Group 1 - The core viewpoint of the article is the performance briefing held by Nasda, which attracted participation from 60 institutions including Zhonggeng Fund Management Co., Ltd. and Xinhua Asset Management Co., Ltd. [1] Group 2 - Overall performance: In the first half of 2025, the company achieved total operating revenue of 12.327 billion yuan, a year-on-year decrease of 3.65%; net profit attributable to shareholders was -312 million yuan, a year-on-year decrease of 132.02%; net profit after deducting non-recurring gains and losses was -165 million yuan, a year-on-year decrease of 126.51% [1] Group 3 - Business segment performance: - Pantum: In the first half of 2025, Pantum's operating revenue was 2.309 billion yuan, a year-on-year increase of 10%; net profit was 324 million yuan, a year-on-year decrease of 16%; overall printer sales decreased by 5% year-on-year, while A3 copier sales increased by 115%. In Q2, Pantum's operating revenue was 1.316 billion yuan, a quarter-on-quarter increase of 33%; net profit was 227 million yuan, a quarter-on-quarter increase of 136%; overall printer sales increased by 24% quarter-on-quarter, and A3 copier sales increased by 30% [1] - Jihai Microelectronics: In the first half of 2025, Jihai's operating revenue was 555.6 million yuan, a year-on-year decrease of 18%; however, revenue from non-consumable chips in industrial control and automotive sectors was 254 million yuan, a year-on-year increase of 52%. Net profit was 18 million yuan, a year-on-year decrease of 94%; net profit after deducting non-recurring gains and losses was 11 million yuan, a year-on-year decrease of 84%. Total chip shipments reached 293 million pieces, a year-on-year increase of 16%, with non-consumable chip sales at 182 million pieces, a year-on-year increase of 47% [1] - General printing consumables: In the first half of 2025, the general consumables business achieved operating revenue of 2.697 billion yuan (after internal offset), which was basically flat year-on-year; net profit was 28 million yuan, a year-on-year decrease of 64%, with total sales of general consumables remaining flat year-on-year [1] Group 4 - Q&A session highlights: - Progress in the Xinchuang field: Pantum's printer sales in the Xinchuang market showed significant growth, with substantial progress in domestic replacement in the financial sector and initial progress in education and healthcare sectors [1] - Domestic and international business strategy: After selling Lexmark, the company's operations have become more stable, with Pantum having advantages in the domestic computer peripheral market and potential to capture shares in Europe and Belt and Road countries; Jihai Microelectronics aims to be among the top domestic integrated circuit design companies [1] - Lexmark project risks: The company is actively addressing arbitration matters, and risks are considered controllable [1] - A3 product strategy: The self-developed A3 products are suitable for developing country markets, focusing on product improvement and stability, with plans to cover nearly 90% of market demand in developing countries within two years, starting from the Chinese market [1]

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.

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company has solidified its position as a leader in the printer market, with its subsidiary, Bantu, continuously enhancing its competitiveness [3]. - The semiconductor business of Jihaiwei is showing sustained growth, indicating successful transformation efforts [2]. - Despite a decline in total revenue of 3.65% year-on-year to 12.327 billion yuan in the first half of 2025, the company is expected to have a more stable business development following the completion of significant asset disposals [1][3]. Financial Performance Summary - In the first half of 2025, the company reported a net profit attributable to shareholders of -312 million yuan, marking a shift from profit to loss [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 393 million, 1.356 billion, and 1.906 billion yuan, respectively, with corresponding PE ratios of 96X, 28X, and 20X [3][4]. - Revenue is expected to grow from 26.415 billion yuan in 2024 to 38.295 billion yuan in 2027, reflecting a compound annual growth rate of 16.6% [4][9]. Product and Market Developments - Bantu has achieved significant progress in product structure upgrades and technology breakthroughs, with A3 copiers becoming a core growth driver, showing a 115% year-on-year increase in sales [1]. - The company has also made strides in the domestic innovation market, with a 65% year-on-year increase in shipments of domestic printers, and a 130% quarter-on-quarter growth in the second quarter [1].

Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]

Group 1 - The core viewpoint of the article is that Dongwu Securities has issued a "buy" rating for Nasda (002180.SZ) with a latest price of 23.33 yuan, based on several positive factors [2] - The introduction of national testing standards for information technology innovation (信创国测标准) is expected to lead to a continuous increase in market share for Bentu [2] - The competitive strength of Jihai Micro is continuously strengthening, which is another reason for the positive rating [2]

Group 1 - The core viewpoint of the report is that Nasta (002180) is positioned as a leading domestic printer manufacturer with strengthening competitiveness, supported by the introduction of national standards for information security and testing [1][3] - The new 3.0 version of the evaluation guidelines from the China Information Security Testing Center is expected to enhance the demand for domestic components in printers, which will likely lead to an increase in market share for Nasta's brand, Bantu [1] - Bantu has established a strategic partnership with Huawei, adapting over 200 products to the HarmonyOS, which is anticipated to further solidify its position in the domestic market [1] Group 2 - Nasta's self-developed A3 laser printer is set to launch in 2024, with performance metrics showing significant improvements, including a world record for continuous printing [1] - The company is actively expanding into the high-end printer market, which is expected to drive up product average prices and gross margins [1] - The report predicts a decrease in EPS for 2025 and 2026 due to the sale of Lexmark and increased R&D investments, but maintains a positive outlook on market share growth and product introductions [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is a leading domestic printer manufacturer with continuously strengthening competitiveness. The introduction of national standards for information security is expected to enhance the market share of its products [8] - The company has made significant advancements in its product performance, particularly with the launch of its A3 laser printer and the "Kangda" series, which has set a world record for continuous printing [8] - The report anticipates that the company's market share will continue to grow due to its strategic partnerships and the increasing demand for domestic products in the printing sector [8] Financial Forecasts - Total revenue is projected to increase from 24,062 million RMB in 2023 to 33,892 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 7.12% [1] - The net profit attributable to the parent company is expected to rise from a loss of 6,185.11 million RMB in 2023 to a profit of 2,394.04 million RMB in 2027, reflecting a significant recovery and growth trajectory [1] - The earnings per share (EPS) is forecasted to improve from -4.35 RMB in 2023 to 1.68 RMB in 2027, indicating a strong turnaround in profitability [1] Market Data - The closing price of the company's stock is 23.76 RMB, with a market capitalization of approximately 33,783.84 million RMB [6] - The price-to-earnings (P/E) ratio is projected to decrease from 45.09 in 2024 to 14.11 in 2027, suggesting an improving valuation as earnings grow [1][6] Operational Highlights - The company has successfully adapted over 200 products to the Huawei HarmonyOS, enhancing its competitive edge in the domestic market [8] - The report notes that the company has established partnerships with major automotive manufacturers, which will support its growth in the automotive chip sector [8]

Core Viewpoint - Yingmei Holdings (02028) experienced a significant decline of over 30% in its stock price, dropping 30.49% to HKD 0.155, with a trading volume of HKD 3.6113 million [1] Group 1: Stock Performance - The stock was temporarily suspended from trading yesterday and continued to decline after resuming trading this morning [1] - Prior to the decline, the stock had surged dramatically, with a cumulative increase of 346% over the previous two trading days [1] Group 2: Financial Outlook - Yingmei Holdings 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 decrease in printer demand, asset impairment provisions, and the lack of significant sales in medical products [1]

Group 1 - The core viewpoint of the article indicates that Yingmei Holdings (02028) is expecting a loss of RMB 35 million to 40 million in the first half of 2025, following a loss of RMB 43.495 million in the same period last year [1] - The primary reasons for the losses are attributed to a decline in printer demand, asset impairment provisions, and the lack of scale sales in medical products [1] - The company has applied for its shares to resume trading starting from 9:00 AM on August 13, 2025 [1]

Core Viewpoint - The company, Yingmei Holdings (02028.HK), is expected to report a loss of between RMB 350 million to RMB 400 million for the six months ending June 30, 2025, compared to a loss of RMB 434.95 million in the same period last year [1] Group 1: Financial Performance - The anticipated loss for the upcoming period is attributed to a decline in printer demand, asset impairment provisions, and the lack of scale in medical product sales [1] - The company reported a significant loss of RMB 434.95 million in the previous year [1] Group 2: Market Activity - The company has applied to the Stock Exchange for the resumption of trading of its shares starting from 9:00 AM on August 13, 2025 [1]