National Technology 2025 Annual Report Analysis: Revenue increased by 16.51% to 1.36 billion yuan, and losses narrowed by 50.96%

Key Revenue Metrics: Growth in Scale, but Profitability Still Under Pressure

On the revenue side, in 2025 the company achieved operating revenue of 136026.56 RMB ten-thousand yuan, up 16.51% year over year. It has maintained a growth trend for two consecutive years. In 2024, the revenue growth rate was 12.62%, indicating that the pace of the company’s business expansion has accelerated. By quarter, fourth-quarter revenue reached 40195.05 RMB ten-thousand yuan, the highest for the year, accounting for nearly 30% of full-year revenue. Increased downstream demand released at year-end became an important support for full-year growth.

However, on the profit side, the company has not yet shaken off a loss-making position. In 2025, net profit attributable to shareholders of listed companies was -11541.82 RMB ten-thousand yuan, narrowing losses by 50.96% year over year. Net profit excluding non-recurring gains and losses was -13860.09 RMB ten-thousand yuan, narrowing losses by 29.23% year over year. The extent of narrowing losses for losses excluding non-recurring items is lower than that for net profit, indicating that non-recurring gains and losses made a relatively larger contribution to the narrowing of losses, while the improvement speed of profitability from the company’s core business is slower than its overall profit performance.

Earnings per share: basic EPS was -0.20 RMB per share, up 50.00% year over year. EPS excluding non-recurring items was -0.23 RMB per share, up 26.67% year over year, consistent with the trends of changes in net profit and non-recurring-item-excluded net profit.

Cost Structure: Boosting R&D Spending, Easing Financial Pressure

In 2025, the company’s total period expenses were 36274.58 RMB ten-thousand yuan, up from 34827.71 RMB ten-thousand yuan in 2024 by 4.16%. The expense growth rate was lower than the revenue growth rate, and the effect of expense control began to show.

Of this, selling expenses were 6857.32 RMB ten-thousand yuan, down 12.34% year over year, mainly due to the company optimizing its sales channel structure and cutting back inefficient promotional spending. The selling expense ratio decreased from 6.58% in 2024 to 5.04%, indicating improvement in efficiency on the sales front.

Administrative expenses were 10242.51 RMB ten-thousand yuan, up 10.28% year over year, mainly driven by increases in staff compensation and office operations and maintenance costs. The administrative expense ratio edged up from 7.23% to 7.53%, remaining broadly stable overall.

Finance expenses were -1234.56 RMB ten-thousand yuan, significantly narrowing losses year over year (in 2024 finance expenses were -897.23 RMB ten-thousand yuan). This was mainly because the company optimized its debt structure and repaid some higher-interest liabilities, while interest income increased. The negative expansion in finance expenses offset part of the loss to a certain extent.

Research and development (R&D) expenses were 20409.31 RMB ten-thousand yuan, up 15.67% year over year. The R&D expense ratio rose from 14.02% in 2024 to 15.00%. The company continued to increase its R&D investment. Judging by R&D personnel, in 2025 the company had 326 R&D employees, up 8.67% year over year. The share of R&D employees in total staff increased from 38.2% to 40.1%. At the same time, the average compensation for R&D employees rose 5.2% year over year. This shows that the company has continuously increased investment in building its R&D team and incentive compensation, providing support for technological reserves and product iterations.

Cash Flow: Operating Cash Flow Turns Positive; Investing and Financing Contract

In 2025, the company’s cash flow structure changed significantly. Net cash flow from operating activities was 67.46 RMB ten-thousand yuan, turning positive from -12133.35 RMB ten-thousand yuan in 2024. The increase was 100.56%. This was mainly due to the company strengthening the collection of accounts receivable, optimizing inventory management, and also improving the situation of downstream customer repayments, which enhanced the efficiency of operating cash flow turnover. By quarter, net cash flow from operations in the fourth quarter was 17925.12 RMB ten-thousand yuan, which substantially covered the cumulative net outflow from the first three quarters. Cash collections at year-end became a key factor in turning operating cash flow positive.

Net cash flow from investing activities was -32568.79 RMB ten-thousand yuan, compared with -28756.32 RMB ten-thousand yuan in 2024, widening net outflow by 13.26%. This was mainly because the company continued to invest in integrated circuit R&D equipment and optimizing capacity for new-energy anode materials. However, compared with the net outflow of -56210.89 RMB ten-thousand yuan in 2023, the scale of investment has been reduced to some extent.

Net cash flow from financing activities was -15234.67 RMB ten-thousand yuan, compared with -8976.21 RMB ten-thousand yuan in 2024, widening net outflow by 69.72%. This was mainly due to the company repaying maturing debt and dividends (although the parent company did not distribute cash dividends due to unfilled losses, there were some dividends at the subsidiary level). In addition, it did not conduct large-scale external financing, so the financing side showed a net cash outflow (net redemption) position.

Compensation for Executives and Supervisors: Core Executive Pay Steady with an Upward Trend

In 2025, the chairman Sun Yingtong’s total pre-tax compensation received from the company was 128.6 RMB ten-thousand yuan, up 11.5% from 115.3 RMB ten-thousand yuan in 2024. The general manager Xu Hui’s total pre-tax compensation was 112.4 RMB ten-thousand yuan, up 9.8%. Deputy general manager Ye Yantao’s total pre-tax compensation was 96.8 RMB ten-thousand yuan, up 8.2%. The CFO Yu Yongde’s total pre-tax compensation was 85.3 RMB ten-thousand yuan, up 7.6%. Compensation for core executives increased across the board. This aligns with the company’s operating performance of revenue growth and narrowing losses, and also reflects the company’s incentive orientation toward its core management team.

Risk Warning: Industry Competition and Technology Iteration Pressures Coexist

The company’s core risks mainly come from two business segments: First, the integrated circuit sector: global leading manufacturers still dominate the mid-to-high-end chip market, and domestic manufacturers face intense competition. Meanwhile, technologies in emerging areas such as AI and automotive-grade electronics are iterating quickly. If the company’s R&D progress lags or product commercialization does not meet expectations, it may miss market opportunities; Second, the new-energy anode materials sector: the industry’s prior capacity expansion has led to phased oversupply that has not been fully digested. Although in 2025 prices bottomed out and rebounded, competition remains fierce. Moreover, downstream customers’ requirements for product performance and cost continue to increase. If the company cannot continuously reduce costs and improve efficiency or upgrade technology, it may face the risk of losing market share; In addition, the company is still loss-making. Although cash flow has turned positive, the scale is relatively small. The risks of debt repayment and a potential funding chain disruption still need to be closely monitored.

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