Core Viewpoint - Nasda's frequent external mergers and acquisitions appear to lack growth quality despite significant scale, with nearly 200 billion in revenue over ten years but a loss of 1 billion. The aftereffects of acquisitions are becoming evident, as the company plans to sell Lexmark International, acquired for over 10 billion, for less than 150 million, raising questions about the underlying motives and the quality of the acquired assets [1][4][13]. Group 1: Financial Performance - The company has reported cumulative revenue of nearly 200 billion over ten years but has incurred a total loss of 1 billion [7][9]. - Lexmark International, acquired for 27 billion USD, has contributed significant revenue but limited profit, with an average annual revenue contribution of around 15 billion from 2017 to 2024, yet the operating profit margin has been below 3% [9][12]. - The company’s revenue has significantly declined since 2019, with a notable drop in performance leading to substantial goodwill impairment in 2023 [15][19]. Group 2: Acquisition Strategy - From 2015 to 2021, Nasda engaged in acquisitions totaling over 25 billion, including the significant purchase of Lexmark International [5][6]. - The company plans to sell Lexmark International for a price significantly lower than its acquisition cost, raising concerns about the rationale behind such a decision [13][23]. - The acquisition of BenTu Electronics was marked by high premiums, with the transaction valued at 6.6 billion, involving related parties, which raises questions about potential capital arbitrage [24][25]. Group 3: Goodwill and Asset Quality - As of 2024, the company reported a goodwill balance of 135 billion, primarily from the Lexmark acquisition, which has not been adequately impaired despite declining revenues [15][20]. - The company has faced scrutiny regarding the reasonableness of its goodwill impairment assessments, particularly in light of significant revenue declines and unfulfilled performance commitments from acquired entities [16][19]. - Lexmark's own financials indicate a concerning trend, with its goodwill consistently exceeding its net assets, suggesting potential issues with asset quality [20][21]. Group 4: Market Reaction and Stock Performance - Despite the company's efforts to enhance investor confidence through share buybacks, the stock price has faced downward pressure, dropping over 60% from its peak [2][23]. - The company's financial metrics indicate that while revenue has surged, profitability remains weak, leading to skepticism in the market regarding its long-term viability [7][12]. Group 5: External Environment Impact - The company has cited adverse external conditions affecting its operations, particularly the impact of the COVID-19 pandemic on Lexmark's business, which has led to significant declines in sales and operational challenges [17][19]. - The overall financial health of the company has deteriorated, with rising debt levels and increasing financial pressure, prompting the decision to divest Lexmark [22][23].

每经记者｜陈鹏丽 每经编辑｜陈俊杰 5月19日晚，纳思达（曾用名艾派克，SZ002180，股价21.35元，市值303.8亿元）公布了拟出售Lexmark International II, LLC（以下简称美国利盟）100%股权的详细草案。纳思达控股子公司Ninestar Group Company Limited拟向Xerox Corporation（施乐公司）出售美国利盟100%股权，预估交易对价范围在0.75 亿美元至1.5亿美元。 《每日经济新闻》记者获悉，2016年纳思达斥资36亿美元收购美国利盟100%股权。本次接盘方施乐公 司，系美国纳斯达克证券交易所上市公司Xerox Holdings Corporation的全资子公司。美国利盟系持股平 台，实际业务主体为其间接控制的全资子公司利盟国际。利盟国际也是纳思达经营打印机业务的重要子 公司之一。 不难看出，本次出售的预估交易对价与当年并购价相比，已经"折上打折"。更重要的是，2024年，美国 利盟的资产总额占纳思达资产总额比例超50%，营收贡献超60%。纳思达称，出售美国利盟是为了突出 主业、提高上市公司的盈利能力。截至目前，上述资产出售的相关议 ...

纳思达：拟出售美国利盟100%股权 将集中资源发展打印机自主品牌 智通财经5月19日电，纳思达(002180.SZ)发布重组报告书草案，公司拟以现金交易的方式向Xerox Corporation（施乐公司）出售其控股子公司美国利盟100%股权。本次交易完成后，上市公司不再直接 或间接持有美国利盟的股权。美国利盟的营业收入占上市公司最近一个会计年度经审计合并口径营业收 入超过60%。本次交易后，上市公司打印机业务的主营业务收入有所减少，但上市公司的子公司奔图电 子依然经营打印机业务，上市公司主营业务范围未发生变化，未来打印机业务依然是上市公司的业务重 心之一。本次交易完成后，上市公司面临的境外经营风险大幅下降，上市公司将集中资源发展打印机自 主品牌。本次交易预计构成重大资产重组。 ...

证券研究报告·A 股公司简评 计算机 核心观点 2024 年，公司营收 264.15 亿元，同比增长 9.78%；归母净利润 7.49 亿元，同比增长 112.11%；扣非归母净利润 3.53 亿元，同比 增长 105.60%。25Q1，公司营收 59.27 亿元，同比下降 5. 79%； 归母净利润 0.84 亿元，同比下降 69.64%。受益于国内信创打印 机出货持续增长，一带一路推动下海外需求旺盛，叠加公司 A 3 打 印机销量实现高速增长，预计公司 2025-2027 年营业收入分别为 156.76/193.94/237.53 亿元，同比分别变动-40.65%/23.72%/ 22.48%，归母净利润为 15.60/22.12/29.90 亿元，同比分别增长 108.28%/41.73%/35.21%，对应 PE 20/14/10 倍，维持"买入"评 级。 事件 2024 年，公司营收 264.15 亿元，同比增长 9.78%；归母净利润 7.49 亿元，同比增长 112.11%；扣非归母净利润 3.53 亿元，同比 增长 105.60%。2025 年第一季度，公司营收 59.27 亿元，同比下 降 ...

25Q1 受市场采购节奏影响经营承压，毛利率持续提高。2025 年第一季度，纳思达营收59.27 亿元，同 比下降5.79%；归母净利润0.84 亿元，同比下降69.64%；受市场采购节奏影响相对承压；毛利率则逆市 同比提升0.48pct 至31.70%；销售/管理/研发/财务费用率分别变动-0.41/-0.36/-0.04/+1.09pct，汇兑损益和 未确认融资费用增加导致财务费用提升。 分业务看，24 年打印及耗材业务平稳增长，25Q1 各业务普遍承压。 核心观点 2024 年，公司营收264.15 亿元，同比增长9.78%；归母净利润7.49 亿元，同比增长112.11%；扣非归母 净利润3.53 亿元，同比增长105.60%。25Q1，公司营收59.27 亿元，同比下降5. 79%；归母净利润0.84 亿元，同比下降69.64%。受益于国内信创打印机出货持续增长，一带一路推动下海外需求旺盛，叠加 公司A3 打印机销量实现高速增长，预计公司2025-2027 年营业收入分别为156.76/193.94/237.53 亿元， 同比分别变动-40.65%/23.72%/22.48%，归母净利润为15.60 ...

" 将工业级技术下放到消费级市场，用十分之一的价格做到近似的 性能，是安克的爆款法则。 " 作者丨姚单 编辑丨刘伟 安克旗下打印机品牌AnkerMake更名为eufyMake一个多月后，在众筹平台上线了第一款UV打印机—— eufyMake E1，仅12小时众筹金额破千万美金，目前已突破两千万美金大关，打破全球历史科技类众筹 记录。 雷峰网了解到，eufyMake E1众筹所得的两千万美金中，有部分是由安克上一代多色3D打印机客户贡献 的。彼时，安克的多色3D打印机交付出现问题，为弥补客户损失，安克承诺退款并提供新品折扣，从而吸 引他们持续支持这款UV打印机。 尽管有老用户的支持，eufyMake E1的众筹成绩依旧堪称惊艳。这一成绩是如何实现的？安克又为何会选 中UV打印机这个赛道？eufyMake E1集多种功能于一身，售价仅一千多美元，只有传统UV打印机的十分 之一，背后是如何实现的？eufyMake E1又是否会重蹈安克3D打印机交付不顺的覆辙？这一系列问题都 值得我们深入探究。 在UV打印领域，传统大型打印门店需要使用不同的大型机器实现不同的打印需求。比如，打印大幅广告用 滚筒式机器，打印马克杯用特 ...

Core Viewpoint - Epson companies have filed a complaint with the U.S. International Trade Commission, alleging that certain ink cartridges and components imported and sold in the U.S. violate Section 337 of the Tariff Act of 1930 [1]. Group 1: Companies Involved - The complaint was filed by Epson Portland Inc., Epson America, Inc., and Seiko Epson Corporation [1]. - A list of defendants includes multiple companies from China and Hong Kong, such as Dongguan Ocbestjet Digital Technology Co., Ltd., Shenzhen Hongxinyuan ECommerce Co., Ltd., and Zhuhai Zhenyang Electronics Co., Ltd. [2]. Group 2: Legal Context - The complaint is based on Section 337 of the Tariff Act of 1930, which addresses unfair practices in import trade [1]. - The focus is on specific ink cartridges and their components that are allegedly infringing on U.S. trade laws [1].

5月6日至10日，江苏省淮安工业园区党工委书记崔步银率队赴深圳、北京、安徽等地开展招商考察，面 对面宣传推介园区，点对点对接推进项目，持续掀起大抓招商、大抓项目、大抓产业的发展热潮，为园 区高质量发展蓄势赋能。 在深圳期间，崔步银还参加了2025淮安（深圳）新一代信息技术产业链协同发展恳谈会，利用活动契 机，积极拜访客商、推介园区。 深圳是新一代信息技术行业的发源地和集聚地。崔步银一行先后拜访了汽车PCB制造、3D打印机生 产、高速传输光纤线束制造等6家企业，详细了解企业产业布局、产品技术优势、应用场景等情况。每 到一处，崔步银都与企业负责人深入洽谈交流，积极推介园区的投资环境与产业发展优势。崔步银说， 新一代信息技术产业是淮安重点打造的主导产业，园区新一代信息技术产业发展势头强劲，创新型企业 加快集聚，产业链不断完善。诚挚邀请各位企业家到园区实地考察，深化交流、加强合作，共同开拓新 领域、新赛道，实现互利共赢、共同发展。企业家们对园区推动高质量发展的生动实践给予充分认可， 纷纷表示将进一步加强沟通对接，加快推动相关合作事项落地落实，共享发展机遇，共创美好未来。 今年以来，淮安工业园区锚定全年目标，以"拼"的 ...

4月29日，纳思达股份有限公司(002180.SZ)披露2025年第一季度报告。报告期内，公司实现营业收入 59.27亿元，归属于上市公司股东的净利润0.84亿元，扣除非经常性损益后净利润0.80亿元。 此外，纳思达打印耗材业务积极打造新的业务增长点，海外市场在南美、欧洲、澳洲、亚太等多个市场 成功开拓规模较大的新客户，带来了高价值增量，为未来市场占有率及利润的良性增长打下坚实基础。 在集成电路业务方面，今年开年以来纳思达旗下极海微先后发布BMP561单节电池电量监测计芯片、基 于Arm架构的实时控制MCU——G32R501、与广汽集团联合发布的AK2超声波传感器芯片与双通道 DSI3网络收发器芯片等多项国产首款芯片。极海微在集成电路市场上的认可度也得到持续攀升，纳思 达集成电路业务2025年一季度总体芯片出货量达1.25亿颗，同比增长9.38%，其中非耗材芯片营收1.04 亿元，同比增长58.52%。 最新消息显示，纳思达已经在为人形机器人公司宇树科技提供超声波雷达技术测障碍物的设计集成服 务，项目正处于产品验证阶段。而早在今年4月举办的OFweek 2025 中国机器人产业大会上，极海微已 作为国产机器人 ...

Core Insights - HP launched nine new models of the Jet series duplex laser printers at the Spring 2025 printer product launch and partner conference, marking a significant technological innovation and localization strategy upgrade in the commercial printing sector [1] - HP's long-term strategy emphasizes the importance of the Chinese market, despite short-term impacts from economic conditions and trade tensions [1][2] Group 1: Market Position and Strategy - HP's A4 laser printer and multifunction printer shipments in China have exceeded 66 million units since entering the market in 1983, with a market share of 16.6% in 2024, ranking first [2] - The company aims to maintain its "Made in China" strategy while potentially adjusting some manufacturing operations to the U.S., ensuring that most components still come from China [2] Group 2: Product Development and Customer Focus - The new Jet series printers are designed to meet the diverse printing needs of industries such as healthcare, finance, and education, reflecting HP's user-centric product philosophy [4] - HP's global president of laser printing emphasized the commitment to leveraging leading printing technology and localized manufacturing to provide intelligent and reliable printing solutions [3]