Industrial SAT formula generation is a critical yet challenging task. Existing SAT generation approaches can hardly simultaneously capture the global structural properties and maintain plausible computational hardness. We first present an in-depth analysis for the limitation of previous learning methods in reproducing the computational hardness of original instances, which may stem from the inherent homogeneity in their adopted split-merge procedure. On top of the observations that industrial formulae exhibit clear community structure and oversplit substructures lead to the difficulty in semantic formation of logical structures, we propose HardSATGEN, which introduces a fine-grained control mechanism to the neural split-merge paradigm for SAT formula generation to better recover the structural and computational properties of the industrial benchmarks. Experiments including evaluations on private and practical corporate testbed show the superiority of HardSATGEN being the only method to successfully augments formulae maintaining similar computational hardness and capturing the global structural properties simultaneously. Compared to the best previous methods, the average performance gains achieve 38.5% in structural statistics, 88.4% in computational metrics, and over 140.7% in the effectiveness of guiding solver tuning by our generated instances. Source code is available at https://github.com/Thinklab-SJTU/HardSATGEN.