Investment Rating - The report does not explicitly provide an investment rating for the thermal printer industry Core Insights - Thermal printers account for over 50% of the total shipment volume in the printer market, making them a mainstream application type [4] - The global thermal printer market is expected to exceed $10 billion by 2030, driven by demand from retail, logistics, healthcare, and manufacturing sectors [20] - The thermal printer market in China is projected to grow rapidly, with an expected increase in global shipment share from approximately 5% in 2024 [21] Summary by Sections Market Overview - Thermal printers are widely used in various sectors including retail, dining, logistics, industrial manufacturing, and healthcare, with a shipment volume share exceeding 50% in the overall printer market [4] - The market share by sales value for thermal printers is approximately 35%, attributed to a wide price range from hundreds to thousands of dollars [4] Advantages of Thermal Printers - Thermal printers offer advantages such as portability, fast printing speed, and low cost, making them suitable for real-time printing scenarios [5] - They do not require ink cartridges or toner, only needing periodic replacement of thermal paper [5] Technological Innovations - Future innovations in the thermal printer industry include dual-color printing and AI integration, enhancing user experience and application versatility [10] Key Components and Domestic Progress - The thermal print head is identified as the core component, directly influencing print quality [16] - There is significant potential for domestic replacement in the thermal print head market, currently dominated by Japanese manufacturers [17] Market Size and Growth - The global thermal printer market size is projected to reach approximately $6.67 billion in 2024, with label printers accounting for nearly 75% of this market [20] - The Chinese market is expected to see a gradual increase in thermal printer shipment share due to rapid development in various industries [21] Competitive Landscape - The global thermal printer market features a clear tiered structure, with leading companies like Zebra and Honeywell dominating the first tier [27] - In China, the market is more fragmented, with domestic companies like TSC and Hanin leading in shipment volume [28]

Core Viewpoint - Yingmei Holdings (02028) experienced a significant decline of over 30% in its stock price, attributed to a recent announcement of expected losses and a drop in printer demand [1] Company Summary - Yingmei Holdings' stock price fell by 30.49%, trading at HKD 0.155, with a trading volume of HKD 3.6113 million [1] - The company had previously seen a substantial increase in stock price, with a cumulative rise of 346% over the last two trading days [1] - The company announced an expected loss of RMB 35 million to 40 million for the first half of 2025, compared to a loss of RMB 43.495 million in the same period last year [1] - The primary reasons for the anticipated losses include a decline in printer demand, asset impairment provisions, and the lack of scale in medical product sales [1]

Group 1 - The company reported a loss of RMB 43.495 million compared to the same period last year, and it expects to incur a loss of RMB 35 million to 40 million in the first half of 2025 [1] - The primary reasons for the losses are a decline in printer demand, asset impairment provisions, and the lack of significant sales in medical products [1] - The company has applied for the resumption of trading of its shares starting from 9:00 AM on August 13, 2025 [1]

Group 1 - The stock price of Yingmei Holdings (02028) surged by 79.78% on August 12, reaching HKD 0.16 per share with a trading volume of HKD 1.3379 million [1] - Yingmei Holdings primarily engages in the research, production, sales, and operation of various printers under its own brand "Jolimark Yingmei," including dot matrix, inkjet, thermal, and mini printers, and has expanded into emerging consumer and medical device markets [1] - The company holds numerous intellectual properties, having obtained 137 national patents, 78 software copyrights, and 18 high-tech product certificates, covering a total of 58 product models [1] Group 2 - As of the 2024 annual report, Yingmei Holdings reported total revenue of HKD 150 million and a net loss of HKD 59.834 million [2]

Core Viewpoint - The European Commission has approved Xerox's acquisition of Lexmark, stating that the deal will have a limited impact on competition in the market for both companies [1] Company Summary - Xerox is set to acquire Lexmark, a manufacturer of laser printers, following the approval from the European Commission [1] - The European Commission assessed the competitive landscape and concluded that the merger would not raise any competition concerns [1] Industry Summary - The approval indicates a favorable regulatory environment for mergers and acquisitions within the printing and imaging industry [1] - The limited impact on competition suggests that the market dynamics will remain stable post-acquisition, potentially benefiting both companies in terms of market share and operational synergies [1]

Core Insights - HP has launched a new generation of double-sided laser printers, capable of printing A4 pages at a speed of 30 pages per minute in high-speed mode, with a maximum print resolution of 1200*1200 dpi to ensure clear imaging [1] Market Position - According to IDC, HP holds a 16.6% market share in the printer market in China for the year 2024, ranking first [1] - From 2000 to 2023, HP's A4 laser printer shipments in the Chinese market have exceeded 50 million units [1] Localization Efforts - The new printers are manufactured locally in China, addressing the domestic demand for localization, with a high localization rate for several core components [1]