Ninestar Forecasts Performance for 2023

Ninestar Forecasts Performance for 2023

Ninestar has released its performance forecast for fiscal year 2023, spanning from January 1 to December 31, 2023, indicating an expected negative net profit. The anticipated loss is projected to range from CNY ￥4.5 billion (US $626 million) to CNY ￥6.5 billion (US $904 million).

During the reporting period, several of Ninestar’s subsidiaries experienced significant downturns, primarily attributed to damage to corporate reputation. Nonetheless, Ninestar has been actively engaged in market expansion and global supply chain planning efforts, stabilizing overall corporate operations. Key highlights include:

• Pantum Electronics achieved a revenue of CNY ￥3.9 billion (US $542.2 million) and a net profit of CNY ￥530 million (US $73.68 million), marking a notable breakthrough in the Chinese financial industry. Some of its cutting-edge products have been successfully introduced to overseas markets. Notably, the A3 monochrome and color copiers developed by Pantum have passed batch verification and external authentication, entering official sales.
• Lexmark recorded a total income of US $2.07 billion, with estimated earnings before interest, tax, depreciation, and amortization (EBITDA) standing at approximately US $167 million according to management data.
• The aftermarket business generated revenue of CNY ￥5.68 billion (US $789.6 million), with a net profit of CNY ￥110 million (US $15.29 million).
• Geehy achieved an income of CNY ￥1.43 billion (US $198.8 million) and a net profit of CNY ￥170 million (US $23.63 million). Sales of chips reached 487 million, representing a 6.8% increase compared to the previous year. Non-printing consumable chip sales surged by 19.8%.

Considering the decline in corporate performance and liquidity issues in critical subsidiaries, Ninestar intends to recognize impairment losses on long-term assets, with the final amount subject to evaluation by external agencies. Excluding the impact of reputation damage and expenses related to asset impairment preparation, the company’s core business continues to generate positive profits with stable cash flow.

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