调研纪要：2025年上半年公司营业收入2.96亿元，同比增长27.93%，归母净利润亏损1,431.34万元。收入增长主要因仁和厂区募投项目投产，折旧 增加导致利润下滑。产品结构方面，有色光电基膜占45.46%，透明膜占42.62%，其他功能膜占10.84%。功能膜业务由太阳能背板膜转向窗膜领 域。碳纤维项目自2024年第三季度启动，目前处于工程建设及设备安装阶段。碳纤维工艺包括纺丝、预氧化、碳化、表面处理和上浆等环节，产 品应用于民用航空、3C数码、低空飞行器等领域。公司竞争力体现在技术研发、设备改造、工艺配方和全流程质量控制等方面。 4）潮宏基 （西部利得基金参与公司电话会议） 证券之星消息，根据市场公开信息及8月26日披露的机构调研信息，西部利得基金近期对5家上市公司进行了调研，相关名单如下： 1）汉朔科技 （西部利得基金参与公司特定对象调研&分析师会议） 调研纪要：2025年上半年汉朔科技业绩有所下降，主要受美国关税影响、客户订单节奏及毛利率下降影响。扣非净利润与净利润差异主要来自购 买外汇远期合约损失。公司坚持技术创新，拓展IoT智能硬件及零售门店数字能源管理业务，电子价签升级为多功能核心设备。公司 ...

据证券之星公开数据整理，近期汉朔科技（301275）发布2025年中报。截至本报告期末，公司营业总收 入19.74亿元，同比下降6.73%，归母净利润2.22亿元，同比下降41.68%。按单季度数据看，第二季度营 业总收入9.93亿元，同比下降13.1%，第二季度归母净利润7212.11万元，同比下降65.9%。本报告期汉 朔科技应收账款上升，应收账款同比增幅达62.14%。 财务费用变动幅度为-2002.18%,原因:欧元汇率上升导致本期汇兑收益显著增加。 经营活动产生的现金流量净额变动幅度为-88.75%,原因:本期销售回款的增加额小于采购支出增加额及支 付各项税费金额增加综合影响。 投资活动产生的现金流量净额变动幅度为-783.18%,原因:本期购买短期理财支出增加及购建长期资产支 出增加综合影响。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率31.59%，同比减15.2%，净利率11.24%， 同比减37.47%，销售费用、管理费用、财务费用总计1.26亿元，三费占营收比6.41%，同比减43.5%，每 股净资产9.24元，同比增47.26%，每股经营性现金流0.13元，同比减89.88%， ...

8月25日，汉朔科技（股票代码：301275）发布中期业绩报告。据最新披露的财务数据显示，公司上半年实现营 业收入19.74亿元，归母净利润达2.22亿，扣除非经常性损益的净利润达2.87亿元，在复杂的全球经济环境中经营 情况稳健。 全球零售业市场潜力逐渐释放，数字化浪潮下行业地位稳固 随着新零售行业快速发展，全球零售行业的数字化需求逐步增加，物联网与人工智能等前沿技术与零售场景正 不断融合，以实现"人、货、场"的全面升级和重构。在此背景下，催生出对硬件数字化和软件系统升级的需 求。 一方面是门店硬件，如纸质价签、固定货架、手推购物车、扫码收银机等传统硬件正向电子价签、数字货架、 自助收银终端和智能购物车、智能商显屏等AIoT智能终端升级；另一方面是软件系统升级，通过云端部署、 SaaS数字服务等模式完成总部与门店之间的数据通道整合，提升精细化运营水平。 同时，电子价签、数字货架、智能购物车等产品也可有效替代人力投入，节约运营成本，提高门店运营效率， 实现了店家降本增效的需求。此外，在可持续发展理念的影响下，越来越多的企业产生了绿色低碳转型的需 求，对节能减排的重视程度加深。而数字化管理工具将有效减少纸质标签 ...

事件概述 业绩短期承压 客户优势：公司深入推进全球化布局，与头部客户达成深度合作。目前，公司已在法国、德国、荷兰、 澳大利亚、日本、美国、新西兰、新加坡、英国、瑞典、加拿大、越南、波兰、西班牙、马来西亚等国 家设立下属公司。截至2024 年底，公司已覆盖全球超过70 个国家和地区的500 余家客户，并与 Auchan、Aldi、Ahold、Woolworths、Leroy Merlin、华润万家、多点集团等全球零售头部企业开展合 作，持续提供业绩增长。 投资建议 汉朔科技发布2025 年半年报，25H1 实现营收19.74 亿元，同比-6.73%；归母净利润2.22 亿元，同 比-41.68%；扣非归母净利润2.87 亿元，同比-20.40%。单季度看，25Q2 实现营收9.93亿元，同 比-13.10%；归母净利润0.72 亿元，同比-65.90%；扣非归母净利润1.22 亿元，同比-40.88%。 业绩短期承压。主要系：1）毛利率小幅下滑。25H1 公司毛利率为31.59%，同比-5.66pct。其中25Q2 毛 利率为30.71%，同比-7.24pct，环比-1.77pct。我们认为主要是由于产品结构变 ...

Group 1 - The report highlights the transformative impact of AI on machine vision, evolving from a "perception tool" to a "cognitive engine," enabling real-time analysis and adaptive adjustments [3][15] - Key beneficiaries in the machine vision sector include Opto, which is expanding its product offerings in consumer robotics and AI quality inspection [3][16] - Lingyun Optical is collaborating with Yushu to enhance humanoid robot training and data collection, with significant growth in orders expected in Q1 2025 [3][18] Group 2 - The electronic price tag market is projected to reach 34.9 billion yuan by 2028, driven by the rapid adoption of digital retail and the advantages of electronic tags over traditional paper tags [5][11] - The industry is highly concentrated, with leading companies like Hanshu Technology capturing approximately 91% of the global market share in 2023, benefiting from technological advantages and brand effects [5][11] - The report emphasizes the importance of electronic price tags in the digital transformation of retail, particularly in the post-pandemic recovery phase [5][11] Group 3 - The report recommends several themes and stocks, including smart automotive (Huguang Co., Ruihu Mould, Xinquan Co.), high-end manufacturing (Lingyun Optical, Opto), and outdoor products (Sanfu Outdoor) [6][26] - Specific companies like Ruihu Mould and Lingyun Optical have shown significant stock price increases, indicating strong market performance [26][27] - The report notes that the overall performance of small-cap indices has outpaced large-cap indices, suggesting a favorable environment for small-cap investments [4][23]

Summary of Key Points from Conference Call Records Industry and Company Overview - **Yingshi Innovation**: Leading global provider of panoramic cameras with a market share of 67.2%. The handheld smart imaging device market reached RMB 36.47 billion in 2023, growing at 14.3% annually. The panoramic camera market is valued at RMB 5.03 billion, with future growth expected from the integration of panoramic and action cameras and emerging applications [1][5]. - **Sikang Technology**: Dominates the industrial-grade 3D laser scanner market, holding the top position in China and second globally. Revenue projections for 2022-2024 are RMB 210 million, RMB 270 million, and RMB 330 million, with an annual growth rate of 20%-30% [1][12]. - **Hanshuo Technology**: The third-largest electronic shelf label supplier globally, with a domestic market share of approximately 12%. The global electronic shelf label market is expected to reach RMB 35 billion by 2028 [1][14]. - **Taihe Co., Ltd.**: A leading pesticide manufacturer in China, with core products like Bacillus thuringiensis accounting for over 50% of global capacity. Revenue projections for 2022-2024 are RMB 5.1 billion, RMB 3.87 billion, and RMB 4.24 billion [1][20]. Core Insights and Arguments - **Yingshi Innovation**: The company maintains a strong position in the smart imaging device market, with a balanced online and offline sales strategy. The introduction of the X5 series panoramic camera has seen high demand due to its advanced features [3][8]. - **Sikang Technology**: The company has established strong partnerships with major automotive and aerospace firms, indicating a solid competitive advantage in high-precision markets [11]. - **Hanshuo Technology**: The company is well-positioned to benefit from the increasing penetration of electronic shelf labels in retail, driven by rising labor costs and inflation [16][15]. - **Taihe Co., Ltd.**: The company has a robust international presence through long-term collaborations with multinational corporations, enhancing its market position [21]. Financial Performance - **Yingshi Innovation**: Revenue is projected to grow from RMB 2.04 billion in 2022 to RMB 5.57 billion in 2024, with an average growth rate exceeding 50%. The expected revenue for the first half of 2025 is between RMB 3.2 billion and RMB 3.8 billion [10]. - **Sikang Technology**: Revenue is expected to grow steadily, with net profits increasing significantly in the first quarter of 2025 [12]. - **Hanshuo Technology**: Revenue is projected to increase from RMB 2.8 billion in 2022 to RMB 4.49 billion in 2024, despite a slight decline in Q1 2023 [19]. - **Taihe Co., Ltd.**: Revenue is expected to stabilize despite slight declines in 2023, with a significant increase in net profit in Q1 2025 [25]. Potential Risks - **Sikang Technology**: Faces risks related to its small revenue base and the competitive landscape, as well as macroeconomic factors affecting industrial clients [13]. - **Taihe Co., Ltd.**: Risks include price volatility in agricultural products, uncertainties in the promotion of new varieties, and potential trade policy fluctuations [26]. Additional Important Insights - **Emerging Applications**: Yingshi Innovation is exploring new fields such as VR real estate viewing, panoramic news broadcasting, and security monitoring, which could provide additional growth opportunities [9]. - **Market Trends**: The electronic shelf label market is expected to grow significantly, with a current penetration rate of only 15% globally, indicating substantial room for growth [15].

Group 1: AI and Technology Integration - Hanshu Technology focuses on integrating AI technologies such as machine vision and big data analysis with digital retail scenarios to enhance operational efficiency and consumer experience [3] - The company is actively exploring AIoT applications and has partnered with Microsoft to leverage Azure Open AI for innovative retail solutions [3] - Hanshu Technology has established a competitive edge as the first partner in China to receive "Certified Software Designation for Retail AI" from Microsoft [3] Group 2: Electronic Price Tags Market - The global penetration rate of electronic price tags remains low, with France leading at over 40% [4] - Major markets like China, the USA, and Japan have significant growth potential due to their low penetration rates [4] - Future growth drivers include market penetration increases, replacement demand for existing electronic price tags, and the provision of SaaS and technical services [4] Group 3: Revenue and Market Strategy - Approximately 10% of the company's revenue comes from the US market, which has been minimally impacted by recent tariff increases [5] - The company is focusing on strategic expansion in Europe, Japan, Australia, Southeast Asia, and within China to mitigate tariff risks [6] - Hanshu Technology is committed to monitoring tariff policy changes and adjusting production and operational strategies accordingly [6] Group 4: Robotics and New Business Development - The company emphasizes research and application of AI technologies in robotics, having secured multiple patents for inspection robots [6] - Hanshu Technology is developing various solutions, including smart shopping carts and AI cameras, to support digital transformation in retail [6] - A commercial partnership has been established for smart shopping carts with a leading overseas client, enhancing operational efficiency and consumer experience [6]

Summary of Conference Call Records Company and Industry Overview 1. Company: Sanwei Chemical (三维化学, 002469) - Industry: Chemical Manufacturing 2. Company: Hanshuo Technology (汉朔科技, 301275) - Industry: Electronic Price Tag Technology Key Points and Arguments Sanwei Chemical 1. **Business Expansion and Growth Potential** - Acquired Nuoao Chemical in 2020, expanding into chemical product sales, benefiting from product price increase logic [1][3][5] - Chemical production lines can quickly switch to high-efficiency products, mitigating price volatility impacts on profitability [3][5] 2. **Revenue and Profit Forecast** - Expected net profits for 2025-2027: 3.8 billion, 4.9 billion, and 6 billion CNY, with growth rates of 43.69%, 30.23%, and 22.07% respectively [1][3] - Projected P/E ratios for the same period: 15.11, 11.60, and 9.51 [1][3] 3. **Production Capacity and Projects** - Leading in sulfur recovery device business, with revenue recognition peak expected in Q2 and Q3 of this year [1][7] - Ongoing construction of 50,000 tons/year isooctanoic acid and 15,000 tons/year cellulose capacity, expected to contribute to performance [1][3] 4. **Financial Data** - Revenue forecast for 2023-2027: 2,657.45 million, 2,554.29 million, 3,676.37 million, 4,213.36 million, and 4,816.81 million CNY [4] - Net profit forecast for the same period: 282.18 million, 262.65 million, 377.41 million, 491.49 million, and 599.97 million CNY [4] Hanshuo Technology 1. **Market Position and Technology** - Leading player in the electronic price tag industry with a comprehensive software and hardware technology system [2][11] - Developed key communication protocol HiLPC, enhancing software-hardware synergy [11][16] 2. **Market Penetration and Growth Forecast** - Global market penetration for electronic price tags in supermarkets is approximately 15%, with strong relationships with major clients ensuring stable order flow [2][11][13] - Expected net profits for 2025-2027: 8.18 billion, 9.68 billion, and 11.66 billion CNY, with growth rates of 15.2%, 18.3%, and 20.4% respectively [2][11] 3. **Financial Data** - Revenue forecast for 2023-2027: 3,775 million, 4,486 million, 5,160 million, 6,091 million, and 7,311 million CNY [12] - Net profit forecast for the same period: 678 million, 710 million, 818 million, 968 million, and 1,166 million CNY [12] Other Important Insights 1. **Risk Factors** - For Sanwei Chemical, risks include unexpected fluctuations in raw material prices [1][3] - For Hanshuo Technology, risks involve lower-than-expected downstream demand [2][11] 2. **Strategic Partnerships** - Both companies emphasize strong partnerships with major clients to ensure stable growth and market presence [11][14] 3. **Industry Trends** - Sanwei Chemical benefits from domestic production of acetate cellulose amid global trade uncertainties [3] - Hanshuo Technology is positioned to leverage digital transformation trends in the retail sector [11][16]

Summary of Conference Call Records Company Overview - The primary focus is on **Macroview Technology**, a leading global supplier of panoramic camera lenses and imaging modules, with products used in various electronic devices, including smartphones, home appliances, and automobiles [1][2]. Key Industry Insights - **Smart Automotive Sector**: Macroview Technology has established stable partnerships with major automotive manufacturers and is involved in two main projects: capacity expansion and facility upgrades, aiming to increase production capacity by approximately 27.96 million units [2][3]. - **Growth in Camera Usage**: The average number of cameras per vehicle has increased from 1.7 in 2018 to 3 in 2023, with some models, like BYD's "Heavenly Eye," featuring up to 12 cameras, indicating a rapid growth trajectory in automotive camera installations [4][7]. Financial Performance - Projected revenues for Macroview Technology from 2022 to 2024 are approximately **450 million**, **770 million**, and **1.09 billion** CNY, respectively, with a compound annual growth rate (CAGR) exceeding 50% [9]. - The company’s net profit is expected to grow from **65 million** to **165 million** CNY over the same period, reflecting a strong financial outlook [9]. Competitive Position - Macroview Technology holds a significant market share in the panoramic camera sector, with a reported growth rate of **14.2%** in this segment [3]. - The company has a deep integration with leading players in the film and television industry, achieving a **75%** share in the imaging module market for cinematic applications [6]. Emerging Trends - The electronic price tag market is projected to grow significantly, with a global market penetration of only **15%** as of 2023, indicating substantial growth potential [11]. - The company is positioned to benefit from the increasing demand for digital retail solutions, with a focus on electronic price tags as a foundational technology for digital stores [12]. Risks and Challenges - Potential risks include reliance on specific suppliers for electronic paper film, which could impact production if supply issues arise [15]. - The company faces challenges related to raw material price volatility, which could affect profit margins due to the lack of pricing power [21]. Conclusion - Macroview Technology is well-positioned in the rapidly growing sectors of panoramic cameras and smart automotive applications, with strong financial projections and a competitive edge in partnerships and market share. However, it must navigate risks associated with supply chain dependencies and raw material costs to sustain its growth trajectory.

构建智慧零售生态，打破国际品牌垄断，物联网"隐形冠军"汉朔科技（301275）成功登陆创业板，开启 企业发展新纪元。 汉朔科技凭借自主研发的无线通信协议HiLPC及其软硬件核心技术体系，在电子价签领域展现出独有优 势。 从汉朔科技的招股说明书来看，该公司自主研发的无线通信协议HiLPC，广泛适用于各产品条线通信及 数据传输，可保证通信系统运行的流畅、稳定。最新一代HiLPC协议可实现单门店承载数百台蜂窝网络 基站设备，单基站每小时更新6万片次电子价签设备，在并发量上达到行业先进水平。 从2013年正式发布第一代商用电子价签产品及第一代电子价签通信基站，并同步推出单门店方案的电子 价签软件系统至今，汉朔科技已经推出多个系列合计超过40款电子价签产品，系统软件迭代版本超过20 次。当前，汉朔科技已构建起以电子价签系统、SaaS云平台服务等软硬件产品及服务为核心的业务体 系，实现零售数字化的全领域布局。 受益于全球零售数字化行业的快速发展，电子价签行业迎来高速增长期，汉朔科技凭借自主研发的核心 技术，突围国际品牌的垄断，在行业内形成不俗竞争优势。2023年，汉朔科技全球电子价签市场份额约 28%；从收入角度来看，根 ...