[2025 Q3 Report] Interpretation of Financial Performance of Major Chinese Semiconductor Equipment and Semiconductor Materials Companies | MIR DATABANK

Recently, major Chinese semiconductor equipment and semiconductor materials companies have successively released their financial reports for the first three quarters (Q1–Q3) of 2025. To facilitate clearer comparative analysis, MIR睿工业 (MIR Industrial Intelligence) has compiled a comparison table highlighting the total operating revenue and net profit attributable to parent company shareholders for key players (listed in no particular order), for your reference. *For more detailed information, please visit MIR DATABANK (mirdatabank.com) to download the full financial reports. #Semiconductor Equipment Revenue and Net Profit Attributable to Parent Company Shareholders for Major Chinese Semiconductor Equipment Companies in Q1–Q3 2024 and Q1–Q3 2025 Source: MIR DATABANK Overall Situation In the first three quarters of 2025, the semiconductor equipment industry maintained strong market momentum. The majority of companies achieved robust revenue growth, reflecting the sector’s rapid expansion phase. Meanwhile, most firms also saw substantial improvements in profitability and net profit. However, significant divergence emerged internally: some enterprises remained unprofitable or experienced declining profits—highlighting differing operational pressures across sub-segments and individual companies. Revenue performance across the industry was exceptionally strong, with broad-based growth. Industry leaders Northern Microelectronics (NAURA) and Advanced Micro-Fabrication Equipment Inc. China (AMEC) posted revenues of RMB 27.3 billion and RMB 8.063 billion, respectively, both growing over 30% year-on-year. In addition, Topeng Technology, Jinhaitong, and Changchuan Technology registered particularly sharp revenue growth—up by 85.3%, 87.9%, and 49.1% year-on-year, respectively—driving the industry’s overall high-speed expansion. Profitability was generally strong but increasingly divergent. On one hand, many companies—including Semicore, Topeng Technology, and Huafeng Test—recorded notable net profit growth. Notably, Jinhaitong, OptoForce Technology, and Changchuan Technology reported year-on-year increases in net profit attributable to parent company shareholders exceeding 140%, standing out markedly. On the other hand, ZhiPure Technology suffered a sharp profit decline, while CoreMicro shifted from profit to loss—sharply contrasting with the industry’s high-growth trend. Analysis of Selected Companies Topeng Technology Topeng Technology achieved RMB 4.22 billion in revenue in the first three quarters of 2025, representing a 85.3% year-on-year increase. This growth was primarily driven by continuously enhanced product competitiveness. Verification units based on new equipment platforms (PF-300T Plus and PF-300M) and novel reaction chambers (pX and upra-D)—including PECVD Stack (ONO stack), ACHM, PECVD Bianca, and ALD SiCO for advanced process nodes—successfully passed customer certification and entered mass production, enabling timely revenue conversion and sustained, substantial revenue growth.

Shangwei New Materials’ net profit fell by 54%; what is ‘Zhihui Jun’ relying on to sustain a P/E ratio of 1,100x?

As its first annual report following a change in controlling shareholder, Shangwei New Materials’ 2025 financial performance was far from ideal: a stark contrast emerged between revenue growth and profit decline, deteriorating profitability, failure to meet performance commitments, and lack of tangible progress in new business initiatives—all underscoring the absence of substantive earnings support for its elevated valuation. According to the financial report, the company achieved annual revenue of RMB 1.797 billion, up 20.29% year-on-year; however, its profit metrics were severely pressured. Net profit attributable to parent company shareholders stood at only RMB 41.0856 million—a 53.67% decline year-on-year. Non-recurring net profit plunged even further, down 59.35% to RMB 32.6597 million. Basic earnings per share dropped sharply by 54.55% to RMB 0.10. This 'revenue growth without profit growth' reflects persistent pressure on profitability. Extrapolating from Q1–Q3 data, the company incurred a net loss of RMB 19.5977 million in Q4 alone—the concentrated release of profitability pressure at year-end directly dragged down full-year performance from positive to weak. This deterioration in profitability is also evident in gross margin: the company’s overall gross margin declined by 2.27 percentage points to 13.60%. In multiple business segments, cost-of-sales growth significantly outpaced revenue growth—e.g., costs for wind turbine blade materials rose 44.83%, and costs for circular economy materials surged 276.63%. The company attributed these increases primarily to higher per-unit ocean freight expenses. The company cited a confluence of three factors behind the sharp net profit decline: (1) increased R&D investment in new materials and new business initiatives—R&D expenses totaled RMB 90.7468 million in 2025, up RMB 21.2385 million (30.56%) year-on-year; (2) impairment losses recognized on its 23.81% equity stake in Anhui Meijia New Materials, a joint venture; and (3) a specific provision for credit impairment on accounts receivable from TPI Mexico, whose parent company TPI entered bankruptcy restructuring. Financial risks extend beyond profitability. Financial expenses deteriorated markedly: they swung from RMB -13.31 million in the prior year to RMB 6.986 million in 2025, with foreign exchange losses surging—reflecting significantly heightened currency risk exposure in overseas operations. Although cash flow improved—net cash flow from operating activities grew 268.51% year-on-year—the fundamental erosion of profitability remains unchanged. More notably, the company failed to fulfill its performance commitment. Calculated under the original business scope, the company’s 2025 net profit attributable to parent company shareholders and non-recurring net profit attributable to parent company shareholders amounted to RMB 51.5713 million and RMB 43.1454 million, respectively—both falling short of the transferor’s commitments of RMB 60 million and RMB 80 million. Consequently, the performance commitment fulfillment rate stood at only 53.93%. Per the signed 'Equity Transfer Agreement', the performance commitment party must compensate the company with RMB 36.8546 million in cash. 01 Wind Power Business Drives Growth; Traditional Businesses Remain Under Pressure As a leading domestic enterprise in high-performance resin materials, Shangwei New Materials holds a dominant position in the markets for vinyl ester resins and epoxy resins used in wind turbine blades. In 2025, the company’s revenue growth was primarily fueled by the booming downstream wind power industry—China’s newly installed wind power capacity reached 76.3 GW, up 28.5% year-on-year—driving continuous growth in demand for epoxy resins used in wind turbine blades.

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