Q2 2025, total revenue reached 460 million yuan, reflecting an 18.31% year-on-year increase, while net profit for the quarter was 56.87 million yuan, down 16.12% year-on-year [1] - The gross margin was 28.82%, a decrease of 12.5% year-on-year, and the net margin was 13.29%, down 19.58% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 45.07 million yuan, accounting for 6.33% of revenue, which is an increase of 4.28% year-on-year [1] - Earnings per share were 0.98 yuan, a decrease of 15.52% year-on-year, while operating cash flow per share was 0.24 yuan, down 74.56% year-on-year [1] Financial Ratios - The company's return on invested capital (ROIC) was 26.86% last year, indicating strong capital returns [2] - The net profit margin was 13.56%, suggesting high added value in products or services [2] - The median ROIC since the company went public has been 26.86%, with a historical low of 25.69% in 2021, still reflecting good investment returns [2] Debt and Receivables - The company has a significant amount of accounts receivable, with accounts receivable accounting for 121.62% of the latest annual net profit [1] - The accounts receivable to profit ratio has reached 162.74%, indicating a need for attention regarding receivables management [4] - The company's cash assets are reported to be very healthy, suggesting good debt repayment capability [3]

汉桑（南京）科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 1 单位：人民币万元 非经营性资 金占用 资金占用方名称 占用方与上市 公司的关联关 系 上市公司核 算的会计科 目 2025 年期初 占用资金余 额 2025 年半年 度占用累计 发生金额（不 含利息） 2025 年半年 度占用资金 的利息（如 有） 2025 年半年 度偿还累计 发生金额 2025 年 6 月 30 日占用资 金余额 占用形成原 因 占用性质 控股股东、 实际控制人 及其附属企 业 小计 - - - - - 前 控 股 股 东、实际控 制人及其附 属企业 小计 - - - - - 其他关联方 及附属企业 小计 - - 总计 - - - - - | 其它关联资 | 资金往来方名称 | 往来方与上市公 司的关联关系 | | 上市公司核 算的会计科 | 2025 年期 初往来资 | 2025 年半年度 往来累计发生 金额（不含利 | 2025 年半 年度往来 资金的利 | 2025 年半年 度偿还累计 | 2025 30 | 年 6 月 日往来资 | 往来形成原 因 | 往来性质 （经营性往 来、非经营 ...

Part I Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board and management guarantee report authenticity and completeness, with no plans for cash dividends, bonus shares, or capital reserve conversions - The company's board, supervisory board, and senior management guarantee the report's authenticity, accuracy, and completeness[3](index=3&type=chunk) - Company head Wang Bin and chief accountant Liu Jiao declare the financial report is authentic, accurate, and complete[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions[4](index=4&type=chunk) [Review Documents](index=4&type=section&id=Review%20Documents) Review documents, including signed financial statements and the half-year report, are available at the company's securities department - Review documents include signed and sealed financial statements, original public disclosure documents, and the half-year report[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - Review documents are available at the company's securities department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms such as company, related parties, ODM, AIoT, modules, and accounting periods for clear report understanding - Key terms like company, related parties, ODM, AIoT, and modules are defined[13](index=13&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[13](index=13&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Hansong (Nanjing) Technology Co., Ltd., stock code 301491, is listed on the Shenzhen Stock Exchange, with Wang Bin as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hansong Technology | | Stock Code | 301491 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Hansong (Nanjing) Technology Co., Ltd. | | Legal Representative | Wang Bin | [Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) Liu Jiao is the Board Secretary and Li Mengsha is the Securities Affairs Representative, both located at No. 8 Kangping Street, Jiangning Economic and Technological Development Zone, Nanjing Company Contact Information | Position | Name | Contact Address | Phone/Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Jiao | No. 8 Kangping Street, Jiangning Economic and Technological Development Zone, Nanjing | 025-66612118 | info@hansonggroup.com | | Securities Affairs Representative | Li Mengsha | No. 8 Kangping Street, Jiangning Economic and Technological Development Zone, Nanjing | 025-66612118 | info@hansonggroup.com | [Other Information](index=6&type=section&id=III.%20Other%20Information) The company's contact information and registration status remained unchanged during the reporting period, with information disclosed through various media - Company contact information and registration status remained unchanged during the reporting period[18](index=18&type=chunk)[21](index=21&type=chunk) - Information disclosure media include Shenzhen Stock Exchange website, Juchao Information Network, China Securities Journal, Shanghai Securities News, Securities Daily, Economic Information Daily, and Securities Times[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, revenue grew by 4.77% to CNY 711.73 million, but net profit attributable to shareholders decreased by 15.75% to CNY 94.50 million, with operating cash flow significantly down by 74.56% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 711,731,325.01 | 679,324,422.54 | 4.77% | | Net Profit Attributable to Shareholders of the Listed Company | 94,503,952.80 | 112,168,600.74 | -15.75% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 93,265,194.04 | 111,051,918.49 | -16.02% | | Net Cash Flow from Operating Activities | 23,042,016.95 | 90,574,990.04 | -74.56% | | Basic Earnings Per Share (CNY/share) | 0.98 | 1.16 | -15.52% | | Diluted Earnings Per Share (CNY/share) | 0.98 | 1.16 | -15.52% | | Weighted Average Return on Net Assets | 8.48% | 13.00% | -4.52% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,768,753,167.39 | 1,515,297,959.63 | 16.73% | | Net Assets Attributable to Shareholders of the Listed Company | 1,161,802,841.02 | 1,065,896,138.12 | 9.00% | - The company's share capital changed from the end of the reporting period to the disclosure date of the half-year report due to new share issuance, affecting the amount of owners' equity[22](index=22&type=chunk) [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled CNY 1.24 million, primarily from government grants, non-current asset disposal gains/losses, and fair value changes, with share-based payments of CNY 0.71 million included in costs or expenses H1 2025 Non-recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -94,697.66 | | Government Grants Included in Current Profit/Loss | 2,113,554.59 | | Gains/Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities | 10,746.95 | | Capital Occupation Fees Received from Non-financial Enterprises Included in Current Profit/Loss | 142,809.13 | | Other Non-operating Income and Expenses | 51,649.77 | | Other Items Meeting the Definition of Non-recurring Gains and Losses | -709,368.03 | | Less: Income Tax Impact | 276,117.78 | | Impact on Minority Interests (After Tax) | -181.79 | | **Total** | **1,238,758.76** | - Other non-recurring gains and losses primarily consist of share-based payments, totaling CNY 709,368.03, recognized in current operating costs or period expenses and capital reserves[27](index=27&type=chunk) Part III Management Discussion and Analysis [Company's Main Business During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Business%20During%20the%20Reporting%20Period) The company primarily engages in audio technology development, equipment design, R&D, and manufacturing through an ODM model, focusing on high-performance, innovative, and AIoT smart audio products, with a strategic emphasis on full-link technology, AI applications, domestic market expansion, and new product categories - The company primarily engages in audio technology development, equipment design, R&D, and manufacturing, collaborating with global brand owners through an ODM model[35](index=35&type=chunk) - Main products include high-performance audio products, innovative audio, and AIoT smart products[35](index=35&type=chunk) - In the second half of the year, the company will focus on a full-link technology closed-loop covering "sound pickup-sound source acquisition-signal transmission-signal processing and amplification-sound reproduction-cloud-edge-end collaboration-artificial intelligence"[35](index=35&type=chunk) - The company will implement a "1+2+3+4" development strategy, focusing on audio as the main line, technology and product innovation as the core, developing the domestic market, strengthening full audio technology chain advantages, and expanding product application areas[36](index=36&type=chunk) [Company's Industry](index=9&type=section&id=1.%20Company%27s%20Industry) The company operates in the audio equipment manufacturing industry, classified under "C3952 Audio Equipment Manufacturing" by the National Bureau of Statistics - The company's industry is audio equipment manufacturing, categorized as "C3952 Audio Equipment Manufacturing"[30](index=30&type=chunk) [Industry Development Status and Trends](index=9&type=section&id=2.%20Industry%20Development%20Status%20and%20Trends) China's electronic audio industry reached CNY 382.3 billion in 2024, with high-performance audio and smart audio devices driven by streaming, wireless, IoT, and AI technologies expected to lead future growth - In 2024, China's electronic audio industry's total output value was approximately **CNY 382.3 billion**, a **5.37% year-on-year increase**[31](index=31&type=chunk) - The global high-fidelity audio market is projected to grow to **USD 17.5 billion by 2025**, the home theater market to **USD 43.5 billion by 2025**, and the custom installation audio market to **USD 18.6 billion by 2027**[32](index=32&type=chunk) - Streaming, wireless and network audio transmission, IoT, and AI technologies are the main drivers for the innovative audio industry's development[33](index=33&type=chunk)[34](index=34&type=chunk) [Company's Main Business and Products](index=10&type=section&id=3.%20Company%27s%20Main%20Business%20and%20Products) The company specializes in audio technology development, design, R&D, and manufacturing, offering high-end and innovative audio products via an ODM model, with a future focus on full-link technology, AI, domestic market expansion, and new product categories - The company's main products include high-performance audio products (home high-fidelity audio, home theater, custom installation audio systems) and innovative audio and AIoT smart products (children's smart speakers, multi-functional smart docks, gaming audio systems, audio IoT modules)[35](index=35&type=chunk) - The company will focus on a full-link technology closed-loop covering "sound pickup-sound source acquisition-signal transmission-signal processing and amplification-sound reproduction-cloud-edge-end collaboration-artificial intelligence" to build core technological barriers[35](index=35&type=chunk) - The company's development strategy is "1+2+3+4," which involves focusing on audio, innovation, domestic market expansion, strengthening full audio technology chain advantages, developing audio IoT modules, audio complete machines, and smart audio systems, and expanding into automotive audio products[36](index=36&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company possesses significant competitive advantages in technology R&D, forward-looking product platform planning, international presence, high-quality customer resources, and robust manufacturing and quality assurance capabilities - The company holds significant competitive advantages in core technology, forward-looking product platform planning capabilities, international presence, customer resources, and manufacturing capabilities[37](index=37&type=chunk) [Outstanding Technology R&D Advantage](index=10&type=section&id=1.%20Outstanding%20Technology%20R%26D%20Advantage) With over 20 years of experience, the company has developed core technical capabilities in high-performance audio signal processing, multi-protocol audio transmission, and cloud-edge-end collaboration, supported by global R&D centers and a substantial patent portfolio - The company possesses deep technological expertise in high-performance audio signal processing and amplification, audio transmission (streaming media modules, multi-channel wireless transmission, AoIP wired network audio transmission), and audio system intelligence (cloud-edge-end collaboration)[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has R&D centers in Nanjing, India, and Denmark, with a team of 277 R&D personnel[40](index=40&type=chunk) R&D Investment and Achievements | Indicator | Data | | :--- | :--- | | R&D Expenses for the Reporting Period | CNY 41.50 million | | R&D Expenses as % of Operating Revenue | 5.83% | | Cumulative Authorized Patents | 119 (98 domestic, 21 international) | [Forward-looking Product Platform Planning Capability](index=11&type=section&id=2.%20Forward-looking%20Product%20Platform%20Planning%20Capability) The company's experienced international team, with over 20 years of industry expertise, excels at proactively planning and researching new technologies and products, enabling clients to seize market opportunities and accelerate product launches - The company's international team's core members have over **20 years of audio industry experience**, with a deep understanding of leading brand owners[41](index=41&type=chunk) - The company possesses the capability to proactively plan and research new technologies and products, covering various high-end and smart audio products[41](index=41&type=chunk) [International Presence Advantage](index=11&type=section&id=3.%20International%20Presence%20Advantage) The company's global network of overseas subsidiaries, R&D centers, and manufacturing bases in regions like Hong Kong, the US, Denmark, and Vietnam, enables deep market understanding, rapid client response, and enhanced trust, with a new Vietnam factory soon to be operational - The company has multiple overseas subsidiaries located in countries and regions such as Hong Kong, the United States, Denmark, Sweden, Australia, Japan, Vietnam, and India[42](index=42&type=chunk) - R&D centers have been established in Nanjing, India, and Denmark, with an overseas manufacturing base in Vietnam and a global sales team[42](index=42&type=chunk) - A new factory in Vietnam is scheduled to commence production to meet market demand[43](index=43&type=chunk) [High-Quality Customer Resources Advantage](index=12&type=section&id=4.%20High-Quality%20Customer%20Resources%20Advantage) The company maintains stable partnerships with numerous globally renowned mid-to-high-end audio brands and actively expands into emerging cross-industry sectors like smart home and health, leveraging innovative audio technology for growth - The company maintains continuous and stable cooperative relationships with numerous globally renowned mid-to-high-end audio brand customers[44](index=44&type=chunk) - The company actively expands into emerging cross-industry sectors such as smart home, smart health, and smart education with new customers[44](index=44&type=chunk) [Strong Production Manufacturing and Quality Assurance Advantage](index=12&type=section&id=5.%20Strong%20Production%20Manufacturing%20and%20Quality%20Assurance%20Advantage) The company boasts large-scale factories and numerous production lines, enabling flexible manufacturing and efficient delivery of diverse product orders, supported by an independently developed automated testing system (HTS) and a comprehensive quality assurance system - The company possesses large-scale factories and dozens of production lines, enabling flexible manufacturing to fulfill diverse product orders efficiently[45](index=45&type=chunk) - The company independently developed the Hansong Automated Test System (HTS) to enhance testing efficiency, accuracy, and traceability[45](index=45&type=chunk) - The quality assurance system covers the entire chain from R&D to delivery, with product quality recognized by customers[45](index=45&type=chunk) [Main Business Analysis](index=12&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue increased by 4.77% due to higher sales, but net profit attributable to shareholders decreased by 15.75% due to lower income tax expenses, while operating cash flow significantly dropped by 74.56% as accounts receivable remained within credit terms YoY Change in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 711,731,325.01 | 679,324,422.54 | 4.77% | Increased sales volume | | Operating Cost | 506,608,975.84 | 455,575,759.07 | 11.20% | Increased sales volume | | Income Tax Expense | 8,087,032.53 | 15,670,600.31 | -48.39% | Related to lower total profit | | Net Cash Flow from Operating Activities | 23,042,016.95 | 90,574,990.04 | -74.56% | Accounts receivable still within credit period | | Net Cash Flow from Investing Activities | -33,401,769.53 | -20,699,903.11 | 61.36% | Increased acquisition of fixed assets | | Net Cash Flow from Financing Activities | 53,495,500.52 | 26,171,439.23 | 104.40% | Increased borrowings | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | High-Performance Audio Products | 226,305,459.71 | 152,515,909.98 | 32.61% | -19.05% | -24.73% | 5.09% | | Innovative Audio and AIoT Smart Products | 447,211,184.07 | 333,904,081.78 | 25.34% | 23.02% | 42.43% | -10.18% | [Non-Main Business Analysis](index=13&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main business activities had a minor impact on total profit, with investment income from overdue payments, fair value changes from wealth management products, asset impairment from inventory write-downs, and non-operating income/expenses from various non-recurring items, none of which are sustainable Impact of Non-Main Business on Total Profit | Item | Amount (CNY) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 142,809.13 | 0.14% | Interest income from overdue payments | No | | Gains/Losses from Changes in Fair Value | 10,746.95 | 0.01% | Fair value fluctuations of wealth management products | No | | Asset Impairment | -9,601,662.83 | -9.35% | Provision for inventory depreciation | No | | Non-operating Income | 300,940.66 | 0.29% | Unpayable amounts | No | | Non-operating Expenses | 249,290.89 | 0.24% | Losses from destruction/scrapping of non-current assets | No | [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by 16.73% at period-end, with a decreased proportion of monetary funds and significant increases in accounts receivable and construction in progress, while short-term borrowings rose to CNY 66.51 million, and restricted assets primarily comprised CNY 20.26 million in bill business deposits Significant Changes in Asset Composition | Item | Amount at Period-End (CNY) | % of Total Assets | Amount at Year-End (CNY) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 926,406,361.39 | 52.38% | 882,436,531.46 | 58.24% | -5.86% | | Accounts Receivable | 308,504,095.93 | 17.44% | 206,295,455.08 | 13.61% | 3.83% | | Inventories | 323,241,144.03 | 18.28% | 265,960,011.84 | 17.55% | 0.73% | | Construction in Progress | 49,106,928.80 | 2.78% | 26,888,958.61 | 1.77% | 1.01% | | Short-Term Borrowings | 66,508,218.16 | 3.76% | 0.00 | 0.00% | 3.76% | - The net assets of Hansong Holding Limited, a major overseas asset, amounted to **CNY 620.37 million**, accounting for **40.52%** of the company's net assets, operating normally with no significant impairment risks[55](index=55&type=chunk) Financial Assets Measured at Fair Value | Item | Amount at Period-End (CNY) | | :--- | :--- | | Trading Financial Assets (Bank Wealth Management Products) | 1,572,746.95 | - At the end of the reporting period, **CNY 20,264,608.96** of monetary funds were restricted, primarily as margin deposits for bill business[59](index=59&type=chunk) [Investment Status Analysis](index=15&type=section&id=VI.%20Investment%20Status%20Analysis) During the reporting period, the company had no significant equity or non-equity investments, with financial assets measured at fair value totaling CNY 1.57 million, primarily bank wealth management products, and no use of raised funds, derivative investments, or entrusted loans - No significant equity or non-equity investments were made during the reporting period[61](index=61&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Amount at Period-End (CNY) | Fair Value Change Gain/Loss for the Period (CNY) | | :--- | :--- | :--- | | Other (Self-funded Bank Wealth Management Products) | 1,572,746.95 | 10,746.95 | - The company had no use of raised funds, derivative investments, or entrusted loans during the reporting period[63](index=63&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) [Disposal of Major Assets and Equity](index=16&type=section&id=VII.%20Disposal%20of%20Major%20Assets%20and%20Equity) During the reporting period, the company did not engage in any significant asset or equity disposal transactions - The company did not dispose of any major assets or equity during the reporting period[67](index=67&type=chunk)[68](index=68&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Key subsidiaries include Hansong Holding Limited (Hong Kong, sales, net profit CNY 56.68 million) and Hansong Technology (Bac Ninh) Co., Ltd. (Vietnam, production, net profit CNY 12.38 million), with the newly established MAVID (VIETNAM) TECHNOLOGY COMPANY LIMITED having no significant impact on overall operations Operating Performance of Major Subsidiaries | Company Name | Main Business | Registered Capital | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hansong Holding Limited | Sales | 1.56 million HKD | 620,373,174.76 | 470,723,844.07 | 269,076,574.89 | 56,678,784.68 | | Hansong Technology（Bac Ninh）Co., Ltd. | Production | 69.81 billion VND | 148,867,901.26 | 26,603,858.14 | 87,128,029.36 | 12,377,467.92 | - The newly established subsidiary, MAVID (VIETNAM) TECHNOLOGY COMPANY LIMITED, had no significant impact on overall production, operations, or performance during the reporting period[70](index=70&type=chunk) [Structured Entities Controlled by the Company](index=17&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[71](index=71&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from trade friction, exchange rate fluctuations, overseas operations, and reliance on a single major customer, addressed by optimizing strategies, global expansion, technology upgrades, hedging, and diversifying clients - The company faces trade friction risks, where changes in US-China tariff policies could adversely affect exports and raw material imports; the company will optimize operating strategies, deepen global presence and technological upgrades, and establish a new subsidiary in Vietnam to meet customer order delivery demands[71](index=71&type=chunk) - The company faces exchange rate fluctuation risks, primarily due to export products and imported raw materials being settled in USD; the company will mitigate exchange rate risks through hedging and other operations[72](index=72&type=chunk) - The company faces risks in overseas operations and subsidiary management due to varying policies, legal systems, and operating environments across multiple countries; the company will improve internal control systems and strengthen talent development to meet global operational compliance requirements[73](index=73&type=chunk)[74](index=74&type=chunk) - The company faces the risk of reliance on a single major customer; the company will stabilize existing customer relationships, enhance core technology reserves, intensify global market expansion, broaden its customer base, and optimize customer structure[75](index=75&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=19&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company did not host any research, communication, interview, or similar activities - The company did not host any research, communication, interview, or similar activities during the reporting period[76](index=76&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[77](index=77&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=19&type=section&id=XIII.%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[77](index=77&type=chunk) Part IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there was a change in independent directors, with Huang Lei appointed and Fang Yuan departing due to board re-election Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Huang Lei | Independent Director | Appointment | May 20, 2025 | Re-election | | Fang Yuan | Independent Director | Departure | May 20, 2025 | Re-election | [Profit Distribution and Capital Reserve Conversion Plan for the Current Reporting Period](index=20&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20Plan%20for%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period[80](index=80&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period[81](index=81&type=chunk) [Environmental Information Disclosure](index=20&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[82](index=82&type=chunk) [Social Responsibility](index=20&type=section&id=V.%20Social%20Responsibility) The company integrates sustainable development into its strategy, actively fulfilling responsibilities to shareholders, employees, and society through robust governance, innovation, ethical conduct, environmental protection, and community engagement - The company considers sustainable development a key part of its corporate development strategy, fulfilling its responsibilities to society, shareholders, and employees[82](index=82&type=chunk) [Shareholders](index=20&type=section&id=1.%20Shareholders) The company adheres to laws and regulations, improving corporate governance and internal controls to protect shareholder rights and enhance intrinsic value for favorable investment returns - The company actively protects shareholders' legitimate rights and interests and enhances intrinsic corporate value by improving corporate governance structure and internal control systems[83](index=83&type=chunk) [Management System](index=20&type=section&id=2.%20Management%20System) The company holds multiple system certifications, including ISO9001, and encourages R&D innovation and intellectual property protection, with 34 patent applications and 12 authorizations in the first half of the year - The company has obtained ISO9001, ISO14001, ISO45001, FSC-CoC, IATF16949, and other system certifications[84](index=84&type=chunk) - In the first half of the year, the company had **34 patent applications** and **12 authorizations**, encouraging employee innovation in R&D and intellectual property protection[85](index=85&type=chunk) [Code of Ethics](index=21&type=section&id=3.%20Code%20of%20Ethics) The company regularly conducts business ethics and anti-corruption training for employees, achieving a 100% pass rate for 1,410 participants, and fosters an integrity-driven culture through supplier agreements and information security training - The company regularly conducts business ethics and anti-corruption training for employees, covering **1,410 person-times** with a **100% pass rate**[86](index=86&type=chunk) - The company signs "Sunshine Business Agreements" with suppliers to build a culture of integrity, while also ensuring company information security and intellectual property protection[86](index=86&type=chunk) [Employees](index=21&type=section&id=4.%20Employees) The company strictly adheres to labor laws, fostering a diverse and inclusive corporate culture that supports employee development through training platforms and feedback mechanisms - The company strictly complies with labor laws and regulations, establishing human resource management and employee social insurance systems[87](index=87&type=chunk) - The company advocates a diverse and inclusive corporate culture, implementing anti-discrimination policies to support the development of women, people with disabilities, and young talents[87](index=87&type=chunk) - Through Hansong University and online learning platforms, the company supports skill enhancement and career advancement, and has established an employee suggestion box for continuous optimization of its talent management system[87](index=87&type=chunk) [Environmental Protection](index=21&type=section&id=5.%20Environmental%20Protection) The company is advancing smart manufacturing and automation, implementing energy-saving measures, and reducing pollutant emissions through clean processes and waste recycling, achieving "odor-free park" certification and pursuing sustainable product design - In the first half of the year, **9 types of automated equipment** were introduced, achieving **8 key process automation upgrades**, enhancing production efficiency and resource utilization[88](index=88&type=chunk) - New factory buildings are planned to use solar power, existing factories utilize energy-saving monitoring platforms, and pollutant emissions are reduced through clean process alternatives and waste classification and recycling[88](index=88&type=chunk) - The company passed the "odor-free park" industrial enterprise exhaust gas special acceptance in the first half of the year, adheres to environmental protection concepts in product design, and steadily advances emission reduction targets[88](index=88&type=chunk) [Social Welfare](index=21&type=section&id=6.%20Social%20Welfare) The company actively fulfills tax obligations, promotes employment through open recruitment, and develops green, low-carbon products, while consistently engaging in various public welfare and volunteer projects, earning recognition as a "Caring Unit" - The company actively fulfills its tax obligations, promotes employment through open recruitment, and is committed to R&D and production of green, environmentally friendly, low-carbon products[89](index=89&type=chunk) - The company participates in social welfare projects, such as establishing a "Cultural Talent Training Internship Base" with Nanjing University of Posts and Telecommunications' School of Economics and Management, participating in charity donations for children from impoverished families in the community, and being recognized as a "Caring Unit"[89](index=89&type=chunk)[90](index=90&type=chunk) Part V Important Matters [Fulfillment of Commitments](index=23&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, the company's actual controllers, shareholders, related parties, acquirers, and the company itself had no commitments that were fulfilled or overdue and unfulfilled by the end of the reporting period - The company reported no commitments by related parties that were fulfilled or overdue and unfulfilled by the end of the reporting period[92](index=92&type=chunk) [Non-Operating Fund Occupation](index=23&type=section&id=II.%20Non-Operating%20Fund%20Occupation) During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties - The company reported no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[93](index=93&type=chunk) [Irregular External Guarantees](index=23&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company reported no irregular external guarantees during the reporting period[94](index=94&type=chunk) [Appointment and Dismissal of Accounting Firms](index=23&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's half-year financial report was not audited - The company's half-year report was not audited[95](index=95&type=chunk) [Statements by the Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Reports"](index=23&type=section&id=V.%20Statements%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20%22Non-Standard%20Audit%20Reports%22) The company reported no non-standard audit reports during the reporting period - The company reported no non-standard audit reports during the reporting period[96](index=96&type=chunk) [Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=23&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company reported no non-standard audit reports during the reporting period - The company reported no non-standard audit reports during the reporting period[96](index=96&type=chunk) [Bankruptcy and Reorganization Matters](index=23&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy and reorganization matters - The company reported no bankruptcy and reorganization matters during the reporting period[96](index=96&type=chunk) [Litigation Matters](index=23&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company reported no significant litigation or arbitration matters during the reporting period[97](index=97&type=chunk) [Penalties and Rectification](index=24&type=section&id=IX.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company reported no penalties or rectification situations during the reporting period[98](index=98&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain good integrity, with no inapplicable circumstances - The company, its controlling shareholder, and actual controller maintain good integrity[99](index=99&type=chunk) [Significant Related Party Transactions](index=24&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions, including those related to daily operations, asset/equity acquisition/disposal, joint external investments, related party debts, or financial business with related financial companies - The company reported no related party transactions related to daily operations, asset or equity acquisition/disposal, joint external investments, or related party debts during the reporting period[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with related financial companies or financial companies controlled by the company[103](index=103&type=chunk)[104](index=104&type=chunk) - The company reported no other significant related party transactions during the reporting period[105](index=105&type=chunk) [Major Contracts and Their Performance](index=25&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship or contracting matters, but engaged in several leasing arrangements, including office and factory space in Nanjing and Vietnam, with no leasing projects generating over 10% of total profit, or other major guarantees or contracts - The company reported no trusteeship or contracting situations during the reporting period[106](index=106&type=chunk)[107](index=107&type=chunk) Major Leased Properties | Lessee | Leased Property Location | Lease Purpose | Lease Term | | :--- | :--- | :--- | :--- | | Company | Office building and factory in Jiangning Economic and Technological Development Zone, Nanjing | Office and production operations | May 20, 2023, to May 19, 2026 | | Hansong Technology（Bac Ninh）Co., Ltd. | Factory in VSIP Bac Ninh, Bac Ninh Province, Vietnam | Factory | January 14, 2020, to January 13, 2026 | | MAVID (VIETNAM) TECHNOLOGY COMPANY LIMITED | Factory in Yen Phong Industrial Park, Bac Ninh Province, Vietnam | Factory | June 21, 2025, to June 20, 2035 | - The company reported no leasing projects generating over 10% of total profit, nor any major guarantees, significant daily operating contracts, or other major contracts during the reporting period[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) [Explanation of Other Significant Matters](index=26&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[112](index=112&type=chunk) [Significant Matters of Company Subsidiaries](index=26&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[113](index=113&type=chunk) Part VI Share Changes and Shareholder Information [Share Changes](index=27&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital remained unchanged at 96,750,000 shares, with 100% being restricted shares, and no share repurchases or centralized bidding reductions occurred Share Changes | Item | Quantity (shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares Before This Change | 96,750,000 | 100.00% | | Restricted Shares After This Change | 96,750,000 | 100.00% | | Total Shares | 96,750,000 | 100.00% | - The company's total share capital remained unchanged during the reporting period, with no share repurchases or centralized bidding reductions[116](index=116&type=chunk)[117](index=117&type=chunk) [Securities Issuance and Listing](index=28&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company reported no securities issuance or listing activities during the reporting period[117](index=117&type=chunk) [Number of Shareholders and Shareholding Structure](index=28&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Structure) At the end of the reporting period, there were 19 common shareholders, with the top ten holding restricted shares, including Wang Bin (37.93%) and Hansong Technology Limited (31.93%), and several shareholders having related party or concerted action relationships - At the end of the reporting period, the total number of common shareholders was **19**[118](index=118&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Wang Bin | Domestic Natural Person | 37.93% | 36,693,843 | 36,693,843 | | Hansong Technology Limited | Overseas Legal Person | 31.93% | 30,888,804 | 30,888,804 | | Nanjing Han Jia Equity Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 9.58% | 9,266,641 | 9,266,641 | | Wang Jue | Domestic Natural Person | 8.87% | 8,580,223 | 8,580,223 | | Nanjing Hannuosheng Enterprise Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.01% | 1,942,306 | 1,942,306 | | Nanjing Xingnaheyuan Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.66% | 1,608,033 | 1,608,033 | | Jiangsu Grand Canal Xingxuan Venture Capital Fund (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.39% | 1,340,028 | 1,340,028 | | Nanjing Hannuoxin Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.13% | 1,091,306 | 1,091,306 | | Jiangsu Grand Canal Cultural Tourism Investment Management Co., Ltd. - Jiangsu Grand Canal Cultural Tourism Development Fund (Limited Partnership) | Other | 0.83% | 804,017 | 804,017 | | Nanjing Hannuohe Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.75% | 727,441 | 727,441 | - Wang Bin and Helge Lykke Kristensen are a married couple, and Wang Jue is a person acting in concert with the actual controller; Wang Bin actually controls Shengzhi Internet, which serves as the executive partner for multiple partnerships; Han Jia Investment is an enterprise actually controlled by Wang Bin; Hansong Technology Limited is an enterprise actually controlled by Helge Lykke Kristensen; Xingnaheyuan and Xingxuan Venture Capital's private fund manager is Jiangsu Xinghe Investment Management Co., Ltd., which are parties acting in concert[119](index=119&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[120](index=120&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=30&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder and actual controller remained unchanged during the reporting period[121](index=121&type=chunk) [Preferred Share Information](index=31&type=section&id=VI.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company reported no preferred shares during the reporting period[122](index=122&type=chunk) Part VII Bond-Related Information During the reporting period, the company had no bond-related information - The company reported no bond-related information during the reporting period[124](index=124&type=chunk) Part VIII Financial Report [Audit Report](index=33&type=section&id=I.%20Audit%20Report) The company's half-year financial report was not audited - The company's half-year financial report was not audited[126](index=126&type=chunk) [Financial Statements](index=33&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, showing total consolidated assets of CNY 1.77 billion, total liabilities of CNY 610.35 million, owners' equity of CNY 1.16 billion, operating revenue of CNY 711.73 million, net profit of CNY 94.56 million, and net operating cash flow of CNY 23.04 million H1 2025 Consolidated Balance Sheet Summary | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,768,753,167.39 | 1,515,297,959.63 | | Total Liabilities | 610,347,705.20 | 452,871,275.31 | | Total Owners' Equity | 1,158,405,462.19 | 1,062,426,684.32 | H1 2025 Consolidated Income Statement Summary | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 711,731,325.01 | 679,324,422.54 | | Operating Profit | 102,598,919.14 | 127,485,082.30 | | Total Profit | 102,650,568.91 | 127,898,817.13 | | Net Profit | 94,563,536.38 | 112,228,216.82 | | Net Profit Attributable to Parent Company Shareholders | 94,503,952.80 | 112,168,600.74 | H1 2025 Consolidated Cash Flow Statement Summary | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 23,042,016.95 | 90,574,990.04 | | Net Cash Flow from Investing Activities | -33,401,769.53 | -20,699,903.11 | | Net Cash Flow from Financing Activities | 53,495,500.52 | 26,171,439.23 | | Net Increase in Cash and Cash Equivalents | 43,895,407.88 | 102,892,906.15 | [Consolidated Balance Sheet](index=33&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets increased by 16.73% to CNY 1.77 billion, with monetary funds at CNY 926.41 million, accounts receivable at CNY 308.50 million, and inventories at CNY 323.24 million, while total liabilities increased by 34.79% to CNY 610.35 million, including CNY 66.51 million in short-term borrowings and CNY 346.64 million in accounts payable Key Data from Consolidated Balance Sheet | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 926,406,361.39 | 882,436,531.46 | | Accounts Receivable | 308,504,095.93 | 206,295,455.08 | | Inventories | 323,241,144.03 | 265,960,011.84 | | Fixed Assets | 48,631,368.44 | 39,727,788.20 | | Construction in Progress | 49,106,928.80 | 26,888,958.61 | | Short-Term Borrowings | 66,508,218.16 | 0.00 | | Accounts Payable | 346,639,648.42 | 186,943,708.09 | | Total Liabilities | 610,347,705.20 | 452,871,275.31 | | Total Owners' Equity Attributable to Parent Company | 1,161,802,841.02 | 1,065,896,138.12 | | Total Assets | 1,768,753,167.39 | 1,515,297,959.63 | [Parent Company Balance Sheet](index=37&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets increased by 14.80% to CNY 1.47 billion, with monetary funds at CNY 632.28 million, accounts receivable at CNY 396.37 million, and inventories at CNY 215.43 million, while total liabilities increased by 45.39% to CNY 495.26 million, including CNY 66.51 million in short-term borrowings and CNY 335.30 million in accounts payable Key Data from Parent Company Balance Sheet | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 632,279,950.16 | 683,405,430.69 | | Accounts Receivable | 396,374,897.04 | 209,727,604.35 | | Inventories | 215,433,809.85 | 199,919,092.47 | | Long-Term Equity Investments | 50,696,833.51 | 45,696,833.51 | | Fixed Assets | 40,530,480.63 | 36,783,739.86 | | Short-Term Borrowings | 66,508,218.16 | 0.00 | | Accounts Payable | 335,297,826.11 | 173,813,324.01 | | Total Liabilities | 495,258,454.23 | 340,643,325.48 | | Total Owners' Equity | 971,291,134.10 | 936,952,589.68 | | Total Assets | 1,466,549,588.33 | 1,277,595,915.16 | [Consolidated Income Statement](index=39&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, consolidated total operating revenue increased by 4.77% to CNY 711.73 million, while operating profit decreased by 19.52% to CNY 102.60 million, and net profit attributable to parent company shareholders decreased by 15.75% to CNY 94.50 million, with other comprehensive income primarily affected by foreign currency translation differences Key Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 711,731,325.01 | 679,324,422.54 | | Total Operating Cost | 594,677,690.40 | 539,562,380.13 | | Operating Profit | 102,598,919.14 | 127,485,082.30 | | Total Profit | 102,650,568.91 | 127,898,817.13 | | Net Profit | 94,563,536.38 | 112,228,216.82 | | Net Profit Attributable to Parent Company Shareholders | 94,503,952.80 | 112,168,600.74 | | Net Other Comprehensive Income After Tax | -1,827,161.55 | -1,084,289.57 | | Total Comprehensive Income | 92,736,374.83 | 111,143,927.25 | | Basic Earnings Per Share (CNY/share) | 0.98 | 1.16 | [Parent Company Income Statement](index=41&type=section&id=4.%20Parent%20Company%20Income%20Statement) In the first half of 2025, parent company operating revenue increased by 4.25% to CNY 649.36 million, but operating profit significantly decreased by 71.80% to CNY 31.23 million, and net profit significantly decreased by 70.89% to CNY 31.10 million Key Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 649,364,742.66 | 622,914,285.88 | | Operating Cost | 540,026,360.02 | 451,970,462.11 | | Operating Profit | 31,232,741.89 | 110,763,693.97 | | Total Profit | 31,050,616.50 | 110,835,137.08 | | Net Profit | 31,096,141.39 | 106,900,856.16 | | Total Comprehensive Income | 31,096,141.39 | 106,900,856.16 | [Consolidated Cash Flow Statement](index=42&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities significantly decreased by 74.56% to CNY 23.04 million due to increased accounts receivable, while net cash flow from investing activities was -CNY 33.40 million due to increased fixed asset purchases, and net cash flow from financing activities increased to CNY 53.50 million due to increased borrowings Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 706,625,922.13 | 608,358,048.35 | | Subtotal of Cash Outflows from Operating Activities | 683,583,905.18 | 517,783,058.31 | | Net Cash Flow from Operating Activities | 23,042,016.95 | 90,574,990.04 | | Net Cash Flow from Investing Activities | -33,401,769.53 | -20,699,903.11 | | Net Cash Flow from Financing Activities | 53,495,500.52 | 26,171,439.23 | | Net Increase in Cash and Cash Equivalents | 43,895,407.88 | 102,892,906.15 | | Cash and Cash Equivalents at Period-End | 906,141,752.43 | 698,908,039.47 | [Parent Company Cash Flow Statement](index=44&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, parent company net cash flow from operating activities turned negative to -CNY 77.77 million due to decreased cash from sales, while net cash flow from investing activities was -CNY 33.34 million due to increased fixed asset purchases and investments, and net cash flow from financing activities increased to CNY 58.60 million due to increased borrowings Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -77,767,935.25 | 50,802,703.21 | | Net Cash Flow from Investing Activities | -33,341,070.75 | -18,911,945.31 | | Net Cash Flow from Financing Activities | 58,602,191.55 | 28,429,097.43 | | Net Increase in Cash and Cash Equivalents | -51,379,510.41 | 69,815,572.45 | | Cash and Cash Equivalents at Period-End | 612,099,623.52 | 519,707,556.21 | [Consolidated Statement of Changes in Owners' Equity](index=46&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, consolidated total owners' equity increased by CNY 95.98 million, primarily driven by total comprehensive income of CNY 92.74 million and owners' contributions and capital reductions of CNY 3.24 million Consolidated Statement of Changes in Owners' Equity | Item | Period-Beginning Balance (CNY) | Amount of Change for the Period (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 1,065,896,138.12 | 95,906,702.90 | 1,161,802,841.02 | | Minority Interests | -3,469,453.80 | 72,074.97 | -3,397,378.83 | | Total Owners' Equity | 1,062,426,684.32 | 95,978,777.87 | 1,158,405,462.19 | - The change for the period primarily includes total comprehensive income of **CNY 92,736,374.84** and owners' contributions and capital reductions of **CNY 3,242,403.03**[143](index=143&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=51&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, parent company total owners' equity increased by CNY 34.34 million, mainly due to total comprehensive income of CNY 31.10 million and owners' contributions and capital reductions of CNY 3.24 million Parent Company Statement of Changes in Owners' Equity | Item | Period-Beginning Balance (CNY) | Amount of Change for the Period (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | | Total Owners' Equity | 936,952,589.68 | 34,338,544.42 | 971,291,134.10 | - The change for the period primarily includes total comprehensive income of **CNY 31,096,141.39** and the amount of share-based payments recognized in owners' equity of **CNY 3,242,403.03**[153](index=153&type=chunk)[155](index=155&type=chunk) [Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) Hansong (Nanjing) Technology Co., Ltd., formerly Hansong (Nanjing) Technology Co., Ltd., was restructured into a joint-stock company on June 1, 2022, with a registered capital of CNY 96.75 million, and listed on the Shenzhen Stock Exchange ChiNext on August 6, 2025 - The company, formerly Hansong (Nanjing) Technology Co., Ltd., was restructured into a joint-stock company on **June 1, 2022**, with a registered capital of **CNY 96.75 million**[160](index=160&type=chunk) - The company was listed and traded on the ChiNext board of the Shenzhen Stock Exchange on **August 6, 2025**, with stock code "301491"[161](index=161&type=chunk) - These financial statements were approved for issuance by the company's board of directors on **August 28, 2025**[162](index=162&type=chunk) [Basis of Financial Statement Preparation](index=56&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[163](index=163&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the next 12 months from the end of the reporting period[164](index=164&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements comply with enterprise accounting standards, accurately reflecting its financial position, and this section details specific accounting policies and estimates for various transactions, with no significant changes during the reporting period - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[166](index=166&type=chunk) - The company has formulated specific accounting policies and estimates for transactions such as financial instrument impairment, fixed asset depreciation, intangible assets, and revenue recognition, based on its actual production and operating characteristics[165](index=165&type=chunk) - There were no significant changes in accounting policies and estimates during the reporting period[293](index=293&type=chunk) [Taxes](index=78&type=section&id=VI.%20Taxes) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, and local education surcharge, with various tax incentives such as high-tech enterprise status (15% CIT rate) and "two-year exemption, four-year half reduction" for Vietnamese subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 5%, 6%, 12%, 13%, 18%, 21%, 25% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | See disclosure below | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company is recognized as a high-tech enterprise, enjoying a **15% corporate income tax preferential rate** from January to June 2025[295](index=295&type=chunk) - Subsidiaries Nanjing Yinfan Audio-Visual Technology Co., Ltd. and Nanjing Maiwei Technology Co., Ltd. are eligible for small and micro-profit enterprise corporate income tax preferential policies, taxed at a **20% rate**[295](index=295&type=chunk) - Subsidiaries Hansong Technology (Bac Ninh) Co., Ltd. and MAVID (VIETNAM) TECHNOLOGY COMPANY LIMITED enjoy a "two-year exemption, four-year half reduction" tax incentive policy in Vietnam, exempt from corporate income tax from January to June 2025[296](index=296&type=chunk) [Notes to Consolidated Financial Statement Items](index=79&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including CNY 926.41 million in monetary funds (CNY 252 million overseas), CNY 308.50 million in accounts receivable (CNY 16.39 million in bad debt provisions), CNY 323.24 million in inventories (CNY 39.29 million in impairment provisions), CNY 66.51 million in short-term borrowings, CNY 711.73 million in operating revenue, CNY 506.61 million in operating costs, CNY 41.50 million in R&D expenses, and CNY 23.04 million in net operating cash flow, with most foreign currency items denominated in USD - At period-end, monetary funds totaled **CNY 926.41 million**, of which **CNY 252 million** was deposited overseas[298](index=298&type=chunk) - At period-end, the book value of accounts receivable was **CNY 308.50 million**, with bad debt provisions of **CNY 16.39 million**[304](index=304&type=chunk) - At period-end, the book value of inventories was **CNY 323.24 million**, with inventory depreciation provisions of **CNY 39.29 million**[327](index=327&type=chunk)[329](index=329&type=chunk) - At period-end, short-term borrowings totaled **CNY 66.51 million**, primarily credit loans[370](index=370&type=chunk) - Current period operating revenue was **CNY 711.73 million**, and operating cost was **CNY 506.61 million**[409](index=409&type=chunk) - Current period R&D expenses were **CNY 41.50 million**, with compensation expenses accounting for the largest proportion[416](index=416&type=chunk) - Net cash flow from operating activities was **CNY 23.04 million**[448](index=448&type=chunk) - Foreign currency monetary items are primarily denominated in USD, with a period-end USD monetary fund balance of **USD 120 million**[453](index=453&type=chunk) [Changes in Consolidation Scope](index=104&type=section&id=VIII.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not lose control over any subsidiaries but expanded its consolidation scope by establishing MAVID (VIETNAM) TECHNOLOGY COMPANY LIMITED - The company reported no transactions or events resulting in the loss of control over subsidiaries during the reporting period[457](index=457&type=chunk) - The company expanded its consolidation scope by establishing MAVID (VIETNAM) TECHNOLOGY COMPANY LIMITED during the current period[457](index=457&type=chunk) [Interests in Other Entities](index=104&type=section&id=IX.%20Interests%20in%20Other%20Entities) The company holds interests in various subsidiaries, including Nanjing Yinfan Audio-Visual Technology Co., Ltd., Hansong Holding Limited, and Hansong Technology (Bac Ninh) Co., Ltd., primarily engaged in sales, investment, R&D, and production, with most being 100% owned through common control business combinations or establishment Major Subsidiaries | Subsidiary Name | Main Operating Location | Business Nature | Shareholding Percentage (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Nanjing Yinfan Audio-Visual Technology Co., Ltd. | Nanjing | Sales | 100.00% | Business combination under common control | | Hansong Holding Limited | Hong Kong, China | Sales | 100.00% | Business combination under common control | | Hansong CMD Limited | Hong Kong, China | Investment | 100.00% (Indirect) | Business combination under common control | | Platin Gate ApS | Denmark | R&D, Sales | 100.00% (Indirect) | Business combination under common control | | Libre Wireless Technologies, Inc | United States | Sales | 94.50% | Business combination under common control | | Hansong Technology (Bac Ninh) Co.,Ltd. | Vietnam | Production | 100.00% | Establishment | | MAVID (VIETNAM) TECHNOLOGY COMPANY LIMITED | Vietnam | Production | 100.00% | Establishment | [Government Grants](index=106&type=section&id=X.%20Government%20Grants) During the reporting period, government grants recognized in current profit or loss amounted to CNY 2.11 million, an increase from the previous period, with no government grants recognized based on receivable amounts Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Other Income | 2,113,554.59 | 1,045,190.50 | - The company does not recognize government grants based on receivable amounts[461](index=461&type=chunk) [Risks Related to Financial Instruments](index=107&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (interest rate and foreign exchange), which are managed through credit risk assessment, monitoring of receivables, diversified financing, and re

Core Insights - The company, AIT, specializes in high-performance audio products and innovative audio and AIoT smart products, with projected revenues of 1.386 billion, 1.031 billion, and 1.454 billion yuan for 2022, 2023, and 2024 respectively, showing a year-over-year growth of 36.08%, -25.60%, and 40.98% [1] - The company has established itself as a significant player in the high-end audio market, collaborating with renowned brands and achieving a notable export market share in audio amplifiers [2] - AIT has a strong focus on R&D, with a dedicated team and increasing investment in innovation, resulting in numerous patents and industry awards [3] - The business structure is diversified, with significant growth potential in innovative audio and AIoT products, which are expected to drive future revenue growth [4] Financial Performance - The company reported revenues of 1.386 billion yuan in 2022, with a net profit of 190 million yuan, reflecting a year-over-year increase of 79.08% [1] - For Q1 2025, the company achieved revenues of 251 million yuan, a decline of 13.39% year-over-year, with a net profit of 38 million yuan, down 15.18% [1] Market Position - AIT is one of the few influential Chinese companies in the high-end amplifier and Hi-Fi audio sector, with a strong reputation built over 20 years [2] - The company’s export share of audio amplifiers was 3.84%, 2.15%, and 3.12% from 2022 to 2024, indicating a solid position in the niche market [2] R&D and Innovation - The company has established three R&D centers and employs a specialized team of 278, representing 17.03% of its workforce, with a focus on audio signal processing and system intelligence [3] - R&D expenses have consistently increased, reaching 82.87 million yuan in 2024, maintaining a stable ratio of 5%-7% of revenue [3] - AIT holds 112 authorized patents and has received multiple international awards for its products [3] Business Structure and Growth Potential - The company’s revenue structure for 2024 is divided into high-performance audio products (44.25%), innovative audio and AIoT products (50.23%), and other products (5.51%) [4] - The innovative audio segment has shown significant growth, with revenues of 724 million yuan in 2024, a 37.6% increase from 2022 [4] - Future growth is anticipated in the smart home and wearable technology sectors, leveraging audio IoT modules compatible with Matter protocol [4]