Core Viewpoint - Hansang Technology is conducting its initial public offering (IPO) and has begun subscription on July 25, 2023, with a share price set at 28.91 yuan per share [3]. Group 1: Company Overview - Hansang Technology is focused on the smart audio industry, driven by technological innovation, with core technologies that are independently controllable and strong product innovation capabilities [2]. - The company offers a full-chain service from product concept to design, manufacturing, and technical support, providing audio solutions for personal, home, commercial, and automotive applications [2]. Group 2: Research and Development - The company's R&D expense ratios for the reporting periods were 5.22%, 7.20%, and 5.70%, compared to the average R&D expense ratios of comparable companies at 6.37% and 6.07% for 2022 and 2023, respectively [2]. - Cumulatively, the R&D expenses over the last three years amounted to 229.55 million yuan, representing 5.93% of the total revenue during the same period [2]. - Salary and share-based payments accounted for the majority of R&D expenses, with proportions of 93.22%, 93.48%, and 92.85% across the reporting periods [2]. - The company plans to increase its investment in technology related to artificial intelligence, communications, and the Internet of Things [2].