NAURA Technology Group (002371) H2 2025 earnings summary

Executive summary

• Revenue grew 30.85% year-over-year to ¥39.35 billion, driven by strong demand in domestic semiconductor equipment and accelerated localization.

• Net profit attributable to shareholders was ¥5.52 billion, down 1.77% year-over-year, mainly due to a 46.96% increase in R&D expenses and higher personnel costs.

• Gross margin declined from 42.93% to 40.10% due to increased costs in new product validation and component upgrades.

• Major acquisitions included controlling stakes in ShenYang Kingsemi and Chengdu Guotai Vacuum, expanding product lines and platform capabilities.

• The company maintained a high level of innovation, with R&D investment reaching ¥7.28 billion (18.49% of revenue), and 6,511 R&D staff, up 42.07%.

Financial highlights

• Operating cash flow increased 37.48% year-over-year to ¥2.13 billion.

• Total assets rose 35.31% to ¥89.8 billion; net assets attributable to shareholders increased 21.38% to ¥37.73 billion.

• Basic EPS was ¥7.64; weighted average ROE was 16.41%.

• Non-recurring profit and loss items contributed ¥186 million, mainly from government subsidies and asset disposals.

• Cash dividend of ¥7.62 per 10 shares, totaling ¥552 million, representing 10% of net profit.

Outlook and guidance

• The global semiconductor equipment market is forecast to grow to $145 billion in 2026, with continued strong demand from AI, 3D NAND, and localization trends.

• The company will focus on high-end process equipment, platform-based solutions, and further localization of core components.

• Strategic priorities include deepening customer relationships, talent retention, and sustained innovation.