Advanced Micro-Fabrication Equipment Inc. China (688012.SH) has unveiled its semi-annual report for 2026, showcasing a remarkable financial performance. During the reporting period, the company achieved operating revenue of RMB 6.691 billion, marking a 34.89% increase year-on-year. Net profit attributable to shareholders of the listed company reached RMB 2.825 billion, representing a substantial surge of 300.22% compared to the prior year.
Diving deeper into the figures, the company's net profit attributable to shareholders, excluding non-recurring gains and losses, stood at RMB 1.123 billion, up 108.36% from the same period last year. Basic earnings per share were reported at RMB 4.33, underscoring the company's robust earnings power.
Where does the growth come from?
The impressive results can be attributed to several key drivers. Firstly, with the 34.89% revenue expansion in the first half of 2026, gross profit increased by approximately RMB 682 million compared to the previous year. This top-line growth laid a solid foundation for the bottom-line performance.
Secondly, the company maintained a strong commitment to innovation, with research and development investments totaling approximately RMB 2.041 billion in H1 2026, a year-on-year increase of about RMB 550 million, or 36.86%. This R&D spending accounted for roughly 30.51% of operating revenue, significantly outpacing the average R&D intensity of 10% to 15% typically seen among STAR Market-listed companies. In absolute terms, R&D expenses reached RMB 1.310 billion, up approximately RMB 193 million, or 17.31%, from the prior year's first half.
Thirdly, the company's strategic external investments paid off handsomely. According to an appraiser's assessment, its equity investments measured at fair value through profit or loss generated combined fair value gains and investment income of roughly RMB 1.029 billion in H1 2026. This represents a significant leap from the RMB 168 million recorded in the first half of 2025, adding approximately RMB 861 million to the bottom line.
Lastly, the company bolstered its results by divesting a portion of its holdings in Piotech Inc. stock during the period, realizing investment gains of approximately RMB 953 million from this transaction.
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