The survey content is as follows:
1. The company's 2021 semi-annual performance
In the first half of the year, the company achieved a total operating income of 990,732,200 yuan, an increase of 0.19% over the same period of the previous year; operating profit was 69,192.61 The net profit attributable to shareholders of listed companies was RMB 425,884,400, an increase of 18.66% over the same period last year. The total assets of the company at the end of the period were RMB 37,739,674,600, a decrease of 1.27% from the beginning of the period; the owner's equity attributable to shareholders of the listed company was RMB 888,505,300, an increase of 9.14% from the beginning of the period. Although the demand in the European and American markets has not returned to the level before the epidemic, the overall operating conditions of Lexmark's printer business have improved compared with last year. In the first half of the year, Lexmark’s operating income was approximately US$1,059,079,400, an increase of 4.73% over the same period of the previous year. In the first half of 2021, when the renminbi appreciates, Lexmark’s converted income is approximately 6,850,337,500 yuan, down 3.8% from the same period last year; net profit is 148,087,700 yuan, an increase of 31.12% year-on-year. Global shipments and revenues of Pantum printers have maintained steady growth, with shipments increasing by more than 50% year-on-year, and shipments of original consumables have continued to grow rapidly, with a year-on-year increase of over 90%. Pantum's operating income for the first half of the year was approximately RMB 1,863,427,700, an increase of approximately 151.4% year-on-year; net profit was approximately RMB 351,510,800, an increase of approximately 764.61% year-on-year. At present, Pantum has achieved both shipment volume and market share growth for 7 consecutive years, the commercial market volume and price have risen, and profitability has continued to improve. In terms of general consumables, the company's general-purpose ink cartridge sales have increased significantly compared with the same period last year due to a substantial increase in household demand. The sales volume this period has fallen, and general-purpose toner cartridge shipments have increased by more than 10% year-on-year. Domestic sales revenue in the first half of the year increased by 30% year-on-year, and sales of recycled toner cartridges increased by 238% year-on-year. However, due to the combined effects of exchange rate fluctuations, rising prices of bulk materials, and rising transportation costs, the company’s general printing consumables business has experienced a temporary decline in profitability, but the company has continued to innovate and make breakthroughs in patent research and development.170 patent applications were completed in the first half of the year, ensuring the stable development trend of the patent layout of general-purpose toner cartridges and ink cartridges. In order to accelerate the construction of a globalization strategy and lay out the global market, the company has accelerated global mergers and acquisitions and continued to grow its influence in the industry. On the basis of consolidating the existing market share, it actively explores new sales networks and channels, and continues to increase the market. Share.
2. What is the growth prospect of Pantum printers?
According to the 2021 semi-annual report, Pantum's operating income in the first half of the year was approximately 1,863,427 million yuan, an increase of approximately 151.40% year-on-year; net profit was approximately 351,110,800 yuan, an increase of approximately 764.61% year-on-year. At present, Pantum has achieved both shipment volume and market share growth for 7 consecutive years, the commercial market volume and price have risen, and profitability has continued to improve. At present, Pantum is performing well in the Xinchuang market, the consumer market, and the foreign export market. In the future, it has good growth prospects in developing countries and other regions.
3. Sun's Jihai Semiconductor is currently focusing on the chip business in the non-printing field. How compatible is it with Ninestar's main business?
The prerequisite for the rapid development of Jihai is based on the 20 years of chip design and production experience of its subsidiary Apex Microelectronics. The general consumable chips developed by Apex Microelectronics have also been nurturing Ninestar's consumables business. The development of printing and non-printing fields is inseparable from the development of chips. At present, Jihai’s general-purpose MCUs have made major breakthroughs in the sales of head customers in the fields of automotive electronics, industrial electronics, medical equipment, and high-end consumer electronics. Changhong, Haier, Xiaomi, Huichuan, INVT, Nestle, Libang Precision, Great Wall Cars, Buick Motors, Wuling Hongguang and other well-known customers have achieved mass supply. The company's development trend in the field of non-printing chips is good, and it complements the company's main business.
4. According to the 2021 semi-annual financial report, the net profit of general consumables business has dropped by about 50%. What are the specific reasons?
During the reporting period, the company's general printing supplies business (including all holding subsidiaries) achieved operating income of RMB 2,494,703,300, a year-on-year increase of 2.92%, and net profit of RMB 102,560,500, a year-on-year decrease of 51.11%.Domestic sales revenue in the first half of the year increased by 30% year-on-year, and sales of recycled toner cartridges increased by 238% year-on-year. However, due to the combined effects of exchange rate fluctuations, rising prices of bulk materials, and rising transportation costs, the company's general printing consumables business has experienced a temporary decline in profitability. Under the situation of increasingly fierce competition in the global general consumables industry, the company continues to optimize production line automation in production strategy, improve production efficiency, and effectively reduce labor costs; in supply chain strategy, it has completed a series of supply chain reform and efficiency improvement projects, and strengthened Cost control in inventory and procurement management; At the same time, the company has further expanded its own patented technology advantages, product quality control and market share advantages, actively overcome the disadvantages of the current environment, strengthened the development of general printing consumables business, and enhanced the company's continued profitability ability. In addition, in 2020, the new accounting standards will change, cash discounts, freight, etc. are included in the cost without retrospective adjustments, and the gross profit margin has declined. The decline in net profit was mainly due to: 1. The exchange rate was affected. Last year’s foreign option lock-up quota was insufficient. The RMB exchange rate rose sharply in September, causing exchange rate losses; 2. The share of equity incentive expenses; 3. The company’s general ink cartridge sales compared to the same period last year due to household use Demand has increased sharply, and sales in this period have dropped; 4. Overseas freight rates have risen and freight costs have risen. This is also a global problem, but as the epidemic improves, I believe this problem will be improved in the future.
5. Is there any risk of impairment for Lexmark?
At the time when the epidemic was the most serious in 2020, Lexmark’s business was affected, but Lexmark’s goodwill was not impaired and there was no risk of impairment. This was repeatedly calculated by Ernst & Young according to US Accounting Standards. The risk of impairment depends on the ability to sustainably operate in the future. From the latest 2021 semi-annual report, Lexmark’s operating income for the first half of the year was approximately US$1,059,079,400, an increase of 4.73% over the same period of the previous year. In the first half of 2021, the appreciation of the renminbi, Lexmark’s converted revenue was approximately 6,850,337,500 yuan, a decrease of 3.8% from the same period last year; net profit was 148,080,700 yuan, a year-on-year increase of 31.12%. Lexmark’s business has begun to provide the company with net profits attributable to the parent. The development trend is optimistic for the long-term. With the gradual control of the epidemic, the European and American markets have shown a clear recovery trend. The cooperative business between Lexmark and its enterprise-level strategic partners has been shipped, the MPS business renewal rate has further stabilized, and Lexmark's profitability continues promote,Cash flow has also improved, and Lexmark has no risk of impairment of goodwill.
6. According to the semi-annual report, Pantum has a semi-annual net profit of 350 million yuan, which has completed 85% of its full-year target, and its full-year performance has exceeded expectations. Will the previously set purchase price of 6.6 billion yuan temporarily change the purchase price due to major changes in performance?
The company issues shares and pays cash to purchase 100% equity of Zhuhai Pantum Electronics and raises supporting funds and related transactions will not be temporarily adjusted due to changes in performance. For related transactions, please refer to the company’s disclosed relevant information: "Ninestar Co., Ltd. The Company Issues Shares and Pays Cash to Purchase Assets and Raises Supporting Funds and Related Party Transactions Report (Draft) (Revised Draft)". Currently, the company issues shares and pays cash to purchase 100% equity of Zhuhai Pantum Electronics and raise supporting funds and related transactions are progressing steadily.
7. The company established an offshore fund with Gree Financial Investment, and the announcement disclosed that the fund size was US$667 million. What is the specific use of this fund?
In November 2016, the company and a joint investor jointly acquired a 100% stake in Lexmark International. After the completion of the acquisition, the company has effectively integrated Lexmark International. In 2019, its profitability has been reflected. In 2020, although the business has declined due to the epidemic, it has made a major breakthrough in the business of enterprise-level strategic partnership cooperation. In the first half of 2021, operating income was approximately US$1,059,079,400, an increase of 4.73% over the same period of the previous year. In the first half of 2021, with the appreciation of the RMB, Lexmark’s converted revenue was approximately RMB 6,850,337,500, a decrease of 3.8% from the same period last year; net profit was RMB 148,087,700, a year-on-year increase of 31.12%. The renewal rate of MPS business continued to increase, laying a foundation for subsequent business growth. solid foundation. This investment will further optimize Lexmark International’s equity structure and liability structure, enhance Lexmark’s sustainable profitability, and continue to promote the development of Lexmark International.
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