Core Viewpoint - Hansang Technology has successfully transitioned from a foreign trade company to a leading provider of comprehensive solutions for high-end audio brands globally, aiming to become a trusted international industry leader [1][4]. Company Development - Founded by Wang Bin, Hansang Technology began its journey in the late 1990s after a pivotal moment when the company decided to produce high-fidelity audio products for an international client after the original manufacturer withdrew [2][3]. - The company has established long-term partnerships with renowned audio brands such as NAD, JBL, and McIntosh, which has contributed to its growth and industry position [3]. Financial Performance - From 2021 to 2024, Hansang Technology's main business revenue showed a growth trajectory: 1.005 billion, 1.374 billion, 1.023 billion, and 1.442 billion yuan, with net profits of 105 million, 188 million, 136 million, and 254 million yuan respectively [4]. - In 2024, the company experienced a revenue growth of over 40% year-on-year, driven by a recovery in the global audio market [4]. International Expansion - Hansang Technology has established subsidiaries in multiple countries, including the United States, Australia, and Denmark, and has set up R&D centers in Nanjing, India, and Denmark to enhance its international presence [5][6]. Technological Advancements - The company has developed three core technology systems in high-performance audio signal processing, audio transmission, and audio system intelligence, achieving industry-leading product performance [6][7]. - R&D expenses from 2021 to 2024 were 53.51 million, 72.42 million, 74.26 million, and 82.87 million yuan, representing 5.25%, 5.22%, 7.20%, and 5.70% of revenue respectively [7]. Strategic Initiatives - Hansang Technology has outlined a "1+2+3+4" development strategy focusing on audio technology, expanding overseas markets, and enhancing domestic brand development [8]. - The company plans to use funds from its IPO to invest in high-end audio product manufacturing and smart audio IoT projects, aiming to strengthen its competitive edge and market presence [9].

Core Viewpoint - HANSANG Technology has initiated its subscription process, offering a total of 32.25 million shares at a price of 28.91 yuan per share, with an issuance price-to-earnings ratio of 14.90 times, significantly lower than the industry average of 41.50 times [1][3]. Company Overview - The company specializes in the design, research and development, and manufacturing of audio products [2]. Issuance Information - Total shares issued: 32.25 million - Online subscription shares: 7.74 million - Subscription code: 301491 - Subscription price: 28.91 yuan - Issuance P/E ratio: 14.90 times - Maximum subscription per account: 7,500 shares - Subscription quantity must be in multiples of 500 shares [1][3]. Fundraising Purpose - Investment in smart audio IoT product manufacturing project: 327.13 million yuan - Supplementing working capital: 280 million yuan - Annual production of high-end audio products (1.5 million sets): 200 million yuan - R&D for smart audio and AIoT new technologies and products platform: 194.77 million yuan [3]. Key Financial Metrics - Total assets (2024): 15.15 billion yuan; (2023): 11.13 billion yuan; (2022): 12.57 billion yuan - Net assets (2024): 10.66 billion yuan; (2023): 8.06 billion yuan; (2022): 6.58 billion yuan - Operating revenue (2024): 14.54 billion yuan; (2023): 10.31 billion yuan; (2022): 13.86 billion yuan - Net profit (2024): 2.54 billion yuan; (2023): 1.36 billion yuan; (2022): 1.90 billion yuan - Basic earnings per share (2024): 2.62 yuan; (2023): 1.41 yuan; (2022): 1.96 yuan - Weighted return on equity (2024): 27.10%; (2023): 18.58%; (2022): 33.21% [3].