Core Viewpoint - HanShuo Technology reported a decline in revenue and net profit for the first half of 2025, indicating short-term performance pressure due to various factors including a slight decrease in gross margin and losses from fair value changes [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 1.974 billion yuan, a year-on-year decrease of 6.73% [1] - The net profit attributable to shareholders was 222 million yuan, down 41.68% year-on-year, while the net profit excluding non-recurring items was 287 million yuan, a decrease of 20.40% [1] - In Q2 2025, revenue was 993 million yuan, a decline of 13.10% year-on-year, and net profit was 72 million yuan, down 65.90% year-on-year [1] Performance Drivers - The gross margin for H1 2025 was 31.59%, a decrease of 5.66 percentage points year-on-year, primarily due to changes in product structure [2] - Fair value changes resulted in a loss of 62 million yuan in H1 2025, compared to a gain of 13 million yuan in the same period last year, attributed to floating losses in foreign exchange hedging [2] - The company’s expense ratio decreased to 11.01%, down 4.95 percentage points year-on-year, with financial expenses significantly increasing due to foreign exchange gains from the rising euro [2] Competitive Advantages - The company has developed a proprietary HiLPC communication protocol that enhances network architecture, providing strong anti-interference capabilities and high throughput [3] - Since 2013, the company has launched over 40 electronic price tag products and continuously optimized its hardware and software solutions, maintaining a leading position in the industry [3] - The company is actively managing its domestic supply chain and promoting domestic chip substitution to maintain cost advantages, with gross margins consistently leading the global industry [4] Client Relationships - The company has established a global presence with subsidiaries in over 70 countries and regions, collaborating with major retail clients such as Auchan, Aldi, and Woolworths [4] - This extensive client base and partnerships are expected to drive continued revenue growth [4] Investment Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 4.562 billion, 5.594 billion, and 6.886 billion yuan respectively, with year-on-year growth rates of 1.7%, 22.6%, and 23.1% [5] - The net profit forecasts for the same period are 652 million, 899 million, and 1.200 billion yuan, with expected year-on-year changes of -8.2%, +37.9%, and +33.4% [5] - The closing price on August 25, 2025, was 59.22 yuan, corresponding to P/E ratios of 38.36x, 27.81x, and 20.85x for the respective years [5]

Group 1: Company Overview - Hanshu Technology is a well-known provider of digital solutions for retail stores, focusing on electronic price tag systems as part of its comprehensive smart retail solutions [4] - The company aims to bridge the digital divide between online and offline retail, enhancing operational efficiency and consumer shopping experiences through IoT technology [4] Group 2: Financial Performance - In the first half of 2025, the company reported total assets of 63.45 billion yuan, a year-on-year increase of 22.52% [4] - Operating revenue was 19.74 billion yuan, a decline of 6.73% year-on-year [4] - Net profit attributable to shareholders was 41.68 million yuan, down 2.22% year-on-year [4] - The net profit excluding non-recurring gains and losses was 28.7 million yuan, a decrease of 20.40% year-on-year [4] Group 3: Challenges and Market Conditions - The decline in performance is attributed to several factors, including the impact of U.S. tariffs affecting market growth, which slowed customer demand [5] - Some large customer orders were not released in the first half of the year, with expectations for phased realization in subsequent quarters [5] - The gross profit margin decreased to 31.59%, down 5.66 percentage points year-on-year, due to increased competition and lower margins on electronic price tag terminals [5] Group 4: Market Strategy and Growth Prospects - The company is expanding its customer base in Europe, North America, and other regions, with a strong foundation for future growth [6] - The North American market is experiencing accelerated penetration, particularly due to Walmart's large-scale application of electronic price tag solutions [8] - The global retail digitalization trend is expected to continue, with significant demand for electronic price tag solutions [10] Group 5: Product Development and Innovation - The company is committed to technological innovation, enhancing its electronic price tag solutions and expanding into AIoT smart hardware and digital energy management [7] - The electronic price tag has evolved from a simple pricing tool to a multifunctional core device for digital store operations [7] - The company is also developing a complete digital store solution, including AI cameras and smart shopping carts, to meet the growing digitalization needs of retail clients [7] Group 6: Market Insights - In the first half of 2025, global electronic price tag module shipments reached 248 million units, a year-on-year increase of 56% [10] - The European market is expanding from Western Europe to Eastern and Southern Europe, with stable demand growth [10] - By 2026, it is expected that 20% of global shipments will be driven by replacement demand, increasing to 28% by 2027 [10]

智通财经APP讯，汉朔科技(301275.SZ)发布2025年半年度报告，报告期内，公司实现营业收入19.74亿 元，同比下降6.73%。实现归属于上市公司股东的净利润2.22亿元，同比下降41.68%。实现归属于上市 公司股东的扣除非经常性损益的净利润2.87亿元，同比下降20.40%。基本每股收益0.5253元。 ...

Core Insights - Hanshuo Technology (stock code: 301275) reported a robust performance for the first half of 2025, achieving operating revenue of 1.974 billion yuan and a net profit attributable to shareholders of 222 million yuan, with total assets reaching 6.345 billion yuan, marking a year-on-year increase of 22.52% [1] Group 1: Company Performance - The company maintains its position as the second-largest in terms of operating revenue among global peers, consistent with its ranking in 2024 [1] - The company is a leading provider of digital solutions for retail stores, focusing on electronic price tag systems to facilitate digital transformation in the retail sector [1] Group 2: Product Strategy and Innovation - Hanshuo Technology has established a strong competitive advantage in electronic price tag communication efficiency, stability, and power consumption through its self-developed HiLPC protocol [2] - The company aims to consolidate its competitive edge in electronic price tag solutions while expanding into AIoT smart hardware and digital energy management for retail stores [2] - The electronic price tag has evolved from a simple pricing tool to a multifunctional core device that supports digital operations and dynamic pricing, enhancing its competitiveness [2] Group 3: Industry Trends - The global electronic shelf label (ESL) module shipment reached 248 million units in the first half of 2025, reflecting a year-on-year growth of 56%, indicating strong market growth [3] - The penetration rate of electronic price tags globally is only 15%, suggesting significant future growth potential [3] Group 4: Global Expansion and Client Strategy - Hanshuo Technology has established a global presence, serving over 500 clients across more than 70 countries, including major retailers like Auchan and Aldi [4] - The company emphasizes balanced regional market coverage and has set up subsidiaries in various countries, enhancing customer loyalty and order scale [4] - The company has developed a robust global supply chain structure, leveraging domestic resources to enhance operational efficiency and profitability [4][5]

证券代码：301275 证券简称：汉朔科技 公告编号：2025-031 汉朔科技股份有限公司 第二届董事会第十一次会议决议公告 经与会董事审议，公司《2025 年半年度报告》全文及摘要的编制程序符合 法律、行政法规和中国证监会、深圳证券交易所的相关规定，报告的内容真实、 准确、完整地反映了公司 2025 年半年度的经营实际情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 本议案已经第二届董事会审计委员会第八次会议审议通过。 具 体 内 容 详 见 2025 年 8 月 26 日 刊 载 于 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的《2025 年半年度报告》及《2025 年半年度报告摘 要》。 表决结果：8 票赞成，0 票反对，0 票弃权。 2、审议通过《关于公司＜2025 年半年度募集资金存放、管理与使用情况的 专项报告＞的议案》； 经与会董事审议，公司《2025 年半年度募集资金存放、管理与使用情况的 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、误导性陈述或重大遗漏。 一、董事会会议召开情况 汉朔科技股份有限公司（以下简称"公司"）第二届董 ...

汉朔科技股份有限公司 2025 年半年度报告全文 汉朔科技股份有限公司 2025 年半年度报告 公告编号：2025-032 2025 年 8 月 26 日 汉朔科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人侯世国、主管会计工作负责人李峰及会计机构负责人(会计主 管人员)相宁声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展规划等前瞻性陈述不构成公司对投资者的实质承 诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异，敬请广大投资者理性投资，注意风险。 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策， 详见"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬 请投资者予以关注。 1 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 第二节 | 公司简 ...

汉朔科技股份有限公司 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 编制单位：汉朔科技股份有限公司 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年半年 度期末占用 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 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 非经营性占用 前控股股东、实际 控制人及其附属企 业 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 非经营性占用 其他关联方及附属 企业 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 非经营性占用 总计 - - - - - - - - - - 公司负责人（法定代表人）：侯世国 主管会计工作负责人：李峰 会计机构负责人：相宁 | 其他关联资金往来 | 资金往来方名称 | 往来方与上 市公司的关 | 上市公司 ...

汉朔科技股份有限公司 2025 年半年度募集资金存放、管理与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《上市公司募集资金监管规则》和《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》的有关规定，汉朔科技股份有限公司 （以下简称"公司"）2025 年半年度募集资金存放、管理与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意汉朔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〔2024〕1661 号）同意注册，公司首次公开发行 人民币普通股（A 股）股票 4,224.00 万股，每股面值为人民币 1.00 元，发行价 格为人民币 27.50 元/股，本次发行募集资金总额为人民币 116,160.00 万元，扣除 发行费用（不含增值税）人民币 13,810.28 万元后，实际募集资金净额为人民币 102,349.72 万元。 证券代码：301275 证券简称：汉朔科技 公告编号：2025-034 上述募集资金已于 2025 年 3 月 6 ...

关于在公司担保额度内增加被担保对象的公告 证券代码：301275 证券简称：汉朔科技 公告编号：2025-035 汉朔科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 汉朔科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开了第 二届董事会第十一次会议，审议通过了《关于在公司担保额度内增加被担保对象 的议案》。现将具体情况公告如下： 一、担保情况概述 三、新增被担保方基本情况 被担保方 成立日期 法定代表人/ 董事 注册资本 注册地址 公司持 股比例 主营业务 美国汉朔 2021.4.27 Li Liangyan 300 万美元 228PARK AVE S#30327 NEW YORK, NY10003 100% 智慧零售产品 销售、技术服务 等 越南汉朔 2022.12.9 Yang Jun 1,187,000 万越 南盾 越南北宁省桂武县汉广 乡汉驼村 100% 智慧零售产品 销售、技术服务 等 公司于 2025 年 4 月 23 日召开了第二届董事会第九次会议、第二届监事会第 九次会议，并于 2025 年 5 月 1 ...

Company Overview - Hanshuo Technology is located in Jiaxing, Zhejiang Province, and was established on September 14, 2012. The company focuses on IoT wireless communication technology, primarily in the digitalization of retail stores, offering electronic price tag systems and SaaS cloud platform services [1]. - The main revenue composition includes electronic price tag terminals (91.67%), accessories and other products (4.36%), and software, SaaS, and technical services (3.97%) [1]. Financial Performance - For the period from January to March 2025, Hanshuo Technology reported a revenue of 981 million yuan and a net profit attributable to shareholders of 150 million yuan, representing a year-on-year decrease of 11.35% [2]. - As of March 31, 2025, the company had a total of 26,200 shareholders, a decrease of 18.59% from the previous period, while the average circulating shares per person increased by 22.84% to 1,213 shares [2]. Market Activity - On August 22, 2023, Hanshuo Technology's stock price increased by 0.07%, with a trading volume of 146 million yuan. The financing buy-in amount for that day was 12.72 million yuan, while the financing repayment was 17.51 million yuan, resulting in a net financing buy-in of -4.79 million yuan [1]. - The total balance of margin trading for Hanshuo Technology as of August 22, 2023, was 136 million yuan, accounting for 7.30% of its market capitalization [1]. Shareholder Information - As of March 31, 2025, the top ten circulating shareholders included new entrants such as the Fortune Small and Medium Cap Selected Mixed Fund (holding 228,800 shares) and the Fortune Inflation and Deflation Theme Rotation Mixed Fund (holding 132,300 shares) [3]. - The company has distributed a total of 64.20 million yuan in dividends since its A-share listing [3].