On August 20, AMEC (Advanced Micro-Fabrication Equipment Inc.) released its 2026 semi-annual report: H1 revenue reached 6.691 billion RMB, a year-on-year increase of 34.89%; net profit attributable to shareholders of the parent company was 2.825 billion RMB, a surging 300.22% year-on-year.
Looking at these two figures alone, it is an impressive result for the leading equipment company on the STAR Market. However, when extracting the net profit attributable to shareholders of the parent company excluding non-recurring items, it stands at only 1.123 billion RMB, a year-on-year increase of 108.36%.
Between the net profit attributable to the parent and the net profit excluding non-recurring items lies a gap of 1.703 billion RMB in non-recurring gains and losses. In other words, of the 2.825 billion RMB profit reported, about 60% comes from stock sales and the appreciation of equity investment valuations.
Let us take a closer look.
54 Products Cover Over 30% of Front-End Equipment Categories
AMEC primarily provides etching equipment, thin film deposition equipment, chemical mechanical polishing (CMP) equipment, metrology and inspection equipment, MOCVD equipment, and other equipment for manufacturers of semiconductor products such as ICs (Integrated Circuits), LED epitaxial wafers, power devices, and MEMS. Currently, the company has developed 54 high-end semiconductor equipment models, including 26 high-energy and low-energy plasma etching machines, and 24 various thin film equipment, CMP equipment, and metrology and inspection equipment.
The 54 high-end equipment models now cover over 30% of front-end IC equipment categories, which serves as the strongest foundation for its core business.
The main engine of revenue growth remains etching equipment. Regarding CCP (Capacitively Coupled Plasma), the company's single-station dielectric etching products for critical etching processes maintain rapid growth. The 60:1 ultra-high aspect ratio dielectric etching equipment has become the standard equipment in China, with mass production metrics steadily advancing, and the next-generation ultra-high aspect ratio dielectric etching equipment is about to enter the market. Regarding ICP (Inductively Coupled Plasma), the development of ICP etching equipment and chemical vapor etching equipment suitable for next-generation logic and memory customers has achieved good progress, with processing precision and repeatability reaching the single-atom level.
Notably, AMEC's 12-inch high-end etching equipment has been applied in critical processes at 3nm and below for international customers; in the 3D NAND segment, plasma etching equipment has been mass-produced for 128 layers and above, and the company is currently developing ultra-high aspect ratio etching equipment and processes.
Thin film equipment is rapidly catching up, with multiple developed thin film deposition products launched into the market. Among them, tungsten series CVD (Chemical Vapor Deposition), HAR (High Aspect Ratio), and ALD (Atomic Layer Deposition) equipment cover all tungsten applications in memory devices and have secured repeated mass production orders from key customers. Products such as the metal gate series ALD titanium nitride have completed validation by advanced logic customers.
The fundamental base of MOCVD remains solid, with product applications covering blue LEDs, deep ultraviolet LEDs, Mini-LEDs, Micro-LEDs, and silicon-based gallium nitride power devices.
In addition, during the first half of the year, the company completed the controlling acquisition of SIZONE Technology, making up for the gap in chemical mechanical polishing (CMP) and achieving a leap in providing a comprehensive "dry + wet" solution.
Regarding other financial metrics: H1 R&D investment reached 2.041 billion RMB, accounting for 30.51% of revenue, with 1,908 R&D personnel, making up over half of the total; inventory stood at 7.666 billion RMB and contract liabilities at 2.772 billion RMB, both serving as leading indicators for orders on hand; net cash flow from operating activities was 685 million RMB, a year-on-year increase of 237%, with collection quality improving simultaneously.
Where Do the Non-Recurring Gains and Losses Primarily Come From?
The net profit attributable to the parent was 2.825 billion RMB, while the net profit excluding non-recurring items was only 1.123 billion RMB. The difference of 1.703 billion RMB entirely stems from non-recurring gains and losses. Breaking it down, there are two main components:
First, investment income for the period reached 1.086 billion RMB, primarily including the sale of a portion of its shares in Piotech (Piotech Co., Ltd.), generating an investment income of approximately 953 million RMB. According to the equity information disclosed by Piotech, at the end of Q1 2026, AMEC held 19.12 million shares of Piotech, accounting for 6.77% of the equity; on July 1, 2026, AMEC held 17.78 million shares of Piotech, with the equity ratio dropping to 6.12%. Calculations show that the average selling price reached approximately 711 RMB per share.
Second, the company's external equity investments measured at fair value through profit or loss generated a total of approximately 1.029 billion RMB in fair value change income and investment income in H1 2026, an increase of about 861 million RMB compared to 168 million RMB in H1 2025. Among this, the fair value change income was 992.1 million RMB, primarily including 992.7 million RMB in fair value change income generated from the evaluation of other non-current financial assets by an appraisal firm.
As of June 30, 2026, AMEC's domestic and overseas securities investment situation is as follows:
Encouragingly, AMEC's more than 50 equipment products currently cover over 30% of front-end IC equipment products. The company expects that over the next five years, through independent development and external expansion via mergers and acquisitions, it will cover over 60% of the high-end IC equipment market and more than 70% of the advanced packaging equipment market, scaling up to become a globally leading high-end equipment platform company.