Group 1 - The core viewpoint of the news is that Hansang Technology has shown a positive trend in financing activities, with a net financing purchase of 2.53 million yuan on December 19, 2025, indicating investor interest in the company [1] - As of December 19, 2025, the total balance of margin trading for Hansang Technology is 127 million yuan, which accounts for 8.53% of its circulating market value [1] - The company specializes in providing high-end audio products and comprehensive audio technology solutions, with its main business revenue composition being 65.68% from innovative audio and AIOT smart products, 33.24% from high-performance audio products, and 1.08% from other sources [1] Group 2 - As of September 30, 2025, the number of shareholders for Hansang Technology is 22,700, a decrease of 29.73% compared to the previous period, while the average circulating shares per person increased by 42.31% to 1,190 shares [2] - For the period from January to September 2025, Hansang Technology achieved an operating income of 1.269 billion yuan, representing a year-on-year growth of 9.53%, while the net profit attributable to the parent company was 156 million yuan, a decrease of 18.40% year-on-year [2] - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited is the seventh largest shareholder, having newly entered with a holding of 160,200 shares [2]

Core Insights - Company has obtained a new business license with a registered capital increase to 129 million yuan, expanding its business scope to include smart home consumer devices, VR/AR, IoT, AI hardware, and integrated circuit chip design, marking a significant step in its intelligent and diversified layout [1] - The company is advancing its "1+2+3+4" development strategy, focusing on audio technology and integrating AI into its product system to enhance its traditional advantages in the era of intelligence [1][2] - The company is adopting a dual-engine model for domestic and overseas markets, strengthening its audio technology chain, and expanding into three major business areas: audio IoT modules, ODM audio systems, and smart audio-visual systems [2] Business Strategy - The company aims to clarify its business layout and improve resource allocation efficiency by focusing on four major tracks: home, commercial, personal, and automotive audio products, catering to diverse application scenarios [2] - Despite challenges such as cyclical fluctuations in the consumer electronics industry and the need for customer structure diversification, the company maintains stable progress in core audio technology and AIoT product layout [2] - The adjustment of the business scope and strategic collaboration is expected to lay a solid foundation for the company's business growth in the coming years as global consumer electronics demand gradually recovers [2]

Group 1 - The core viewpoint of the news is that Hansang Technology experienced a slight decline in stock price while showing positive financing activity, indicating investor interest despite the drop [1] - On December 18, Hansang Technology's stock fell by 0.82%, with a trading volume of 32.34 million yuan. The financing buy-in amount was 3.28 million yuan, while the financing repayment was 2.53 million yuan, resulting in a net financing buy of 0.76 million yuan [1] - As of December 18, the total financing and securities lending balance for Hansang Technology was 12.5 million yuan, with the financing balance accounting for 8.44% of the circulating market value [1] Group 2 - As of September 30, the number of shareholders for Hansang Technology was 22,700, a decrease of 29.73% from the previous period, while the average circulating shares per person increased by 42.31% to 1,190 shares [2] - For the period from January to September 2025, Hansang Technology achieved an operating income of 1.269 billion yuan, representing a year-on-year growth of 9.53%. However, the net profit attributable to the parent company was 156 million yuan, a decrease of 18.40% year-on-year [2] - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest shareholder, holding 160,200 shares as a new shareholder [2]

证券日报网讯12月8日，汉桑科技（301491）在互动平台回答投资者提问时表示，根据监管的相关规 定，公司股东户数在定期报告中持续披露。 ...

Group 1 - The core viewpoint is that Hansa Technology (301491) has confirmed that its factory in Vietnam is operating normally and primarily exports products to the United States [1] - The company acknowledges that the supply chain in Vietnam still faces challenges, particularly with the need to import core components [1] - Hansa Technology is actively working on building a local supply chain and management system in Vietnam [1]

Core Viewpoint - The company, Hansang Technology, has stated that its export products and imported raw materials are primarily settled in US dollars, and it will negotiate settlement prices based on exchange rate fluctuations with clients and suppliers [2]. Group 1 - The company will assess exchange rate risks scientifically and reasonably in accordance with relevant regulatory requirements and internal management systems [2]. - The company aims to prevent and respond to exchange rate fluctuation risks based on actual operating conditions [2].

证券日报网12月3日讯汉桑科技在12月2日回答调研者提问时表示，公司以自主全流程生产为主，实现精 益化生产管理，充分发挥产品设计、模具制造、注塑成型、SMT生产、PCBA生产和测试、总装装配及 测试等全流程制造能力的竞争优势，以有效控制和保证产品质量和交付。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网12月3日讯汉桑科技在12月2日回答调研者提问时表示，股价的波动属于二级市场正常的交易 波动，股价的表现受到宏观经济、行业政策、市场情绪以及资金偏好等多种复杂因素的共同影响。公司 重视公司市值与内在价值的匹配，始终通过规范经营、提升经营质效、强化投资者沟通等方式维护股东 权益。目前公司工作聚焦于：夯实主业竞争力，落地公司发展战略和新业务布局，建立新业务发展所需 的体系，遵守信息披露规则。公司秉持可持续高质量发展的经营理念，致力于使公司发展可以跨越周 期，公司的价值可以实现长期增长。 ...

Core Viewpoint - The company, Hansang Technology, has decided not to prioritize the development of headphones due to intense market competition, instead focusing on higher-value segments that leverage its strengths in providing high-quality audio, video, and AIoT system solutions across various scenarios [2] Group 1 - The company is currently not emphasizing headphones as a key business area [2] - The focus is on developing segments that are more challenging but offer greater long-term value [2] - The company aims to provide solutions for medium and large spaces, multiple spaces, and cross-domain scenarios [2]

Group 1: Company Overview and Strategy - The company focuses on solidifying its core competitiveness and implementing its development strategy and new business layout [3] - The company adheres to a sustainable high-quality development philosophy, aiming for long-term growth across economic cycles [3] Group 2: Investor Relations and Market Performance - The lock-up period for Pre-IPO external institutional shareholders and strategic placement shareholders is 12 months post-listing, while the employee stock platform has a 36-month lock-up [2] - The company emphasizes the importance of aligning market value with intrinsic value, affected by macroeconomic factors, industry policies, market sentiment, and capital preferences [2][3] Group 3: Financial Performance - The company reported revenue growth in Q3, but profit declined due to increased export tariffs to the U.S., rising component prices, and investments in new factories and technologies [4] - The adjustment of U.S. tariffs, reducing the "fentanyl tariff rate" from 20% to 10%, is expected to create a favorable environment for business expansion in the U.S. market [5] Group 4: Production and Supply Chain - The company maintains a self-managed full-process production model, ensuring quality control and delivery through various manufacturing capabilities [6] - The Vietnam factory is operational, primarily exporting to the U.S., but faces challenges in establishing a stable local supply chain [7] Group 5: Future Investments and Growth - The company is executing investment plans for smart audio IoT products and high-end audio product manufacturing, with a target of producing 1.5 million units annually [7] - The company considers acquisitions to enhance its industry chain and aims to become a global technology enterprise integrating R&D, production, sales, and branding [7] Group 6: Product Focus and Market Position - The company is not prioritizing headphone production due to intense market competition, instead focusing on high-value audio and AIoT system solutions [7] - With over 20 years of development, the company has established a strong reputation in the ODM sector for high-performance audio products and aims to lead in niche markets through innovation [8]