智能购物车需求的增长背后，是门店数字化从流程电子化向运营智能化的跃迁。一方面，消费者希望获 得更顺畅、更即时的购物体验。另一方面，零售商需要在更细颗粒度上提升人效、优化运营并提升转 化。 除客户进展外，汉朔科技在AI驱动智能购物车方向也持续推进生态化战略布局。公司通过投资西安超 嗨网络科技有限公司，进一步强化产品与技术能力体系。 据悉，双方也会在行业交流与国际展会等场景中开展协同展示与经验分享，推动以AI驱动的门店数字 化基础设施能力向更广泛的海外市场传播。汉朔科技将持续强化AI能力在智能终端上的数据服务能 力，并完善平台化交付体系。公司将加速在全球零售场景中实现规模化复制与商业化落地，为长期稳定 增长夯实基础。 AI及大数据驱动的全场景数字化解决方案再上新台阶 在澳洲大型连锁超市中，顾客正推着能够自动扫码、实时计费并支持自助结账的购物车轻松购物，无需 再排队等待结账。这一改变在当地也引发关注，并登上相关社会新闻。 智能购物车需求的增长，体现了门店数字化需求的升级。一方面，全球消费者对沉浸式、高效率、非接 触式购物体验的需求持续提升。另一方面，零售商在数字化运营、人力成本优化与精准营销等方面也存 在迫切需求。 ...

根据 Cognitive Market Research 的数据，全球智能购物车市场规模预计到2030年将增长至97.7亿美元。 Data Intelo 的报告则更为乐观，预测该市场在2032年将增长至146.8亿美元。 近年来，汉朔已从以电子价签及先进无线通信协议为主的物联网智能方案解决商，成功升级为以AI和 大数据驱动的零售全场景平台型解决方案公司。公司业务覆盖智能终端、AI技术、机器人等多个领 域，并致力于打造能够覆盖全场景数字化零售需求的综合能力体系。汉朔近年来持续围绕AI+零售积极 布局。此次与伍尔沃斯的战略合作，是公司产业升级的重要里程碑。合作再次验证了汉朔快速响应国际 大客户深度需求的竞争力，以及将技术创新能力高效转化为商业化收入的能力。 面向未来，据悉，双方也会在行业交流与国际展会等场景中开展协同展示与经验分享，推动以AI驱动 的门店数字化基础设施能力向更广泛的海外市场传播。汉朔将持续强化AI能力在智能终端上的数据服 务能力，并完善平台化交付体系。公司将加速在全球零售场景中实现规模化复制与商业化落地，为长期 稳定增长夯实基础。 AI及大数据驱动的全场景数字化解决方案再上新台阶 在澳洲大型连锁超 ...

美妆丨市场观察 本周看点： -国际高校成为时尚美妆品牌的必争之地； -"万店药房"品类"大调改"！一批美妆将集体涌入； -雅诗兰黛集团高管谈：人工智能如何助力香水创作。 行业环境 1.国际高校成为时尚美妆品牌的必争之地 关键词：Z世代,消费主力,校园营销,美妆,健康品牌 概要：Z世代年均美容消费达50亿美元，护肤品等使用年龄低至11-13岁，男女消费趋同。品牌 通过校园大使、快闪活动、社交媒体和网红合作渗透高校市场，健康品牌则借助社团和TikTok 触达目标群体。Z世代消费力强、忠诚度高，校园场景因集中性和社群效应成为品牌战略要 地，需创新活动吸引注意力。 2."万店药房"品类"大调改"！一批美妆将集体涌入 头部品牌动态 3.首设全球title，美妆巨头再上演"抢人大战 关键词：全球代言人,商业价值,品牌战略,小众香氛,国际扩张 概要：1. 欧莱雅、雅诗兰黛分别签约肖战、朱一龙为全球代言人，强化品牌影响力。 2. LVMH投资法国小众香氛品牌BDK，助力其国际扩张。 3. 纯净美妆赛道分化：韩国Aromatica 股价暴涨，欧莱雅却关停相关品牌。 4. 尚洋科技退市，转向海外产能与材料升级。 5. 日系高 端 ...

Core Insights - The electronic paper industry is experiencing significant growth, transitioning from niche applications to becoming a core component in IoT display terminals, driven by increasing demand in retail and other sectors [1][2] - The A-share electronic paper index saw a daily increase of 3.36% on November 25, and a year-to-date increase of 56.58% as of November 28 [1] - Major manufacturers are consolidating their market positions, with the top five companies expected to hold approximately 86% of the global market share by 2024 [2][8] Industry Trends - The "dual carbon" goals in China are providing implicit support for low-power electronic products, creating long-term certainty for electronic paper companies [2] - The demand for electronic price tags and other applications is accelerating, with the industry entering a phase of synchronized acceleration in technology, market, and application [2][7] - The electronic paper technology has advanced with breakthroughs in color and flexibility, expanding applications from black-and-white static displays to full-color dynamic displays [5][6] Market Dynamics - The global electronic paper market is projected to exceed $14.2 billion, with significant growth expected in the e-book segment, which is anticipated to reach 18.8 million units by 2025 [8][9] - The domestic electronic paper industry has formed a complete layout, with strong downstream demand driving the expansion of upstream materials and midstream module production capacity [7] - The industry is characterized by a high growth rate and low base, with a compound annual growth rate of over 20% expected for global electronic paper terminals [9][10] Competitive Landscape - Major players in the electronic paper market include E Ink Holdings, HeLiTai, and Yasi Optoelectronics, with E Ink holding over 90% of the electronic ink film market [5][6] - The domestic market is seeing increased competition, with companies like Hanwang Technology and others capturing significant market shares [6][7] - The industry is facing challenges in scaling up production and reducing costs, particularly in high-end color electronic paper, which still relies on imported core materials [10]

Core Insights - The electronic shelf label (ESL) market is experiencing explosive growth driven by the digital transformation of the global retail sector, with significant contributions from major retailers like Walmart [1] - E Ink Holdings, a leader in electronic paper technology, anticipates record revenue and profit by 2026, reflecting confidence in the growth of its ESL business [1] - Tian De Yu (688252.SH), a key supplier in the ESL supply chain, is well-positioned to benefit from the surge in demand for electronic paper driver chips [1] Market Growth - The shipment volume of electronic shelf labels is projected to increase from approximately 360-370 million units in 2024 to 510-520 million units in 2025, indicating a strong growth trend [1] - The acceleration of ESL adoption is influenced by retail giants' initiatives, tariff policies, and labor shortages, leading to a reduced investment return cycle of 12-18 months [1] - The European and UK markets are also experiencing robust demand, driven by equipment upgrades and new customer acquisitions [1] Technological Advancements - The electronic shelf label technology is evolving from monochrome to multicolor and from simple displays to smart interactive features, with Tian De Yu leading the way in technological deployment [2] - The company has successfully launched a full range of four-color electronic paper driver ICs, entering the smart retail and IoT application markets [2] - Tian De Yu's four-color electronic shelf labels have achieved mass production and are becoming mainstream, with ongoing development of multicolor products to meet diverse customer needs [2] Policy and Market Environment - The 20th National Congress of the Communist Party of China emphasized the importance of advancing digital China, with retail digitalization being a key area benefiting from both policy and market support [2] - As a core hardware component of smart retail, the market space for electronic shelf labels is expected to continue expanding, with Tian De Yu poised for performance and market share breakthroughs during this high-growth cycle [2]

Group 1 - The core viewpoint is that the domestic electronic price tag industry has a broad growth outlook due to the deepening development of the digital economy and retail digitization in China [1] - The company possesses a profound understanding of retail digital transformation and technological innovation capabilities, along with an efficient supply chain system and integrated delivery capabilities, giving it a strong competitive advantage in the domestic market [1] - As a leading enterprise in the global store digitalization field, the company emphasizes domestic market development and is expected to continue benefiting from this focus [1] Group 2 - According to the 2024 report, the company's revenue from the domestic market reached 265 million yuan, representing a year-on-year growth of 63.58% [1]

Summary of Tian De Yu's Q3 2025 Earnings Call Company Overview - **Company**: Tian De Yu - **Industry**: Display Driver and Electronic Price Tag Solutions Key Financial Metrics - **Q3 2025 Revenue**: 480 million CNY, a decrease of 25.1% quarter-over-quarter and 23.6% year-over-year [2][4] - **Net Profit**: 42 million CNY, a decrease of 47% quarter-over-quarter and 53% year-over-year [2][4] - **Total Assets**: 2.74 billion CNY, with cash holdings of 1.89 billion CNY, representing 69% of total assets [3] - **Inventory Turnover Days**: 54 days, maintaining a range of 50-60 days [3] Business Segment Performance - **Display Driver Business**: Remained stable in the first three quarters of 2025 [5] - **Non-Display Driver Business**: Significant growth, with its share increasing from 19.3% in the previous year to 29.8% in Q3 2025, driven primarily by electronic price tags [2][5] - **Electronic Price Tags**: Contributed significantly to revenue, with a peak share of 36% in Q2 2025 [5] Market Outlook - **Q4 2025 and 2026 Forecast**: Optimistic outlook, particularly for electronic price tags, with expectations of over 30% growth as major retailers in Europe and the US transition from traditional to electronic price tags [2][6] - **Product Development**: Continued leadership in electronic price tags with new multi-camera and large-screen products [6] Profitability and Margin Trends - **Gross Margin**: Experienced a decline due to increased market competition and pricing pressure, but expected to stabilize in Q4 2025 [8] - **Cost Management**: Despite revenue growth, expenses increased by 27.9% year-over-year, impacting net profit stability [3] Competitive Position - **Electronic Price Tag Market**: Tian De Yu maintains a leading position despite new competitors entering the market, supported by product diversity and technological services [9][10] - **Technological Advantages**: New generation four-color products and strong customer support through AI tools for product validation enhance market share [10] Future Product Strategies - **Display Driver Chips**: Focus on AMOLED technology with mass production initiated in 2025, alongside advancements in TDDI technology for LCD drivers [11] - **Collaboration with Major Brands**: Partnerships with companies like Xiaomi and Baidu to expand market reach in large-size display drivers [6][12] Additional Insights - **Audio and Fast Charging Solutions**: Progress in audio motor driver chips and fast charging protocol chips, with significant partnerships established for broader application scenarios [13] - **Overall Business Confidence**: Despite underwhelming performance in 2025, the company is confident in growth prospects for 2026 across various segments, including electronic price tags and large-size display drivers [12]

Core Viewpoint - HanShuo Technology reported a decline in revenue and net profit for the first three quarters of 2025, indicating short-term performance pressure due to various factors including margin compression and investment losses [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.809 billion yuan, a year-on-year decrease of 11.04% [1]. - The net profit attributable to shareholders was 314 million yuan, down 40.51% year-on-year [1]. - The net profit excluding non-recurring items was 366 million yuan, a decrease of 27.55% year-on-year [1]. - In Q3 2025, revenue was 835 million yuan, a year-on-year decline of 19.79% [1]. - The net profit for Q3 was 93 million yuan, down 37.50% year-on-year [1]. Margin and Cost Analysis - The gross margin for Q1-Q3 2025 was 32.88%, a decrease of 3.28 percentage points year-on-year [2]. - The gross margin for Q3 2025 was 35.94%, an increase of 1.98 percentage points year-on-year and 5.23 percentage points quarter-on-quarter [2]. - The company reported a fair value loss of 16.9069 million yuan for Q1-Q3 2025, compared to a gain of 1.851 million yuan in the same period last year [2]. - Investment income for Q1-Q3 2025 was -58.5536 million yuan, down from a profit of 7.4568 million yuan in the previous year [2]. - The expense ratio for Q1-Q3 2025 was 15.49%, a decrease of 0.67 percentage points year-on-year [2]. Competitive Advantages - The company has developed a proprietary HiLPC communication protocol that enhances network performance and efficiency [3]. - It has released over 40 electronic price tag products and more than 20 iterations of its system software since 2013, maintaining a leading position in the industry [3]. - The company is leveraging Microsoft Azure for technological support and has developed digital solutions for retail clients [3][4]. - The company is actively managing its domestic supply chain and promoting domestic chip substitution to maintain cost advantages [4]. Client and Market Expansion - HanShuo Technology has established a global presence with subsidiaries in over 70 countries and regions, serving more than 500 clients [4]. - The company collaborates with major global retailers such as Auchan, Aldi, and Woolworths, contributing to its revenue growth [4]. Investment Outlook - The revenue forecasts for 2025-2027 have been adjusted to 3.812 billion, 4.679 billion, and 5.768 billion yuan, reflecting a year-on-year decline of 15.0% in 2025, followed by growth in subsequent years [5]. - The net profit forecasts for the same period are 449 million, 604 million, and 832 million yuan, with a significant decline in 2025 [5]. - The earnings per share (EPS) estimates are 1.06, 1.43, and 1.97 yuan for 2025-2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is under short-term pressure, primarily due to a slight decline in gross margin, fair value losses, and decreased investment income [2][8] - The company has established core competitive advantages through technology, product offerings, supply chain management, and customer relationships [3][7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 2.809 billion yuan, a year-on-year decrease of 11.04%, and a net profit attributable to shareholders of 314 million yuan, down 40.51% year-on-year [1] - The gross margin for the first three quarters of 2025 was 32.88%, a decrease of 3.28 percentage points year-on-year, while the gross margin for Q3 2025 was 35.94%, an increase of 1.98 percentage points year-on-year [2] - The company reported a fair value loss of 16.9069 million yuan for the first three quarters of 2025, compared to a gain of 185,100 yuan in the same period last year [2] Profit Forecast and Valuation - The company’s revenue forecasts for 2025-2027 are adjusted to 3.812 billion, 4.679 billion, and 5.768 billion yuan, respectively, with year-on-year changes of -15.0%, +22.8%, and +23.3% [8] - The net profit forecasts for the same period are 449 million, 604 million, and 832 million yuan, with year-on-year changes of -36.8%, +34.8%, and +37.7% [8] - The earnings per share (EPS) are projected to be 1.06, 1.43, and 1.97 yuan for 2025, 2026, and 2027, respectively [8]

Group 1 - The core viewpoint of the report is that Haitong International has given Han Shuo Technology (301275.SZ) an "outperform" rating, indicating positive expectations for the company's future performance [1] - The report highlights that the company's performance is under short-term pressure, but there is anticipation for demand to be released in the near future [1] - It notes that the global retail digitalization demand continues, with rapid growth in the North American electronic price tag market [1] - The digital store solution is expected to become a new growth point for the company [1] Group 2 - The report includes several risk factors that could impact the company's performance, such as changes in global macroeconomic policies, technological iteration applications not meeting expectations, demand falling short, exchange rate fluctuations, and intensified market competition [1]