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 application for an IPO on 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 its fundamentals [1][2]. Company Performance - Hansen Software is a comprehensive digital printing solution provider, offering printing control systems, basic printing infrastructure, and innovative printing services. The company has shown steady revenue and profit growth from 2022 to 2024, with revenues of 246 million RMB, 332 million RMB, and 439 million RMB, representing a compound annual growth rate (CAGR) of 33.6%. However, in 2025, the company experienced a significant downturn, with revenue of 325 million RMB for the first eight months, a year-on-year increase of 15.66%, but a profit drop of approximately 30% to 68.2 million RMB due to rising 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 was 43.49 million RMB, significantly outpacing the gross profit growth of 15.43 million RMB, leading to a net profit margin decline from 34.4% in 2024 to 21.0% in 2025 [3][4]. Business Segmentation - The core business of printing control systems generated 233 million RMB in revenue, accounting for 71.5% of total revenue, with a year-on-year growth of 15.8%. Hansen Software ranks first among global independent printing control system suppliers, with a market share of 5.6% based on revenue in 2024 [3][10]. The printing infrastructure segment generated 75.13 million RMB, but its growth rate slowed to 16.3%. Conversely, the innovative printing services segment saw a significant increase of 133.7% to 17.68 million RMB, driven by the market promotion of the RIIN Galaxy SaaS platform [4][5]. Inventory and Liquidity Concerns - 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 realization. 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][6]. Strategic Acquisition - Hansen Software acquired a controlling stake in Shanghai Color Dan for a total consideration of 337 million RMB in August 2025. 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][8]. Competitive Landscape - The top five independent printing control system suppliers accounted for approximately 11.3% of the global market in 2024, indicating a relatively low industry concentration. Hansen Software holds the leading position with a market share of 5.6% [10][11]. Market Sentiment - Despite Hansen Software's leading position in the independent printing control system segment, its profitability has significantly declined in 2025, with rising costs and high inventory and accounts receivable levels putting pressure on its financial fundamentals. The company's integrated platform and RIIN Galaxy SaaS service show potential for business expansion and innovation, which could be key highlights for its fundamentals [14][16].