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Advanced Micro-Fabrication Equipment Inc. China中微公司

688012Founded 2004Shanghaiamec-inc.comReviewed 2026-08-30

AMEC (Advanced Micro-Fabrication Equipment) is China's flagship etch-tool maker — the company most often cited as proof that China can compete in at least one critical fab-equipment category outside lithography. It was founded in Shanghai in 2004 by Gerald Yin and a team with Applied Materials and Lam Research backgrounds, and has been STAR Market-listed (688012) since 2019.

Scale

~$1.7Brevenue FY2025 · CNY 12.4B
~$42.5Bmarket cap · 2026-10-04

Gap vs frontier

Substitutesector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

Advanced Micro-Fabrication Equipment Inc. China: substitute tier in Deposition / etch / metrology, ~$1.7B FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
Deposition / etch · Substitute
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Revenue up 98% since FY2023

Growth prospects

Expanding customer base and product roadmap

CNY 12,384,638,300 revenue in 2025Shanghai STAR Market 688012; IPO completed July 22, 2019.

China competition

Competes with NAURA, SiCarrier, AMEC, Piotech in Deposition / etch — peers listed at sector level.

Substitute

Global comparables

Global reference set: Applied Materials, Lam Research, Tokyo Electron.

Lam Research, Tokyo Electron, and Applied Materials for etch.

Technical gap

Sector rated substitute vs the frontier.

Obstacles

US export-control exposure

Added to the U.S. DoD Chinese Military Companies list in January 2024 and removed again in December 2024.

Official filings: static.sse.com.cn ↗ · Shanghai STAR Market filings for 688012 ↗

All sourced facts (9)
  • Founded: 2004
  • Headquarters: Shanghai, China
  • Revenue / scale: CNY 12,384,638,300 revenue in 2025
  • Listing status: Shanghai Stock Exchange STAR Market · 688012 · A-share (688012.SH)
  • Founding and HQ: Founded in Shanghai in 2004 by Gerald Yin and early technical employees with Applied Materials/Lam Research backgrounds.
  • Listing: Shanghai STAR Market 688012; IPO completed July 22, 2019.
  • Scale marker: Reported 1,722 employees in 2023.
  • Technology marker: AMEC's Primo Nanova etch tools are reported for 14nm, 7nm, and 5nm application coverage; qualification layer and customer context still need source-specific treatment.
  • Export-control status: Added to the U.S. DoD Chinese Military Companies list in January 2024 and removed again in December 2024.

About

Sells plasma etch and MOCVD process equipment, plus spares and service, into wafer fabrication and compound-semiconductor manufacturing. Reported FY2025 revenue of about RMB 12.4B.

Shanghai · Founded 2004 · Ticker 688012

Why it matters

Etch is one of the big front-end tool categories, dominated globally by Lam Research, Tokyo Electron, and Applied Materials — and AMEC's Primo Nanova tools are reported in 14nm, 7nm, and 5nm applications. That makes AMEC the sharpest single test of whether Chinese fabs can qualify domestic tools on layers that actually matter, not just mature-node commodity steps. Its regulatory whiplash — added to the U.S. DoD Chinese Military Companies list in January 2024, removed again that December — also makes it a barometer for how U.S. pressure lands on China's equipment champions.

Where it sits in the stack

Equipment

Deposition / etch / metrology

Substitute

Advanced-node process coverage, metrology/inspection, reliability, customer qualification, and imported subsystem dependencies.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • MOCVD equipment for compound semiconductor and LED-related manufacturing.
  • Expanding process-tool portfolio where domestic fabs need alternatives to imported equipment.
  • Plasma etch·Primo
  • MOCVD·PRISMO
  • Thin-film deposition
  • Environmental/abatement·Prefor

Financials

688012.SS · Shanghai STAR Market 688012 · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 6.26BRMB 1.79B
2023
RMB 9.07BRMB 1.62B
2024
RMB 12.4BRMB 2.11B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Competitors

  • Lam Research
  • Veeco
  • NAURA Technology Group
  • Applied Materials
  • Tokyo Electron
  • Piotech (Shenyang Piotech)

Customers / end markets

  • Chinese logic, memory, compound-semiconductor, and LED manufacturers, plus fabs looking to qualify domestic tools for production steps
  • The best signals is production qualification at major fabs, repeat orders, and use in increasingly critical layers

Global peer set

  • Lam Research, Tokyo Electron, and Applied Materials for etch
  • Aixtron and Veeco are relevant comparables for MOCVD/compound-semiconductor equipment, depending on application
  • Domestic comparison set includes NAURA, Piotech, ACM Research, Hwatsing, and tool specialists by process step

Competitive position

  • AMEC is one of the Chinese equipment companies most relevant to the non-lithography tool debate.
  • Etch is a brutal global category dominated by Lam Research, Tokyo Electron, and Applied Materials, so customer qualification and layer criticality matter more than broad claims.
  • Domestic leader in plasma etch and MOCVD, but node-level frontier capability versus Lam/TEL/AMAT not confirmed in current signals.
  • Dependent on imported precision components and subsystems; exposed to export-control risk on advanced etch tooling.
  • Global comparables: Lam Research, Tokyo Electron, and Applied Materials for etch.
  • Global comparables: Aixtron and Veeco are relevant comparables for MOCVD/compound-semiconductor equipment, depending on application.
  • Global comparables: Domestic comparison set includes NAURA, Piotech, ACM Research, Hwatsing, and tool specialists by process step.
  • High-end components, RF systems, process recipes, chamber materials, service depth, and fab-by-fab qualification cycles are the main constraints.

Recent activity

  • 2026-04—M&A activity disclosed in an SSE STAR Market M&A report (申报稿) filed by the issuer [via static.sse.com.cn]
  • Reported—Catalog organized around four product families — etch, MOCVD, thin-film, and environmental/abatement — with named Primo, PRISMO, and Prefor platforms [via amec-inc.com]

Milestones and signals

  • 2004—Advanced Micro-Fabrication Equipment Inc. China was founded.
  • 2026-10-04—Market cap: RMB 305B
  • FY2025—Revenue: RMB 12.4B
  • FY2025—Net Profit: RMB 2.1B
  • Listing—Shanghai Stock Exchange STAR Market · 688012 · A-share (688012.SH)

What to watch

  • Major fab qualification signals and repeat-order disclosures.
  • Etch versus MOCVD revenue mix and gross-margin resilience.
  • Competitive wins against Lam Research, TEL, Applied Materials, Aixtron, and Veeco categories.
  • Domestic supply-chain depth for RF, vacuum, sensors, and chamber materials.

Answered questions

Last reviewed 2026-06-28
Where is AMEC qualified in production: noncritical layers, mature-node critical steps, memory, or advanced logic?

On the record: MOCVD equipment for LED and power devices (Commercial use).

Can AMEC win repeat business because of performance and service, not only localization pressure?

Etch is a brutal global category dominated by Lam Research, Tokyo Electron, and Applied Materials, so customer qualification and layer criticality matter more than broad claims.

Which subcomponents remain imported bottlenecks inside AMEC tools?

Dependent on imported precision components and subsystems; exposed to export-control risk on advanced etch tooling. High-end components, RF systems, process recipes, chamber materials, service depth, and fab-by-fab qualification cycles are the main constraints.