Advanced Micro-Fabrication Equipment Inc. China (AMEC) has released its 2025 annual performance forecast, anticipating full-year operating revenue of approximately 12.385 billion yuan, a year-on-year increase of about 36.62%, with net profit expected to surpass the 2 billion yuan mark. Driven by robust demand for core semiconductor front-end equipment, the company accelerated the market penetration of high-end products through intensive R&D investment, achieving significant growth in both its core etching equipment and emerging thin film equipment businesses. On January 23, AMEC announced that it expects its 2025 net profit attributable to owners of the parent company to be between 2.080 billion yuan and 2.180 billion yuan, representing a year-on-year increase of approximately 28.74% to 34.93%. This performance growth is primarily attributed to the strong performance of its main business, with sales of etching equipment projected to reach 9.832 billion yuan, up about 35.12% year-on-year. Concurrently, the company did not slow its technological攻坚 efforts in pursuit of short-term profit maximization; its full-year R&D expenditure surged to 3.736 billion yuan, accounting for over 30% of its revenue, demonstrating management's aggressive strategy in addressing the短板 in the domestic supply of key equipment. Beyond the steady expansion of its core etching business, AMEC also achieved critical breakthroughs in emerging business areas. Revenue from semiconductor thin film equipment, such as LPCVD and ALD, is expected to reach 506 million yuan, a substantial year-on-year increase of approximately 224.23%. The shipment volume of its high-end products for advanced logic and memory device manufacturing increased significantly, with some key process equipment already securing repeat orders. This trend indicates that the company's diversified product matrix is smoothly entering the market validation and mass production stages, gradually becoming new growth drivers for performance. Although the sharp increase in R&D expenses exerted some pressure on current profit margins, the company's overall profitability remained robust, benefiting from significant gross profit growth and supplementary investment income. After deducting non-recurring gains and losses, the net profit attributable to owners of the parent company is projected to be between 1.500 billion yuan and 1.600 billion yuan, an increase of 8.06% to 15.26% year-on-year. This performance guidance reflects the delivery capability and technological iteration speed of local equipment manufacturers in the face of downstream capacity expansion demand, while also highlighting their effectiveness in supply chain management and capacity expansion.
Double-Digit Growth in Revenue and Profit
Financial data indicates that AMEC's 2025 performance growth is strongly driven by internal factors. The projected full-year operating revenue increased by approximately 3.319 billion yuan compared to 2024, contributing to a gross profit increase of about 1.145 billion yuan, which served as the primary driver for the rise in net profit. Regarding non-recurring items, due to secondary market stock price fluctuations and the company's sale of some held listed company stocks, the equity investment income recognized as non-recurring gains and losses for 2025 is expected to be 611 million yuan, an increase of approximately 413 million yuan compared to 198 million yuan in the same period last year. This non-operational factor further augmented the book performance of net profit attributable to the parent. Nevertheless, the steady growth of profit after deducting non-recurring items indicates that, even excluding the impact of investment income, the profitability of the company's core business remains on an upward trajectory.
Aggressive R&D Investment
To meet the rapidly growing market demand for various new equipment, AMEC significantly intensified its R&D efforts in 2025. The announcement shows that full-year R&D investment reached approximately 3.736 billion yuan, a 52.32% increase from the previous year, with the R&D investment-to-revenue ratio reaching about 30.16%, a figure substantially higher than the average for companies listed on the STAR Market. Specifically, R&D expenses recognized in current profits amounted to approximately 2.472 billion yuan, a sharp increase of about 74.36% year-on-year. Management explicitly stated that this high-intensity investment aims to quickly address the短板 in domestic semiconductor equipment, laying a foundation for long-term sustainable growth through aggressive catch-up efforts. This strategy, which sacrifices some short-term profit for technological leadership and market share, reflects the company's emphasis on building technological barriers amidst intense industry competition.
Core Business and New Product Breakthroughs
In terms of product lines, etching equipment continues to play the role of the company's revenue pillar. The shipment volume of high-end products targeting key etching processes in advanced logic and memory device manufacturing saw a significant increase. In the CCP (Capacitively Coupled Plasma) domain, single-chamber dielectric etching products maintained rapid growth, covering various ultra-high aspect ratio requirements in memory applications; in the ICP (Inductively Coupled Plasma) domain, progress was made in equipment development for next-generation logic and memory customers, with processing precision reaching the single-atom level. By the end of 2025, the company's cumulative global shipments of etching equipment chambers are expected to exceed 6,800 units. The thin film equipment business exhibited explosive growth momentum. Over ten types of conductor and dielectric thin film equipment, including LPCVD and ALD, developed by the company's CDP product division, have successfully entered the market, with cumulative shipments of LPCVD equipment exceeding three hundred chambers. Furthermore, EPI equipment has entered the mass production validation stage at client sites, the company maintains a leading position in the GaN-based MOCVD equipment market, and it is actively expanding into application markets for power devices like silicon carbide, with several new products making smooth progress in validation.
Capacity Expansion and Supply Chain Management
Rapid performance growth is underpinned by capacity and supply chain support. AMEC's R&D and production bases, covering approximately 140,000 square meters in Nanchang and 180,000 square meters in Shanghai's Lingang, have been put into operation, effectively ensuring rapid sales volume scaling. The company stated that by continuously developing key component suppliers and promoting supply chain stability and security, equipment delivery rates have been maintained at a high level. This timely delivery capability provides strong support for sales growth against the backdrop of semiconductor industry cycle fluctuations. Simultaneously, the company emphasized improvements in operational management, with effective enhancement of its ability to control product costs and operating expenses.
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