AMEC(SH:688012) Hua Er Jie Jian Wen·2025-08-28 11:50Financial Performance - Company reported a significant revenue growth of 44% year-on-year, reaching 49.61 billion yuan, and a net profit increase of 37% to 7.06 billion yuan, highlighting strong performance amid a differentiated semiconductor equipment industry [1][6] - Gross margin slightly decreased to 39.85% from 41.33% year-on-year, primarily due to product mix changes [6] Core Business Progress - Etching equipment remains the main revenue driver, generating 37.81 billion yuan, which accounts for 76% of total revenue, with a year-on-year growth of 40% [2][6] - LPCVD equipment experienced explosive growth, with sales increasing by 608% year-on-year to 1.99 billion yuan, indicating successful multi-product line strategy [3][6] Research and Development Investment - Company invested 14.92 billion yuan in R&D, representing 30% of revenue, significantly higher than the average of 10-15% in the Sci-Tech Innovation Board [4][5] - R&D investment increased by 54% year-on-year, reflecting the high technical intensity of the semiconductor equipment industry [5] - The proportion of capitalized R&D expenses decreased from 39.6% to 20.7%, indicating a focus on next-generation technology development [5] Cash Flow and Operational Insights - Operating cash flow decreased by 46.87% year-on-year to 2.03 billion yuan, primarily due to increased working capital needs [6][7] - The gap between net profit growth (36%) and non-recurring net profit growth (11.5%) is attributed to one-time investment gains, which are not sustainable [7]