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]

Group 1 - Nastech (002180.SZ) reported its Q1 2025 financial results, with 37 institutional investors holding a total of 635 million shares, representing 44.61% of the total share capital [1] - The top ten institutional investors collectively hold 40.50% of the shares, with a slight decrease of 0.20 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 18 funds increased their holdings, with a total increase ratio of 0.38%, while 6 funds decreased their holdings, with a total decrease ratio of 0.26% [2] - One pension fund increased its holdings, indicating a slight rise in the holding ratio [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.39% compared to the previous quarter [2]

Core Insights - Nasda's revenue for Q1 2025 reached 5.927 billion yuan, with a net profit attributable to shareholders of 84 million yuan, and a net profit of 80 million yuan after deducting non-recurring gains and losses [1] - The company is focusing on enhancing its R&D, brand promotion, and offline service channels, which has led to increased expenses [1] - The company has seen growth in its key sectors, particularly in the domestic commercial market and the financial and government sectors [1][3] Business Segment Summary - **Printing Brand (Bentu)**: Revenue of 999.2 million yuan and a net profit of 97 million yuan. The brand has increased its market share in key industries, with a year-on-year sales growth of 11.24% in the trust and innovation market and 7.11% in the domestic commercial market [1] - **Lexmark**: Revenue of 513 million USD and a net profit of 2.5382 million USD [1] - **Integrated Circuit Business**: Revenue of 254 million yuan and a net profit of 12 million yuan. The total chip shipment reached 125 million units, a year-on-year increase of 9.38%, with non-consumable chip revenue growing by 58.52% [2] - **General Consumables**: Revenue of 1.322 billion yuan and a net profit of 16 million yuan. The company is expanding its client base in overseas markets, contributing to future market share and profit growth [2] Strategic Developments - Nasda's subsidiary, Gezhige, has formed a strategic partnership with JD.com to enhance its service capabilities in government and enterprise procurement [2] - The company is actively involved in the robotics sector, providing ultrasonic radar technology for Utree Technology and has been recognized for its innovative products in the robotics industry [3] - Continuous innovation investments and adjustments in the international market are expected to create growth opportunities in upcoming quarters [3]

Financial Performance - The company's revenue for Q1 2025 was CNY 5.93 billion, a decrease of 5.79% compared to CNY 6.29 billion in the same period last year[5]. - Net profit attributable to shareholders was CNY 84.38 million, down 69.64% from CNY 277.90 million year-on-year[5]. - The total operating revenue for the current period is ¥5,927,421,584.72, a decrease of 5.8% from ¥6,291,993,266.32 in the previous period[29]. - Net profit for the current period is ¥85,922,510.28, a decline of 71.5% compared to ¥302,786,760.17 in the previous period[30]. - Basic earnings per share decreased to ¥0.0593 from ¥0.1965, reflecting a significant drop in profitability[30]. Cash Flow and Assets - The net cash flow from operating activities was negative CNY 412.85 million, a decline of 309.77% compared to a positive CNY 196.81 million in the previous year[5]. - As of March 31, 2025, the company's total current assets amount to RMB 17.12 billion, down from RMB 18.39 billion at the beginning of the period, representing a decrease of approximately 6.93%[26]. - The company's cash and cash equivalents decreased from RMB 4.72 billion to RMB 3.59 billion, a decline of about 23.93%[26]. - The ending cash and cash equivalents balance was 3,494,996,595.19 CNY, down from 7,338,288,194.22 CNY, reflecting a decrease of approximately 52.4%[33]. - The company reported a credit impairment loss of ¥25,669,731.83, contrasting with a gain of ¥17,414,095.15 in the previous period[30]. Business Segments - The revenue from the Pantum printer business was CNY 999.2 million, down 3.34% year-on-year, with a net profit of CNY 97 million, down 49.89%[12]. - The integrated circuit business, Jihai Micro, reported revenue of CNY 254 million, down 19.72%, with a net profit of CNY 12 million, down 70.40%[14]. - The general consumables business generated revenue of CNY 1.32 billion, with a net profit of CNY 16 million, and overall shipments decreased by 0.56%[15]. - The non-consumable chip revenue increased by 58.52% to CNY 104 million, with total chip shipments reaching 125 million, a year-on-year increase of 9.38%[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 60,118[17]. - The largest shareholder, Zhuhai Saina Technology Co., Ltd., holds 28.82% of the shares, totaling 410,093,916 shares[19]. - The company has repurchased a total of 7,350,100 shares, accounting for 0.52% of the total share capital, with a total payment of approximately RMB 159.85 million[22]. - The company plans to repurchase shares at a price not exceeding RMB 40.42 per share, with a total repurchase fund of no less than RMB 200 million and not exceeding RMB 400 million[21]. Investment and R&D - The company plans to increase investment in R&D, brand promotion, and offline service channel construction, leading to a 21.45% increase in expenses in the Pantum business[12]. - Research and development expenses were ¥406,329,332.13, down from ¥433,862,061.76, reflecting a focus on cost management[29]. Major Transactions - The company is in the process of selling 100% equity of Lexmark International II, LLC to Xerox Corporation[23]. - The company has completed the necessary legal procedures for the major asset sale, ensuring compliance and validity[24]. - The company has no significant changes in the participation of major shareholders in margin financing and securities lending[20].

Group 1 - The core point of the article is that Nasda (002180) reported a revenue of 5.927 billion yuan for the first quarter of 2025, which represents a year-on-year decline of 5.79% [1] - The net profit for the same period was 84.3791 million yuan, showing a significant year-on-year decrease of 69.64% [1]

Core Insights - The core competitiveness of Chinese products lies in their high cost-performance ratio, which naturally attracts market demand [1] - Nasta Group's subsidiary, Pantum Electronics, is a high-tech company focused on the R&D and manufacturing of printers and consumables, having developed China's first laser printer with independent intellectual property rights in 2010 [1] - Pantum's product offerings include single-function, multifunction, and high-speed duplex printers, with a sales network covering 42 countries and regions globally [1] Company Performance - Over 70% of Nasta's revenue is generated from overseas markets, despite currently losing the U.S. market [2] - The company remains confident in its ability to navigate complex market conditions due to its technological foundation and global presence [2] - Nasta aims to become a top global printer manufacturer, providing better and more cost-effective products to consumers worldwide [2]