Naura Technology Group Co.,Ltd. (SZ:002371) released its 2025 annual report on the evening of April 17. The company reported annual revenue of approximately 39.353 billion yuan, representing a year-on-year increase of 30.85%. However, net profit attributable to shareholders was about 5.522 billion yuan, a decrease of 1.77% compared to the previous year. After excluding non-recurring gains and losses, the net profit was approximately 5.336 billion yuan, down 4.22% year-on-year. The company plans to distribute a cash dividend of 7.62 yuan per 10 shares (before tax) based on a total of 725 million shares.
According to data compiled from the Wind financial terminal, the consensus forecast from 28 institutions for Naura's 2025 revenue and net profit was approximately 39.174 billion yuan and 7.089 billion yuan, respectively. The actual net profit was 22.11% lower than the analysts' consensus estimate.
This marks the first instance since 2014 where Naura has experienced revenue growth without a corresponding increase in profit. The annual report indicates that the direct cause for this situation in 2025 was a decline in gross profit margin associated with new products. During the reporting period, the company's overall gross profit margin fell from 42.93% to 40.1%. The company attributed this primarily to increased costs from component iteration and upgrades during the client validation phase for new products.
Another key factor squeezing profits was the rapid expansion of business scale. To support this growth, Naura's R&D expenses recognized in the current period reached 5.435 billion yuan in 2025, a significant increase of 46.96% year-on-year.
Concurrently, the company substantially expanded its workforce, adding 4,747 employees throughout the year. This substantial personnel expansion, combined with the implementation of multiple long-term incentive mechanisms, led to a 274 million yuan increase in share-based incentive expenses compared to 2024. The dual pressures of rising R&D and labor costs directly impacted the profit benefits that would typically accompany revenue growth.
It is also noteworthy that despite achieving 30.85% revenue growth in 2025, Naura's contract liability balance shrunk to 4.291 billion yuan by the end of the year. This represents a sharp decrease of approximately 31% from the 6.22 billion yuan balance at the end of 2024. As a proportion of total assets, it declined from 9.37% to 4.78%.
A significant reason for this abrupt change in business may lie in the cyclical adjustments facing the downstream industry of its vacuum and new energy equipment segment. Naura acknowledged in its report that 2025 saw the global photovoltaic industry enter a deep adjustment cycle. Overcapacity issues became increasingly prominent, downstream installation demand fell short of expectations, and prices declined across the entire PV supply chain. Consequently, expansion willingness among upstream cell and module manufacturers contracted sharply, leading to a significant shrinkage in demand for PV equipment.
Furthermore, intensified homogenized competition within the industry and escalating price wars further compressed profit margins for equipment manufacturers. This had a substantial negative impact on order acquisition, delivery schedules, revenue scale, and profitability for Naura's core photovoltaic business within its vacuum and new energy equipment division.
Simultaneous with the sharp decline in contract liabilities, Naura's inventory scale showed a growing trend. By the end of 2025, the company's inventory balance had climbed to 28.627 billion yuan, an increase of 4.992 billion yuan from the 23.635 billion yuan balance at the end of 2024. The contraction in contract liabilities coupled with rising inventory levels objectively reflects a lengthening inventory digestion cycle for the company.
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