Naura says orders keep growing, so a materials shortage is now the limit on how fast it can turn Chinese chip-factory spending into revenue.
Naura Technology Group, the Beijing maker of semiconductor manufacturing equipment, said third-quarter revenue rose just 1.31% from a year earlier to RMB11.306 billion, as tight supply of some materials slowed deliveries. Net profit rose 5.18% to RMB2.022 billion, the company said in results published on October 29 and reported by STNN.
For the first nine months, revenue rose 15.26% to RMB31.467 billion and net profit rose 5.10% to RMB5.392 billion. That nine-month profit is already close to the RMB5.522 billion Naura earned in all of 2025, Phoenix New Media reported.
The slowdown stands out on a day when Chinese suppliers of AI hardware reported profits rising several times over. Optical-module maker Zhongji Innolight said third-quarter profit rose 173.74%, memory designer GigaDevice reported a 728.93% increase, and server maker Foxconn Industrial Internet’s quarterly profit rose 60.35%, all on October 29. Naura sells the machines that chip factories use to etch, deposit and clean wafers. Etching tools carve circuit patterns into silicon, deposition tools lay down the thin films that make up each layer of a chip, and cleaning tools remove residue between steps. Its results therefore track how fast new chip-factory capacity in China turns into equipment orders and deliveries.
Naura says orders are growing but some materials are scarce
Naura attributed its growth to AI-driven demand for semiconductors worldwide, which it said has improved conditions across the industry and expanded its order book. Its market share has risen in several types of chipmaking equipment, including etching, thin-film deposition, heat treatment, wet cleaning, ion implantation, photoresist coating and developing, and bonding, which broadened the range of production steps it serves, the company said. Ion implantation tools add impurities that change silicon’s electrical properties, coating and developing tools handle the light-sensitive material used in lithography, and bonding tools join wafers together, a step used in advanced chip packaging.
The quarter’s figures imply that first-half profit was about RMB3.37 billion, so Naura earned more in the third quarter alone than in an average quarter of the first half. Naura said tight supply of certain categories of materials has put short-term pressure on the delivery of some orders. It said it is working with suppliers to secure deliveries to customers and support future growth. The company did not identify the materials, say how many orders were affected or give a figure for its order backlog, and it did not say when it expects supply to improve.
That explanation puts the third-quarter slowdown down to supply rather than demand. Equipment makers typically book revenue when machines are delivered and accepted, so late materials can push sales into later quarters.
Profit has grown more slowly than sales for most of the year
Nine-month revenue grew three times as fast as profit, 15.26% against 5.10%, according to STNN’s figures. Full-year profit in 2025 was slightly lower than in 2024, when Naura earned RMB5.621 billion, according to Phoenix New Media. Before that, profit rose from RMB2.353 billion in 2022 to RMB3.899 billion in 2023.
Taken together, the figures show Naura selling more equipment each year without a matching rise in earnings: nine-month revenue is up by RMB4.2 billion on the implied 2025 level, while profit is up by about RMB260 million.
Fourth-quarter deliveries will show whether the shortage eases
The test for Naura is whether the delayed orders ship in the fourth quarter. A rebound in quarterly revenue growth would confirm that the slowdown was a timing issue; another quarter of flat sales would raise questions about how long the shortage lasts and which components are affected.
Investors will also look for disclosure of the materials involved and of the size of the order book, which Naura described as growing without giving a figure. Its annual report and any management comment on the backlog will be the next chance for that detail.