Advanced Micro-Fabrication Equipment Inc. China (688012.SH) has released its annual report for 2025. During the reporting period, the company achieved operating revenue of 12.385 billion yuan, representing a year-on-year increase of 36.62%. Net profit attributable to shareholders of the parent company was 2.111 billion yuan, an increase of 30.69% compared to the previous year. After deducting non-recurring gains and losses, net profit was 1.55 billion yuan, up 11.64% year-on-year. Basic earnings per share were 3.40 yuan. The company proposed a dividend distribution of 3.50 yuan per 10 shares (before tax) and a capitalisation issue of 4.9 additional shares for every 10 shares held.
In 2025, the company's operating revenue reached approximately 12.385 billion yuan, an increase of approximately 3.319 billion yuan from the previous year, representing growth of about 36.62%. Sales of etching equipment amounted to approximately 9.832 billion yuan, a year-on-year increase of about 35.12%. Sales of LPCVD equipment reached approximately 506 million yuan, surging by about 224.23% compared to the prior year. Shipments of high-end products for key etching processes in advanced logic and memory device manufacturing saw significant growth, with multiple critical etching processes achieving large-scale mass production for both advanced logic devices and advanced memory devices.
Net profit attributable to owners of the parent company in 2025 was approximately 2.111 billion yuan, an increase of approximately 496 million yuan from the previous year, representing growth of about 30.69%. The primary reasons for this growth are: (1) A 36.62% increase in operating revenue led to a gross profit increase of approximately 1.128 billion yuan. (2) Research and development investment in 2025 was approximately 3.744 billion yuan, an increase of approximately 1.291 billion yuan (up about 52.65%) year-on-year. R&D investment accounted for approximately 30.23% of the company's operating revenue, significantly higher than the average R&D investment level (10%-15%) for companies listed on the STAR Market. R&D expenses in 2025 were 2.475 billion yuan, an increase of approximately 1.058 billion yuan (up about 74.61%) from the previous year. (3) According to appraiser assessments, the company's equity investments measured at fair value through profit or loss generated a combined fair value change gain and investment income of approximately 661 million yuan in 2025, an increase of approximately 464 million yuan from the 198 million yuan recorded in 2024.
Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was approximately 1.55 billion yuan in 2025, an increase of approximately 162 million yuan from the previous year, representing growth of about 11.64%. The main reasons are the 36.62% growth in operating revenue, which drove a gross profit increase of approximately 1.128 billion yuan, coupled with an increase in R&D expenses of approximately 1.058 billion yuan compared to the prior year.
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