Core Viewpoint - In 2024, the company's revenue reached 26.415 billion yuan, a year-on-year increase of 9.78%, while net profit attributable to shareholders was 749 million yuan, up 112.11% year-on-year, and net profit excluding non-recurring items was 353 million yuan, an increase of 105.60% year-on-year. [1][2][3] - For Q1 2025, the company reported revenue of 5.927 billion yuan, a decline of 5.79% year-on-year, and net profit attributable to shareholders of 84 million yuan, down 69.64% year-on-year. [2][3] - The company expects revenues for 2025-2027 to be 15.676 billion, 19.394 billion, and 23.753 billion yuan, with year-on-year changes of -40.65%, 23.72%, and 22.48%, respectively, and net profits of 1.560 billion, 2.212 billion, and 2.990 billion yuan, with year-on-year growth of 108.28%, 41.73%, and 35.21%, respectively. [1][9] Revenue and Profit Analysis - In 2024, the gross profit margin continued to improve, with net profit attributable to shareholders exceeding 1.5 billion yuan after excluding long-term asset impairment impacts. [3] - The gross profit margin increased by 0.61 percentage points to 32.27% in 2024, primarily due to the growth in consumables sales. [3] - For Q1 2025, the gross profit margin improved to 31.70% year-on-year, despite a revenue decline, indicating effective cost control measures. [3] Business Segment Performance - In 2024, the original printer business generated revenue of 4.658 billion yuan, a year-on-year increase of 19.87%, with net profit of 615 million yuan, up 10.87%. [5] - The integrated circuit segment reported revenue of 1.400 billion yuan in 2024, a slight decline of 1.52%, but net profit increased by 109.97% to 363 million yuan. [6] - The general consumables business achieved revenue of 6.172 billion yuan in 2024, a year-on-year increase of 10.45%, although net profit decreased by 44.17% due to industry competition. [8] Future Outlook - The company plans to divest its stake in Lexmark International, with an estimated transaction price between 75 million and 150 million USD, aiming to optimize its financial structure and focus on its own brands. [9] - The company anticipates continued growth in domestic and overseas demand for its products, particularly in the context of the Belt and Road Initiative and the increasing sales of A3 printers. [9]

证券代码：002180 证券简称：纳思达 公告编号：2025-042 纳思达股份有限公司 关于重大资产重组事项的进展公告 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。 特别提示： 1、纳思达股份有限公司（以下简称"公司"或"上市公司"）本次出售的标 的资产为公司控股子公司 Ninestar Holdings Company Limited（以下简称"合资 公司"）间接持有的 Lexmark International II, LLC（以下简称"标的公司"） 100%股权。标的公司间接持有 Lexmark International, Inc.（利盟国际有限公司） 100%股权。 2、本次交易尚需按照《上市公司重大资产重组管理办法》的规定经公司董事 会及股东大会批准。 3、本次交易还需取得相关外部有权监管机构的审批、备案或登记后方能实施， 能否取得该等审批、备案或登记存在不确定性。 4、上市公司将根据后续进展情况，严格按照相关法律、法规及公司章程规定 履行相应的决策审批程序和信息披露义务，敬请广大投资者注意投资风险。 2024 年 12 月 23 日，上市公司 ...

关于公司为全资子公司提供对外担保的进展公告 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。 一、 担保情况概述 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、第七届监事会第十九次会议及于 2024 年 12 月 19 日召开 2024 年第四次临时股东大会，分别审议通过了《关于 2025 年度为全资子公司提 供担保额度预计的议案》，公司为 NINESTAR UNITY OF INTEREST INTEGRITY LIMITED（以下简称"纳思达合利信"）提供不超过 12.00 亿元的担保额度。上述 担保额度的有效期自公司2024年第四次临时股东大会审议通过之日起12个月内 有效。具体内容详见公司于 2024 年 12 月 4 日在《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）上披露的《关于 2025 年度为全资子公司提供担保额度预计的公告》（公告编号：2024-098）。 二、 担保进展情况 证券代码：002180 证券简称：纳思达 公告编号：2 ...

Group 1: Forum Overview - The 2025 Summit will focus on "Embodied Intelligent Robots," featuring ten semiconductor companies presenting solutions in areas such as computation, perception, motion control, and communication [1] - Key challenges in the industrialization of embodied intelligent robots include precise motion control and generalized action capabilities [1][6] Group 2: Chip Developments - Chipsea Technology introduced the D9-Max, a high-performance edge AI SoC designed for embodied intelligence applications, emphasizing functional safety and meeting automotive standards [2] - Aixin Yuan Zhi's AX8850 processor integrates an eight-core A55 CPU and a high-performance NPU, supporting mainstream large model structures and real-time spatial interaction [2] - Wan You Jing Li launched the EB100 chip for low-power spatial rendering and display, already adopted by leading clients like Goer and Zhi Yuan Robotics [3] - Shanghai Xianji Semiconductor's HPM6E8Y chip features a RISC-V dual-core architecture for high-precision motion control in robotics [4] - Nasta's G32R501 chip is the world's first high-end real-time control MCU based on a dual-core Arm Cortex-M52 architecture, designed for harsh environments [5] Group 3: Industry Trends and Challenges - The integration of multi-sensor fusion is seen as crucial for enhancing perception and cognition in robots, with expectations that future robots will surpass human capabilities in perception [6] - The transition from copper to optical networks in robot communication is anticipated to address data transmission challenges and improve efficiency [7] - The most promising applications for humanoid robots in the next three years are expected to be in warehousing, logistics, hazardous environments, and security inspections [7]

Group 1: Macro Insights - The first round of China-US trade talks has made substantial progress, exceeding market expectations, which will inject more certainty and stability into the global economy, further highlighting the irreplaceability of Chinese manufacturing and enhancing the investment value of Chinese assets [3] - The latest comprehensive tariff rate imposed by the US on China has decreased to 42.5%, which is expected to reduce China's exports by 4.0-5.2 percentage points and GDP by 0.5-0.7 percentage points, indicating significant downward pressure on China's economy [3] - The report emphasizes the importance of monitoring three key areas regarding China-US negotiations: potential fluctuations in tariffs, the main topics of negotiation, and the progress of negotiations between the US and other countries that may involve China [3] Group 2: Convertible Bonds - The report indicates that balanced convertible bonds have a high risk premium and are suitable for long-term allocation, while timing strategies have not significantly improved performance [4] - Conversely, equity-linked convertible bonds have a low risk premium but high timing value, with strategies based on valuation improving risk-adjusted returns [4] Group 3: Communication Industry - The company focuses on the optical communication industry, with its main business covering optical chips and devices, benefiting from the rapid development of AI and increasing demand from data centers [5] - The projected net profits for the company are estimated at 382 million, 539 million, and 713 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 35, 25, and 19 [5] Group 4: Electronics Industry - The company is a leader in video codec technology and is expanding into new fields such as automotive electronics and edge AI, with a comprehensive product plan for AI SoC series [6] - Expected revenues for the company are projected to be 2.49 billion, 3.07 billion, and 3.63 billion yuan for 2025, 2026, and 2027, with net profits of 140 million, 230 million, and 310 million yuan, respectively [6] Group 5: Automotive Industry - The company reported a revenue of 3.6 billion yuan in 2024, a decrease of 8% year-on-year, while Q1 2025 revenue increased by 12% year-on-year, driven by growth in domestic new energy vehicle sales [8] - The company has maintained a competitive edge through continuous investment in technology and R&D, enhancing its production capabilities and expanding its product offerings [9][10]

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, ...