Core Viewpoint - HanShuo Technology reported a decline in revenue and net profit for the first three quarters of 2025, indicating short-term performance pressure due to various factors including margin compression and investment losses [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.809 billion yuan, a year-on-year decrease of 11.04% [1]. - The net profit attributable to shareholders was 314 million yuan, down 40.51% year-on-year [1]. - The net profit excluding non-recurring items was 366 million yuan, a decrease of 27.55% year-on-year [1]. - In Q3 2025, revenue was 835 million yuan, a year-on-year decline of 19.79% [1]. - The net profit for Q3 was 93 million yuan, down 37.50% year-on-year [1]. Margin and Cost Analysis - The gross margin for Q1-Q3 2025 was 32.88%, a decrease of 3.28 percentage points year-on-year [2]. - The gross margin for Q3 2025 was 35.94%, an increase of 1.98 percentage points year-on-year and 5.23 percentage points quarter-on-quarter [2]. - The company reported a fair value loss of 16.9069 million yuan for Q1-Q3 2025, compared to a gain of 1.851 million yuan in the same period last year [2]. - Investment income for Q1-Q3 2025 was -58.5536 million yuan, down from a profit of 7.4568 million yuan in the previous year [2]. - The expense ratio for Q1-Q3 2025 was 15.49%, a decrease of 0.67 percentage points year-on-year [2]. Competitive Advantages - The company has developed a proprietary HiLPC communication protocol that enhances network performance and efficiency [3]. - It has released over 40 electronic price tag products and more than 20 iterations of its system software since 2013, maintaining a leading position in the industry [3]. - The company is leveraging Microsoft Azure for technological support and has developed digital solutions for retail clients [3][4]. - The company is actively managing its domestic supply chain and promoting domestic chip substitution to maintain cost advantages [4]. Client and Market Expansion - HanShuo Technology has established a global presence with subsidiaries in over 70 countries and regions, serving more than 500 clients [4]. - The company collaborates with major global retailers such as Auchan, Aldi, and Woolworths, contributing to its revenue growth [4]. Investment Outlook - The revenue forecasts for 2025-2027 have been adjusted to 3.812 billion, 4.679 billion, and 5.768 billion yuan, reflecting a year-on-year decline of 15.0% in 2025, followed by growth in subsequent years [5]. - The net profit forecasts for the same period are 449 million, 604 million, and 832 million yuan, with a significant decline in 2025 [5]. - The earnings per share (EPS) estimates are 1.06, 1.43, and 1.97 yuan for 2025-2027 [5].
汉朔科技(301275)：业绩短期承压 静待下游需求释放