汉森软件拟赴港IPO，今年前八月净利润下滑

Core Viewpoint - Hansen Software has submitted its listing application to the Hong Kong Stock Exchange, despite a decline in net profit in the first eight months of 2025 Group 1: Company Overview - Hansen Software is a full-chain digital printing solution provider, offering printing control systems, infrastructure, and innovative services applicable in over 20 scenarios, including renewable energy, PCB boards, and furniture [2] - According to Frost & Sullivan, Hansen Software ranks first among independent printing control system suppliers globally by revenue in 2024, holding a market share of 5.6% [2] Group 2: Strategic Acquisition - In August, Hansen Software acquired a controlling stake in Shanghai Colorful Dan Digital Technology Co., Ltd., a company specializing in color materials and inks, to strengthen its core consumables management [3] - This strategic acquisition aims to enhance product capabilities and supply chain integration, enabling customized solutions for diverse application scenarios [3] Group 3: Financial Performance - Adjusted net profits for Hansen Software from 2022 to 2024 are projected to be 65.96 million, 113 million, and 142 million yuan, respectively, indicating rapid growth [4] - However, net profit for the first eight months of 2025 has decreased by 24.68% to 72.76 million yuan compared to the previous year [4] Group 4: Accounts Receivable and Inventory - As of the end of 2022, 2023, 2024, and August 2025, accounts receivable balances were approximately 24.90 million, 33.50 million, 44.00 million, and 87.20 million yuan, respectively [4] - Inventory levels as of the same dates were 52.80 million, 34.00 million, 42.10 million, and 115 million yuan, indicating potential growth in inventory due to business expansion [4] Group 5: Industry Characteristics - The digital printing industry is characterized by rapid technological advancements, frequent product iterations, and changing demand, which may affect the competitiveness of current technologies and solutions [5] - The industry has a relatively low market concentration with numerous participants, leading to challenges in brand influence and channel efficiency [5]