On August 20, Advanced Micro-Fabrication Equipment Inc. China (688012), a leading domestic semiconductor equipment manufacturer, released its 2026 semi-annual report, delivering an impressive performance with substantial growth in both revenue and profit. During the first half of the year, the company achieved increases in both revenue and net profit, with net profit surging threefold. In the secondary market, the company's share price has been steadily climbing for several consecutive years, with gains this year nearly doubling.
Sale of Piotech Shares Generates RMB 953 Million
In the first half of 2026, Advanced Micro-Fabrication Equipment Inc. China recorded operating revenue of RMB 6.691 billion, up 34.89% year-on-year; net profit attributable to shareholders reached RMB 2.825 billion, a substantial increase of 300.22% year-on-year; and non-GAAP net profit stood at RMB 1.123 billion, up 108.36% year-on-year. The company's revenue scale expansion and improvement in core business profitability improved in tandem, significantly strengthening its main business earnings power. Notably, the company sold a portion of its Piotech shares during the period, realizing investment income of RMB 953 million. Combined with fair value change gains, total non-recurring income added more than RMB 1 billion to profits, serving as an important supplement to earnings growth. Additionally, in the first half of 2026, the company's R&D investment reached RMB 2.041 billion, up 36.86% year-on-year, with R&D spending accounting for 30.51% of revenue, maintaining an ultra-high investment intensity in the industry. To date, the company has successfully developed 54 types of high-end semiconductor equipment, covering core categories including etching, thin film deposition, and CMP.
Product Matrix Expands Growth Boundaries
During the reporting period, multiple core equipment lines at Advanced Micro-Fabrication Equipment Inc. China achieved technological breakthroughs and mass production deliveries. In the etching equipment segment, the company's new generation of ultra-high aspect ratio etching equipment completed marathon testing, with next-generation high-end etching equipment expected to be delivered for customer validation within the year; low-temperature high aspect ratio etching equipment has achieved stable mass production and secured orders. In the thin film deposition equipment segment, the company's tungsten series products passed mass production validation at leading memory customers, and multiple metal gate series products completed validation at advanced logic customers, with the product matrix continuing to advance toward high-end and diversified offerings. Meanwhile, the company continues to make breakthroughs in wide-bandgap semiconductor equipment for silicon carbide and gallium nitride applications, with multiple new equipment types completing customer validation and securing orders, further broadening its growth space. Advanced Micro-Fabrication Equipment Inc. China has now established four industrialization and R&D bases in Shanghai, Guangzhou, Chengdu, and Nanchang, with a total building area of 600,000 square meters, expected to expand to 900,000 square meters over the next five years, with annual production capacity surpassing RMB 70 billion. Additionally, the company announced plans to invest RMB 3.5 billion in constructing a second-phase Lingang industrialization base, focusing on high-end etching and thin film deposition core equipment, with the project expected to generate an additional RMB 3 billion in annual sales revenue upon reaching full production.
Institutional Heavyweight Holdings, Share Price Nears Doubling
According to Wind data, from 2023 to 2025, Advanced Micro-Fabrication Equipment Inc. China's share price rose steadily for three consecutive years, with gains of 56.94%, 23.43%, and 44.41%, respectively. Since the start of 2026, the company's share price has accumulated a gain of 99.85%, approaching a double. The latest disclosure of top ten circulating shareholders shows that as of June 30, several shareholders of Advanced Micro-Fabrication Equipment Inc. China saw changes in their holdings. The Oriental AI Theme Hybrid Securities Investment Fund and company chairman Yin Zhiyao newly entered the top ten circulating shareholders; Hong Kong Securities Clearing Company Ltd. (Stock Connect) increased holdings significantly, adding 60.1405 million shares compared to the previous period; state-owned shareholders such as Shanghai Venture Capital and National IC Industry Investment Fund Phase II remain firmly in the top four circulating shareholder positions, with the overall shareholding structure remaining stable.
Guojin Securities analyst Fan Zhi noted that Advanced Micro-Fabrication Equipment Inc. China's pace of new product R&D is accelerating, its high-end and platform-based product layout is materializing, and earnings growth certainty is sufficient, with expectations of sustained steady growth from 2026 to 2028. Zhongyou Securities analyst Wu Wenji stated that the company's high-end etching and thin film equipment continue to ramp up volume, its complete equipment solution capabilities are steadily improving, and combined with ongoing capacity expansion, its long-term growth potential remains substantial. On the investment strategy front, a senior investment advisor in Nanjing said on the 20th: "With a current total market capitalization of approximately RMB 350 billion, chasing Advanced Micro-Fabrication Equipment Inc. China's share price at these levels is not advisable. It is recommended to wait for a pullback or adopt a three-month systematic installment building strategy to smooth out short-term volatility. Going forward, key focus areas should include tracking the company's non-GAAP net profit growth rate, contract prepayment changes, and the construction progress of the Lingang Phase II project."
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