Ninestar (002180) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was ¥12.33 billion, down 3.65% year-over-year; net loss attributable to shareholders was ¥311.77 million, a 132.02% decrease year-over-year.

• Operating cash flow increased 14.45% year-over-year to ¥562 million.

• Major asset restructuring completed: sale of Lexmark International to Xerox for an estimated $900.57 million, with final settlement pending post-audit.

• No interim dividend, bonus shares, or capital increase from reserves planned.

Financial highlights

• Gross margin for printing segment was 30.34%, down 1.15 percentage points year-over-year.

• Printing business contributed 95.49% of revenue; integrated circuits 4.51%.

• Net assets attributable to shareholders at period end: ¥9.69 billion, down 3.45% from year-end 2024.

• Total assets: ¥35.57 billion, down 4.76% from year-end 2024.

• Non-recurring losses included ¥182.54 million from asset impairment related to held-for-sale assets.

Outlook and guidance

• Management expects continued pressure from global economic uncertainty and exchange rate volatility.

• Domestic printing and semiconductor markets show long-term growth potential, but short-term demand remains subdued.

• Ongoing focus on R&D, product innovation, and market expansion, especially in high-end and domestic replacement segments.