证券代码：002180 证券简称：纳思达 公告编号：2025-049 纳思达股份有限公司 2025 年 6 月 13 日，公司与中信银行股份有限公司珠海分行签订了《中信银 行结构性存款产品说明书》等与理财相关的文件，用部分闲置募集资金共计人民 币1亿元购买"共赢智信汇率挂钩人民币结构性存款A06723期"，具体情况如下： 7、理财期限：一个月（起息日：2025 年 6 月 16 日，到期日：2025 年 7 月 1、发行主体：中信银行股份有限公司 2、产品名称：共赢智信汇率挂钩人民币结构性存款 A06723 期 3、产品编码：C25A06723 4、产品类型：保本浮动收益、封闭式 5、认购理财产品资金总金额：人民币 1 亿元 6、收益区间：1.00%-1.75% 18 日） 8、资金来源：部分闲置募集资金 9、关联关系说明：公司与中信银行股份有限公司无关联关系 关于使用部分闲置募集资金进行现金管理的进展公告 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 2024 年 12 月 3 日召开第七届 董事会第二十次会议和第 ...

Core Viewpoint - Nasda's frequent external mergers and acquisitions appear to lack growth quality despite significant scale, with nearly 200 billion in revenue over ten years but a loss of 1 billion. The aftereffects of acquisitions are becoming evident, as the company plans to sell Lexmark International, acquired for over 10 billion, for less than 150 million, raising questions about the underlying motives and the quality of the acquired assets [1][4][13]. Group 1: Financial Performance - The company has reported cumulative revenue of nearly 200 billion over ten years but has incurred a total loss of 1 billion [7][9]. - Lexmark International, acquired for 27 billion USD, has contributed significant revenue but limited profit, with an average annual revenue contribution of around 15 billion from 2017 to 2024, yet the operating profit margin has been below 3% [9][12]. - The company’s revenue has significantly declined since 2019, with a notable drop in performance leading to substantial goodwill impairment in 2023 [15][19]. Group 2: Acquisition Strategy - From 2015 to 2021, Nasda engaged in acquisitions totaling over 25 billion, including the significant purchase of Lexmark International [5][6]. - The company plans to sell Lexmark International for a price significantly lower than its acquisition cost, raising concerns about the rationale behind such a decision [13][23]. - The acquisition of BenTu Electronics was marked by high premiums, with the transaction valued at 6.6 billion, involving related parties, which raises questions about potential capital arbitrage [24][25]. Group 3: Goodwill and Asset Quality - As of 2024, the company reported a goodwill balance of 135 billion, primarily from the Lexmark acquisition, which has not been adequately impaired despite declining revenues [15][20]. - The company has faced scrutiny regarding the reasonableness of its goodwill impairment assessments, particularly in light of significant revenue declines and unfulfilled performance commitments from acquired entities [16][19]. - Lexmark's own financials indicate a concerning trend, with its goodwill consistently exceeding its net assets, suggesting potential issues with asset quality [20][21]. Group 4: Market Reaction and Stock Performance - Despite the company's efforts to enhance investor confidence through share buybacks, the stock price has faced downward pressure, dropping over 60% from its peak [2][23]. - The company's financial metrics indicate that while revenue has surged, profitability remains weak, leading to skepticism in the market regarding its long-term viability [7][12]. Group 5: External Environment Impact - The company has cited adverse external conditions affecting its operations, particularly the impact of the COVID-19 pandemic on Lexmark's business, which has led to significant declines in sales and operational challenges [17][19]. - The overall financial health of the company has deteriorated, with rising debt levels and increasing financial pressure, prompting the decision to divest Lexmark [22][23].

Core Viewpoint - The article highlights the rampant insider trading in the A-share market, indicating that the frequency and audacity of such activities have reached unprecedented levels, overshadowing previous regulatory efforts [3][22]. Group 1: Instances of Pre-announcement Price Surge - Guokewi announced on June 6 its intention to acquire 94.366% of Zhongxin Ningbo's equity, leading to a 20% price surge on May 20, just before the announcement [5]. - Shangluo Electronics saw a 22.82% increase over four trading days prior to its announcement on June 4 regarding the acquisition of Guangzhou Ligong Technology [6]. - Bangji Technology's stock price surged on June 4 before announcing its acquisition plans [7]. - ST Jinbi experienced a 7.13% increase in the two trading days leading up to its announcement on June 4 regarding a share transfer [8]. - Huamao Technology's stock rose by 11.16% in the three trading days before its June 4 announcement of acquiring Shenzhen Fuchuang Youyue Technology [9]. Group 2: Long-term Price Increases Before Major Announcements - Honghui Fruits and Vegetables saw a 38.14% increase from April 1 to June 6, despite only a 2.97% rise on the announcement day [23]. - Maipu Medical's stock surged over 69.61% from April 7 to May 21, with significant increases noted before its announcement [23]. - Haitai Development's stock rose by 73.84% from April 7 to June 5, despite only a 1.73% increase on the announcement day [23]. - Feiyada's stock increased by 50.76% in May, with multiple days of over 9% gains leading up to its announcement on June 4 [23]. Group 3: Techniques of Insider Trading - The article discusses the strategy of creating false market signals to mislead investors, as seen in the case of Qunxing Toys, which experienced a sudden surge in trading volume before announcing a major asset restructuring [29]. - The practice of buying shares before creating favorable news is highlighted, with examples such as Diou Home, where the actual controller's shareholding was transferred to a related party [31]. - The article notes that insider trading is often concealed effectively, making it difficult for regulatory bodies to detect [34]. Group 4: Regulatory Challenges - The article emphasizes that even significant price increases do not necessarily trigger regulatory scrutiny, as companies can claim no insider information was leaked [36][38]. - Instances of companies reporting substantial price increases before announcements without facing consequences illustrate the challenges in enforcing regulations [40][41].

证券代码：002180 证券简称：纳思达 公告编号：2025-048 纳思达股份有限公司 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 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 ...

证券代码：002180 证券简称：纳思达 公告编号：2025-048 纳思达股份有限公司 关于回购股份（第三期）实施完成暨股份变动的公告 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。 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 ...

证券代码：002180 证券简称：纳思达 公告编号：2025-047 纳思达股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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、会议召开的基本情况 1、本次召开的股东大会为临时股东大会，为纳思达股份有限公司（以下简称" 公司"、"本公司"）2025年第一次临时股东大会。 2、股东大会的召集人：公司董事会。 公司股东应选择现场投票、网络投票中的一种方式，如果同一表决权出现重复投 票表决的，以第一次投票表决结果为准。 5、会议的召开方式： 本次股东大会采取现场投票与网络投票相结合的方式。公司将通过深圳证券交 易所交易系统和互联网投票系统向公司股东提供网络形式的投票平台，公司股东可 以在上述网络投票时间内通过深圳证券交易所的交易系统或互联网投票系统行使表 决权。同一股份只能选择现场投票或网络投票方式中的一种表决方式。同一表决权 出现重复表决的以第一次投票结果为准。 6、股权登记日：2025年6月16日（星期一） 7、会议出席对象： 2025年5月19日，公司第七届董事会第二十五次会议根据《上市公司股东大会 ...

Core Viewpoint - The digital economy theme index and related ETFs are experiencing growth, driven by domestic demand for localization in technology sectors due to geopolitical tensions [1][2]. Group 1: Digital Economy Index Performance - As of June 4, 2025, the China Securities Digital Economy Theme Index (931582) increased by 0.89%, with notable gains in constituent stocks such as Nandast (002180) up 4.29% and Runze Technology (300442) up 2.93% [1]. - The Digital Economy ETF (560800) rose by 0.68%, with a latest price of 0.74 yuan and a turnover rate of 1.45%, totaling a transaction volume of 11.07 million yuan [1]. Group 2: Fund Growth Metrics - The Digital Economy ETF saw a significant increase in scale by 8.849 million yuan over the past week, ranking in the top half among comparable funds [2]. - The ETF's share count grew by 2 million shares in the same period, also placing it in the top half of its peers [2]. - Over the last four trading days, the ETF attracted a total of 10.2445 million yuan in inflows [2]. Group 3: Key Holdings in the Index - As of May 30, 2025, the top ten weighted stocks in the China Securities Digital Economy Theme Index accounted for 50.98% of the index, with companies like Dongfang Wealth (300059) and SMIC (688981) leading the list [2]. - The top stocks include Dongfang Wealth (1.69% increase, 8.12% weight), SMIC (0.67% increase, 6.58% weight), and Huichuan Technology (0.11% increase, 5.49% weight) [4].

证券代码：002180 证券简称：纳思达 公告编号：2025-046 纳思达股份有限公司 注：合计支付总金额不含交易费用。 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 ...

Core Insights - Ninestar Corporation released its 2024 Environmental, Social, and Governance (ESG) Report, marking its fourth annual report, which outlines its ESG management philosophy, policies, and achievements for the year [1][2][3] ESG Governance and Management - The company has established a comprehensive ESG governance structure led by the Board of Directors, with an "ESG Committee - ESG Working Group" framework to enhance data collection and review mechanisms [1][2][3] - Ninestar's ESG rating was upgraded from BBB to A by MSCI, reflecting its commitment to sustainable development and corporate social responsibility [3][4][5] Environmental Initiatives - Ninestar set a target to reduce carbon emissions by 50% by 2030, aligning with China's "3060" goals for peaking carbon emissions and achieving carbon neutrality [2][3] - The company reported a 208% increase in annual self-consumed photovoltaic power generation, reaching 6,647,200 kWh in 2024 [3][4] Social Responsibility and Community Engagement - Ninestar has increased its investments in public welfare programs, launching targeted projects for education, medical aid, and environmental protection [2][3] - The company conducted ESG audits covering 1,328 suppliers, accounting for over 80% of total procurement, ensuring compliance with anti-commercial bribery policies [3][4] Financial Performance and Investments - Ninestar allocated RMB 21.8726 million in workplace safety investments and delivered 14,409 hours of work safety training [3][4] - Clean technology products generated sales revenue of RMB 11,625.5148 million, accounting for 44% of total sales [3][4] Stakeholder Engagement - The company has developed a diversified communication mechanism to engage with stakeholders, including government, investors, employees, and consumers, ensuring transparency and accountability [7][8] - Ninestar actively responds to stakeholder expectations through various engagement methods, including surveys and interviews [12][13]

| 6.1 Corporate Governance | | --- | | 6.2 Risk Control | | 6.3 Business Ethics and Anti-corruption | | 4.1 Sustainable Development Commitment | 09 | | --- | --- | | and Strategy | | | 4.2 Our Milestones of Sustainable Development 10 | | | 4.3 Enhancing Governance of Sustainability | 11 | | 4.4 Highlights of Sustainability Management | 12 | | 4.5 Communication and Training Regarding | 12 | | Sustainability | | | 4.6 Enhancing Communication with ESG | 13 | | Stakeholders | | | 8.1 Green Products | 73 | | --- ...