Circuit Fabology Microelectronics Equipment Co (688630) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥1,408 million, up 47.61% year-over-year; net profit attributable to shareholders was ¥289.93 million, up 80.42% year-over-year.

• PCB and pan-semiconductor businesses both delivered strong growth, with pan-semiconductor revenue up 112.5% year-over-year.

• Maintained industry leadership in high-end direct imaging (LDI) equipment, with global PCB LDI market share reaching 15%.

• Overseas expansion accelerated, with significant revenue growth in Southeast Asia and new market penetration in Japan, Korea, and Australia.

Financial highlights

• Operating income: ¥1,408,121,260.32 (+47.61% YoY); net profit attributable to shareholders: ¥289,933,018.30 (+80.42% YoY).

• Operating cash flow: ¥91,864,927.65, up 228.39% YoY, mainly due to increased sales collections.

• Basic and diluted EPS: ¥2.21 (+79.67% YoY); weighted average ROE: 13.28% (+5.37pp YoY).

• Gross margin for PCB series: 34.92% (+2.65pp YoY); pan-semiconductor series: 54.57% (-2.30pp YoY).

• R&D investment: ¥131.23 million, up 34.33% YoY, representing 9.32% of revenue.

Outlook and guidance

• 2026 strategy focuses on technology iteration, global expansion, and digital transformation, with H-share listing in Hong Kong as a key milestone.

• Plans to deepen AI-driven product upgrades, expand high-end PCB and pan-semiconductor equipment, and enhance global service networks.

• Continued investment in R&D and talent to maintain technological leadership and support international growth.