纳思达(002180) - 2025 Q2 - 季度财报

Section 1 Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, a detailed table of contents, and definitions of key terms used throughout the report to ensure clarity and accuracy Important Notice The Board, Supervisory Committee, and senior management guarantee the report's accuracy, with a special warning to investors about risks, and no dividend distribution is planned - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] - As of the report date, professional institutions are assisting the company in reviewing the Lexmark International transaction funds based on July 1, 2025 data, with final amounts to be determined after audit completion[4] Table of Contents The report's nine main chapters cover important notices, company profile, management discussion, governance, significant matters, share changes, bonds, financial reports, and other data - The report's table of contents includes nine main sections: Important Notice, Table of Contents, and Definitions; Company Profile and Key Financial Indicators; Management Discussion and Analysis; Corporate Governance, Environment, and Society; Significant Matters; Share Changes and Shareholder Information; Bond-Related Information; Financial Report; and Other Submitted Data[6] Reference Documents Reference documents include signed financial statements and original announcements disclosed on designated media and websites during the reporting period - Reference documents include financial statements signed and sealed by the legal representative, the head of accounting, and the head of the accounting department[8] - Reference documents also include original copies of all company documents and announcements publicly disclosed during the reporting period on designated media and the China Securities Regulatory Commission's website (http://www.cninfo.com.cn)[8](index=8&type=chunk) Definitions This section defines common terms in the report, including company names, shareholders, regulatory bodies, currency units, and specialized terms related to printing consumables, chip technologies, and industry organizations - The report defines basic information such as the company, controlling shareholder, CSRC, SZSE, and China Securities Depository and Clearing Corporation[9] - Printing industry terms such as printing consumables, general consumables, remanufactured consumables, printing consumable chips, and general printing consumable chips are explained in detail[9] - Integrated circuit technology terms like ASIC, SoC, MCU, eSE, RISC-V, C-SKY, ARM, DSP, and industry organizations such as IDC and WSTS are covered[9] Section 2 Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key accounting data and financial performance I. Company Profile Ninestar Corporation, stock code 002180, is listed on the Shenzhen Stock Exchange, with Wang Dongying as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Ninestar | | Stock Code | 002180 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | 纳思达股份有限公司 | | Legal Representative | Wang Dongying | II. Contact Persons and Information The company's Board Secretary, Wu Anyang, and Securities Affairs Representative, Xie Meijuan, share the same contact address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wu Anyang | Zhuhai, Xiangzhou District, Zhuhai Avenue 3883, Building 01, 7th Floor, Area B | 0756-3265238/6258880 | 0756-3265238 | sec@ggimage.com | | Securities Affairs Representative | Xie Meijuan | Zhuhai, Xiangzhou District, Zhuhai Avenue 3883, Building 01, 7th Floor, Area B | 0756-3265238/6258880 | 0756-3265238 | sec@ggimage.com | III. Other Information No changes occurred in the company's contact information, disclosure, or document storage during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, postal code, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[13] - The stock exchange website and media names/URLs for the company's semi-annual report disclosure, and the report's availability location, remained unchanged during the reporting period, as detailed in the 2024 annual report[14] IV. Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 3.65%, net profit attributable to shareholders turned to a loss, and total assets and net assets attributable to shareholders both declined Key Accounting Data and Financial Indicators (H1 2025 vs. Prior Year Period) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,326,629,812.34 | 12,793,826,681.54 | -3.65% | | Net Profit Attributable to Shareholders | -311,768,017.73 | 973,641,211.72 | -132.02% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -165,317,036.89 | 623,515,530.59 | -126.51% | | Net Cash Flow from Operating Activities | 562,149,668.53 | 491,162,076.79 | 14.45% | | Basic Earnings Per Share (RMB/share) | -0.2193 | 0.6891 | -131.82% | | Diluted Earnings Per Share (RMB/share) | -0.2193 | 0.6891 | -131.82% | | Weighted Average Return on Net Assets | -3.12% | 9.89% | -13.01% | | Current Period End vs. Prior Year End | | | | | Total Assets | 35,572,542,036.65 | 37,350,137,925.42 | -4.76% | | Net Assets Attributable to Shareholders | 9,688,336,084.37 | 10,034,636,740.49 | -3.45% | V. Differences in Accounting Data Under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[17] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[18] VI. Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled -146.45 million RMB, primarily due to non-current asset disposal losses from held-for-sale asset impairment provisions Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains and losses (including reversal of asset impairment provisions) | -182,541,803.72 | Due to impairment provision for held-for-sale assets | | Government grants recognized in current profit and loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with a continuous impact on company profit and loss) | 52,438,744.46 | Government grants (excluding VAT immediate refund) | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal operations | -11,725,185.68 | | | Gains and losses from entrusted investments or asset management | 13,035,979.23 | Investment income from wealth management products | | One-off expenses incurred due to cessation of related business activities, such as employee resettlement expenses | -10,236,244.00 | | | Other non-operating income and expenses apart from the above | 1,808,632.54 | | | Less: Income tax impact | 5,493,856.84 | | | Minority interest impact (after tax) | 3,737,246.83 | | | Total | -146,450,980.84 | | Section 3 Management Discussion and Analysis This section analyzes the company's operational performance, core competencies, main business segments, non-operating activities, asset and liability status, investment activities, and risk factors I. Principal Businesses Engaged by the Company During the Reporting Period In H1 2025, total operating revenue decreased by 3.65%, with net profit attributable to shareholders turning to a loss of 312 million RMB, while Pantum Electronics and Geehy Microelectronics showed growth in specific segments Company's Overall Operating Performance in H1 2025 | Indicator | Amount (100 Million RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Total Operating Revenue | 123.27 | -3.65% | | Net Profit Attributable to Shareholders | -3.12 | -132.02% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -1.65 | -126.51% | 1. Industry Development Overview Global printer shipments remained flat, while the semiconductor market is recovering, driven by strong demand in industrial automation, automotive electronics, and AI-related applications - Global printer shipments were approximately 37.36 million units, largely flat year-on-year; China's printer market shipments were approximately 6.56 million units, a year-on-year decline of approximately 6%[23] - National policies supporting printer trade-ins are expected to accelerate equipment replacement cycles for households and small and medium-sized enterprises[23] - The global semiconductor market size was $346 billion, a year-on-year increase of 19%, and is expected to grow by 15% to $728 billion in 2025[25] - In H1 2025, China's integrated circuit exports reached $94.4 billion, a year-on-year increase of 20.3%, with production volume at 239.5 billion units, up 8.7% year-on-year, achieving phased results in domestic chip self-sufficiency[26] - China's industrial automation market size is projected to reach 322.5 billion RMB by 2025, with a stable compound annual growth rate of 12%[27] - In H1 2025, global car sales climbed to 46.32 million units, a year-on-year increase of 5%; new energy vehicle sales reached 9.92 million units, with China's new energy vehicle penetration rate at 44%[29] - Humanoid robot market sales are expected to reach 12,400 units by 2025, with a market size of 6.339 billion RMB, and exceeding 400 billion RMB by 2035[31] - The explosive growth in AI computing power demand is driving the expansion of the digital power market, while the data center green and low-carbon development action plan promotes demand for high-performance real-time control DSP chips[32] 2. Company Operating Overview In H1 2025, Pantum Electronics' revenue grew by 10%, Geehy Microelectronics' non-consumable chip revenue increased by 52%, while overall company revenue declined and net profit turned to a loss Pantum Electronics Business Operating Overview (H1 2025) | Indicator | Amount/Data | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 2.309 billion RMB | +10% | | Net Profit | 324 million RMB | -16% | | Overall Printer Sales Volume | -5% | | | A3 Copier Sales Volume | +115% | | | Xinchuang Market Printer Shipments | +65% | | - Pantum signed a strategic cooperation agreement with Huawei HarmonyOS, becoming the first third-party printer enterprise to receive Huawei's adaptation certification[36] - Pantum's "Kandai Series" service printers are world-record certified, capable of continuously printing over 400,000 pages with a paper jam rate below 0.02‰[36] Geehy Microelectronics Business Operating Overview (H1 2025) | Indicator | Amount/Data | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 556 million RMB | -18% | | Non-Consumable Chip Revenue | 254 million RMB | +52% | | Net Profit | 18 million RMB | -94% | | Net Profit (Excluding Non-Recurring Items) | 11 million RMB | -84% | | Total Chip Shipments | 293 million units | +16% | | Non-Consumable Chip Sales Volume | 182 million units | +47% | | R&D Investment as % of Revenue | Over 30% | | - Geehy Microelectronics and GAC Group released China's first mass-produced automotive-grade chips—AK2 ultrasonic sensor chip and dual-channel DSI3 network transceiver chip, filling a domestic gap[38] - Geehy Microelectronics launched the APM32E030 industrial-grade basic expansion MCU and AMP32F402 industrial-grade high-performance, cost-effective MCU, enriching its product portfolio[39] - Geehy released the world's first Arm®Cortex®-M52 dual-core architecture DSP chip G32R501, offering one-stop solutions for humanoid robots and industrial automation applications[40] General Printing Consumables Business Operating Overview (H1 2025) | Indicator | Amount/Data | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue (After Internal Offset) | 2.697 billion RMB | Largely flat | | Net Profit | 28 million RMB | -64% | | Total Sales Volume | Flat | | II. Analysis of Core Competencies The company boasts a strong management and technical team, extensive patent portfolio, full industry chain layout, leading market positions in printing and consumables, and advanced chip design capabilities - As of June 30, 2025, the company holds 6,335 self-developed patents (including 3,553 invention patents) and 334 software copyrights/integrated circuit layout designs[43] - The company's main business has expanded to include complete printers, original consumables, and print management services, achieving a full industry chain layout from components to printer equipment and print management services[45] - The company's overall printer business shipments rank fourth in the global laser printer market, while its general consumables, general consumable chips, and printer main control chip businesses maintain leading positions in their respective global sub-sectors[47] - The company possesses core technologies including 16/32-bit domestic independent core design, independent RISC-V core design, mainstream ARM core adjustment and application processor design, dual-to-seven-core SoC chip design, and multi-core heterogeneous SoC chip design with domestic C-SKY, ARM, and dedicated DSP mixed-heterogeneous designs[48] - The company was awarded the "China Chip" Special Achievement Award and recognized as a National Intellectual Property Advantage Enterprise[49] III. Main Business Analysis In H1 2025, operating revenue decreased by 3.65%, primarily due to increased management and financial expenses, while the printing industry remained the main revenue source, and investment cash flow significantly declined Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 12,326,629,812.34 | 12,793,826,681.54 | -3.65% | | | Operating Cost | 8,499,755,989.47 | 8,557,298,834.37 | -0.67% | | | Selling Expenses | 1,149,789,050.15 | 1,128,341,158.38 | 1.90% | | | Administrative Expenses | 1,253,810,280.30 | 933,873,061.43 | 34.26% | Primarily due to transaction fees accrued by subsidiaries in the current reporting period | | Financial Expenses | 455,310,572.58 | 335,288,801.66 | 35.80% | Primarily due to a decrease in exchange gains compared to the prior year period | | R&D Investment | 802,403,645.00 | 832,139,788.31 | -3.57% | | | Net Cash Flow from Operating Activities | 562,149,668.53 | 491,162,076.79 | 14.45% | | | Net Cash Flow from Investing Activities | -472,385,815.10 | 859,531,941.95 | -154.96% | Cash inflow from maturing wealth management products was lower than in the prior year period; cash inflow in the prior year period increased due to a sale-and-leaseback of a subsidiary's property | | Net Cash Flow from Financing Activities | -1,072,071,820.53 | -2,342,441,626.90 | 54.23% | Repayment amount exceeded borrowing amount in the current year; restricted financing funds were recovered in the current reporting period | | Net Increase in Cash and Cash Equivalents | -967,131,245.53 | -995,664,111.44 | 2.87% | | Operating Revenue Composition (By Industry, Product, Region) | Category | Item | Current Period Amount (RMB) | % of Operating Revenue | Prior Year Period Amount (RMB) | % of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Printing Industry | 11,771,022,958.73 | 95.49% | 12,118,593,644.10 | 94.72% | -2.87% | | | Integrated Circuit Industry | 555,606,853.61 | 4.51% | 675,233,037.44 | 5.28% | -17.72% | | By Product | Original Printers and Consumables | 9,178,744,562.31 | 74.46% | 9,580,696,560.09 | 74.89% | -4.20% | | | Chips | 327,418,212.23 | 2.66% | 402,700,729.07 | 3.15% | -18.69% | | | General Consumables and Accessories | 2,453,130,261.88 | 19.90% | 2,422,410,549.73 | 18.93% | 1.27% | | By Region | Outside China (Including Exports) | 8,601,254,598.80 | 69.78% | 9,313,530,796.43 | 72.80% | -7.65% | | | Inside China | 3,725,375,213.54 | 30.22% | 3,480,295,885.11 | 27.20% | 7.04% | Changes in Gross Profit Margin of Main Business | Category | Item | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Printing Industry | 30.34% | -2.87% | -1.24% | -1.15% | | | Integrated Circuit Industry | 46.02% | -17.72% | 17.85% | -16.29% | | By Product | Original Printers and Consumables | 31.92% | -4.20% | -3.34% | -0.60% | | | Chips | 32.18% | -18.69% | 28.78% | -25.00% | | | General Consumables and Accessories | 25.03% | 1.27% | 9.49% | -5.63% | | By Region | Outside China (Including Exports) | 31.74% | -7.65% | -6.84% | -0.59% | | | Inside China | 29.44% | 7.04% | 16.55% | -5.76% | IV. Non-Core Business Analysis Non-core businesses significantly impacted total profit, with asset impairment losses accounting for 814.70%, primarily due to provisions for held-for-sale assets Impact of Non-Core Business on Total Profit | Item | Amount (RMB) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 8,030,685.83 | -25.95% | Primarily income from trading financial products and wealth management products | No | | Fair Value Change Gains/Losses | -7,608,613.53 | 24.59% | Primarily fair value changes from trading financial products | No | | Asset Impairment | -252,092,351.29 | 814.70% | Primarily due to impairment provision for held-for-sale assets | No | | Non-Operating Income | 5,527,076.96 | -17.86% | Primarily unpayable amounts and compensation received | No | | Non-Operating Expenses | 4,365,907.58 | -14.11% | Primarily unrecoverable amounts and fixed asset disposal losses | No | | Other Income | 90,619,835.75 | -292.86% | Primarily software tax refunds and government grants | No | | Credit Impairment Losses | 22,233,778.40 | -71.85% | Primarily bad debt provisions for accounts receivable and other receivables | No | | Asset Disposal Gains | 71,554.76 | -0.23% | Primarily gains from fixed asset and lease termination recognition | No | V. Analysis of Assets and Liabilities Total assets and net assets attributable to shareholders decreased, with significant reclassification of assets and liabilities to held-for-sale categories due to a major asset restructuring Significant Changes in Asset Composition (Period End vs. Prior Year End) | Item | Current Period End Amount (RMB) | % of Total Assets | Prior Year End Amount (RMB) | % of Total Assets | % Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,185,533,497.11 | 8.96% | 4,724,598,923.69 | 12.65% | -3.69% | Primarily due to loan repayments and payment of accounts/goods in the current reporting period | | Accounts Receivable | 2,261,603,552.96 | 6.36% | 4,655,483,983.16 | 12.46% | -6.10% | Primarily due to a major asset restructuring in the reporting period, reclassifying subsidiary assets to held-for-sale assets | | Inventories | 4,047,558,278.92 | 11.38% | 6,232,625,939.37 | 16.69% | -5.31% | Primarily due to a major asset restructuring in the reporting period, reclassifying subsidiary assets to held-for-sale assets | | Fixed Assets | 1,524,818,421.46 | 4.29% | 2,629,909,253.32 | 7.04% | -2.75% | Primarily due to a major asset restructuring in the reporting period, reclassifying subsidiary assets to held-for-sale assets | | Intangible Assets | 918,913,434.95 | 2.58% | 4,555,274,719.53 | 12.20% | -9.62% | Primarily due to a major asset restructuring in the reporting period, reclassifying subsidiary assets to held-for-sale assets | | Goodwill | 193,279,049.79 | 0.54% | 4,485,136,154.13 | 12.01% | -11.47% | Primarily due to a major asset restructuring in the reporting period, reclassifying subsidiary assets to held-for-sale assets | | Assets Held for Sale | 18,409,549,173.37 | 51.75% | 0.00 | 0.00% | 51.75% | Primarily due to a major asset restructuring in the reporting period, reclassifying subsidiary assets to held-for-sale assets | | Short-term Borrowings | 325,855,506.72 | 0.92% | 759,906,648.40 | 2.03% | -1.11% | Primarily due to repayment of bank loans in the current reporting period | | Long-term Borrowings | 2,395,889,364.17 | 6.74% | 8,847,462,674.82 | 23.69% | -16.95% | Primarily due to a major asset restructuring in the reporting period, reclassifying subsidiary liabilities to held-for-sale liabilities | | Liabilities Held for Sale | 17,972,123,515.40 | 50.52% | 0.00 | 0.00% | 50.52% | Primarily due to a major asset restructuring in the reporting period, reclassifying subsidiary liabilities to held-for-sale liabilities | Key Overseas Asset Information | Specific Asset Content | Asset Size (RMB) | % of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | | Cash and Cash Equivalents | 629,904,910.74 | 6.50% | | Assets Held for Sale | 12,397,038,006.72 | 127.96% | - The Lexmark International asset group was reclassified as assets held for sale in the current period as it met the criteria for held-for-sale assets on June 30, 2025[61] Asset Rights Restricted as of the End of the Reporting Period | Item | Period End Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 99,599,512.50 | Margin deposits, loan collateral/pledge, etc | | Assets Held for