Investment Rating - Industry rating: Recommended [5] Core Insights - The electronic price tag industry has significant growth potential, with HanShuo Technology being the leading player in China. The company has developed a comprehensive business system centered around electronic price tag systems and SaaS cloud platform services, continuously innovating its product offerings [1][9] - The penetration rate of electronic price tags is expected to continue rising, with the current global penetration at approximately 15%. In China, the penetration rate is only 15% as of 2023, but it is projected to reach 40% in the next five years. The global electronic price tag market size has grown from 2.8 billion to 16.9 billion from 2017 to 2023, with a CAGR of 34.9%, and is expected to reach 34.9 billion by 2028 [2][14][15] Summary by Sections Section 1: Electronic Price Tag Industry Overview - HanShuo Technology is the top electronic price tag manufacturer in China and ranks among the top three globally. The company has established international operations since 2014 and has formed strategic partnerships with major retailers [1][9][10] - The company reported a revenue of 4.49 billion in 2024, an increase of 18.8% year-on-year, with electronic price tag terminal revenue at 4.113 billion, up 16.9% year-on-year [10] Section 2: Market Dynamics - The electronic price tag market is characterized by a high concentration of leading service providers, with HanShuo Technology holding a 62% market share in China and a 28% share globally. The competitive landscape is expected to continue favoring top-tier service providers as retailers increasingly invest in digital solutions [2][15] Section 3: Company Performance - HanShuo Technology's revenue has grown from 1.19 billion in 2020 to 4.49 billion in 2024, with a CAGR of 39.3%. The net profit attributable to the parent company increased from 0.82 billion to 0.71 billion during the same period, with a CAGR of 71.3% [10][11]

IPO全观察栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和经营业 绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨巴里 编辑丨海腰 图源丨汉朔科技直播截图 在全球零售业数字化转型的浪潮中，一家中国企业正悄然改变着商超的运营方式。 3月11日，国内电子价签提供商汉朔科技股份有限公司（以下简称"汉朔科技"）成功登陆深交所创业板。 汉朔科技IPO发行价定为27.5元/股，开盘价79.18元/股，截至发稿，总市值突破300亿元。 这家成立于2012年的科技企业，专注于为零售门店提供以电子价签系统为核心的数字化解决方案，其业 务涵盖硬件设备、SaaS云平台等软硬件一体化服务。 汉朔科技的成长历程堪称一部典型的科技创业史。创始人侯世国曾在华为任职8年，深度参与了著名 的"备胎计划"海思芯片研发项目。凭借对技术趋势的敏锐洞察，他发现了电子价签在零售行业的巨大潜 力。 2012年，他毅然选择创业，带领16人团队在嘉兴开启创业征程。创业初期，公司一度面临资金困境，侯 世国甚至抵押房产筹措资金，最终带领企业成长为电子价签领域的国内第一、全球第三，把产品和服务 卖给了全球超过50个国家和地 ...