Piotech (688072) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 2.91 billion, up 49.06% year-over-year, driven by rapid expansion in advanced process equipment and successful customer validation of new products and processes.

• Net profit attributable to shareholders was RMB 1.34 billion, a 1,324.10% increase year-over-year, mainly due to scale effects, improved gross margin, and significant fair value gains on financial assets.

• Excluding non-recurring items, adjusted net profit was RMB 367 million, up 861.92% year-over-year.

• Operating cash flow was RMB 115 million, down 92.63% year-over-year, due to changes in customer payment terms and increased procurement and tax payments.

Financial highlights

• Gross margin improved by approximately 9 percentage points year-over-year, reflecting scale effects and cost reductions from new product ramp-up.

• Basic EPS was RMB 4.77, up from RMB 0.34 in the prior year period.

• Weighted average ROE was 18.11%, up from 1.76% a year ago.

• R&D investment reached RMB 423 million, accounting for 14.52% of revenue.

• Net assets attributable to shareholders nearly doubled to RMB 12.72 billion compared to year-end 2025.

Outlook and guidance

• The company expects continued growth in the global and China semiconductor equipment markets, with strong demand for advanced logic, memory, and 3D integration equipment.

• Order backlog remains robust, supporting full-year delivery and performance growth.

• Ongoing expansion of production capacity (Shenyang Phase II) is on track, with completion expected by 2028.