格隆汇8月27日丨映美控股(02028.HK)公告，截至2025年6月30日止六个月，集团营业收入约为人民币 70,195,000元，较上年同期减少约17%。公司股东应占亏损约为人民币30,935,000元，而2024年上半年为 亏损约人民币43,406,000元。2025年上半年股东应占亏损的主要原因是中国大陆持续全面推行数字电子 发票导致打印机市场需求不足，及确认资产减值导致。 ...

近日，纳思达举行业绩说明会，吸引了中庚基金管理有限公司、新华资产管理股份有限公司等60家机构 参与。以下为本次投资者关系活动的详细情况： 1.基本信息-投资者活动关系类别：业绩说明会 -时间： 未提及 -地点：未提及 -参与单位名称：中庚基金管理有限公司、新华资产管理股份有限公司等60家机 构 -上市公司接待人员姓名：奔图财务总监刘永维 2.公司经营情况-整体业绩：2025年上半年，公司实现 营业总收入123.27亿元，同比下降3.65%；归属于上市公司股东的净利润 -3.12亿元，同比下降 132.02%；扣除非经常性损益后的净利润 -1.65亿元，同比下降126.51%。 -各业务板块情况-奔图电子 （PANTUM）：2025年上半年，奔图营业收入23.09亿元，同比增长10%；净利润3.24亿元，同比下降 16%；打印机整体销量同比下降5%，A3复印机销量同比增长115%。第二季度，奔图营业收入13.16亿 元，环比增长33%；净利润2.27亿元，环比增长136%；打印机整体销量环比增长24%，A3复印机销量环 比增长30%。在信创市场，上半年出货量同比增长65%，二季度环比增长130%。同时，奔图与华 ...

纳思达 20250826 摘要 纳思达 2025 年上半年整体净利润亏损，但扣除特定影响后，净亏损约 为 2.4 亿元。奔图打印机业务自 2016 年并购利盟以来显著增长，尤其 在 A4 黑白低端机市场，但未来将扩展到中速黑白机、彩色机和 A3 机等 品类，以支撑营收增长。 奔图中国在国产化替代方面表现出色，商用市场保持增长，部分省份超 越行业龙头。国际化战略是重要方向，通过产品丰富和海外市场拓展， 摆脱对局部市场的依赖。董事长正积极制定出海战略，以期实现全球市 场份额的增长。 全球激光打印机市场规模约为 300 亿美元，A4 占 100 亿美元，A3 占 200 亿美元。奔图推出"扛打系列"中档打印设备，解决卡纸等痛点， 并获得世界纪录认证。2025 年上半年，信创市场同比增长 65%，为未 来市场拓展奠定基础。 中国信息安全测评中心新增打印机主控芯片品类，提升打印终端信息安 全重视度，奔图积极参与送测，有望提升市场占有率。芯片业务已转型 培养第二增长曲线，团队达 1,100 人，每年投入营收的 40%用于新业 务，非耗材芯片出货量显著增加。 Q&A 纳思达 2025 年上半年业绩如何？ 2025 年上半年 ...

Core Viewpoint - Beijing Junzheng (300223.SZ) focuses on the consumer market for its computing chips, which are utilized in products such as cameras, printers, robotic vacuum cleaners, and QR code scanners [1] Company Summary - The company specializes in computing chips designed primarily for consumer applications [1] - Key product categories include cameras, printers, robotic vacuum cleaners, and QR code scanning devices [1]

智通财经APP讯，映美控股(02028)公布，相比去年同期亏损人民币4349.5万元，该集团预期于2025年上 半年取得亏损人民币3500万元至4000万元。亏损的主要原因乃由于打印机需求下降和计提资产减值，以 及医疗产品尚未形成规模销售导致。 此外，公司已申请股份自2025年8月13日上午9点起复牌。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is positioned as a leading player in the global printer market, with its brand BenQ continuously enhancing its competitive edge and solidifying its market leadership [3]. - The semiconductor segment, particularly in automotive and industrial applications, is expanding, creating new growth opportunities for the company [3]. Summary by Sections Printer Business - The company has established itself as a global leader in the printer industry, with a sales network spanning over 110 countries and regions. It has developed a comprehensive supply chain covering key components, printers, and printing management services [10][13]. - BenQ's market share in the global printer market reached 2.9% in Q4 2024, up from 2.6% in Q3 2024, and is projected to increase to 3.1% in Q1 2025 [13]. - The company has a strong R&D team of over 2,000 people and holds more than 6,200 patents, showcasing its technological capabilities [19]. - The A3 printer segment saw a remarkable sales increase of 131.44% year-on-year in 2024, with a quarterly growth of 401.41% in Q4 [23]. - The introduction of AI features and smart printing solutions has further strengthened its position in the consumer market [24]. Semiconductor Business - The semiconductor division has been active for over 20 years, with significant investments leading to accelerated growth. The company has established itself as a key player in the semiconductor industry, particularly in automotive electronics [2][49]. - The company has successfully launched several chips for automotive applications, including the GURC01 ultrasonic sensor, which has been adopted by major automotive manufacturers [2]. - The company has developed a comprehensive product matrix in the semiconductor field, including high-performance microcontrollers and automotive-grade chips [62]. Financial Forecast and Investment Recommendations - The projected net profits for the company from 2025 to 2027 are estimated at 3.93 billion, 13.56 billion, and 19.06 billion CNY, respectively, with corresponding PE ratios of 85X, 25X, and 18X [3]. - The report highlights the potential for significant profit growth, especially after the divestiture of Lexmark, which is expected to enhance the company's focus on its core printing business [48].

Group 1 - The meeting between the Secretary of the Provincial Party Committee Lin Wu and HP CEO Enrique Lores highlighted the importance of HP's investment in Weihai, emphasizing the development of a complete printer industry ecosystem [1] - Lin Wu expressed hope for HP to expand its printer industry scale in Weihai, extend the industrial chain, and deepen cooperation with Shandong [1] - The meeting with Geely Holding Group's Chairman Li Shufu focused on expanding project investments and enhancing local supply chain cooperation, particularly in the fields of new energy vessels and smart mobility [1] Group 2 - The Shandong provincial government is actively engaging with multinational companies to improve the business environment and support their operations in the region [1] - The emphasis on high-quality development in the automotive industry was a key topic during the discussions with Geely, indicating a strategic focus on enhancing investment efficiency and production capacity [1]

Group 1 - The 26th Shanghai International Photography Equipment and Digital Imaging Exhibition (P&I 2025) is currently taking place at the Shanghai New International Expo Center, with JD.com as a key exhibitor showcasing various interactive experience zones [1] - JD.com has launched a dedicated event venue for P&I 2025 on its platform, offering consumers the opportunity to purchase exhibition products with a 15% national subsidy in certain regions, along with limited-time coupon activities [3] - The lens display area features renowned brands such as Sony, Fujifilm, Nikon, Tamron, Sigma, Canon, and Panasonic, attracting many photography enthusiasts to experience the unique imaging effects [5] Group 2 - The camera display area includes a "dopamine display wall" featuring high-cost performance domestic cameras, colorful children's cameras, and popular retro CCD cameras, becoming a popular photo spot at the exhibition [7] - The independent booths of DJI and GoPro showcased their latest flagship products, including the DJI Mavic 4 Pro and GoPro HERO13 Black, which drew significant attention from professional photographers and outdoor enthusiasts [9] - The printer display area features portable pocket printers ideal for instant printing, as well as the Anker eufyMake E1 UV printer capable of high-precision printing on over 300 materials [11] Group 3 - The 8th JD Imaging Contest is ongoing, offering participants a chance to win a global trip, along with on-site photography teaching sessions to help attendees find suitable photography equipment [13] - JD.com's 3C digital sales live broadcast room is synchronizing the exhibition, allowing online viewers to experience the latest photography equipment and printing devices while accessing exclusive discounts [13]

Group 1 - HP showcased its commitment to the Chinese market at the third Chain Expo, emphasizing its deep integration into the local innovation ecosystem by collaborating with upstream and downstream ISV partners to present comprehensive solutions across the entire production chain [1][2] - HP's CEO Enrique Lores highlighted the strategic importance of China, describing it as one of HP's largest and most dynamic markets, which plays a critical role in the global supply chain [1][2] - Despite facing challenges from rising component costs and U.S. tariffs, HP remains committed to its operations in China, with significant manufacturing bases in Chongqing and Weihai [4][5] Group 2 - In Q2 of FY2025, HP reported net revenue of $13.22 billion, slightly above market expectations, but its gross margin fell to 21.03%, the lowest in three years, reflecting pressure on profitability [2][4] - Lores confirmed that HP's adjustments in production are not indicative of a withdrawal from China, but rather a response to current challenges while maintaining long-term commitments [4][5] - HP's manufacturing bases in China are crucial for both local and global markets, supporting the development of the smart terminal industry cluster and driving supply chain upgrades through technological innovation [5] Group 3 - Lores emphasized the transformative potential of artificial intelligence (AI) and HP's strategy to integrate AI into its entire product line, aiming for localized operation of large language models to enhance cost efficiency, speed, and security [6][8] - The global AI PC market is projected to experience explosive growth, with estimates suggesting that AI PC shipments will exceed 100 million units by 2025, accounting for 40% of total PC shipments [8] - HP is accelerating its AI transformation by launching customized AI solutions for Chinese users, including high-end AI business laptops and upgraded intelligent audio-visual solutions [8][9] Group 4 - HP's strategy involves localized collaborative innovation, partnering with leading domestic AI firms to develop scenario-based solutions across various sectors, including smart manufacturing and education [9][10] - The trend of multinational companies in China is shifting from market-driven and cost-driven approaches to innovation-driven collaborations, as evidenced by significant increases in R&D personnel and funding in foreign-funded industrial enterprises [10] - Lores' visit to China aims to reinforce HP's strategic commitments and explore opportunities for intelligent upgrades in the supply chain, reflecting the company's focus on understanding its operational capabilities for future planning [10]

Group 1 - The report from the Kasikorn Research Center indicates that if the US imposes a 36% tariff on Thai products, it will lead to a significant shrinkage in Thailand's export value in the second half of the year [1][2] - The new tariff rate announced by President Trump is set to take effect on August 1, and if no agreement is reached before this date, the tariff will be implemented [1] - The 36% tariff is expected to reduce Thailand's competitiveness in the US market, particularly for products such as transformers, printers, air conditioners, and shrimp products [1] Group 2 - The Kasikorn Research Center believes that higher tariffs compared to most countries will exert deeper pressure on Thai exports, negatively impacting foreign direct investment and leading to a further decline in private investment [2] - Thailand's economy faces multiple risk factors, including potentially lower-than-expected tourist arrivals, which contribute to downward pressure on economic growth [2] - The economic growth rate for Thailand in 2025 is likely to fall below 1.4% due to these combined factors [2]