NARI Technology cites 60 percent State Grid exposure: what it means for NARI Technology stock
Published on 10/16/2026 at 10:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSOperating profile and valuation
- NARI Technology disclosed more than 60 percent State Grid revenue exposure on October 13, 2026.
- First-half 2026 revenue reached CNY 27.77 billion, up 14.54 percent year over year.
- NARI Technology's Shanghai market capitalization was CNY 182.6 billion on October 16, 2026.
NARI Technology (ISIN CNE000001G38) said on October 13 that more than 60 percent of revenue from its grid intelligence and digital-energy segments came from State Grid, according to Futu. The disclosure gives investors a concrete measure of customer concentration in the company's core operations.
State Grid exposure reaches 60 percent
NARI Technology's first-half 2026 results provide the operating backdrop. Revenue reached CNY 27.767 billion, up 14.54 percent year over year, while net profit attributable to shareholders rose 4.08 percent to CNY 3.073 billion, according to Futu. The gap between revenue and profit growth makes margin quality more important than sales growth alone.
What does exposure mean for margins?
The company signed CNY 45.633 billion of new contracts in the first half of 2026, an increase of 28.79 percent year over year. Grid intelligence revenue reached CNY 13.306 billion, up 8.85 percent, with a 29.90 percent gross margin in the same period, while low-carbon energy revenue rose 46.98 percent to CNY 9.614 billion. Gawin Research identified low-margin energy storage, foreign-exchange losses and credit impairments as factors behind the profit-revenue gap in its October 3, 2026 analysis.
Three dated developments
On September 21, 2026, NARI Technology implemented an interim dividend of CNY 0.153 per share, as reported by Futu. On October 11, 2026, the company had repurchased 5.7423 million shares by September 30, spending CNY 131 million, according to TradingView. On October 13, 2026, the company disclosed the more than 60 percent State Grid revenue share.
Shanghai valuation stays below the high
NARI Technology was last at CNY 22.73 on the Shanghai Stock Exchange on October 16, 2026 at 3:00 p.m. CST. Its market capitalization was CNY 182.6 billion, while the 52-week range was CNY 21.26 to CNY 32.06 on the same date. The operating data point to strong contract growth, but the lower profit growth rate keeps execution and margins central to the stock's valuation.
NARI Technology market facts
- Company: NARI Technology Co., Ltd.
- ISIN: CNE000001G38
- Ticker: 600406
- Primary exchange: Shanghai Stock Exchange
- Price Shanghai Stock Exchange (as of October 16, 2026, 3:00 p.m. CST): CNY 22.73
- Market capitalization: CNY 182.6 billion (as of October 16, 2026)
- 52-week range: CNY 21.26-CNY 32.06 (as of October 16, 2026)
- Sector: Machinery and equipment
Market context: Market report Shanghai Composite.
