汉森软件IPO前花光三年净利，李龙良变现3000万元

Core Viewpoint - Shenzhen Hansen Software Co., Ltd. is advancing its IPO process on the Hong Kong Stock Exchange after acquiring a controlling stake in Shanghai Colorful Dan for 337 million RMB, with an estimated valuation of approximately 3.155 billion RMB for the IPO [1] Group 1: Company Overview - Hansen Software, established in 2006, is a leading provider of digital printing solutions, primarily offering printing control systems, basic printing facilities, and innovative printing services [2] - The company has a significant market presence, ranking first among independent printing control system suppliers globally, with a market share of 5.6% as of 2024 [2] Group 2: Financial Performance - From 2022 to 2024, Hansen Software's revenue grew from 246.05 million RMB to 438.96 million RMB, achieving a compound annual growth rate (CAGR) of 33.6%, significantly outpacing the global digital printing solutions market's CAGR of 5.4% [2] - In the first eight months of 2025, the company reported revenue of 325.35 million RMB, reflecting a year-on-year growth of 15.66% [2][4] Group 3: Revenue Composition - Over 70% of Hansen Software's revenue comes from printing control systems, which are crucial for the company's overall performance [3] - The revenue contributions from the printing infrastructure and innovative services segments have shown volatility, with the innovative services segment being the fastest-growing, achieving a revenue of 17.68 million RMB in the first eight months of 2025, up 133.65% year-on-year [5][4] Group 4: Profitability and Costs - Hansen Software maintained a high gross margin, averaging around 55.8% from 2022 to 2025, but net profit margins have declined to 21.0% in 2025 due to rising sales, R&D, and administrative expenses [6][7] - The company’s net profit for the first eight months of 2025 fell by 29.39% year-on-year, despite revenue growth, primarily due to increased operational costs [7] Group 5: Inventory and Liquidity - Following the acquisition of Shanghai Colorful Dan, Hansen Software's inventory value surged by 174.1% to 115 million RMB, raising concerns about potential obsolescence risks as 74.5% of the inventory remains unsold [10][18] - The acquisition also led to a significant increase in trade receivables, which reached 107 million RMB, a 123.26% increase compared to the previous year [15][18] Group 6: Strategic Moves - The acquisition of Shanghai Colorful Dan is expected to enhance Hansen Software's capabilities in the digital printing solutions market, although it has also resulted in increased debt levels [10][13] - Hansen Software's control remains firmly with its founder, Li Longliang, who holds 89.39% of the shares, ensuring strategic continuity [19]