Advanced Micro-Fabrication Equipment Inc. China (AMEC) has strengthened its competitive position in the domestic semiconductor equipment sector, driven by revenue growth exceeding 30% and R&D investment surpassing five billion yuan. On the 27th, AMEC released its 2025 performance report.
Full-year operating revenue reached approximately 123.85 billion yuan, a year-on-year increase of about 36.62%. Net profit attributable to owners of the parent company was approximately 2.111 billion yuan, rising by about 30.69% compared to the previous year. The company significantly increased its R&D expenditure during the same period, with total R&D investment reaching about 3.744 billion yuan, a year-on-year surge of approximately 52.65%, accounting for 30.23% of its operating revenue.
The performance growth was driven by the expansion of core etching equipment and the rapid scaling of new product categories. Sales of LPCVD and ALD thin film equipment reached approximately 506 million yuan, a remarkable increase of about 224.23% year-on-year, far outpacing the growth rate of the main etching business. The company also disclosed that its ICP etching equipment has achieved processing precision and repeatability at the single-atom level, marking a new stage of technological breakthrough.
Etching equipment remains the primary revenue driver, while thin film equipment shows rapid growth. Etching equipment continues to be AMEC's core revenue source. Sales of etching equipment in 2025 were approximately 9.832 billion yuan, a year-on-year increase of about 35.12%, accounting for roughly 79% of the annual revenue. The company reported achieving stable and reliable mass production for key mid-process etching in advanced logic devices and ultra-high aspect ratio etching for advanced memory devices. By the end of 2025, the company had over 7,800 reaction chambers in mass production across more than 170 customer chip and LED production lines globally, with cumulative worldwide shipments of etching equipment reaction chambers exceeding 6,800 units.
The rapid growth of thin film equipment was another highlight of the period's performance. Sales of LPCVD and ALD equipment grew by approximately 224.23%. AMEC's CDP product division has successfully introduced more than ten types of conductor and dielectric thin film equipment for advanced memory and logic devices into the market. Cumulative shipments of LPCVD equipment have surpassed 300 reaction chambers, and the company states the equipment performance has fully reached internationally leading levels.
High R&D investment expansion pressures profit growth rate. Alongside high revenue growth, the company proactively chose to sacrifice short-term profits for technological accumulation. R&D expenses in 2025 reached 2.475 billion yuan, a year-on-year increase of about 74.61%. Total R&D investment was approximately 3.744 billion yuan, up 52.65% year-on-year, accounting for about 30.23% of revenue, a figure the company stated is significantly higher than the average on the STAR Market. The company cited the substantial increase in R&D investment as a primary reason for net profit growth lagging behind revenue growth. Although revenue growth contributed an incremental gross profit of approximately 1.128 billion yuan, the simultaneous increase in R&D expenses of about 1.058 billion yuan nearly offset this gain, thereby compressing the elasticity of operating profit.
The new product pipeline continues to expand, with EPI and MOCVD reaching validation milestones. Beyond etching and thin film equipment, AMEC is actively expanding into epitaxial equipment and the compound semiconductor field. For EPI equipment, reduced-pressure epitaxy equipment has been shipped to customers for mass production validation in both mature and advanced process nodes, with some advanced processes entering the mass production validation stage. Atmospheric pressure epitaxy equipment has completed development and entered the process validation stage. A new generation of high-selectivity pre-cleaning chambers is also undergoing mass production validation at customer sites.
Regarding MOCVD equipment, the company stated it maintains a leading position in the international GaN-based MOCVD equipment market. New 8-inch silicon carbide epitaxy equipment and new red-yellow light LED application equipment have been shipped to leading domestic customers for validation. Several new MOCVD products dedicated to Micro-LED and display applications have also entered the customer validation stage.
Infrastructure to support this expansion is now in place. The company's approximately 140,000 square meter production and R&D base in Nanchang and approximately 180,000 square meter base in Shanghai's Lingang are both operational. The company emphasized continuous development of key component suppliers to promote a stable and secure supply chain, maintaining a high equipment delivery rate.
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