Core Viewpoint - Nasta's stock has experienced a decline of 15.41% year-to-date, with a recent drop of 2.01% on September 3, 2023, indicating potential challenges in its market performance [1]. Financial Performance - For the first half of 2025, Nasta reported a revenue of 12.327 billion yuan, a year-on-year decrease of 3.65%, and a net profit attributable to shareholders of -312 million yuan, reflecting a significant decline of 132.02% [2]. - Cumulative cash dividends since the A-share listing amount to 903 million yuan, with 169 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 60,700, with an average of 22,502 circulating shares per person, a slight decrease of 0.52% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 27.7851 million shares, an increase of 3.5603 million shares from the previous period [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The strategic cooperation between Zhuhai Jihai Semiconductor, a subsidiary of the company, and Telai Electric New Energy aims to enhance the development of high-performance domestic control chips in the charging infrastructure and digital power sectors [2][3] - The domestic market for charging infrastructure is vast, with policies pushing for the localization of main control chips, which presents significant opportunities for the company [2] - The demand for AI computing power is expected to drive rapid expansion in the digital power market, with projections indicating that AI-related power consumption could multiply by several times by 2026 [2] - The company has made significant progress in automotive electronics and industrial MCU chip layouts, with a projected market size of approximately 700 billion yuan by 2025 [2][3] - The DSP chip market is anticipated to exceed 400 billion yuan by 2025, with the company making strides in commercializing DSP chips for robotics and industrial automation [2][3] - The company's non-consumable chip sales reached 109 million units in the first half of 2025, marking a 50% quarter-on-quarter increase, indicating a strong growth trajectory [3] Financial Summary - Total revenue is projected to grow from 24,062 million yuan in 2023 to 36,458 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.5% [4] - The net profit attributable to the parent company is expected to turn positive in 2024, reaching 749 million yuan, and further increasing to 1,497 million yuan by 2027 [4] - The gross margin is expected to stabilize around 31.5% from 2025 onwards [4] - The earnings per share (EPS) is projected to improve from -4.35 yuan in 2023 to 1.05 yuan in 2027, reflecting a positive trend in profitability [4][5] - The price-to-earnings (P/E) ratio is expected to decrease from 46.16 in 2024 to 23.10 by 2027, indicating a more attractive valuation over time [4][5]

Group 1 - Zhonglun New Materials plans to reduce its shareholding by up to 4 million shares, accounting for 1% of the total share capital [1] - Haojiang Intelligent plans to reduce its shareholding by up to 1.5 million shares, accounting for 0.8364% of the total share capital [1] - Dekeli plans to reduce its shareholding by up to 474,180 shares, accounting for 3% of the total share capital [1][2] Group 2 - Fosun Pharma's subsidiary has received FDA approval for its HLX14 injection, intended for treating osteoporosis in postmenopausal women [3][4] - Shengtai Group plans to reduce its shareholding by up to 16.67 million shares, accounting for 3% of the total share capital [5] - Fangyuan Co. plans to reduce its shareholding by up to 15.3 million shares, accounting for 3% of the total share capital [6] Group 3 - Shenkai Co. completed a tender offer, resulting in 14.5655 million shares being accepted, giving the acquirer a 9.71% stake [8] - Guangdong Construction's 90MW solar-storage project in Tibet has achieved full capacity grid connection [9] - Kesi Technology plans to reduce its shareholding by up to 471,220 shares, accounting for 3% of the total share capital [9] Group 4 - Zhongtai Automobile's subsidiary faces forced execution, impacting its operational capacity [10] - Weima Agricultural Machinery plans to reduce its shareholding by up to 960,000 shares, accounting for 0.98% of the total share capital [10] - Tianqi Co. signed a strategic cooperation agreement with EVE Energy to enhance the lithium battery supply chain [11] Group 5 - Sudavige plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co. for a total valuation of up to 1 billion yuan [12] - Dengyun Co. plans to transfer 75% of its subsidiary's equity for 137 million yuan [13] - Sierte has received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [14] Group 6 - Enjie Co. received a VAT refund of 188 million yuan for its subsidiary [15] - Jiama Clothing plans to reduce its shareholding by up to 366,000 shares, accounting for 0.28238% of the total share capital [16] - Xinong Co. plans to reduce its shareholding by up to 1.05 million shares, accounting for 0.6737% of the total share capital [17] Group 7 - Jiewate plans to jointly acquire 66.25% of Xinguang Haian for a total price of 418 million yuan [18] - Hubei Energy reported an increase in power generation by 22.05% year-on-year in August, with a total of 5.020 billion kWh generated [19][20] - Nasda signed a strategic cooperation agreement with Teld for collaboration in market and product innovation [21] Group 8 - Jinli Technology plans to reduce its shareholding by up to 978,200 shares, accounting for 0.56% of the total share capital [22][23]

Core Viewpoint - Nasta Co., Ltd. has signed a strategic cooperation agreement with Zhuhai Jihai Semiconductor Co., Ltd. and Teld New Energy Co., Ltd. to enhance collaboration in the green low-carbon transformation of the transportation industry, although the agreement does not specify any financial commitments [2][3]. Agreement Overview - The strategic cooperation agreement aims to deepen the partnership between Jihai Semiconductor and Teld, focusing on mutual benefits, resource sharing, and joint development [3]. - The agreement is a framework for future cooperation and does not require board or shareholder approval [3]. Parties Involved - Teld is a subsidiary of Qingdao Tairui Electric Co., Ltd., a leading player in the electric vehicle charging sector, and aims to become the largest charging network operator in China [4]. Main Content of the Agreement - **Market Cooperation**: Both parties will recommend each other's products to enhance market presence [6]. - **Product Innovation and Technology Collaboration**: The agreement includes discussions on product innovation and technology development, particularly in the charging sector [7]. - **Product Development and Project Collaboration**: The parties will engage in regular communication and share core data to improve product delivery and market competitiveness [9]. - **Product Testing**: Teld will participate in the evaluation of new products during the testing phase [10]. - **Products and Services Involved**: The agreement covers charging-related products from Teld and MCU, DSP, and their derivatives from Jihai [11]. Impact on the Company - **Charging Infrastructure**: With over 30 million electric vehicles in China and only 14.4 million charging stations, there is significant market potential. The agreement aligns with national policies promoting domestic chip production and green energy infrastructure [12]. - **Digital Power Sector**: The demand for AI computing power is expected to drive growth in the digital power market, particularly in server power supply, with a projected compound annual growth rate of 15.5% from 2022 to 2026 [13]. - **Policy Support**: National policies are pushing for energy efficiency in data centers, which will increase the demand for high-performance DSP chips [14]. - The agreement is expected to enhance the company's product sales channels, R&D capabilities, and overall competitiveness, aligning with its long-term development strategy [14].

Core Viewpoint - Nasda announced on September 1 that its subsidiary, Jihai Semiconductor, has signed a strategic cooperation agreement with Teld. The agreement is an intention for strategic collaboration and does not involve any financial amounts. The impact of this agreement on the company's operating performance for the fiscal years 2025 and beyond is currently uncertain and will depend on further specific cooperation agreements and implementation details [1] Summary by Relevant Sections - The strategic cooperation agreement between Jihai Semiconductor and Teld is aimed at fostering collaboration [1] - The agreement does not specify any financial commitments or amounts involved [1] - The future impact on the company's financial performance remains undetermined and is contingent on subsequent agreements and actions [1]

Core Viewpoint - Nasda (002180.SZ) announced a strategic cooperation agreement between its subsidiary Zhuhai Jihai Semiconductor Co., Ltd. and Telai Electric New Energy Co., Ltd. to promote green and low-carbon transformation in the transportation industry [1] Group 1: Strategic Cooperation - The partnership aims to leverage complementary advantages, resource sharing, and mutual development to enhance the strategic relationship between the two companies [1] - The collaboration focuses on joint research and development of high-performance, reliable domestic main control chips to address key bottlenecks in the intelligent upgrade of charging equipment and domestic substitution [1] Group 2: Industry Impact - The cooperation is expected to accelerate the construction of a green, intelligent, and efficient energy supply ecosystem, supporting China's green energy strategy and the dual carbon goals [1] - The agreement will help the company expand high value-added product sales channels, enhance research and development capabilities, and improve overall competitiveness, aligning with the company's long-term development strategy and shareholder interests [1]

Agreement Overview - The strategic cooperation agreement between Jihai Semiconductor and Telai Electric aims to deepen their partnership to promote green and low-carbon transformation in the transportation industry [1][2] - The agreement is a framework for future cooperation, with specific business details to be defined in subsequent agreements [2] Parties Involved - Telai Electric is a subsidiary of Qingdao Teruid Electric Co., Ltd., a leading company in the electric vehicle charging sector, established in 2014 [2] - Telai Electric is recognized as a top 100 unicorn in the new infrastructure industry and aims to become the largest charging network operator in China [2] Main Content of the Agreement - The cooperation will involve mutual recommendations of products during market promotion to enhance development for both companies [3] - Both parties will explore product innovation and technology development in the charging field, focusing on MCU and DSP devices [3] Cooperation Details - The agreement is valid for three years, with provisions for renewal through mutual agreement [3] - Both parties will engage in regular communication, share core data conditionally, and prioritize collaboration in new technology and product development [3] Industry Context - The electric vehicle market in China has surpassed 30 million units, but the charging infrastructure is still underdeveloped, with only 14.4 million charging stations as of May 2025, indicating significant market potential [5] - The Chinese government is promoting the localization of core components in charging infrastructure, which aligns with the strategic goals of both companies [5] Future Prospects - The collaboration is expected to enhance the development of high-performance, domestically produced control chips, addressing key challenges in the smart upgrade of charging equipment [5] - The digital power market is expanding rapidly, driven by increasing AI computing demands, which will require advanced power management solutions [6][7] - The partnership aims to respond to national policies promoting green energy and contribute to the realization of carbon neutrality goals in China [7]

Core Viewpoint - Nasta (002180.SZ) has signed a strategic cooperation agreement with Telai Electric New Energy Co., Ltd. to enhance their partnership in promoting green and low-carbon transformation in the transportation industry [1] Group 1: Strategic Cooperation - The agreement aims to leverage complementary advantages, resource sharing, and mutual development between Nasta's subsidiary Zhuhai Jihai Semiconductor and Telai Electric [1] - Both companies will collaborate on the joint research and development of high-performance, reliable domestic main control chips to address key bottlenecks in the intelligent upgrade and domestic substitution of charging equipment [1] Group 2: Industry Impact - The partnership is expected to enhance the overall efficiency and stability of the charging network, supporting the large-scale development of electric vehicles in China [1] - The collaboration aligns with national policies on domestic substitution and aims to accelerate the establishment of a green, intelligent, and efficient energy supply ecosystem [1] Group 3: Future Prospects - The agreement will help Nasta expand its high-value product sales channels, strengthen its research and development capabilities, and improve its overall competitiveness [1] - This initiative is in line with the company's long-term development strategy and the interests of all shareholders [1]

证券代码：002180 证券简称：纳思达 公告编号：2025-070 纳思达股份有限公司 关于控股子公司签订战略合作协议的公告 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。 特别提示： 1.本次纳思达股份有限公司（以下简称"公司"）控股子公司珠海极海半 导体有限公司（以下简称"极海半导体"或"乙方"）与特来电新能源股份有 限公司（以下简称"特来电"或"甲方"）签订的《战略合作协议》（以下简 称"《协议》"）为双方开展战略合作而签订的框架性协议，其中涉及的具体 合作业务，以后续签署的具体协议为准。 2.《协议》为双方开展战略合作的意向性约定，不涉及金额。《协议》的 签署对公司 2025 年及以后会计年度经营业绩的影响目前无法确定，具体取决于 双方后续进一步具体的合作协议和实施情况。公司将严格按照相关法律法规、 部门规章和规范性文件的要求，对合作后续事项的落地实施履行信息披露义务。 一、协议签署概况 公司及子公司与其不存在关联关系。 三、协议的主要内容 （一）合作内容 1、市场合作方面： 甲乙双方本着合作互赢、共同发展的精神，经友好协商达成在未来各自市场 推广的 ...

Core Viewpoint - Nasda (002180.SZ) has signed a strategic cooperation agreement with Telai Electric New Energy Co., Ltd. to enhance their partnership in promoting green and low-carbon transformation in the transportation industry [1] Group 1: Strategic Cooperation - The agreement is based on principles of complementary advantages, resource sharing, common development, and win-win cooperation [1] - Both parties will engage in continuous discussions on product innovation and advanced technology development to meet market demands and industry technological needs [1] Group 2: Product Development and Market Expansion - The collaboration will explore new scenarios and technological exchanges in the charging field, focusing on products such as MCU devices and DSP devices [1] - To enhance market development, improve R&D capabilities, and ensure better product quality, both parties agreed to regular communication, conditional sharing of core data, and mutual priority in cooperation [1] - The partnership aims to deepen collaboration in new technology and product R&D, including resource support and close cooperation during product testing phases to improve market competitiveness and R&D efficiency [1]