Core Viewpoint - Hansang (Nanjing) Technology Co., Ltd. has officially launched its IPO on the ChiNext board, aiming to expand its production capacity and seize early advantages in the AIoT sector, with revenue nearing 1.5 billion yuan and a net profit compound growth rate exceeding 40% during the reporting period [1][4][10]. Financial Performance - The company reported revenues of 1.386 billion yuan, 1.03 billion yuan, and 1.454 billion yuan for the years 2022 to 2024, with net profits of 189 million yuan, 136 million yuan, and 250 million yuan respectively [4]. - The compound annual growth rates for the company's main business revenue and net profit over the past five years are approximately 16.34% and 41.04% respectively, indicating stable performance [4]. Product and Technology Development - Hansang Technology has established itself as a comprehensive supplier of high-end audio products and technology solutions, with a focus on R&D and innovation for over 20 years [5][6]. - The company has developed a complete technology and product chain from streaming modules to audio terminal products, and has established long-term partnerships with renowned international audio brands such as NAD, JBL, and Tonies GmbH [6][7]. - As of March 28, 2025, the company holds a total of 112 authorized patents, all of which are independently developed [7][8]. Market Opportunities - The global high-fidelity audio market is projected to reach $16 billion in 2023 and grow to $17.5 billion by 2025, with a compound annual growth rate (CAGR) of 4.58% [8]. - The smart speaker industry is expected to grow at a CAGR of 9.98% from 2022 to 2027, indicating strong demand for innovative audio products [9]. - The AIoT audio market is anticipated to benefit from the integration of AI and IoT technologies, with significant potential for growth in various sectors including smart homes and wearable devices [9]. IPO Fund Utilization - The funds raised from the IPO will be allocated to projects including the annual production of 1.5 million high-end audio products, smart audio IoT product manufacturing, and the R&D of new technologies and products in the AIoT space [11][12]. - The company aims to enhance its production capacity and strengthen its position as a leading global supplier of high-end audio products and technology solutions [12].

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]

Fund Utilization Overview - The company plans to publicly issue up to 32.25 million shares, with total fundraising amount to be determined based on market conditions and pricing [1] - The total investment for the smart audio and AIoT new technology and product platform development project is estimated at 1,001.90 million yuan, fully funded by the raised capital [1] High-End Audio Market Potential - The global high-fidelity audio market is projected to reach 16 billion USD in 2023, growing to 17.5 billion USD by 2025, with a compound annual growth rate (CAGR) of 4.58% [2] - The home theater market is expected to grow from 39.6 billion USD in 2023 to 43.5 billion USD by 2025, while the market for customized home audio systems is forecasted to increase from 12.2 billion USD in 2023 to 18.6 billion USD by 2027, with a CAGR of 8.80% [2] Project Implementation Feasibility - The project has a solid customer base and a comprehensive sales system, ensuring the absorption of new production capacity [3] - The company has established partnerships with numerous well-known brands in the audio industry, enhancing its market reputation [3][4] - The company possesses extensive production experience and a robust quality management system, which will facilitate the smooth execution of the project [5] Production Capacity Expansion - The project aims to address current production capacity constraints and improve operational efficiency by expanding production lines and storage areas [6] - The implementation of automation and advanced manufacturing processes is expected to enhance product quality and reduce labor costs [7][8] Smart Audio IoT Product Development - The company is focusing on the integration of audio technology with IoT, aiming to develop innovative smart audio products for various applications [10][12] - The global smart home market is projected to grow from 117.6 billion USD in 2022 to 222.9 billion USD by 2027, with a CAGR of 13.64% [12] R&D and Innovation Strategy - The company plans to invest in R&D for new audio technologies and products, including AI and IoT applications, to meet evolving market demands [24][25] - Continuous R&D investment is crucial for maintaining competitive advantages and adapting to market changes [26][27] Financial Strategy - The company intends to allocate 280 million yuan from the fundraising to supplement working capital, ensuring financial stability and supporting future growth [33]

中国经济网北京3月15日讯 深圳证券交易所上市审核委员会2025年第5次审议会议于昨日召开，审议结 果显示，汉桑（南京）科技股份有限公司（简称"汉桑科技"）首发符合发行条件、上市条件和信息披露 要求。这是今年过会的第6家企业。 上市委会议现场问询的主要问题： 经营业绩问题。根据发行人申报材料，发行人主要通过ODM业务模式与全球电子音响行业品牌商进行 合作，主要产品包括高性能音频产品、创新音频和AIoT智能产品。报告期内，发行人营业收入分别为 101,872.24万元、138,632.75万元、103,137.90万元、67,932.44万元，扣非归母净利润分别为3,327.99万 元、18,977.46万元、13,816.74万元、11,105.19万元，综合毛利率分别为27.96%、28.49%、29.87%、 32.94%。 请发行人：（1）结合产品应用领域市场、主要客户需求、同行业可比公司情况，说明2023年业绩下 滑、综合毛利率上升的原因及合理性；（2）结合核心技术、竞争优劣势、客户拓展、在手订单情况， 说明发行人经营业绩增长是否具有持2续性。同时，请保荐人发表明确意见。 需进一步落实事项： 无。 2 ...