Circuit Fabology Microelectronics Equipment Co., Ltd. (CFMEE) released its 2026 interim report, highlighting sharp top- and bottom-line growth on the back of robust demand for direct-writing lithography equipment.
Revenue and Profitability • Revenue climbed 69.0% year on year to RMB1.11 billion for the six months ended 30 June 2026. • Gross profit reached RMB470.30 million, up 77.5%, with the margin improving to 42.5% from 40.5% a year earlier. • Net profit attributable to shareholders jumped 98.1% to RMB281.40 million, lifting basic earnings per share to RMB2.14.
Segment Performance • PCB direct imaging equipment and automation systems generated RMB880.34 million, an 85.4% increase, driven by AI-related demand for high-density interconnect and IC substrate applications. • Semiconductor direct-writing lithography equipment and automation systems contributed RMB168.79 million, up 22.2%, supported by advanced packaging orders. • Maintenance and other service income rose 36.8% to RMB52.55 million.
Geographic Mix • Mainland China revenue advanced 88.0% to RMB947.81 million, representing 85.7% of total sales, following accelerated capacity expansion among domestic PCB and IC substrate manufacturers. • Overseas markets delivered RMB157.69 million, relatively stable year on year. Thailand remained the largest offshore contributor at RMB99.54 million.
Cost Structure and Expenses • Cost of sales grew 63.1% to RMB635.16 million; direct materials accounted for 95.1% of the total. • Selling and marketing expenses increased 50.2% to RMB42.48 million, mainly on higher agency fees and staff costs. • R&D spending edged up 4.5% to RMB63.71 million, with employee compensation representing 68.1% of the total. • Administrative expenses nearly doubled to RMB42.01 million due to expanded headcount and professional-service fees.
Balance Sheet and Liquidity • Cash and cash equivalents rose to RMB3.46 billion, buoyed by net IPO proceeds and improved operating cash flow. • The gearing ratio declined to 0.05% from 0.4% at 2025-year end; unutilised banking facilities stood at RMB343.21 million. • Net cash from operating activities recovered to RMB291.53 million versus an outflow of RMB105.25 million in the prior-year period.
Capital Markets Activity • CFMEE raised HK$3.63 billion net from its Hong Kong listing in June and full exercise of the over-allotment option in July. Proceeds are earmarked for R&D, capacity expansion, overseas network build-out, strategic investments and working capital, with most allocations scheduled through 2030.
Dividend The board did not recommend an interim dividend, citing funding requirements for business expansion and capital projects.
Outlook Management pointed to sustained momentum in AI server, high-bandwidth memory and advanced IC substrate demand, alongside supportive domestic policies for semiconductor equipment localisation. Volume deliveries of wafer-level and panel-level packaging tools, expansion of laser-drilling and glass-substrate equipment lines, and a growing international footprint—particularly in Southeast Asia, Japan and Korea—are expected to underpin full-year performance.