Naruida(SH:688522) Zheng Quan Zhi Xing·2025-08-27 11:57Core 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][7]. 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 588,910 yuan in the previous year [1][7]. - The gross profit margin was reported at 72.32%, down 7.4% year-on-year, while the net profit margin increased significantly to 36.76%, up 354.33% [1]. - The company’s operating cash flow per share was -0.05 yuan, a decrease of 45.91% year-on-year [1]. Key Financial Metrics - The company’s inventory increased by 50.07% year-on-year, indicating a buildup of stock [1]. - The total of selling, administrative, and financial expenses was 11.15 million yuan, accounting for 7.2% of revenue, down 33.52% year-on-year [1]. - The company’s earnings per share rose to 0.19 yuan, an increase of 850% compared to 0.02 yuan in the previous year [1]. Business Drivers - The significant revenue growth was attributed to new contracts for phased array weather radar and accelerated recognition of existing orders [6][7]. - The company is actively seeking external growth opportunities, including the acquisition of Sigma Microelectronics to enhance its radar chip design capabilities [7]. Market Outlook - The company plans to focus on its core business while enhancing product research and development capabilities and expanding market share [8]. - Future growth is expected to benefit from national policies related to disaster prevention, water information technology, and domestic production of air traffic control equipment [16]. Fund Holdings - The largest fund holding Narui Radar shares is the Yongying Low Carbon Environmental Smart Selection Mixed Fund, which has increased its position [5]. Accounts Management - The company has improved its accounts receivable management, leading to a reduction in bad debt provisions due to faster collection of receivables [9]. Dividend Policy - The company has implemented a semi-annual cash dividend policy, reflecting its commitment to shareholder returns and confidence in its financial performance [10]. International Expansion - The company has established a wholly-owned subsidiary in Hong Kong to accelerate its international market expansion and attract global talent [12]. Production Capacity - The company is currently renting external facilities to expand production capacity and plans to further release capacity as fundraising projects are completed [16].