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Ninestar’s declining sales and Lexmark’s exit weigh heavily on results.
Ninestar (002180.SZ), widely recognized as China’s largest clone toner and printer cartridge manufacturers—and notorious for being labeled as a toner counterfeiter—suffered a dramatic financial reversal in 2025, sliding from profit to loss. The company cited the cessation of Lexmark’s operations, declining global printer shipments, and intense competition in the consumables market as key factors. Adding to the pressure, Ninestar reported a staggering 2.58 billion yuan ($363 million USD) in asset impairment provisions, reflecting a reassessment of its asset values. The company also completed a major asset sale, which significantly impacted reported performance. Analysts note that Ninestar’s controversial reputation in the global toner market may have exacerbated its challenges, raising questions about trust and partnerships. The financial stumble underscores the turbulent environment facing even the largest players in the printer consumables industry.
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