Core Viewpoint - Hansang Technology (301491) emphasizes its commitment to research and development focused on high-performance audio, audio interconnectivity, and smart technologies, aiming to create self-controlled new technology and product platforms for various applications [1] Group 1 - The company is actively engaging with leading enterprises in the industry to explore collaboration opportunities and expand its business boundaries [1] - The R&D investments are directed towards applications in personal, home, and commercial scenarios [1]

Core Viewpoint - Hansong (Nanjing) Technology Co., Ltd. has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a significant opening price and trading performance, indicating strong market interest and potential for growth in the high-end audio product sector [1]. Company Overview - Hansong Technology is a leading provider of high-end audio products and comprehensive audio technology solutions, focusing on R&D, design, and manufacturing for globally recognized audio brands [1]. - The company has a total market capitalization of 10.693 billion yuan after its initial public offering [1]. Shareholding Structure - Wang Bin holds 37.93% of Hansong Technology's shares directly and controls an additional 9.58% indirectly through Nanjing Hanjia Equity Investment Co., Ltd. [2]. - Wang Bin and Helge Lykke Kristensen, who are married, collectively control 84.93% of the company, with Kristensen holding 31.93% indirectly through Hansong Technology Limited [2]. - Wang Jue, Wang Bin's sister, holds 8.87% of the shares and has confirmed her status as a concerted action party, bringing the total control to 93.80% [3]. Financial Performance - The company reported revenues of 1.018 billion yuan, 1.386 billion yuan, 1.031 billion yuan, and 679 million yuan for the respective years, with net profits of 33.28 million yuan, 189.77 million yuan, 138.17 million yuan, and 111.05 million yuan [6]. - The gross profit margins have shown an upward trend, increasing from 27.96% to 32.94% over the reporting period [6]. IPO Details - Hansong Technology issued 32.25 million shares, accounting for 25% of the total share capital post-issue, at a price of 28.91 yuan per share, raising approximately 932.35 million yuan [7]. - The net proceeds from the offering, after deducting issuance costs, amounted to 864.90 million yuan, which is 137 million yuan less than the original plan [7]. Fund Utilization - The raised funds are allocated for various projects, including the production of high-end audio products, smart audio IoT manufacturing, and R&D for new technologies, totaling 1.0019 billion yuan [8]. Future Projections - For the first quarter of 2025, the company anticipates a revenue decline of 13.39% year-on-year, with net profit expected to decrease by 15.18% [14]. - Projections for the first half of 2025 indicate revenues between 65 million and 70 million yuan, with net profits expected to drop by 24.22% to 19.76% compared to the previous year [16].

Group 1 - The law firm JunHe has been appointed as the legal advisor for the initial public offering (IPO) of HANSAN (Nanjing) Technology Co., Ltd. and its listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1][2] - The legal opinion confirms that the company has complied with relevant laws and regulations, including the Company Law and Securities Law, in its IPO process [4][5] - The company has received necessary approvals from the board of directors and shareholders for the IPO, with the board meeting held on May 18, 2023, and the annual general meeting on June 7, 2023 [5][6] Group 2 - HANSAN Technology is a joint-stock company established through the overall restructuring of HANSAN (Nanjing) Technology Co., Ltd., with a business license obtained on June 1, 2022 [7][8] - The company has been in continuous operation for over three years, meeting the requirements for the IPO [8] - The company has maintained a sound organizational structure, with no significant changes in its main business or management team in the past two years [12][13] Group 3 - The IPO involves the issuance of RMB ordinary shares (A shares) with a par value of RMB 1.00 per share, and the pricing will be determined based on market conditions [9][10] - The company has reported a net profit of RMB 253.65 million for the last fiscal year, with operating revenue not less than RMB 400 million, fulfilling the financial criteria for listing [15][16] - The company has engaged China International Capital Corporation as the sponsor for the IPO, ensuring compliance with regulatory requirements [17][18]