Ninestar (002180) H2 2025 earnings summary

Executive summary

• Revenue fell 37.48% year-over-year to ¥16.51 billion, with a net loss attributable to shareholders of ¥718 million, reversing a profit last year.

• Operating cash flow dropped 56.18% year-over-year to ¥1.20 billion.

• Major asset restructuring included the sale of Lexmark International II, LLC, resulting in a one-time loss of ¥695 million from discontinued operations.

• The company will not distribute dividends due to accumulated losses at the parent level.

Financial highlights

• Gross margin for the printing segment was 28.34%, and for integrated circuits 43.88%.

• Net assets attributable to shareholders decreased 9.82% year-over-year to ¥9.05 billion.

• Total assets declined 54.3% year-over-year to ¥17.07 billion, mainly due to the asset sale.

• Basic and diluted EPS were both -0.5096, compared to 0.53 last year.

• R&D investment was ¥1.46 billion, 8.86% of revenue.

Outlook and guidance

• Plans to expand global market share in printers, strengthen internationalization, and accelerate R&D in high-end and color printers.

• Integrated circuit business will focus on domestic substitution, especially in industrial control and automotive chips.

• Company name to change to Pantum Technology in 2026, reflecting a strategic shift to a broader technology platform.