After ten years, the Shanghai Composite Index has finally approached the 4,000-point mark. Looking back at this round of market trends, the core driving force is &#34;hard technology,&#34; which is mainly propelled by the global wave of artificial intelligence and the deepening localization of industries such as semiconductors in China, marking a synchronous resonance between the capital market and the transformation and upgrading of the real economy.
As the capital market continues to rise, the market's re-evaluation process of high-quality assets has deepened, and core asset companies with both value and growth attributes have gained significant attention from investors, including Shengmei Shanghai (688082.SH), which has achieved platform development in the semiconductor equipment field.
According to Zhitong Finance APP, as of October 30, Shengmei Shanghai's stock price has surged by 95.87% year-to-date, and the steady rise in its stock price is directly related to its continuous high-speed growth, which is clearly reflected in the company's latest financial report.
On the evening of October 29, Shengmei Shanghai released its Q3 2025 financial report. The data shows that the company's net profit attributable to shareholders during the reporting period was 570 million yuan, a year-on-year increase of 81.04%, setting a historical high for Shengmei Shanghai in the same quarter, indicating strong growth momentum.
Brokerage institutions are also optimistic about Shengmei Shanghai's future development. Everbright Securities previously released a research report stating that Shengmei Shanghai's products are continuously upgraded and iterated, new product market promotions are proceeding smoothly, and it will continue to benefit from the performance increment brought by equipment localization, maintaining a &#34;buy&#34; rating for Shengmei Shanghai.
Zhitong Finance APP believes that the global semiconductor industry has begun to enter a new round of high prosperity cycle. Shengmei Shanghai is expected to achieve a new round of high-speed growth through its three core strategies of &#34;technological differentiation, product platformization, and global customer base,&#34; and its true value is expected to accelerate its transformation.
<h2>Increase R&amp;D, deepen competitive barriers, and lock in high growth with 9.072 billion yuan in hand orders</h2>
In the ever-changing capital market, sustained growth is not only the core anchor for enterprises to navigate through cycles but also a key factor for investors to obtain excess returns. Shengmei Shanghai's strong growth momentum is evident in the market, and its development has withstood the test of cycles. Among many targets in the A-share market, Shengmei Shanghai stands out with its sustained high growth performance over the years.
Data shows that from 2017 to 2024, Shengmei Shanghai's revenue soared from 254 million yuan to 5.618 billion yuan, achieving more than a 22-fold increase in revenue scale over seven years. At the same time, its net profit attributable to shareholders after deducting non-recurring gains and losses entered a rapid growth phase starting in 2021, steadily increasing from 195 million yuan to 1.109 billion yuan in 2024, expanding the net profit scale to 5.69 times its original size in three years. This series of data clearly outlines Shengmei Shanghai's strong and sustainable growth trajectory, demonstrating rare investment value in the capital market.
Since entering 2025, Shengmei Shanghai has continued to maintain strong growth momentum, with revenue of 5.146 billion yuan in the first three quarters, a year-on-year increase of 29.42%, and a net profit attributable to shareholders of 1.266 billion yuan, a year-on-year increase of 66.99%. Particularly in the third quarter, several highlights in Shengmei Shanghai's financial report showcase the &#34;high quality&#34; of this performance
Firstly, there is the continuous rapid growth of revenue. During the reporting period, ACMSH's revenue set a new record for the highest revenue in the same quarter. Behind the sustained high growth in revenue is the strong demand in the Chinese market. ACMSH has secured ample order reserves due to its technological differentiation advantages and product platform layout, while the company efficiently promotes sales, delivery, and debugging acceptance work, effectively driving the steady increase in operating revenue.
Secondly, there is a steady improvement in profitability. During the reporting period, ACMSH's net profit attributable to the parent company was 570 million yuan, a year-on-year increase of 81.04%, with the growth rate further accelerating compared to the first half of the year. The net profit attributable to the parent company after deducting non-recurring gains and losses also increased significantly by 41.41% to 433 million yuan, maintaining high-speed growth. The gross profit margin during the period was 47.48%, an increase of 2.39 percentage points year-on-year, mainly due to changes in product mix and the ramp-up of high-end products. The net profit margin attributable to the parent company after deducting non-recurring gains and losses also increased by 3.56 percentage points to 23.03%, indicating that ACMSH's operational efficiency has further improved, accelerating profit release.
Thirdly, there is a sustained high level of R&amp;D investment. For high-tech enterprises, high-intensity R&amp;D is the lifeline for maintaining sustainable growth. Building competitive barriers through high R&amp;D investment is also a key reason for ACMSH's growth to date. During the reporting period, ACMSH's R&amp;D investment was 324 million yuan, a year-on-year increase of 46.16%, accounting for 17.22% of revenue, an increase of over 3 percentage points year-on-year.
Fourthly, there is a continuous improvement in asset structure. During the reporting period, ACMSH successfully completed a targeted issuance of shares, raising a net amount of 4.435 billion yuan, which drove the company's total assets to 18.213 billion yuan, a year-on-year increase of 60.24%. The corresponding debt-to-asset ratio was 27.08%, a decrease of nearly 10 percentage points compared to 36.81% in the same period of 2024. This represents a continuous optimization of ACMSH's asset structure, which is beneficial for the company's long-term sustainable development and also helps reflect the company's intrinsic value in the capital market.
Fifthly, there are ample orders on hand. For semiconductor equipment companies, orders on hand are a forward-looking indicator of the company's future growth potential. As of September 29, ACMSH's orders on hand amounted to 9.072 billion yuan, a significant increase of 34.1% compared to the orders on hand of 6.765 billion yuan as of September 30, 2024. Ample orders on hand are a strong guarantee for ACMSH's continued high growth in the future.
<h2>Three Dimensions of Cycle, Policy, and Layout Resonating Together, ACMSH's New Round of Explosion is Imminent</h2>
Looking at global business history, the rise of leading enterprises is not accidental, but the result of accurately capturing the pulse of the times and leveraging industrial transformation to soar. They either layout against the trend at the bottom of the economic cycle or break through at the forefront of technological revolution, transforming external challenges into strategic opportunities for reshaping the industry landscape. Only by converting the momentum of the times into endogenous power can one navigate the waves steadily and far. This is both a test of the strategic vision of enterprises and a tempering of organizational resilience.
ACMSH is a vivid interpreter of this rule, having seized the industrial opportunity of semiconductor equipment localization, achieving eight consecutive years of high-quality growth. Now, ACMSH is about to usher in a new round of explosion, as the semiconductor industry has entered a new round of high prosperity cycle, and under the backdrop of policy orientation accelerating localization, ACMSH has made ample layouts in product ramp-up, capacity expansion, and capital reserves, positioning itself to ride the wave in the new round of industrial opportunities
Become the &#34;leader&#34; in the accelerated rise of China's semiconductor equipment.
From an industry perspective, after experiencing an adjustment period from 2022 to 2023, the global semiconductor equipment market is gradually emerging from the trough and entering a recovery track in 2024. Driven by disruptive technologies such as artificial intelligence, the regional restructuring of global supply chains, and continued investments in multiple sub-sectors and regions, the market is ushering in a new growth phase.
According to SEMI's forecast, global semiconductor equipment sales are expected to grow by 7.4% to $125.5 billion in 2025, reaching $138.1 billion by 2026, with a growth rate increasing to approximately 10%. By 2027, global wafer fab equipment spending is projected to reach a record $145 billion.
As the world's largest semiconductor equipment market, China has always been an important leader in industry demand. Although there have been significant breakthroughs in equipment fields such as de-bonding, cleaning, etching, CMP, thermal treatment, and thin film deposition in recent years, there are still notable shortcomings in key processes such as measurement, coating and developing, photolithography, and ion implantation, indicating that the level of localization needs to be improved. This also means that the Chinese semiconductor equipment market still has broad structural growth potential in the future, with its growth rate expected to continue to exceed the global industry average.
In the face of a new round of industrial opportunities, the multi-dimensional layout of ACMSH has emerged, which will accelerate ACMSH's progress towards becoming a globally leading semiconductor equipment company. In terms of products, ACMSH has developed into a leading enterprise in the semiconductor cleaning equipment field with its independently developed cleaning technologies such as SAPS and TEBO megasonic, which have differentiated advantages. According to Gartner data, ACMSH's cleaning equipment has an international market share of 8%, ranking fourth globally, and the company's cleaning technology covers 95% of cleaning applications, indicating a comprehensive layout in the cleaning equipment field; the international market share of its electroplating equipment is 8.2%, ranking third globally, and the company's electroplating equipment has achieved full technical coverage, with all products possessing independent intellectual property rights, and multi-anode electroplating technology reaching internationally advanced levels.
While deeply cultivating cleaning equipment, electroplating equipment, and advanced packaging process equipment, ACMSH has already initiated platform development, extending its system to front-end semiconductor process equipment such as vertical furnace tube equipment, coating and developing Track equipment, plasma-enhanced chemical vapor deposition (PECVD) equipment, and stress-free polishing equipment, as well as silicon material substrate manufacturing process equipment.
The rich product matrix allows ACMSH's existing technology to serve a market expansion of approximately $20 billion, which is equivalent to one-fifth of the global semiconductor equipment market. Clearly, ACMSH has transformed from a leader in cleaning equipment into a platform supplier capable of providing a variety of solutions for global chip manufacturers.
More critically, ACMSH's diversified product matrix has begun to enter a period of accelerated volume growth. In its 2025 semi-annual report, ACMSH explicitly stated that its independently developed vertical furnace tube equipment products have entered multiple Chinese integrated circuit wafer manufacturing plants, have passed verification, and are in large-scale production. Among them, the plasma-enhanced atomic layer deposition furnace tube has entered two Chinese integrated circuit wafer manufacturing plants, where updates and optimizations are being made in preparation for mass production
ACMSH previously stated at the performance briefing that the company's leading products in cleaning and electroplating equipment will continue to explore the market, with the expectation of capturing 50% to 60% of the Chinese market share in the future. Platform products including vertical furnace tubes, Track, and PECVD equipment have already begun to enter the market, and the company anticipates that these devices will provide strong assurance for sustained rapid growth in sales in 2026 and beyond.
In terms of production capacity, to meet the enormous capacity demand brought about by the accelerated release of a diversified product matrix, the factory A of the ACMSH semiconductor equipment R&amp;D and manufacturing center in Lingang is nearing full production status, with an annual output value of nearly 10 billion yuan. Factory B is expected to begin renovations in 2026, and once both factories A and B are fully operational, they can achieve an annual output value of 20 billion yuan. Thus, it is evident that the Lingang project is the cornerstone for ACMSH to realize its platform strategy and global competitiveness, with sufficient capacity expected to provide strong support for ACMSH's future growth.
In terms of financial reserves, ACMSH completed a targeted placement that raised a total of 4.482 billion yuan, of which 922 million yuan will be used for R&amp;D and process testing platform construction projects, 2.256 billion yuan will be used for iterative R&amp;D projects of high-end semiconductor equipment, and the remaining 1.304 billion yuan will be used to supplement liquidity funds to accelerate business expansion.
This is ACMSH's first refinancing since its listing in 2021. This funding not only strengthens ACMSH's R&amp;D foundation and builds a more solid technological moat but also supports the company's business expansion and accelerates its globalization layout. It can be said that the true significance of this fundraising is a key investment concerning long-term technological layout and strategic upgrades, injecting a strong catalyst for ACMSH's future rapid development.
<h2>Summary:</h2>
The rise of ACMSH is a vivid reflection of the semiconductor equipment industry's transition from technological catch-up to independent innovation, from single-point breakthroughs to platform-based layouts. As a backbone of the semiconductor industry, ACMSH not only continues to write a magnificent chapter of its leapfrog development but also deeply empowers the improvement of the global semiconductor industry chain ecosystem, injecting key momentum into the construction of a safe, reliable, and advanced high-level supply chain system.
In the face of a new round of high prosperity cycles in the industry, ACMSH's multi-dimensional layout in product release, capacity expansion, and financial reserves demonstrates the management's keen insight into industry trends and firm determination to compete among the global leading semiconductor equipment companies. In the future, with the accelerated advancement of the platform strategy and the continuous rapid release of performance, ACMSH is expected to potentially join the 200 billion yuan market value &#34;club&#34; in the long-term acceleration process

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ACMSH achieved a net profit attributable to the parent company of 570 million yuan in its Q3 2025 financial report, a year-on-year increase of 81.04%, setting a new historical high. The stock price has risen by 95.87% year-to-date, reflecting its strong momentum of sustained high growth. The brokerage firm EB SECURITIES maintains its "Buy" rating, believing that the company will benefit from equipment localization and the promotion of new products. ACMSH's core strategies include technological differentiation, product platformization, and global customer expansion, and it is expected to achieve a new round of rapid growth

From the high-quality Q3 financial report, we can see the "growth code" of ACMSH is about to explode in a new round