Sou Hu Cai Jing·2026-02-08 05:16Core Insights - The article discusses the evolution of the Chinese printing industry, particularly focusing on the strategic acquisition of Lexmark by the Chinese company Nasda, which was valued at $3.9 billion (approximately 26 billion RMB) ten years ago, highlighting the shift in market dynamics and competitive strategies [3][14][24] Group 1: Historical Context - Ten years ago, the acquisition of Lexmark by Nasda was met with skepticism from analysts, who viewed it as an audacious gamble by a Chinese company [3][4] - The article outlines the "razor and blades" business model employed by major printing companies, where printers are sold at low prices while consumables like ink cartridges are sold at high margins, creating a dependency on original products [6][8] Group 2: Competitive Strategies - Nasda's initial approach involved basic modifications to ink cartridges, but the company soon realized that overcoming patent barriers required more sophisticated strategies, including reverse engineering and chip design [10][12] - The fierce competition led to significant price reductions for compatible ink cartridges, dropping prices to one-fifth or even one-tenth of original products, demonstrating the effectiveness of Nasda's strategies [12] Group 3: Acquisition Rationale - The acquisition of Lexmark was not merely about gaining market share but acquiring essential patents that would allow Nasda to innovate and compete effectively in the high-end printing market [14][17] - This strategic move transformed Nasda from a market disruptor to a rule-maker, enabling the development of its own brand, Pantum, and establishing a complete supply chain from chips to software and hardware [17][22] Group 4: National Security Implications - The article emphasizes that the stakes have risen beyond commercial interests to national security, as printers can pose significant information security risks if controlled by foreign entities [19][21] - The need for secure and controllable printing solutions has made domestic brands like Pantum essential for safeguarding sensitive information [21] Group 5: Industry Evolution - The printing industry in Zhuhai has evolved from merely selling ink cartridges and printers to offering comprehensive services, including print management and cloud security solutions, indicating a qualitative shift in business models [22][26] - The historical journey of the Chinese printing industry reflects a blend of resilience and strategic investment, culminating in a robust position in the global market [24][26]