Company at a glance
Scale
Revenue up 85% since FY2023
Growth prospects
Expanding customer base and product roadmap
via cls.cn ↗The only domestic company achieving volume production and sale of 12-inch CMP equipment, breaking the international monopoly; domestic CMP imports st…via file.finance.sina.com.cn ↗2020-2025 revenue and net profit compound growth above 60% per the FY2025 annual report; FY2025 revenue RMB 4.648bn, up 36.46%, net profit RMB 1.083bnChina competition
Competes with NAURA, SiCarrier, AMEC, Piotech in Deposition / etch — peers listed at sector level.
SubstituteGlobal comparables
Global reference set: Applied Materials, Lam Research, Tokyo Electron.
Applied Materials (Reflexion GT CMP)Technical gap
Sector rated substitute vs the frontier.
Obstacles
US export-control exposure
via finance.sina.com.cn ↗Added to the US Entity List on December 2, 2024 among 140 entities; the company assessed the impact as limited, stating core components are self-cont…Official filings: Hwatsing FY2025 annual report (PDF) ↗ · Hwatsing FY2024 annual report (Sina Finance) ↗
All sourced facts (8)
- Listing status: Shanghai Stock Exchange (STAR Market) · 688120.SH · A-share (STAR Market)
- Founding: Founded April 2013 in Tianjin as a Tianjin government-Tsinghua joint venture commercializing the CMP research of academician Luo Jianbin's team; Tsinghua licensed core CMP patents to the company in August 2013 via me.tsinghua.edu.cn ↗
- Listing: Listed on the STAR Market in June 2022, ticker 688120 via sichuan.scol.com.cn ↗
- Market position: The only domestic company achieving volume production and sale of 12-inch CMP equipment, breaking the international monopoly; domestic CMP imports still ran RMB 5-6bn per year as of 2025, leaving a large substitution runway via cls.cn ↗
- US Entity List: Added to the US Entity List on December 2, 2024 among 140 entities; the company assessed the impact as limited, stating core components are self-controlled with stable supply via finance.sina.com.cn ↗
- Capital moves: Announced a Hong Kong H-share listing plan on August 28, 2025, then terminated it on April 22, 2026, pivoting to an A-share private placement of up to RMB 4.0bn via cls.cn ↗
- Growth: 2020-2025 revenue and net profit compound growth above 60% per the FY2025 annual report; FY2025 revenue RMB 4.648bn, up 36.46%, net profit RMB 1.083bn via file.finance.sina.com.cn ↗
- Portfolio breadth: CMP and thinning equipment contributed RMB 2.987bn of FY2024 revenue; dicing, wafer reclaim, consumables and maintenance services are scaling via pdf.dfcfw.com ↗
About
Designs, manufactures and sells 12-inch CMP equipment plus thinning, dicing, slurry supply systems, wafer reclaim services, consumables and maintenance, selling to domestic memory and logic fabs with capacity partly pre-booked by core customers.
Ticker 688120.SH
Why it matters
Hwatsing broke the AMAT/Ebara duopoly inside China for CMP tools, the polishing bottleneck in every advanced fab, and has grown revenue at a greater than 60% compound rate from 2020 to 2025 while operating under US Entity List restrictions since December 2024.
Where it sits in the stack
Deposition / etch / metrology
Advanced-node process coverage, metrology/inspection, reliability, customer qualification, and imported subsystem dependencies.
CMP polishing equipment
Advanced-node process coverage, endpoint detection, ultra-uniform polishing, cleaning, consumable consistency, and long fab qualification cycles.
Key semiconductor products
- 12-inch CMP equipment (Universal CMP series) for logic and memory
- Wafer thinning equipment·including thinning-polish integrated tools
- Dicing equipment, slurry/chemical supply systems
- Wafer reclaim services, key consumables and maintenance services
Financials
688120.SS · Shanghai Stock Exchange STAR Market 688120.SS · via Yahoo Finance ↗
Financial trajectory via annual filings via Yahoo Finance
RMB billionsMarket data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.
Ecosystem
Global peer set
- Applied Materials (Reflexion GT CMP)
- Ebara (polishing and thinning tools)
- Disco (dicing and grinding adjacency)
Competitive position
- Sole domestic 12-inch CMP equipment supplier in volume production, competing with Applied Materials (Reflexion) and Ebara
- Core customers have pre-booked portions of capacity, with memory and logic orders dominant
- FY2025 net profit growth (5.89%) lagged revenue growth (36.46%), reflecting Entity List-era supply-chain and mix pressures
- Global comparables: Applied Materials (Reflexion GT CMP)
- Global comparables: Ebara (polishing and thinning tools)
- Global comparables: Disco (dicing and grinding adjacency)
Milestones and signals
- 2026—Planned A-Share Private Placement: CNY 不超过40亿
- 2026-10-04—Market cap: RMB 113B
- FY2025—Revenue: RMB 4.6B
- FY2025—Net Profit: RMB 1.1B
- Listing—Shanghai Stock Exchange (STAR Market) · 688120.SH · A-share (STAR Market)
What to watch
- Execution of the up-to-RMB 4.0bn A-share private placement after the H-share plan was dropped in April 2026
- Component self-sufficiency under US Entity List restrictions
- Overseas equipment shipments and service revenue expansion
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Sole domestic 12-inch CMP equipment supplier in volume production, competing with Applied Materials (Reflexion) and Ebara.
Open questions
- Which products are qualified beyond pilots in equipment?
- Which customers, fabs, or end markets show real adoption rather than policy interest?