证券代码：301275 证券简称：汉朔科技 汉朔科技股份有限公司 投资者关系活动记录表 编号：2025-004 | | □√ 特定对象调研 | □√ 分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 中信证券 | □其他 韩林轩、王子昂 | | | 中信建投 | 刘乐文 | | | 中金公司 | 朱镜榆 | | | 中泰证券 | 王心悦 | | 参与单位名称及人 | 招商证券 | 谌薇、秦勉 | | 员姓名 | 民生证券 | 白青瑞、丁辰晖、谢致远 | | | 国元证券 | 李元晨 | | | 国信证券 | 库宏垚 | | | 华西证券 | 纪向阳、陈天然 | | | 华金证券 | 戴筝筝、李蕙 | | | 华福证券 | 王鑫旸、李昊臻 | | | 华创证券 | 张丽萍 | | 开源证券 刘逍遥 | | --- | | 张天 山西证券 | | 上海证券 李心语、颜枫 | | 西部证券 李想 | | 张丹彧 兴证证券 | | 麦高证券 高撷 | | 国泰海通证券 朱瑶、文灿 | | ...

Summary of Multi-Point Intelligence Conference Call Company Overview - Multi-Point Intelligence, established in 2015, is the largest retail digital solution provider in China and a leading player in Asia, offering comprehensive operational solutions for retail enterprises [6][9] - The company has served 591 clients, including major retailers like Metro China and Lawson, showcasing its expansion capabilities and potential in digital solutions [4][15] Industry and Market Dynamics - The global retail market exceeded 100 trillion yuan by 2023, with significant growth potential for Multi-Point Intelligence as a key participant [9] - The retail digitalization market in Asia is projected to reach nearly 100 billion yuan by 2029, indicating substantial future market space for Multi-Point Intelligence [10] Financial Performance - For 2024, Multi-Point Intelligence reported revenue of 1.859 billion yuan, a year-on-year increase of nearly 20% [2][7] - The company recorded a net loss of 2.19 billion yuan, but after excluding non-operating losses, it achieved a turnaround to profitability [7][8] - The gross margin has been steadily increasing, and the cost structure has significantly improved, laying a solid foundation for sustained performance growth [8] Strategic Initiatives - Multi-Point Intelligence has formed a strategic partnership with HASTK to explore digital asset trading, Web 3 technology, and blockchain ecosystem development, which may benefit from the overall market performance of virtual currencies [2][3] - The company is planning to apply for a renminbi license to enhance cross-border payment efficiency and reduce costs, aligning with its retail payment systems [2][4] - The company has introduced AI technology solutions, such as the AI agent series, which have been successfully implemented in clients like Wumart, resulting in significant cost savings and improved client attraction [2][12] Collaborations and Partnerships - A deep collaboration with the well-known retail brand Fat Donglai has integrated its management philosophy into Multi-Point Intelligence's systems, creating a replicable model for digital transformation in retail [2][13] - The company has also partnered with notable international clients, including DFI and SM Group, and is expanding its presence in Southeast Asia and Europe [17][18] Future Outlook - Multi-Point Intelligence is optimistic about its future growth, particularly in the stablecoin sector, which is expected to synergize with its business development [5][20] - The company aims to enhance its international business, focusing on Asia and Europe, where the retail industry's digitalization is relatively underdeveloped [19] - The subscription and commission-based SaaS model has shown strong customer retention, with a net revenue retention rate of 114% in 2024, indicating robust future growth potential [10][11] Investment Highlights - The company is well-positioned in the retail SaaS sector, leveraging AI technology to enhance product competitiveness and market influence [9][10] - Multi-Point Intelligence's strategic initiatives and partnerships are expected to drive significant growth and investment value in the coming years [20]

Group 1: Company News - Renrenle's stock will be delisted due to a negative net asset of -404 million yuan for the fiscal year 2024, with a 15-day delisting preparation period starting June 13, 2025 [1] - Xiaohongshu's valuation has surged to $26 billion, up from a previous $20 billion, primarily driven by its significant contribution to a major fund's asset value [3] - The franchisees of Hu Shang A Yi are facing profitability issues, with actual revenue rates only at 50-60%, leading to a wave of store closures and a 15.2% decline in net profit for 2024 [4] Group 2: Industry Developments - The first batch of 38 pilot cities for retail innovation has been announced, focusing on various enhancements such as supply chain improvements and digital empowerment [5][6] - The Asian retail digitalization market is projected to reach 94.7 billion yuan by 2029, with a compound annual growth rate of 22.5% from 2024 to 2029 [7] - Alibaba's Taobao is testing a primary traffic entry for flash sales on Alipay, which is expected to significantly increase traffic for Taobao's flash sales [9] Group 3: Financial Performance - Lululemon reported a 7% increase in net revenue for Q1 2025, reaching $2.4 billion, although comparable sales growth was only 1%, below expectations [19] - Didi's core platform gross transaction value (GTV) reached 101.6 billion yuan in Q1 2025, with a year-on-year growth of 13.5% [20] - IKEA Australia has introduced a new parcel locker service to enhance shopping convenience, allowing customers to pick up orders outside standard business hours [21]

Group 1: AI and Technology Integration - Hanshu Technology focuses on integrating AI technologies such as machine vision and big data analysis with digital retail scenarios to enhance operational efficiency and consumer experience [3] - The company is actively exploring AIoT applications and has partnered with Microsoft to leverage Azure Open AI for innovative retail solutions [3] - Hanshu Technology has established a competitive edge as the first partner in China to receive "Certified Software Designation for Retail AI" from Microsoft [3] Group 2: Electronic Price Tags Market - The global penetration rate of electronic price tags remains low, with France leading at over 40% [4] - Major markets like China, the USA, and Japan have significant growth potential due to their low penetration rates [4] - Future growth drivers include market penetration increases, replacement demand for existing electronic price tags, and the provision of SaaS and technical services [4] Group 3: Revenue and Market Strategy - Approximately 10% of the company's revenue comes from the US market, which has been minimally impacted by recent tariff increases [5] - The company is focusing on strategic expansion in Europe, Japan, Australia, Southeast Asia, and within China to mitigate tariff risks [6] - Hanshu Technology is committed to monitoring tariff policy changes and adjusting production and operational strategies accordingly [6] Group 4: Robotics and New Business Development - The company emphasizes research and application of AI technologies in robotics, having secured multiple patents for inspection robots [6] - Hanshu Technology is developing various solutions, including smart shopping carts and AI cameras, to support digital transformation in retail [6] - A commercial partnership has been established for smart shopping carts with a leading overseas client, enhancing operational efficiency and consumer experience [6]

Group 1 - The core viewpoint of the report indicates that the Asian retail market is experiencing significant growth driven by e-commerce penetration and the rise of cross-border e-commerce, with the market size expected to increase from 38.1 trillion yuan in 2019 to 46.0 trillion yuan by 2024, representing a compound annual growth rate (CAGR) of 3.9% [1] - By 2029, the Asian retail market is projected to reach 56.6 trillion yuan, with a CAGR of 4.2% from 2024 to 2029 [1] - China mainland accounts for 49.8% of the Asian retail market, followed by Japan at 8.7% and Southeast Asia at 7.4% [1] Group 2 - The retail industry is categorized into physical and non-physical retail formats, with physical retail still being the primary retail scenario, including supermarkets, convenience stores, and department stores [1] - The market size of the Asian physical retail industry is expected to grow from 30.3 trillion yuan in 2019 to 30.7 trillion yuan by 2024, with a CAGR of 0.3% [1] - By 2029, the Asian physical retail market is anticipated to reach 32.1 trillion yuan, with a CAGR of 0.9% from 2024 to 2029 [1] Group 3 - The report highlights the trend of digital transformation in the retail industry, driven by AI and IoT technologies, which are reshaping store operations and supply chain management [2] - Dmall has expanded its business overseas, integrating global best practices and signing long-term cooperation agreements with leading international retailers, with its Dmall OS system rapidly gaining functionality in various countries [2] - The Asian retail digitalization market is experiencing robust growth, with market size increasing from 11.1 billion yuan in 2019 to 34.4 billion yuan by 2024, reflecting a CAGR of 25.4% [2] Group 4 - The retail digitalization market in Asia is expected to reach 94.7 billion yuan by 2029, with a CAGR of 22.5% from 2024 to 2029, supported by advancements in cloud computing and IoT infrastructure [2]

Core Viewpoint - The release of the white paper titled "Current Status and Trends of Chinese Retail Digitalization Enterprises Going Global" highlights the significant role of Chinese retail digitalization companies in the global retail industry's digital transformation, emphasizing the necessity of digital transformation in the retail sector [1][3]. Group 1: Industry Trends - The white paper analyzes the current state of the retail digitalization industry and the changing demands of retailers for digital transformation, indicating a strong need for digital solutions among retail enterprises [3]. - The market size of the Asian retail digitalization industry is projected to reach 94.7 billion by 2029, with a compound annual growth rate (CAGR) of 22.5% from 2024 to 2029, showcasing substantial growth potential in the sector [3]. Group 2: Company Initiatives - Multi-Point Intelligence, as a representative of Chinese digital technology companies, has actively explored and practiced digital transformation solutions over the past decade, establishing a consensus that "retail digitalization is the future" [3]. - The company aims to leverage AI, cloud computing, and big data technologies to deepen its presence in the Chinese market while expanding globally, accelerating the development of retail digitalization [6].

构建智慧零售生态，打破国际品牌垄断，物联网"隐形冠军"汉朔科技（301275）成功登陆创业板，开启 企业发展新纪元。 汉朔科技凭借自主研发的无线通信协议HiLPC及其软硬件核心技术体系，在电子价签领域展现出独有优 势。 从汉朔科技的招股说明书来看，该公司自主研发的无线通信协议HiLPC，广泛适用于各产品条线通信及 数据传输，可保证通信系统运行的流畅、稳定。最新一代HiLPC协议可实现单门店承载数百台蜂窝网络 基站设备，单基站每小时更新6万片次电子价签设备，在并发量上达到行业先进水平。 从2013年正式发布第一代商用电子价签产品及第一代电子价签通信基站，并同步推出单门店方案的电子 价签软件系统至今，汉朔科技已经推出多个系列合计超过40款电子价签产品，系统软件迭代版本超过20 次。当前，汉朔科技已构建起以电子价签系统、SaaS云平台服务等软硬件产品及服务为核心的业务体 系，实现零售数字化的全领域布局。 受益于全球零售数字化行业的快速发展，电子价签行业迎来高速增长期，汉朔科技凭借自主研发的核心 技术，突围国际品牌的垄断，在行业内形成不俗竞争优势。2023年，汉朔科技全球电子价签市场份额约 28%；从收入角度来看，根 ...

Investment Rating - The report assigns a rating of "Buy" for the company based on its strong market position and growth potential [3][7]. Core Insights - Hanshuo Technology is a global leader in electronic price tags, holding approximately 62% market share in China and 28% globally in 2023 [3][9]. - The company has developed over 40 models of electronic price tags and has seen a compound annual growth rate (CAGR) of 136% in sales from 2021 to 2023 [3][9]. - The global retail industry is expected to accelerate its digital transformation, with electronic price tags projected to grow significantly in market penetration [12][13]. - Hanshuo Technology has established strong relationships with major retail clients, with 18% of the top 250 global retailers now using its products [12][13]. Summary by Sections AHP Score and Expected Allocation Ratio - Hanshuo Technology's AHP score is 2.52, placing it in the 34.2% percentile of the non-technology innovation system [3][7]. - The expected allocation ratios for offline investors are 0.0377% for Class A and 0.0229% for Class B under a neutral scenario [7][8]. Company Fundamentals and Highlights Global Market Leadership and Product Innovation - The company leads in the electronic price tag market, with a comprehensive solution system for smart retail [3][9]. - The Nebular series launched in 2020 features advanced technology, achieving significant sales growth [9][10]. - The Polaris product line introduced in 2023 has shown rapid revenue growth, reaching 3.02 billion yuan in the first half of 2024 [9][10]. Industry Growth and Client Engagement - The global market for electronic price tags is expected to grow from 169 billion yuan in 2023 to 349 billion yuan by 2028, with a CAGR of 13.2% [12][13]. - The company has a 60% reach among the top 100 retailers in China, with significant client conversion rates [12][13]. Financial Performance and Comparisons Revenue and Profit Growth - Revenue from 2021 to 2023 grew from 1.613 billion yuan to 3.775 billion yuan, with a CAGR of 52.99% [16][18]. - The net profit increased significantly, with a 226.20% year-on-year growth in 2023 [16][18]. Profitability and R&D Investment - The gross margin improved from 22.19% in 2021 to 32.59% in 2023, outperforming comparable companies [18][19]. - R&D expenditure as a percentage of revenue was consistently higher than that of comparable firms, indicating a strong commitment to innovation [18][19]. Fundraising Projects and Development Vision - The company plans to raise funds for digital solution projects and an AIoT R&D center, aiming to enhance production capacity and technological capabilities [22][23]. - The digital solution project will add 10 million electronic price tags and 30 million electronic paper display modules annually [22][23].

Core Viewpoint - The article highlights the transformation of retail through electronic price tags, emphasizing the significant growth potential in the digital retail sector, particularly focusing on HanShuo Technology as a leading player in this market [2][5][11]. Group 1: Company Overview - HanShuo Technology, founded in 2012, has become a prominent player in the electronic price tag market, achieving a market share of approximately 62% in China and around 28% globally in 2023 [4][5]. - The company plans to issue up to 4,224,000 shares to raise 1.182 billion yuan, with projected revenue growth from 1.613 billion yuan in 2021 to 4.486 billion yuan by 2024 [2][9]. Group 2: Market Growth and Trends - The global electronic price tag market has grown from 2.8 billion yuan in 2017 to 16.9 billion yuan in 2023, with a compound annual growth rate (CAGR) of 34.9% [5]. - The market is expected to reach 34.9 billion yuan by 2028, with HanShuo Technology positioned to benefit from this growth [5]. Group 3: Product Development and Innovation - HanShuo Technology has launched over 40 electronic price tag products and more than 20 iterations of its software since 2013, indicating a strong commitment to innovation [6][7]. - The company has expanded its offerings to include smart retail hardware and SaaS cloud services, enhancing its role as a solution provider rather than just a product supplier [7][8]. Group 4: Global Expansion Strategy - Since 2015, HanShuo Technology has pursued a global expansion strategy, with over 90% of its revenue coming from international markets, particularly Europe [8]. - The company serves over 400 clients across more than 50 countries, demonstrating its extensive global reach [8]. Group 5: Future Growth Initiatives - The funds raised from the IPO will support projects aimed at enhancing store digitalization and developing AIoT solutions, which are expected to drive future revenue growth [11]. - HanShuo Technology aims to improve consumer experience and operational efficiency through the development of smart terminal products, positioning itself for continued market competitiveness [11].

中国最大的零售数字化解决方案服务商。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Dmall Inc.（多点数智有限公司，以下简称"多点"）日前通过港交所聆讯并于11 月10日披露通过聆讯后的资料集，瑞银集团、招银国际和招商证券国际担任联席保荐人。 成立于2015年的多点主要为本地零售业的零售商提供零售数字化解决方案，业务覆盖中国大陆、香 港特别行政区、柬埔寨、新加坡、马来西亚、澳门特别行政 区、印尼、菲律宾及汶莱等国家或地 区。 不可否认的是，多点的零售数字化业务始于与物美集团的合作；如今，多点为各种规模及业态的客户 开发了零售数字化解决方案，涵盖了本地的零售业务，从采购及供应链管理、门店及总部管理到营销 及全渠道销售。同时，多点与物美集团的业务经验亦帮助其交付了适用于多种零售业态，从连锁超 市、仓储式超市、百货商店到便利店、专卖零售商及新零售业态(如会员商店及折扣商店)零售商；此 外，多点亦为重庆百货集团、银川新华集团、麦德龙实体等其他大型零售商，以及DFI Retail Group经营的惠康、万宁、Guardian、Giant及7-Elev ...