Circuit Fabology Microelectronics Equipment Co (688630) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 1.11 billion, up 68.95% year-over-year, with net profit attributable to shareholders at RMB 281 million, up 98.13% year-over-year, driven by strong demand in AI server PCB and advanced packaging equipment.

• Cash flow from operating activities was RMB 291 million, a significant turnaround from negative RMB 105 million in H1 2025, reflecting improved collections and robust sales.

• The company completed a successful H-share listing in Hong Kong, raising over HKD 3 billion, and expanded its global footprint, especially in Southeast Asia and advanced packaging markets.

Financial highlights

• Operating income: RMB 1.11 billion, up 68.95% year-over-year.

• Net profit attributable to shareholders: RMB 281 million, up 98.13% year-over-year.

• Operating cash flow: RMB 291 million, up 376.99% year-over-year.

• Basic and diluted EPS: RMB 2.14, up 98.15% year-over-year.

• Gross margin: 43.1% (calculated from disclosed revenue and cost figures).

Outlook and guidance

• AI server, HBM advanced packaging, and high-end IC substrate markets remain in a strong upcycle, with domestic equipment substitution policies supporting long-term growth.

• Second-phase production base to fully ramp up, easing delivery bottlenecks and supporting further order and revenue growth.

• Continued R&D focus on multi-beam and 65nm mask lithography equipment, with global service network expansion and digital lean operations to drive efficiency.