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]

Summary of Key Points Core Viewpoint - The independent financial advisor, Dongfang Securities, has provided a verification opinion on the major asset sale of Nasda Co., Ltd., indicating that the transaction has been conducted in compliance with relevant laws and regulations, and that all necessary procedures have been followed [1][15]. Group 1: Transaction Overview - The transaction involves the sale of 100% equity of Lexmark International II, LLC (the target company) from Ninestar Group Company Limited to Xerox Corporation, with an estimated transaction price of $1.5 billion [6][8]. - The transaction is classified as a major asset restructuring, as the total assets and revenue of Lexmark International exceed 50% of Nasda's total assets and revenue [8][9]. - The transaction does not constitute a related party transaction, and there will be no change in the actual control of the company post-transaction [9]. Group 2: Financial Details - The estimated purchase price is calculated as $1.5 billion minus estimated financing liabilities and adjusted for net working capital, with a final purchase price adjustment not exceeding $30 million [11][12]. - The valuation of Lexmark's 100% equity is estimated between $172 million and $198 million, with net adjustments leading to a final estimated purchase price of approximately $90 million [7][11]. Group 3: Approval and Implementation - The transaction has completed all necessary internal and external approval processes, including board and shareholder meetings [10][11]. - The closing date for the transaction is set for July 1, 2025, with all preconditions for closing confirmed to be met [10][11]. - The transfer of the target company's equity has been completed, and there are no significant obstacles to the asset transfer [12][15].

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]

Transaction Overview - Nasda announced the successful completion of a major asset sale on July 1, 2025, marking a significant step in optimizing its asset structure and focusing on core business [3][6] - The buyer, Xerox Corporation, has transferred an estimated transaction price of $90.057206 million to a designated account on the closing date [3][6] Background and Process - On December 23, 2024, Nasda approved the sale of Lexmark International II, LLC, a subsidiary of Ninestar Group Company Limited, to the buyer [5] - Subsequent meetings were held on March 26 and May 19, 2025, to review and approve the major asset sale proposal and related documents [5] - The company responded to an inquiry from the Shenzhen Stock Exchange on June 19, 2025, and revised the report accordingly [5] Closing Details - The closing of the asset sale was completed on July 1, 2025, with an estimated transaction price of $90.057206 million [6] - The buyer has paid $60.057206 million to the bank account of the Cayman subsidiary and an additional $30 million to an escrow account as per the purchase agreement [6]

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。 证券代码：002180 证券简称：纳思达 公告编号：2025-055 纳思达股份有限公司 关于重大资产出售完成交割的提示性公告 重要提示：本次重大资产出售的交割已于 2025 年 7 月 1 日完成，Xerox Corporation（以下简称"买方"）已向指定账户汇付交割日预估交易对价 9,005.7206 万美元。 关议案。 上述具体文件详见《证券时报》《中国证券报》《证券日报》《上海证券报》 和巨潮资讯网（www.cninfo.com.cn)。 截至目前，本次重大资产出售的交割已于 2025 年 7 月 1 日完成，交割日的 预估交易对价为 9,005.7206 万美元。其中，买方已向开曼子公司 II 的银行账户 汇付 6,005.7206 万美元；已按照《股权购买协议》的约定向买卖双方认可的托 管账户汇付 3,000 万美元的托管金额，之后将根据交割后双方认可的调整金额进 行支付。公司将按照法律法规所规定的时间及时披露本次重大资产出售实施情况 的文件。 2024 年 12 月 23 日，纳思达股份有限公司 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [2][8]. Core Insights - The company is experiencing pressure on its performance, with a 5.79% year-on-year decline in revenue for Q1 2025, amounting to 5.927 billion yuan, and a significant drop in net profit by 69.64% to 84 million yuan [4]. - The printer business is ranked fourth globally in laser printer market share, with significant growth in the output of the BenTu laser printer business, which is leading the industry [5]. - The chip business is innovating continuously, with successful product launches in automotive electronics and industrial applications, indicating strong market recognition [6][7]. - Revenue forecasts for 2025-2027 are projected at 29.215 billion, 32.599 billion, and 36.421 billion yuan respectively, with expected EPS of 0.70, 1.05, and 1.18 yuan [8][10]. Summary by Sections Market Performance - The company's stock price is currently at 22.89 yuan, with a total market capitalization of 32.6 billion yuan and an average daily trading volume of 412.01 million yuan [2]. Business Segments - The printer segment has seen a decline in revenue, with BenTu's international printer sales dropping by 27.11% year-on-year, while the integrated circuit business also faced a 19.72% revenue decline [4]. - Despite the challenges, the overall output of chips from JiHaiWei reached 125 million units, marking a 9.38% increase year-on-year, with non-consumable chip sales growing by 38.22% [4]. Strategic Developments - The company is expanding its printer business across the entire industry chain and has made significant inroads into the信创 market, achieving a 50% year-on-year increase in output volume for 2024 [5]. - In the automotive sector, JiHaiWei has launched several innovative chips, gaining project approvals from major domestic and international car manufacturers [6]. Financial Projections - The company anticipates a gradual recovery in profitability, with net profit expected to rise to 994 million yuan in 2025, followed by 1.488 billion yuan in 2026 [10].