尽管当前行业仍存在消费电子周期性波动、客户结构需进一步分散等挑战，但汉桑科技在核心音频技 术、智能化研发能力以及AIoT产品布局方面保持稳定进展。随着全球消费电子需求逐步回暖及产业链 恢复常态，相关业务的市场环境正在趋于改善。业内普遍认为，汉桑科技本轮经营范围调整与战略协同 推进，将为公司未来几年的业务增长奠定更扎实的基础。 2003年，汉桑科技在南京市江宁区成立，主营音频赛道。在董事长王斌的带领下，公司大力投入研发， 建立体系化的管理，国际市场产品市占率逐步提高。伴随行业从单一产品竞争转向系统化和智能化竞 争，公司过去的技术优势逐渐延伸为场景化与生态化的能力。目前，汉桑科技正在推进其"1+2+3+4"发 展战略，以构建更清晰的业务主线与更完整的技术体系。其中，"一条主线"聚焦音频技术，通过持续研 发投入提升音频信号处理、音频传输和智能化系统等核心能力，并将人工智能技术融入产品体系，使传 统优势业务在智能化时代获得新的技术支撑。同时，公司也将向中端消费类音频产品延展，以扩大整体 产业规模。 "两个市场"层面，公司采用国内与海外"双引擎"模式，兼顾本土化与全球化发展；"三类业务"层面，公 司将强化音频全技术链优 ...

Core Insights - The company, AIT, specializes in high-performance audio products and innovative audio and AIoT smart products, with projected revenues of 1.386 billion, 1.031 billion, and 1.454 billion yuan for 2022, 2023, and 2024 respectively, showing a year-over-year growth of 36.08%, -25.60%, and 40.98% [1] - The company has established itself as a significant player in the high-end audio market, collaborating with renowned brands and achieving a notable export market share in audio amplifiers [2] - AIT has a strong focus on R&D, with a dedicated team and increasing investment in innovation, resulting in numerous patents and industry awards [3] - The business structure is diversified, with significant growth potential in innovative audio and AIoT products, which are expected to drive future revenue growth [4] Financial Performance - The company reported revenues of 1.386 billion yuan in 2022, with a net profit of 190 million yuan, reflecting a year-over-year increase of 79.08% [1] - For Q1 2025, the company achieved revenues of 251 million yuan, a decline of 13.39% year-over-year, with a net profit of 38 million yuan, down 15.18% [1] Market Position - AIT is one of the few influential Chinese companies in the high-end amplifier and Hi-Fi audio sector, with a strong reputation built over 20 years [2] - The company’s export share of audio amplifiers was 3.84%, 2.15%, and 3.12% from 2022 to 2024, indicating a solid position in the niche market [2] R&D and Innovation - The company has established three R&D centers and employs a specialized team of 278, representing 17.03% of its workforce, with a focus on audio signal processing and system intelligence [3] - R&D expenses have consistently increased, reaching 82.87 million yuan in 2024, maintaining a stable ratio of 5%-7% of revenue [3] - AIT holds 112 authorized patents and has received multiple international awards for its products [3] Business Structure and Growth Potential - The company’s revenue structure for 2024 is divided into high-performance audio products (44.25%), innovative audio and AIoT products (50.23%), and other products (5.51%) [4] - The innovative audio segment has shown significant growth, with revenues of 724 million yuan in 2024, a 37.6% increase from 2022 [4] - Future growth is anticipated in the smart home and wearable technology sectors, leveraging audio IoT modules compatible with Matter protocol [4]

Core Viewpoint - Hansang Technology has officially listed on the ChiNext board, marking a new chapter in its development, driven by strong technical innovation and product quality [1] Industry Overview - The global audio industry is undergoing a transformation driven by technology, with companies achieving significant advancements in innovation, market expansion, and brand building, transitioning from "manufacturing" to "intelligent manufacturing" [2] - Hansang Technology is a key player in this transformation, possessing core technological capabilities in high-performance audio signal processing, multi-protocol audio transmission, and intelligent audio systems, establishing itself as a rare company with a complete technology and product chain in the audio sector [2] Company Performance - From 2022 to 2024, Hansang Technology's revenue is projected to grow from 1.386 billion yuan to 1.454 billion yuan, while net profit attributable to shareholders is expected to rise from 190 million yuan to 254 million yuan, demonstrating strong operational capabilities [3] - The company's gross profit margin has increased consecutively over three years, from 28.49% in 2022 to 32.50% in 2024, indicating that technological innovation has enhanced product value [3] Future Strategy - Hansang Technology has outlined its future strategic direction under the "1+2+3+4" framework, focusing on core technologies to drive continuous innovation, deepen global cooperation, and expand market reach, aiming to become a leading comprehensive supplier of high-end audio products and technical solutions globally [3]

Core Viewpoint - The company relies heavily on overseas markets for revenue, with domestic income accounting for only about 2% of total revenue, which poses multiple potential risks such as customer concentration, trade policies, and exchange rate fluctuations [1] Group 1: Company Strategy - The company plans to enhance its modern enterprise system and optimize its governance structure to improve operational efficiency and reduce risks and costs [1] - The company aims for high-speed growth through a "1+2+3+4" development strategy, focusing on audio as the main business line and driving innovation through technology and product development [1] - The company will invest in research and development to ensure continuous upgrades in high-performance audio signal processing, transmission technologies, and smart audio systems, while also deepening research in artificial intelligence applications [1] Group 2: Market Development - The company intends to strengthen its domestic market presence, creating a dual-engine development model alongside its overseas market [1] - The company will enhance its competitive advantage across the entire audio technology chain by developing three main business areas: audio IoT modules, ODM audio systems, and smart audio-visual systems [1] Group 3: Product Innovation - The company emphasizes product innovation and aims to expand its application fields for products and system solutions, targeting new growth areas [1] - The company will focus on four key segments: home audio products, commercial audio products, personal audio products, and automotive audio products [1]

Core Viewpoint - Hansang Technology (301491) is launching its IPO on July 25, 2023, positioning itself as a leading provider of high-end audio products and comprehensive audio technology solutions in the industry [1] Group 1: Company Overview - Established in 2003, Hansang Technology has over 20 years of experience in the audio technology field, building a competitive audio industry ecosystem through a complete technical system and diversified product matrix [1] - The company emphasizes technological innovation as the core driver of its development, forming a complete technical loop in audio signal processing, transmission, and system intelligence [1][2] Group 2: Technological Advancements - In audio transmission technology, Hansang has overcome the bottleneck of multi-channel wireless transmission, achieving low latency and high synchronization for complex scenarios such as home multi-zone HiFi and commercial audio [2] - The company has developed a cloud-edge-end collaborative system framework for audio system intelligence, enabling mass audio distribution management across ecosystems [2] - Hansang has pioneered a "software-defined audio" architecture, integrating self-developed core algorithms and software to reduce development costs [2][3] Group 3: Product Matrix - Hansang's high-performance audio products include home high-fidelity audio systems, home theater products, and commercial audio systems, with 95% of its main business revenue derived from these products [3] - The company has launched innovative audio and AIoT products such as children's smart speakers and gaming audio systems, which have gained significant success globally [3][4] Group 4: Global Strategy and Market Position - Hansang has established three R&D centers in Nanjing, India, and Denmark, with an international R&D team of 278 members, and has a global sales network [4] - The company has recognized the rapid development of audio AIoT technology and actively applied new technologies in product development, achieving notable success in children's smart speakers and cross-border smart speakers [4] Group 5: Future Development Plans - With increasing demand for smart audio IoT products, Hansang plans to build new large-scale production bases to enhance production and delivery capabilities [5] - The company has set a "1+2+3+4" development plan to expand its business scale and strengthen its technical advantages across various application scenarios [5] - Hansang aims to become a leading international company in providing comprehensive audio solutions and services, focusing on high-quality products that meet market demands [5]