Ninestar, the Chinese printing and chip manufacturer that owns Lexmark and Apex, has posted a strong return to profitability for 2024, reversing last year’s multibillion-yuan loss.
The group reported a net profit of RMB 815 million ($112 million/ €105 million), a dramatic improvement from the RMB 8.9 billion ($1.22 billion/ €1.07 billion) deficit it recorded in 2023.
Full-year revenues rose nearly 10% to RMB 26.4 billion ($3.6 billion/ €3.4 billion), fuelled by growth in printer hardware, aftermarket cartridges, and chip technologies. Operating profit climbed to RMB 1.34 billion ($184 million/ €161 million), supported by improved margins and disciplined cost controls, including a 23 per cent reduction in financial expenses.
Despite the robust recovery, the company’s results were marred by a fresh legal challenge. PAG Asia Capital Lexmark Holding Limited, a former investor in Lexmark, has filed an arbitration claim in Hong Kong seeking at least $689 million (€605 million) in damages. The case, which had not reached a hearing by the end of the reporting period, was noted by the auditors as a material uncertainty.
In the printer segment, Ninestar reported strong international sales. The group maintained R&D spending at RMB 1.7 billion ($232 million/ €204 million), underlining its long-term commitment to innovation in imaging technologies and semiconductors.
