Naura Technology Group Co Ltd

Naura Technology Group Co Ltd maintains a strong liquidity position with a current ratio of 1.9, indicating the company can cover its short-term liabilities with its short-term assets. However, the company reported negative operating cash flow of -313,699,470 CNY and capital expenditures of -667,342,920 CNY, suggesting ongoing investment in its operations. The debt-to-equity ratio of 0.23 indicates a relatively conservative capital structure, with total liabilities of 32,987,857,860 CNY compared to total equity of 27,033,328,120 CNY.

Profitability metrics show mixed performance. The company's return on equity (ROE) of 6.11% is below the industry median for Semiconductor Equipment & Testing, which typically exceeds 10%. Return on assets (ROA) of 2.75% also lags behind the sector average, indicating underutilization of assets to generate returns. Gross profit of 3,037,824,010 CNY and operating income of 1,863,951,670 CNY reflect a healthy margin, but net income of 1,651,477,120 CNY suggests some pressure from operating expenses.

Geographically, Naura's revenue is concentrated in China, with no disclosed international segments. This concentration increases exposure to domestic economic and regulatory risks, particularly in the semiconductor industry, which is subject to geopolitical tensions and trade restrictions. The company's business model is heavily dependent on the domestic market, with no material diversification across regions or product lines.

Looking ahead, Naura's revenue is projected to grow, supported by increasing demand for semiconductor equipment in China. The company's FY outlook indicates a positive trajectory, with analysts forecasting a mean price target of 557.65 CNY, below the current market price of 670.25 CNY. The high price-to-earnings ratio of 294.17 and price-to-book ratio of 17.97 suggest the stock is trading at a premium, potentially reflecting investor optimism about future growth.

Risk factors include liquidity concerns, as the company has negative net cash after subtracting total debt. The risk assessment highlights a medium liquidity risk and a low dilution risk, with no immediate pressure for equity issuance. The company's capital expenditures and operating cash flow suggest it is investing in long-term growth, but this could strain liquidity if not managed carefully.

Recent filings and transcripts indicate Naura is focused on expanding its product portfolio and enhancing R&D capabilities. The company has not disclosed any material legal or regulatory issues, but the semiconductor industry remains subject to rapid technological change and intense competition.

Naura Technology Group Co Ltd (002371.SZ) has been formally classified within the Technology economic sector, with its primary activity identified as Semiconductors. This taxonomic update provides a clearer structural definition of the company’s operational focus, aligning its profile with the broader technology industry landscape. In terms of risk assessment, the company’s dilution risk has been established at a low level. This classification suggests that the potential for existing shareholders to face significant equity dilution is currently minimal, offering a degree of stability regarding capital structure integrity. Conversely, liquidity risk has been assessed as medium. This indicates that while the company maintains operational footing, there are moderate considerations regarding the ease of converting assets to cash or managing short-term financial obligations, a factor that warrants ongoing monitoring by investors. The company currently reports two officers and has no recorded analyst coverage, index memberships, or top holders in the available data. These baseline metrics, combined with the new sector and risk classifications, outline the current fundamental snapshot of Naura Technology Group Co Ltd.

Revenue grew at a 42% CAGR over four years, demonstrating strong top-line expansion momentum.

Operating margin of 28.6% ranks best-in-class compared to the semiconductor equipment cohort median.

Free cash flow reached 4.1 billion CNY in FY2025, reflecting robust cash generation capabilities.

Net income CAGR of 50.5% over four years highlights accelerating bottom-line growth trajectory.

Long-term debt surged to 16.0 billion CNY in FY2026, raising significant leverage concerns.

Cash conversion ratio of -0.19 places the company in the bottom quartile of its cohort.

Revenue ¥10.32B, +25,8% YoY.

• ▍Revenue ¥10.32B, +25,8% YoY

Revenue ¥12.05B, +26,3% YoY; Operating income −64,8% YoY.

• ▍Revenue ¥12.05B, +26,3% YoY
• ▍Operating income −64,8% YoY
• ▍Net income −66,1% YoY
• ▍Net margin 3.2%

Revenue ¥11.16B, +38,3% YoY; Operating income +8,3% YoY.

• ▍Revenue ¥11.16B, +38,3% YoY
• ▍Operating income +8,3% YoY
• ▍Net income +14,6% YoY
• ▍Net margin 17.2%

Revenue ¥7.94B, +21,8% YoY; Operating income −18,6% YoY.

• ▍Revenue ¥7.94B, +21,8% YoY
• ▍Operating income −18,6% YoY
• ▍Net income −1,5% YoY
• ▍Net margin 20.5%

Revenue ¥8.21B; Operating income ¥1.81B.

• ▍Revenue ¥8.21B
• ▍Operating income ¥1.81B
• ▍Net margin 19.3%

Revenue ¥9.54B; Operating income ¥1.49B.

• ▍Revenue ¥9.54B
• ▍Operating income ¥1.49B
• ▍Net margin 12.1%

Revenue ¥8.07B; Operating income ¥1.80B.

• ▍Revenue ¥8.07B
• ▍Operating income ¥1.80B
• ▍Net margin 20.8%

Revenue ¥6.51B; Operating income ¥1.86B.

• ▍Revenue ¥6.51B
• ▍Operating income ¥1.86B
• ▍Net margin 25.4%

Revenue ¥39.35B, +30,9% YoY; Operating income −11,4% YoY.

• ▍Revenue ¥39.35B, +30,9% YoY
• ▍Operating income −11,4% YoY
• ▍Net income −1,8% YoY
• ▍Free cash flow −7,5% YoY
• ▍Net margin 14.0%

Revenue ¥30.07B, +36,2% YoY; Operating income +47,2% YoY.

• ▍Revenue ¥30.07B, +36,2% YoY
• ▍Operating income +47,2% YoY
• ▍Net income +44,2% YoY
• ▍Free cash flow +72,5% YoY
• ▍Net margin 18.7%

Revenue ¥22.08B, +50,3% YoY; Operating income +56,3% YoY.

• ▍Revenue ¥22.08B, +50,3% YoY
• ▍Operating income +56,3% YoY
• ▍Net income +65,7% YoY
• ▍Free cash flow +56,5% YoY
• ▍Net margin 17.7%

Revenue ¥14.69B, +51,7% YoY; Operating income +130,2% YoY.

• ▍Revenue ¥14.69B, +51,7% YoY
• ▍Operating income +130,2% YoY
• ▍Net income +118,4% YoY
• ▍Free cash flow +36,3% YoY
• ▍Net margin 16.0%