Advanced Micro-Fabrication Equipment (688012) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 2.91 billion, up 34.13% year-over-year, maintaining a multi-year growth trend above 35%.

• Net profit attributable to shareholders was RMB 930 million, a 197.20% increase year-over-year, driven by strong sales and a significant one-time gain from equity disposals.

• R&D investment rose 32.15% to RMB 908 million, representing 31.14% of revenue, well above the industry average.

• The company expanded its product portfolio and achieved notable progress in advanced etching and thin film equipment for logic and memory manufacturing.

Financial highlights

• Operating income: RMB 2.91 billion, up 34.13% year-over-year.

• Net profit: RMB 930 million, up 197.20% year-over-year.

• Gross margin increased by RMB 260 million year-over-year.

• Basic EPS: RMB 1.48, up 196% year-over-year.

• Cash flow from operations: -RMB 159 million, down from RMB 377 million last year.

Outlook and guidance

• Continued high growth expected, with new product launches and expanded market coverage in advanced logic and memory manufacturing.

• R&D focus remains on six major categories and over 20 new equipment models.