Advanced Micro-Fabrication Equipment (688012) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 6.69 billion, up 34.89% year-over-year, driven by increased shipments of high-end etching products for advanced logic and memory manufacturing, with large-scale mass production achieved in multiple key etching processes.

• Net profit attributable to shareholders was RMB 2.83 billion, a 300.22% increase year-over-year, mainly due to revenue growth, higher gross profit, increased R&D investment, and significant gains from equity investments and asset disposals.

• Excluding non-recurring items, adjusted net profit was RMB 1.12 billion, up 108.36% year-over-year, reflecting strong core business growth.

• R&D investment reached RMB 2.04 billion, accounting for 30.51% of revenue, with a 36.86% increase year-over-year, supporting rapid product development and innovation.

Financial highlights

• Operating income: RMB 6.69 billion (+34.89% YoY).

• Net profit attributable to shareholders: RMB 2.83 billion (+300.22% YoY).

• Adjusted net profit (excluding non-recurring items): RMB 1.12 billion (+108.36% YoY).

• Basic and diluted EPS: RMB 4.33 (+283.19% and +286.61% YoY, respectively).

• Operating cash flow: RMB 684.6 million (+237.39% YoY).

• Gross margin and R&D expense both increased, with R&D at 30.51% of revenue.

Outlook and guidance

• The company aims to expand its product coverage to over 60% of the high-end integrated circuit equipment market and over 70% of the advanced packaging equipment market within five years, targeting global leadership.

• Continued focus on R&D, product innovation, and strategic investments to drive sustainable growth.

• Ongoing expansion of manufacturing capacity and new base construction in Shanghai, Nanchang, Guangzhou, and Chengdu.