Advanced Micro-Fabrication Equipment (688012) Q2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB 4.96 billion in H1 2025, up 43.88% year-over-year, with net profit attributable to shareholders of RMB 706 million, up 36.62%.

• Main growth drivers: plasma etching equipment sales (RMB 3.78 billion, up 40.12%) and LPCVD equipment (RMB 199 million, up 608.19%).

• R&D investment reached RMB 1.49 billion, up 53.70% year-over-year, accounting for 30.07% of revenue.

• Company continues to expand product lines, accelerate new product development, and strengthen global market presence.

Financial highlights

• Revenue: RMB 4.96 billion (up 43.88% YoY); net profit: RMB 706 million (up 36.62% YoY).

• Gross margin increased due to higher sales and product mix; R&D expenses up 96.65% YoY.

• Operating cash flow: RMB 203 million (down 46.87% YoY); total assets: RMB 28.42 billion (up 8.40% from year-end 2024).

• Basic EPS: RMB 1.13 (up 34.52% YoY); weighted average ROE: 3.49%.

• Non-recurring gains: RMB 167 million, mainly from fair value changes in financial assets.

Outlook and guidance

• Management targets continued high growth through organic expansion and M&A, aiming to cover 50–60% of high-end semiconductor equipment market in 5–10 years.

• Focus on advanced logic, memory, and compound semiconductor equipment; expects further market share gains.

• R&D speed and product launch cycles to further accelerate.