纳思达股份有限公司 中小投资者单独计票管理办法 纳思达股份有限公司 中小投资者单独计票管理办法 （三）董事、高级管理人员的薪酬； （四）聘用、解聘会计师事务所； 第一章 总 则 第一条 为维护中小投资者合法权益，进一步促进纳思达股份有限公司（以 下简称"公司"）重大事项的科学决策，促使公司重视中小投资者的意愿和诉求， 根据国务院《关于进一步促进资本市场健康发展的若干意见》、国务院办公厅《关 于进一步加强资本市场中小投资者合法权益保护工作的意见》《深圳证券交易所 上市公司股东会网络投票实施细则》以及证券监管机构的相关要求，结合公司实 际情况，制定本办法。 第二条 本办法所称中小投资者，是指除持有公司股份的公司董事、高级管 理人员以及单独或合计持有公司 5%以上（含本数）股份的股东以外的其他股东。 第二章 单独计票的适用范围 第三条 股东会审议影响中小投资者利益的重大事项时，对中小投资者表决 应当单独计票，并在股东会决议公告中披露： 本办法所称影响中小投资者利益的重大事项，包括： （一）提名、任免董事； （二）聘任、解聘高级管理人员； （五）因会计准则变更以外的原因作出会计政策、会计估计变更或重大会计 差错更正； ...

纳思达股份有限公司 董事会环境、社会与治理（ESG）委员会议事规则 纳思达股份有限公司 董事会环境、社会与治理（ESG）委员会议事规则 第一章 总则 第一条 为适应纳思达股份有限公司（以下简称"公司"）在环境、社会、 公司治理方面的管理能力，提升公司可持续发展水平，根据《中华人民共和国公 司法》《上市公司治理准则》《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》《纳思达股份有限公司章程》（以下简称"《公司章 程》"）及其他有关规定，公司设立董事会环境、社会与治理（ESG）委员会， 并制定本规则。 当环境、社会与治理（ESG）委员会主任不能或无法履行职责时，由其指定 一名其他委员代行其职权；环境、社会与治理（ESG）委员会主任既不履行职责， 也不指定其他委员代行其职责时，任何一名委员均可将有关情况向公司董事会报 告，由董事会指定一名委员履行环境、社会与治理（ESG）委员会主任职责。 第六条 环境、社会与治理（ESG）委员会委员任期与同届董事会董事的任期 一致，可连选连任。委员任期届满前，除非出现《公司法》《公司章程》或本规 则所规定的不得任职的情形，不得被无故解除职务。期间如有委员不再 ...

纳思达股份有限公司 董事会提名委员会议事规则 纳思达股份有限公司 董事会提名委员会议事规则 第一章 总则 第一条 为规范纳思达股份有限公司（以下简称"公司"）董事及高级管理 人员的产生，优化董事会成员的组成，完善公司治理结构，根据《中华人民共和 国公司法》(以下简称"《公司法》")《上市公司治理准则》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》《纳思达股份有限公 司章程》（以下简称"《公司章程》"）及其他有关规定，公司特设立董事会提名委 员会（以下简称"提名委员会"），并制定本规则。 第二条 提名委员会是董事会按照股东会决议设立的专门工作机构，主要负 责对公司董事和高级管理人员的人选、选择标准和程序进行审查并提出建议。 第二章 人员组成 1 纳思达股份有限公司 董事会提名委员会议事规则 第七条 提名委员会因委员辞职、免职或其他原因导致人数低于规定人数的 三分之二时，公司董事会应及时增补新的委员人选。 在提名委员会人数未达到规定人数的三分之二以前，提名委员会暂停行使本 规则规定的职权。 第八条 《公司法》《公司章程》关于董事义务的规定适用于提名委员会委 员。 第三条 提名委员会由三 ...

Market Overview - The Shanghai Composite Index closed at 3825.76 points, above the annual line, with an increase of 1.45% [1] - The total trading volume of A-shares reached 25,788.42 billion yuan [1] Stocks Breaking Annual Line - A total of 24 A-shares have surpassed the annual line today, with notable stocks including NovaStar, Nasda, and Zhaoshengwei, showing significant deviation rates of 7.19%, 4.59%, and 4.07% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include China National Materials, Kweichow Moutai, and Ruisi Kanda [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - NovaStar (7.19% deviation, latest price 174.84 yuan) [1] - Nasda (4.59% deviation, latest price 26.55 yuan) [1] - Zhaoshengwei (4.07% deviation, latest price 84.73 yuan) [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Jin Yu Medical (3.28% deviation, latest price 31.57 yuan) [1] - China Merchants Heavy Industry (3.08% deviation, latest price 6.59 yuan) [1] - BOE Technology Group (2.18% deviation, latest price 4.18 yuan) [1]

Core Points - The Shanghai Composite Index closed at 3806.05 points, above the annual line, with a gain of 0.93% [1] - The total trading volume of A-shares reached 20258.59 billion yuan [1] - A total of 17 A-shares have surpassed the annual line, with notable stocks including Nova Star Cloud, Zhaosheng Micro, and Nasda, showing significant deviation rates [1] Summary by Category Stock Performance - Nova Star Cloud (301589) had a price increase of 8.61% with a deviation rate of 6.98% [2] - Zhaosheng Micro (300782) rose by 5.47% with a deviation rate of 3.66% [2] - Nasda (002180) increased by 5.87% with a deviation rate of 3.06% [2] Trading Metrics - The trading turnover rate for Nova Star Cloud was 7.53% [2] - Zhaosheng Micro had a turnover rate of 5.60% [2] - The turnover rate for Nasda was 2.21% [2] Other Notable Stocks - Other stocks that recently crossed the annual line include: - China Communications (688009) with a deviation rate of 0.10% [2] - Yilian Network (300628) with a deviation rate of 0.12% [2] - Ruisi Kanda (603803) with a deviation rate of 0.05% [2]

Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]

Group 1 - The core viewpoint of the article is that Dongwu Securities has issued a "buy" rating for Nasda (002180.SZ) with a latest price of 23.33 yuan, based on several positive factors [2] - The introduction of national testing standards for information technology innovation (信创国测标准) is expected to lead to a continuous increase in market share for Bentu [2] - The competitive strength of Jihai Micro is continuously strengthening, which is another reason for the positive rating [2]

Group 1 - The core viewpoint of the report is that Nasta (002180) is positioned as a leading domestic printer manufacturer with strengthening competitiveness, supported by the introduction of national standards for information security and testing [1][3] - The new 3.0 version of the evaluation guidelines from the China Information Security Testing Center is expected to enhance the demand for domestic components in printers, which will likely lead to an increase in market share for Nasta's brand, Bantu [1] - Bantu has established a strategic partnership with Huawei, adapting over 200 products to the HarmonyOS, which is anticipated to further solidify its position in the domestic market [1] Group 2 - Nasta's self-developed A3 laser printer is set to launch in 2024, with performance metrics showing significant improvements, including a world record for continuous printing [1] - The company is actively expanding into the high-end printer market, which is expected to drive up product average prices and gross margins [1] - The report predicts a decrease in EPS for 2025 and 2026 due to the sale of Lexmark and increased R&D investments, but maintains a positive outlook on market share growth and product introductions [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is a leading domestic printer manufacturer with continuously strengthening competitiveness. The introduction of national standards for information security is expected to enhance the market share of its products [8] - The company has made significant advancements in its product performance, particularly with the launch of its A3 laser printer and the "Kangda" series, which has set a world record for continuous printing [8] - The report anticipates that the company's market share will continue to grow due to its strategic partnerships and the increasing demand for domestic products in the printing sector [8] Financial Forecasts - Total revenue is projected to increase from 24,062 million RMB in 2023 to 33,892 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 7.12% [1] - The net profit attributable to the parent company is expected to rise from a loss of 6,185.11 million RMB in 2023 to a profit of 2,394.04 million RMB in 2027, reflecting a significant recovery and growth trajectory [1] - The earnings per share (EPS) is forecasted to improve from -4.35 RMB in 2023 to 1.68 RMB in 2027, indicating a strong turnaround in profitability [1] Market Data - The closing price of the company's stock is 23.76 RMB, with a market capitalization of approximately 33,783.84 million RMB [6] - The price-to-earnings (P/E) ratio is projected to decrease from 45.09 in 2024 to 14.11 in 2027, suggesting an improving valuation as earnings grow [1][6] Operational Highlights - The company has successfully adapted over 200 products to the Huawei HarmonyOS, enhancing its competitive edge in the domestic market [8] - The report notes that the company has established partnerships with major automotive manufacturers, which will support its growth in the automotive chip sector [8]

Core Viewpoint - The company has completed the repurchase and cancellation of 1,110,416 restricted shares due to the failure to meet performance targets and the departure of certain incentive recipients, which represents 0.078% of the total share capital before cancellation [2][12][17]. Group 1: Repurchase Details - The repurchase involved 446 incentive recipients, with a total repurchase amount of 27,506,981.60 yuan sourced from the company's own funds [2][19]. - After the repurchase, the total number of shares will be adjusted from 1,422,989,339 to 1,421,878,923 [4][20]. - The repurchased shares were part of the 2022 restricted stock incentive plan, which was not fulfilled due to unmet performance criteria [17][21]. Group 2: Performance and Compliance - The company did not meet the performance target for the 2024 fiscal year, with a reported net profit growth rate of -35.59% compared to 2021, leading to the cancellation of shares for 432 incentive recipients [16][17]. - The repurchase and cancellation of shares were conducted in accordance with the company's incentive plan regulations, which stipulate that unfulfilled performance conditions result in the cancellation of unvested shares [14][16]. Group 3: Legal and Procedural Aspects - The repurchase and cancellation procedures have been completed and registered with the China Securities Depository and Clearing Corporation [3][20]. - Legal opinions regarding the repurchase and cancellation were provided by Beijing Jindu (Guangzhou) Law Firm, ensuring compliance with relevant regulations [6][11].