9月30日，汉朔科技涨2.10%，成交额1.24亿元。两融数据显示，当日汉朔科技获融资买入额1364.31万 元，融资偿还1883.23万元，融资净买入-518.92万元。截至9月30日，汉朔科技融资融券余额合计1.31亿 元。 截至6月30日，汉朔科技股东户数1.93万，较上期减少26.14%；人均流通股1642股，较上期增加 35.40%。2025年1月-6月，汉朔科技实现营业收入19.74亿元，同比减少6.73%；归母净利润2.22亿元，同 比减少41.68%。 分红方面，汉朔科技A股上市后累计派现6420.48万元。 机构持仓方面，截止2025年6月30日，汉朔科技十大流通股东中，富国创新趋势股票A（009863）位居 第一大流通股东，持股72.85万股，为新进股东。富国中小盘精选混合A/B（000940）位居第二大流通股 东，持股68.58万股，相比上期增加45.70万股。香港中央结算有限公司位居第三大流通股东，持股37.78 万股，为新进股东。富国通胀通缩主题轮动混合A/B（100039）位居第四大流通股东，持股35.29万股， 相比上期增加22.06万股。富国创业板两年定期开放混合（161040 ...

Core Viewpoint - Hanshuo Technology experienced a decline of 1.46% in stock price on September 12, with a trading volume of 122 million yuan, indicating potential market concerns regarding its financial performance and investor sentiment [1]. Financing Summary - On September 12, Hanshuo Technology had a financing buy-in amount of 15.19 million yuan and a financing repayment of 27.35 million yuan, resulting in a net financing outflow of 12.14 million yuan [1]. - The total financing and securities balance for Hanshuo Technology as of September 12 is 129 million yuan, which constitutes 7.07% of its market capitalization [1]. - There were no shares sold or repaid in the securities lending market on the same day, indicating a lack of short-selling activity [1]. Financial Performance Summary - For the first half of 2025, Hanshuo Technology reported a revenue of 1.974 billion yuan, reflecting a year-on-year decrease of 6.73% [2]. - The net profit attributable to shareholders for the same period was 222 million yuan, down 41.68% compared to the previous year [2]. Shareholder and Dividend Information - As of June 30, 2025, the number of shareholders for Hanshuo Technology was 19,300, a decrease of 26.14% from the previous period, while the average circulating shares per person increased by 35.40% to 1,642 shares [2]. - Since its A-share listing, Hanshuo Technology has distributed a total of 64.20 million yuan in dividends [3]. - The top shareholders include various funds, with the largest being the FuGuo Innovation Trend Stock A, holding 728,500 shares as a new shareholder [3].

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company has experienced a decline in revenue and net profit in the first half of 2025, with revenue at 1.974 billion yuan (YoY -7%) and net profit at 222 million yuan (YoY -42%) [1][5]. - The global demand for retail digitalization continues to grow, with a significant increase in electronic shelf label (ESL) module shipments, which reached 248 million units in the first half of 2025, a 56% year-on-year increase [1][2]. - The company has established a comprehensive business system centered around electronic price tag systems and SaaS cloud platform services, and has expanded its international presence to over 70 countries and regions [2][5]. Financial Performance Summary - In the first half of 2025, the company's gross margin was 31.6%, down 5.7 percentage points from the first half of 2024, and the net profit margin was 11.2%, down 6.7 percentage points from the previous year [1]. - The company expects revenue growth from 5.16 billion yuan in 2025 to 7.31 billion yuan in 2027, with projected growth rates of 15%, 18%, and 20% respectively [2][3]. - The earnings per share (EPS) is projected to increase from 1.94 yuan in 2025 to 2.76 yuan in 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio from 29.8 to 20.9 [3].

Group 1 - The company achieved a revenue of 1.974 billion yuan in the first half of 2025, a year-over-year decrease of 7%, and a net profit of 222 million yuan, down 42% year-over-year [1] - In Q2 2025, the company reported a revenue of 993 million yuan and a net profit of 72 million yuan [1] - The gross margin for the first half of 2025 was 31.6%, a decrease of 5.7 percentage points compared to the first half of 2024, while the net profit margin was 11.2%, down 6.7 percentage points year-over-year [1] Group 2 - The company has established a business system centered around electronic shelf label (ESL) systems and SaaS cloud platform services, focusing on the digitalization of retail stores [2] - The company has implemented an international strategy and has subsidiaries in multiple countries, including France, Germany, the USA, and Japan, among others [2] Group 3 - As of the end of Q2 2025, the company has served over 500 clients across more than 70 countries and regions [3] - The global demand for retail digitalization continues to grow, with ESL module shipments reaching 248 million units in the first half of 2025, a year-over-year increase of 56%, driven by demand from major retailers like Walmart [1][3] - The company is expected to achieve revenues of 5.16 billion yuan, 6.09 billion yuan, and 7.31 billion yuan from 2025 to 2027, with projected year-over-year growth rates of 15%, 18%, and 20% respectively [3]

Core Viewpoint - Hanshuo Technology experienced a decline of 1.28% in stock price on August 26, with a trading volume of 199.9 million yuan, indicating potential market concerns regarding its financial performance and investor sentiment [1]. Financing and Trading Data - On August 26, Hanshuo Technology had a financing buy-in amount of 19.93 million yuan and a financing repayment of 32.46 million yuan, resulting in a net financing buy of -12.52 million yuan [1]. - As of August 26, the total balance of margin trading for Hanshuo Technology was 134 million yuan, which accounts for 7.23% of its circulating market value [1]. - There were no shares sold or repaid in the securities lending market on the same day, indicating a lack of short-selling activity [1]. Company Overview - Hanshuo Technology, 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 [1]. - The company's main revenue sources 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 first half of 2025, Hanshuo Technology reported a revenue of 1.974 billion yuan, a year-on-year decrease of 6.73%, and a net profit attributable to shareholders of 222 million yuan, down 41.68% compared to the previous year [2]. - Cumulative cash dividends paid by Hanshuo Technology since its A-share listing amount to 64.2048 million yuan [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Hanshuo Technology was 19,300, a decrease of 26.14% from the previous period, while the average circulating shares per person increased by 35.40% to 1,642 shares [2]. - The top circulating shareholders include various funds, with the largest being the Fortune Innovation Trend Stock Fund, holding 728,500 shares as a new shareholder [3].

Company Overview - Hanshuo Technology is located in Jiaxing, Zhejiang Province, and was established on September 14, 2012. The company focuses on IoT wireless communication technology, primarily in the digitalization of retail stores, offering electronic price tag systems and SaaS cloud platform services [1]. - The main revenue composition includes electronic price tag terminals (91.67%), accessories and other products (4.36%), and software, SaaS, and technical services (3.97%) [1]. Financial Performance - For the period from January to March 2025, Hanshuo Technology reported a revenue of 981 million yuan and a net profit attributable to shareholders of 150 million yuan, representing a year-on-year decrease of 11.35% [2]. - As of March 31, 2025, the company had a total of 26,200 shareholders, a decrease of 18.59% from the previous period, while the average circulating shares per person increased by 22.84% to 1,213 shares [2]. Market Activity - On August 22, 2023, Hanshuo Technology's stock price increased by 0.07%, with a trading volume of 146 million yuan. The financing buy-in amount for that day was 12.72 million yuan, while the financing repayment was 17.51 million yuan, resulting in a net financing buy-in of -4.79 million yuan [1]. - The total balance of margin trading for Hanshuo Technology as of August 22, 2023, was 136 million yuan, accounting for 7.30% of its market capitalization [1]. Shareholder Information - As of March 31, 2025, the top ten circulating shareholders included new entrants such as the Fortune Small and Medium Cap Selected Mixed Fund (holding 228,800 shares) and the Fortune Inflation and Deflation Theme Rotation Mixed Fund (holding 132,300 shares) [3]. - The company has distributed a total of 64.20 million yuan in dividends since its A-share listing [3].

Core Insights - The article highlights the importance of ESG governance frameworks for companies to drive sustainable development, with Hanshuo Technology achieving an A rating in the latest ESG assessment by Wind [1] - Hanshuo Technology integrates sustainable development into its corporate strategy and operations, being a member of the UN Global Compact and receiving recognition for its ESG practices [1][5] Group 1: ESG Rating and Recognition - Hanshuo Technology released its first ESG report post-IPO, achieving an A rating and receiving EcoVadis Gold certification, ranking in the top 5% globally among participating companies [1] - The company has established a sustainable development strategy framework called EPIIC, focusing on environmental friendliness, shared development, digital innovation, integrity governance, and climate neutrality [5] Group 2: Technological Innovation and Solutions - The company leverages IoT wireless communication technology to drive digital transformation in the retail sector, offering solutions like electronic price tags and SaaS cloud platform services [3] - Hanshuo Technology's digital solutions can reduce carbon emissions by up to 99.25% through the use of its SaaS platform, while also lowering labor costs [3] Group 3: Collaborative Ecosystem and Industry Leadership - The company collaborates with industry leaders like Microsoft and Intel to publish white papers and develop new solutions, enhancing the digital retail ecosystem [4] - Hanshuo Technology provides diverse digital store solutions to partners such as JD MALL and Sephora, focusing on improving operational efficiency and customer experience [4] Group 4: Environmental Commitment - The company aims to integrate green principles throughout the product lifecycle, reducing resource consumption and environmental pollution [6][7] - Hanshuo Technology's projects can reduce CO2 emissions by approximately 1,994 tons annually, showcasing its commitment to sustainable industrial development [7]

Group 1: Company Overview - Hanshuo Technology was established in 2012, focusing on IoT wireless communication technology to drive digital transformation in the retail industry [4] - The company has developed a high-density, low-power cellular wireless communication protocol, enabling applications in smart retail, smart office, and intelligent manufacturing [4] - As of now, the company serves over 500 clients across more than 70 countries and regions, aiding their digital transformation [4] Group 2: Financial Performance - In 2024, the company reported a revenue of 1.78 billion yuan, a year-on-year increase of 44.86% [5] - The net profit attributable to shareholders was 710 million yuan, up by 4.81% [5] - The gross profit margin reached 34.80%, with a net cash flow from operating activities of 1.032 billion yuan, reflecting a growth of 62.29% [5] Group 3: Market Position and Growth Potential - The global market penetration rate for electronic price tags is approximately 15%, with France leading at around 30% [6] - The company ranks second in revenue among publicly listed companies in the electronic price tag sector [5] - Growth potential is driven by increasing market penetration, the need for existing clients to upgrade electronic price tags, and the provision of SaaS and technical services [6] Group 4: Technological Innovations - The company emphasizes AI integration, utilizing machine vision and big data analysis to enhance retail operations and consumer experiences [5][10] - It has developed innovative AI solutions based on Microsoft Azure OpenAI, becoming the first partner in China to receive "Certified Software Designation for Retail AI" [10] - The company is actively exploring AIoT technology applications in various scenarios [10] Group 5: Strategic Partnerships and Global Expansion - Hanshuo Technology is expanding its global footprint through local partnerships and strategic collaborations [5] - The company is focused on building an efficient and flexible global supply chain network to ensure stable supply and optimize cost structures [5] - In the U.S. market, the company has achieved significant progress, with revenue from this region accounting for less than 10% of total revenue, indicating low exposure to tariff impacts [14]

Core Viewpoint - Hanshuo Technology Co., Ltd. reported steady growth in its 2024 annual performance, with significant increases in revenue, net profit, and operating cash flow, indicating a robust business trajectory since its market debut [1] Financial Performance - The company achieved an operating revenue of 4.486 billion yuan, representing a year-on-year increase of 18.84% [1] - The net profit attributable to shareholders was 710 million yuan, up 4.81% year-on-year [1] - Operating cash flow net amount reached 1.032 billion yuan, marking a substantial increase of 62.29% [1] - Total assets at the end of 2024 amounted to 5.179 billion yuan, reflecting a growth of 36.99% year-on-year [1] Business Model and Product Development - Hanshuo Technology focuses on digital solutions for retail stores, leveraging IoT wireless communication technology [2] - The company has developed a comprehensive business system centered around electronic price tag systems and SaaS cloud platform services [2] - The latest HiLPC protocol allows a single store to support hundreds of cellular network base station devices, achieving an industry-leading concurrency level [2][3] - The company has launched over 40 electronic price tag products, demonstrating continuous innovation [2][3] Market Position and Competitive Advantage - Hanshuo Technology holds a 62% market share in the domestic electronic price tag market, ranking first in China and third globally [3] - The company invested 198 million yuan in R&D in 2024, a 17.34% increase, with 308 R&D personnel, accounting for 32.08% of the workforce [3] - The company aims to become a global leader in retail store digital solutions, focusing on R&D-driven growth [3] Global Expansion Strategy - The global market for electronic price tags is expected to reach 34.9 billion yuan by 2028, indicating significant growth potential [4] - Since 2014, the company has established a global sales and service network, partnering with major international retailers across over 70 countries [4] - In 2024, the company expanded its presence in markets such as Spain, Portugal, Poland, Canada, and Southeast Asia, contributing to revenue growth [4][5] Domestic Market Performance - The domestic revenue for 2024 was 264 million yuan, showing a remarkable year-on-year growth of 63.58% [5] - Support from national policies for digital economy and retail digitalization has created a favorable environment for business development [5] Future Outlook - The company plans to focus on optimizing organization, continuous innovation, and deepening market presence as core strategies [6] - Emphasis will be placed on the innovation of core technologies and products, particularly in AIoT and new energy sectors [6] - The goal is to enhance both the scale and profitability of core and innovative businesses through improved supply chain resilience and product competitiveness [6]