China's 14 Semiconductor Equipment Firms Post 28.4% Revenue Growth in H1

In the first half of 2026, 14 major listed semiconductor equipment companies achieved combined operating revenue of RMB 46.86 billion, up 28.4% year on year, and combined net profit of RMB 11.08 billion, up 73.9%. Compared with the interim reports of 2022, revenue of leading companies generally more than doubled, with Naura's revenue reaching RMB 20.16 billion, about 3.7 times its level in the same period of 2022, and Chuangchen Technology at 2.9 times. The performance growth was mainly driven by the expansion of AI computing power demand and the accelerated adoption of domestic equipment in etching, thin-film deposition, and other processes. In the second quarter, sequential revenue growth generally accelerated, and two leading indicators of orders—inventories and contract liabilities—remained at high levels.

Naura led the sector with revenue of RMB 20.16 billion, up 24.9% year on year, net profit of RMB 3.37 billion, up 5.05%, and gross margin of 40.07%, down 2.1 percentage points year on year. AMEC (Advanced Micro-Fabrication Equipment) recorded revenue of RMB 6.69 billion, up 34.9%, and net profit of RMB 2.825 billion, up about 300%, mainly due to investment gains of RMB 953 million from the sale of Piotech shares; its non-GAAP net profit was RMB 1.123 billion, up 108.36%. Piotech's revenue was RMB 2.913 billion, up 49.1%, with net profit of RMB 1.343 billion; Chuangchen Technology's revenue was RMB 3.461 billion, up 59.7%; ACM Research (Shanghai) recorded revenue of RMB 3.718 billion, up 13.9%; and Hwatsing Technology's revenue was RMB 2.643 billion, up 35.6%. Sequentially, Piotech, ACM Research, and Chuangchen Technology saw second-quarter revenue growth of 61.9%, 51.9%, and 51.1%, respectively, while Kingsemi and Huafeng Test Control grew by more than 70%.

Among test equipment companies, JHT Design's revenue increased 95.4% year on year, with net profit of RMB 171 million, up 125.2%; Linktone Technology's revenue and net profit grew 43.5% and 93.2%, respectively; Huafeng Test Control's revenue rose 38.2%, with net profit of RMB 416 million, up 112.6%, and non-GAAP net profit of RMB 243 million, up 39.06%. Skyverse Technology posted revenue of RMB 941 million, up 34%, but recorded a net loss of RMB 127 million and a non-GAAP loss of RMB 192 million, mainly due to a 33.55% increase in R&D investment and a 56.96% rise in selling expenses. Yitao Equipment's revenue fell 14.12% to RMB 2.131 billion, with non-GAAP net profit down 4.47% to RMB 243 million, affected by product mix, order structure, and delivery schedules.

As of the end of June, the 14 companies held total inventories of RMB 75.65 billion, up 11.2% year on year, of which Piotech's inventories were RMB 8.832 billion, about three times its interim revenue, and Naura's inventories were RMB 30.51 billion. Contract liabilities totaled RMB 20.15 billion, up 8.5%, with Chuangchen Technology up 83.2%, Jingyi Equipment up 73.4%, and Skyverse and Huafeng Test Control up more than 40%; Piotech's contract liabilities were RMB 5.13 billion, up 13.1%. In contrast, AMEC, ACM Research, and Yitao Equipment saw contract liabilities decline by 12.4%, 18.3%, and 41.1%, respectively.