ASMPT(00522) - 2025 - 中期财报

Company Information This chapter outlines ASMPT Limited's basic company information, including board members, company secretary, auditor, principal bankers, and headquarters and registered office details - Board composition includes Independent Non-executive Directors (Chairman Mr. Lo Kam Chor, Mr. Cheung Yeung Hok, Ms. Siu Kit Yee, Ms. Xu Mingming), Non-executive Directors (Mr. Hichem M'Saad, Mr. Paulus Antonius Henricus Verhagen), and Executive Directors (Mr. Wong Chi Tat, Mr. Guenter Walter Lauber)[5] - Company Secretary is Mr. Kong Chun, and the Auditor is Deloitte Touche Tohmatsu[5] - Principal Bankers include The Hongkong and Shanghai Banking Corporation Limited, MUFG Bank, and Deutsche Bank[5] - Company headquarters are in Singapore, with the registered office in the Cayman Islands[5] Financial Highlights This chapter reports ASMPT Limited's key financial data for Q2 and H1 2025 and sales revenue forecast for Q3 2025, emphasizing strong demand driven by the AI wave - Q3 2025 sales revenue is forecast to be between US$445 million and US$505 million, representing a 10.8% year-on-year increase and an 8.9% quarter-on-quarter increase at the midpoint[10] 2025 Q2 Group Financial Highlights | Indicator | Amount (HK$ million) | Quarter-on-quarter change | Year-on-year change | | :--- | :--- | :--- | :--- | | Sales Revenue | 3,401.7 | +8.9% | +1.8% | | Total New Orders | 3,753.5 | +11.9% | +20.2% | | Gross Margin | 39.7% | -119 basis points | -33 basis points | | Operating Profit | 169.4 | +5.9% | +25.4% | | Profit | 134.3 | +62.6% | -1.7% | | Basic Earnings Per Share | HK$0.32 | +60.0% | -3.0% | 2025 H1 Group Financial Highlights | Indicator | Amount (HK$ million) | Half-year-on-half-year change | Year-on-year change | | :--- | :--- | :--- | :--- | | Sales Revenue | 6,526.3 | -3.3% | +0.7% | | Total New Orders | 7,107.9 | +10.5% | +12.4% | | Gross Margin | 40.3% | +121 basis points | -65 basis points | | Operating Profit | 329.3 | +79.5% | -12.2% | | Profit | 216.9 | +672.7% | -30.9% | | Basic Earnings Per Share | HK$0.52 | +642.9% | -31.6% | - Gross margin exceeded 40% in H1 2025[13] - New orders exceeded expectations, with TCB leading in logic and memory, and mainstream business benefiting from AI[13] Chairman's Statement The Chairman's Statement details ASMPT Limited's H1 2025 operating results, financial position, business highlights, future outlook, and corporate development strategies, emphasizing AI-driven advanced packaging growth and China market demand Performance Summary This section outlines ASMPT Limited's sales revenue, profit after tax, and basic earnings per share for H1 2025, showing a slight increase in sales revenue but a decrease in profit - Group recorded sales revenue of HK$6.53 billion (US$838 million) for the six months ended June 30, 2025, a 0.7% year-on-year increase[16] - Consolidated profit after tax for H1 2025 was HK$217 million, a 30.9% year-on-year decrease[16] - Basic earnings per share for H1 2025 was HK$0.52, a 31.6% year-on-year decrease[16] Dividends This section discloses the Board's declaration of an interim dividend of HK$0.26 per share for 2025, a decrease from the previous year - ASMPT Limited's Board of Directors is pleased to declare an interim dividend of HK$0.26 per share (2024: HK$0.35)[17] - The dividend will be paid to shareholders whose names appear on the Company's register of members on August 15, 2025[17] Management Discussion and Analysis Management discussion and analysis delves into the Group's H1 2025 business performance, highlighting strong growth in advanced packaging, AI and China market-driven demand in mainstream business, financial review of segments, and future outlook Group Business Review for H1 2025 This section outlines the Group's significant growth in advanced packaging (especially TCB tools in AI and HBM) and mainstream business driven by AI data centers and China market demand in H1 2025 Advanced Packaging: Significant Growth Potential The Group's advanced packaging business achieved significant growth in H1 2025, driven by the AI wave, with strong performance in TCB tools for memory and logic applications, and progress in hybrid bonding, photonics, and co-packaged optics - Advanced packaging accounted for approximately 39% of total Group sales revenue in H1 2025, or about US$326 million, primarily contributed by Thermo-Compression Bonding (TCB)[20] - TCB orders increased by 50% year-on-year, driven by preference from major AI companies and customer base expansion, strengthening market position in logic and High Bandwidth Memory (HBM) supply chains[21] - Group successfully completed installation of bulk TCB tool orders for a leading HBM customer, fully meeting their 12-layer HBM3E mass production requirements, and commenced 12-layer HBM4 small-batch production for another key HBM customer[22] - Group's technological advantage in Active Oxidation Removal (AOR) capabilities supports customers adopting next-generation HBM in the HBM4 and above market[22] - In Chip-to-Substrate (C2S) applications, the Group secured additional TCB orders from a leading foundry's OSAT partner as the sole supplier[23] - New generation Hybrid Bonding (HB) tools offer competitive alignment and bonding accuracy, footprint, and throughput, with delivery of second-generation tools to an HBM customer expected in Q3[24] - Group's photonics tools can package higher bandwidth transceivers, especially 800G and above, with order momentum expected to continue from global transceiver manufacturers serving all major AI companies[25] - System-in-Package (SiP) business secured orders for RF modules and wearables from a global leading high-end smartphone company and delivered new generation chip assembly tools to leading foundries and OSATs[26] Mainstream Business: AI and China Market Driven Demand The Group's mainstream business is benefiting from the demand for new power management functions in AI data centers and strong order growth from the China market in EV and consumer electronics - Demand from AI data centers has begun to benefit the Group's mainstream business, driven by increasing demand for new power management functions, boosting demand for wire bonders and die attach equipment in the Semiconductor Solutions segment and placement tools in the SMT Solutions segment[27] - In H1 2025, orders from China also recorded strong half-year-on-half-year and year-on-year growth, primarily benefiting from increased utilization in the SMT Solutions segment for AI and EV, and in the Semiconductor Solutions segment for consumer electronics and EV end markets[27] Group Financial Review This section provides detailed financial data for the Group's Q2 and H1 2025, including new orders, sales revenue, gross margin, operating profit, and profit, analyzing contributions from various end markets and regions Group Financial Review for H1 2025 This section provides a detailed review of the Group's sales revenue, new orders, gross margin, operating profit, and profit performance for H1 2025, analyzing contributions from various end markets and regions 2025 H1 Group Financial Data | Indicator | Amount (HK$ million) | Half-year-on-half-year change | Year-on-year change | | :--- | :--- | :--- | :--- | | Total New Orders | 7,107.9 | +10.5% | +12.4% | | Sales Revenue | 6,526.3 | –3.3% | +0.7% | | Gross Margin | 40.3% | +121 basis points | –65 basis points | | Operating Profit | 329.3 | +79.5% | –12.2% | | Profit | 216.9 | +672.7% | –30.9% | | Profit Margin | 3.3% | +291 basis points | –152 basis points | - H1 sales revenue was HK$6.53 billion (US$838 million), a 0.7% year-on-year increase but a 3.3% half-year-on-half-year decrease[30] - Semiconductor Solutions segment recorded strong year-on-year growth of 31.7% and half-year-on-half-year growth of 6.1%, while SMT Solutions segment revenue decreased year-on-year and half-year-on-half-year[30] - Computer end market was the largest contributor to total Group sales revenue, accounting for 30%, primarily benefiting from AI-related applications and new applications for AI data center energy management[30] - Automotive end market was the second largest source of total Group sales revenue, accounting for 15%, with performance still benefiting from EV demand in China[31] - Communications end market accounted for 13% of total Group sales revenue, continuously driven by demand for photonics and high-end smartphone-related applications[32] - Consumer end market accounted for 12% of total Group sales revenue, driven by mainstream products in the Semiconductor Solutions segment, especially in the China market[33] - By region, sales revenue in China increased year-on-year to 36.7% of total Group sales revenue, Korea to 13.6%, and Taiwan to 10.6%, while sales revenue in Europe and America decreased year-on-year[34] - Total new orders for the Group were HK$7.11 billion (US$913 million), a 10.5% half-year-on-half-year increase and a 12.4% year-on-year increase[34] - Group gross margin was 40.3%, improving by 121 basis points half-year-on-half-year (primarily driven by segment mix) but decreasing by 65 basis points year-on-year (due to lower sales volume and unfavorable product mix in the SMT Solutions segment)[34] - Group operating profit was HK$329 million, increasing by 79.5% half-year-on-half-year (driven by improved gross margin and reduced operating expenses) but decreasing by 12.2% year-on-year (primarily due to lower gross margin)[35] - As of June 30, 2025, the Group's cash and bank deposits were HK$5.00 billion, with net cash of HK$2.33 billion, maintaining a strong balance sheet[36] Group Financial Review for Q2 2025 This section provides a detailed review of the Group's sales revenue, new orders, gross margin, operating profit, and profit performance for Q2 2025, analyzing contributions from various segments 2025 Q2 Group Financial Data | Indicator | Amount (HK$ million) | Quarter-on-quarter change | Year-on-year change | | :--- | :--- | :--- | :--- | | Total New Orders | 3,753.5 | +11.9% | +20.2% | | Sales Revenue | 3,401.7 | +8.9% | +1.8% | | Gross Margin | 39.7% | –119 basis points | –33 basis points | | Operating Profit | 169.4 | +5.9% | +25.4% | | Profit | 134.3 | +62.6% | –1.7% | | Profit Margin | 3.9% | +131 basis points | –14 basis points | - Group sales revenue was HK$3.40 billion (US$436 million), an 8.9% quarter-on-quarter increase and a 1.8% year-on-year increase, with quarter-on-quarter improvement primarily due to growth in the SMT Solutions segment[37] - Total new orders for the Group were HK$3.75 billion (US$482 million), an 11.9% quarter-on-quarter increase and a 20.2% year-on-year increase, with an order-to-shipment ratio of 1.10[38] - Group gross margin was 39.7%, decreasing by 119 basis points quarter-on-quarter and 33 basis points year-on-year[38] - Group operating profit was HK$169 million, increasing by 5.9% quarter-on-quarter and 25.4% year-on-year[38] - Adjusted profit was HK$135 million, increasing by 62.1% quarter-on-quarter but decreasing by 1.6% year-on-year[38] Semiconductor Solutions Segment Financial Review for Q2 2025 This section reports the Semiconductor Solutions segment's sales revenue, new orders, gross margin, and segment profit for Q2 2025, showing significant growth in sales revenue and profit but a decrease in new orders 2025 Q2 Semiconductor Solutions Segment Financial Data | Indicator | Amount (HK$ million) | Quarter-on-quarter change | Year-on-year change | | :--- | :--- | :--- | :--- | | Total New Orders | 1,655.4 | –4.5% | –4.6% | | Sales Revenue | 2,010.2 | +1.0% | +20.9% | | Gross Margin | 44.7% | –161 basis points | +19 basis points | | Segment Profit | 174.9 | –25.9% | +99.8% | | Segment Profit Margin | 8.7% | –316 basis points | +343 basis points | - Semiconductor Solutions segment sales revenue for Q2 2025 was HK$2.01 billion (US$258 million), a 1% quarter-on-quarter increase and a 20.9% year-on-year increase, accounting for approximately 59% of total Group sales revenue[41] - TCB tools were the largest contributor to Q2 total sales revenue, with wire bonders and die attach equipment showing quarter-on-quarter and year-on-year growth[41] - Total new orders for the Semiconductor Solutions segment in Q2 2025 were HK$1.66 billion (US$213 million), a 4.5% quarter-on-quarter decrease and a 4.6% year-on-year decrease, primarily due to uneven advanced packaging orders leading to a decrease in TCB orders[41] - Segment profit was HK$175 million, a 25.9% quarter-on-quarter decrease but a 99.8% year-on-year increase[41] SMT Solutions Segment Financial Review for Q2 2025 This section reports the SMT Solutions segment's sales revenue, new orders, gross margin, and segment profit for Q2 2025, showing quarter-on-quarter growth in sales revenue and new orders but a year-on-year decrease 2025 Q2 SMT Solutions Segment Financial Data | Indicator | Amount (HK$ million) | Quarter-on-quarter change | Year-on-year change | | :--- | :--- | :--- | :--- | | Total New Orders | 2,098.0 | +29.4% | +51.2% | | Sales Revenue | 1,391.5 | +22.6% | –17.2% | | Gross Margin | 32.5% | +108 basis points | –311 basis points | | Segment Profit | 53.4 | NM | –71.9% | | Segment Profit Margin | 3.8% | +431 basis points | –749 basis points | - SMT Solutions segment sales revenue for Q2 2025 was HK$1.39 billion (US$179 million), a 22.6% quarter-on-quarter increase but a 17.2% year-on-year decrease[42] - Total new orders were HK$2.10 billion (US$269 million), a 29.4% quarter-on-quarter increase and a 51.2% year-on-year increase, driven by bulk orders to diversify the supply chain of a leading smartphone end customer and orders in the AI server market[43] - Segment gross margin was 32.5%, increasing by 108 basis points quarter-on-quarter but decreasing by 311 basis points year-on-year[43] - Segment profit for Q2 2025 was HK$53.4 million, increasing quarter-on-quarter but decreasing by 71.9% year-on-year[44] Outlook The Group has an optimistic sales revenue forecast for Q3 2025, expecting continued growth in advanced packaging and benefits for the SMT Solutions segment, though the overall automotive and industrial markets are anticipated to remain soft in the short term - Group expects Q3 2025 sales revenue to be between US$445 million and US$505 million, representing a 10.8% year-on-year increase and an 8.9% quarter-on-quarter increase at the midpoint, exceeding market expectations[45] - Advanced packaging will continue to grow, benefiting from the AI wave and the Group's technological leadership, with the total potential market for TCB projected to reach US$1.0 billion by 2027[45] - The Group's mainstream business will benefit from momentum in the China market and opportunities arising from emerging demand in AI data centers[45] - The overall automotive and industrial end markets are expected to remain soft in the short term[45] - The Group will continue to closely monitor tariff policy uncertainties and adjust as needed[45] Research and Development The Group remains committed to investing in R&D, particularly in TCB and hybrid bonding technologies, to maintain technological leadership and capture growth opportunities - The Group has approximately 2,300 R&D personnel globally, with multiple R&D centers in Asia, Europe, and America[46] - In H1 2025, the Group invested approximately HK$1.0 billion in R&D, with over 2,000 patents and trademarks published and pending applications to date[46] - In 2025, the Group has prioritized increasing R&D investment focused on TCB and hybrid bonding[46] Liquidity and Financial Position The Group maintains robust cash and bank deposit levels, prioritizes capital allocation for future growth investments, and adheres to a dividend policy of approximately 50% of annual profit - As of June 30, 2025, the Group's cash and bank deposit balance was HK$5.00 billion, with net cash of HK$2.33 billion[47] - The Group's equity-to-debt ratio was 0.162, with available bank facilities of HK$2.68 billion (US$341 million)[47] - The Group utilized interest rate swap contracts to mitigate cash flow risk from floating-rate syndicated loans by converting HK$750 million of syndicated loans from floating to fixed rates[48] - The Group's current dividend policy is to distribute approximately 50% of annual profit as dividends[36] Significant Investments This section discloses details of the Group's significant investment in Advanced Assembly Materials International Limited (AAMI) and mentions plans to dispose of its equity interest in AAMI - Advanced Assembly Materials International Limited (AAMI) is considered a significant investment for the Group, with its investment value accounting for 6.7% of the Group's total assets[49] AAMI Investment Details | Indicator | Details | | :--- | :--- | | Details of Investment in AAMI | 5,338 ordinary shares of AAMI, representing 49% equity interest in AAMI. Investment cost was HK$1.70 billion. | | Fair Value of Investment in AAMI | HK$1.88 billion | | Investment Size Relative to Group's Total Assets | 6.7% | | Performance of Investment in AAMI | Share of results from AAMI was HK$13 million for the year ended June 30, 2025, with no dividends received from AAMI. | | Principal Business of AAMI and its Subsidiaries | Production and trading of material products | | Group's Investment Strategy | Long-term investment in the materials industry | - The Group intends to sell its equity interest in AAMI to Shenzhen Zhizheng Polymer Material Co., Ltd. in exchange for new shares to be issued by SOAC, with the remaining consideration received in cash, subject to regulatory approvals[49] Human Resources The Group is committed to modernizing and standardizing human resources through a global HRIS, leadership development, succession planning, and women empowerment initiatives to enhance employee experience and recognize contributions - The Group has fully implemented the ASMPT Global Human Resources Information System (HRIS) as the primary platform for managing HR processes and ensuring global operational consistency and efficiency[50] - The Group is continuously committed to leadership development and succession planning, establishing development centers, collaborating with world-class universities for leadership programs, and offering mentorship programs[51] - The Group empowers women and promotes male allies through ongoing networking and communication activities, encouraging active male participation to foster a more inclusive and supportive environment[51] - The Group launched its inaugural SPARKS Awards to recognize and celebrate employees who demonstrate excellence, innovation, and go above and beyond to embody ASMPT's POWER values[52] - As of June 30, 2025, the Group employed approximately 10,300 staff, with total employee costs for H1 2025 amounting to HK$2.54 billion[52] Reconciliation of HKFRS and Non-HKFRS Measures This section provides a reconciliation of the Group's financial data measured under HKFRS and non-HKFRS to offer more comprehensive information on ongoing operating performance - The Group has provided adjusted profit and adjusted earnings per share as supplementary information to the consolidated results presented under HKFRS, offering useful additional insights into the Group's ongoing operating performance[53] - Adjusted profit and adjusted earnings per share exclude restructuring costs primarily related to employee severance and benefit arrangements, as well as legal and professional fees incurred in Q4 2024 related to a possible offer under Rule 3.7 of the Hong Kong Code on Takeovers and Mergers[53] 2025 Q2 Profit Reconciliation | Indicator | As Reported (HK$ thousand) | Restructuring Costs (HK$ thousand) | Income Tax Impact (HK$ thousand) | Adjusted (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Profit for the Period | 134,338 | 755 | (210) | 134,883 | | Profit Margin | 3.9% | | | 4.0% | | Basic Earnings Per Share | HK$0.32 | | | HK$0.32 | 2025 H1 Profit Reconciliation | Indicator | As Reported (HK$ thousand) | Restructuring Costs (HK$ thousand) | Income Tax Impact (HK$ thousand) | Adjusted (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Profit for the Period | 216,932 | 1,634 | (459) | 218,107 | | Profit Margin | 3.3% | | | 3.3% | | Basic Earnings Per Share | HK$0.52 | | | HK$0.52 | Review Report on Condensed Consolidated Financial Statements Deloitte Touche Tohmatsu reviewed ASMPT Limited's condensed consolidated financial statements for the six months ended June 30, 2025, concluding that they are prepared in all material respects in accordance with HKAS 34 - The auditor conducted the review in accordance with Hong Kong Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity," issued by the Hong Kong Institute of Certified Public Accountants[61] - As the scope of a review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, the auditor does not provide assurance that all significant matters that might be identified in an audit would be detected, and therefore, no audit opinion is expressed[61] - Based on the review, the auditor has not become aware of any matter that causes them to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with HKAS 34[62] Condensed Consolidated Statement of Profit or Loss This chapter presents ASMPT Limited's condensed consolidated statement of profit or loss for the six months ended June 30, 2025, detailing key financial indicators such as sales revenue, gross profit, various expenses, profit before tax, and profit for the period, with comparative figures for the prior year 2025 H1 Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Sales Revenue | 6,526,307 | 6,480,996 | | Cost of Sales | (3,897,356) | (3,828,396) | | Gross Profit | 2,628,951 | 2,652,600 | | Other Income | 79,988 | 160,436 | | Selling and Distribution Expenses | (755,870) | (732,519) | | General and Administrative Expenses | (526,505) | (552,059) | | Research and Development Expenses | (1,017,284) | (993,154) | | Profit Before Tax | 213,301 | 454,881 | | Income Tax Credit (Expense) | 3,631 | (140,730) | | Profit for the Period | 216,932 | 314,151 | | Profit Attributable to Owners of the Company | 214,852 | 314,967 | | Basic Earnings Per Share | HK$0.52 | HK$0.76 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This chapter presents ASMPT Limited's condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, showing profit for the period and other comprehensive income (expense) items, including exchange differences and fair value changes of hedging instruments, leading to total comprehensive income 2025 H1 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the Period | 216,932 | 314,151 | | Other Comprehensive Income (Expense) | | | | — Net fair value gain (impairment) on equity instruments at fair value through other comprehensive income | 727 | (405) | | — Exchange differences on translation of overseas operations | 1,032,847 | (275,329) | | — Fair value impairment of hedging instruments designated as cash flow hedges | (24,859) | (24,427) | | Other Comprehensive Income (Expense) for the Period | 1,022,189 | (303,705) | | Total Comprehensive Income for the Period | 1,239,121 | 10,446 | | Total Comprehensive Income Attributable to Owners of the Company | 1,235,442 | 12,017 | Condensed Consolidated Statement of Financial Position This chapter presents ASMPT Limited's condensed consolidated statement of financial position as of June 30, 2025, listing major financial components such as non-current assets, current assets, current liabilities, non-current liabilities, and capital and reserves, with comparative figures for December 31, 2024 Condensed Consolidated Statement of Financial Position as of June 30, 2025 (Selected Key Indicators) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | | | | Property, Plant and Equipment | 2,141,578 | 2,117,412 | | Goodwill | 990,232 | 954,118 | | Interests in Joint Ventures | 1,698,041 | 1,671,807 | | Current Assets | | | | Inventories | 6,600,575 | 5,989,018 | | Trade and Other Receivables | 4,414,154 | 3,748,892 | | Cash and Cash Equivalents | 4,087,141 | 4,417,710 | | Current Liabilities | | | | Trade and Other Payables | 2,450,805 | 2,323,711 | | Customer Advances | 1,121,994 | 643,693 | | Bank Borrowings (Current) | 417,450 | 306,205 | | Total Equity | 16,422,092 | 15,291,501 | | Non-current Liabilities | | | | Bank Borrowings (Non-current) | 2,250,000 | 2,375,000 | Condensed Consolidated Statement of Changes in Equity This chapter presents ASMPT Limited's condensed consolidated statement of changes in equity for the six months ended June 30, 2025, detailing opening balances, profit for the period, other comprehensive income, and dividend payments for equity items such as share capital, share premium, various reserves, and retained earnings 2025 H1 Changes in Equity | Indicator | January 1, 2025 (HK$ thousand) | Profit for the Period (HK$ thousand) | Total Other Comprehensive Income (HK$ thousand) | Dividends Paid (HK$ thousand) | June 30, 2025 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 15,188,039 | 214,852 | 1,235,442 | (233,386) | 16,314,698 | | Non-controlling Interests | 103,462 | 2,080 | 3,679 | 0 | 107,394 | | Total Equity | 15,291,501 | 216,932 | 1,239,121 | (233,386) | 16,422,092 | - Equity-settled share-based payment expenses recognized: HK$37,071 thousand[72] - 2024 special dividend of HK$104,115 thousand and 2024 final dividend of HK$29,152 thousand were paid[72] Condensed Consolidated Statement of Cash Flows This chapter presents ASMPT Limited's condensed consolidated statement of cash flows for the six months ended June 30, 2025, detailing cash flows from operating, investing, and financing activities, as well as the net change in cash and cash equivalents 2025 H1 Condensed Consolidated Statement of Cash Flows | Activity Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash (Outflow) Inflow from Operating Activities | (113,207) | 833,918 | | Net Cash Outflow from Investing Activities | (290,891) | (453,891) | | Net Cash Outflow from Financing Activities | (336,001) | (31,442) | | Net (Decrease) Increase in Cash and Cash Equivalents | (740,099) | 348,585 | | Cash and Cash Equivalents at End of Period | 4,087,141 | 4,690,048 | - Net cash outflow from operating activities was HK$113,207 thousand in H1 2025, compared to an inflow of HK$833,918 thousand in the same period last year[76] - Net cash outflow from financing activities was HK$336,001 thousand in H1 2025, primarily including HK$133,267 thousand for dividend payments and HK$123,248 thousand for repayment of lease liabilities[76] Notes to the Condensed Consolidated Financial Statements This chapter provides notes to the condensed consolidated financial statements, explaining the basis of preparation, accounting policies, segment information, composition and changes of various financial indicators, significant investments, related party transactions, and fair value measurement of financial instruments Basis of Preparation This section clarifies that the condensed consolidated financial statements are prepared in accordance with the applicable disclosure requirements of the HKEX Listing Rules and HKAS 34 "Interim Financial Reporting" - These condensed consolidated financial statements are prepared in accordance with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[77] - These condensed consolidated financial statements do not include all the information required for a full set of financial statements prepared in accordance with HKFRS and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024[77] Accounting Policies This section describes the accounting policies adopted for the condensed consolidated financial statements, primarily based on historical cost, and notes that the first-time adoption of revised HKFRS in the current period had no significant impact on the financial position - These condensed consolidated financial statements are prepared on the historical cost basis, except for derivative financial instruments, other investments, and certain financial liabilities measured at fair value at the end of the reporting period[78] - The adoption of revised HKFRS during this interim period had no significant impact on the Group's financial position and performance for the current and prior periods and/or the disclosures presented in these condensed consolidated financial statements[79] Segment Information This section provides the Group's sales revenue and performance information segmented by Semiconductor Solutions and SMT Solutions, and further breaks down sales revenue by customer region - The Group has two operating segments: development, production, and sale of (1) Semiconductor Solutions and (2) SMT Solutions[80] 2025 H1 Segment Sales Revenue and Performance | Segment | Sales Revenue (HK$ thousand) | Performance (HK$ thousand) | | :--- | :--- | :--- | | Semiconductor Solutions | 3,999,932 | 410,815 | | SMT Solutions | 2,526,375 | 48,136 | | Total | 6,526,307 | 458,951 | 2025 H1 Sales Revenue by Customer Region | Region | Sales Revenue (HK$ thousand) | | :--- | :--- | | China | 2,397,837 | | Korea | 884,760 | | Americas | 801,300 | | Europe | 745,177 | | Taiwan | 692,121 | Profit Before Tax This section discloses the composition of the Group's profit before tax, including major deductions (or additions) such as depreciation, amortization, and government grants 2025 H1 Profit Before Tax Items Deducted (or Added) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 168,400 | 178,036 | | Depreciation of Right-of-Use Assets | 121,791 | 120,500 | | Amortization of Intangible Assets | 47,058 | 56,613 | | Government Grants | (9,326) | (8,652) | Other Gains and Losses, Net This section explains the main components of other gains and losses, net, for the period, including net foreign exchange losses and net gains from disposal/write-off of property, plant and equipment - During the period, other gains and losses (net) primarily included net foreign exchange losses and fair value changes of foreign currency forward contracts of HK$85.4 million (six months ended June 30, 2024: net gain of HK$17.5 million)[85] - Net gain from disposal/write-off of property, plant and equipment was HK$3.8 million (six months ended June 30, 2024: net loss of HK$2.6 million)[85] Finance Costs This section details the Group's finance costs for the period, primarily comprising interest on bank borrowings, interest on lease liabilities, and net loss from interest rate swap contracts 2025 H1 Finance Costs | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 49,914 | 63,540 | | Interest on Discounted Bills | 3,198 | 647 | | Interest on Lease Liabilities | 32,930 | 36,092 | | Others | 2,194 | 5,265 | | Net Loss (Gain) on Interest Rate Swap Contracts Designated as Cash Flow Hedges | 1,699 | (9,713) | | Total | 89,935 | 95,831 | Income Tax Expense This section details the Group's income tax expense for the period, including taxes in Hong Kong, China, Germany, and other jurisdictions, as well as the impact of deferred tax credits and global minimum top-up tax 2025 H1 Income Tax Expense | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current Tax | 119,559 | 314,091 | | Under-provision in Prior Years | 17,300 | 1,537 | | Deferred Tax Credit | (140,490) | (174,898) | | Total | (3,631) | 140,730 | - According to China's Enterprise Income Tax Law, Advanced Technology (China) Co., Ltd. (ATC), as a technologically advanced service enterprise, is subject to an enterprise income tax rate of 15%, valid until October 2025[88] - ASMPT Singapore Pte. Ltd. (ATS) has been granted Pioneer Certificate and Development and Expansion Incentive, enjoying tax benefits of exemption or preferential tax rates on profits from certain semiconductor products[89] - The Group has recognized HK$27,139,000 for the global anti-base erosion rules ("Pillar Two Rules") tax expected to be levied on Group entities, related to the six months ended June 30, 2025[91] Dividends This section discloses dividend information recognized during the reporting period and declared after the period-end, including 2024 final dividend, special dividend, and 2025 interim dividend Dividends Recognized as Distribution During the Period | Dividend Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 2024 Final Dividend of HK$0.07 per share | 29,152 | 107,771 | | 2024 Special Dividend of HK$0.25 per share | 104,115 | 215,543 | - An interim dividend of HK$0.26 per share (2024: HK$0.35 per share), totaling HK$108,279 thousand, was declared after the interim reporting period end[93] Earnings Per Share This section provides profit and share count data used to calculate basic and diluted earnings per share Profit for Calculating Basic and Diluted Earnings Per Share | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for Calculating Basic and Diluted Earnings Per Share (Profit Attributable to Owners of the Company for the Period) | 214,852 | 314,967 | Number of Shares (in thousands) | Indicator | 2025 (thousands) | 2024 (thousands) | | :--- | :--- | :--- | | Weighted Average Number of Ordinary Shares for Basic Earnings Per Share | 416,374 | 414,400 | | Dilutive Effect of Potential Shares: — Employee Share Award Scheme | 286 | 477 | | Weighted Average Number of Ordinary Shares for Diluted Earnings Per Share | 416,660 | 414,877 | Additions to Property, Plant and Equipment / Right-of-Use Assets This section discloses the capital expenditure amounts for the Group's purchases of property, plant and equipment and right-of-use assets during the reporting period - During the period, the Group paid HK$131.8 million for the purchase of property, plant and equipment (six months ended June 30, 2024: HK$127.4 million)[98] - Payments for right-of-use assets amounted to HK$39.7 million (six months ended June 30, 2024: HK$79.2 million)[98] Trade and Other Receivables This section provides the composition and aging analysis of the Group's trade and other receivables, along with an explanation of its credit policy Composition of Trade and Other Receivables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Receivables | 3,775,224 | 3,272,335 | | Recoverable VAT | 266,157 | 202,565 | | Other Receivables, Deposits and Prepayments | 372,773 | 273,992 | | Total | 4,414,154 | 3,748,892 | Aging Analysis of Trade Receivables (Net of Provisions) | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Not Yet Due | 2,415,347 | 2,423,558 | | Overdue within 30 Days | 457,311 | 360,819 | | Overdue 31 to 60 Days | 253,157 | 229,260 | | Overdue 61 to 90 Days | 120,738 | 63,816 | | Overdue over 90 Days | 528,671 | 194,882 | - All bills receivable held by the Group have a maturity period of no more than one year[99] - The Group holds HK$292,450,000 in bills receivable discounted with banks with recourse[99] - The Group assesses the credit quality of potential customers before accepting any new customers and sets a maximum credit limit for each customer in advance[100] Trade and Other Payables This section provides the composition and aging analysis of the Group's trade and other payables, along with an explanation of the average credit period for goods purchased Composition of Trade and Other Payables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 1,322,828 | 1,290,179 | | Deferred Revenue | 77,928 | 92,303 | | Accrued Salaries and Wages | 231,110 | 191,374 | | Other Accrued Expenses | 525,970 | 494,119 | | Payables for Purchase of Property, Plant and Equipment | 94,792 | 76,946 | | Contingent Consideration for Acquisitions | 8,411 | 10,085 | | Other Payables | 189,766 | 168,705 | | Total | 2,450,805 | 2,323,711 | Aging Analysis of Trade Payables | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Not Yet Due | 1,130,089 | 989,694 | | Overdue within 30 Days | 118,054 | 180,085 | | Overdue 31 to 60 Days | 47,168 | 67,209 | | Overdue 61 to 90 Days | 11,849 | 20,689 | | Overdue over 90 Days | 15,668 | 32,502 | - The average credit period for goods purchased ranges from thirty to ninety days[104] Provisions This section analyzes the Group's provisions, primarily including warranty provisions and restructuring provisions, and discloses the final settlement of a patent infringement lawsuit - Total Group provisions amounted to HK$244,651 thousand (December 31, 2024: HK$298,721 thousand), comprising HK$184,156 thousand in current provisions and HK$60,495 thousand in non-current provisions[105] - Primarily includes warranty provisions of HK$162,581 thousand (December 31, 2024: HK$163,008 thousand), with warranty periods generally limited to two years[105] - Restructuring provisions amounted to HK$20,796 thousand (December 31, 2024: HK$53,585 thousand)[105] - A legal dispute with a third party regarding patent infringement was finally settled on April 1, 2025, with a payment of JPY 524,175,722 (approximately HK$27,310,000) to the third party as full and final settlement of awarded damages and interest[106] Bank Borrowings This section discloses the Group's bank borrowing interest rates, repayment status, new borrowings, and interest rate swap arrangements for hedging floating-rate loans - As of June 30, 2025, the annual interest rate for bank borrowings ranged from 1.60% to 3.65% (December 31, 2024: 5.25%)[108] - During the six months ended June 30, 2025, the Group repaid HK$125,000,000 in bank borrowings and obtained new bank borrowings of HK$135,449,000[108] - The Group has other fixed-rate bank borrowings of approximately HK$292,450,000, bearing interest at fixed rates of 2.70% to 3.65% per annum, repayable within one year[108] - Floating-rate bank borrowings include HK$750,000,000 which are fixed at annual interest rates of 4.22% and 4.82% under interest rate swap contracts, maturing on February 21, 2029[109] Share Capital This section provides information on the number and amount of the Group's issued and fully paid share capital Issued and Fully Paid Share Capital | Number of Shares (in thousands) | Amount (HK$ thousand) | | :--- | :--- | | As of January 1, 2024 | 414,506 | 41,451 | | Shares Issued under Employee Share Award Scheme | 1,953 | 195 | | As of December 31, 2024 and June 30, 2025 | 416,459 | 41,646 | - The Company's authorized share capital is HK$50 million, divided into 500 million shares of HK$0.10 par value each[110] Employee Share Award Scheme This section details the Group's Employee Share Award Scheme, including its purpose, validity period, share grants, fair value determination, and share-based expenses recognized during the period - The Employee Share Award Scheme was approved by shareholders on May 7, 2019, aiming to recognize employee contributions, retain talent, and attract suitable individuals[111] - The scheme has been effective for ten years from March 24, 2020 ("Adoption Date")[111] - For the six months ended June 30, 2025, the Group recognized total share-based expenses of HK$37,071,000 (for the six months ended June 30, 2024: HK$82,520,000)[114] - As of June 30, 2025, the total number of unvested shares granted to selected employees under the scheme was 1,801,400 shares (December 31, 2024: 169,300 shares)[116] Changes in Awarded Shares Purchased by Trustee | Item | Number of Shares Purchased (in thousands) | Purchase Cost (HK$ thousand) | | :--- | :--- | :--- | | As of January 1, 2024 (Audited) | — | — | | Shares Purchased in the Market During the Year | 339 | 35,351 | | Awarded Shares Vested | (335) | (34,933) | | As of December 31, 2024 (Audited) | 4 | 418 | | Shares Purchased in the Market During the Period | 241 | 12,990 | | As of June 30, 2025 (Unaudited) | 245 | 13,408 | Related Party Transactions This section discloses the Group's related party transactions during the reporting period with key management personnel and joint ventures and their associates - During the period, remuneration for directors and other key management personnel was HK$35,290,000 (six months ended June 30, 2024: HK$33,267,000), including the estimated fair value of the Employee Share Award Scheme of HK$7,436,000[118] - Transactions with joint ventures and their associates included sales of parts of HK$584,000, purchases of parts from joint ventures and their associates of HK$260,000, and lease services of HK$5,450,000[119] Fair Value Measurement of Financial Instruments This section details the Group's fair value measurement methods for financial assets and liabilities, including valuation techniques and key inputs for derivative financial instruments and other investments - The fair value of the Group's financial assets and liabilities is measured on a recurring basis[120] - Foreign currency forward contracts and interest rate swap contracts use the discounted cash flow valuation method and are classified as Level 2 fair value measurements[121] - Other investments (classified as equity instruments at fair value through other comprehensive income and equity instruments at fair value through profit or loss) use the market approach to compare recent transaction prices and are classified as Level 3 fair value measurements[122] - Contingent consideration for acquisitions uses the discounted cash flow method and is classified as Level 3 fair value measurements[122] - For the six months ended June 30, 2025, a net gain of HK$727,000 was recognized for equity instruments classified as fair value through other comprehensive income held at the end of the reporting period[123] Commitments This section discloses the Group's capital expenditures contracted but not provided for and committed funds for other investments at the end of the reporting period Commitments | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Capital Expenditures Contracted but Not Provided for in the Condensed Consolidated Financial Statements for the Purchase of Property, Plant and Equipment | 71,761 | 90,150 | | Committed Funds for Investments in Other Investments | 78,201 | 68,583 | Corporate Governance and Other Information This chapter provides ASMPT Limited's corporate governance practices, including code compliance, disclosure of directors' and major shareholders' interests in shares, audit committee composition and responsibilities, and purchase, sale, or redemption of company securities Corporate Governance This section describes the company's corporate governance practices, including compliance with the Listing Rules' Corporate Governance Code and the Model Code for Securities Transactions by Directors, and written guidelines for employees who may possess inside information - For the six months ended June 30, 2025, the Company has complied with all code provisions set out in Appendix C1 of the Listing Rules' Corporate Governance Code ("the Code")[126] - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers ("Model Code") as set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance after specific inquiries[127] - The Company has also established written guidelines ("Employee Written Guidelines"), no less stringent than the Model Code, for employees who may possess unpublished inside information about the Company[127] Employee Share Award Scheme This section outlines the purpose, adoption date, validity period, and details of shares granted in 2025 under the Group's Employee Share Award Scheme, designed to incentivize and retain employees - The Company adopted the Employee Share Award Scheme ("the Scheme") for the benefit of Group employees and management members, aiming to recognize contributions, retain talent, and attract suitable individuals[128] - The Scheme was approved by shareholders on May 7, 2019, and adopted by the Company on March 24, 2020 ("Adoption Date"), valid for ten years from the Adoption Date, with approximately four years remaining as of the reporting date[128] - For the six months ended June 30, 2025, 1,641,300 shares were granted under the Scheme, representing approximately 0.39% of the Company's weighted average issued shares during the period[129] - Shares granted to each employee (including executive directors and senior management) are determined based on factors such as position, work experience, length of service, and contributions and performance to the Group in the previous year, with vesting conditions stipulating that awarded shares will lapse if the employee ceases to be an employee before the vesting date[129] Disclosure of Interests in Shares This section discloses the interests of the company's directors, chief executives, and major shareholders in the company's shares as of June 30, 2025 Directors' Interests in Shares This section details the long positions of the company's directors and chief executives in the company's shares as of June 30, 2025, and explains the sources of these interests, including the Employee Share Award Scheme Directors' Interests in Shares (Long Position) | Director Name | Capacity | Number of Shares Held | Percentage | | :--- | :--- | :--- | :--- | | Wong Chi Tat | Beneficial Owner | 633,500 | 0.15% | | Guenter Walter Lauber | Beneficial Owner | 227,500 | 0.05% | - Wong Chi Tat's shares include interests in shares allocated under the Employee Share Award Scheme, with vesting contingent on the Group's financial performance for the three years ended December 31, 2024, 2025, and 2026[132] - Guenter Walter Lauber's shares also include interests in shares allocated under the Employee Share Award Scheme, with vesting conditions linked to the Group's financial performance[132] Major Shareholders' Interests in Shares This section details the long or short positions of major shareholders in the company's share capital as of June 30, 2025, as per the Securities and Futures Ordinance Major Shareholders' Interests in Shares (Long Position) | Shareholder Name | Capacity | Number of Shares Held (L) | Percentage (L) | | :--- | :--- | :--- | :--- | | ASM International N.V. | Interest of Controlled Corporation | 103,003,000 | 24.73% | | ASM Pacific Holding B.V. | Beneficial Owner | 103,003,000 | 24.73% | | FIL Limited | Interest of Controlled Corporation | 41,208,068 | 9.89% | | Pandanus Associates Inc. | Interest of Controlled Corporation | 41,208,068 | 9.89% | | Pandanus Partners L.P. | Interest of Controlled Corporation | 41,208,068 | 9.89% | | The Capital Group Companies, Inc. | Interest of Controlled Corporation | 37,622,015 | 9.03% | | Citigroup Inc. | Approved Lending Agent | 32,616,415 | 7.83% | | Fidelity Funds | Beneficial Owner | 29,634,300 | 7.11% | | JPMorgan Chase & Co. | Interest of Controlled Corporation | 27,242,701 | 6.54% | | Brown Brothers Harriman & Co. | Approved Lending Agent | 26,717,647 | 6.41% | - Citigroup Inc. holds both long and short positions, and shares available for lending, with a short position of 6,658,929 shares (1.59%) and shares available for lending of 24,449,435 shares (5.87%)[133] - JPMorgan Chase & Co. holds both long and short positions, and shares available for lending, with a short position of 2,169,599 shares (0.52%) and shares available for lending of 22,198,595 shares (5.33%)[135] Audit Committee This section introduces the composition of the company's Audit Committee, comprising three independent non-executive directors and one non-executive director, all with extensive experience in auditing, business, accounting, corporate internal control, and regulatory matters - The Company's Audit Committee comprises three independent non-executive directors and one non-executive director[137] - They possess extensive experience in auditing, business, accounting, corporate internal control, and regulatory matters[137] Review of Financial Statements This section states that the Audit Committee, in conjunction with the company's external auditor, has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025 - The Audit Committee, in conjunction with the Company's external auditor, has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[140] Purchase, Sale or Redemption of the Company's Listed Securities This section discloses that, apart from the trustee of the Employee Share Award Scheme purchasing company shares, neither the company nor its subsidiaries purchased, sold, or redeemed any other listed securities during the reporting period - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, except for a total of 240,600 Company shares purchased on the Stock Exchange for a total consideration of approximately HK$13 million by the independent professional trustee appointed by the Board under the Scheme in accordance with its rules and trust deed terms[141] Closure of Register of Members This section announces the dates for the suspension of share transfer registration to determine eligibility for the interim dividend and specifies the interim dividend payment date - To determine shareholders' eligibility for the interim dividend, the Company will suspend its register of members from August 13, 2025, to August 15, 2025, both dates inclusive[142] - The interim dividend will be paid around August 29, 2025[142] Changes in Directors' Information This section discloses changes in directors' information since the publication of the last annual report, specifically the appointment of Guenter Walter Lauber to the Board of IPC International, Inc., a non-profit global organization - Guenter Walter Lauber was appointed to the Board of Directors of IPC International, Inc., a non-profit global organization, effective March 19, 2025[143]