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].

Core Viewpoint - The stock of Hasen Trading (China) Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase of 20% over two consecutive trading days, triggering the abnormal fluctuation standards set by the Shanghai Stock Exchange [2][5]. Group 1: Stock Trading Abnormality - The company's stock price increased by a cumulative 20% on January 28 and 29, 2026, which is classified as an abnormal trading fluctuation according to the Shanghai Stock Exchange rules [2][5]. - The company conducted a self-examination and confirmed that there are no undisclosed significant matters affecting the stock price, aside from publicly disclosed information [2][7]. Group 2: Business Operations - The company reported that its daily operations are normal, with no significant changes in market conditions or production costs [6]. - There are no major undisclosed events that could impact the stock price, including significant asset restructuring or major transactions [7][9]. Group 3: Financial Performance and Risks - The company anticipates a net loss attributable to shareholders of between 24 million and 36 million yuan for the fiscal year 2025 [10]. - The gross profit margin for the subsidiary Suzhou Langkes is projected to be 23.20% for 2025, down from 28.39% in the previous year, indicating a decrease of 5.19 percentage points [10]. - The company's 3D printing business generated revenue of 2.67 million yuan in 2025, accounting for less than 0.2% of total revenue, which currently does not impact the main business significantly [10]. Group 4: Acquisition Plans - The company plans to acquire a 45% stake in Suzhou Langkes Precision Hardware Co., Ltd. through a share issuance and raise supporting funds, pending further decisions and approvals from relevant parties [4][11]. - The completion of due diligence, auditing, and evaluation for this transaction may face uncertainties regarding timing and regulatory approvals [11].

Group 1 - The company, Hason Co., Ltd. (603958.SH), announced that it is not involved in the robotics business [1] - In the second half of 2025, the company established two joint ventures: Zhongke Zhongcheng Robotics Technology (Chengdu) Co., Ltd. and Zhongke Zhongcheng Supply Chain Management (Chengdu) Co., Ltd. [1] - As of now, these joint ventures have not generated any revenue and do not impact the company's financial performance [1] Group 2 - The company's 3D printing business is projected to achieve revenue of 2.67 million yuan in 2025, accounting for less than 0.2% of the total revenue [1] - Currently, the titanium powder and MIM powder businesses have not yet formed sales or revenue, thus having no impact on the company's performance [1]

哈森唯特使用NPA技术(等离子体雾化技术)、TPR技术(钛粒径重构技术)等关键技术及工艺，致力于生 产高质量、低成本的钛粉、MIM粉，后续将持续优化工艺技术，不断提升产品质量并降低生产成本， 增强产品竞争力。目前哈森唯特已在湖南益阳园区规划数百吨产能，其钛粉、MIM粉已中试成功，并 已积极送样给下游相关客户。公司将根据战略发展和经营需要，深化客户合作，稳步推进钛粉领域的业 务拓展、品质提升及产能提升，后续如有扩产计划，公司将依据相关规定履行决策程序和信息披露义 务。 格隆汇1月28日丨哈森股份(603958.SH)近日接受特定对象调研时表示，公司下属控股子公司哈森唯特从 事钛粉研发、生产与销售，其核心技术团队已深耕该领域的核心设备、工艺自研及钛粉材料相关技术研 发三十余年，积累了大量的行业经验。 ...

哈森唯特使用NPA技术(等离子体雾化技术)、TPR技术(钛粒径重构技术)等关键技术及工艺，致力于生 产高质量、低成本的钛粉、MIM粉，后续将持续优化工艺技术，不断提升产品质量并降低生产成本， 增强产品竞争力。目前哈森唯特已在湖南益阳园区规划数百吨产能，其钛粉、MIM粉已中试成功，并 已积极送样给下游相关客户。公司将根据战略发展和经营需要，深化客户合作，稳步推进钛粉领域的业 务拓展、品质提升及产能提升，后续如有扩产计划，公司将依据相关规定履行决策程序和信息披露义 务。 格隆汇1月28日丨哈森股份(603958.SH)近日接受特定对象调研时表示，公司下属控股子公司哈森唯特从 事钛粉研发、生产与销售，其核心技术团队已深耕该领域的核心设备、工艺自研及钛粉材料相关技术研 发三十余年，积累了大量的行业经验。 ...