NAURA Technology Group Co., Ltd. (002371)

Individual Stock Analysis Report | Sector: Semiconductor Equipment | Report Date: September 13, 2026 | Closing price on Friday, September 11, 2026, the most recent trading day; financial/shareholder data are mostly based on the 2026 interim report (disclosed August 26) and are subject to lag.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

NAURA (002371.SZ)'s 2026 interim report (disclosure date 2026-08-25) shows a clear pattern of "revenue growth without profit growth": revenue of RMB 20.161 billion, up 24.90% YoY; net profit attributable to parent of RMB 3.370 billion, up only 5.05% YoY; non-GAAP net profit attributable to parent of RMB 3.341 billion, up 5.02% YoY; weighted ROE declined from 9.81% in the year-ago period to 8.58%; gross margin declined from 42.17% to 40.07%. The company cited three reasons for the low profit growth: R&D expenses of RMB 2.677 billion, up 28.87% YoY; selling expenses up 63.46% YoY (including the consolidation of Kingsemi); and gross margin decline (rising component iteration costs during the customer validation period for new products and commercial concessions to large-volume procurement customers). This continues the trend seen throughout FY2025 — FY2025 revenue of RMB 39.353 billion, up 30.85% YoY; net profit attributable to parent of RMB 5.522 billion, down 1.77% YoY, with Q4 2025 alone recording net profit attributable to parent of only RMB 392 million, down 66.1% YoY, the main reason for the full-year profit turning negative.

Interim positive signals are concentrated in cash flow and sequential recovery: 2026H1 net operating cash flow of RMB 3.774 billion, turning sharply positive from -RMB 3.191 billion in the year-ago period (+218.25%); Q1 2026 net profit attributable to parent of RMB 1.635 billion (+3.42%), gross margin 40.77%; Q2 net profit attributable to parent of RMB 1.735 billion (+6.64% YoY, +6.15% QoQ), with profitability improving sequentially but still under YoY pressure. At the industry level, 2025 global semiconductor equipment sales reached USD 133-135.1 billion, a record high (SEMI basis); mainland China equipment sales reached USD 49.3 billion, ranking first globally for six consecutive years; the company jumped to the world's seventh-largest semiconductor equipment manufacturer in 2024, the only Chinese company in the top ten; 2025 revenue was roughly equal to the sum of AMEC, ACM Research Shanghai, and Piotech, and its "runaway lead" in scale is its core foundation.

Valuation and expectations are the most sensitive variables at present. As of the 2026-09-11 close at RMB 634.00, total market cap of approximately RMB 460.1 billion, PE(TTM) 80.94x, PB approximately 11.35x, down approximately 34%-35% from the 52-week high of RMB 967-968. The 2026E net profit attributable to parent forecast dispersion is unusually wide (low of RMB 5.918 billion to high of RMB 10.258 billion, nearly a 2x gap), with the core disagreement being whether H2 gross margin can recover and the pace of R&D/selling expenses (Guosheng forecasts H2 profit needs to account for approximately 60% of the full year); the domestic sell-side consensus mean is RMB 7.480 billion (+35.47%), mean target price RMB 640.60, while overseas analysts' 12-month average target price is RMB 876.49, a gap of approximately 37% between domestic and overseas, and the calculation bases and covering institutions cannot simply be averaged.

Structural changes exist in the shareholder and capital flow picture: Guoxin Investment received a 2% stake from Beijing Electronics Holding (consideration of approximately RMB 6.2 billion, unit price of approximately RMB 426.39/share, registration completed in H1 2026; Guoxin Investment holds 3.15%, Beijing Electronics Holding reduced to 7.30%); the Big Fund Phase I stake further declined from 4.996346% at end-2025 to 4.10% as of 2026-06-30; as of 2026-06-30, the number of shareholders was 82,734, an increase of 6,168 from end-Q1 2026, with holdings slightly dispersed.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Semiconductor equipment (electronic process equipment): etching (ICP/CCP/high-selectivity/strip/Bevel/IBE), thin-film deposition (PVD/CVD/EPI/ALD/ECP/MOCVD), thermal processing (tube oxidation/annealing/RTP), wet cleaning, ion implantation, coater/developer (subsidiary Kingsemi), bonding
• Vacuum new energy equipment: crystal growth equipment, vacuum heat treatment/brazing/sintering equipment, photovoltaic cell equipment (TOPCon/HJT/XBC/perovskite), lithium battery composite current collector coating equipment, hydrogen fuel cell metal bipolar plate coating equipment, optical coating equipment
• Precision components (electronic components): precision resistors, capacitors (including ultra-high-voltage ceramic capacitors, tantalum capacitors), quartz crystal devices, MEMS sensors, analog chips, module power supplies, microwave components, inductors and transformers, magnetic materials

2.3 Position in the Industry Chain Upstream and Downstream and Cost-Profit Structure

The company's main business is "R&D, production, sales and technical services of semiconductor basic products," with main products being electronic process equipment and electronic components. Under the 2025 annual report basis (as of 2025-12-31), operating revenue was RMB 39.353 billion, up 30.85% YoY; of which electronic process equipment was RMB 36.731 billion, accounting for 93.34% (gross margin 39.18%), electronic components were RMB 2.579 billion, accounting for 6.55% (gross margin 52.95%), and other businesses were RMB 42.61 million, accounting for 0.11% (gross margin 61.29%). Regional revenue breakdown: Central and Southeast China 62.41%, Northeast and North China 28.64%, Northwest and Southwest China 7.62%, other (overseas) 1.33%; sales model is 100% direct sales.

• Operating cost structure (2025 annual report "operating cost composition," electronic process equipment basis): materials accounted for 88.96% of operating cost (approximately RMB 20.968 billion), labor 4.13%, processing fees 0.12%, manufacturing overhead 1.57%; in 2024 this ratio was also 88.25%. That is, nearly 90% of equipment manufacturing cost is purchased raw materials/components; the company is essentially a high-value integrator, highly sensitive to upstream component prices.
• Main procurement categories are general semiconductor equipment components, including RF generators, dry vacuum pumps, high-purity gas lines/valves, chamber structural parts, electrostatic chucks, MFC mass flow controllers, robotic arms/EFEM, optical components, etc. Note: specific sub-item cost proportions (such as RF generators 15%-20%, vacuum pumps 10%-15%, lines 10%-15%) are found only in a single self-media source and could not be cross-verified with the annual report or original brokerage text; this summary does not accept them.
• Supplier concentration is extremely low: 2025 top five suppliers combined procurement of RMB 4.064 billion, only 12.30% of total procurement, single largest supplier at most 3.50%; in 2020 this ratio was also only 20.79% — bargaining relationships are relatively dispersed, the company is not easily bottlenecked by a single supplier, but also lacks scale procurement bargaining advantage in any single category.
• Component localization status (ChipInsights data, cited by Guorong Securities 2022 report, data is old and timeliness should be noted): quartz/showerheads/edge rings localization rate >10%; RF generators, MFC, robotic arms approximately 1%-5%; valves, electrostatic chucks, measurement instruments, O-rings less than 1%; overseas dominant manufacturers include ZEISS, MKS, Edwards, Advanced Energy, Horiba, VAT, Ichor, etc.
• Company self-development/self-supply hedging: in 2020 acquired Beiguang Technology's RF application-related assets (entering RF power supplies), the company itself also produces MFC; known domestic suppliers include Torrens Precision (filed for ChiNext IPO in 2025, has been a NAURA supplier since 2007), Fortune Precision (688409), Xinlai Materials (valves/piping), Huazhuo Precision (electrostatic chucks, unlisted), etc.
• Customer concentration (2025 annual report): top five customers combined sales of RMB 15.360 billion, accounting for 39.03% of operating revenue, related-party sales 0.00%; details are Customer 1 RMB 5.005 billion (12.72%), Customer 2 RMB 4.429 billion (11.25%), Customer 3 RMB 2.327 billion (5.91%), Customer 4 RMB 1.945 billion (4.94%), Customer 5 RMB 1.654 billion (4.20%).
• Concentration is on an upward trend: 2024 top five accounted for 27.88% (amount RMB 8.320 billion), rising to 39.03% in 2025. Note: this jump may partly be affected by the Kingsemi consolidation basis, and the 2024/2025 figures are taken from different sources, so cross-period comparison requires caution.
• Specific customer list (SMIC, Hua Hong Group, Yangtze Memory, ChangXin Memory, Tongwei, LONGi, BOE, Sanan Optoelectronics) is found only in a single self-media source and has not been cross-verified with first-hand annual reports or announcements — this customer list has a single source and has not been cross-verified; please refer to the latest annual report/prospectus for specifics; the annual report confirms that "2025 volume orders mainly came from leading customers in memory chips, logic chips and advanced packaging," consistent in direction.
• Downstream industry structural bargaining dynamics: downstream is wafer fabs, industry characteristics are long equipment validation cycles (2-5 years), extremely high switching costs, deep customer binding; once an equipment maker enters a mass production line it has strong stickiness; however, in the company's 2025 self-described risks it explicitly mentions "signs of homogenized competition in mature-node equipment, which may trigger price wars, and equipment selling prices may face downward pressure," i.e., bargaining power at the mature-node end is weakening.
• Accounts receivable (end-2025) carrying value of RMB 8.217 billion (original value RMB 8.874 billion), 9.15% of total assets, up 31.77% from beginning of period (same-period revenue +30.85%), Sina Finance Eagle Eye warning explicitly flags "accounts receivable growth rate higher than operating revenue growth rate"; accounts receivable turnover declined from 6.53x in 2023 to 6.08x in 2024 and 5.45x in 2025, turnover days extended from approximately 56 days to approximately 67 days; aging structure is within 1 year RMB 6.491 billion, 1-2 years RMB 1.822 billion, 2-3 years RMB 428 million, over 3 years RMB 133 million, bad debt provision ratio 7.41%. Inventory at end-2025 was RMB 28.627 billion, 31.88% of total assets (typical characteristic of the equipment industry where "orders precede revenue, stocking comes first"). Prepayments of RMB 863 million, of which RMB 303 million prepaid to "Supplier 1," aged 2-3 years, reason being "contract not yet fully executed." Contract liabilities (advance receipts) at end-2025 were RMB 4.291 billion, down from RMB 6.220 billion at the beginning of 2024; changes in new order advance receipt momentum should be monitored. Upstream fund occupation: accounts payable RMB 11.803 billion, notes payable RMB 3.741 billion, comparable in scale to accounts receivable, the company roughly maintains a "two-end occupation" pattern between upstream and downstream, and accounts payable turnover days (industry average approximately 185 days) show it still has some ability to occupy upstream funds.
• Supplier side is highly dispersed: 2025 top five suppliers combined procurement of RMB 4.064 billion, only 12.30% of total procurement, single largest supplier at most 3.50% (2025 annual report basis). Customer side concentration is rising: 2025 top five customers combined sales of RMB 15.360 billion, accounting for 39.03% of operating revenue (27.88% in 2024), the company discloses related-party sales 0.00% (2025 annual report basis). Note: the jump in 2025 top five customer share may partly be affected by the Kingsemi consolidation basis, the 2024/2025 figures are taken from different sources, and cross-period comparability requires caution; the specific customer list has a single source and has not been cross-verified; please refer to the latest annual report for specifics.

NAURA is positioned in the "midstream equipment integration" segment — not upstream resources/high margin, nor downstream brands/high margin; its relatively thin margin characteristic comes from the cost side where nearly 90% is purchased components (it is a price taker vis-à-vis upstream component suppliers), and on the revenue side it faces downstream wafer fab price reduction demands and mature-node homogenized competition. The realistic drivers for further margin improvement are mainly: ① pricing power from product mix migration toward advanced nodes/high-end platforms (advanced-node equipment can benchmark against international first-tier); ② cost reduction from core component localization + scale procurement; ③ platform-based one-stop delivery enhancing customer stickiness and premium; rather than simply relying on capacity/scale accumulation (2025 is precisely a counterexample of "scale growth but profit under pressure").

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

2026H1 other indicators: basic EPS RMB 4.6486 (year-ago period RMB 4.4496, +4.47%); weighted average ROE 8.58% (year-ago period 9.81%, -1.23pct); gross margin 40.07% (year-ago period 42.17%); net margin 16.01% (year-ago period 19.83%); R&D expenses RMB 2.677 billion, up 28.87% YoY; selling expenses up 63.46% YoY (including Kingsemi consolidation); net operating cash flow RMB 3.774 billion (year-ago period -RMB 3.191 billion, +218.25%, turning from negative to positive); total assets at period end RMB 93.922 billion (up 4.59% from beginning of year); net assets attributable to parent RMB 40.545 billion (+7.47%). By quarter: Q1 2026 revenue RMB 10.323 billion (+25.80%), net profit attributable to parent RMB 1.635 billion (+3.42%), gross margin 40.77%; Q2 2026 revenue RMB 9.839 billion (+23.98% YoY, -4.69% QoQ), net profit attributable to parent RMB 1.735 billion (+6.64% YoY, +6.15% QoQ), gross margin 39.33%. The company cited three reasons for revenue growth without profit growth: increased R&D investment in high-end equipment, increased marketing/customer service personnel combined with Kingsemi selling expense consolidation, and gross margin decline (rising component iteration costs for new product validation and commercial concessions to large-volume procurement customers). Dividends: no cash distribution, no bonus shares, no capital reserve conversion in H1. FY2025 gross margin 40.10%. TTM ROE(TTM) 13.5%, net margin 16.0%. Sources: Stockstar financial page, Daily Economic News/East Money, Shanghai Securities News China Securities Network, Securities Times, Sohu Securities, market screener/S&P, BOCOM International research report, Huaan Securities research report.

The latest financial report is the 2026 interim report (reporting period 2026-06-30, disclosure date 2026-08-25): revenue RMB 20.161 billion, up 24.90% YoY; net profit attributable to parent RMB 3.370 billion, up 5.05% YoY, showing revenue growth without profit growth. The company cited reasons: increased R&D investment in high-end equipment (R&D expenses RMB 2.677 billion, up 28.87% YoY), increased marketing/customer service personnel combined with Kingsemi selling expense consolidation (selling expenses up 63.46% YoY), gross margin decline (40.07%, year-ago period 42.17%) — rising component iteration costs for new product customer validation and commercial concessions to large-volume procurement customers. Net operating cash flow RMB 3.774 billion, turning positive from -RMB 3.191 billion in the year-ago period, +218.25%. By quarter: Q1 2026 revenue RMB 10.323 billion (+25.80%), net profit attributable to parent RMB 1.635 billion (+3.42%), gross margin 40.77%; Q2 2026 revenue RMB 9.839 billion (+23.98% YoY, -4.69% QoQ), net profit attributable to parent RMB 1.735 billion (+6.64% YoY, +6.15% QoQ), gross margin 39.33%, profitability recovering sequentially but still under YoY pressure. Prior fiscal year FY2025 revenue RMB 39.353 billion (+30.85%), net profit attributable to parent RMB 5.522 billion (-1.77%), EPS RMB 7.64, gross margin 40.10%; of which Q4 2025 revenue RMB 12.05 billion (+26%) but net profit attributable to parent only RMB 392 million (-66.1% YoY), the main reason for the full-year profit turning negative (BOCOM International research report). Compared to FY2024 revenue RMB 30.075 billion (+36.21%), net profit attributable to parent RMB 5.622 billion (+44.18%), EPS RMB 7.83. TTM (as of 2026-06-30) revenue RMB 43.373 billion (+28.9%), net profit attributable to parent RMB 5.684 billion (-6.0%), non-GAAP net profit RMB 5.496 billion (-10.1%), ROE(TTM) 13.5%, net margin 16.0%. The contrast of FY2025 revenue +31% but net profit -2% is consistent across earnings forecasts/official financial reports and multiple brokerage research reports.

3.2 Earnings Forecasts

Forecast value sources: Donghai Securities (2026-09-02, Fang Ji, Buy), Zhongyuan Securities (2026-09-08, Zou Chen, Buy), BOCOM International (2026-08-29, Buy, target price raised to RMB 828), Huaxing Securities (2026-09-04, Buy, target price raised to RMB 810, 45x 2027E PE; 2026 EPS revised down approximately 9%, 2027-28 EPS revised up 3-10%, specific figures not obtained), Guosheng Securities (2026-08-26, Buy, no target price), GF Securities (2026-08-27, target price RMB 742.94), Aijian Securities (2026-08-27), Soochow Securities (2026-08-27), Guosen Securities (2026-09-01/02), Changjiang Securities (2026-08-31), Goldman Sachs (approximately 2026-08, Buy, target price RMB 1,200, based on 56x 2030E PE discounted; source is a 163.com secondary transcription, not Goldman Sachs' original PDF, labeled as secondary information), Huatai Securities (2026-04-20, Buy, earlier and does not reflect H1). Domestic sell-side consensus comes from Tonghuashun iNews (stock.10jqka.com.cn/20260826/c679296271.shtml; 20260617/c677539544.shtml). Overseas/international brokerage consensus (Investing.com aggregation, as of approximately 2026-09): 12-month average target price RMB 876.49 (19 analysts), high of RMB 1,380, low of RMB 600, rating consensus "Strong Buy" (20 Buy/0 Hold/0 Sell); individual stock target prices: JPMorgan 830 (2026-08-28), Macquarie 950 (2026-08-27), Bernstein 1,380 (2026-08-12), CLSA 803 (2026-06-11), Goldman Sachs 719 (2026-05-12). Source: cn.investing.com/equities/sevenstar-elec-a-consensus-estimates. Important note: Tonghuashun's "forecast net profit mean" and Stockstar's "EPS forecast table" are two different aggregation systems, the former counts by institution and the latter lists by research report one by one; their "means" cannot be mixed. The 2026E net profit attributable to parent forecast dispersion is unusually wide (low of RMB 5.918 billion to high of RMB 10.258 billion, nearly a 2x gap), with the core disagreement being whether H2 gross margin can recover and the pace of R&D/selling expenses (Guosheng forecasts H2 profit needs to account for approximately 60% of the full year); when citing "consensus" the range must also be given, not just the mean.

3.3 Valuation Levels and Institutional Ratings

Current valuation levels (as of the 2026-09-11 close, latest verifiable snapshot): closing price RMB 634.00 (down -0.73% on the day, previous close RMB 638.64); total market cap RMB 460.087 billion; free-float market cap RMB 459.704 billion; PE(TTM) 80.94x (Sohu/Tonghuashun basis, TTM net profit attributable to parent approximately RMB 5.684 billion, TTM EPS approximately RMB 7.83); PB approximately 11.3x (net assets per share RMB 55.87, 2026-06-30). Forward valuation (calculated, not official): based on RMB 634 / 2026E net profit consensus mean of RMB 7.480 billion, 2026E PE ≈ 61.5x; based on Donghai Securities' RMB 7.409 billion ≈ 62x; based on Guosheng Securities' RMB 8.35 billion ≈ 55x; based on 2027E (Donghai's RMB 10.555 billion) ≈ 44x. 52-week price range RMB 363.79-968.00 (Investing.com, as of approximately 2026-09). Year-to-date performance: as of the 2026-08-25 close, up more than 50% year-to-date (NBD); Sohu shows "YTD change 35.5%" (different basis/date). Historical valuation reference (stale, needs labeling): Yahoo Finance page data stays at around 2025-12 — stock price RMB 450.34, Trailing PE 50.87x, Forward PE 34.01x, P/B 8.91x, P/S 8.73x, EV/EBITDA 46.15x, vastly different from the latest 2026-09 valuation, an expired snapshot, not recommended for direct citation. Key uncertainties/contradictions: (1) Target price divergence between domestic and overseas is extremely large: domestic brokerage 6-month mean target price RMB 640.60 (Tonghuashun, including many pre-H1 old reports), overseas analysts 12-month mean RMB 876.49 (Investing.com), a gap of approximately 37%; the two have different analyst pools, covering institutions, and report dates, and cannot simply be added or averaged; the domestic mean is almost equal to the 2026-09-11 current price of RMB 634, and upside sensitivity is extremely high. (2) The 2026E net profit attributable to parent forecast dispersion is unusually wide (low of RMB 5.918 billion to high of RMB 10.258 billion, nearly a 2x gap), with the core disagreement being whether H2 gross margin can recover and the pace of R&D/selling expenses, and the uncertainty of performance elasticity concentrated in H2 is very high (Guosheng forecasts H2 profit needs to account for approximately 60% of the full year). (3) Market snapshot dates are inconsistent: 8/25 close RMB 700.40 (market cap RMB 508.273 billion, PE approximately 69.46x) → subsequently fell to 638.64/645.12/634.00 (9/11), PE TTM fluctuating between 68.76-80.94x; when citing market cap/PE the specific date must be stated. (4) Individual data source anomalies: Sohu Securities' "sales gross margin 0.00" is an obvious data retrieval failure, and the Stockstar basis of 40.07% should be used; AAStocks/Zonebourse/simplywall.st and other foreign-language pages have stale or mixed-basis data (e.g., Zonebourse shows closing RMB 377, market cap 336,307.89 million; simplywall.st market cap basis RMB 484.0-487.0 billion), for reference only, not suitable for direct citation. (5) Single-source data (not cross-verified by a second source, requires caution): Goldman Sachs' target price of RMB 1,200 and 2026E net profit of RMB 7.43 billion are only seen in a 163.com secondary interpretation article, without the original Goldman Sachs report; BOCOM International's 2026-05-06 version target price of RMB 650 and 2026-08-29 version of RMB 828 both come from Stockstar research report interpretations, which are reprints and have not been compared one by one with the original PDF; Huaxing Securities' specific post-H1 EPS figures were not obtained. (6) Basis note: Tonghuashun's "forecast net profit mean" and Stockstar's "EPS forecast table" are two different aggregation systems, the former counts by institution and the latter lists by research report one by one; their "means" cannot be mixed; NBD/East Money's "PE 69.46/68.76" are intraday dynamic bases, and the difference from Sohu's closing PE(TTM) 80.94 stems from the pricing time point and whether TTM net profit attributable to parent is used.

4. Recent News and Announcements

4.1 Target Confirmation: 002371 is NAURA Technology Group Co., Ltd.

Stock code 002371 corresponds to NAURA Technology Group Co., Ltd., listed on the Shenzhen Stock Exchange Main Board, listed 2010-03-16, former securities abbreviation "Sevenstar Electronics," renamed NAURA in 2017. The company's main business is semiconductor basic products: electronic process equipment (semiconductor equipment, vacuum new energy equipment) + electronic components. Code identification is unambiguous; it is a semiconductor equipment leader (platform-type equipment maker), consistent with the description of etching/thin-film deposition/thermal processing/cleaning/ion implantation/coater-developer/bonding businesses.

4.2 2026 Interim Report: Revenue RMB 20.161 Billion, Up 24.90% YoY; Net Profit Attributable to Parent RMB 3.370 Billion, Up 5.05% YoY

Announcement date 2026-08-25 after market close, published 2026-08-26; announcement numbers 2026-049 (interim report summary), 2026-048 (Ninth Board of Directors Fifth Meeting Resolution). 2026H1 (January-June): operating revenue RMB 20.161 billion, up 24.90% YoY; net profit attributable to parent RMB 3.370 billion, up 5.05% YoY; non-GAAP net profit attributable to parent RMB 3.341 billion, up 5.02% YoY; net operating cash flow RMB 3.774 billion, up 218.25% YoY; basic EPS RMB 4.6486; weighted ROE 8.58% (year-ago period 9.81%). Total assets at period end RMB 93.922 billion, net assets attributable to parent RMB 40.545 billion. Profit distribution: no cash distribution, no bonus shares, no capital reserve conversion for 2026 H1. Reasons for low profit growth (company basis): ① R&D expenses RMB 2.677 billion, up 28.87% YoY; ② selling expenses up RMB 295 million, +63.46% YoY (including Kingsemi consolidation); ③ gross margin declined from 42.17% to 40.07% (rising component iteration costs during new product customer validation + commercial concessions to some large-volume customers). Single-quarter estimates: Q1 net profit RMB 1.635 billion, Q2 net profit approximately RMB 1.735 billion, up 6% QoQ. This is a direct interim report disclosure, with no 2026H1 earnings forecast seen (the company has no mid-year forecast habit in recent years, which is normal).

4.3 2025 Annual Report: Revenue RMB 39.353 Billion, Up 30.85% YoY; Net Profit Attributable to Parent RMB 5.522 Billion, Down 1.77% YoY

Announcement date 2026-04-17 approved by the Board of Directors, published 2026-04-18 (announcement numbers 2026-017/018). Full year 2025: operating revenue RMB 39.353 billion, up 30.85% YoY; net profit attributable to parent RMB 5.522 billion, down 1.77% YoY; non-GAAP net profit attributable to parent RMB 5.336 billion, down 4.22% YoY; net operating cash flow RMB 2.133 billion; basic EPS RMB 7.6446; weighted ROE 16.41%. Distribution proposal: based on total share capital of 724,832,616 shares, cash dividend of RMB 7.62 per 10 shares (tax inclusive), total cash dividend of approximately RMB 552.3 million, accounting for 10.00% of net profit attributable to parent; no capital reserve conversion, no bonus shares planned (compared to 2024 which was RMB 10.60 per 10 shares + 3.5 shares per 10 shares conversion). Also reviewed: 2026 daily related-party transaction forecast, 2026 new interest-bearing debt limit not exceeding RMB 13 billion, Board of Directors re-election (now the Ninth), investment in construction of "Advanced Integrated Circuit Equipment R&D Base (N11) Project," appointment of Daxin Certified Public Accountants; the 2025 annual shareholders' meeting is scheduled for 2026-05-11.

4.4 Earnings Forecast Record: Most Recent Was the 2025 Q1 Report Forecast Disclosed 2025-04-08

The most recent explicit "earnings forecast" was the 2025 Q1 report forecast disclosed 2025-04-08 (forecast type: increase): expected 2025Q1 revenue RMB 7.34-8.98 billion (+23.35%~50.91% YoY); net profit attributable to parent RMB 1.42-1.74 billion (+24.69%~52.79% YoY); non-GAAP RMB 1.40-1.72 billion; EPS RMB 2.66-3.26. No earnings forecast/earnings flash was found for full year 2025 or 2026H1 (direct official financial report). Note: the "2025-12-31 net profit attributable to parent RMB 52-76 million, first loss/slight increase" forecast entries appearing in searches are actually the 2025 annual earnings forecast of subsidiary Kingsemi (688037) (disclosed 2026-01-27), and should not be mistaken for NAURA's own data.

4.5 Actual Controller Share Transfer Agreement: Guoxin Investment Receives 2% Stake

Announcements: 2025-12-16 "Announcement on the Actual Controller's Agreement Transfer of Shares," 2025-12-20 "…Progress Announcement." Transaction details (according to Marketscreener/S&P Capital IQ): Guoxin Investment Co., Ltd. signed a share transfer agreement with Beijing Electronics Holding (Beijing Electronics Holding), receiving an additional 2% stake in NAURA, consideration of approximately RMB 6.2 billion, unit price of approximately RMB 426.39/share; after completion Guoxin Investment holds approximately 3.15%. The transaction requires approval from Beijing SASAC, consent from Guoxin Holdings (China Guoxin), and Shenzhen Stock Exchange compliance confirmation; reports say it received China Guoxin approval on 2025-12-19 and Beijing SASAC approval on 2026-01-07. Cross-verification: among the top ten tradable shareholders as of 2026-06-30 disclosed by East Money, Guoxin Investment holds 3.15% and Beijing Electronics Holding 7.30% (down significantly by approximately 2 percentage points from 9.3066% at end-2025), consistent with the 2% transfer, indicating the transaction was registered in H1 2026. Uncertainty: the transfer unit price of RMB 426.39 and RMB 6.2 billion are transcribed from overseas data sources (S&P Capital IQ) and have not been verified word-by-word against the original domestic announcement; and its "January 7, 2025" should be a 2026 typo, subject to the company's announcement.

4.6 Big Fund Reduced to Below 5% (Shareholder Identity Is an Inference)

2025-09-17 announcement "Announcement on a Shareholder Holding More Than 5% Reducing to Below 5% and Touching the 1% Integer Multiple and Equity Change." This title is highly consistent with subsequent shareholding changes, inferred to be the "Big Fund" reduction (an inference, not named in the original announcement, needs verification). Shareholding changes: at end-2025 the Big Fund Phase I held 4.996346% (slightly declined); as of 2026-06-30 it declined to 4.10%. That is, the Big Fund continued to slightly reduce holdings from 2025H2 to 2026H1.

4.7 Number of Shareholders and Changes in Holdings

As of 2026-06-30, the number of shareholders was 82,734, an increase of 6,168 from the previous period end (end-Q1 2026) (holdings slightly dispersed). As of end-2025, the number of shareholders was 70,200, down 14,900 (-17.46%) from end-Q3 2025, with average market cap per shareholder rising from RMB 3.8511 million to RMB 4.7364 million.

4.8 Recent Equity Incentive/Employee Stock Ownership Plan Developments

2025 stock option incentive plan: 2025-11-15 Board of Directors/shareholders' meeting notice, 2025-12-02 Compensation and Assessment Committee review opinions and list public announcement, 2025-12-09 2025 Third Extraordinary Shareholders' Meeting resolution approval. 2025-2027 Employee Stock Ownership Plan: 2025-10-31 first announcement (ongoing, maximum change quantity accounting for 10.0000% of total share capital, share source being repurchase special account stocks or secondary market purchases, etc., funding source being performance bonuses and talent reward funds set aside by the company). 2025 Employee Stock Ownership Plan Second Holders' Meeting: held 2026-07-21 (by correspondence), 15 holders representing 13.35 million units (100% of the plan's total units), reviewing change of management committee members (Song Jinhang resigned, elected Audit Department Director Ma Xinjun as replacement). Announcement number 2026-039. 2026 Employee Stock Ownership Plan related: 2026-08-05 "Announcement on Completion of Account Opening for 2026 Employee Stock Ownership Plan"; 2026-08-21 "Announcement on Implementation Progress of 2026 Employee Stock Ownership Plan." Other historical equity incentive repurchase cancellation: the 2019 plan had multiple small restricted stock repurchase cancellations due to incentive recipients leaving (2024-05-29 announcement of repurchase cancellation of 36,000 shares, repurchase price RMB 33.778/share; 2022 cases, etc.).

4.9 Share Repurchase: Company States No Current Share Repurchase Plan

The company explicitly states "currently no share repurchase plan": 2025-11-17/18 in a Shenzhen Stock Exchange Interactive Easy reply. In the same interaction it said "the company currently has full order backlog, and Q3 performance will continue to grow." The 2025 annual profit distribution announcement shows "the cumulative repurchase cancellation total for the most recent three fiscal years is 0," i.e., no regular repurchase cancellation (only scattered cancellation under equity incentives).

4.10 M&A Integration: Acquisition of Kingsemi Control and Chengdu Guotai Vacuum Integration

Acquisition of Kingsemi (KINGSEMI, 688037) control: agreement signed 2025-03-11, receiving 9.49% of Kingsemi equity from Shenyang Advanced Manufacturing for RMB 1.7 billion (approximately RMB 88.48/share, cash approximately RMB 1.69 billion); transfer completed 2025-05-29, acquiring 19,064,915 shares (9.48%). Company website milestones: 2025-06-24 "strategic acquisition of Shenyang Kingsemi, Chengdu Guotai Vacuum, completing equity delivery." Kingsemi changed from no actual controller to having an actual controller (controlling shareholder being NAURA), filling the coater-developer gap. Subsequent consolidation impact has been reflected in 2026H1 (changes in selling expenses, goodwill, intangible assets, etc.). Chengdu Guotai Vacuum: completed deep business integration in 2026H1 (vacuum new energy equipment segment). Other recent capital operations/investments: 2026-04-17 Board of Directors approved investment in construction of "Advanced Integrated Circuit Equipment R&D Base (N11) Project" (implemented by wholly-owned subsidiary Beijing NAURA Technology Services Co., Ltd.); 2026 new interest-bearing debt limit ceiling of RMB 13 billion.

4.11 Regulatory/Policy/Other Announcements

Sponsor institution: CITIC Securities; 2025-11-25 "Announcement on Change of Continuous Supervision Sponsor Representative." 2025-11-06 "Announcement on Opening a Special Account for Temporary Supplementing Working Capital with Raised Funds and Signing a Tripartite Supervision Agreement for Raised Funds"; 2025-10-18 "Announcement on Return of Idle Raised Funds Temporarily Supplementing Working Capital." 2026-04-17 Board of Directors approved "Proposal on the Company's 2026 Daily Related-Party Transaction Forecast," "Proposal on Formulating the <Director and Senior Management Compensation Management System>," "Proposal on the Company's Board of Directors Re-election," and scheduled the 2025 Annual Shareholders' Meeting for 2026-05-11. 2026-08-17 held the 2026 First Extraordinary Shareholders' Meeting (including legal opinion announcement). Industry/macro policy clues (background, not direct company announcements): 2025 global semiconductor market size approximately USD 793 billion, up 21% YoY; domestic promotion of industry chain self-controllability, large-scale equipment renewal, etc., providing demand support for the company's industry. 2026-08-21 Samsung shareholder return plan triggering memory stock pullback, 2026-08-24 SemiAnalysis discussion of molybdenum replacing tungsten for high-layer 3D NAND, etc., short-term affecting semiconductor equipment sector sentiment.

4.12 Stock Price/Market Background (For Context, Not the Core of This Section)

2026-08-25 closing price RMB 700.40, total market cap approximately RMB 508.273 billion, down approximately 2.85% on the day; YTD stock price cumulative increase of more than 50%. Note: another quote page shows "RMB 757.77, total market cap RMB 549.9 billion, 52-week high 967.24/low 334.40" (moomoo, timestamp 08/13, suspected to be a different/later date or cached data), inconsistent with the 8/25 RMB 700.40; for price data please refer to the latest trading day's official quotes.

4.13 Uncertainty Notes and Items to Be Verified

1) The unit price, total consideration, and approval timing of "Guoxin Investment receiving 2% equity" all come from overseas data sources (S&P Capital IQ/Marketscreener), coexisting with its "January 7, 2025" date typo, subject to the company's 2025-12-16/12-20 announcement originals and subsequent transfer announcements. 2) The shareholder identity of the "2025-09-17 reduction to below 5%" is inferred from shareholding changes to be the "National Integrated Circuit Industry Investment Fund (Big Fund)," but the original announcement naming has not been obtained, labeled as an inference. 3) There is no 2026H1 earnings forecast, consistent with the company's habit, not a data gap. 4) The "first loss/slight increase, RMB 52-76 million net profit" and other forecasts appearing in searches are Kingsemi (688037) rather than NAURA, and must be distinguished. 5) No interim dividend is routine; the 2025 annual dividend is significantly lower than 2024 (which included 3.5 shares per 10 shares conversion) (no conversion), note the YoY basis. 6) Main data dates: 2026H1 financial report as of 2026-06-30, disclosed 2026-08-25/26; 2025 annual report as of 2025-12-31, disclosed 2026-04-17/18; shareholder data as of 2026-06-30; stock price data as of 2026-08-25.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

5.3 Short-Term Trend Outlook (Next Week, Scenario Analysis, For Reference Only)

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

Semiconductor equipment industry. Third-party scale data: 2025 global semiconductor equipment sales USD 133-135.1 billion, up 13.7%-15% YoY, a record high (SEMI basis); mainland China 2025 equipment sales USD 49.3 billion, ranking first globally for six consecutive years; 2025 global semiconductor market size USD 793 billion (+21%, cited in the company's annual report). In terms of landscape, the global top five equipment makers (ASML, AMAT, LAM, TEL, KLA) together account for 80%-85% of global share, leaving large room for domestic substitution. Company position: Jiwei Consulting's "2026 China Semiconductor Front-End Equipment Industry Listed Company Research Report" says NAURA with 2025 revenue of nearly RMB 40 billion "runs away with the lead," with a three-year revenue CAGR of nearly 40%, the only domestic equipment maker whose revenue scale has entered the global first tier; in 2024 it jumped to the world's seventh-largest semiconductor equipment manufacturer, the only Chinese company in the top ten (SEMI/CINNO IC Research), and ranked seventh among global semiconductor equipment manufacturers in H1 2025.

6.2 Competitive Landscape

• In scale, NAURA leads by a wide margin, roughly equal to the sum of AMEC + ACM Research Shanghai + Piotech; its absolute profit is also the only one in the industry to sustain RMB 5 billion-level net profit over the long term (2025 non-GAAP net profit attributable to parent RMB 5.336 billion).
• In gross margin, inspection/cleaning specialty equipment (Skyverse 51.55%, ACM Research Shanghai 49.60%) is higher than platform-type general equipment (NAURA approximately 40.1%, AMEC approximately 39.17%), but platform-type wins on revenue scale and customer one-stop procurement stickiness.
• In growth, thin-film deposition (Piotech +58.87%), metrology/inspection (Skyverse +48.75%) and other "bottleneck hard links" grow faster, reflecting that domestic substitution is penetrating from mature nodes to advanced nodes.
• Comparable company data basis is the 2025 annual report; some companies' gross margin etc. were not provided in the research summary (such as Hwatsing's gross margin), and the latest annual report should be used.

6.3 Main Competitors

NAURA leads by a wide margin in revenue scale, with 2025 revenue roughly equal to the sum of AMEC, ACM Research Shanghai, and Piotech, and non-GAAP net profit attributable to parent of RMB 5.336 billion as the only manufacturer in the industry to sustain RMB 5 billion-level net profit over the long term. In gross margin, specialty equipment makers (ACM Research Shanghai 49.60%, Skyverse 51.55%) are higher than platform-type general equipment makers (NAURA 40.1%, AMEC 39.17%), but platform-type excels in revenue scale and customer one-stop procurement stickiness. In growth, thin-film deposition (Piotech +58.87%), metrology/inspection (Skyverse +48.75%) and other links are faster, reflecting domestic substitution penetrating from mature nodes to advanced nodes. Sources: Jiwei Consulting's "2026 China Semiconductor Front-End Equipment Industry Listed Company Research Report," cepea's "2025 Performance of 16 Chinese Semiconductor Equipment Manufacturing Companies," Kaiyuan Securities research report. Note: 2025 data includes consolidation factors such as Kingsemi, and cross-period and peer comparability should be noted.

7. Risk Warnings

• Profit side continues under pressure and has been verified for two consecutive periods: FY2025 revenue +30.85% while net profit attributable to parent -1.77%, 2026H1 revenue +24.90% while net profit attributable to parent only +5.05%, net margin declining from 19.08% in 2024 to 13.74% in 2025 and further to 16.01% in 2026H1 (year-ago period 19.83%); if rising component iteration costs during the new product validation period and commercial concessions to large-volume procurement customers continue, gross margin recovery may be slower than expected.
• The cost structure determines the company's high sensitivity to upstream component prices: in 2025 electronic process equipment operating cost, materials accounted for 88.96% (approximately RMB 20.968 billion), key components such as RF generators, MFC, robotic arms have localization rates of only approximately 1%-5%, valves, electrostatic chucks, measurement instruments, O-rings less than 1%, mainly still dominated by overseas manufacturers such as ZEISS, MKS, Edwards, Advanced Energy, Horiba, VAT, and supply chain external constraints or price increases will directly erode gross margin.
• Rapidly rising downstream customer concentration brings dual pressure on bargaining and collection: 2025 top five customers combined sales of RMB 15.360 billion, accounting for 39.03% of operating revenue (27.88% in 2024), single largest customer accounting for 12.72%; the company self-describes "signs of homogenized competition in mature-node equipment, which may trigger price wars, and equipment selling prices may face downward pressure," and increased downstream wafer fab price reduction demands will compress profit space.
• Accounts receivable quality and working capital occupation risk: end-2025 accounts receivable carrying value RMB 8.217 billion, up 31.77% YoY, higher than revenue growth of 30.85%, turnover declining from 6.53x in 2023 to 5.45x in 2025, turnover days extended from approximately 56 days to approximately 67 days, Eagle Eye warning has explicitly flagged "accounts receivable growth rate higher than operating revenue growth rate"; inventory RMB 28.627 billion accounting for 31.88% of total assets, contract liabilities declining from RMB 6.220 billion at the beginning of 2024 to RMB 4.291 billion at end-2025, if downstream capex pace slows it will simultaneously amplify impairment and stocking pressure.
• Rigid expense increases and equity incentive dilution: 2026H1 R&D expenses RMB 2.677 billion, up 28.87% YoY (rising to 18.49% of revenue), selling expenses up 63.46% YoY, 2025 equity incentive expenses up RMB 274 million from 2024, 2025-2027 Employee Stock Ownership Plan maximum change quantity accounting for 10.0000% of total share capital, expense and share capital dilution pressure on EPS may continue.
• Valuation and expectation divergence risk: as of 2026-09-11 PE(TTM) 80.94x, PB approximately 11.35x, 2026E net profit attributable to parent forecast range RMB 5.918-10.258 billion (nearly 2x gap), target price domestic mean RMB 640.60 vs overseas mean RMB 876.49 differing by approximately 37%, if H2 gross margin fails to make H2 profit account for approximately 60% of the full year as Guosheng forecasts, current valuation faces downward revision pressure.
• Shareholder reduction and holdings dispersion pressure: Big Fund Phase I stake further declined from 4.996346% at end-2025 to 4.10% as of 2026-06-30; number of shareholders increased from end-Q1 2026 to 82,734 as of 2026-06-30 (+6,168), holdings dispersion combined with high valuation may amplify stock price volatility, the 52-week range of approximately RMB 358-968 shows the volatility magnitude is already quite large.
• M&A integration and goodwill, consolidation basis risk: 2025-05-29 completed receiving 9.48% of Kingsemi equity (consideration approximately RMB 1.69 billion, approximately RMB 88.48/share) and obtained control, Kingsemi 2025 non-GAAP net profit attributable to parent -RMB 18 million, gross margin 32.5%, lower than the company's overall level; the jump in 2025 top five customer share may partly be affected by the Kingsemi consolidation basis, cross-period comparability requires caution, and integration effects and goodwill impairment risk remain to be observed.

8. Conclusion and Outlook

In terms of growth logic, the company's core narrative remains "scale barriers of a platform-type equipment maker + domestic substitution penetrating to advanced nodes." The company is the only domestic full-category manufacturer covering etching, thin-film deposition, thermal processing, wet cleaning, ion implantation, coater-developer (Kingsemi), and bonding; downstream equipment validation cycles are long (2-5 years), switching costs are high, customers are deeply bound, and once it enters a mass production line it has strong stickiness; the 2025 annual report confirms that volume orders mainly came from leading customers in memory chips, logic chips and advanced packaging. In peer comparison, thin-film deposition (Piotech +58.87%), metrology/inspection (Skyverse +48.75%) and other "bottleneck hard links" grow faster, reflecting that domestic substitution is penetrating from mature nodes to advanced nodes, while the stickiness of the company's platform-based one-stop delivery is its key advantage distinguishing it from single-category manufacturers.

Profit elasticity depends on three verifiable variables: first, pricing power from product mix migration toward advanced nodes/high-end platforms; second, cost reduction from core component localization and scale procurement (in 2025 operating cost, materials accounted for 88.96%, the company is essentially a high-value integrator, highly sensitive to upstream component prices, while top five suppliers combined procurement accounts for only 12.30%, dispersed bargaining); third, convergence of R&D and selling expense deployment pace. Note that the 2026E consensus dispersion is nearly 2x, performance elasticity is highly concentrated in H2,