跨界对赌首年“爽约”，哈森股份信披违规再收警示

Core Viewpoint - Hason Co., Ltd. (603958.SH) has experienced a significant stock price increase, with a rise of 59.68% from January 26 to February 6, 2024, attributed to disclosures about its ventures into 3D printing and consumer electronics, although the accuracy of these disclosures has been questioned by regulators [1][11][12]. Group 1: Stock Performance and Market Reaction - On February 6, 2024, Hason's stock price reached a peak of 21.94 CNY per share, marking an increase of 8.67% for the day [1]. - The stock experienced a trading halt due to a cumulative price deviation of 20% over two consecutive trading days on January 28 and 29, prompting the company to issue an announcement regarding abnormal trading fluctuations [1][11]. - The surge in stock price is closely linked to the company's announcements regarding its new business directions, particularly in 3D printing and consumer electronics, which have attracted market interest [11][12]. Group 2: Business Operations and Financial Performance - Hason has been facing continuous losses, with a projected cumulative loss of approximately 340 million CNY by 2025, marking five consecutive years of negative net profit since 2020 [6][17]. - The company has initiated a cross-industry transformation, including acquisitions to diversify its business, such as the purchase of 45% of Suzhou Langkes and 55.2% of Jiangsu Langxun for a total of 358 million CNY [8][19]. - Despite the acquisitions, the actual net profits for 2024 from these entities fell short of commitments, with Suzhou Langkes achieving 46.97 million CNY (91.38% of the target) and Jiangsu Langxun only reaching 0.41 million CNY (4.97% of the target) [20]. Group 3: Regulatory and Disclosure Issues - The Shanghai Stock Exchange has issued warnings to Hason for "selective disclosure" of information that may mislead investors, emphasizing the need for timely and accurate communication [5][15]. - The company has been criticized for not fully disclosing the actual performance and potential risks associated with its new business ventures, particularly in 3D printing, which is projected to generate only 2.67 million CNY in revenue by 2025, accounting for less than 0.2% of total revenue [3][14]. - Hason's management has acknowledged that the new business lines have not yet significantly impacted the company's core operations, and the future profitability remains uncertain [12][14].