Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance and outlook of **Nasda** and its subsidiaries, including **Bentu**, **Jihai Microelectronics**, and **Lemon** in the semiconductor and printing consumables industries [2][3][4][6]. Key Points and Arguments Financial Performance - **Bentu** achieved a revenue of **4.6 billion** yuan in 2024, nearing its historical high, with a gross profit exceeding 2022 levels. However, net profit was **615 million** yuan, down from **760 million** yuan in 2022 due to increased investments in brand marketing and after-sales services [2][3][6]. - **Jihai Microelectronics** maintained revenue levels from 2023, with a non-recurring net profit of **130 million** yuan. The company is focusing on growth outside the printing industry, with R&D investments exceeding **30%** [2][3][6]. - The financial consumables business faced challenges due to U.S. sanctions but still achieved a revenue of **6.2 billion** yuan in 2024, a **10%** year-on-year increase, with a net profit of **74 million** yuan [2][3][6]. - In Q1 2025, overall revenue was approximately **6 billion** yuan, a **5%** decline year-on-year, with a significant drop in net profit to over **8 million** yuan, down **70%** [2][3][7]. Market Dynamics - The **信创** (Xinchuang) market is expected to gradually advance starting Q2 2025, with confidence in meeting annual budget targets. Growth is anticipated in sectors such as automotive and industrial control for non-printing chips, as well as in A3 and A4 printers [4][30]. - **Nasda** has made breakthroughs in radar chip localization, being the only domestic company to achieve this, with three generations of products launched for domestic automotive manufacturers [4][25][29]. Strategic Focus - The company is actively seeking growth in non-printing sectors and has seen nearly **60%** growth in non-consumable chip business year-on-year [2][3][11]. - **Lemon** reported stable Q1 revenue of over **500 million** USD, but net profit fell significantly due to inventory write-downs [10]. - **Jihai Microelectronics** experienced a **20%** decline in Q1 revenue to **250 million** yuan, with a **70%** drop in net profit, although non-consumable chip sales grew significantly [11]. Future Outlook - The company remains optimistic about future performance despite short-term challenges, with expectations of growth in the **信创** market and continued development in the automotive and industrial control sectors [4][30][31]. - The semiconductor industry is expected to see a **10%** growth in demand, particularly in public and automotive products, with some segments experiencing growth rates of **40% to 100%** [16][17]. Additional Important Insights - The company has expanded its workforce from under **500** to over **1,000** employees, indicating significant growth in scale [18]. - The introduction of new products in the printing sector, including new consumables and label printers, is planned for 2025 [20][23]. - The company is focusing on enhancing its core competencies in the semiconductor market, particularly in MCU and DSP technologies, to drive future growth [24][31]. This summary encapsulates the key financial metrics, strategic directions, and market dynamics discussed in the conference call, providing a comprehensive overview of the company's current status and future outlook.

Group 1 - Dapu Asset recently conducted research on two listed companies, Guoxin Technology and Nasda [1][2] - Guoxin Technology has launched the anti-quantum password chip HC001 in collaboration with Xinda Yimi, which is suitable for high-security requirements in sectors such as finance, communication, electricity, and IoT [1] - The HC001 chip supports both traditional and anti-quantum password algorithms, addressing the security challenges posed by the development of quantum computing [1] Group 2 - Nasda achieved a total operating revenue of 26.415 billion yuan in 2024, a year-on-year increase of 9.78%, with a net profit attributable to shareholders of 749 million yuan, up 112.11% [2] - In the first quarter of 2025, Nasda's revenue was 5.927 billion yuan, a year-on-year decrease of 5.79%, and the net profit attributable to shareholders was 84 million yuan, down 69.64% [2] - The company is actively promoting its industry-specific innovation market, particularly in the financial and energy sectors, as well as normalizing government market trends [2]

Core Insights - Nasda (002180) reported on May 9 that its subsidiary, Jihai, has a well-established layout in humanoid robot chips [1] - Jihai's products in perception and execution components, such as ultrasonic radar chips and the first high-performance real-time control DSP chip based on the Arm Cortex-M52 processor, are applicable in both automotive and robotics sectors [1] - The company has achieved domestic substitution for various chips, including joint control and drive chips, encoder chips, cerebellum computing chips, BMS management MCUs, communication management, and power management MCUs [1] - Jihai has established partnerships with major automotive manufacturers like GAC and FAW, as well as several leading Tier 1 suppliers and key clients in the industrial control sector, such as Huichuan and Yushu [1]

Group 1: Financial Performance - In 2024, the company achieved total revenue of 26.415 billion CNY, a year-on-year increase of 9.78%, with a net profit attributable to shareholders of 749 million CNY, up 112.11% [4] - BenTu reported revenue of 4.658 billion CNY, a year-on-year growth of 19.87%, with Q4 revenue of 1.482 billion CNY, a quarter-on-quarter increase of 38.03% [4] - LiMeng International's revenue was 2.243 billion USD, reflecting a year-on-year increase of 7.98%, with printer sales up 31.13% [4] - JiHaiWei's revenue was 1.4 billion CNY, a year-on-year decrease of 1.52%, but net profit increased by 109.97% to 363 million CNY [4] - General consumables business revenue reached 6.172 billion CNY, a year-on-year increase of 10.45%, while net profit decreased by 44.17% to 74 million CNY [4] Group 2: Asset Impairment and Adjusted Profit - The company recognized an asset impairment loss totaling 900.3 million CNY, primarily for goodwill impairment, reducing the net profit attributable to the parent company by 893 million CNY [4] - Excluding long-term asset impairment impacts, the net profit attributable to shareholders was 1.549 billion CNY [4] Group 3: Q1 2025 Performance - In Q1 2025, the company reported revenue of 5.927 billion CNY, a year-on-year decline of 5.79%, with net profit attributable to shareholders down 69.64% to 84 million CNY [4] - BenTu's Q1 revenue was 999.2 million CNY, a year-on-year decrease of 3.34%, with net profit down 49.89% to 97 million CNY [4] - LiMeng's Q1 revenue was 513 million USD, a year-on-year decline of 4.85%, with net profit down 74.08% to 2.5382 million USD [4] - JiHaiWei's Q1 revenue was 254 million CNY, a year-on-year decrease of 19.72%, with net profit down 70.40% to 12 million CNY [4] - General consumables business revenue in Q1 was 1.322 billion CNY, with net profit of 16 million CNY [4] Group 4: Market Trends and Strategic Focus - The semiconductor industry has faced significant challenges, but JiHai has maintained strategic focus, rapidly capturing the mid-to-low-end MCU market [5] - The demand for mid-to-high-end products has increased, providing opportunities for the company to enter previously inaccessible markets [5] - JiHai has established a comprehensive layout in humanoid robot chips, collaborating with major automotive manufacturers and Tier 1 suppliers [5] - The domestic market for information technology is expected to grow, particularly in government sectors, with financial and energy industries anticipated to gain momentum in the latter half of the year [6]

证券代码：002180 证券简称：纳思达 公告编号：2025-039 纳思达股份有限公司 关于回购注销限制性股票的减资公告 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。 纳思达股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第七届董事 会第二十三次会议、第七届监事会第二十二次会议及 2025 年 5 月 8 日召开 2024 年度 股东大会，分别审议通过了《关于回购注销部分限制性股票的议案》，根据立信会计 师事务所（特殊普通合伙）出具的《关于纳思达股份有限公司限制性股票激励计划 2024 年度业绩指标完成情况鉴证报告》（信会师报字[2025]第 ZM10100 号），公司 未满足该年度业绩考核目标，以及公司股权激励对象 14 人已离职，现对首次授予的 第三个解除限售期和预留授予的第二个解除限售期已获授予但尚未解锁的限制性股 票 111.0416 万股进行回购注销处理。 本次限制性股票回购注销后，不考虑其他事项的影响，公司总 股本从 1,422,989,339 股变更为 1,421,878,923 股，公司注册资本从 1,422,989, ...

北京市金杜（广州）律师事务所 关于纳思达股份有限公司 2024 年度股东大会 之法律意见书 致：纳思达股份有限公司 北京市金杜（广州）律师事务所（以下简称本所）接受纳思达股份有限公司（以 下简称公司）的委托，根据《中华人民共和国公司法》（以下简称《公司法》）、《中 华人民共和国证券法》（以下简称《证券法》）、中国证券监督管理委员会《上市公 司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简称中国 境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政区 和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现行有效的公 司章程有关的规定，指派本所律师出席了公司于 2025 年 5 月 8 日召开的 2024 年度 股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律意见 书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1 1． 经公司 2024 年第四次临时股东大会审议通过的《纳思达股份有限公司章 程》（以下简称《公司章程》）； 2． 公司于 2025 年 4 月 12 日刊登于巨潮资讯网及深圳证券交易所网站的《纳 思达股份有 ...

证券代码：002180 证券简称：纳思达 公告编号：2025-040 纳思达股份有限公司 2024 年度股东大会决议公告 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。 一、特别提示 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议。 3、为尊重中小投资者利益，提高中小投资者对公司股东大会决议的重大事项的 参与度，本次股东大会审议的全部议案对中小投资者单独计票。中小投资者是指除公 司董事、监事、高级管理人员以及单独或合计持有上市公司5%（含本数）以上股份的 股东以外的其他股东。 二、会议召开情况 7、本次股东大会的召集与召开程序、出席会议人员资格及表决程序符合《中华 人民共和国公司法》《深圳证券交易所股票上市规则》《上市公司股东大会规则》及 《纳思达股份有限公司章程》的有关规定。 三、会议的出席情况 1、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 2、召开时间 1) 现场会议召开时间为：2025年5月8日（星期四）下午14:30。 2) 网络投票时间为：2025年5月8日；其中，通过深圳证券交易所交易系统进 ...

Core Viewpoint - The printing equipment industry is showing resilience amidst the digital transformation, driven by technological advancements and market demand, particularly in smart office and precision marketing scenarios [1] Industry Overview - The printing equipment sector has not been consumed by digitalization but has instead found new growth opportunities through innovations such as 5G connectivity, AI algorithms, and IoT integration [1] - The shift in consumer preferences towards intelligent, eco-friendly, and efficient office solutions is prompting traditional manufacturers to undergo transformative changes [1] Company Profile: Nasda - Nasda, which started as a printing consumables company, has seen its market valuation grow from 2.85 billion yuan in 2014 to over 50 billion yuan by 2020, marking a 13-fold increase in five years [2] - The company has faced scrutiny over its capital operations, particularly following a series of acquisitions that resulted in significant goodwill [2] - Nasda has established a comprehensive ecosystem covering printing chips, consumables, complete machines, and solutions, achieving a 21% market share in smart printing devices, surpassing HP [2] Financial Performance - In Q1 2025, Nasda reported a revenue of 5.927 billion yuan, a 5.8% year-on-year decline, with net profit dropping 69.6% to 84.38 million yuan [3] - The company is experiencing significant pressure across all business segments, with declines in revenue from its printer and integrated circuit businesses [3][4] - Despite some growth in specific markets, the overall revenue decline indicates ongoing challenges in expanding market share [3] Strategic Moves - Nasda has recently sold its 100% stake in Lexmark International to Xerox for an estimated price between $75 million and $150 million, significantly lower than its historical investment of $1.385 billion [7][8] - The sale is seen as a strategic move to alleviate financial burdens, particularly given the high debt and goodwill impairments associated with the Lexmark acquisition [9][10] Challenges and Opportunities - The company faces multiple challenges, including high R&D and marketing costs, which hinder profit growth despite revenue increases [6][13] - Emerging businesses, such as semiconductor production, are still in the investment phase and have yet to achieve large-scale profitability [13] - The external environment poses risks, particularly in the context of international relations and regulatory pressures affecting its global strategy [11] Future Prospects - Nasda is positioned to leverage opportunities in the government and enterprise markets, with significant potential for replacing outdated equipment [15] - The company is exploring advancements in industrial digitalization and IoT, aiming to optimize operational costs by 15-20% through data-driven solutions [16] - Potential turning points include scaling effects in the domestic market, breakthroughs in automotive electronics, and advancements in 3D printing technology for military applications [17]

纳思达股份有限公司（以下简称"公司"）于2023年12月6日召开公司第七届董 事会第十二次会议，审议通过了《关于回购公司股份方案的议案》，公司拟使用自 有资金以集中竞价交易的方式回购公司发行的人民币普通股（A股）股票。回购价格 为不超过人民币40.42元/股（含），回购资金总额为不低于人民币20,000.00万元（含） 且不超过人民币40,000.00万元（含），具体回购资金总额以回购结束时实际回购使 用的资金总额为准，具体回购股份的数量以回购结束时实际回购的股份数量为准。 本次回购的股份拟全部用于实施员工持股计划或者股权激励，本次回购期限为自董 事会审议通过本次回购股份方案之日起不超过12个月，具体内容详见公司于2023年 12月7日刊登在《证券时报》《证券日报》《上海证券报》《中国证券报》和巨潮资 讯网（www.cninfo.com.cn）披露的《第七届董事会第十二次会议决议公告》（公告 编号：2023-108）、《关于回购公司股份方案的公告》（公告编号：2023-110）及 《回购报告书》（公告编号：2023-111）。 纳思达股份有限公司 关于回购公司股份的进展公告（第三期） 本公司及董事会全体成员保 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The report highlights a significant increase in the total market value of heavy positions in the computer sector, reaching approximately 41.29 billion, up from 32.62 billion in the previous quarter, indicating a strong recovery in heavy allocation [2][4] - The report suggests focusing on sectors expected to see early improvements in fundamentals, including cloud infrastructure, domestic computing power, AI agents, and domestic innovation [7][26] Summary by Sections Fund Holdings Analysis - As of Q1 2025, the total market value of heavy holdings in the computer sector is approximately 41.29 billion, a quarter-on-quarter increase of about 8.68 billion, with a holding ratio of 3.1%, up 0.6 percentage points from Q4 2024 [2][4] - The heavy allocation ratio for the computer sector has shown a steady increase over the past year, reaching 3.1% in Q1 2025, which is at the 42nd percentile since 2010 [2][18] Sector Performance - The report indicates that the computer sector's heavy allocation ratio has reversed its downward trend, with a notable increase in the past quarter [4][18] - The top five sub-sectors by heavy holdings as a percentage of free float market value are domestic innovation (3.6%), industrial software (3.6%), cybersecurity (3.2%), artificial intelligence (3.1%), and IT infrastructure (2.9%) [5][31] Valuation Insights - As of April 21, 2025, the latest PE-TTM for the computer sector is 62.7 times, placing it in the 81st percentile since 2016, compared to the PE-TTM of 11.7 times for the CSI 300, which is in the 44th percentile [6][45] - The concentration of holdings in the computer sector has slightly decreased but remains at a relatively high level, with the CR5/CR10 concentration ratios showing a decline from the previous quarter [6][36] Investment Recommendations - The report recommends focusing on sectors likely to see early improvements, such as cloud infrastructure, domestic computing power, AI agents, and domestic innovation, driven by increasing demand and supportive policies [7][26] - The report emphasizes that the AI narrative continues to support high valuations in the sector, with a strong preference for leading companies in specific sub-sectors [6][36]