免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 （记者 曾健辉） 每经AI快讯，海通国际9月29日发布研报称，给予汉朔科技（301275.SZ）"优于大市"评级。评级理由主 要包括：1）业绩短期承压，静待需求释放；2）全球零售数字化需求延续，电子价签北美市场快速增 长；3）数字门店解决方案有望成为新增长点。风险提示：全球宏观经济政策变化风险；技术迭代应用 不及预期；需求不及预期；汇率波动风险；市场竞争加剧。 每经头条（nbdtoutiao）——重磅解读！中国将不寻求WTO新的特殊和差别待遇，意味着什么？ ...

首次覆盖：北美客户拓展顺利，静待需求释放 汉朔科技(301275) 汉朔科技 2025 年半年报点评 股票研究 /[Table_Date] 2025.09.12 2025-09-29 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -4% -7% 相对指数 -19% -34% -60% [Table_Report] 相关报告 电子价签龙头，深度赋能泛零售行业数字化变革 2025.04.01 -22% 2025/3 2025/5 2025/7 2025/9 计算机 [Table_Industry] /信息科技 [Table_Invest] 评级： 增持 [Table_Target] 目标价格(元): 65.97 [Table_CurPrice] 当前价格(元)： 54.91 [Table_Market] 交易数据 本报告导读： 公司 2025 年上半年业绩短期承压，随着北美客户需求释放，以及存量电子价签大规 模替换来临，需求有望重回高增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | ...

业务表现方面，公司智能物联电子纸显示模组的销售量由2022年的50.6百万片增加至2023年的 56.1百万片、2024年的67.1百万片及截至2025年6月30日止六个月的52.7百万片。 9月25日，浙江东方科脉电子股份有限公司(简称：东方科脉)向港交所主板递交上市申请。 东方科脉在招股书中表示，公司是全球最大的商用端智能物联电子纸显示解决方案厂商。 目前，公司在浙江嘉兴、辽宁大连市和越南拥有四个生产基地。其中，越南基地于今年6月正式竣 工投产，预计年产能达2000万片电子纸显示屏（含小/中/大尺寸）。 财务方面，于2022年、2023年、2024年、2025年截至6月30日止六个月，该公司实现收入分别 约为12.14亿、10.24亿、11.52亿、7.96亿元人民币；同期，年/期内利润分别约为9187.6万 元、5073.9万元、5340.4万元、4303.6万元人民币。 | | 或议程 | | --- | --- | | | 签到 | | 8:30-9:30 | | | 9:30-9:35 | 开幕致辞 | | | TrendForce集邦咨询 总经理 樊晓莉 | | 9:35-10:00 | 玻璃与 ...

本报（chinatimes.net.cn）记者杨燕 北京报道 面对日益严格的监管和市场需求，企业ESG实践已从"可选项"变为"必答题"，成为参与全球竞争的入场 券。 9月19日，2025华夏ESG管理体系大会在北京召开。本次大会由华夏时报社主办，SGS通标、中质协质 量保证中心、首都经济贸易大学中国ESG研究院等机构提供支持。大会以"理念与实践并行，发展同质 量共生"为主题，聚焦ESG如何驱动企业价值重构的核心议题。 在圆桌讨论环节，来自金融机构、咨询公司、企业和第三方认证机构的六位专家围绕"ESG驱动企业价 值重构的可实现路径"这一主题，从风险管控到价值创造，从合规约束到战略引领，从成本投入到创新 回报等多角度展开了深入讨论。 ESG如何成为企业价值护城河 圆桌论坛由东方财富证券上市公司咨询部ESG业务总监姜宏玲主持，她指出，当前企业最关心两个问 题：ESG对长期价值的影响，以及有哪些可行的实践路径。 作为金融机构代表，中国银河证券ESG创新研究负责人王新月从投资角度分析了ESG背后的逻 辑。"ESG本身就是一个风险缓释工具。"她表示，"对环境负责的公司转型风险更小，员工权益保障好 的公司劳动纠纷风险可能更 ...

Core Viewpoint - The company has launched various electronic ink screen products, including electronic price tags, digital signage, electronic desk signs, and smart readers, which cater to different application needs in various scenarios [1] Product Development - The company is focusing on research and development of electronic paper products and technologies, with plans to expand into personal consumer markets and commercial application scenarios [1] - The new electronic paper full-color frame utilizes E Ink full-color electronic paper technology, showcasing excellent color display capabilities [1] Business Performance - Currently, the electronic paper business accounts for a small proportion of the company's overall business [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company's performance in the first half of 2025 was under pressure due to U.S. tariff policies and the gradual release of global electronic shelf label (ESL) demand. However, with the anticipated demand recovery from North American customers and the large-scale replacement of existing electronic price tags, high growth is expected to return [2][13]. - The report projects revenues for 2025, 2026, and 2027 to be 49.53 billion, 59.49 billion, and 70.46 billion yuan respectively, with net profits attributable to the parent company expected to be 7.53 billion, 9.20 billion, and 11.49 billion yuan respectively [13]. Financial Summary - Total revenue for 2023 is reported at 3,775 million yuan, with projections of 4,486 million yuan for 2024, 4,953 million yuan for 2025, 5,949 million yuan for 2026, and 7,046 million yuan for 2027, reflecting growth rates of 31.9%, 18.8%, 10.4%, 20.1%, and 18.5% respectively [4]. - Net profit attributable to the parent company is expected to grow from 678 million yuan in 2023 to 1,149 million yuan in 2027, with growth rates of 226.2%, 4.8%, 6.0%, 22.1%, and 24.9% respectively [4]. - Earnings per share (EPS) is projected to increase from 1.60 yuan in 2023 to 2.72 yuan in 2027 [4]. Market Data - The current stock price is 54.91 yuan, with a target price set at 65.97 yuan, indicating a potential upside [6][7]. - The company has a total market capitalization of 23,194 million yuan and a total share capital of 422 million shares [7]. Industry Insights - The global demand for retail digitalization continues, with the North American market for electronic price tags experiencing rapid growth. In the first half of 2025, global ESL module shipments reached 248 million units, a year-on-year increase of 56% [13]. - The company is developing a complete digital store solution based on its electronic price tag system, which includes AI cameras, inspection robots, and smart shopping carts, aiming to enhance inventory and order management [13].

Group 1 - The "Third Electronic Paper Industry Innovation Conference (ePIC 2025)" was held in Shenzhen, focusing on technological innovation, application expansion, and ecosystem construction in the electronic paper industry [2][4][6] - Key industry leaders and experts gathered to discuss the future direction and achievements of the electronic paper industry [4][6][7] - The conference included a significant award ceremony recognizing contributions to the industry, particularly highlighting the reduction of import tariffs on electronic paper display modules [10][11] Group 2 - CINNO ePaper Insight's chief analyst presented insights on the new trends and patterns in the electronic paper industry for 2024-2025 [14] - The conference featured various presentations on technological advancements and innovative applications in the electronic paper sector, including color display technologies and AI integration [22][34][38] - A signing ceremony between the International Star Flash Alliance and the Electronic Paper Industry Alliance was held to promote collaboration and innovation within the industry [39][44] Group 3 - The event showcased over 30 companies in the electronic paper industry, presenting the latest technologies and applications in a dedicated exhibition area [45] - The Electronic Paper Industry Alliance, established in April 2021, aims to foster continuous innovation and healthy development within the electronic paper sector [46]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 1.208 billion yuan, representing a year-on-year growth of 43.35%, and a net profit attributable to the parent company of 152 million yuan, up 50.89% year-on-year [1] - The company is actively expanding into the industrial control and retail markets, leveraging its strong customer base and product lines, which include display driver chips and electronic shelf labels [2][3] - Due to the successful launch of new products, the forecast for net profit attributable to the parent company for 2025-2027 has been raised to 357 million, 424 million, and 496 million yuan respectively, with corresponding PE ratios of 33, 27, and 24 times [3] Financial Performance - In Q2 2025, the company reported revenue of 654 million yuan, a year-on-year increase of 31.43% and a quarter-on-quarter increase of 17.97% [1] - The gross profit margin improved by 3.7 percentage points to 24.41% in the first half of 2025, with R&D expenses increasing by 25.8% to 99 million yuan [1] - The company has a diversified product line that benefits from the trend of screen integration in consumer electronics, contributing to revenue growth [2] Customer Base and Market Expansion - The company has established a strong customer base, including major brands like Samsung, VIVO, and OPPO, and is expanding its presence in industrial control and retail sectors [3] - The electronic shelf label (ESL) chips have been adopted by several global retail giants, enhancing the company's market position [3]

Group 1: HanShuo Technology - The company's performance is expected to decline in the first half of 2025 due to U.S. tariffs, customer order rhythm, and decreasing gross margins [1] - The difference between net profit and net profit after deducting non-recurring gains mainly comes from losses on foreign exchange forward contracts [1] - The company is focusing on technological innovation and expanding its IoT smart hardware and digital energy management business [1] - The North American market penetration is accelerating, and the company is expanding into other retail sectors in Europe [1] Group 2: Reap Bio - The comprehensive gross margin increased by 2.36 percentage points due to revenue scale expansion and product structure optimization [2] - The pet health segment showed steady growth, with a 17.94% year-on-year increase in revenue from the supply chain and bioproducts [2] - The raw material drug segment significantly improved, with a gross margin increase of 14 percentage points and a reduction in losses of over 10 million [2] Group 3: HeShun Technology - The company reported a revenue of 296 million in the first half of 2025, a year-on-year increase of 27.93%, but incurred a net loss of 14.31 million [3] - The revenue growth was primarily due to the production of the Renhe factory investment project, which increased depreciation and led to profit decline [3] - The company is transitioning its functional film business from solar backsheet films to window films [3] Group 4: ChaoHongJi - The company has launched high-weight series products to enhance customer unit price and will continue to focus on customer needs [4] - The online subsidiary's net profit increased by 70.64%, promoting the integration of online and offline sales [4] - As of June 30, the company had 1,540 stores, with a net increase of 72 stores, and opened locations in Kuala Lumpur, Thailand, and Cambodia [4] Group 5: TianFu Communication - The company achieved a revenue of 2.456 billion in the first half of 2025, a year-on-year increase of 57.84%, and a net profit of 899 million, up 37.46% [5] - The growth in active business is driven by the increased delivery of high-speed active products [5] - The company is expanding its production capacity in Thailand, with the first phase already in operation [5]

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%， ...