Core Viewpoint - Hansang Technology (301491.SZ) has initiated its subscription on July 25, with an issue price of 28.91 yuan per share and a price-to-earnings ratio of 14.90 times, positioning itself as a leading provider of high-end audio products and comprehensive audio technology solutions in the industry [1][2]. Company Overview - Established in 2003, Hansang Technology specializes in providing integrated services for the research, design, and manufacturing of high-performance audio products for globally recognized audio brands [1]. - The company has over 20 years of experience in audio technology research and has developed core technical capabilities in high-performance audio signal processing, transmission, and system intelligence [1][2]. Technical Capabilities - In high-performance audio signal processing, the company has significant technical accumulation, achieving industry-leading product performance in signal acquisition, processing, and amplification [1]. - The self-developed streaming media module and software solutions are recognized as industry-leading, providing low-cost, high-definition, multi-room, and cross-ecosystem voice streaming capabilities [2]. - The company has developed a complete end-to-end technology chain for audio system intelligence, integrating smart audio devices, edge devices, and third-party content service platforms [2]. Market Position - Hansang Technology has established a strong reputation in the global audio industry, collaborating with numerous well-known brands such as JBL, McIntosh, and Denon [3]. - The company holds a notable market position in the export of audio amplifiers, with export amounts representing 3.84%, 2.15%, and 3.12% of the domestic market during the reporting period [3]. Financial Performance - The company reported revenues of approximately 1.386 billion yuan, 1.031 billion yuan, and 1.454 billion yuan for the years 2022, 2023, and 2024, respectively [3]. - Net profits for the same periods were approximately 188 million yuan, 136 million yuan, and 254 million yuan [3]. - As of December 31, 2024, total assets amounted to approximately 1.515 billion yuan, with equity attributable to shareholders at around 1.066 billion yuan [4].

Core Viewpoint - Hansong (Nanjing) Technology Co., Ltd. is planning to apply for an initial public offering (IPO) and listing on the ChiNext board, with China International Capital Corporation as the sponsor [1][2]. Company Overview - Company Name: Hansong (Nanjing) Technology Co., Ltd. - Registered Capital: RMB 96.75 million - Established: 2003, transitioned to a joint-stock company on June 1, 2022 - Location: Nanjing, Jiangning Economic and Technological Development Zone [2]. Main Business - The company specializes in high-end audio products and comprehensive audio technology solutions, providing integrated services in research, design, and manufacturing for globally recognized audio brands [2][3]. Core Technologies - The company has over 20 years of experience in audio technology research and development, focusing on high-performance audio signal processing, transmission, and intelligent audio systems [3][4]. - It has developed proprietary technologies for low-cost, high-definition audio streaming and multi-channel wireless transmission, achieving industry-leading performance [4][5]. Research and Development - The company has established R&D centers in Nanjing, India, and Denmark, employing a team of 278 researchers. R&D expenses for the past three years were RMB 72.42 million, RMB 74.26 million, and RMB 82.87 million, representing 5.22%, 7.20%, and 5.70% of revenue, respectively [5][6]. - The company has received multiple industry awards, including the EISA Award and CES Technology Award, and is recognized as a high-tech enterprise in Jiangsu Province [5][6]. Financial Data - As of December 31, 2024, the company's current ratio was 3.64, and the quick ratio was 2.94. The asset-liability ratio for the parent company was 27.42% [11][12]. - The company reported a net profit of RMB 253.65 million for the year 2024, with a significant increase from RMB 135.99 million in 2023 [12]. Market Position - The company has established a strong reputation in the global audio industry, collaborating with well-known brands such as JBL, McIntosh, and Sonus Faber [6][7]. - The company’s products are widely recognized for their quality and innovation, contributing to its competitive advantage in the audio technology market [6][7].