哈森股份调整收购方案，从皮鞋业务转向精密制造机遇几何？

Group 1 - The core point of the article is that Hason Co., Ltd. has adjusted its plan to acquire assets by proposing to purchase 45% equity of Suzhou Langkes through share issuance, while also planning to raise supporting funds through share issuance [2] - Hason Co., Ltd. initially intended to acquire 100% equity of Chenling Optics, but the transaction was altered due to new valuation demands from the counterparty, leading to a failure to reach an agreement [3] - Chenling Optics is a provider of smart factory solutions focusing on industrial software and visual inspection systems, primarily serving the consumer electronics and new energy sectors, while Suzhou Langkes specializes in the R&D, production, and sales of precision metal structural components for consumer electronics [3] Group 2 - Hason Co., Ltd. primarily operates in the mid-to-high-end shoe brand management, product design, and sales, owning brands such as Hason and Cardina, and has expanded into precision metal structural components through a 55% stake in Suzhou Langkes [4] - Hason Co., Ltd. faced operational challenges over time, with net profits in a loss state since 2021, reporting a revenue of 821 million yuan in 2024, a year-on-year increase of 1.12%, but a net loss of 96.41 million yuan, worsening compared to the previous year [5] - The company has been seeking self-rescue measures, completing cash acquisitions of 45% of Suzhou Langkes and 55.2% of Jiangsu Hason Industrial Intelligent Equipment in 2024, with these companies included in the consolidated financial statements [5] Group 3 - Despite some assistance from new business ventures, Hason Co., Ltd. is still in a transitional phase between old and new businesses, lacking synergy between them, which may increase management difficulties [6] - The expansion into precision manufacturing represents a strategic shift for Hason Co., Ltd., exploring new growth opportunities, but the transition from traditional to precision manufacturing involves significant differences and uncertainties regarding successful transformation [6]