Core Viewpoint - The financial statements of Hansong (Nanjing) Technology Co., Ltd. have been reviewed and found to comply with the relevant accounting standards, reflecting the company's financial position, operating results, and cash flows accurately [2][3][4]. Financial Performance - The company reported a main business income of RMB 250,126,764.86 for the first quarter of 2025, compared to RMB 286,113,091.03 in the same period of the previous year, indicating a decrease [6]. - The operating costs for the same period were RMB 172,253,301.82, down from RMB 188,757,813.34 year-on-year [6]. Balance Sheet Highlights - As of March 31, 2025, the total cash and cash equivalents amounted to RMB 961,657,797.34, an increase of 8.98% from RMB 882,436,531.46 at the end of the previous year [4][13]. - Accounts receivable decreased by 39.22% to RMB 12,538,28 from RMB 20,629,55, attributed to improved collection efforts [13]. Investment and Funding - The company plans to raise up to RMB 32.25 million through an initial public offering, with the funds allocated for the development of smart audio and AIoT technologies [7]. - The total investment for the planned projects is estimated at RMB 100,190.18 million, fully funded by the raised capital [7]. Customer Concentration - The top five customers contributed significantly to the company's revenue, with Tonies GmbH accounting for 47.31% of total revenue [6]. - The total revenue from the top five customers was RMB 175,137,477.98, representing 69.68% of the company's overall revenue [6]. Non-Recurring Gains and Losses - The net non-recurring gains attributable to the parent company amounted to RMB 915,276.59, with the net profit after excluding these gains being RMB 36,716,344.88 [8][11]. Earnings Per Share - The basic earnings per share for the reporting period were RMB 0.39, with a diluted earnings per share also at RMB 0.39 [9][11]. Seasonal Trends - The demand for audio equipment products is seasonal, peaking during holidays and festivals, which typically results in higher sales in the second half of the year compared to the first half [4]. Related Party Transactions - The company engaged in transactions with related parties, including WiSA Technologies Inc. and Nanjing Boting Enterprise Management Co., Ltd., with amounts recorded at market prices [6]. Asset Restrictions - As of the reporting date, the company had restricted assets valued at RMB 10,616,479.45 due to a guarantee deposit for notes payable [8]. Construction in Progress - The construction in progress increased by 76.07% to RMB 4,734.27 million, driven by the expansion of smart audio IoT product projects [13]. Borrowing and Liabilities - Short-term borrowings increased as the company sought additional bank loans to support operational cash flow [13].