上市只是阶段性起点。汉桑科技已明确未来战略方向，将在"1+2+3+4"战略指引下，以核心技术为锚 点，持续推动技术的迭代和升级，深化全球合作与市场拓展，持续向成为全球领先的高端音频产品和技 术解决方案综合供应商的战略目标迈进。 当前，全球音频产业正在经历以技术驱动为核心的跃迁，行业企业在技术创新、市场拓展和品牌建设方 面取得了长足发展，实现了从"制造"到"智造"的内在升级。 汉桑科技正是这一浪潮改革中的一员，在音频领域形成了包括高性能音频信号处理和放大、多协议音频 传输和音频系统智能化等一系列核心技术能力，成为音频行业内领先的具备从流媒体模组到音频终端产 品再到边缘计算和云平台完整技术和产品链的稀有标的公司。 近日，汉桑（南京）科技股份有限公司（股票代码：301491）正式登陆创业板，开启崭新的发展新篇 章。汉桑科技董事长兼总裁王斌从创业初期带领团队摸着石头过河，到现在凭借突出的技术创新能力， 丰富的研发设计经验和过硬的产品质量，从国际音响品牌背后的综合供应商，走到了全球高端音频舞台 的正中央。 在盈利层面，汉桑科技完成了技术价值的市场兑现。2022年至2024年，公司营业收入从13.86亿元增长 至14.5 ...

Core Viewpoint - The company Hansang Technology (301491.SZ) is set to be listed on the ChiNext board, focusing on high-end audio products and technology solutions, with a complete product chain from streaming modules to audio terminal products and cloud platforms [1][2]. Group 1: Company Overview - Hansang Technology specializes in high-end audio products and technology solutions, with a comprehensive product chain [1]. - The company has established long-term partnerships with renowned international audio brands such as NAD, JBL, McIntosh, Sonus Faber, and B&W [4]. - The revenue from high-performance audio products, innovative audio, and AIoT smart products accounts for over 90% of total revenue from 2022 to 2024, with the share of innovative audio and AIoT products increasing from 38.32% in 2022 to 50.23% in 2024 [4]. Group 2: Financial Metrics - The company's initial public offering (IPO) price is set at 28.91 yuan per share, with an institutional offering price of 29.3 yuan per share, and a market capitalization of 2.797 billion yuan [2]. - The company’s earnings per share (EPS) is projected with a price-to-earnings (P/E) ratio of 14.90, compared to comparable companies like Guoguang Electric (34.02) and Fenda Technology (41.50) [2]. - The gross profit margins from 2022 to 2024 are projected to be 28.49%, 29.87%, and 32.50%, indicating some fluctuations in profitability [5]. Group 3: Customer Dependency and Risks - The company has a significant reliance on its largest customer, Tonies GmbH, with sales to this customer accounting for 34.41%, 41.77%, and 48.49% of total revenue from 2022 to 2024 [5]. - Despite the dependency on Tonies GmbH, the company asserts that the long-term partnership, established since 2014, does not pose a significant risk to its ongoing operations [5]. - The company acknowledges potential risks related to revenue volatility due to market competition, rising raw material costs, and fluctuating downstream demand [5].

Core Viewpoint - The founder of 1MORE, Xie Guanhong, emphasizes the importance of providing high-quality experiences and extreme cost-performance in the headphone industry, countering the prevalent low-price competition in the domestic market [2][5][6]. Group 1: Company Strategy and Development - 1MORE was launched in 2015 as a self-owned brand by the company, moving away from solely OEM operations to establish its own identity in the market [5]. - The company adopted a strategy of entering overseas markets first to gain recognition and feedback, which would later be used to persuade domestic consumers [5][6]. - Over the past decade, 1MORE has expanded into North America, Europe, and Southeast Asia, achieving global sales exceeding 300 million units [3][6]. Group 2: Market Positioning and Brand Influence - The introduction of Jay Chou as a shareholder and Chief Creative Officer has significantly enhanced the brand's influence and market recognition [6]. - 1MORE aims to establish itself as a high-end audio brand in China, reflecting the success of "Chinese manufacturing" on the global stage [8]. Group 3: Future Plans and Market Expansion - The company plans to increase its market share in China through various channel strategies and substantial investment in R&D, focusing on core acoustic technology and AI interaction [9]. - 1MORE is actively participating in the first "Beautiful Life Expo" to connect with consumers and enhance brand visibility [10].