ASMPT (0522) Q2 2025 earnings summary

Executive summary

• Revenue for 1H 2025 was HK$6.53 billion (US$837.6 million), up 0.7% YoY but down 3.3% HoH, with net profit at HK$216.9 million, down 30.9% YoY but up 672.7% HoH, driven by strong AI and China demand.

• Bookings in 1H 2025 reached HK$7.11 billion (US$913M), up 12.4% YoY and 10.5% HoH, with gross margin above 40%.

• Advanced Packaging (AP) contributed 39% of group revenue, led by TCB tool demand and major wins in photonics, CPO, and SiP.

• Mainstream and SMT segments saw robust bookings growth in China, especially from AI, EV, and data center demand.

• Interim dividend of HK$0.26 per share declared, in line with a 50% payout policy.

Financial highlights

• Q2 2025 revenue was HK$3.40 billion (US$436.1M), up 1.8% YoY and 8.9% QoQ; bookings were HK$3.75 billion, up 20.2% YoY and 11.9% QoQ.

• Gross margin for 1H 2025 was 40.3%, down 65 bps YoY but up 121 bps HoH; Q2 2025 gross margin was 39.7%.

• Operating profit for 1H 2025 was HK$329.3M, down 12.2% YoY but up 79.5% HoH; adjusted net profit was HK$218.1M, down 30.7% YoY but up 95.7% HoH.

• Basic EPS for 1H 2025 was HK$0.52, down 31.6% YoY but up 642.9% HoH.

• Cash and bank deposits at 30 June 2025 were HK$5.00 billion; net cash position was HK$2.33 billion.

Outlook and guidance

• Q3 2025 revenue guidance is US$445–505 million, up 10.8% YoY and 8.9% QoQ at midpoint, above market consensus.

• AP revenue expected to sustain growth, driven by AI and TCB market leadership; TCB TAM projected at US$1B by 2027.

• SMT revenue expected to improve, with normalization after a large Q2 order; automotive and industrial end-markets to remain soft.

• Mainstream business to benefit from China momentum and AI data center demand.

• No immediate negative impact from tariffs, but global trade uncertainties persist.