Core Viewpoint - Hansang Technology (301491) successfully held an online roadshow for its initial public offering (IPO) on July 24, with subscription starting on July 25 at a price of 28.91 yuan per share [1][8]. Group 1: Company Performance - During the reporting period, the company achieved operating revenues of 1,386.33 million yuan, 1,031.38 million yuan, and 1,454.04 million yuan, with net profits attributable to shareholders of 189.57 million yuan, 135.99 million yuan, and 253.65 million yuan respectively, indicating strong operational capabilities [5]. - The company has over 20 years of experience in audio technology and product development, establishing core technological capabilities in high-performance audio signal processing, transmission, and intelligent audio systems [5][6]. Group 2: Research and Development - Hansang Technology has invested significantly in R&D, with over 200 personnel in research teams across centers in Nanjing, India, and Denmark, and holds more than 100 domestic and international patents [6]. - The company has been recognized as a high-tech enterprise in Jiangsu Province and was awarded the provincial engineering technology research center title in 2022 [6]. Group 3: Future Strategy - The company has outlined a development strategy of 1+2+3+4, focusing on audio business, expanding core module, complete machine, and smart audio system revenues, and developing products for personal, home, commercial, and automotive audio systems [7].

Core Viewpoint - Hansang Technology is leveraging its IPO and listing on the ChiNext board as an opportunity to enhance its technological and product innovation, aiming to maintain its leading position in the audio industry and continuously develop high-quality products and solutions to meet market demands [3][5]. Company Overview - Hansang Technology specializes in the smart audio industry, driven by technological innovation, with capabilities in core technology, product innovation, and full-process production [3]. - The company offers a comprehensive range of audio solutions, including personal smart speakers, home audio systems, commercial audio systems, and automotive audio systems [3]. Financial Performance - The company reported overseas sales revenues of 1,346.13 million yuan, 1,002.22 million yuan, and 1,404.34 million yuan for the respective reporting periods, with overseas sales accounting for over 97% of total revenue [7]. - Research and development expenses for 2022, 2023, and 2024 were 72.42 million yuan, 74.26 million yuan, and 82.87 million yuan, respectively, showing an overall upward trend [8]. Strategic Goals - The company aims to expand its market share in China for its own brands Tivoli, Primare, and Rongyu, creating a positive dual circulation between domestic and international markets [7]. - The company has set a strategic framework of 1+2+3+4 to increase investment in the Chinese market [7]. IPO Details - The IPO price for Hansang Technology is set at 28.91 yuan per share, with subscription starting on July 25 [9].

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].