# Ninestar (002180.SHE)

Canonical: https://gigainvestors.com/s/002180.SHE

Analysis as of: 2026-10-16T07:38:55.362Z. Financial observations: FY2004–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 15.35 per share; close as of 2026-10-15.

Estimated value: low CNY 3.72 per share, central CNY 3.93 per share, high CNY 4.20 per share. Buy at or below the central value CNY 3.93 per share. Valuation as of 2026-10-16T07:38:55.362Z; scenarios are not confidence intervals.

Expected annual return: 3.9% at the stated quote. About 3.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 5.48×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.07×

- FY2017: -0.14×

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: -0.01×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: -0.38×

- FY2024: 0.05×

- FY2025: 0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: -68.8%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 32.0%

- Recent gross margin (lower of latest and 3-year median): 29.4%

- Years with nonpositive capital: 2

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 8.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -19.2%

- FY2017: -2499.7%

- FY2018: 29.3%

- FY2019: 5.9%

- FY2020: -1.3%

- FY2021: >100%

- FY2022: 39.4%

- FY2023: -68.8%

- FY2024: 7.4%

- FY2025: 5.3%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -3.7B

- Net income, five-year total: CNY -3.1B

- Return on incremental invested capital: 12.6%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 5.3 pp

- Working capital / revenue, final three-year average: 27.3%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: CNY 1.3B

- FY2022: CNY 1.8B

- FY2023: CNY -6.4B

- FY2024: CNY 400M

- FY2025: CNY -766M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -19.2% vs 5.3%

- Per-share earnings: 0.30 to -0.51 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.1%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: CNY 467M

- Cumulative retained earnings: CNY -2.0B

- Diluted shares, 10-year annual growth: 4.1%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CNY -0.81

- Per-share value, starting three-year median: CNY 0.30

- Per-share value, ending three-year median: CNY -0.51

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.4%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 33B

- Cumulative net income, 10 years: CNY -277M

- ROIC, first three-year median: -19.2%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.06

- FY2017: CNY 0.88

- FY2018: CNY 0.89

- FY2019: CNY 0.69

- FY2020: CNY 0.11

- FY2021: CNY 0.88

- FY2022: CNY 1.32

- FY2023: CNY -4.40

- FY2024: CNY 0.53

- FY2025: CNY -0.51

### accounting: pass

- Sloan accruals: -11.2%

- Receivables to sales index (DSRI): 0.53×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.1%

- FY2017: 1.6%

- FY2018: -3.3%

- FY2019: -5.0%

- FY2020: -5.3%

- FY2021: -3.9%

- FY2022: 1.6%

- FY2023: -23.7%

- FY2024: -5.3%

- FY2025: -11.2%

## Holders

## Price story

Down 73% since Oct 2022 · sales -37.5%

Story as of 2026-10-16T10:00:10.332Z; price observation 2026-10-15.

Price needs cash profits to grow 27.2% a year for ten years

### Sales · FY2024–2025

sales -37.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 5.8B 

- FY2017: CNY 21B 

- FY2018: CNY 22B 

- FY2019: CNY 23B 

- FY2020: CNY 21B 

- FY2021: CNY 23B 

- FY2022: CNY 26B 

- FY2023: CNY 24B 

- FY2024: CNY 26B 

- FY2025: CNY 17B 

### Gross margin · FY2025

gross margin 29.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 35.7% 

- FY2017: 26.3% 

- FY2018: 35.8% 

- FY2019: 35.1% 

- FY2020: 31.7% 

- FY2021: 33.5% 

- FY2022: 31.9% 

- FY2023: 30.8% 

- FY2024: 32.1% 

- FY2025: 29.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in computer hardware; annual sales are CNY 16.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2025: revenue 16514960934.81; grossProfit 4849865969.37; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002180.SHE: Pantum Technology Co., Ltd., together with its subsidiaries, engages in the research, development, production, processing, and sale of self-produced printers and printer consumables and accessories in China and internationally. The company offers laser printers; integrated circuit chips; and compatible consumables and core components, including laser cartridges, inkjet cartridges, ribbon cartridges, and ink, as well as consumable integrated circuit chips, rollers, and other core consumable parts. It is also involved in investment consulting and management services; operation of printing industrial park; sale of office equipment and consumables; treasury center; and e-commerce platform. The company sells its products under the PANTUM, APEXMIC, G&G, and Static Control brand names. It exports its products. Pantum Technology Co., Ltd. was formerly known as Ninestar Corporation and changed its name to Pantum Technology Co., Ltd. in April 2026. The company was founded in 2000 and is based in Zhuhai, China.

### Why customers stay

Margins ranged from 29.4% to 32.1% during 2023–25; it earns 5.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2023: grossProfit / revenue = 30.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2024: grossProfit / revenue = 32.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2025: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); 10-year return on capital observations [[2016,-0.19183878258178833],[2017,-24.997102951043143],[2018,0.29343530738749474],[2019,0.059012688980245996],[2020,-0.012751896666112015],[2021,1.9623391706515247],[2022,0.39397448130958307],[2023,-0.6877481447788011],[2024,0.07449426262631453],[2025,0.05349175423946589]]; median 0.05625222160985594. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2016: growth capex 41951368; upkeep 292426514; owner earnings 61075119. Growth capex / owner earnings = 0.6868814778731746.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2017: growth capex 0; upkeep 672138085.9; owner earnings 2011474914.1. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2018: growth capex 0; upkeep 690856537; owner earnings 1632248050. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2019: growth capex 0; upkeep 745851310; owner earnings 1298746690. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2020: growth capex 0; upkeep 540224680; owner earnings 765311606. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2021: growth capex 0; upkeep 776232273; owner earnings 1276027695.9359999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2022: growth capex 98339507; upkeep 978806877; owner earnings 1798523343.5897522. Growth capex / owner earnings = 0.05467791527449393.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); FY2024: growth capex 210313641; upkeep 839958436; owner earnings 400416383.61599994. Growth capex / owner earnings = 0.5252373519303625.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); Dividend observations: [[2016,275107406],[2017,849912527],[2018,1181271423],[2019,85058501],[2020,102095099],[2021,129186616],[2022,141385773],[2023,168366231],[2024,755115421],[2025,378634161.12]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 42.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002180.SHE SharesStats.PercentInsiders = 42.606 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 27.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.362Z); Ten-year compound average after fade. Initial solved rate 0.38545397440509277. Price 15.35; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.30249510218638315 → FY2025 -0.5435766586465162. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 34.82 per share

- 2016-11: CNY 30.99 per share

- 2016-12: CNY 28.12 per share

- 2017-01: CNY 28.76 per share

- 2017-02: CNY 27.71 per share

- 2017-03: CNY 27.65 per share

- 2017-04: CNY 25.15 per share

- 2017-05: CNY 24.75 per share

- 2017-06: CNY 24.16 per share

- 2017-07: CNY 22.76 per share

- 2017-08: CNY 26.26 per share

- 2017-09: CNY 28.38 per share

- 2017-10: CNY 29.70 per share

- 2017-11: CNY 29.69 per share

- 2017-12: CNY 27.31 per share

- 2018-01: CNY 25.70 per share

- 2018-02: CNY 27.58 per share

- 2018-03: CNY 27.32 per share

- 2018-04: CNY 31.61 per share

- 2018-05: CNY 31.50 per share

- 2018-06: CNY 27.46 per share

- 2018-07: CNY 30.33 per share

- 2018-08: CNY 25.28 per share

- 2018-09: CNY 25.84 per share

- 2018-10: CNY 25.21 per share

- 2018-11: CNY 25.19 per share

- 2018-12: CNY 22.92 per share

- 2019-01: CNY 23.01 per share

- 2019-02: CNY 25.28 per share

- 2019-03: CNY 31.51 per share

- 2019-04: CNY 26.15 per share

- 2019-05: CNY 24.26 per share

- 2019-06: CNY 22.60 per share

- 2019-07: CNY 24.16 per share

- 2019-08: CNY 24.66 per share

- 2019-09: CNY 29.72 per share

- 2019-10: CNY 27.94 per share

- 2019-11: CNY 28.30 per share

- 2019-12: CNY 32.92 per share

- 2020-01: CNY 38.80 per share

- 2020-02: CNY 41.58 per share

- 2020-03: CNY 26.83 per share

- 2020-04: CNY 30.01 per share

- 2020-05: CNY 27.48 per share

- 2020-06: CNY 32.94 per share

- 2020-07: CNY 38.13 per share

- 2020-08: CNY 36.50 per share

- 2020-09: CNY 28.42 per share

- 2020-10: CNY 29.11 per share

- 2020-11: CNY 29.67 per share

- 2020-12: CNY 26.73 per share

- 2021-01: CNY 26.91 per share

- 2021-02: CNY 27.45 per share

- 2021-03: CNY 24.86 per share

- 2021-04: CNY 25.38 per share

- 2021-05: CNY 26.30 per share

- 2021-06: CNY 32.20 per share

- 2021-07: CNY 35.94 per share

- 2021-08: CNY 35.23 per share

- 2021-09: CNY 37.35 per share

- 2021-10: CNY 36.73 per share

- 2021-11: CNY 43.84 per share

- 2021-12: CNY 47.76 per share

- 2022-01: CNY 48.90 per share

- 2022-02: CNY 49.90 per share

- 2022-03: CNY 42.74 per share

- 2022-04: CNY 40.92 per share

- 2022-05: CNY 43.89 per share

- 2022-06: CNY 50.62 per share

- 2022-07: CNY 50.15 per share

- 2022-08: CNY 44.24 per share

- 2022-09: CNY 43.15 per share

- 2022-10: CNY 57.11 per share

- 2022-11: CNY 54.03 per share

- 2022-12: CNY 51.89 per share

- 2023-01: CNY 51.30 per share

- 2023-02: CNY 53.98 per share

- 2023-03: CNY 44.82 per share

- 2023-04: CNY 39.58 per share

- 2023-05: CNY 39.11 per share

- 2023-06: CNY 34.25 per share

- 2023-07: CNY 33.50 per share

- 2023-08: CNY 27.98 per share

- 2023-09: CNY 25.86 per share

- 2023-10: CNY 24.56 per share

- 2023-11: CNY 27.64 per share

- 2023-12: CNY 22.63 per share

- 2024-01: CNY 19.40 per share

- 2024-02: CNY 23.43 per share

- 2024-03: CNY 23.51 per share

- 2024-04: CNY 25.32 per share

- 2024-05: CNY 27.20 per share

- 2024-06: CNY 26.42 per share

- 2024-07: CNY 27.01 per share

- 2024-08: CNY 24.93 per share

- 2024-09: CNY 30.33 per share

- 2024-10: CNY 28.20 per share

- 2024-11: CNY 26.68 per share

- 2024-12: CNY 28.17 per share

- 2025-01: CNY 25.45 per share

- 2025-02: CNY 26.21 per share

- 2025-03: CNY 24.21 per share

- 2025-04: CNY 21.98 per share

- 2025-05: CNY 21.60 per share

- 2025-06: CNY 22.94 per share

- 2025-07: CNY 23.54 per share

- 2025-08: CNY 24.95 per share

- 2025-09: CNY 23.47 per share

- 2025-10: CNY 21.69 per share

- 2025-11: CNY 18.60 per share

- 2025-12: CNY 20.22 per share

- 2026-01: CNY 21.18 per share

- 2026-02: CNY 21.58 per share

- 2026-03: CNY 16.55 per share

- 2026-04: CNY 19.16 per share

- 2026-05: CNY 15.88 per share

- 2026-06: CNY 16.36 per share

- 2026-07: CNY 17.02 per share

- 2026-08: CNY 17.15 per share

- 2026-09: CNY 16.14 per share

- 2026-10: CNY 16.55 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 10.52 per share, central CNY 11.74 per share, high CNY 13.37 per share

- FY2017: low CNY 39.85 per share, central CNY 55.83 per share, high CNY 65.14 per share

- FY2018: low CNY 29.32 per share, central CNY 40.66 per share, high CNY 47.26 per share

- FY2019: low CNY 25.47 per share, central CNY 34.82 per share, high CNY 40.27 per share

- FY2020: low CNY 14.24 per share, central CNY 15.53 per share, high CNY 17.24 per share

- FY2021: low CNY 20.78 per share, central CNY 26.44 per share, high CNY 29.73 per share

- FY2022: low CNY 18.75 per share, central CNY 24.72 per share, high CNY 28.19 per share

- FY2023: low CNY 18.15 per share, central CNY 23.71 per share, high CNY 26.94 per share

- FY2024: low CNY 10.76 per share, central CNY 11.78 per share, high CNY 13.15 per share

- FY2025: low CNY 4.15 per share, central CNY 4.42 per share, high CNY 4.78 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations