<p>AMEC (Shanghai) Co., Ltd. (hereinafter referred to as &#34;AMEC&#34;) released its 2025 annual performance forecast, expecting annual operating revenue to reach approximately 12.385 billion yuan, a year-on-year increase of about 36.62%, with net profit expected to exceed 2 billion yuan. Driven by strong demand for core semiconductor front-end equipment, the company has accelerated the market penetration of high-end products through intensive R&amp;D investment, achieving significant growth in both core etching equipment and emerging film equipment businesses.</p>
<p>On January 23, AMEC announced that it expects the net profit attributable to the parent company for the 2025 fiscal year to be between 2.08 billion yuan and 2.18 billion yuan, an increase of approximately 28.74% to 34.93% compared to the same period last year. This performance growth is mainly attributed to the strong performance of its main business, with etching equipment sales expected to reach 9.832 billion yuan, a year-on-year increase of about 35.12%.</p>
<p>At the same time, the company has not slowed down its technological breakthroughs in pursuit of short-term profit maximization, with annual R&amp;D investment surging to 3.736 billion yuan, accounting for over 30% of R&amp;D revenue, demonstrating the management's aggressive strategy in filling the domestic gap in key equipment.</p>
<p>In addition to the steady expansion of its core etching business, AMEC has also made key breakthroughs in emerging business areas. Revenue from semiconductor film equipment such as LPCVD and ALD is expected to reach 506 million yuan, a substantial year-on-year increase of about 224.23%. The shipment volume of high-end products for advanced logic and memory device manufacturing has significantly increased, with some key process equipment already receiving repeat orders. This trend indicates that <strong>the company's diversified product matrix is successfully entering the market validation and mass production stage, gradually becoming a new growth point for performance.</strong></p>
<p>Despite the significant increase in R&amp;D expenses putting some pressure on current profit margins, the overall profitability of the company remains robust, thanks to significant growth in gross profit and supplementary investment income. After deducting non-recurring gains and losses, the net profit attributable to the parent company is expected to be between 1.5 billion yuan and 1.6 billion yuan, a year-on-year increase of 8.06% to 15.26%. This performance guidance reflects the delivery capability and technological iteration speed of domestic equipment manufacturers in the face of downstream expansion demands, while also highlighting their effectiveness in supply chain management and capacity expansion.</p>
<h2>Revenue and Profit Growth</h2>
<p>Financial data shows that <strong>AMEC's performance growth in 2025 has strong endogenous momentum.</strong> It is expected that the annual operating revenue will increase by approximately 3.319 billion yuan compared to 2024, resulting in a gross profit increase of about 1.145 billion yuan, which is the main driving force behind the rise in net profit.</p>
<p>In terms of non-recurring gains and losses, due to fluctuations in the secondary market stock prices and the company's sale of some shares of listed companies, the equity investment income included in non-recurring gains and losses for 2025 is expected to be 611 million yuan, an increase of approximately 413 million yuan compared to 198 million yuan in the same period last year. This non-operating factor further enhances the reported performance of net profit attributable to the parent company. Nevertheless, the steady growth of net profit after deducting non-recurring items indicates that even excluding the impact of investment income, the profitability of the company's core business remains on an upward trajectory</p>
<h2>Aggressive R&amp;D Investment</h2>
<p>In response to the sharply growing market demand for various new devices, AMEC significantly increased its R&amp;D efforts in 2025. The announcement shows that the annual R&amp;D investment was approximately 3.736 billion yuan, an increase of 52.32% compared to the previous year, with R&amp;D investment accounting for about 30.16% of operating revenue, a ratio far higher than the average level of companies listed on the Sci-Tech Innovation Board.</p>
<p>Specifically, the R&amp;D expenses included in the current profit and loss were approximately 2.472 billion yuan, a year-on-year surge of about 74.36%. The company's management clearly stated that <strong>this high-intensity investment aims to quickly make up for the shortcomings of domestic semiconductor equipment and lay a solid foundation for long-term sustainable growth through proactive catch-up.</strong> This strategy of sacrificing some short-term profits in exchange for technological leadership and market share reflects the company's emphasis on technological barriers in the face of fierce industry competition.</p>
<h2>Core Business and Breakthroughs in New Products</h2>
<p>In terms of product lines, etching equipment continues to play a pillar role in the company's revenue. The new shipment volume of high-end products for critical etching processes in advanced logic and memory device manufacturing has significantly increased. In the CCP (Capacitively Coupled Plasma) field, the medium etching products for single reaction chambers maintain rapid growth, covering various ultra-high aspect ratio demands in memory applications; in the ICP (Inductively Coupled Plasma) area, progress has been made in developing equipment suitable for next-generation logic and memory customers, with processing accuracy reaching the atomic level. <strong>It is expected that by the end of 2025, the cumulative global shipment of the company's etching equipment reaction chambers will exceed 6,800 units.</strong></p>
<p>The thin film equipment business has shown explosive growth. The company's CDP product department has successfully launched over ten types of conductive and dielectric thin film equipment, such as LPCVD and ALD, into the market, with cumulative shipments of LPCVD equipment surpassing 300 reaction chambers. Additionally, EPI equipment has entered the client mass production verification stage, and the company maintains a leading position in the GaN-based MOCVD equipment market while actively laying out the silicon carbide power device application market, with several new products making smooth verification progress.</p>
<h2>Capacity Expansion and Supply Chain Management</h2>
<p>The rapid growth in performance is supported by capacity and supply chain management. AMEC's production and R&amp;D bases in Nanchang, covering approximately 140,000 square meters, and in Shanghai Lingang, covering about 180,000 square meters, have been put into use, effectively ensuring rapid sales growth.</p>
<p><strong>The company stated that by continuously developing key component suppliers, it promotes the stability and security of the supply chain, maintaining a high level of equipment delivery rates.</strong> This timely delivery capability provides strong support for sales growth against the backdrop of cyclical fluctuations in the semiconductor industry. At the same time, the company emphasizes that improvements in operational management levels have also effectively enhanced its ability to control product costs and operating expenses</p>

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<p>AMEC's performance in 2025 is strong, with revenue expected to increase by over 36% to 12.385 billion yuan. The core driver is the growth in sales of etching and thin film equipment (with thin film equipment surging by 224%). The company is sacrificing over 30% of its revenue in massive R&D investments to accelerate the filling of domestic supply chain gaps and consolidate its long-term technological advantages</p>

Wallstreetcn

AMEC

AMEC expects its net profit to grow by approximately 28.74% to 34.93% year-on-year in 2025, driven by revenue growth of over 36% from etching and thin film equipment