Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [3][4][13]. Core Insights - The company reported a revenue of 1.02 billion in Q2 2024, a year-on-year increase of 5.6%, and a net profit of 120 million, up 3.7% year-on-year. For the first half of 2024, revenue was 1.57 billion, a decrease of 2.9%, while net profit increased by 4.6% to 150 million [1][2]. - The launch of the "Xiao You Growth Study Room" has received positive market feedback, with over 80 franchise stores signed since its introduction in June 2024, indicating strong growth momentum [1]. - The company's overseas operations, particularly in the U.S., have shown significant performance, with the U.S. subsidiary generating 740 million in revenue and 150 million in net profit for the first half of 2024, achieving the highest market share in the region [1][2]. Financial Performance Summary - For H1 2024, the gross profit margin was 34.4%, a decrease of 0.8 percentage points year-on-year. The gross margin for IWB products was 35.9%, down 2.0 percentage points, while other smart interactive products saw a gross margin increase of 5.0 percentage points to 34.2% [1]. - The company adjusted its profit forecast, now expecting net profits of 380 million, 460 million, and 570 million for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.59, 1.93, and 2.42 [1][6].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 27.01 CNY for the next six months, based on a dynamic price-to-earnings ratio of 18 times for 2024 [2][4]. Core Views - The company is expected to benefit from the recovery of the domestic education hardware business as the economic environment improves, alongside the continued rollout of after-school services and smart sports initiatives [2]. - The overseas business is anticipated to grow rapidly due to the ongoing digitalization of education, with a reported 7% increase in overseas revenue for the first half of 2024 [1][2]. - The company has introduced new AI-driven educational tools and solutions, which are expected to enhance its market position [1]. Financial Performance Summary - For the first half of 2024, the company reported revenues of 1.57 billion CNY, a year-over-year decrease of 2.9%, and a net profit of 150 million CNY, an increase of 4.6% [1]. - In Q2 2024, the company achieved revenues of 1.02 billion CNY, reflecting a year-over-year growth of 5.6%, and a net profit of 120 million CNY, up 3.7% year-over-year [1]. - The company's domestic revenue declined by 18% in the first half of 2024 due to weak demand in the education tablet market, while overseas revenue showed resilience [1]. - The gross margin in Q2 2024 decreased by 1.6 percentage points year-over-year, primarily due to price competition in the domestic education interactive flat panel market and rising costs of key raw materials [1]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.50 CNY, 1.68 CNY, and 1.90 CNY, respectively [2][3]. - The company’s net profit margin is expected to stabilize around 8.4% in 2024, with gradual improvements in subsequent years [6][10]. Market Position and Valuation - The company is positioned as a leading provider of educational information technology products and solutions in China, with a strong focus on integrating software and hardware for enhanced educational experiences [2]. - The market capitalization is approximately 5.07 billion CNY, with a circulating market value of about 4.03 billion CNY [4].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,573,047,559.08, a decrease of 2.94% compared to ¥1,620,644,264.74 in the same period last year[10]. - The net profit attributable to shareholders of the listed company increased by 4.59% to ¥149,426,751.70, up from ¥142,869,350.02 in the previous year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 10.26% to ¥132,559,345.10, compared to ¥120,223,001.72 in the same period last year[10]. - The net cash flow from operating activities was negative at -¥207,530,002.28, a significant decline of 322.27% from ¥93,366,725.69 in the previous year[10]. - Basic earnings per share increased by 4.92% to ¥0.64, compared to ¥0.61 in the same period last year[10]. - The company's gross profit margin decreased, with operating costs at ¥1,031,824,536.77, down 1.80% from ¥1,050,741,893.46, reflecting a decline in sales[43]. - The company reported a total profit for the first half of 2024 of approximately CNY 178.02 million, down from CNY 196.38 million in the same period of 2023, reflecting a decrease in overall profitability[139]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,977,916,691.92, reflecting a growth of 3.78% from ¥4,796,459,329.04 at the end of the previous year[10]. - The total liabilities increased to CNY 4,977,916,691.92 from CNY 4,796,459,329.04, showing an increase of approximately 3.8%[133]. - The company's long-term equity investments decreased to CNY 206,110,381.40, representing 4.14% of total assets, down from 4.74% the previous year[48]. - The inventory increased to CNY 800,943,668.14, representing 16.09% of total assets, up from 12.55% the previous year[48]. - The total amount of other receivables rose to CNY 840,092,277.90 from CNY 800,639,922.51, an increase of approximately 4.9%[136]. Investment and R&D - The company has invested 29.6 billion yuan in special funds for after-school services, with an additional 1.9 billion yuan allocated for science education initiatives[20]. - The company’s R&D investment remained stable at ¥91,044,334.35, a slight decrease of 0.50% compared to the previous year[43]. - The company launched 68 new domestic patents in the first half of 2024, including 26 invention patents, 26 utility model patents, and 16 design patents, along with 6 new foreign patents[41]. - The company has established an efficient and rapid R&D system to continuously innovate products and services based on customer needs[72]. Market and Strategy - The company has been actively responding to the national digital education strategy, focusing on integrating advanced technologies like AI and big data into education[15]. - The demand for smart classrooms in China is concentrated in K12 and higher education, with a penetration rate of less than 20%, indicating significant growth potential[16]. - The global education information technology market presents vast opportunities, with various countries implementing policies to enhance digital education infrastructure[17]. - The company aims to support the digital transformation of education in China through continuous technological research and product innovation[18]. - The company is positioned to benefit from the ongoing international push for educational digitalization, particularly in North America and Europe[17]. Corporate Governance and Compliance - The company plans not to distribute cash dividends or issue bonus shares[1]. - The company has outlined potential risks and countermeasures in its management discussion section[1]. - The company has established internal control systems for foreign exchange derivative trading to mitigate various risks, including market and legal risks[56]. - The company has not reported any significant litigation or arbitration matters during the reporting period[92]. Shareholder and Equity Management - The company has implemented a stock ownership plan for employees, enhancing their engagement and alignment with company performance[82]. - The company completed the first and second exercise periods of the 2022 stock option incentive plan, resulting in a total of 1,295,260 new shares issued during the reporting period[112]. - The total number of shares held by the top ten unrestricted common shareholders is 116,000,000[125]. - The company has a total of 132 eligible participants for the second exercise period of the stock option incentive plan, with a total of 1,261,272 stock options available for exercise[81]. Cash Flow and Financing Activities - The net cash flow from operating activities for the first half of 2024 was -207,530,002.28 CNY, compared to 93,366,725.69 CNY in the same period of 2023, indicating a significant decline[144]. - Cash inflow from investment activities was 942,231,997.33 CNY in 2024, down from 2,467,877,793.94 CNY in 2023, a decrease of approximately 61.8%[144]. - The ending balance of cash and cash equivalents decreased to 1,338,997,009.94 CNY in 2024 from 1,610,447,651.49 CNY in 2023, a reduction of approximately 17%[144]. - The company received 936,040,000.00 CNY from investment recoveries in 2024, significantly lower than 2,456,300,000.00 CNY in 2023, a decrease of about 61.9%[144]. Social Responsibility and Community Engagement - The company emphasizes social responsibility, balancing economic and social benefits while protecting shareholder interests[84]. - The company launched the "Honghe Illuminating Plan" in 2022 to support teacher professional development, offering free training sessions nationwide[89]. - The company conducted free training and teaching demonstrations in southwestern regions, engaging over a hundred key teachers[89].

证券代码：002955 证券简称：鸿合科技 公告编号：2024-052 鸿合科技股份有限公司 关于2024年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《上市公司监管指引第2号——上市公司募集 资金管理和使用的监管要求》和《深圳证券交易所上市公司自律监管指引第1号 ——主板上市公司规范运作》等有关规定，现将鸿合科技股份有限公司（以下简 称"鸿合科技"、"本公司"、"公司"）2024年半年度募集资金存放与使用情 况说明如下（本报告若出现合计数与各明细数直接相加之和尾数不符的情况，为 四舍五入原因所致）： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会《关于核准鸿合科技股份有限公司首次公开发行 股票的批复》（证监许可〔2019〕839 号）核准，本公司公开发行人民币普通股 3,431 万股，全部为新股，不涉及老股转让。发行价格为 52.41 元/股，本次发行 募集资金总额为 179,818.71 万元，扣除发行费用后募集资金净额 169,158.38 万 元。天职国际会计 ...

证券代码：002955 证券简称：鸿合科技 公告编号：2024-049 鸿合科技股份有限公司 第三届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 鸿合科技股份有限公司（以下简称"公司"）第三届董事会第七次会议通知 已于2024年8月20日以邮件形式向公司全体董事发出，会议于2024年8月30日以通 讯方式在北辰时代大厦公司会议室召开。本次会议应出席董事9名，实际出席董 事9名，董事长孙晓蔷女士主持会议，公司监事、高级管理人员、董事会秘书列 席会议。会议的召集和召开程序符合《中华人民共和国公司法》及《公司章程》 的有关规定，所形成的决议合法有效。 二、董事会会议表决情况 （一）审议通过《关于<2024年半年度报告>及其摘要的议案》 根据《公开发行证券的公司信息披露内容与格式准则第3号——半年度报告 的内容与格式》、《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》、《深圳证券交易所上市公司自律监管指南第1号——业务办理 第四部分：4.1定期报告披露相关事宜》等文件要求，公司编制了2024年半 ...

鸿合科技股份有限公司 关于公司及子公司开展外汇衍生品 套期保值交易业务的可行性分析报告 一、 开展外汇衍生品套期保值交易业务的背景 近年来，鸿合科技股份有限公司（以下简称"公司"）海外业务持续拓展，海 外经营主要以美元、欧元等外币进行结算。由于海外业务占公司整体经营比重较 大，汇率波动给公司经营业绩带来了一定的不确定性。为满足公司及子公司开展 外币业务时控制汇率风险的需要，防范汇率大幅波动对公司造成的不利影响，公 司及子公司有必要根据具体情况进行合理有效的外汇风险管理确保主营业务的稳 健发展。 二、 开展外汇衍生品套期保值交易业务的基本情况 1．外汇衍生品业务额度：预计动用的交易保证金和权利金上限（包括为交易 而提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预留的保证 金等）不超过 1,000 万美元（含等值外币），预计任一交易日持有的最高合约价值 不超过 20,000万美元（含等值外币）。期限内任一时点的交易金额（含前述交易的 收益进行再交易的相关金额）将不超过已审议额度。 2．交易期限：本次交易额度自董事会审议通过之日起 12 个月内有效，交易 额度在有效期内可循环使用。如单笔交易的存续期超过 ...

证券代码：002955 证券简称：鸿合科技 公告编号：2024-050 鸿合科技股份有限公司 公司《2024 年半年度报告》的具体内容详见公司同日刊登在指定信息披露 网站巨潮资讯网（www.cninfo.com.cn）上的相关报告。 公司《2024 年半年度报告摘要》的具体内容详见公司同日刊登在巨潮资讯 网（www.cninfo.com.cn）、《证券时报》、《中国证券报》、《上海证券报》和 《证券日报》上的相关公告。 表决结果：3 票赞成，0 票反对，0 票弃权。 （二）审议通过《关于<2024 年半年度募集资金存放与使用情况的专项报告> 的议案》 第三届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 鸿合科技股份有限公司（以下简称"公司"）第三届监事会第五次会议通知 于2024年8月20日以邮件形式向公司全体监事送出，并于2024年8月30日以通讯方 式在北辰时代大厦公司会议室召开，会议应出席监事3名，实际出席监事3名。监 事会主席战丽娜女士主持会议，董事会秘书列席会议。会议的召集和召开程序符 合《中华人民 ...

鸿合科技股份有限公司（以下简称"公司"）第三届董事会第六次会议通知 已于2024年8月3日以邮件形式向公司全体董事发出，会议于2024年8月6日以通讯 方式召开。本次会议应出席董事9名，实际出席董事9名，董事长孙晓蔷女士主持 会议，公司监事、高级管理人员、董事会秘书列席会议。会议的召集和召开程序 符合《中华人民共和国公司法》及《公司章程》的有关规定。 二、董事会会议表决情况： 证券代码：002955 证券简称：鸿合科技 公告编号：2024-046 鸿合科技股份有限公司 第三届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1．《第三届董事会第六次会议决议》； 2．《第三届董事会战略委员会第四次会议决议》； 3．《第三届董事会独立董事专门会议第三次会议决议》。 特此公告。 （一）审议通过《关于对参股子公司增资暨关联交易的议案》 为满足本公司参股子公司新线科技有限公司（以下简称"新线科技"）的经 营计划及资金需求，促进新线科技的业务发展，公司董事会同意公司及公司董事 王京先生按照持股比例对新线科技进行现金增资，增资 ...

证券代码：002955 证券简称：鸿合科技 公告编号：2024-047 鸿合科技股份有限公司 关于对参股子公司增资暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、关联交易概述 （一）关联交易基本情况 （二）关联关系 王京先生系公司董事及持股5%以上的股东，同时天津新程的执行事务合伙 人以及新线科技的实际控制人均为王京先生，根据《深圳证券交易所股票上市规 则》6.3.3条的规定，王京先生、天津新程和新线科技为公司的关联方，本次增资 构成关联交易。 （三）审议情况 公司于 2024 年 8 月 6 日召开了第三届董事会第六次会议，审议通过了《关 1 于对参股子公司增资暨关联交易的议案》，关联董事王京先生回避表决。本次事 项已经公司第三届董事会战略委员会第四次会议和第三届董事会独立董事专门 会议第三次会议审议通过并取得全体独立董事同意。 根据《深圳证券交易所股票上市规则》和《关联交易管理制度》等相关规定， 本次关联交易在董事会审批权限范围，无需提交股东大会审议。本次关联交易不 构成《上市公司重大资产重组管理办法》规定的重大资产重组，亦无需经过有 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 鸿合科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开第三 届董事会第四次会议、于 2024 年 5 月 20 日召开 2023 年年度股东大会，审议通 过了《关于为客户提供买方信贷担保的议案》，为解决信誉良好且需融资支持的 客户付款问题，进一步促进业务发展，同意公司及子公司（以下简称"卖方"） 与合作银行开展买方信贷业务，即对部分信誉良好的客户（以下简称"买方"） 采用"卖方担保买方融资"的方式销售产品，以买方、卖方签订的购销合同为基 础，在公司或/及子公司提供连带责任保证的条件下，银行向买方提供用于向卖方 采购货物的融资业务。根据业务开展情况，在买方向公司或公司子公司提供反担 保措施的前提下，公司或/及子公司拟向买方提供累计金额不超过 20,000 万元人 民币的买方信贷担保，在上述额度内可滚动使用，担保有效期为自公司 2023 年 年度股东大会审议通过之日起至公司 2024 年年度股东大会召开之日止。具体内 容详见刊登于《证券时报》、《中国证券报》、《上海证券报》、《证券日报》 及巨 ...