Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

证券代码：002180 证券简称：纳思达 公告编号：2025-056 纳思达股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示：纳思达股份有限公司（以下简称"公司"）重大资产出售已于 步测算对本期归母净利润及扣非归母净利润均产生了较大影响。剔除该影响后， 归属上市公司股东的净利润为3亿元-4亿元。 一、本期业绩预计情况 （一）业绩预告期间：2025年1月1日-2025年6月30日 （二）预计的业绩：?亏损 ?扭亏为盈 ?同向上升 ?同向下降 项目 本报告期 上年同期 归属于上市公司 亏损：20,000万元-40,000万元 盈利：97,364.12万元 股东的净利润 扣除非经常性损 亏损：10,000万元–20,000万元 盈利：62,351.55万元 益后的净利润 基本每股收益 亏损：0.1406元/股-0.2813元/股 盈利：0.6891元/股 注：本公告中的"万元"均指万元人民币 二、与会计师事务所沟通情况 本次业绩预告未经会计师事务所审计。 三、业绩变动原因说明 （一）打印机业务 信创市场方面，随着行业信创的进一步深入，奔图在信创 ...

Group 1 - Cathay Pacific Haikou expects a net profit increase of 205%-218% for the first half of 2025, with a projected profit of 15.283 billion to 15.957 billion yuan [1] - The main reason for the profit increase is the merger with Haitong Securities, which has led to significant growth in wealth management and trading revenues [1] - Shenyuan Hongyuan anticipates a net profit increase of 92.66%-111.46% for the first half of 2025, with a projected profit of 4.1 billion to 4.5 billion yuan [6][7] Group 2 - Southern Airlines expects a net loss of 1.338 billion to 1.756 billion yuan for the first half of 2025, primarily due to changes in passenger structure and international uncertainties [2] - China Eastern Airlines projects a net loss of 1.2 billion to 1.6 billion yuan for the first half of 2025, influenced by intense domestic market competition [3] - Air China anticipates a net loss of 1.7 billion to 2.2 billion yuan for the first half of 2025, affected by market supply imbalances and international uncertainties [4] Group 3 - HNA Group expects to turn a profit in the first half of 2025, with a projected net profit of 45 million to 65 million yuan, attributed to improved market conditions and operational adjustments [5] - CICC forecasts a net profit increase of 55%-78% for the first half of 2025, with a projected profit of 3.453 billion to 3.966 billion yuan [8] - CITIC Securities anticipates a net profit increase of 55%-60% for the first half of 2025, with a projected profit of 4.43 billion to 4.573 billion yuan [9] Group 4 - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing an increase of 84.3%-120.5% [10] - Poly Developments anticipates a net profit decrease of 63.15% for the first half of 2025, with a projected profit of 2.735 billion yuan [11] - Luoyang Molybdenum expects a net profit increase of 51%-68% for the first half of 2025, with a projected profit of 8.2 billion to 9.1 billion yuan [13] Group 5 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, but with a significant reduction in losses compared to the previous year [14] - Tongwei Co. anticipates a net loss of 4.9 billion to 5.2 billion yuan for the first half of 2025, influenced by ongoing industry challenges [15] - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of 2025, an improvement from the previous year's loss [16] Group 6 - Jianghuai Automobile expects a net loss of approximately 680 million yuan for the first half of 2025, primarily due to increased competition in the international market [21] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, attributed to ongoing transformation challenges [22] - ST Huatuo expects a net profit increase of 107.2%-159% for the first half of 2025, with a projected profit of 2.4 billion to 3 billion yuan [23] Group 7 - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, marking a turnaround from losses [25] - Linyi Intelligent Manufacturing expects a net profit increase of 32%-67% for the first half of 2025, with a projected profit of 900 million to 1.14 billion yuan [27] - Pengding Holdings expects a net profit increase of 52.79%-60.62% for the first half of 2025, with a projected profit of 1.198 billion to 1.26 billion yuan [29] Group 8 - Hengtong Electronics expects a net profit increase of 740.95% for the first half of 2025, with a projected profit of approximately 251 million yuan [30] - Shengyi Technology anticipates a net profit increase of 50%-56% for the first half of 2025, with a projected profit of 1.4 billion to 1.45 billion yuan [31] - Founder Securities expects a net profit increase of 70%-80% for the first half of 2025, with a projected profit of 2.299 billion to 2.43 billion yuan [33]

证券代码：002180 证券简称：纳思达 公告编号：2025-056 纳思达股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示：纳思达股份有限公司（以下简称"公司"）重大资产出售已于 2025年7月1日完成交割，公司根据《企业会计准则》的相关规定进行核算，初 步测算对本期归母净利润及扣非归母净利润均产生了较大影响。剔除该影响后， 归属上市公司股东的净利润为3亿元-4亿元。 一、本期业绩预计情况 （一）业绩预告期间：2025年1月1日-2025年6月30日 （二）预计的业绩：亏损 扭亏为盈 同向上升 同向下降 2025年上半年预计业绩情况 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损：20,000万元-40,000万元 | 盈利：97,364.12万元 | | 扣除非经常性损 益后的净利润 | 亏损：10,000万元–20,000万元 | 盈利：62,351.55万元 | | 基本每股收益 | 亏损：0.1406元/股-0.2813元/ ...

Core Viewpoint - The article discusses the strategic decision of Nasda to sell Lexmark International to Xerox for approximately $90 million, highlighting the challenges faced by Lexmark in the current geopolitical environment and the company's shift towards focusing on its own brand, Pantum [2][3][6][21]. Group 1: Sale of Lexmark International - Nasda completed the sale of Lexmark International for about $90 million, with the transaction involving the transfer of 100% equity to Xerox [3][16]. - Prior to the sale, Nasda held a 63.59% stake in Lexmark through Ninestar Holdings [10]. - Lexmark contributed $2.24 billion in revenue to Nasda last year, accounting for 60% of the parent company's total revenue [13]. Group 2: Reasons for the Sale - The management cited increasing external complexities and regulatory pressures on Lexmark's overseas operations as key reasons for the sale [6][17]. - The company faced significant financial strain, with a goodwill impairment of 7.88 billion yuan related to the acquisition of Lexmark, leading to a loss of nearly 6.2 billion yuan [20]. - The sale is expected to optimize Nasda's financial structure and enhance its risk management capabilities [21]. Group 3: Focus on Pantum - Following the sale, Nasda aims to concentrate on developing its own printer brand, Pantum, which has sold over 20 million units [7][22]. - Pantum's R&D expenses increased by 42% year-on-year, with plans to reach 14% of revenue by 2025 [27]. - The company is positioned to capture opportunities in the domestic market, particularly in sectors like finance, with a 50% year-on-year increase in shipments in the信创 market [32]. Group 4: Competitive Landscape - Pantum is currently the fourth largest in the global laser printer market, competing against major players like HP, Epson, and Canon [50]. - The company has expanded its international presence, exporting to over 110 countries, which constitutes about half of its total shipments [51]. - Management plans to enhance global market share and profitability in the printer and consumables sectors by 2025 [52].

Overview of the Transaction - The company plans to sell 100% equity of its indirect subsidiary, Lexmark International II, LLC, to Xerox Corporation for a cash transaction [3][4] - The transaction involves the joint investment entity Ninestar Holdings Company Limited, which is controlled by the company, PAG Asia Capital, and Shoda Investment [3][5] - The transaction is classified as a major asset restructuring due to the significant proportion of Lexmark's assets and revenue compared to the company's total assets and revenue [7][8] Transaction Details - The estimated transaction price is based on a benchmark amount of $1.5 billion, adjusted for estimated financing liabilities, net working capital, cash on the closing date, and transaction costs [4][10] - The final transaction price will be adjusted post-closing based on the final net working capital, financing liabilities, and other factors, with a maximum adjustment limit of $30 million [11] - The transaction is expected to close on July 1, 2025, subject to the fulfillment of certain conditions [9][10] Financial Analysis - The valuation report by Zhonglian International indicates that the equity value of Lexmark International II, LLC is estimated between $172 million and $198 million, with net adjustments leading to a final estimated value of $99 million to $125 million after accounting for various expenses [7] - The financial metrics of Lexmark International II, LLC show total assets of approximately ¥1,958.41 million and revenue of ¥1,596.13 million, which represent 52.43% and 60.43% of the company's respective totals [7] Regulatory and Approval Process - The transaction has undergone necessary internal approvals from the board and shareholders, and external regulatory approvals are in process [9][14] - The transaction does not constitute a related party transaction, and there are no changes in the company's control as a result of this sale [8][9] Company Background - The company, Nasda, is listed on the Shenzhen Stock Exchange with the stock code 002180 and has a registered capital of ¥1,422,989,339 [5][6] - Xerox Corporation, the buyer, is a publicly traded company on the NASDAQ with a focus on document management systems and solutions [6]

北京市金杜律师事务所 关于 纳思达股份有限公司 重大资产出售 之 实施情况的 法律意见书 二〇二五年七月 致：纳思达股份有限公司 根据《公司法》《证券法》《上市公司重大资产重组管理办法》《公开发行证券 的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》等法律、行 政法规、部门规章、规范性文件的相关规定，北京市金杜律师事务所（以下简称"金 杜"或"本所"）接受纳思达股份有限公司（以下简称"纳思达"或"上市公司"） 的委托，作为纳思达之控股子公司 Ninestar Group Company Limited 出售 Lexmark International II, LLC 100% 股权暨重大资产出售项目（以下简称"本次交易"）的专 项中国法律顾问，就纳思达本次交易实施情况进行查验，并出具本法律意见书。 为本次交易，金杜已于 2025 年 5 月 19 日出具了《北京市金杜律师事务所关 于纳思达股份有限公司重大资产出售之法律意见书》（以下简称"《法律意见书》"） 与《北京市金杜律师事务所关于纳思达股份有限公司本次重大资产重组前业绩异 常或存在拟置出资产情形之专项核查意见》（以下简称"《专项核查意见 ...

二〇二五年七月 东方证券股份有限公司关于 纳思达股份有限公司重大资产出售 实施情况之独立财务顾问核查意见 独立财务顾问 （上海市黄浦区中山南路 119 号东方证券大厦） 东方证券股份有限公司关于纳思达股份有限公司重大资产出售实施情况之独立财务顾问核查意见 独立财务顾问声明 东方证券股份有限公司（以下简称"东方证券"或"独立财务顾问"）接受 纳思达股份有限公司（以下简称"纳思达"或"上市公司"或"公司"）的委托， 担任本次重大资产出售（以下简称"本次交易"或"本次重组"）的独立财务顾 问，就本次交易事项向上市公司全体股东提供独立意见，并制作本核查意见。 本独立财务顾问核查意见系根据《公司法》《证券法》《重组管理办法》《准 则 26 号》等法律法规的相关规定，按照证券行业公认的业务规范，本着诚实守 信、勤勉尽责的精神，遵循独立、客观、公正的原则，在认真审阅相关资料并充 分了解本次交易行为的基础上出具。 本核查意见所依据的文件、材料由本次交易相关各方提供，本次交易相关各 方已承诺所提供文件和材料真实、准确和完整，不存在虚假记载、误导性陈述或 者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任。 本独立财务顾问未 ...

股票代码：002180 股票简称：纳思达 上市地点：深圳证券交易所 纳思达股份有限公司 重大资产出售实施情况报告书 纳思达股份有限公司重大资产出售实施情况报告书 上市公司声明 本公司及全体董事、监事及高级管理人员保证本报告书内容的真实、准确、 完整，并对本报告书的虚假记载、误导性陈述或重大遗漏承担相应的法律责任。 本次交易有关监管部门对本次交易所做的任何决定或意见，均不表明其对本 公司股票的价值或投资者的收益作出实质性判断或者保证。任何与之相反的声明 均属虚假不实陈述。 根据《证券法》等相关法律、法规的规定，本次交易完成后，本公司经营与 收益的变化，由本公司自行负责，由此变化引致的投资风险，由投资者自行负责。 投资者若对本报告书存在任何疑问，应咨询自己的股票经纪人、律师、会计 师或其他专业顾问。 | 标的公司 | 交易对方 | | --- | --- | | Lexmark International II, LLC | Xerox Corporation | 独立财务顾问 签署日期：二〇二五年七月 2 | 上市公司声明 | 2 | | --- | --- | | | 目录 3 | | | 释义 4 | | ...

Core Points - The major asset sale by Nasda Co., Ltd. has been completed on July 1, 2025, with Xerox Corporation as the buyer [1][2] - The estimated transaction price on the closing date is approximately $90.057206 million [2] - The buyer has transferred $60.057206 million to the designated bank account of the Cayman subsidiary II and an additional $30 million to an escrow account as per the equity purchase agreement [2] Group 1 - The board of directors and the supervisory board have approved the sale of 100% equity of Lexmark International II, LLC by Ninestar Group Company Limited [1] - The company has disclosed the relevant documents in major financial newspapers and on its official website [2] - The company will timely disclose the implementation status of the major asset sale as required by laws and regulations [2]