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]