新股前瞻|打印领域细分龙头，汉森软件赴港IPO能否开启增长新篇章？

Core Viewpoint - Hansen Software Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, marking its first attempt to enter the Hong Kong capital market after previously terminating its A-share listing guidance in July 2025. The company's pre-IPO valuation was approximately 3.155 billion RMB, reflecting investor recognition of its leading position in the digital printing sector. However, the acceptance of this valuation by Hong Kong investors will depend on a comprehensive analysis of the company's fundamentals [1]. Financial Performance - Hansen Software has shown steady revenue growth, with revenues of 246 million RMB, 332 million RMB, and 439 million RMB from 2022 to 2024, representing a compound annual growth rate (CAGR) of 33.6%. However, in the first eight months of 2025, revenue reached 325 million RMB, a year-on-year increase of 15.66%, while net profit attributable to shareholders fell by approximately 30% to 68.22 million RMB due to significant increases in sales, R&D, and administrative expenses [2][3]. Expense Analysis - In the first eight months of 2025, sales expenses increased by 88.7% to 14.13 million RMB, R&D expenses rose by 58.1% to 70.53 million RMB, and administrative expenses grew by 51.6% to 32.06 million RMB. The total increase in these expenses exceeded the gross profit growth, leading to a decline in net profit margin from 34.4% in 2024 to 21.0% [3]. Business Segmentation - The core business of Hansen Software, the printing control system, generated 233 million RMB in revenue, accounting for 71.5% of total revenue, with a year-on-year growth of 15.8%. The printing infrastructure segment contributed 75.13 million RMB, but its growth rate slowed significantly from 75.3% in 2023 to 16.3% in 2025. Conversely, the printing innovation services segment saw a remarkable increase of 133.7% to 17.68 million RMB, although it only represented 5.4% of total revenue [3][4]. Inventory and Liquidity Risks - As of August 2025, Hansen Software's inventory value surged by 174.1% to 115 million RMB, primarily due to the acquisition of Shanghai Color Dan. The inventory turnover days increased from 71.2 days in 2024 to 132.5 days, indicating reduced efficiency in inventory conversion. Additionally, only 25.5% of the inventory had been used or sold by September 30, 2025, raising concerns about potential obsolescence or depreciation risks [5]. Strategic Acquisition - In August 2025, Hansen Software acquired a controlling stake in Shanghai Color Dan for a total consideration of 337 million RMB. This strategic acquisition aims to enhance the company's control over core digital printing materials and strengthen its product capabilities [6]. Industry Outlook - The digital printing market is expected to grow significantly, driven by the acceleration of digital transformation in downstream industries and the rise of new consumption models and personalized demands. The global market size for digital printing solutions is projected to increase from approximately 35.1 billion USD in 2020 to about 43.3 billion USD in 2024, with a CAGR of 5.4%, and is expected to reach around 61.3 billion USD by 2029 [7]. Competitive Position - Hansen Software ranks first among independent printing control system suppliers globally, with a market share of 5.6% in 2024. The top five suppliers collectively hold only 11.3% of the market, indicating a relatively low industry concentration [10][11]. Market Challenges - Despite its leading position in the independent printing control system segment, Hansen Software faces challenges such as declining profitability in 2025, rising costs, and high levels of inventory and accounts receivable, which pressure its financial fundamentals. The company’s integrated platform and RIIN Galaxy SaaS service show potential for business expansion and innovation [14].