汉仪股份：经营稳健韧性足，一季度业绩扭亏为盈

Core Viewpoint - Han Yi Co., Ltd. has demonstrated strong financial performance and growth potential despite facing challenges in 2024, with significant improvements in profitability and cash flow in the first quarter of 2025 [1][2]. Financial Performance - In 2024, the company achieved total revenue of 191 million yuan and a net profit attributable to shareholders of 8.81 million yuan [1]. - For Q1 2025, the company reported revenue of 45.44 million yuan, a year-on-year increase of 5.25%, and a net profit of 4.65 million yuan, marking a substantial year-on-year growth of 296.42% [1]. - The operating cash flow for 2024 was 246.61 million yuan, significantly higher than the net profit, indicating strong cash generation capabilities [2]. - The company maintained a high gross margin of 80.86% in 2024, reflecting the robustness of its business model [2]. Shareholder Returns - Han Yi Co., Ltd. has shown commitment to returning value to shareholders, with a total of 64.66 million yuan allocated for dividends and share buybacks in 2024, and cumulative dividends exceeding 100 million yuan from 2023 to 2024 [2]. Business Strategy - The company has focused on B-end customization, partnering with major IPs like "Black Myth: Wukong" to enhance brand influence [3]. - Han Yi Co., Ltd. has expanded its offerings to support Chinese brands' global strategies, including the development of multilingual font libraries for companies like Xiaomi and OPPO [3][4]. - The internet platform licensing business generated revenue of 45.54 million yuan in 2024, with a growth rate of 14.64% [4]. AI and Industry Positioning - The company is actively investing in AI technologies, with significant developments following the acquisition of Aji Network and investments in AI software firms [5][6]. - Han Yi Co., Ltd. has made a strategic investment of 134 million HKD to acquire an 11.2% stake in Fangzheng Holdings, aiming to enhance industry integration and collaboration [6]. - The company is well-positioned to leverage AI advancements and industry trends, indicating a forward-looking approach in the font library sector [6].