Group 1: Nasda (奔图) - Significant growth in printer sales in the information technology innovation market, with a year-on-year increase of 65% in shipment volume in the first half of the year and a quarter-on-quarter increase of 130% in the second quarter [1] - Provided printing support for major national events such as the Two Sessions, Boao Forum, and Summer Davos [1] - Deep adaptation completed with over 10 domestic operating systems and more than 20 office software [1] - Positive progress in the financial sector with state-owned and joint-stock banks gradually replacing printers [1] - Achieved some bids in the medical sector with top-tier hospitals and collaborating with leading companies in the education sector to develop smart printers [1] - After selling Lexmark, the company's operations have become more stable, with plans to expand into European and Belt and Road markets [1] - A3 products will start from the Chinese market, aiming to cover nearly 90% of the demand in developing countries within two years [1] Group 2: New Zhobang (新宙邦) - In the first half of 2025, achieved operating revenue of 4.248 billion yuan, a year-on-year increase of 18.58%, and a net profit of 484 million yuan, a year-on-year increase of 16.36% [2] - Revenue from battery chemicals reached 2.815 billion yuan, up 22.77%, while organic fluorine chemicals revenue was 722 million yuan, up 1.37%, and electronic information chemicals revenue was 679 million yuan, up 25.18% [2] - The fluorinated liquid business is benefiting from market opportunities due to the shutdown of international mainstream manufacturers, with capacity reserves completed in hydrogen fluoride ether and perfluoropolyether fields [2] - The capacity utilization rate of the Poland electrolyte factory is stable at 50%-70%, covering overseas customer demand [2] - The lithium hexafluorophosphate product from Shilei Fluorine Materials is fully produced and sold, with expectations for improved profitability in the second half of the year [2] - Domestic electrolyte market has low gross margins, while the European market has higher gross margins [2] - Projects Haidefu and Haisefu are expected to start production by the end of 2026 and 2027, respectively [2] - Perfluoroisobutylene products have achieved large-scale sales, with an expected market space of several billion yuan [2] - Revenue and profit from capacitor chemicals business have seen double-digit growth, driven by rapid demand growth for solid-state capacitors and supercapacitors [2]

Group 1 - The core viewpoint of the article is the performance briefing held by Nasda, which attracted participation from 60 institutions including Zhonggeng Fund Management Co., Ltd. and Xinhua Asset Management Co., Ltd. [1] Group 2 - Overall performance: In the first half of 2025, the company achieved total operating revenue of 12.327 billion yuan, a year-on-year decrease of 3.65%; net profit attributable to shareholders was -312 million yuan, a year-on-year decrease of 132.02%; net profit after deducting non-recurring gains and losses was -165 million yuan, a year-on-year decrease of 126.51% [1] Group 3 - Business segment performance: - Pantum: In the first half of 2025, Pantum's operating revenue was 2.309 billion yuan, a year-on-year increase of 10%; net profit was 324 million yuan, a year-on-year decrease of 16%; overall printer sales decreased by 5% year-on-year, while A3 copier sales increased by 115%. In Q2, Pantum's operating revenue was 1.316 billion yuan, a quarter-on-quarter increase of 33%; net profit was 227 million yuan, a quarter-on-quarter increase of 136%; overall printer sales increased by 24% quarter-on-quarter, and A3 copier sales increased by 30% [1] - Jihai Microelectronics: In the first half of 2025, Jihai's operating revenue was 555.6 million yuan, a year-on-year decrease of 18%; however, revenue from non-consumable chips in industrial control and automotive sectors was 254 million yuan, a year-on-year increase of 52%. Net profit was 18 million yuan, a year-on-year decrease of 94%; net profit after deducting non-recurring gains and losses was 11 million yuan, a year-on-year decrease of 84%. Total chip shipments reached 293 million pieces, a year-on-year increase of 16%, with non-consumable chip sales at 182 million pieces, a year-on-year increase of 47% [1] - General printing consumables: In the first half of 2025, the general consumables business achieved operating revenue of 2.697 billion yuan (after internal offset), which was basically flat year-on-year; net profit was 28 million yuan, a year-on-year decrease of 64%, with total sales of general consumables remaining flat year-on-year [1] Group 4 - Q&A session highlights: - Progress in the Xinchuang field: Pantum's printer sales in the Xinchuang market showed significant growth, with substantial progress in domestic replacement in the financial sector and initial progress in education and healthcare sectors [1] - Domestic and international business strategy: After selling Lexmark, the company's operations have become more stable, with Pantum having advantages in the domestic computer peripheral market and potential to capture shares in Europe and Belt and Road countries; Jihai Microelectronics aims to be among the top domestic integrated circuit design companies [1] - Lexmark project risks: The company is actively addressing arbitration matters, and risks are considered controllable [1] - A3 product strategy: The self-developed A3 products are suitable for developing country markets, focusing on product improvement and stability, with plans to cover nearly 90% of market demand in developing countries within two years, starting from the Chinese market [1]

Financial Performance - In the first half of 2025, the company achieved total revenue of CNY 12.327 billion, a year-on-year decrease of 3.65% [3] - Net profit attributable to shareholders was CNY -312 million, a decline of 132.02% year-on-year [3] - The net profit after deducting non-recurring gains and losses was CNY -165 million, down 126.51% year-on-year [3] Business Segment Performance Pantum Electronics - Pantum's revenue for the first half of 2025 was CNY 2.309 billion, a year-on-year increase of 10% [3] - Net profit was CNY 324 million, a decrease of 16% year-on-year [3] - Overall printer sales decreased by 5%, while A3 copier sales increased by 115% [3] - In Q2 2025, Pantum's revenue was CNY 1.316 billion, a quarter-on-quarter increase of 33% [3] - Q2 net profit was CNY 227 million, a quarter-on-quarter increase of 136% [3] - Printer sales in the信创 (Xinchuang) market grew significantly, with a year-on-year increase of 65% and a quarter-on-quarter increase of 130% [3] Extreme Sea Microelectronics - Revenue for the first half of 2025 was CNY 556 million, a year-on-year decrease of 18% [4] - Net profit was CNY 18 million, down 94% year-on-year [4] - Total chip shipments reached 293 million units, a year-on-year increase of 16% [4] - In Q2 2025, revenue was CNY 302 million, a quarter-on-quarter increase of 19% [4] - Total chip shipments in Q2 reached 168 million units, a quarter-on-quarter increase of 34% [4] Strategic Developments - Pantum has established strategic cooperation with Huawei's HarmonyOS, becoming the first third-party printer company to obtain certification [3] - The company is actively expanding its presence in the financial, medical, and educational sectors, with significant progress in the financial sector [9] - The company aims to cover over 50% of A3 product demand in the Chinese market, with plans to expand to developing countries [10] Market Trends and Challenges - The company is addressing the challenges posed by the sale of Lexmark and is focused on maintaining stable operations [10] - The domestic chip industry is undergoing a significant transformation, with Extreme Sea aiming to be a leading player among thousands of integrated circuit design companies [10]

Summary of the Conference Call for Nasda (2025) Company Overview - **Company**: Nasda - **Industry**: Laser Printer and Semiconductor Key Points Financial Performance - In the first half of 2025, Nasda reported a total revenue of 12.3 billion RMB, with Lexmark contributing approximately 1 billion USD [3] - The net profit attributable to shareholders was a loss of 312 million RMB, with a specific loss of 550 million RMB due to the disposal and operational losses related to Lexmark [3] - After excluding specific impacts, the overall net loss was approximately 240 million RMB [2] Business Growth and Market Position - The printer business has seen significant growth since the acquisition of Lexmark in 2016, with revenue increasing from 50 million USD in 2017 to nearly 5 billion RMB in 2022, marking a 14-fold increase [5] - The company aims to expand its product line beyond low-end A4 monochrome printers to include mid-speed monochrome, color printers, and A3 models to support revenue growth [2][6] - The global laser printer market is valued at approximately 30 billion USD, with A4 accounting for 10 billion USD and A3 for 20 billion USD [2][10] Strategic Initiatives - Nasda is focusing on international expansion and product diversification to reduce reliance on specific markets [2][9] - The company plans to enhance its presence in the global printer market, targeting over 50% market share [19] - The introduction of the "Kangda Series" mid-range printers addresses common issues like paper jams and has received world record certification [11] Market Trends and Challenges - The domestic market for information technology innovation (信创) has shown a year-on-year growth of 65% in the first half of 2025, supported by government and state-owned enterprise initiatives [2][17] - The company is actively participating in the new categories introduced by the China Information Security Testing Center, which may enhance its market share [12] - The semiconductor business has transitioned to focus on non-consumable chips, with a team of 1,100 people and an annual investment of 40% of revenue into new business [13] Future Outlook - The company expects revenue to stabilize between 4 to 5 billion RMB over the next three to four years, driven by product diversification and market demand [6] - The printer market is anticipated to experience cyclical trends, with potential growth following a period of decline [21] - Nasda aims to become one of the top three players globally in the printer market, with a focus on original consumables and printer control chips [23] Additional Insights - The domestic printer control chip market is currently dominated by a single player, with Nasda holding a leading position in the domestic market [24] - The company is also exploring opportunities in the industrial control and automotive sectors, with significant advancements in DSP real-time control chips [14][15] - The company is committed to maintaining stability in its consumables business despite fierce competition [16] Conclusion - Nasda is navigating a challenging market landscape with strategic initiatives aimed at growth and diversification. The focus on international expansion, product innovation, and leveraging government support in the domestic market positions the company for potential recovery and growth in the coming years.

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company has solidified its position as a leader in the printer market, with its subsidiary, Bantu, continuously enhancing its competitiveness [3]. - The semiconductor business of Jihaiwei is showing sustained growth, indicating successful transformation efforts [2]. - Despite a decline in total revenue of 3.65% year-on-year to 12.327 billion yuan in the first half of 2025, the company is expected to have a more stable business development following the completion of significant asset disposals [1][3]. Financial Performance Summary - In the first half of 2025, the company reported a net profit attributable to shareholders of -312 million yuan, marking a shift from profit to loss [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 393 million, 1.356 billion, and 1.906 billion yuan, respectively, with corresponding PE ratios of 96X, 28X, and 20X [3][4]. - Revenue is expected to grow from 26.415 billion yuan in 2024 to 38.295 billion yuan in 2027, reflecting a compound annual growth rate of 16.6% [4][9]. Product and Market Developments - Bantu has achieved significant progress in product structure upgrades and technology breakthroughs, with A3 copiers becoming a core growth driver, showing a 115% year-on-year increase in sales [1]. - The company has also made strides in the domestic innovation market, with a 65% year-on-year increase in shipments of domestic printers, and a 130% quarter-on-quarter growth in the second quarter [1].

Group 1 - As of August 25, pension funds appeared among the top ten circulating shareholders of 12 stocks, holding a total of 121 million shares valued at 2.188 billion yuan [1] - The top three stocks by the number of shares held by pension funds are Mingtai Aluminum, Huangma Technology, and Nasda, with holdings of 45 million shares, 25 million shares, and 21 million shares respectively [1] - In terms of market value, Mingtai Aluminum, Nasda, and Huangma Technology rank highest, with values of 559 million yuan, 485 million yuan, and 318 million yuan respectively [1] Group 2 - In the second quarter, pension funds were present among the top ten circulating shareholders of 75 stocks, holding a total of 679 million shares valued at 14.592 billion yuan [1] - There are 21 stocks where pension funds hold over 10 million shares, with the highest holdings in CNOOC Development, Mingtai Aluminum, and Shun'an Environment, at 52 million shares, 45 million shares, and 36 million shares respectively [1] - The industry distribution of pension fund holdings is primarily concentrated in chemicals, electronic equipment, and pharmaceuticals, with 12, 7, and 5 stocks respectively [1]

Core Viewpoint - Nasda's 2025 semi-annual report indicates a significant financial downturn, with a net profit of approximately -312 million yuan, marking a shift from profit to loss compared to the previous year [1] Financial Performance - In the first half of 2025, Nasda achieved an operating revenue of approximately 12.327 billion yuan, reflecting a year-on-year decline of 3.65% [1] - The company's net profit attributable to shareholders was approximately -312 million yuan, indicating a transition from profit to loss year-on-year [1] Stock Market Reaction - On August 22, Nasda's stock price increased by 7.45%, closing at 26.55 yuan per share, with a total market capitalization of 37.75 billion yuan [1]

Core Viewpoint - Nasda's financial performance for the first half of 2025 shows significant declines in revenue and profit, indicating potential challenges ahead for the company [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 12.327 billion yuan, a decrease of 3.65% year-on-year [1]. - Net profit attributable to shareholders was -312 million yuan, down 132.02% compared to the previous year [1]. - In Q2 2025, total revenue was 6.399 billion yuan, a decline of 1.58% year-on-year, with a net profit of -396 million yuan, down 156.94% [1]. - Gross margin decreased to 31.05%, down 6.25% year-on-year, while net margin was -2.57%, a drop of 127.92% [1]. - Total expenses (selling, administrative, and financial) amounted to 2.859 billion yuan, accounting for 23.19% of revenue, an increase of 23.76% year-on-year [1]. - Earnings per share were -0.22 yuan, a decrease of 131.82% year-on-year [1]. Balance Sheet Changes - Cash and cash equivalents decreased by 50.35% to 3.186 billion yuan due to loan repayments and payments for accounts payable [3]. - Accounts receivable decreased by 45.76% to 2.262 billion yuan, attributed to significant asset restructuring [3]. - Total liabilities saw substantial changes due to asset restructuring, with short-term borrowings down by 57.12% and long-term borrowings down by 72.92% [3][4]. Investment and Market Position - The company's return on invested capital (ROIC) was 6.27%, indicating average capital returns, with a historical median of 7.42% over the past decade [5]. - The company has experienced a significant decline in profitability, with the worst ROIC recorded at -28.96% in 2023 [5]. - The company relies heavily on research and marketing for its business model, necessitating a closer examination of these drivers [5]. Fund Management and Shareholding - The most notable fund manager holding shares in Nasda is Chen Hao from E Fund, who has recently increased his stake [6][8]. - E Fund's "Quality Momentum Three-Year Holding Mixed A" fund holds 22.41 million shares, reflecting an increase in holdings [7]. - The fund has shown strong performance, with a net value increase of 51.77% over the past year [8].

Core Viewpoint - Nasda Co., Ltd. plans to utilize up to 2 billion RMB of idle self-owned funds for cash management to enhance fund efficiency while ensuring operational needs are met [1][3]. Cash Management Plan - The company and its subsidiaries will invest in low-risk, high-security, and liquid cash management products issued by banks and securities firms, including structured deposits and wealth management products [1]. - The maximum amount of idle funds to be used for cash management is capped at 2 billion RMB within a 12-month period, with the funds being able to roll over within this limit [1]. Risk Control Measures - A dedicated working group will be established to oversee cash management activities, adhering to internal approval processes outlined in the company's charter [2]. - The company will implement strict investment principles, real-time analysis of product value changes, and regular audits to monitor fund usage and security [2]. Impact on Company Operations - The cash management initiative is expected to improve fund efficiency and generate returns for the company and its shareholders without affecting daily operations or core business activities [3]. - The board of directors and supervisory board have expressed support for the cash management plan, emphasizing its alignment with shareholder interests and compliance with necessary procedures [3].

Core Viewpoint - Nasda's semi-annual report for 2025 indicates a significant institutional investment, with 22 institutional investors holding a total of 641 million shares, representing 45.07% of the total share capital [1] Institutional Investment - The top ten institutional investors collectively hold 41.41% of Nasda's shares, with a 0.91 percentage point increase from the previous quarter [1] - Major institutional investors include Zhuhai Saina Technology Co., Ltd., Hong Kong Central Clearing Limited, and various funds managed by E Fund and China Construction Bank [1] Public Fund Activity - Three public funds increased their holdings, with a total increase of 0.13%, while seven public funds decreased their holdings, with a total decrease of 0.32% [2] - New public funds disclosed during this period include E Fund CSI 300 ETF and Zhongjin New Star Stock A [2] - Nineteen public funds were not disclosed in this period, indicating a potential shift in investment strategies [2] Pension Fund Perspective - One pension fund, the Basic Pension Insurance Fund 1205 Combination, increased its holdings by 0.3% [2] Foreign Investment Attitude - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.25% [2]