哈森股份股价回调因信披违规、并购业绩不及预期及资金获利了结

Core Viewpoint - Hason Co., Ltd. (603958) has experienced a recent stock price correction due to multiple factors, including regulatory warnings from information disclosure violations, underperformance of acquisition targets, and profit-taking by market participants [1] Information Disclosure Violations - On January 27, 2026, Hason disclosed information regarding its "3D printing" and "consumer electronics" businesses on an interactive platform but failed to adequately highlight associated risks. For instance, the 3D printing business generated only 2.67 million yuan in revenue for 2025, accounting for less than 0.2% of total revenue, and products like titanium powder have not yet generated sales revenue. The incomplete disclosure and insufficient risk warnings led the Shanghai Stock Exchange to issue a regulatory warning letter to the company and its secretary in early February [2] Company Status - The acquisitions of Suzhou Langke and Jiangsu Langxun in 2024 did not meet their first-year performance targets. Suzhou Langke achieved a net profit of 46.97 million yuan, with a completion rate of 91.38%, while Jiangsu Langxun's net profit was only 41,190 yuan, with a completion rate of just 4.97%. Additionally, Suzhou Langke's gross margin dropped to 23.20% in 2025, a year-on-year decline of 5.19 percentage points, indicating pressure on profit quality. This has intensified market skepticism regarding the effectiveness of cross-industry mergers in improving performance [3] Funding Situation - From January 26 to February 6, 2026, Hason's stock price increased by 59.68%, with consecutive trading halts on January 28 and 29. Following this significant short-term increase, some investors opted to take profits, resulting in a stock price correction of 11.17% from February 9 to 13. Trading volume also decreased, with a transaction amount of 152 million yuan on February 13, down 59% from 371 million yuan on February 9, reflecting a cooling of market participation [4] Current Operating Status - Despite revenue growth driven by cross-industry mergers (with a year-on-year increase of 86.36% in revenue for the first three quarters of 2025), the footwear business continues to incur losses. The company expects a net loss attributable to shareholders of between 24 million and 36 million yuan for 2025, marking the sixth consecutive year of losses. The number of stores has decreased from 1,305 at the beginning of 2021 to 821 by the third quarter of 2025, with inventory reaching 425 million yuan, indicating ongoing impairment pressure [5] Restructuring Progress - In December 2025, the company terminated its acquisition of 100% equity in Chenling Optics due to valuation disagreements, retaining only the plan to acquire 45% of Suzhou Langke. This adjustment has been interpreted by the market as an increase in resistance to cross-industry transformation, diminishing investor expectations for business synergy [6]