来源：新浪证券-红岸工作室 2月24日，汉朔科技跌2.32%，成交额1.60亿元，换手率8.38%，总市值237.98亿元。 异动分析 云计算+电子纸+人工智能+人民币贬值受益+物联网 1、汉朔科技股份有限公司的主营业务是电子价签系统、SaaS云平台服务等软硬件产品及服务。主要产 品是电子价签终端、配件及其他智能硬件。 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额3861.56万，占总成交额的8.33%。 技术面：筹码平均交易成本为61.70元 2、根据招股说明书，公司主要采取以销定产、以产定采的生产及采购模式，以客户订单及中长期预计 需求量为导向，制定生产实施计划，并据此进行物料和业务需求的规划及采购。公司业务产品中，SaaS 云平台服务系基于以微软Azure为主的云架构，直接为客户提供系统运维与技术支持服务，因此不涉及 物料采购与生产环节；针对电子价签终端等硬件产品及其配件，生产及采购模式以外协加工为主、自主 生产为辅；除产成品以外，公司还自主生产部分电子纸显示模组，用于电子价签产品生产。 3、2025年1月7日官微：近日，依托微软Azure云服务平台所提供的底层技术支持，汉朔科技利用Azure ...

Core Viewpoint - Hanshuo Technology is experiencing a decline in stock price and trading volume, with a focus on its electronic price tag systems and SaaS cloud platform services, while benefiting from the depreciation of the RMB and advancements in AI technology [1][4]. Company Overview - Hanshuo Technology Co., Ltd. specializes in electronic price tag systems and SaaS cloud platform services, with its main products being electronic price tag terminals, accessories, and other smart hardware [2][8]. - The company was established on September 14, 2012, and is located in Jiaxing, Zhejiang Province, with its main business focusing on digitalization in retail through IoT wireless communication technology [8]. Financial Performance - For the period from January to September 2025, Hanshuo Technology reported a revenue of 2.809 billion yuan, a year-on-year decrease of 11.04%, and a net profit attributable to shareholders of 314 million yuan, down 40.51% year-on-year [9]. - The company's overseas revenue accounted for 94.10% of total revenue, benefiting from the depreciation of the RMB [4]. Product and Service Development - The company has developed an innovative AI application solution for retail, leveraging Microsoft Azure's cloud services, and has become the first ISV partner in China to receive certification for retail AI software solutions [3]. - Hanshuo Technology has also launched the All-Star IoT digital platform to address diverse downstream application needs and information silos, providing a one-stop solution for retail customers [4]. Market Activity - On February 4, the stock price of Hanshuo Technology fell by 1.50%, with a trading volume of 153 million yuan and a turnover rate of 7.72%, resulting in a total market capitalization of 24.761 billion yuan [1]. - The stock has seen a net outflow of 18.6491 million yuan from major investors, indicating a trend of reduced holdings over the past three days [5][6].

Group 1 - Han Shuo Technology's stock price fell by 5.22% on January 22, closing at 63.24 yuan per share, with a trading volume of 195 million yuan and a turnover rate of 8.83%, resulting in a total market capitalization of 26.713 billion yuan [1] - The stock has experienced a continuous decline for four consecutive days, with a cumulative drop of 15.53% during this period [1] - Han Shuo Technology, established on September 14, 2012, focuses on IoT wireless communication technology, primarily in the retail store digitalization sector, with its main business revenue composition being 91.01% from electronic price tags, 4.69% from accessories and other smart hardware, and 4.30% from software, SaaS, installation, and other services [1] Group 2 - Among the top ten circulating shareholders of Han Shuo Technology, a fund under the Fortune Fund ranks first, specifically the Fortune Innovation Trend Stock A (009863), which increased its holdings by 397 shares in the third quarter, totaling 728,900 shares, representing 2.16% of the circulating shares [2] - The fund has incurred a floating loss of approximately 2.5366 million yuan today and a total floating loss of 8.9436 million yuan during the four-day decline [2] - Fortune Innovation Trend Stock A, established on July 27, 2020, has a latest scale of 3.621 billion yuan, with a year-to-date return of 3.93% and a one-year return of 91.31%, ranking 140 out of 4,256 in its category [2]

Core Viewpoint - Hanshuo Technology experienced a significant decline in stock price, with a drop of 9.41% on January 19, resulting in a trading volume of 573 million yuan. The company reported a net financing outflow of 5.47 million yuan on the same day, indicating potential liquidity concerns and investor sentiment issues [1]. Financial Performance - For the period from January to September 2025, Hanshuo Technology achieved a revenue of 2.809 billion yuan, reflecting a year-on-year decrease of 11.04%. The net profit attributable to shareholders was 314 million yuan, down 40.51% compared to the previous year [2]. - Cumulative cash dividends paid by Hanshuo Technology since its A-share listing amounted to 64.2048 million yuan [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Hanshuo Technology was 15,700, a decrease of 18.81% from the previous period. The average number of circulating shares per shareholder increased by 31.04% to 2,152 shares [2]. - The top circulating shareholder is the Fortune Innovation Trend Stock A, holding 728,900 shares, which is an increase of 397 shares from the previous period. Other notable shareholders include the China Post Strategic Emerging Industries Mixed A fund, which increased its holdings by 100,000 shares [3].

Group 1 - Han Shuo Technology's stock increased by 5.62%, reaching 61.85 yuan per share, with a trading volume of 312 million yuan and a turnover rate of 15.92%, resulting in a total market capitalization of 26.125 billion yuan [1] - The company, established on September 14, 2012, is located in Jiaxing, Zhejiang Province, and focuses on IoT wireless communication technology, primarily in the retail store digitalization sector, offering electronic price tag systems and SaaS cloud platform services [1] - The main revenue composition of Han Shuo Technology includes 91.01% from electronic price tag terminals, 4.69% from accessories and other smart hardware, and 4.30% from software, SaaS, installation, and other services [1] Group 2 - Among the top ten circulating shareholders of Han Shuo Technology, a fund under China Post Fund, specifically the China Post Strategic Emerging Industries Mixed A (590008), increased its holdings by 100,000 shares to a total of 300,000 shares, representing 0.89% of the circulating shares [2] - The fund has achieved a year-to-date return of 3.55%, ranking 4230 out of 9012 in its category, and a one-year return of 34.75%, ranking 3730 out of 8157 [2] - The fund manager, Wu Shang, has been in position for 7 years and 300 days, with the fund's total asset size at 968 million yuan and a best return of 59.61% during his tenure [3]

Core Viewpoint - Hanshu Technology's stock has shown a modest increase in price and trading activity, reflecting investor interest despite a decline in revenue and profit for the year [1][2]. Group 1: Stock Performance - On January 9, Hanshu Technology's stock rose by 2.01%, reaching 55.34 CNY per share, with a trading volume of 59.83 million CNY and a turnover rate of 3.25%, resulting in a total market capitalization of 23.376 billion CNY [1]. - Year-to-date, the stock price has increased by 3.59%, with a similar increase over the past five trading days, while showing a slight rise of 1.32% over the last 20 days and 3.56% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hanshu Technology reported a revenue of 2.809 billion CNY, representing a year-on-year decrease of 11.04%, and a net profit attributable to shareholders of 314 million CNY, down 40.51% year-on-year [2]. - Cumulative cash dividends paid by Hanshu Technology since its A-share listing amount to 64.2048 million CNY [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hanshu Technology was 15,700, a decrease of 18.81% from the previous period, while the average number of tradable shares per shareholder increased by 31.04% to 2,152 shares [2]. - The largest circulating shareholder is the FuGuo Innovation Trend Stock A, holding 728,900 shares, which is an increase of 397 shares compared to the previous period [3].

Core Viewpoint - Hanshuo Technology's stock performance shows a slight increase, with significant financing activities indicating investor interest despite a decline in revenue and profit [1][2]. Financing and Trading Activity - On December 22, Hanshuo Technology's stock rose by 0.08%, with a trading volume of 47.43 million yuan. The financing buy-in amounted to 10.32 million yuan, while the net financing purchase was 4.78 million yuan [1]. - As of December 22, the total financing and securities lending balance for Hanshuo Technology was 117 million yuan, with the financing balance at 116 million yuan, representing 6.49% of the circulating market value [1]. - In terms of securities lending, there were no shares repaid on December 22, with 3,200 shares sold, amounting to 169,700 yuan at the closing price [1]. Company Overview - Hanshuo Technology, established on September 14, 2012, is located in Jiaxing, Zhejiang Province. The company focuses on IoT wireless communication technology, primarily in the retail digitalization sector, offering electronic price tag systems and SaaS cloud platform services [1]. - The main revenue sources for Hanshuo Technology include electronic price tag terminals (91.01%), accessories and other smart hardware (4.69%), and software, SaaS, installation, and other services (4.30%) [1]. Financial Performance - For the period from January to September 2025, Hanshuo Technology reported a revenue of 2.809 billion yuan, a year-on-year decrease of 11.04%. The net profit attributable to the parent company was 314 million yuan, down 40.51% year-on-year [2]. - Cumulatively, the company has distributed 64.2048 million yuan in dividends since its A-share listing [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Hanshuo Technology was 15,700, a decrease of 18.81% from the previous period. The average circulating shares per person increased by 31.04% to 2,152 shares [2]. - The largest circulating shareholder is the Fortune Innovation Trend Stock A, holding 728,900 shares, an increase of 397 shares from the previous period [3].

Group 1 - Han Shuo Technology's stock increased by 1.18% on December 18, with a trading volume of 84.2163 million yuan. The margin trading data shows a financing purchase of 5.8933 million yuan and a repayment of 12.8261 million yuan, resulting in a net financing outflow of 6.9328 million yuan. The total margin balance as of December 18 is 106 million yuan [1] - The company has a financing balance of 106 million yuan, which accounts for 5.91% of its market capitalization. On the same day, there were no shares sold or repaid in the securities lending market, with a remaining quantity of 4,900 shares and a margin balance of 260,300 yuan [1] - Han Shuo Technology, established on September 14, 2012, focuses on IoT wireless communication technology, primarily in the retail store digitalization sector. Its main business revenue composition includes electronic price tag terminals (91.01%), accessories and other smart hardware (4.69%), and software, SaaS, installation, and other services (4.30%) [1] Group 2 - As of September 30, the number of shareholders of Han Shuo Technology is 15,700, a decrease of 18.81% from the previous period. The average circulating shares per person increased by 31.04% to 2,152 shares [2] - For the period from January to September 2025, Han Shuo Technology reported a revenue of 2.809 billion yuan, a year-on-year decrease of 11.04%. The net profit attributable to the parent company was 314 million yuan, down 40.51% year-on-year [2] - The company has distributed a total of 64.2048 million yuan in dividends since its A-share listing. As of September 30, 2025, the largest circulating shareholder is the Fortune Innovation Trend Stock A, holding 728,900 shares, an increase of 397 shares from the previous period [3]

Core Insights - Hanshuo Technology's stock price increased by 0.02% on November 17, with a trading volume of 66.19 million yuan [1] - The company reported a financing buy-in of 13.34 million yuan and a net financing buy of 1.65 million yuan on the same day [1] - As of November 17, the total financing and securities lending balance for Hanshuo Technology was 119 million yuan, accounting for 6.58% of its market capitalization [1] Financial Performance - For the period from January to September 2025, Hanshuo Technology achieved a revenue of 2.809 billion yuan, with a net profit attributable to shareholders of 314 million yuan, representing a year-on-year decrease of 40.51% [2] - The company has distributed a total of 64.20 million yuan in dividends since its A-share listing [2] Shareholder Structure - As of September 30, 2025, the number of shareholders for Hanshuo Technology was 15,700, a decrease of 18.81% from the previous period [2] - The largest circulating shareholder is the Fortune Innovation Trend Stock A, holding 728,900 shares, an increase of 397 shares compared to the previous period [2] - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 137,500 shares, a decrease of 240,200 shares from the previous period [2]

Performance Summary - In the first three quarters of 2025, the company achieved operating revenue of 2.809 billion yuan, a year-on-year decrease of 11%, and a net profit attributable to the parent company of 314 million yuan, a year-on-year decrease of 41% [1] - In Q3 2025, the company reported operating revenue of 835 million yuan, a year-on-year decrease of 20% and a quarter-on-quarter decrease of 16%, with a net profit of 93 million yuan, a year-on-year decrease of 38% but a quarter-on-quarter increase of 28% [1] - The gross profit margin for Q3 2025 was 35.94%, an increase of 5.23 percentage points from Q2 2025, and the net profit margin was 11.08%, an increase of 3.82 percentage points from Q2 2025, indicating a recovery in overall profitability [1] Cost Structure - For the first three quarters of 2025, the sales expense ratio was 8.32%, an increase of 1.54 percentage points compared to the first three quarters of 2024; the R&D expense ratio was 4.99%, an increase of 0.17 percentage points; and the management expense ratio was 6.86%, an increase of 1.59 percentage points [1] Capital Management - As of the end of Q3 2025, the company's working capital was 3.172 billion yuan, a decrease of 32 million yuan compared to the end of Q2 2025, indicating relative stability [1] Industry Positioning - The company focuses on the digitalization of the retail industry, building a business system centered around electronic price tag systems and SaaS cloud platform services [2] - The company has developed a high-density low-power cellular wireless communication protocol (HiLPC protocol) based on its technology accumulation in the IoT wireless communication field and has implemented an international strategic layout [2] - According to ePaper Insight, the global electronic shelf label (ESL) module shipment volume in the first half of 2025 was 248 million pieces, a year-on-year increase of 56%, with some growth coming from the North American market [2] Growth Outlook - The company is expected to achieve operating revenues of 4.056 billion yuan, 4.787 billion yuan, and 5.747 billion yuan from 2025 to 2027, maintaining a "buy" rating [2]