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].

纳思达股份有限公司 关于重大资产出售通过境外反垄断审查的公告 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。 证券代码：002180 证券简称：纳思达 公告编号：2025-054 本次交易尚未正式交割，公司将根据后续的进展情况，严格按照有关法律法规 的规定和要求及时履行信息披露义务。公司指定的信息披露媒体为《中国证券报》 《上海证券报》《证券时报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）， 公司所有信息均以在上述指定媒体刊登的信息为准，敬请广大投资者注意投资风险。 特此公告。 纳思达股份有限公司 董 事 会 纳思达股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日召开公司第七 届董事会第二十五次会议及于 2025 年 6 月 20 日召开 2025 年第一次临时股东大会， 分别审议通过了《关于<纳思达股份有限公司之重大资产出售报告书（草案）>及其 摘要的议案》等相关议案，同意公司控股子公司 Ninestar Group Company Limited 向 Xerox Corporation 出售其直接持有的 Lexmark ...

Core Viewpoint - Ninestar Group Company Limited, a subsidiary of the company, has completed all necessary foreign antitrust reviews for the sale of its 100% stake in Lexmark International II, LLC to Xerox Corporation. The transaction has not yet been formally closed, and the company will fulfill its information disclosure obligations based on subsequent developments [1]. Summary by Relevant Sections - **Transaction Details** - The sale involves a 100% stake in Lexmark International II, LLC [1]. - The transaction is pending formal closure [1]. - **Regulatory Approval** - All necessary foreign antitrust reviews have been completed [1]. - **Future Actions** - The company will provide timely information disclosures as the situation progresses [1].

证券代码：002180 证券简称：纳思达 公告编号：2025-053 纳思达股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 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6月20日（星期五）下午14:30。 2) 网络投票时间为：2025年6月20日；其中，通过深圳证券交易所交易系统进行 网络投票的具体时间为：2025年6月20日上午9:15至9:25,9:30至11:30，和下午13:00 至15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025年6月20日上 ...

北京市金杜（广州）律师事务所 关于纳思达股份有限公司 2025 年第一次临时股东大会 之法律意见书 1 1． 经公司 2025 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 12 月 24 日刊登于巨潮资讯网及深圳证券交易所网站的《纳 思达股份有限公司第七届董事会第二十一次会议决议公告》； 3． 公司于 2025 年 3 月 27 日刊登于巨潮资讯网及深圳证券交易所网站的《纳 思达股份有限公司第七届董事会第二十二次会议决议公告》； 4． 公司于 2025 年 3 月 27 日刊登于巨潮资讯网及深圳证券交易所网站的《纳 思达股份有限公司第七届监事会第二十一次会议决议公告》； 5． 公司于 2025 年 5 月 20 日刊登于巨潮资讯网及深圳证券交易所网站的《纳 思达股份有限公司第七届董事会第二十五次会议决议公告》； 公司已向本所保证，公司已向本所披露一切足以影响本法律意见书出具的事 实并提供了本所为出具本法律意见书所要求公司提供的原始书面材料、副本材料、 复印材料、承诺函或证明，并无隐瞒记载、虚假陈述和重大遗漏之处；公司提供给 本所的文件和材料 ...

Core Viewpoint - The company is responding to inquiries regarding the significant asset sale of its subsidiary, Lexmark International, and the implications of this transaction on its financial health and operational capabilities. Financial Impact - As of December 31, 2024, the total assets of the company are expected to decrease by 48.91% post-sale, with net assets declining by 2.26% and operating revenue dropping significantly [6][16] - The asset-liability ratio is projected to improve from 72.61% to 47.58%, indicating a substantial enhancement in financial stability [16] Operational Impact - The sale of Lexmark International is anticipated to reduce the company's reliance on external suppliers and improve its operational independence, particularly in the printer business [7][8] - The collaboration with Lexmark International has been significantly affected by the entity list incident, leading to a 65% decrease in cooperative business scale [7][10] Business Segments - The printer business, which previously benefited from synergies with Lexmark, is expected to maintain its competitive position due to its established market presence and independent operational capabilities [8][11] - The consumables business has developed independently over the years, with a strong global market presence, and is not expected to suffer significant adverse effects from the sale [11][12] - The integrated circuit business, primarily focused on consumable chips, has not shown significant dependency on Lexmark, thus its market position remains stable post-sale [12][13] Future Outlook - The company aims to focus more on its proprietary brand printer business and chip business, which are seen as growth areas, enhancing long-term shareholder value [17] - The anticipated loss from the sale of Lexmark is estimated at $0.59 billion, but the company expects to redirect resources towards more profitable segments [15][17]

Group 1 - The company plans to sell its 100% stake in Lexmark International II, LLC to Xerox Corporation for cash, resulting in the company no longer holding any equity in Lexmark after the transaction [1][2] - The company disclosed a draft report on the major asset sale on May 20, 2025, and received an inquiry letter from the Shenzhen Stock Exchange on May 28, 2025, regarding the transaction [1][2] - The company has conducted a thorough review and made necessary updates to the draft report in response to the inquiry, including updates on external approval processes and disclosures related to arbitration matters affecting the 2024 financial statements [1][2] Group 2 - The company provided additional disclosures regarding the impact of the transaction on its financial statements and the development and performance of its main business, Pantum Electronics [2] - The company also disclosed the trading activities of relevant personnel during the review period related to the transaction [2]

Group 1 - The core viewpoint of the article revolves around the valuation analysis of Lexmark International II, LLC, focusing on the methodologies used, including the income approach and market approach, to determine the company's equity value [2][23][29] - The income approach estimates the market value of Lexmark's equity at $17,200.00 million, with a basis in projected revenue from hardware sales, supplies, and other services [18][19] - The market approach evaluates Lexmark's equity value at $19,800.00 million, considering comparable companies in the same industry and market [23][24] Group 2 - The valuation analysis indicates that Lexmark's main business revenue is projected to grow at an annual rate of 0.26% to 0.44% during the forecast period [8][19] - The analysis highlights the importance of hardware sales in generating ongoing revenue from consumables and after-sales services, which are critical for profitability [3][4] - The estimated gross margin for Lexmark's hardware sales is projected to decline slightly, reflecting competitive pressures and changes in product mix [11][19] Group 3 - The selection of comparable companies for the market approach includes Brother Industries, Ricoh Group, Konica Minolta, and Canon, which are all publicly traded companies in the same industry [24][27] - The analysis emphasizes that the chosen comparable companies share similar business models and are influenced by the same economic factors, ensuring a relevant comparison [23][27] - The valuation process incorporates adjustments for financial metrics and other factors to enhance comparability between Lexmark and the selected companies [28][29]

Core Viewpoint - The company plans to utilize up to RMB 150 million of temporarily idle raised funds for cash management, ensuring that it does not affect the construction of fundraising projects and the use of raised funds [1] Group 1: Fund Management - The company has approved the use of RMB 100 million to purchase a structured deposit product from Citic Bank, named "Win-Win Smart Currency-Linked RMB Structured Deposit A06723" [2] - The investment decision-making authority is delegated to the management team for a period of 12 months from the date of approval [1] Group 2: Risk Management - The structured deposit product is a principal-protected, floating-return, closed-end product, with risks including yield risk, interest rate risk, liquidity risk, policy risk, information transmission risk, and force majeure risk [2] - The company will implement risk control measures, including regular inspections of all bank wealth management product investments and reporting to the board's audit committee [2] Group 3: Impact on Company - The investment in principal-protected, floating-return bank wealth management products will not affect the company's normal cash flow and operational needs, thereby enhancing the efficiency and returns of the company's liquid funds [2]

重大资产出售问询函的 关于对纳思达股份有限公司 相关问题回复 立信会计师事务所（特殊普通合伙）关于对纳思达股份有限公司 重大资产出售问询函的相关问题回复 信会师函字[2025]第 ZM024 号 深圳证券交易所上市公司管理二部： 由纳思达股份有限公司（以下简称"公司"、"纳思达"）转来贵部《关于对 纳思达股份有限公司重大资产出售的问询函》（并购重组问询函〔2025〕第 7 号） 奉悉，立信会计师事务所（特殊普通合伙）对问询函的相关问题回复如下： 问题 5.草案显示，截至 2024 年 12 月 31 日，美国利盟对你公司及你公司其他 子公司尚有部分应付账款、其他应付款未偿还。 （1）请说明截至回函日，开曼子公司 I、开曼子公司 II、美国利盟、利盟国际 等主体与你公司经营性往来的情况，包括但不限于往来对象、余额、结算期限、实 际结算情况等，你公司是否存在为开曼子公司 I、开曼子公司 II、美国利盟、利盟 国际等主体提供担保、财务资助、委托其理财，以及其他占用你公司资金的情况， 如是，请说明解决措施及可行性。 公司回复： 截至 2025 年 4 月 30 日，开曼子公司 I、开曼子公司 II、美国利盟、利盟国际 ...