近日，哈森股份发布公告称，调整原筹划发行股份购买资产的方案，拟以发行股份方式购买苏州郎克斯45%股权，同时拟发行股份并募集配套资金。 从2021年开始，哈森股份的净利润一直处于亏损状态。2024年年报显示，哈森股份实现营业收入8.21亿元，同比增长1.12%；实现净亏损9640.74万元，与上 年同期相比亏损幅度进一步增加。到了2025年前三季度，这一趋势仍未得到有效改变，前三季度依旧亏损1847.44万元。 面对经营挑战，哈森股份也在寻找自救措施。2024年哈森股份完成现金收购苏州郎克斯精密五金有限公司45%股权、江苏哈森工业智能装备有限公司55.2% 股权，2024年11月30日将上述两家公司纳入了合并报表范围。 2024年年报显示，鞋、包等批发零售实现营业收入7.67亿元，同比减少4.82%，还是其主要营收来源。但是到了2025年第三季度，经营数据显示，鞋、包等 批发零售实现营业收入1.37亿元，同比减少7.08%，而当期哈森股份营业收入为3.58亿元。 不难发现，哈森股份的精密制造业务营收占比逐渐增加，哈森股份也将三季度营收增长、净亏损收窄原因归为增加了精密金属结构件、工业自动化设备及工 装夹治具业务 ...

Core Viewpoint - Hason Co., Ltd. reported a significant increase in revenue and a notable improvement in net profit, despite still posting a loss, indicating potential growth opportunities and challenges in cash flow management [1][5]. Financial Performance - Total revenue for the first half of 2025 reached 699 million yuan, a year-on-year increase of 67.03% [1]. - The net profit attributable to shareholders was -1.71 million yuan, showing an improvement of 85.57% compared to the previous year [1]. - In Q2 2025, total revenue was 342 million yuan, up 78.08% year-on-year, while the net profit attributable to shareholders was -7.30 million yuan, an increase of 56.49% [1]. Key Financial Ratios - Gross margin stood at 38.5%, down 27.8% year-on-year, while net margin improved to 1.13%, a rise of 188% [1]. - The ratio of selling, administrative, and financial expenses to revenue was 32.46%, a decrease of 35.76% year-on-year [1]. - Earnings per share improved to -0.01 yuan, an increase of 80% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly, reaching 415 million yuan, which is 611.90% higher than the previous year, accounting for 50.53% of total revenue [1]. - Operating cash flow per share was 0.0 yuan, a decrease of 94.61% year-on-year, indicating cash flow challenges [1]. Changes in Financial Items - Cash and cash equivalents decreased by 37.13% due to increased capital expenditures and reduced borrowings [3]. - Trade financial assets surged by 1793.5% due to an increase in financial products [3]. - Long-term liabilities due within one year increased by 1108.7% as long-term payables were reclassified [4]. Business Operations - The increase in revenue was attributed to the expansion of precision metal components, industrial automation equipment, and tooling business [5]. - Management expenses rose by 97.33% due to the hiring of additional personnel for new business operations [5]. - Research and development expenses increased by 2010.1% to support new business lines beyond the original footwear sector [7]. Investment and Financing Activities - Investment activities generated a net cash flow increase of 78.54%, attributed to reduced purchases of bank financial products [8]. - Financing activities saw a net cash flow decrease of 200.43% due to the repayment of bank loans [9]. Other Financial Insights - Other income increased by 43.18% due to higher government subsidies received [10]. - Investment income decreased by 432.34% due to reduced stock investments and related earnings [11]. - The company experienced a significant increase in credit impairment losses, up 903.14%, due to higher accounts receivable and related provisions [12].