来源：新浪证券 出品：新浪财经上市公司研究院 作者：君 10月30日，深圳市汉森软件股份有限公司（下称"汉森软件"或"公司"）向联交所主板递交上市申请，国 金证券（香港）及中信证券为联席保荐人。 递表前2个月，汉森软件完成对色如丹的收购，现金总代价高达3.37亿元。同时，卖方有权于2027年度 结束后四个月内向公司出售色如丹剩余49%股份，公司授出认沽期权约3.45亿元。不过，公司未就该认 沽期权确认金融负债，或违反IFRS相关规定。 业务方面，2025年1-8月，汉森软件陷入"增收不增利"局面，收入同比增长15.83%，净利润同比减少 24.68%，主要系期间费用率大幅上升。此外，汉森软件向重叠客户及供应商的销售毛利率显著低于公 司整体毛利率，相关交易的公允性待考。 3.45亿认沽期权未确认金融负债是否合规？ 汉森软件是一家全链条数字打印解决方案供应商，主要提供打印控制系统、打印基础设施及打印创新服 务，根据弗若斯特沙利文的资料，按2024年收入计，公司在全球所有独立打印控制系统供应商中排名第 一。 | | | | 支付全部 | | | | | --- | --- | --- | --- | --- | - ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes that some listed companies are improperly recognizing goodwill through "package transactions" when acquiring control of non-similarly controlled enterprises, which does not comply with accounting standards and regulations [2] Group 1: Accounting Standards - F Company plans to acquire E Company's stake in N Company in two steps, with the first step being a cash purchase of 70% of N Company, making it a subsidiary, followed by a share issuance for the remaining 30% [3] - The accounting standards define "package transactions" as transactions that are executed in multiple steps but are interrelated, requiring them to be treated as a single transaction for accounting purposes [3] Group 2: Tax Treatment - The tax treatment of "package transactions" requires assessing whether the transaction qualifies under specific tax regulations, particularly if the transactions occur within 12 months and should be treated as a single restructuring transaction [5] - For F Company's acquisition, the proportion of equity payment is only 30%, which does not meet the criteria for special tax treatment, necessitating the recognition of capital gains based on fair value for tax purposes [6] Group 3: Considerations for Multiple Transactions - When evaluating acquisitions, companies must ensure that all parties involved in the restructuring adhere to a consistent tax treatment approach, especially in cross-regional transactions [7] - If a transaction initially qualifies for special tax treatment but later does not, adjustments to the tax basis of assets must be made, and relevant tax filings must be updated accordingly [8]