Core Insights - The global passenger car audio system market is experiencing a competitive landscape that reflects both historical trends and structural shifts [2] - Harman and Bose remain the dominant players, holding nearly 60% of the market share, with Harman at 36% and Bose at 24% [5] - The rise of Chinese manufacturers is reshaping the industry, transitioning from being invisible players in the supply chain to direct suppliers for automakers [6] Market Dynamics - The only Chinese company in the top ten global suppliers is AAC Technologies, indicating a significant shift in the role of local manufacturers [6] - Chinese brands like Sonavox, WANOS, Nobo Automotive, and ADS Audio are entering the international market through partnerships with mid-to-high-end vehicle models [6] - The growth of China's automotive exports and the redefinition of user experience in electric vehicles are driving this change [6] Strategic Shifts - Chinese automakers are increasingly integrating audio systems into their own product development, reducing reliance on international suppliers [7] - This shift is motivated by supply chain security, cost control, and the desire for customized audio experiences that enhance user differentiation [7] Product Development Trends - High-end Chinese models are equipped with over 20 speakers, directly competing with luxury brands for sound quality [8] - In the entry and mid-range electric vehicle markets, manufacturers are optimizing speaker counts to offer better price-performance ratios [8] - The evolving consumer decision-making process emphasizes audio systems as critical components that influence user experience and brand premium [8] Technological Advancements - The competition is shifting towards "software-defined audio," with vehicles like Tesla Model 3 and NIO ET7 utilizing OTA upgrades to enhance audio algorithms [8] - General Motors plans to standardize Dolby Atmos in all Cadillac electric vehicles starting in 2026, aiming to establish a technological edge in the luxury segment [8] Competitive Responses - International brands like Harman and Bose are tightening their strategic partnerships with automakers and expanding their software and service capabilities [9] - The competitive advantage is transitioning from hardware quality to intelligent capabilities, with Chinese manufacturers showing potential in developing localized applications [10] Future Outlook - The future of the global car audio market may hinge on the integration of audio systems with smart driving, in-car entertainment, and voice interaction [10] - The collaboration speed between Chinese automakers and component manufacturers will be crucial in narrowing the gap with international giants [10] - Car audio systems are evolving from being mere accessories to becoming a frontline in the competition for high-end and intelligent features [10]

Group 1 - The global passenger car audio system market is dominated by Harman and Bose, which together account for nearly 60% of total sales [1] - AAC Technologies is the only Chinese company among the top ten suppliers in the market [1] - Chinese automotive brands such as Sonavox, WANOS, Nobo Automotive, and ADS Audio are rapidly emerging as they expand their influence globally [1] Group 2 - Chinese automakers are actively increasing the number of speakers in high-end models, with brands like NIO, Zeekr, and BYD launching vehicles equipped with over 20 speakers [4] - Despite the high speaker count in premium models, Chinese manufacturers are also focusing on producing more cost-effective electric vehicles with fewer speakers, reducing the average maximum speaker count in the market [4] - The competition in the car audio system market is being reshaped by the increasing integration of software-defined audio features, allowing for personalized audio experiences through OTA updates [4] - Advanced audio systems are becoming a core differentiating factor in consumer purchasing decisions, particularly in China, where consumers are willing to pay a premium for top-tier sound experiences [4]

Core Viewpoint - The global passenger car audio system market is dominated by Harman and Bose, which together account for nearly 60% of total sales, while Chinese companies are rapidly emerging in this space [4][6]. Group 1: Market Dynamics - The global passenger car audio system market is primarily led by Harman and Bose, with a significant market share held by these two companies [4]. - AAC Technologies is the only Chinese company among the top ten suppliers in the global passenger car audio system market [4]. - Chinese automotive brands are increasingly gaining influence globally, with companies like Sonavox, WANOS, Nobo Automotive, and ADS Audio rising quickly [4]. Group 2: Product Development - Chinese automakers such as Xiaopeng, Leap Motor, and Geely are developing their own in-car audio systems to enhance supply chain control and create differentiated product experiences [4][6]. - There is a notable trend of Chinese car manufacturers actively increasing the number of speakers in high-end models, with brands like NIO, Zeekr, and BYD offering vehicles equipped with over 20 speakers [6]. Group 3: Technological Advancements - The competition in the car audio system market is being reshaped by the increasing integration of software-defined audio features, allowing for personalized audio experiences through OTA updates [7]. - High-end models are adopting immersive audio technologies, such as Dolby Atmos, enhancing the user experience with 360-degree sound fields [7]. - The quiet cabin environment of electric vehicles is driving demand for high-quality audio systems, making premium sound a crucial factor in consumer purchasing decisions in China [7].

Core Insights - The electronic audio industry is experiencing new development opportunities driven by the digital economy and consumption upgrades, with Hansan Technology (Nanjing) Co., Ltd. positioning itself as a leading provider of high-end audio products and full-link technical solutions [1][3][7] Industry Outlook - The electronic audio industry is a key sub-sector of the "computer, communication, and other electronic device manufacturing" category, supported by national policies aimed at promoting its development [3] - The industry has entered a stable growth phase, with an estimated output value of approximately 362.8 billion yuan in 2023 and a compound annual growth rate of 3.10% over the past five years [3] - The integration of technologies such as 5G, IoT, and AI is driving the transition of audio products from traditional devices to smart home, wearable, and commercial systems, with high-performance audio and AIoT products becoming new growth engines [3] Competitive Advantages - Hansan Technology has established a solid competitive barrier through its multi-dimensional advantages in technology, R&D, customer relationships, production, and international layout, becoming a significant player in the global high-end audio sector [4] - The company has developed core technical capabilities in high-performance audio signal processing, audio transmission, and system intelligence, achieving industry-leading product performance [4] - Hansan's self-developed streaming media module has received certification from major global streaming platforms, supporting multi-channel wireless transmission and AoIP wired transmission based on the AES67 protocol [4] Innovation and R&D - The company emphasizes R&D, with three major R&D centers in Nanjing, India, and Denmark, and a professional team of 278 members, maintaining R&D expenses above 5% of revenue [5] - As of March 28, 2025, Hansan Technology holds 112 authorized patents, with numerous international awards recognizing its R&D strength [5] - The company has established long-term partnerships with renowned global audio brands, providing continuous order support and enabling it to adapt to market demands and technological trends [5] Manufacturing and Production - Hansan Technology employs a "sales-driven production" model with flexible manufacturing capabilities, able to meet production demands ranging from hundreds to millions of units [6] - The company has automated testing processes and quality control measures across the entire production chain, ensuring product quality meets customer requirements [6] International Expansion and Future Development - The company has established subsidiaries in various countries, creating a global R&D, sales, and service network that enhances its ability to respond to market demands [7] - The upcoming IPO is seen as a crucial opportunity for the company to enhance its overall strength, address capacity bottlenecks, and meet growing market demands [7] - The company aims to leverage capital market resources to invest in new technologies and products, expand its international presence, and enhance its market share in the high-end audio sector [7]

Core Viewpoint - Hansang Technology (301491) is launching its IPO on July 25, 2023, positioning itself as a leading provider of high-end audio products and comprehensive audio technology solutions in the industry [1] Group 1: Company Overview - Established in 2003, Hansang Technology has over 20 years of experience in the audio technology field, building a competitive audio industry ecosystem through a complete technical system and diversified product matrix [1] - The company emphasizes technological innovation as the core driver of its development, forming a complete technical loop in audio signal processing, transmission, and system intelligence [1][2] Group 2: Technological Advancements - In audio transmission technology, Hansang has overcome the bottleneck of multi-channel wireless transmission, achieving low latency and high synchronization for complex scenarios such as home multi-zone HiFi and commercial audio [2] - The company has developed a cloud-edge-end collaborative system framework for audio system intelligence, enabling mass audio distribution management across ecosystems [2] - Hansang has pioneered a "software-defined audio" architecture, integrating self-developed core algorithms and software to reduce development costs [2][3] Group 3: Product Matrix - Hansang's high-performance audio products include home high-fidelity audio systems, home theater products, and commercial audio systems, with 95% of its main business revenue derived from these products [3] - The company has launched innovative audio and AIoT products such as children's smart speakers and gaming audio systems, which have gained significant success globally [3][4] Group 4: Global Strategy and Market Position - Hansang has established three R&D centers in Nanjing, India, and Denmark, with an international R&D team of 278 members, and has a global sales network [4] - The company has recognized the rapid development of audio AIoT technology and actively applied new technologies in product development, achieving notable success in children's smart speakers and cross-border smart speakers [4] Group 5: Future Development Plans - With increasing demand for smart audio IoT products, Hansang plans to build new large-scale production bases to enhance production and delivery capabilities [5] - The company has set a "1+2+3+4" development plan to expand its business scale and strengthen its technical advantages across various application scenarios [5] - Hansang aims to become a leading international company in providing comprehensive audio solutions and services, focusing on high-quality products that meet market demands [5]