Circuit Fabology Microelectronics Equipment Co., Ltd. (CFMEE) reported sharp top-line and earnings growth for the six months ended 30 June 2026, buoyed by accelerated investment in high-end printed circuit boards (PCB) and semiconductor packaging lines.
Revenue rose 69.0% year on year to RMB1.11 billion, driven primarily by an 85.4% jump in sales of PCB direct imaging equipment and automation systems to RMB880.34 million, representing 79.6% of total turnover. Semiconductor direct-writing lithography equipment contributed RMB168.79 million, up 22.2% and accounting for 15.3% of revenue, while equipment maintenance services added RMB52.55 million, a 36.8% increase.
Gross profit expanded 77.5% to RMB470.35 million, lifting the overall gross margin to 42.5% from 40.5% a year earlier. Segment margins improved notably: PCB equipment gross margin climbed to 39.5% (2025: 34.2%), supported by a higher mix of advanced laser direct imaging (LDI) systems and scale benefits from the company’s Phase II capacity ramp-up. Semiconductor equipment maintained a robust 54.3% margin.
Selling and marketing expenses increased 50.2% to RMB42.48 million, and administrative costs nearly doubled to RMB42.01 million, reflecting expanded market outreach and professional-service fees after the company’s Hong Kong listing. Research and development spending grew 4.5% to RMB63.71 million, sustaining product pipeline initiatives such as multi-beam lithography and 65 nm mask-making tools.
Operating profit reached RMB322.99 million, almost doubling last year’s level. Net profit attributable to shareholders surged 98.1% to RMB281.41 million, equating to basic earnings per share of RMB2.14 (H1 2025: RMB1.08). Net margin improved to 25.5% from 21.7%.
Mainland China remained the core market, delivering RMB947.81 million in revenue, up 88.0% and representing 85.7% of the total, as domestic PCB and IC substrate manufacturers accelerated capex amid AI-driven demand. Overseas sales were broadly steady at RMB157.70 million, 14.3% of revenue; Thailand was the largest foreign contributor at RMB99.54 million.
Cash and cash equivalents stood at RMB3.46 billion, a 682.3% jump from end-2025, fuelled by net IPO proceeds of HK$3.15 billion (approximately RMB2.77 billion). Interest-bearing borrowings were minimal at RMB2.38 million, lowering the gearing ratio to 0.05% (31 Dec 2025: 0.4%). Capital expenditure totalled RMB32.80 million.
No interim dividend was declared as resources are being channelled into capacity expansion, overseas service centres and strategic investments.
Management reiterated a positive outlook, citing sustained demand growth from AI servers, high-bandwidth memory (HBM) packaging and domestic semiconductor equipment localisation, alongside continued global channel expansion and product diversification.
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