# Who are Naura Technology's customers? Who does Naura Technology earn revenue from?
Canonical: https://valuechain.wiki/naura · Facet: customers · Updated: 2026-07-12T05:40:46.260484+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Naura Technology's confirmed revenue counterparties include SMIC, Hua Hong plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 3 revenue edges, backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).

### SMIC (high)  → /smic.md
- note: Supplies etch and deposition tools to China's largest foundry SMIC for sub-28nm expansions — the key demand source substituting domestic tools where sanctions block Western equipment; SMIC's capex leads Naura's revenue.
- [confirms] SZSE / NAURA Technology (ZH, filing, published 2026-04-17) https://filingreader.com/news-wire/shenzhen/2026-04-17/naura-technology-revenue-jumps-31-on-domestic-semiconductor-demand: "Etch/deposition orders expanded on advanced-node build-outs at SMIC and other Chinese foundries."
- [confirms] Global Economic (KO, news, published 2026-03-10) https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1: "smic uses Naura tools at 28nm and below."
- [confirms] Naura/SZSE (EN, filing, published 2026-03-01) https://www.naura.com: "Naura annual/IR: etch/deposition revenue and customers."

### Hua Hong (mid)  → /hua-hong.md
- note: Supplies etch and deposition tools to Hua Hong's mature-node fabs — mature-node expansion forms the broad base of domestic-tool adoption.
- [confirms] Global Economic (KO, news, published 2026-03-10) https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1: "hua-hong uses Naura tools at 28nm and below."
- [confirms] Naura/SZSE (EN, filing, published 2026-03-01) https://www.naura.com

### 중국 메모리·파운드리 (장비) (mid)
- note: Supplies tools to Chinese memory makers YMTC (NAND) and CXMT (DRAM) — memory localization is more equipment-intensive than logic, a growth axis for Naura's substitution demand.
- [mentions] Brokerage consensus (ZH, research, published 2026-04-20) https://news.futunn.com/en/post/64159482/naura-technology-group-002371-long-term-positive-outlook-for-the: "Brokerages positive long-term on a platform-type equipment leader benefiting from advanced-node expansion."
- [confirms] SZSE / NAURA Technology (ZH, filing, published 2026-04-17) https://filingreader.com/news-wire/shenzhen/2026-04-17/naura-technology-revenue-jumps-31-on-domestic-semiconductor-demand: "FY2025 revenue CNY 39.35bn (+30.85%), net profit CNY 5.52bn; localization plus Kingsemi (litho)/Chengdu Guotai acquisitions expanded the platform."

Reverse side: https://valuechain.wiki/naura/suppliers.md · Ripple: https://valuechain.wiki/naura/ripple.md

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