Advanced Micro-Fabrication Equipment (688012) Q1 2025 earnings summary
Event summary combining transcript, slides, and related documents.
Q1 2025 earnings summary
6 Jun, 2025Executive summary
Revenue for Q1 2025 reached RMB 2.17 billion, up 35.40% year-over-year, maintaining a 14-year CAGR above 35%.
Net profit attributable to shareholders was RMB 313 million, up 25.67% compared to Q1 2024.
Significant R&D investment at RMB 687 million, up 90.53% year-over-year, representing 31.60% of revenue.
High-end etching and thin film equipment shipments increased, with new products entering mass production and market validation.
Financial highlights
Operating cash flow turned positive at RMB 377 million, compared to a negative RMB 586 million in Q1 2024.
Basic and diluted EPS were RMB 0.50, up 25% year-over-year.
Gross margin improved due to higher revenue and product mix, with government subsidies and investment gains contributing to non-recurring income.
Total assets at quarter-end were RMB 27.12 billion, up 3.44% from year-end 2024.
Shareholders' equity reached RMB 20.14 billion, up 2.06% from year-end 2024.
Outlook and guidance
Accelerated R&D cycle, with new equipment development time reduced to two years or less.
Plans to launch more competitive products at scale in the coming years, driven by strong market demand.
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