纳思达（002180.SZ）2025 年半年报点评 打印机市场龙头地位巩固，芯片业务多点开花 2025 年 08 月 25 日 ➢ 事件概述：2025 年 8 月 23 日公司发布 2025 年半年报，2025 年上半年公 司实现营业总收入 123.27 亿元，同比下降 3.65%，归母净利润-3.12 亿，同比 止盈转亏。 ➢ 重大资产出售对利润产生影响，短期波动不改长期发展前景。公司重大资产 出售已于 2025 年 7 月 1 日完成交割。根据公司半年报，公司 2025 年上半年持 有待售资产的减值额度较大。但短期波动不改长期预期，近几年利盟业绩波动较 大，待剥离完成后，公司业务发展将更加稳健。 ➢ 奔图实现产品结构升级与技术突破，市场拓展等方面不断取得进展。1）高 端产品放量：A3 复印机成为核心增长引擎，上半年销量同比激增 115%。2）技 术可靠性验证：发布的"扛打系列"打印机创下连续打印超 40 万页、卡纸率< 0.02‰的世界纪录。3）信创市场突破：信创打印机出货量同比增长 65%，二季 度环比增长 130%，深度适配鸿蒙、统信 UOS 等 10 余种国产操作系统。 ➢ 极海微在多个应用场景实现 ...

Core Insights - Nasda's revenue for Q1 2025 reached 5.927 billion yuan, with a net profit attributable to shareholders of 84 million yuan, and a net profit of 80 million yuan after deducting non-recurring gains and losses [1] - The company is focusing on enhancing its R&D, brand promotion, and offline service channels, which has led to increased expenses [1] - The company has seen growth in its key sectors, particularly in the domestic commercial market and the financial and government sectors [1][3] Business Segment Summary - **Printing Brand (Bentu)**: Revenue of 999.2 million yuan and a net profit of 97 million yuan. The brand has increased its market share in key industries, with a year-on-year sales growth of 11.24% in the trust and innovation market and 7.11% in the domestic commercial market [1] - **Lexmark**: Revenue of 513 million USD and a net profit of 2.5382 million USD [1] - **Integrated Circuit Business**: Revenue of 254 million yuan and a net profit of 12 million yuan. The total chip shipment reached 125 million units, a year-on-year increase of 9.38%, with non-consumable chip revenue growing by 58.52% [2] - **General Consumables**: Revenue of 1.322 billion yuan and a net profit of 16 million yuan. The company is expanding its client base in overseas markets, contributing to future market share and profit growth [2] Strategic Developments - Nasda's subsidiary, Gezhige, has formed a strategic partnership with JD.com to enhance its service capabilities in government and enterprise procurement [2] - The company is actively involved in the robotics sector, providing ultrasonic radar technology for Utree Technology and has been recognized for its innovative products in the robotics industry [3] - Continuous innovation investments and adjustments in the international market are expected to create growth opportunities in upcoming quarters [3]