Group 1: Company Research - Ruifeng Fund's Investigation - Ruifeng Fund recently conducted research on two listed companies, Zhongji Xuchuang and Nasda, highlighting their performance and strategic developments [1][2] - Zhongji Xuchuang reported a significant revenue of 10.216 billion yuan for Q3 2025, with a gross margin of 43% and a net profit of 3.137 billion yuan, indicating substantial growth [1] - The company is experiencing increased shipments of 800G products and has begun deploying 1.6T products, with expectations for large-scale production in 2026-2027 [1] - Nasda is responding to new regulations emphasizing the importance of printer security, which may affect user purchasing decisions due to concerns over data leakage [2] Group 2: Financial Performance and Market Position - Ruifeng Fund's total asset management scale is 73.335 billion yuan, ranking 75th out of 211 in the public fund category [2] - The fund's best-performing product in the past year is Ruifeng Growth Value Mixed A, with a net value of 1.9 and a growth rate of 57.52% [2] - The fund manages a total of 10 public funds, ranking 153rd out of 211 [2]

Group 1: Company Performance Overview - In the first three quarters of 2025, the company achieved revenue of 14.504 billion CNY, a year-on-year decrease of 25.21% [3] - The net profit attributable to shareholders was -356 million CNY, a year-on-year decline of 132.94% [3] - The non-recurring net profit was -231 million CNY, down 133.81% year-on-year [3] - Following the completion of a significant asset sale, the company's debt-to-asset ratio decreased from 72% to 44% [3] - The disposal of assets resulted in a loss of 516 million CNY for the current period [3] Group 2: Segment Performance - BenTu's revenue for the first three quarters of 2025 was 3.071 billion CNY, a year-on-year decline of 3.31% [3] - BenTu's net profit was 386 million CNY, down 18.58% year-on-year [3] - JiHaiWei's revenue was 812 million CNY, a year-on-year decrease of 21.76%, with non-consumable chip revenue of 359 million CNY, showing a growth of 20.88% [3] - JiHaiWei's net profit was -14 million CNY, a year-on-year decline of 103.88% [3] - The general consumables business generated revenue of 3.964 billion CNY, a year-on-year decrease of 2.74%, with a net profit of -4 million CNY, down 106.88% [3] Group 3: Market Trends and Future Outlook - The company is actively responding to the arbitration initiated by TaiMeng and will disclose updates when conditions are met [3] - The future development trend of the information security market is highlighted by the updated guidelines from the China Information Security Testing Center, which now includes main control chips for printers and AI training inference chips [3] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued a plan emphasizing the reliability of printers and other peripherals, indicating increasing governmental focus on information security [3] - There are indications that the information technology innovation sector may be showing signs of recovery, with relevant business progress to be monitored through regular company announcements [3]

Summary of Conference Call Notes Company and Industry Overview - The company discussed its performance in the printing and integrated circuit sectors, particularly focusing on the impact of recent regulatory changes and market conditions on its operations and future strategies [2][16]. Key Points and Arguments 1. **Financial Performance**: - In the first three quarters of 2025, the company reported a net profit loss of approximately 516 million yuan due to the sale of Lexmark, resulting in a negative net profit of 356 million yuan [2][3]. - The asset-liability ratio significantly decreased from 72% to 44% post-sale, indicating an optimization of the financial structure [2][3]. 2. **Bentu Business Decline**: - The Bentu business experienced a substantial decline in Q3 2025, with net profit dropping to 62 million yuan, primarily due to the new security assessment requirements that reduced shipment volumes from 230,000 units in Q2 to 60,000 units in Q3 [2][4][5]. - The new security assessment results are expected to be announced in early 2026, which may create new market opportunities for domestic printers [2][6]. 3. **Market Opportunities**: - The "Electronic Information Manufacturing Industry Stabilization Action Plan" supports the use of domestic printers and copiers, which is favorable for the company's growth [2][6]. - The company aims to increase its overseas market share, targeting nearly half of its total revenue from international operations [2][8][10]. 4. **Jihae Company Performance**: - Jihae's performance in 2025 did not meet expectations due to challenges in the printer-related chip business and unfavorable pricing for non-consumable chips [2][12]. - New products in the MCU, industrial motor, and DSP sectors have been launched but have made limited contributions [2][12][13]. 5. **Strategic Focus**: - The company is strategically positioned in the high-end industrial control and automotive electronics markets, which are seen as blue ocean markets with significant growth potential [2][16]. - The domestic printer market has a low penetration rate, with only 10% market share in China and 1.7% globally, indicating substantial room for growth [2][17]. 6. **Challenges and Adjustments**: - The company is undergoing significant reforms to improve net profit and cash flow, particularly in the general consumables business, which has not yet achieved profitability despite annual revenues of 5-6 billion yuan [2][15]. - Jihae has restructured its divisions and sales management team to enhance inventory management and sales efficiency, with expected improvements in Q1 2026 [2][14]. 7. **Regulatory Impact**: - The addition of GPU and printer main control chips to the security assessment list reflects increased governmental focus on information security, which may intensify competition among manufacturers [2][19]. 8. **Future Outlook**: - The company remains optimistic about the recovery of the information technology application innovation (ITAI) sector, with recent sales data indicating positive trends [2][20]. - The company plans to continue focusing on its core business areas and believes it has the foundation and capital to recover from current challenges [2][21]. 9. **Investor Communication**: - The company is committed to transparency with investors and will disclose relevant information as conditions allow, emphasizing the importance of team adjustments to meet business objectives [2][22].

Core Viewpoint - Nasda is a well-known global manufacturer of printing consumables, with a strong technical foundation and full industry chain advantages in the printing and integrated circuit fields [1] Group 1: Business Performance - In Q3 2025, Nasda achieved a revenue of 14.504 billion, ranking 2nd in the industry out of 63, significantly above the industry average of 3.504 billion and the median of 677 million [2] - The main business composition includes original printers and consumables at 9.179 billion (74.46%), general consumables and accessories at 2.453 billion (19.90%), others at 367 million (2.98%), and chips at 327 million (2.66%) [2] - The net profit for the same period was -367 million, ranking last in the industry, below the industry average of 102 million and the median of 14.953 million [2] Group 2: Financial Ratios - As of Q3 2025, Nasda's debt-to-asset ratio was 44.35%, down from 71.35% year-on-year but still above the industry average of 34.38% [3] - The gross profit margin for Q3 2025 was 30.03%, a decline from 32.82% year-on-year and below the industry average of 34.46% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.57% to 62,200, with an average holding of 21,900 circulating A-shares, a decrease of 2.51% [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked third with 28.6233 million shares, an increase of 838,200 shares from the previous period [5] Group 4: Future Outlook - CITIC Securities projects Nasda's revenue for 2025, 2026, and 2027 to be 15.676 billion, 19.394 billion, and 23.753 billion respectively, with net profits of 1.560 billion, 2.212 billion, and 2.990 billion, corresponding to PE ratios of 21, 15, and 11 times [6] - Key business highlights include significant growth in the sales of the BenTu brand in the trusted computing market, with a 65% year-on-year increase in shipments in the first half of the year and a 130% quarter-on-quarter increase in Q2 [6]

证券代码：002180 证券简称：纳思达 公告编号：2025-080 纳思达股份有限公司 第八届董事会第三次会议决议公告 公司 2025 年第三季度报告真实、准确、完整地反映了公司 2025 年第三季度的 经营情况。根据《证券法》第八十二条的要求，公司董事、高级管理人员对公司 2025 年第三季度报告签署书面确认意见，保证公司 2025 年第三季度报告内容真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏。 此议案已经公司第八届董事会审计委员会第一次会议审议通过。 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"）第八届董事会第三次会议于 2025 年 10 月 30 日以通讯方式召开，会议通知于 2025 年 10 月 23 日以电子邮件的方式送达 各位董事，应到董事九名，实际出席会议董事九名，九名董事参与了表决。本次会 议由公司董事长汪东颖先生主持，公司高级管理人员列席了本次会议。会议的召开 和表决程序符合《公司法》《公司章程》《董事会议事规则》的有关规定，会议审 议并通过了如下议案： 一、以 9 票同意，0 票 ...

纳思达股份有限公司 第八届董事会薪酬与考核委员会第一次会议决议 纳思达股份有限公司（以下简称"公司"）第八届董事会薪酬与考核委员会 第一次会议于 2025 年 10 月 30 日以通讯方式召开，会议通知于 2025 年 10 月 23 日以电子邮件、微信等方式送达各位委员，应到委员三名，实际出席会议委员三 名，三名委员参与了表决。会议的召开和表决程序符合《公司章程》《薪酬与考 核委员会议事规则》的有关规定，会议审议并通过了如下议案： (本页无正文，为纳思达股份有限公司第八届董事会薪酬与考核委员会第一次会 议决议之签署页) 委员签名： 以 3 票同意，0 票反对，0 票弃权的表决结果审议并通过了《关于注销 2019 年股票期权激励计划预留授予部分第三个行权期已到期未行权的股票期权的议 案》 公司 2019 年股票期权激励计划预留授予部分第三个行权期已于 2025 年 9 月 16 日结束。本次注销 2019 年股票期权激励计划预留授予部分第三个行权期已 到期未行权的股票期权，符合《上市公司股权激励管理办法》和公司《2019 年 股票期权激励计划（草案）》的有关规定，履行了必要的审议程序，同意注销 2019 年股 ...

证券代码：002180 证券简称：纳思达 公告编号：2025-082 关于注销 2019 年股票期权激励计划预留授予部分第三个行权期已到期 未行权的股票期权的公告 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 2025 年 10 月 30 日召开第八届董 事会第三次会议审议通过了《关于注销 2019 年股票期权激励计划预留授予部分第三 个行权期已到期未行权的股票期权的议案》，同意对 2019 年股票期权激励计划预留 授予部分第三个行权期已到期未行权的股票期权共计 2,977,192 份予以注销。具体 内容公告如下： 一、公司 2019 年股票期权激励计划已履行的相关审批程序 2019 年 9 月 16 日，公司董事会薪酬与考核委员会拟定了《激励计划（草案）》 《2019 年股票期权激励计划实施考核管理办法》（以下简称"《考核办法》"），并提 交董事会审议。 2019 年 9 月 18 日，公司第六届董事会第二次会议审议通过了《关于<2019 年股 票期权激励计划（草案）>及其摘要的议案》《关于<2019 年股票期权激 ...

北京市金杜（广州）律师事务所 关于 纳思达股份有限公司 注销 2019 年股票期权激励计划 预留授予部分第三个行权期已到期未行权的股票期权之 法律意见书 致：纳思达股份有限公司 北京市金杜（广州）律师事务所（以下简称"本所"或"金杜"）接受纳思达股 份有限公司（以下简称"公司"或"纳思达"）的委托，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股 权激励管理办法》1（以下简称"《管理办法》"）、《深圳证券交易所上市公司 自律监管指南第 1 号——业务办理》等法律、行政法规、部门规章及其他规范性 文件（以下简称"法律法规"）和《纳思达股份有限公司章程》（以下简称"《公 司章程》"）、《纳思达股份有限公司 2019 年股票期权激励计划（草案）》（以 下简称"《激励计划（草案）》"）的有关规定，就公司注销 2019 年股票期权激 励计划（以下简称 "本次激励计划"或"本计划"）预留授予部分第三个行权期已 到期未行权的股票期权（以下简称"本次注销"）相关事项，出具本法律意见书。 为出具本法律意见 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥2,177,645,335.25, a decrease of 67.00% compared to the same period last year[5] - The net profit attributable to shareholders was a loss of ¥44,416,110.83, representing a decline of 141.29% year-over-year[5] - The net profit after deducting non-recurring gains and losses was a loss of ¥65,354,168.35, down 211.33% from the previous year[5] - The basic earnings per share were -¥0.0312, a decline of 141.00% year-over-year[5] - The company reported a revenue of 14.504 billion yuan, a year-on-year decrease of 25.21%[14] - The net profit attributable to the parent company was -356.18 million yuan, a year-on-year decrease of 132.94%[14] - The operating profit was -69.18 million yuan, a decrease of 103.86% compared to the previous year[12] - The company experienced a significant loss of 5.16 billion yuan from the disposal of assets during the reporting period[14] - The net profit for Q3 2025 was -367,114,988.54 CNY, compared to a net profit of 1,314,200,134.56 CNY in the same period last year, representing a significant decline[34] - Operating profit for Q3 2025 was -69,179,189.82 CNY, down from 1,792,288,759.58 CNY in Q3 2024[34] - Total revenue from operating activities decreased to 14,844,577,777.54 CNY in Q3 2025, compared to 18,820,112,501.03 CNY in Q3 2024, reflecting a decline of approximately 21.5%[35] - The total comprehensive income for Q3 2025 was -253,737,529.47 CNY, compared to 1,153,391,408.26 CNY in Q3 2024[35] - Basic earnings per share for Q3 2025 were -0.2505 CNY, compared to 0.7668 CNY in the same quarter last year[35] Asset and Liability Management - The total assets at the end of Q3 2025 were ¥17,551,746,510.60, a decrease of 53.01% compared to the end of the previous year[5] - The asset-liability ratio decreased from 72% to 44% following the completion of a major asset sale[14] - Total assets decreased to CNY 17,551,746,510.60 from CNY 37,350,137,925.42, a reduction of 53.0%[29] - Total liabilities decreased to CNY 7,783,617,356.78 from CNY 27,119,892,771.36, a decline of 71.2%[29] - The company's equity attributable to shareholders decreased to CNY 9,596,424,506.21 from CNY 10,034,636,740.49, a decrease of 4.4%[31] Cash Flow and Investments - The company reported a net cash flow from operating activities of ¥715,701,857.94, down 43.00% year-to-date[5] - Cash flow from operating activities decreased by 43.00% to 715.70 million yuan, attributed to increased payments to suppliers and reduced customer collections[12] - The cash flow from operating activities for Q3 2025 was 715,701,857.94 CNY, down from 1,255,556,074.61 CNY in the previous year, indicating a decrease of about 43%[36] - The net cash flow from investing activities for Q3 2025 was -857,076,988.24 CNY, compared to a positive cash flow of 354,374,792.23 CNY in Q3 2024[36] Asset Restructuring and Goodwill - Significant asset restructuring occurred, leading to a 55.65% decrease in accounts receivable, totaling ¥2,064,494,407.68[8] - The company’s goodwill decreased by 95.69% to ¥193,279,049.79 due to the sale of overseas subsidiaries[8] - The company completed a significant asset sale on July 1, 2025, related to the disposal of Lexmark International, Inc.[24] Business Segment Performance - The printer business revenue was 3.071 billion yuan, a year-on-year decline of 3.31%[15] - The sales volume of A3 printers increased by 55.62%, while overall printer sales decreased by 14.85%[15] - In the integrated circuit business, the revenue for the first three quarters of 2025 was 812 million RMB, a year-on-year decline of 21.76%, while the net profit was -14 million RMB, down 103.88%[16] - The total chip shipment reached 447 million units, representing a year-on-year growth of 11.18%, with non-consumable chip sales increasing by 28% to 272 million units[16] - The general consumables business reported a revenue of 3.964 billion RMB, a decrease of 2.74% year-on-year, with a net profit of -4 million RMB, down 106.88%[20] - In the automotive electronics sector, the company achieved breakthroughs in project mass production and product reputation, with multiple overseas popular vehicle projects entering mass production[19] Research and Development - Research and development expenses were CNY 982,495,659.87, a decrease of 22.8% from CNY 1,272,398,322.51 in the previous period[33] - The company launched the world's first Arm® Cortex®-M52 dual-core architecture DSP chip, R501, and developed various solutions for AI servers and home energy storage[16] - The company plans to continue expanding into humanoid robots and other niche markets such as photovoltaic cleaning robots and lawn mowing robots[17] Shareholder Information - The total number of common shareholders at the end of the reporting period was 62,222, with the largest shareholder holding 28.84%[21] - The company’s stock buyback account held 14,289,852 shares, accounting for 1.00% of the total share capital at the end of the reporting period[23]

Core Viewpoint - Nasda Co., Ltd. has appointed Mr. Wang Dongjie as the new General Manager, effective from October 13, 2025, to September 11, 2028, indicating a stable organizational structure and continuity in management [3][4]. Company Overview - Nasda is a leading domestic company in the printer and consumables industry, accelerating its "printer + chip" dual-drive strategy [3]. - The company’s subsidiary, Jihai Microelectronics, focuses on chip design and actively engages in domestic substitution [3]. Management Appointment - Mr. Wang Dongjie has extensive experience in enterprise management and chip research and development, having previously served as General Manager of Jihai Microelectronics [4]. - The appointment is expected to enhance business collaboration and strategic execution within the company [4]. Strategic Direction - Under Mr. Wang's leadership, the company aims to deepen its integration in printer systems, core chips, and supply chain management [4]. - Analysts believe this management change reflects Nasda's commitment to optimizing core business and maintaining internal governance stability, which will help the company seize opportunities in the evolving landscape of printing and semiconductor industries [4].