Naruida(SH:688522) Zheng Quan Zhi Xing·2025-08-26 23:23Core Viewpoint - The company, Narui Radar, reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 155 million yuan, a year-on-year increase of 112.84%, and net profit attributable to shareholders soaring by 866.97% to approximately 56.95 million yuan [1][22]. Financial Performance - Total revenue for the first half of 2025 was 155 million yuan, up 112.84% from 72.78 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders reached 56.95 million yuan, a substantial increase of 866.97% compared to 588.91 thousand yuan in the previous year [1]. - The gross profit margin was reported at 72.32%, a decrease of 7.4% year-on-year, while the net profit margin increased significantly to 36.76%, up 354.33% [1]. - The company’s operating expenses, including sales, management, and financial costs, totaled 11.15 million yuan, accounting for 7.2% of revenue, a reduction of 33.52% year-on-year [1]. Asset and Liability Changes - Inventory increased by 50.07% year-on-year, indicating a significant rise in stock levels [1]. - Cash and cash equivalents decreased by 52.62% to 782 million yuan, attributed to an increase in structured deposits [1][2]. - Trade receivables decreased by 25.46% to 202 million yuan, reflecting improved collection efficiency [1][22]. - The company reported a 97.21% reduction in interest-bearing liabilities, down to 1.76 million yuan [1]. Operational Insights - The increase in revenue was primarily driven by new contracts for phased array weather radar systems and accelerated recognition of existing orders [22]. - The company is actively pursuing external growth opportunities, including the acquisition of Sigma Microelectronics to enhance its radar chip design capabilities [23]. - Future growth is expected to be supported by national policies related to disaster prevention, water resource management, and modernization of air traffic control equipment [31]. Market Position and Strategy - The company aims to strengthen its market position by enhancing product research and development capabilities and expanding market share [24]. - Narui Radar has established a wholly-owned subsidiary in Hong Kong to facilitate international market expansion and attract global talent [27]. - The company plans to continue focusing on its core business while exploring strategic acquisitions to bolster its technological capabilities [23].