27 August 2025 | 11:40PM HKT NARI Technology (600406.SS): 2Q25 GPM under pressure, yet positive progress in overseas; maintain Buy (on CL) Post market close on Aug 27, Nari Tech announced 2Q25 results, with revenue above expectations, but GPM under pressure. 2Q25 revenue/gross profit/EBIT/net profit came in at Rmb15,348mn/4,260mn/2,636mn/3,137mn, +24%/+8%/+12%/+7% yoy, +8%/-2%/+4%/-4% vs. GSe. GPM/OPM/NPM came in at 28%/17%/15%, -4pp/-2pp/-2pp yoy, -3pp/-1pp/-2pp vs GSe. GPM was under pressure in 1H25 (-2.6 ...