NaiKe Equipment 2025 Annual Report Analysis: Net Profit Attributable to Parent Up 25.49%, Operating Cash Flow Drops 47.96%

Operating Revenue: Dual Drivers of Semiconductor and Extrusion Equipment, Steady Revenue Growth

In 2025, Naike Equipment achieved operating revenue of 294,908,400 yuan, a year-on-year increase of 9.96%. From the business structure perspective, the revenue from semiconductor packaging equipment and mold business was 119,833,500 yuan, a significant year-on-year increase of 18.98%; revenue from plastic extrusion molding molds, extrusion molding devices, and downstream equipment was 167,901,200 yuan, a year-on-year increase of 3.07%.

By product, revenue from semiconductor packaging equipment was 97,217,800 yuan, a year-on-year increase of 13.61%; revenue from semiconductor packaging molds was 22,615,700 yuan, a staggering year-on-year increase of 49.39%, becoming the core driving force behind the growth of the semiconductor business. Revenue from plastic extrusion molding molds and devices was 161,847,500 yuan, a year-on-year increase of 4.95%, while revenue from downstream plastic extrusion molding equipment was 605,370 yuan, a year-on-year decrease of 30.39%.

By region, domestic market revenue was 123,303,800 yuan, a year-on-year increase of 19.90%; foreign market revenue was 166,814,700 yuan, a year-on-year increase of 2.75%, with the domestic market growth rate significantly higher than that of overseas, showing the company’s significant achievements in expanding the domestic semiconductor and extrusion equipment market.

Net Profit: Improvement in Profit Quality, Non-recurring Net Profit Growth Exceeds Revenue

In 2025, the company achieved a net profit attributable to the parent company of 80,333,200 yuan, a year-on-year increase of 25.49%; the net profit attributable to the parent company, excluding non-recurring gains and losses, was 68,565,100 yuan, a year-on-year increase of 35.28%, with the growth rate of non-recurring net profit far exceeding that of revenue, indicating a continuous improvement in the company’s profit quality.

From the income statement perspective, the company’s operating profit was 90,265,100 yuan, a year-on-year increase of 31.06%; total profit was 90,271,600 yuan, a year-on-year increase of 25.71%. Profit growth was mainly attributed to the revenue increase in semiconductor packaging and extrusion molding equipment businesses, while the company’s cost control showed results, with operating costs increasing only 2.65% year-on-year, far lower than the revenue growth rate.

Earnings Per Share: Growth Achieved Even After Dilution

In 2025, the company’s basic earnings per share were 0.70 yuan/share, a year-on-year increase of 25%; diluted earnings per share were 0.70 yuan/share, a year-on-year increase of 25%; basic earnings per share after excluding non-recurring gains and losses were 0.60 yuan/share, a year-on-year increase of 33.33%. Despite the company increasing its share capital by 4 shares for every 10 shares held by all shareholders using capital reserves in 2025, raising the total shares from 82 million to 114.55 million, earnings per share still achieved significant growth, reflecting that the company’s profit growth rate exceeded the rate of capital expansion.

Expenses: Increased R&D Investment, Optimized Management Expenses

In 2025, the company’s total period expenses amounted to 43,811,605.08 yuan, a year-on-year increase of 5.23%. Among them:

• Sales Expenses: 11,860,762.86 yuan, a year-on-year increase of 1.76%, mainly due to increased exhibition costs. The company has intensified market development efforts, actively participating in industry exhibitions to enhance brand influence.
• Management Expenses: 11,483,261.71 yuan, a year-on-year decrease of 1.75%, mainly due to reduced maintenance costs. The company has optimized internal management and reduced operating costs, with the management expense ratio dropping from 4.36% last year to 3.89%.
• R&D Expenses: 24,095,895.48 yuan, a year-on-year increase of 15.15%, mainly due to the increase in the number and salaries of R&D personnel as new products and new processes were developed. The R&D expense ratio increased from 7.80% last year to 8.17%, as the company continues to increase R&D investment to enhance core competitiveness.
• Financial Expenses: -3,628,314.97 yuan, a year-on-year increase of 52.27%, mainly due to reduced fixed deposit income and lower bank interest rates leading to decreased interest income.

R&D Personnel Situation: Expanded Team Size, Optimized Structure

In 2025, the number of R&D personnel in the company increased from 62 to 90, with the proportion of R&D personnel in the total workforce increasing from 12.42% to 17.27%. The total salary for R&D personnel was 12,303,300 yuan, a year-on-year increase of 21.51%; the average salary for R&D personnel was 164,400 yuan, remaining roughly stable compared to last year.

In terms of educational structure, there were 3 master’s degree holders, 51 bachelor’s degree holders, and 36 associates, with those holding a bachelor’s degree or above accounting for 60%, indicating a continuous optimization of the educational structure of the R&D team. In terms of age structure, there were 26 individuals under 30, 33 between 30-40, 22 between 40-50, and 9 between 50-60, forming a reasonable age ladder that combines youth and experience, ensuring both R&D experience and innovative vitality.

Cash Flow: Operating Cash Flow Under Pressure, Significant Outflow in Investment Cash Flow

In 2025, the company’s net increase in cash and cash equivalents was -469,085,357.17 yuan, a year-on-year decrease of 454,832,431.84 yuan.

• Net Cash Flow from Operating Activities: 37,174,600 yuan, a year-on-year decrease of 47.96%, mainly due to decreased bank deposit interest, reduced government subsidies, and increased payments for material procurement. Cash received from sales of goods and provision of services was 232,715,800 yuan, a year-on-year decrease of 3.55%; cash paid for purchases of goods and receipt of services was 106,675,900 yuan, a year-on-year increase of 10.98%, highlighting the pressure on operating cash flow.
• Net Cash Flow from Investment Activities: -454,199,800 yuan, a substantial year-on-year decrease, mainly due to increased expenditures on fixed assets and project payments as well as increased purchases of financial products. The company paid 49,144,600 yuan for fixed assets, intangible assets, and other long-term assets, a year-on-year increase of 18.45%; cash paid for investments was 312,200,000 yuan, a year-on-year increase of 102.11%, as the company increased its investment in fixed assets and financial products.
• Net Cash Flow from Financing Activities: -52,587,500 yuan, a year-on-year decrease of 27,987,500 yuan, mainly due to share repurchases in 2025. The company paid 20,030,000 yuan for other cash related to financing activities for repurchasing 656,690 shares.

Potential Risks Faced

Core Competitiveness Risks

2. Technology Development and Innovation Risks: The company operates in the smart manufacturing equipment industry where technology iterates rapidly. If the company fails to timely develop new technologies and products that meet market demand, particularly in the development of board-level and wafer-level packaging equipment, it will hinder market expansion.
3. Key Technical Talent Loss and Shortage Risks: With the expansion of business scale, the company’s demand for key technical personnel increases. If it cannot provide a good development platform and compensation, it may face talent loss or inadequate reserves.
4. Core Technology Leakage Risks: The company’s core technology is key to its market competitiveness. If core technologies are leaked due to poor personnel management or talent loss, it will adversely affect the company’s production and operations.

Operational Risks

2. Market Competition Risks: In the semiconductor packaging equipment field, the company remains at a disadvantage compared to international industry giants; in the plastic extrusion molding equipment field, there are gaps compared to international companies in terms of scale and financial strength. Increased market competition may impact the company’s market share.
3. Risks from Dependence on External Procurement of Certain Raw Materials: The company relies on imports for certain key components such as mold steel, sensors, and servo motors. If the international trade environment changes or supplier relationships fluctuate, it may lead to supply interruptions or cost increases.
4. Risks of Overseas Sales: The company’s plastic extrusion molding equipment is primarily for export. Changes in trade policies or increased international trade friction could adversely affect overseas sales.
5. Product Quality Risks: The company’s products involve multi-disciplinary knowledge. If management control during production is not strict, leading to product quality issues, it may affect customer satisfaction and the company’s brand image.
6. Risks from Outsourced Processing of Certain Components: The company outsources some components; if outsourcing suppliers fail to deliver on time or with quality, it will affect the company’s product delivery timing and costs.

Financial Risks

2. Sustainability Risks of Performance Growth: The company’s performance growth in 2025 is mainly due to a favorable semiconductor industry market. If downstream market demand changes or the company fails to meet customer needs in a timely manner, performance growth may face uncertainties.
3. Gross Margin Decline Risks: The company’s products are customized special equipment, and gross margin is significantly affected by selling prices, product structure, and raw material prices. If industry competition intensifies, leading to price declines or cost increases, gross margin may decrease.
4. Accounts Receivable Risks: As of the end of the reporting period, the company’s accounts receivable had a book value of 116,520,700 yuan, accounting for 9.41% of total assets. If customers face operational difficulties that delay the collection of accounts receivable, it will adversely affect the company’s operating performance.
5. Risks from Large Inventory Scale: As of the end of the reporting period, the company’s inventory had a book value of 134,855,000 yuan, accounting for 12.73% of current assets. If market conditions change or products fail to sell, inventory may face impairment risks.
6. Exchange Rate Fluctuation Risks: The company’s export revenue accounts for 57.50%, and fluctuations in the RMB exchange rate will have uncertain effects on the company’s performance.
7. Risks from Changes in Tax Incentive Policies: The company enjoys a preferential corporate income tax rate of 15% for high-tech enterprises and export tax rebates. Changes in these policies may affect the company’s operating performance.

Industry Risks

The smart manufacturing equipment industry is closely related to the macroeconomic situation. If global and China’s macroeconomic growth slows down, capital expenditures by manufacturers may decrease, putting pressure on the company’s short-term performance.

Macroeconomic Environment Risks

International trade friction, especially Sino-U.S. trade friction, may increase the company’s operating costs if tariffs are imposed on raw materials or components sourced from the U.S.

Other Major Risks

2. Intellectual Property Disputes or Litigation Risks: The company owns a large number of patented technologies. If intellectual property disputes or litigation arise, it may adversely affect the company’s production operations and technological innovation.
3. Risks from Shareholding Dispersion: The company’s shareholding is relatively dispersed, with the actual controller holding a total of 29.09% of the company’s shares. If the shareholding structure changes in the future, it may affect the efficiency of company decision-making.
4. Stock Price Fluctuation Risks: The company’s stock price is influenced by various factors such as macroeconomics, industry prosperity, and investor psychology, which may lead to significant fluctuations.
5. Force Majeure Risks: Natural disasters, wars, and other force majeure events may damage the company’s assets, personnel, suppliers, or customers, affecting the company’s production and operations.

Remuneration of Directors and Senior Management: Stable Core Management Salaries

• Chairman Huang Mingjiu: Total pre-tax remuneration received from the company during the reporting period was 805,100 yuan.
• General Manager Zheng Tianqin: Total pre-tax remuneration received from the company during the reporting period was 802,200 yuan.
• Deputy General Manager Hu Huogen: Total pre-tax remuneration received from the company during the reporting period was 702,200 yuan.
• Deputy General Manager Xu Jinfeng: Total pre-tax remuneration received from the company during the reporting period was 702,200 yuan.
• Chief Financial Officer Wang Chuanwei: Total pre-tax remuneration received from the company during the reporting period was 507,900 yuan.

The core management team’s remuneration remains stable and aligns with the company’s performance growth. Additionally, the company has implemented share repurchases for employee stock ownership plans or equity incentives, further improving the remuneration incentive system to attract and retain core talent.

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