Ninestar’s H1 2025 results reveal a major reshaping of its business. The group closed the sale of Lexmark, pushed Pantum deeper into China’s secure printing market, and continued to restructure its global consumables operations.
Ninestar Holdings reported revenue of RMB 74.2 billion ($10.2 billion/€9.4 billion) for the first half of 2025, with net profit at RMB 829 million ($114 million/€106 million). While headline revenue was steady, profitability was weighed down by debt costs, forex exposure and the finalisation of the Lexmark disposal.
The Lexmark sale was completed on 1 July, with Xerox paying around $1.5 billion (€1.4 billion). Ninestar confirmed receipt of $600 million (€559 million) in the first tranche. The divestment removes a loss-making unit and sharpens the group’s focus on consumables, chips, Pantum printers and semiconductor development.
Pantum remained a bright spot. H1 revenue rose 10% year-on-year to RMB 2.309 billion ($321 million/€299 million), with net profit at RMB 324 million ($45 million/€42 million). Printer shipments fell 5%, but A3 copier sales surged 115%. Domestic “Xinchuang” (IT security/localisation) sales jumped 65% year-on-year, as Pantum leveraged its compatibility with Huawei’s HarmonyOS and other Chinese platforms.
The consumables segment continued to provide the financial backbone. Zhuhai Seine Technology reported RMB 292.8 million ($40.7 million/€37.5 million) in sales and a small net profit. Ninestar Image Tech (Hong Kong) handled overseas receivables totalling RMB 1.38 billion ($192 million/€178 million). New entities such as Printstar Hungary and EcoInkHub UK were set up to expand European reach.
At the same time, several housekeeping closures were confirmed. Static Control’s dormant subsidiaries in South Africa and Dubai were deregistered, alongside Fuzhou Pantum Electronics and Meimo International Trading (HK). These companies had not been trading for some time.
Static Control itself remains part of the group, with net assets of RMB 324.6 million ($44.7 million/€41.6 million). Subsidiaries in South Africa and the Middle East were formally wound up, but core US and European operations continue.
Geehy Semiconductor also featured, with ongoing investment in IC design and production. Ninestar holds 81% of the Zhuhai-based company, which continues to build its domestic portfolio.
American subsidiaries, including Pantum USA, Green Project and Lemero US, were reported as having normal operations.
Ninestar warned investors that a 10% swing in the US dollar/RMB rate could reduce net assets by RMB 3.47 billion ($478 million/€445 million). Management underlined its commitment to core businesses, noting that “future capital allocation will prioritise consumables, Pantum and semiconductor development.”
With Lexmark gone, Ninestar is betting on printers, chips and consumables to sustain growth while cleaning up its international structure. Investors and rivals alike will watch closely how the group manages its balance sheet through 2025.
