Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company reported significant growth in its financial performance for the first half of 2025, with operating revenue reaching 503.49 million yuan, a year-on-year increase of 37.72%. Operating profit and total profit saw remarkable growth of 292.03% and 291.06% respectively, while net profit attributable to shareholders increased by 274.58% [5][6] - The growth in revenue and net profit was driven by increased customer demand, new customer acquisition, and the commencement of mass production of new products. All product lines experienced revenue growth, particularly in the multimode and audio product lines [5] - The company's gross margin improved to 50.61%, benefiting from a higher proportion of high-margin product sales and optimized sales structure [6] - Continuous investment in R&D has led to the launch of new AI products, with the company completing mass production of several advanced chips, including Bluetooth 6.0 and Matter chips, which have gained significant customer recognition [7][8] - The company is actively embracing the open-source RISC-V architecture, becoming one of the first to adopt RISC-V architecture MCUs in the low-power IoT sector, which enhances product differentiation and cost optimization [9][10] Financial Projections - The company is expected to achieve operating revenues of 1.186 billion yuan, 1.532 billion yuan, and 1.908 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 196 million yuan, 291 million yuan, and 397 million yuan [11][13] - The projected P/E ratios for 2025, 2026, and 2027 are 62.14, 41.93, and 30.75 respectively, indicating a favorable outlook for the company's earnings growth [11]

Core Viewpoint - HANSANG Technology announced the results of its new share issuance, with online investors subscribing for 13.4002 million shares, amounting to 387.39 million yuan, while offline investors fully subscribed [1][2][3] Group 1: Subscription Details - Online subscription quantity was 13.4002 million shares, with a subscription amount of 387.39 million yuan, and an abandonment quantity of 56,800 shares, resulting in an abandonment rate of 0.4222% [1][2] - Offline investors subscribed for 15.1265 million shares, with a subscription amount of 437.31 million yuan, and no abandonment [2][3] - The total issuance volume was 32.25 million shares, with an issuance price of 28.91 yuan per share [3] Group 2: Abandonment Analysis - The abandonment quantity for HANSANG Technology was 56,800 shares, with an abandonment amount of 1.6426 million yuan [1][3] - The abandonment rate of 0.42% places HANSANG Technology among the higher abandonment rates in recent new share issuances, alongside companies like Tongyu New Materials and C Hanhigh [3] - Recent data shows that the highest abandonment quantities in the past month were for Huadian New Energy (8.2309 million shares) and Tongyu New Materials (70,500 shares) [3]

Core Viewpoint - Hansong (Nanjing) Technology Co., Ltd. is applying for an initial public offering and listing on the Growth Enterprise Market, detailing its subsidiaries and financial data as of March 28, 2025 [1]. Subsidiaries Overview - The company has 16 wholly-owned and controlled subsidiaries, along with 2 branches, with no associated companies [1]. Subsidiary Financial Data 1. **Hansong Holding Limited** - Total Assets: 520.67 million HKD - Net Assets: 420.10 million HKD - Revenue: 578.59 million HKD - Net Profit: 90.88 million HKD [1] 2. **Nanjing Yinfan Audio Technology Co., Ltd.** - Total Assets: 13.81 million CNY - Net Assets: -1.66 million CNY - Revenue: 15.85 million CNY - Net Profit: -1.34 million CNY [2] 3. **Hansong CMD Limited** - Total Assets: 27.60 million CNY - Net Assets: 0.17 million CNY - Revenue: 0 - Net Profit: 0.17 million CNY [2] 4. **Libre Wireless Technologies, Inc.** - Total Assets: 2.54 million CNY - Net Assets: -65.67 million CNY - Revenue: 7.82 million CNY - Net Profit: 0.70 million CNY [2] 5. **Libre Wireless Technologies India Private Limited** - Total Assets: 1.07 million CNY - Net Assets: 0.24 million CNY - Revenue: 14.18 million CNY - Net Profit: -0.63 million CNY [3] 6. **Platin Gate ApS** - Total Assets: 5.35 million CNY - Net Assets: -3.80 million CNY - Revenue: 5.45 million CNY - Net Profit: 0.36 million CNY [3] 7. **Tivoli Audio, Inc.** - Total Assets: 39.56 million CNY - Net Assets: -97.23 million CNY - Revenue: 36.82 million CNY - Net Profit: -15.28 million CNY [4] 8. **Hansong Technology (Bac Ninh) Co., Ltd.** - Total Assets: 43.50 million CNY - Net Assets: 15.17 million CNY - Revenue: 38.43 million CNY - Net Profit: 4.44 million CNY [4] 9. **Mavid Technology Pte. Ltd.** - Total Assets: 35.99 million CNY - Net Assets: -2.74 million CNY - Revenue: 0 - Net Profit: -0.87 million CNY [5] 10. **Nanjing Mavid Technology Co., Ltd.** - Total Assets: 39.11 million CNY - Net Assets: 39.08 million CNY - Revenue: 0 - Net Profit: 2.12 million CNY [5] Branches Overview - The company has two branches: Jiangning Branch and Yinfan Branch, established in December 2024 and March 2025 respectively [6]. Other Subsidiaries 1. **Tivoli Audio Coöperatief U.A.** - Total Assets: 27.82 million CNY - Net Assets: 26.23 million CNY - Revenue: 16.03 million CNY - Net Profit: -2.08 million CNY [6] 2. **Tivoli Audio Pty Ltd** - Total Assets: 4.46 million CNY - Net Assets: -1.90 million CNY - Revenue: 3.07 million CNY - Net Profit: -0.34 million CNY [7] 3. **Tivoli Audio Direct LLC** - Total Assets: 0.01 million CNY - Net Assets: -1.48 million CNY - Revenue: 7.04 million CNY - Net Profit: 1.48 million CNY [7] 4. **Tivoli Audio 株式会社** - Total Assets: 4.23 million CNY - Net Assets: -1.54 million CNY - Revenue: 1.67 million CNY - Net Profit: -1.62 million CNY [7]

Core Viewpoint - The recent tariff conflict between China and the U.S. has prompted Chinese companies, particularly in Guangdong, to adapt their strategies to mitigate risks and explore new markets as a response to the changing trade environment [1][2]. Group 1: Company Responses to Tariff Changes - Companies like Kunyan Technology in Foshan have faced significant challenges due to their heavy reliance on the North American market, which accounted for over 80% of their business. The sudden increase in tariffs led to a halt in orders, prompting the company to seek new markets and diversify its customer base [2][3]. - Kunyan Technology has successfully reduced its North American customer base to less than 50% by actively engaging with clients from Brazil, Germany, the UK, and France, thus mitigating risks associated with the tariff conflict [3]. - Shenzhen Kairun Electronics has seen a 67% drop in the export volume of digital cameras due to increased tariffs, leading the company to optimize its supply chain and explore emerging markets to counteract the impact of policy changes [4][5]. Group 2: Strategic Adjustments and Innovations - Kairun Electronics is implementing strategic adjustments by enhancing contract terms to clarify delivery timelines and risk-sharing, as well as optimizing pricing mechanisms to remain competitive amidst tariff fluctuations [4][5]. - Dongguan's Wanle Toy Company has shifted its focus to domestic sales, signing a significant procurement order with JD Supermarket worth 50 million yuan, thus alleviating pressure from the U.S. market [6]. - The trend of "exporting to domestic sales" is gaining traction among companies, with many exploring local markets to reduce dependency on international trade [6]. Group 3: Global Expansion and Supply Chain Restructuring - Companies are increasingly adopting a "don't put all eggs in one basket" approach, diversifying their market presence to reduce reliance on single markets, as seen with Kunyan Technology's outreach to various countries [7][8]. - Many Guangdong enterprises are establishing manufacturing bases in countries like Mexico to minimize geopolitical risks and reduce tariff impacts while being closer to end markets [8][9]. - The shift towards global supply chain restructuring is evident, with companies considering Southeast Asia for production and sourcing opportunities [7][8]. Group 4: Brand Development and Localization - There is a growing emphasis on building strong independent brands as companies transition from pure OEM (Original Equipment Manufacturer) models to brand-oriented strategies, enhancing their market presence and pricing power [10][11]. - Companies are focusing on localizing their products and services to meet the preferences of different markets, which includes adapting product designs and establishing local service teams to improve customer satisfaction [11][12].

Core Insights - The event "Foreign Trade Quality Products China Tour (Baoan Session)" organized by JD.com aimed to promote high-quality development for enterprises, providing opportunities for brand authorization, product sourcing, and foreign trade to domestic sales transitions [1][10] - JD.com shared insights on the latest industry trends in the 3C digital sector, offering development insights and growth inspirations for brands and merchants [3] Group 1: Support Programs - JD.com launched a support plan for enterprises transitioning from foreign trade to domestic sales, including a special fund of 200 billion for foreign trade expansion, dedicated recruitment teams, and logistics service guarantees [5] - The company introduced a green channel for 3C digital category merchants, providing a comprehensive and favorable experience in terms of entry policies, qualification reviews, and onboarding processes [6] Group 2: Marketing and Operational Strategies - JD.com upgraded its "Spring Dawn Plan" and introduced the "New Merchant Three-Step Method" to assist brand merchants in simplifying store setup and achieving rapid sales [8] - The event facilitated brand authorization exchanges and promoted the upward movement of source factories, creating new growth opportunities for foreign trade to domestic sales enterprises [10]