# NAURA Technology Group (002371.SHE)

Canonical: https://gigainvestors.com/s/002371.SHE

Analysis as of: 2026-10-16T07:33:48.694Z. Financial observations: FY2005–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 610.00 per share; close as of 2026-10-15.

Estimated value: low CNY 150.92 per share, central CNY 206.31 per share, high CNY 238.56 per share. Buy at or below the central value CNY 206.31 per share. Valuation as of 2026-10-16T07:33:48.694Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 1.28×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.27×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.11×

- FY2021: 0.13×

- FY2022: 0.20×

- FY2023: 0.20×

- FY2024: 0.22×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.1%

- ROIC, second-lowest year: 5.1%

- Typical minus recent gross margin: -0.7 pp

- Typical gross margin (annual median): 39.4%

- Recent gross margin (lower of latest and 3-year median): 40.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.2%

- ROIC including acquisitions, ten-year median: 12.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -12.8%

- FY2017: 5.1%

- FY2018: 8.1%

- FY2019: 7.1%

- FY2020: 13.2%

- FY2021: 15.0%

- FY2022: 19.1%

- FY2023: 22.5%

- FY2024: 25.0%

- FY2025: 18.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 18B

- Net income, five-year total: CNY 18B

- Return on incremental invested capital: 24.8%

- Working capital / revenue, annual change: -4.1 pp

- Working capital / revenue, change between three-year averages: -28.9 pp

- Working capital / revenue, final three-year average: 62.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 0.99×

- FY2024: 0.99×

- FY2025: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.1% vs 22.5%

- Per-share earnings: 0.20 to 7.64 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.7%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: CNY 320B

- Cumulative retained earnings: CNY 18B

- Diluted shares, 10-year annual growth: 7.7%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 57.4%

- Per-share value change: CNY 7.44

- Per-share value, starting three-year median: CNY 0.20

- Per-share value, ending three-year median: CNY 7.64

- Buybacks concentrated in cheaper years (correlation): -0.66

- Average buyback yield: 0.6%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 18B

- Cumulative net income, 10 years: CNY 20B

- ROIC, first three-year median: 5.1%

- ROIC, last three-year median: 22.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.20

- FY2017: CNY 0.26

- FY2018: CNY 0.51

- FY2019: CNY 0.66

- FY2020: CNY 0.81

- FY2021: CNY 1.55

- FY2022: CNY 3.30

- FY2023: CNY 5.43

- FY2024: CNY 7.83

- FY2025: CNY 7.64

### accounting: pass

- Sloan accruals: 3.8%

- Receivables to sales index (DSRI): 0.78×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.52×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.5%

- FY2017: 1.2%

- FY2018: 2.5%

- FY2019: 9.1%

- FY2020: -4.8%

- FY2021: 6.0%

- FY2022: 7.2%

- FY2023: 2.9%

- FY2024: 6.2%

- FY2025: 3.8%

## Holders

## Price story

Down 31% since Jun 2026 · sales +31.9%

Story as of 2026-10-16T09:59:57.853Z; price observation 2026-10-15.

Price needs cash profits to grow 21.4% a year for ten years

### Sales · FY2024–2025

sales +31.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.6B 

- FY2017: CNY 2.2B 

- FY2018: CNY 3.3B 

- FY2019: CNY 4.1B 

- FY2020: CNY 6.1B 

- FY2021: CNY 9.7B 

- FY2022: CNY 15B 

- FY2023: CNY 22B 

- FY2024: CNY 30B 

- FY2025: CNY 39B 

### Gross margin · FY2025

gross margin 40.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 38.9% 

- FY2017: 35.9% 

- FY2018: 37.9% 

- FY2019: 40.0% 

- FY2020: 36.3% 

- FY2021: 38.9% 

- FY2022: 43.5% 

- FY2023: 40.3% 

- FY2024: 42.4% 

- FY2025: 40.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are CNY 39.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2025: revenue 39353112419.78; grossProfit 15782071038.08; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002371.SHE: NAURA Technology Group Co., Ltd. engages in the research and development, production, sale, and technical services of semiconductors in the People's Republic of China. It operates through Semiconductor Equipment, Vacuum New Energy Equipment, and Precision Component segments. The company offers semiconductor process equipment including etching, thin film deposition, thermal processing, wet cleaning, ion implantation, coating and developing, and bonding which are used in the manufacturing of integrated circuits, power semiconductors, 3D integration and advanced packaging, compound semiconductors, and new displays. It also provides vacuum new energy equipment, which includes crystal growth, vacuum heat treatment, atmosphere-protected heat treatment, continuous heat treatment, plasma-enhanced chemical vapor deposition, diffusion oxidation annealing, magnetron sputtering coating, low-pressure chemical vapor deposition, multi-arc ion plating, and metal bipolar plate coating equipment that are used in material heat treatment, vacuum electronics, semiconductor materials, magnetic materials, and new energy fields. In addition, the company offers precision components including precision resistors, new capacitors, ultra-high voltage ceramic capacitors, quartz crystal devices, quartz microelectromechanical sensors, analog chips, modular power supplies, microwave components, inductors and transformers, and high-performance magnetic materials which are used in power electronics, rail transportation, smart grids, precision instruments, and automatic control applications. The company was formerly known as Beijing Sevenstar Electronics Co., Ltd. and changed its name to NAURA Technology Group Co., Ltd. in February 2017. NAURA Technology Group Co., Ltd. was founded in 2001 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

Margins ranged from 40.1% to 42.4% during 2023–25; it earns 14.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2023: grossProfit / revenue = 40.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2024: grossProfit / revenue = 42.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2025: grossProfit / revenue = 40.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); 10-year return on capital observations [[2016,-0.12812204177368647],[2017,0.05062403142021307],[2018,0.08124435819558767],[2019,0.07143307895569653],[2020,0.13203647070799218],[2021,0.15033882003530769],[2022,0.19132409778362375],[2023,0.22454088827397747],[2024,0.2502594727964959],[2025,0.18650208560196863]]; median 0.14118764537164993. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 14.1% of cash earnings on expansion; earns 24.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2016: growth capex 0; upkeep 178397802.93; owner earnings 106842688.07. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2017: growth capex 33950459.44; upkeep 198306978; owner earnings 125610229. Growth capex / owner earnings = 0.2702841934951014.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2018: growth capex 0; upkeep 244352333.82; owner earnings 252183275.18. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2019: growth capex 0; upkeep 171159241.17; owner earnings 436110825.83000004. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2020: growth capex 314943162.78999996; upkeep 353392063; owner earnings 536930441. Growth capex / owner earnings = 0.5865623156016962.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2021: growth capex 15827464.600000024; upkeep 430992389; owner earnings 1073024625.672. Growth capex / owner earnings = 0.014750327458782974.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2022: growth capex 908162159.3900001; upkeep 500432761; owner earnings 2336564036.072. Growth capex / owner earnings = 0.38867420082212356.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2023: growth capex 1382944066; upkeep 597037517; owner earnings 3870610557.748. Growth capex / owner earnings = 0.35729351877875953.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2024: growth capex 1119948189; upkeep 926206067; owner earnings 5588670685.704. Growth capex / owner earnings = 0.20039616788744835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); FY2025: growth capex 775422477.5300002; upkeep 1486103441.77; owner earnings 5487690872.217999. Growth capex / owner earnings = 0.14130214248321757.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); Incremental return on capital 0.2478409296786063, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); Dividend observations: [[2016,35114424.28],[2017,37032326.7],[2018,64617208.54],[2019,23816224],[2020,31192352],[2021,54120942],[2022,108107494],[2023,235806650],[2024,571801538],[2025,857960944.21]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 44.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002371.SHE SharesStats.PercentInsiders = 44.211 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21.4% yearly over ten years; actual growth was 39.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.694Z); Ten-year compound average after fade. Initial solved rate 0.2990077125630194. Price 610; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.2715271560550558 → FY2025 7.5929385095290804. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 34.10 per share

- 2016-11: CNY 31.43 per share

- 2016-12: CNY 26.60 per share

- 2017-01: CNY 28.19 per share

- 2017-02: CNY 28.50 per share

- 2017-03: CNY 28.50 per share

- 2017-04: CNY 25.00 per share

- 2017-05: CNY 23.04 per share

- 2017-06: CNY 23.92 per share

- 2017-07: CNY 23.06 per share

- 2017-08: CNY 25.12 per share

- 2017-09: CNY 29.83 per share

- 2017-10: CNY 33.11 per share

- 2017-11: CNY 35.86 per share

- 2017-12: CNY 41.44 per share

- 2018-01: CNY 30.77 per share

- 2018-02: CNY 33.68 per share

- 2018-03: CNY 45.87 per share

- 2018-04: CNY 49.32 per share

- 2018-05: CNY 43.77 per share

- 2018-06: CNY 49.67 per share

- 2018-07: CNY 49.86 per share

- 2018-08: CNY 51.98 per share

- 2018-09: CNY 47.06 per share

- 2018-10: CNY 37.83 per share

- 2018-11: CNY 40.69 per share

- 2018-12: CNY 37.76 per share

- 2019-01: CNY 45.66 per share

- 2019-02: CNY 51.58 per share

- 2019-03: CNY 70.49 per share

- 2019-04: CNY 63.89 per share

- 2019-05: CNY 66.74 per share

- 2019-06: CNY 69.25 per share

- 2019-07: CNY 64.58 per share

- 2019-08: CNY 64.70 per share

- 2019-09: CNY 65.58 per share

- 2019-10: CNY 70.75 per share

- 2019-11: CNY 78.20 per share

- 2019-12: CNY 88.00 per share

- 2020-01: CNY 118.40 per share

- 2020-02: CNY 148.01 per share

- 2020-03: CNY 115.96 per share

- 2020-04: CNY 153.00 per share

- 2020-05: CNY 152.16 per share

- 2020-06: CNY 170.91 per share

- 2020-07: CNY 208.49 per share

- 2020-08: CNY 184.42 per share

- 2020-09: CNY 159.00 per share

- 2020-10: CNY 170.40 per share

- 2020-11: CNY 172.00 per share

- 2020-12: CNY 180.74 per share

- 2021-01: CNY 200.40 per share

- 2021-02: CNY 179.40 per share

- 2021-03: CNY 143.54 per share

- 2021-04: CNY 165.62 per share

- 2021-05: CNY 188.20 per share

- 2021-06: CNY 277.38 per share

- 2021-07: CNY 432.00 per share

- 2021-08: CNY 355.85 per share

- 2021-09: CNY 365.69 per share

- 2021-10: CNY 371.25 per share

- 2021-11: CNY 386.99 per share

- 2021-12: CNY 347.02 per share

- 2022-01: CNY 283.00 per share

- 2022-02: CNY 303.15 per share

- 2022-03: CNY 274.00 per share

- 2022-04: CNY 239.00 per share

- 2022-05: CNY 270.00 per share

- 2022-06: CNY 277.12 per share

- 2022-07: CNY 253.58 per share

- 2022-08: CNY 282.00 per share

- 2022-09: CNY 278.40 per share

- 2022-10: CNY 265.70 per share

- 2022-11: CNY 222.89 per share

- 2022-12: CNY 225.30 per share

- 2023-01: CNY 234.29 per share

- 2023-02: CNY 233.25 per share

- 2023-03: CNY 265.85 per share

- 2023-04: CNY 334.52 per share

- 2023-05: CNY 303.45 per share

- 2023-06: CNY 317.65 per share

- 2023-07: CNY 283.83 per share

- 2023-08: CNY 271.26 per share

- 2023-09: CNY 241.30 per share

- 2023-10: CNY 256.00 per share

- 2023-11: CNY 234.55 per share

- 2023-12: CNY 245.71 per share

- 2024-01: CNY 227.76 per share

- 2024-02: CNY 284.06 per share

- 2024-03: CNY 305.60 per share

- 2024-04: CNY 319.00 per share

- 2024-05: CNY 293.35 per share

- 2024-06: CNY 319.89 per share

- 2024-07: CNY 342.60 per share

- 2024-08: CNY 318.28 per share

- 2024-09: CNY 365.98 per share

- 2024-10: CNY 392.37 per share

- 2024-11: CNY 415.68 per share

- 2024-12: CNY 391.00 per share

- 2025-01: CNY 377.00 per share

- 2025-02: CNY 447.28 per share

- 2025-03: CNY 416.00 per share

- 2025-04: CNY 450.96 per share

- 2025-05: CNY 418.56 per share

- 2025-06: CNY 442.21 per share

- 2025-07: CNY 335.20 per share

- 2025-08: CNY 372.50 per share

- 2025-09: CNY 452.36 per share

- 2025-10: CNY 407.05 per share

- 2025-11: CNY 427.90 per share

- 2025-12: CNY 459.08 per share

- 2026-01: CNY 475.23 per share

- 2026-02: CNY 471.88 per share

- 2026-03: CNY 447.00 per share

- 2026-04: CNY 536.99 per share

- 2026-05: CNY 629.87 per share

- 2026-06: CNY 884.56 per share

- 2026-07: CNY 687.00 per share

- 2026-08: CNY 699.79 per share

- 2026-09: CNY 615.97 per share

- 2026-10: CNY 591.00 per share

## Annual estimated value (CNY per share)

- FY2017: low CNY 5.06 per share, central CNY 5.79 per share, high CNY 6.42 per share

- FY2018: low CNY 8.62 per share, central CNY 11.40 per share, high CNY 13.02 per share

- FY2019: low CNY 14.89 per share, central CNY 18.72 per share, high CNY 20.95 per share

- FY2020: low CNY 13.20 per share, central CNY 17.23 per share, high CNY 19.58 per share

- FY2021: low CNY 29.51 per share, central CNY 36.69 per share, high CNY 40.87 per share

- FY2022: low CNY 44.26 per share, central CNY 57.14 per share, high CNY 64.64 per share

- FY2023: low CNY 63.10 per share, central CNY 82.96 per share, high CNY 94.53 per share

- FY2024: low CNY 106.19 per share, central CNY 144.69 per share, high CNY 167.11 per share

- FY2025: low CNY 137.47 per share, central CNY 187.94 per share, high CNY 217.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:34.916Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.