NAURA

北方华创 / 北方华创科技集团股份有限公司

Mainland China's largest listed semiconductor-equipment producer, supplying the etch, deposition, and thermal tools that underpin domestic AI chip manufacturing.

SZSE: 002371 (A shares)
Profile as of September 14, 2026
#34 in the AsiaAI Tech Index
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NAURA is a strategically important domestic supplier to China's semiconductor-manufacturing buildout. Its central tension is clear: domestic substitution and AI-linked fab investment expand its market, while foreign-component dependence, export controls, and technology gaps against global leaders constrain execution.

Key figures

Revenue FY2025: RMB39.353 billion
Revenue growth FY2025: 30.85%
Operating margin FY2025: 14.82%
Net income FY2025: RMB5.522 billion
R&D spend FY2025: RMB5.435 billion
Capital expenditure: Not disclosed
Market capitalization Sep 14, 2026: RMB454.281 billion Estimate
Total R&D investment FY2025: RMB7.277 billion
Cumulative patent applications 2025-12-31: More than 11,300
Global etch and clean-tool share 2024: Around 5%

Overview

NAURA Technology Group was formed through a 2016 to 2017 restructuring and reverse merger involving semiconductor-equipment assets and the listed predecessor Beijing Sevenstar Electronics. Today, it is Mainland China's largest listed semiconductor-equipment producer by revenue.

The company supplies a broad portfolio of front-end wafer-fabrication tools, including plasma etch, physical and chemical vapor deposition, thermal processing, wafer cleaning, and ion implantation. This breadth allows it to sell multiple qualified tool types into the same domestic fab and spread its R&D and field-service infrastructure across more process categories.

NAURA's differentiation in China is not that it matches the full technical capability of every foreign leader, but that it combines a broad local portfolio with onshore field service and alignment with Chinese fabs' supply-chain localization needs. It is a critical enabler of China's push for semiconductor self-sufficiency.

The AI angle

NAURA benefits from AI demand through capital expenditure by Chinese foundries and memory manufacturers. Customers require more etch, deposition, thermal, cleaning, and process-control capacity to produce logic chips, DRAM, NAND, power-management chips, and advanced-packaging inputs used in AI servers and AI-enabled devices.

The company does not disclose revenue directly attributable to AI workloads, AI chips, cloud providers, or named AI customers. Its AI relevance is direct but indirect in monetization: it sells the wafer-fabrication equipment used by Chinese logic, memory, power-semiconductor, and advanced-packaging customers that supply the infrastructure underpinning domestic AI compute. Etch and thin-film deposition equipment are its largest revenue drivers, each exceeding RMB10 billion in FY2025 according to industry estimates. As Chinese fabs expand capacity to support domestic AI accelerator designs and high-bandwidth memory production, NAURA's tools are essential to scaling that manufacturing base.

Technology and moat

NAURA's competitive position rests on its breadth across front-end wafer-fabrication steps. Reproducing a qualified semiconductor tool requires hardware, process recipes, software, materials knowledge, reliability data, and years of customer-side qualification.

While foreign suppliers like Applied Materials, Lam Research, and Tokyo Electron retain leading positions in many advanced-node process technologies, NAURA has built a defensible moat in China through cumulative process know-how, qualified installed tools, and field-service capability. At the end of 2025, it reported more than 11,300 cumulative patent applications and more than 6,500 granted patents. Its consolidation of Kingsemi adds coat-develop and related process capability to its platform. The advantage compounds as more domestic fabs adopt its tools, generating more process data and revenue to fund further R&D, which in turn helps close the technology gap with global leaders in mature and specialty nodes.

Five-pillar assessment

Scale and market position: Mainland China's largest listed semiconductor-equipment producer by revenue, with a broad portfolio spanning etch, deposition, thermal processing, and cleaning tools.
Technology and R&D: Strong domestic process know-how and a broad tool portfolio, though it trails global leaders in advanced-node capabilities and relies on foreign precision components.
Supply-chain centrality: Critical supplier to major Chinese foundries and memory makers, but highly dependent on foreign suppliers for specialized components like RF power supplies and vacuum valves.
Financial momentum: Strong revenue growth driven by domestic substitution and fab expansion, though rising R&D and operating costs have pressured net income.
Governance and quality: A state-influenced public company with significant backing from Beijing municipal electronics-industry assets and national semiconductor-industrial policy capital.

Supply chain and relationships

NAURA depends on precision vacuum systems, radio-frequency power supplies, valves, materials, electronic components, control software, and intellectual-property access. Foreign dependence remains material for some high-value components, with industry reporting stating that RF power supplies and precision vacuum valves used in Chinese semiconductor equipment remain predominantly foreign sourced.

On the customer side, NAURA's growth depends heavily on Chinese foundry and memory-fab capital expenditure. Industry research identifies Semiconductor Manufacturing International Corporation (SMIC), Hua Hong Semiconductor, Yangtze Memory Technologies Co. (YMTC), and ChangXin Memory Technologies (CXMT) as downstream Chinese fabrication customers. Customer-level revenue shares are not disclosed.

Customers

Semiconductor Manufacturing International CorporationInferredWafer-fabrication equipment customer
Hua Hong SemiconductorInferredWafer-fabrication equipment customer
Yangtze Memory Technologies Co.InferredNAND-memory manufacturing equipment customer
ChangXin Memory TechnologiesInferredDRAM manufacturing equipment customer

Competitors

Advanced Micro-Fabrication Equipment Inc. ChinaInferredCompetes mainly in plasma etch and selected deposition
Applied MaterialsInferredCompetes in deposition and broad wafer-fab equipment
Lam ResearchInferredCompetes in etch and clean process tools
Tokyo ElectronInferredCompetes across etch, deposition, cleaning, and coating
ASMLInferredCompetes in limited adjacent process-equipment markets
PiotechInferredCompetes in deposition
ACM Research ShanghaiInferredCompetes in cleaning
Hwatsing TechnologyInferredCompetes in chemical-mechanical polishing

Geopolitics and risk

NAURA operates in a policy-sensitive sector and faces significant geopolitical risks. United States export controls effective from December 2024 expand restrictions over advanced semiconductor-manufacturing equipment, related software, and certain China-related end uses, directly affecting tools and components relevant to NAURA's supply chain and customers.

Foreign-component dependence makes NAURA vulnerable to licensing denials and supply interruptions. Furthermore, its advanced-node technology gap limits its addressable market at the highest performance levels, as foreign suppliers retain dominance in EUV lithography and leading-edge processes. Regional supply-chain disruptions across China, Taiwan, Japan, South Korea, Europe, and the United States could also restrict component supply and customer fab operations.

Risk matrix
Risk	Severity	Why it matters
Export-control exposure	High	U.S. rules restrict advanced semiconductor-manufacturing equipment and components.
Foreign-component dependence	High	Precision vacuum valves and RF power supplies remain substantially foreign sourced.
Domestic customer concentration	High	Growth depends heavily on Chinese foundry and memory-fab capital expenditure.
Advanced-node technology gap	High	Foreign suppliers retain leading positions in many advanced-node process technologies.
Qualification-cycle risk	Medium	New product lines consume R&D resources for years before reaching stable volume shipments.
Margin risk from expansion	Medium	Scale growth does not automatically translate into earnings growth due to rising costs.
R&D capitalization risk	Medium	Capitalizing a large portion of R&D raises reported near-term profit.
Taiwan Strait and regional supply-chain risk	Medium	Regional disruptions could restrict component supply and customer fab operations.

Governance and ownership

NAURA is a Shenzhen-listed joint-stock company with public shareholders, institutional investors, and state-linked controlling ownership. It is state-influenced rather than privately controlled. Beijing Sevenstar Electronics, a state-owned legal person, held 33.21% of shares at the end of September 2025, and Beijing Electronic Holding held 9.31%. The state-backed National Integrated Circuit Industry Investment Fund held a 5.00% stake.

The board is chaired by Zhao Jinrong, who also serves as Chairman of the Executive Committee and Party Secretary. This dual business and Party role is consistent with the governance structure of a state-influenced Chinese strategic technology company.

What to watch

Whether FY2026 revenue growth remains above 20% while operating-margin pressure moderates.
Sustained volume adoption of ion-implantation, electroplating, and advanced deposition products.
Continued capital-expenditure expansion by Chinese foundries and memory fabs like SMIC and YMTC.
Reduction of dependence on foreign RF power, vacuum, valves, and precision equipment subsystems.
Direct licensing restrictions from United States export-control rules on NAURA entities or suppliers.
Contribution of Kingsemi consolidation to revenue growth and cross-selling.

Recent developments

August 25, 2026Reported first-half 2026 revenue of RMB20.161 billion, up 24.90%.
April 30, 2026Reported first-quarter 2026 revenue of RMB10.323 billion, up 25.80% year over year.
December 31, 2025Board approved the 2025 stock-option incentive plan.
August 29, 2025Reported first-half 2025 revenue of RMB16.141 billion, up 29.51% year over year.
April 17, 2025Released FY2025 annual report with revenue of RMB39.353 billion, up 30.85%.

Coverage on AsiaAI.FYI

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About this profile

Compiled with AI-assisted research from company filings, market data, and published reporting as of September 14, 2026, then reviewed by AsiaAI.FYI. Figures marked Estimate are not company-reported. Check primary filings before relying on any number.

Confidence: B. Audited financial results and shareholder information are strong, while customer-level revenue shares, supplier identities, and AI-attributable revenue are weaker because they are not publicly disclosed.

Main sources: FY2025 annual report; Interim and quarterly company filings; Company sustainability reporting; Market-data services; Industry research.

All 85 sources

Position in the AI stack

A direct supplier of wafer-fabrication equipment used by Chinese foundries and memory makers to produce AI-related chips.

Legal name: NAURA Technology Group Co., Ltd.
Formerly: Beijing Sevenstar Electronics
Headquarters: Beijing, China
Founded: 2001
Leadership: Zhao Jinrong / 赵晋荣, Chairman and Chairman of the Executive Committee
Tao Haihong / 陶海虹, Vice Chairman and Executive Committee member
Employees: More than 21,000 (September 2026)
Ownership: Publicly listed; part of Beijing Sevenstar Electronics Co., Ltd.
Listings: SZSE: 002371 (A shares)
Business: Wafer-fabrication equipment
Sector: Equipment & Materials
Website: www.naura.com