Investment Rating - The report maintains a positive outlook on ASMPT, indicating strong performance and growth potential in the advanced packaging sector [1][11]. Core Insights - ASMPT reported robust financial results for the first half of 2025, with revenue reaching $837.6 million, a year-on-year increase of 31.7%, and an operating profit of $329.3 million, up 79.5% quarter-on-quarter [1][11]. - The advanced packaging (AP) business is a key growth driver, accounting for 39% of total revenue, with TCB tools being the largest revenue source, showing a 50% increase in orders [2][12]. - The company expects Q3 revenue guidance of $445-455 million, reflecting a year-on-year growth of approximately 10.8% and a quarter-on-quarter increase of 8.9%, surpassing market consensus [1][11]. Revenue Breakdown - The Semiconductor Solutions (Semi) segment generated Q2 revenue of $257.6 million, up 20.9% year-on-year, driven by growth in the AP business, particularly TCB tools [3][14]. - The SMT segment reported Q2 revenue of $178.5 million, a quarter-on-quarter increase of 22.6%, primarily fueled by demand from the Chinese market, including AI servers and electric vehicles [3][14]. Long-term Growth Prospects - ASMPT forecasts the TCB market to reach a total addressable market (TAM) of $1 billion by 2027, with HBM, C2W logic, and advanced memory packaging identified as key growth areas [3][15]. - Despite anticipated short-term declines in Q3 orders, year-on-year growth is expected to continue, supported by AI-driven TCB orders and demand for mainstream semiconductor equipment [3][15].

Summary of ASMPT Conference Call Company Overview - The company reported a revenue of $837.6 million for the first half of 2025, representing a year-over-year increase of 31.7% driven by strong growth in advanced packaging business, which accounted for 39% of total revenue, approximately $326 million [2][3][4] Key Points Financial Performance - The overall revenue for the first half of 2025 was $837.6 million, with a year-over-year growth of 31.7% and a quarter-over-quarter growth of 6.1% [3] - Total orders reached $912.8 million, reflecting a year-over-year increase of 12.4% and a quarter-over-quarter increase of 10.5% [3] - Gross margin stood at 40.3%, with a quarter-over-quarter increase of 21 basis points but a year-over-year decrease of 65 basis points [3] - Operating profit for Q2 2025 was $169 million, showing a quarter-over-quarter increase of 5.9% and a year-over-year increase of 25.4% [10] - Adjusted net profit for Q2 was $134 million, with a quarter-over-quarter increase of 62.1% but a year-over-year decrease of 1.6% [10] Advanced Packaging Business - Advanced packaging business revenue accounted for 39% of total revenue, primarily due to strong demand for TCP tools, with TCB orders increasing by 50% year-over-year [2][4] - The company expects revenue for Q3 2035 to be between $400 million and $440 million, with a projected growth of 10% year-over-year [4][14] Market Dynamics - AI-driven demand in data centers has led to increased orders for new power management capabilities, particularly in the Chinese market [6] - The company has maintained close cooperation with leading CPU manufacturers and secured significant orders from a leading IDM company, enhancing its market share in photonics tools [7] Regional Performance - The Chinese market showed strong order growth, accounting for 36.7% of total revenue, driven by AI business performance and the electric vehicle market [8][13] - The company noted that the computer and communication market contributed 30% to total revenue, while the automotive market contributed 15% [12] Future Outlook - The company anticipates continued growth in TCB business driven by AI-related orders, with expectations for double-digit percentage growth in future bookings [4][14] - The semiconductor business is expected to gradually expand profit margins due to the increasing share of TCB and advanced packaging [20] Other Notable Insights - The SMT solutions segment reported revenue of $178.5 million in Q2 2025, with a quarter-over-quarter increase of 22.6% but a year-over-year decrease of 17.2% [11] - The company is actively assessing plans to return remaining capital to shareholders to enhance shareholder value [9] - The company has transitioned from trial production to mass production with leading foundries, leveraging advanced high-density ARTCB technology [18] Challenges and Risks - The company faces challenges in the semiconductor order flow, with expectations for improvement in Q3 driven by AI-related demand [16] - The TCB orders saw a decline in Q2, while HBM TCB orders remained stable, indicating potential waiting periods for logic application orders [22] This summary encapsulates the key insights and financial performance metrics from the ASMPT conference call, highlighting the company's growth trajectory, market dynamics, and future outlook.

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ASMPT LIMITED （於開曼群島註冊成立之有限公司） （股份代號：0522） 二零二五年中期業績新聞稿 有關 ASMPT Limited 及其附屬公司截至二零二五年六月三十日止六個月業績的 新聞稿附載於本公告。 承董事會命 董事 黃梓达 香港，二零二五年七月二十三日 於 本 公 告 日 期 ， 本 公 司 董 事 會 成 員 包 括 獨 立 非 執 行 董 事 ： 樂 錦 壯 先 生 （ 主 席）、張仰學先生、蕭潔雲女士及許明明女士；非執行董事： Hichem M'Saad 博士 及 Paulus Antonius Henricus Verhagen 先生； 執 行董 事 ： 黃 梓达 先 生及 Guenter Walter Lauber 先生。 （本公告之中英文版本如有任何歧義，概以英文版本為準。） [新聞稿] ASMPT 公布二零二五年中期業績 人工智能浪潮推動強勁需求 集團業績概覽 關鍵亮 ...