NARI Technology (600406) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥66.23 billion in 2025, up 14.53% year-over-year; net profit attributable to shareholders reached ¥8.28 billion, up 8.79% year-over-year; basic EPS was ¥1.04.

• Maintained high-quality growth with strong performance in core and emerging businesses; new business revenue grew 29% to ¥8 billion.

• R&D investment increased 16.54% to ¥4.74 billion, representing 7.16% of revenue.

• Cash dividend payout ratio remained near 60% for the third consecutive year; total cash dividends and share repurchases accounted for 65.58% of net profit.

Financial highlights

• Revenue: ¥66.23 billion, up 14.53% year-over-year.

• Net profit attributable to shareholders: ¥8.28 billion, up 8.79% year-over-year.

• Operating cash flow: ¥12.77 billion, up 15.17% year-over-year.

• Gross margin: 25.79%, down 0.73 percentage points year-over-year.

• Basic EPS: ¥1.04, up 8.98% year-over-year.

• ROE: 16.26%, up 0.41 percentage points year-over-year.

Outlook and guidance

• 2026 revenue target: ¥75 billion, up 13.24% year-over-year.

• Fixed asset investment planned at ¥1.82 billion for 2026.

• Strategic focus on AI, digitalization, and expansion into water, pipeline, transportation, and computing networks.

• Long-term vision to become a world-class energy internet technology leader by 2030.