Core Viewpoint - Han Yi Co., Ltd. experienced a decline of 2.05% in stock price on September 1, with a trading volume of 163 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On September 1, Han Yi Co., Ltd. had a financing buy-in amount of 13.12 million yuan and a financing repayment of 19.37 million yuan, resulting in a net financing buy of -6.25 million yuan [1] - The total financing and securities balance reached 285 million yuan, accounting for 7.38% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high financing level [1] - No shares were sold or repaid in the securities lending segment on the same day, with a securities lending balance of 0, also reflecting a high percentile level over the past year [1] Business Overview - Han Yi Co., Ltd. was established on September 4, 1993, and went public on August 31, 2022, focusing on font design, font library software development, and related services [2] - The company's revenue composition includes 68.01% from font software licensing, 23.20% from internet platform licensing, 6.15% from font-related technical services, 1.75% from IP products and licensing, and 0.87% from other technical services [2] - For the first half of 2025, Han Yi Co., Ltd. reported a revenue of 89.97 million yuan, a year-on-year decrease of 1.35%, while the net profit attributable to shareholders was 6.33 million yuan, showing a significant year-on-year increase of 337.96% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Han Yi Co., Ltd. was 9,275, a decrease of 27.76% from the previous period, while the average circulating shares per person increased by 38.43% to 7,985 shares [2] - The company has distributed a total of 94.37 million yuan in dividends since its A-share listing [3] - Among the top ten circulating shareholders, Huaxia Yuanjian Growth One-Year Mixed A (016250) is the seventh largest shareholder with 981,200 shares, while Huaxia Stable Growth Mixed (519029) is the eighth largest with 949,000 shares, having decreased by 124,000 shares from the previous period [3]

Financial Performance - The total dividend and repurchase amount for 2024 is 64.6553 million CNY, with cumulative dividends and repurchases exceeding 100 million CNY from 2022 to 2024 [3] - In 2024, the company achieved operating revenue of 190.7174 million CNY, a year-on-year decrease of 12.17% [18] - The net profit attributable to the parent company for 2024 was 8.8084 million CNY, a decline of 78.74% compared to the previous year [18] - The comprehensive gross profit margin was 80.86% [18] Industry Outlook - The font industry is expanding with new applications due to emerging smart devices like AR/VR, enhancing human-computer interaction [4] - Increasing copyright awareness among enterprises and individuals is beneficial for product sales [4] - There is a growing demand for global language font development as more Chinese companies expand overseas [4] - The industry is moving towards resource and business integration to enhance overall strength [4] Growth Opportunities - The domestic font authorization business is expected to maintain steady growth [5] - The company aims to optimize resources through industry integration and provide more font products and services for overseas enterprises [5] - AI technology will be leveraged to offer efficient solutions for large models and design applications [5] - The company plans to create more commercial products and applications around IP [5] IP Collaboration - The company is developing traditional cultural IPs, such as products based on oracle bone script, and is also focusing on popular game and film IPs [7] - The strategic cooperation with Founder Group, where the company holds an 11.2% stake, is expected to enhance overall competitiveness and address foreign competition [7] Goodwill and Financial Risks - As of December 31, 2024, the company's goodwill was valued at 157.8314 million CNY, accounting for 13.00% of total assets [8] - The company has recognized goodwill impairment provisions of 2.8205 million CNY and 2.0492 million CNY for specific asset groups [9] - Future performance risks may arise if the operational conditions of certain subsidiaries do not meet expectations [9] AI Integration - The company has launched an AI-driven font assistant to help designers quickly find suitable fonts based on descriptions or images [10] - The "AI Recognition" service in the Ziyou business helps users identify font names and origins, reducing potential infringement risks [11] - The overseas version of the Ziyou FontApp has been launched, providing font management services for Western markets [11] C-end Business Development - The C-end business is experiencing good growth and is expected to become a second growth engine by linking online and offline channels [14] - The personalized decoration business, especially in APP customization, is projected to continue growing [15]