AMEC

中微公司 / 中微半导体设备（上海）股份有限公司

A Shanghai-based manufacturer of semiconductor production equipment, supplying the plasma etch and deposition tools required to fabricate advanced logic and memory chips.

SSE: 688012 (STAR Market)
Profile as of September 14, 2026
#56 in the AsiaAI Tech Index
How the ranking works →

AMEC is a critical domestic supplier for China's semiconductor ecosystem, providing viable etch and deposition equipment amid tightening export controls. Its rapid growth is tempered by heavy reliance on a few key customers, exposure to global component supply chains, and intense competition from larger international incumbents.

Key figures

Revenue FY2025: RMB12.385 billion
Revenue growth FY2025: 36.62%
Operating margin FY2025: Not disclosed
Net income FY2025: RMB2.111 billion
R&D spend FY2025: RMB3.744 billion (30.23% of revenue)
Capital expenditure FY2025: Not disclosed
Market capitalization Sep 11, 2026: RMB310.954 billion (about US$46.43 billion) Estimate
Etch equipment revenue FY2025: RMB9.832 billion
LPCVD equipment revenue FY2025: RMB506 million
Gross margin FY2025: 39.17%
Top five customers share FY2025: 75.00%

Overview

Advanced Micro-Fabrication Equipment Inc. China (AMEC) was founded in 2004 by Yin Zhiyao and is headquartered in Shanghai. The company is a prominent manufacturer of semiconductor production equipment, specializing in plasma etch systems, chemical-vapor-deposition equipment, atomic-layer-deposition equipment, and MOCVD tools. AMEC operates as an independent, publicly listed company on the Shanghai STAR Market, though it benefits significantly from China's broader semiconductor industrial policies.

Its core business is capacitively coupled plasma and inductively coupled plasma etch tools, which are critical for defining microscopic circuit patterns on silicon wafers. AMEC has successfully deployed these systems for advanced logic and memory manufacturing processes at customer fabrication plants. By expanding into LPCVD and ALD thin-film deposition equipment, the company is broadening its addressable market within fab capital expenditure, positioning itself as a vital domestic alternative to global equipment incumbents.

The AI angle

AMEC does not produce AI chips, servers, or models directly. Instead, it captures value from the AI boom as a critical supplier of capital equipment to semiconductor foundries and memory manufacturers. The surging demand for AI accelerators, high-bandwidth memory, server processors, and networking silicon requires increasingly complex etch and deposition process steps.

When chipmakers expand capacity or upgrade their production lines to manufacture these advanced devices, they require more sophisticated plasma etch and thin-film deposition tools. AMEC's CCP and ICP etch systems, as well as its growing LPCVD and ALD product lines, are used directly in these fabrication processes. In FY2025, the company's etch equipment sales reached approximately RMB9.832 billion, up 35.12% year over year, while LPCVD equipment sales surged 224.23% to RMB506 million. Although AMEC does not disclose the exact percentage of its revenue tied to AI-related semiconductor demand, its tools are essential infrastructure for the fabs producing the silicon that underpins global AI compute.

Technology and moat

AMEC's primary technological moat lies in its established plasma-etch platform. Developing competitive CCP and ICP systems requires mastering chamber architecture, plasma source control, radio-frequency systems, gas delivery, and wafer handling. Crucially, these tools must deliver repeatable etch profiles, uniformity, and high uptime over extended fab operations.

This advantage is reinforced by high switching costs. Once a tool is qualified for a specific process recipe at a customer fab, replacing it requires extensive matching, reliability testing, and requalification. AMEC reports that its higher-end products are already in volume production for critical advanced-logic and memory etch processes. While its product breadth and global installed base remain smaller than those of international giants like Lam Research and Applied Materials, AMEC's proven capability and accumulated process data make it highly strategic for Chinese fabs seeking domestic equipment alternatives.

Five-pillar assessment

Scale and market position: A leading Chinese semiconductor equipment manufacturer with RMB12.385 billion in FY2025 revenue, though its global installed base remains smaller than international incumbents.
Technology and R&D: Strong capabilities in CCP and ICP plasma etch, with tools qualified for volume production in advanced logic and memory, supported by heavy R&D investment.
Supply-chain centrality: Highly dependent on a few major domestic fabs, with the top five customers driving 75% of sales, while relying on global suppliers for critical subsystems.
Financial momentum: Rapid financial growth, with FY2025 revenue up 36.62% and LPCVD sales surging over 220%, driven by domestic fab expansion and equipment localization.
Governance and quality: An independent listed company led by its founder as chairman and general manager, operating within China's strategically prioritized and state-influenced semiconductor sector.

Supply chain and relationships

AMEC operates within a complex and globally distributed semiconductor equipment supply chain. Upstream, the company relies on specialized precision components, vacuum and radio-frequency subsystems, motion-control parts, and specialty materials. Many of these inputs are imported, exposing AMEC to international supply-chain disruptions and export controls. Its five largest suppliers account for 27.01% of its annual procurement.

Downstream, AMEC faces extreme customer concentration. Its largest customer accounted for 39.99% of FY2025 sales, and its top five customers collectively represented 75.00%. While the company does not publicly name these clients in its statutory filings, they are major semiconductor manufacturers. This concentration means AMEC's revenue is heavily dependent on the capital expenditure cycles and qualification decisions of a small number of key domestic fabs.

Customers

Domestic semiconductor manufacturersTop five customers account for 75% of FY2025 sales

Suppliers

Global component suppliersTop five suppliers account for 27.01% of procurement

Partners

PiotechAMEC holds an equity investment

Competitors

Lam ResearchInferredCompetes in plasma etch and deposition systems
Applied MaterialsInferredCompetes across semiconductor-fabrication equipment
Tokyo ElectronInferredCompetes in etch and thin-film deposition equipment
NAURA Technology GroupInferredChinese competitor with a broader domestic equipment portfolio
PiotechInferredChinese deposition-equipment competitor

Geopolitics and risk

Geopolitics is a central driver of both AMEC's growth and its risk profile. As US export controls restrict the flow of advanced semiconductor equipment to China, domestic fabs are increasingly incentivized to qualify and procure tools from local suppliers like AMEC. This localization push provides a strong tailwind for the company's revenue and market share within China.

However, AMEC remains vulnerable to those same geopolitical tensions. The company depends on imported precision components, software, and subsystems from Japan, the US, and Europe. Further tightening of export controls could constrain its ability to source these critical inputs or service its most advanced tools. Additionally, its operations and supply chain are exposed to broader regional risks, including cross-strait tensions that could disrupt logistics and customer capacity plans.

Risk matrix
Risk	Severity	Why it matters
US export-control exposure	High	Relies on specialized global components that can be affected by US restrictions.
Customer concentration	High	The top five customers contribute 75.00% of sales, creating material exposure to a few fabs.
Advanced-process qualification risk	High	Growth depends on sustained qualification of tools at more demanding logic and memory process steps.
Global incumbent competition	High	Lam Research, Applied Materials, and Tokyo Electron hold deeper installed bases and broader portfolios.
China semiconductor-policy exposure	Medium	Policy-driven capital expenditure can become cyclical if fab construction or subsidies change.
Supplier concentration	Medium	Disruption of precision components or imported subsystems could delay manufacturing.
Chinese domestic competition	Medium	NAURA, Piotech, and others compete for domestic localization budgets.
Regional supply-chain risk	Medium	Cross-strait or regional disruptions could affect components and logistics.

Governance and ownership

AMEC is an independent, publicly listed company on the Shanghai STAR Market. It is not a subsidiary of a state-owned enterprise or a larger industrial group, though it operates within the heavily state-influenced Chinese semiconductor sector. Founder Yin Zhiyao serves as both chairman and general manager, giving him substantial operational control, despite holding a relatively small personal ownership stake of approximately 0.664%.

The company's governance structure includes a listed-company board and adherence to STAR Market disclosure frameworks. While the dual role of chairman and general manager concentrates leadership, AMEC's status as a standalone entity allows it to operate with professional management focused on technological execution and commercial expansion.

What to watch

Whether FY2026 etch-equipment growth remains above the FY2025 rate of approximately 35.12%.
Whether LPCVD sales maintain high growth after rising approximately 224.23% in FY2025.
Whether AMEC discloses volume qualification or market-share gains for ALD and other thin-film tools.
Whether the largest customer remains close to 40% of revenue or customer concentration declines.
Whether US, Japanese, or European export-control measures constrain access to critical subsystems.
Whether investment gains and partial Piotech-share disposals continue to distort reported profit.

Recent developments

September 11, 2026AMEC disclosed the completion of a share-reduction plan by seven directors and senior executives.
August 4, 2026Issued a voluntary 2026 first-half performance forecast, stating R&D investment was approximately RMB2.042 billion.
June 30, 2026Confirmed that Yin Zhiyao remains chairman and general manager.
April 1, 2026Held its FY2025 results presentation, noting RMB3.744 billion invested in R&D and over 20 equipment projects in development.
March 30, 2026Reported FY2025 revenue of RMB12.385 billion, up 36.62% year over year.
June 14, 2025Chairman Yin Zhiyao stated the company had filed 2,941 patent applications as of March 2025.

Coverage on AsiaAI.FYI

China’s Advanced Packaging Push: How Naura and AMEC Bypass U.S. Front-End Sanctions September 5, 2026
China’s Advanced Packaging Push: How Naura and AMEC Bypass U.S. Front-End Sanctions September 5, 2026
YMTC Parent’s $4.9B IPO: How China’s Capital Pivot Will Fund Advanced AI Memory August 22, 2026
Why Are HP and Asus Quietly Adopting Chinese DRAM for Non-US Markets? August 5, 2026
Are China’s National Science Awards Revealing the New Playbook for Subsidizing Tech Chokepoints? July 18, 2026
Can Global Export Bottlenecks Launch a New Super Era for Chinese Semiconductor Equipment? July 12, 2026

Guides that cover AMEC

China Semiconductor Ecosystem

About this profile

Compiled with AI-assisted research from company filings, market data, and published reporting as of September 14, 2026, then reviewed by AsiaAI.FYI. Figures marked Estimate are not company-reported. Check primary filings before relying on any number.

Confidence: B. Audited and company-reported financial data are strong, while the weakest areas are exact employee headcount, named customers and suppliers, and AI-specific revenue share.

Main sources: FY2025 annual report and summary; Shanghai STAR Market disclosures; Company investor-relations releases; Independent market-data sources.

All 38 sources

Position in the AI stack

Supplies the plasma etch and thin-film deposition equipment used by foundries to manufacture the advanced logic and memory chips that power AI infrastructure.

Legal name: Advanced Micro-Fabrication Equipment Inc. China
Headquarters: Shanghai, China
Founded: 2004
Founders: Yin Zhiyao / 尹志尧
Leadership: Yin Zhiyao / 尹志尧, Chairman and General Manager
Ownership: Publicly listed
Listings: SSE: 688012 (STAR Market)
Business: Semiconductor production equipment
Sector: Equipment & Materials
Website: www.amec-inc.com