Summary of the Conference Call for Nasda (2025) Company Overview - **Company**: Nasda - **Industry**: Laser Printer and Semiconductor Key Points Financial Performance - In the first half of 2025, Nasda reported a total revenue of 12.3 billion RMB, with Lexmark contributing approximately 1 billion USD [3] - The net profit attributable to shareholders was a loss of 312 million RMB, with a specific loss of 550 million RMB due to the disposal and operational losses related to Lexmark [3] - After excluding specific impacts, the overall net loss was approximately 240 million RMB [2] Business Growth and Market Position - The printer business has seen significant growth since the acquisition of Lexmark in 2016, with revenue increasing from 50 million USD in 2017 to nearly 5 billion RMB in 2022, marking a 14-fold increase [5] - The company aims to expand its product line beyond low-end A4 monochrome printers to include mid-speed monochrome, color printers, and A3 models to support revenue growth [2][6] - The global laser printer market is valued at approximately 30 billion USD, with A4 accounting for 10 billion USD and A3 for 20 billion USD [2][10] Strategic Initiatives - Nasda is focusing on international expansion and product diversification to reduce reliance on specific markets [2][9] - The company plans to enhance its presence in the global printer market, targeting over 50% market share [19] - The introduction of the "Kangda Series" mid-range printers addresses common issues like paper jams and has received world record certification [11] Market Trends and Challenges - The domestic market for information technology innovation (信创) has shown a year-on-year growth of 65% in the first half of 2025, supported by government and state-owned enterprise initiatives [2][17] - The company is actively participating in the new categories introduced by the China Information Security Testing Center, which may enhance its market share [12] - The semiconductor business has transitioned to focus on non-consumable chips, with a team of 1,100 people and an annual investment of 40% of revenue into new business [13] Future Outlook - The company expects revenue to stabilize between 4 to 5 billion RMB over the next three to four years, driven by product diversification and market demand [6] - The printer market is anticipated to experience cyclical trends, with potential growth following a period of decline [21] - Nasda aims to become one of the top three players globally in the printer market, with a focus on original consumables and printer control chips [23] Additional Insights - The domestic printer control chip market is currently dominated by a single player, with Nasda holding a leading position in the domestic market [24] - The company is also exploring opportunities in the industrial control and automotive sectors, with significant advancements in DSP real-time control chips [14][15] - The company is committed to maintaining stability in its consumables business despite fierce competition [16] Conclusion - Nasda is navigating a challenging market landscape with strategic initiatives aimed at growth and diversification. The focus on international expansion, product innovation, and leveraging government support in the domestic market positions the company for potential recovery and growth in the coming years.

Performance Forecast - The company expects a net loss attributable to shareholders of 200 million to 400 million yuan for the first half of 2025, compared to a profit of 973.64 million yuan in the same period last year [1][2] - The net profit after deducting non-recurring gains and losses is projected to be a loss of 100 million to 200 million yuan, down from a profit of 623.52 million yuan year-on-year [1][2] - Basic earnings per share are expected to be a loss of 0.1406 to 0.2813 yuan, compared to earnings of 0.6891 yuan per share in the previous year [1][2] Business Segments Printer Business - The sales volume of printers in the Xinchuang market has significantly increased, with a year-on-year growth of approximately 65% in the first half of the year [1] - The sales volume of A3 copiers increased by about 115% year-on-year, with a quarter-on-quarter growth of approximately 30% in the second quarter [1] Integrated Circuit Business - Revenue from non-consumable chips reached approximately 254 million yuan, a year-on-year increase of about 52% [2] - The total shipment of chips was 168 million units, with a quarter-on-quarter growth of about 34% [2] General Consumables Business - Revenue from general consumables decreased by approximately 61% year-on-year, while total sales volume remained flat [2] Asset Disposal Impact - The company completed the major asset sale on July 1, 2025, which has significantly impacted the net profit and net profit after deducting non-recurring gains and losses [2] - The final confirmation of the transaction amount may be adjusted, potentially affecting the performance forecast data [2]

Core Viewpoint - The IPO process for domestic GPU manufacturers is accelerating, with companies like Moore Threads and Muxi completing IPO counseling, while Granfi Technology is quietly progressing with its own IPO counseling initiated in February 2023 [1][2]. Group 1: Company Background - Granfi Technology was originally a GPU division under Shanghai Zhaoxin Integrated Circuit Co., Ltd., which spun off the GPU business in June 2020 to independently target the market for discrete graphics cards [2]. - Zhaoxin Integrated remains the largest shareholder of Granfi with a 27.44% stake, while an employee stock ownership plan holds 18.87% [2]. - Granfi's products are compatible with various domestic CPUs, generating a revenue scale, but the company is still operating at a loss [2]. Group 2: Financial Performance - As of the end of 2024, Granfi's unaudited total assets and net assets are 819 million yuan and 665 million yuan, respectively [2]. - Granfi's revenue for 2024 is projected at 263 million yuan, with a net loss of 437 million yuan during the same period [2]. Group 3: Revenue Sources and Relationships - A portion of Granfi's revenue comes from Zhaoxin Integrated, which has procured hardware and software technology services from Granfi amounting to 163 million yuan, 83 million yuan, and 62 million yuan from 2022 to 2024, totaling 308 million yuan [3]. - This procurement represents nearly 25% of Granfi's revenue for 2024, highlighting the interdependence between the two companies [3]. Group 4: R&D and Financial Pressure - Granfi's GPU business requires significant R&D investment, which poses financial pressure on Zhaoxin Integrated, potentially affecting its cash flow and financial performance [4]. - Zhaoxin Integrated itself is also facing losses, projected to reach 951 million yuan in 2024 [5]. Group 5: Future Outlook - The initiation of Granfi's IPO process may alleviate some financial pressures on Zhaoxin Integrated, providing a potential pathway for improved financial stability [6].

Group 1: Business Performance - In 2024, the company achieved operating revenue of 1.047 billion yuan, a year-on-year increase of 42.91%, marking the first time it surpassed the 1 billion yuan threshold [4][10] - The net profit attributable to shareholders remained in a loss state, but the loss narrowed significantly to -48.407 million yuan, a year-on-year reduction of 27.35% [4][10] - The net cash flow from operating activities reached 61.6635 million yuan, a year-on-year increase of 253.48% [4][10] Group 2: Revenue Composition - Domestic business accounted for 62.61% of total operating revenue, while overseas business contributed 37.39% [2][7] - Overseas sales primarily stemmed from semiconductor storage, with revenue from this segment reaching 391.455 million yuan in 2024 [3][7] - The semiconductor storage business generated 877 million yuan in revenue, representing a year-on-year growth of 51.31%, and accounted for 83.74% of total revenue [9][10] Group 3: Research and Development - R&D expenses for 2024 totaled 9.7381 million yuan, an increase of 49.96% compared to the previous year [4][10] - The company focused R&D investments on automotive components, semiconductor storage, and the Chenzhou lithium battery new energy project [4][10] Group 4: Future Strategies - In 2025, the company plans to leverage its strengths in "new energy + automotive" and "semiconductor storage + smart terminals" to drive growth [5][11] - The company aims to respond to the global storage market recovery by expanding quality production capacity and optimizing product structure [5][11] - The Chenzhou lithium battery project is progressing, with plans to produce 20,000 tons of battery-grade lithium carbonate annually [8][23] Group 5: Market Challenges and Responses - The company faces challenges due to industry structural adjustments and ongoing investments in new projects, impacting profitability [7][10] - The company is implementing strategies to mitigate risks associated with inventory and order fluctuations in the semiconductor storage sector [13][15] - The company emphasizes environmental protection and compliance with regulations in its operations, particularly in the lithium mining sector [21][24]

Group 1: Major Asset Restructuring - Xiangcai Co. and Shanghai Dazhihui Co. are planning a major asset restructuring through a share swap, with Xiangcai issuing A-shares to absorb Dazhihui [2][3] - The stock of both companies will be suspended from trading starting March 17, 2025, for a period not exceeding 10 trading days [2] - As of the latest closing, Xiangcai's total market value is 19.7 billion, while Dazhihui's is 18.055 billion, totaling approximately 37.8 billion [3] Group 2: Securities Industry Mergers - The securities industry is experiencing a wave of mergers, with significant room for consolidation driven by policy guidance and internal motivations [3][4] - Recent merger cases include Zhejiang Merchants + Guodu, Western + Guorong, and Guoxin + Wanhua, indicating diverse integration pathways [3] - The current valuation of the brokerage sector is at 1.6 times PB, suggesting limited downside and potential for upward movement [4] Group 3: Huawei's Harmony OS Developments - Huawei has launched a new laptop pre-installed with Linux, potentially signaling a shift towards its own Harmony OS for future PC products [5] - Harmony OS has gained a 17% market share in China, surpassing Apple's iOS to become the second-largest operating system in the market [6] - The official release of Harmony OS NEXT (5.0) is expected in 2024, with a goal of achieving 100,000 applications as a sign of ecosystem maturity by 2025 [7] Group 4: Investment Opportunities in Harmony Concept Stocks - 229 Harmony concept stocks have seen an average increase of 23.53% this year, outperforming the Shanghai Composite Index [8] - Notable low-valuation stocks include Dahua Technology with a rolling P/E ratio below 10, attracting significant institutional investment [8] - Six low-valuation concept stocks are projected to have net profit growth rates exceeding 20% in 2025 and 2026, indicating strong future potential [8]