Advanced Micro-Fabrication Equipment (AMEC)
ConvictionContext
Designs and sells high-end wafer-fabrication equipment (plasma etch, CVD/LPCVD/EPI, MOCVD) plus spares/service to foundry, memory, LED/power and advanced-packaging fabs; asset-light manufacturing with heavy R&D reinvestment (~30% of revenue). Revenue is capex-cycle- and China-fab-expansion-driven, with a growing installed-base service tail.
Revenue
RMB 12.39B FY2025~$1.72B USDRev growth
+36.6% YoYFY2025); H1-2025 was +43.9% YoYGross margin
39.2% FY2025down ~1.9pp YoY on customer-mix shift / sales discounts to some customersOp margin
Not separately headlinedGAAP net margin ~17% (net profit RMB 2.11B, +30.7%), but non-GAAP net ~12.5% (RMB 1.55B, +11.6%) - the gap reflects government subsidies + investment income boosting GAAP net above core operating profitCapex intensity
Moderate/rising - funding new Nanchang and LingangShanghai) production/R&D campuses; asset-light vs. a fab, but expanding footprint. Exact capex not separately disclosedMarket cap
~$59B USDRMB ~424B; SSE STAR: 688012, Jul 2026The read
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Full financial intelligence for Advanced Micro-Fabrication Equipment (AMEC)
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (FY2025 annual results + Jul-2026 market data)· sign in (free) for the analyst summary; Pro unlocks full intelligence