Xinhua | Tackling Technologies, Researching New Products, Expanding Markets: Semiconductor Equipment Companies Discuss the "15th Five-Year Plan" New Blueprint

On May 6, the "15th Five-Year Plan · Technological Self-Reliance and Self-Strengthening" - 2025 Annual Semiconductor Equipment Industry Collective Performance Briefing for SSE STAR Market Integrated Circuit Core Technology Breakthroughs was held. Senior management members from seven companies, including Leadmicro, Huafeng Test & Control, Taclink, S-king, Rigol, SBT Ultrasonic, and CFMEE, actively responded to investor concerns regarding operational results, technological innovation, market demand, and other hot topics.

Against the backdrop of accelerated localization and surging AI computing power demand, semiconductor equipment companies voluntarily revealed their innovation roadmaps and development plans for the next five years. The accelerating pace of product iteration and ample order backlogs confirm the strong certainty of sustained high industry prosperity.

Localization Demand Accelerates Product Iteration

Driven by the demand for supply chain self-reliance and AI computing power, integrated circuits have become one of the hottest industries at present. The "15th Five-Year Plan" outline proposes to "refine mature process nodes, improve advanced manufacturing capabilities, accelerate the development of key equipment, materials and components, and develop high-performance processors and high-density memory". At this performance briefing, semiconductor equipment companies actively disclosed their technological breakthrough directions for the "15th Five-Year Plan" period to investors.

"During the '15th Five-Year Plan' period, the company will continue to leverage its existing core technologies, further expand market space, and maintain its competitive advantage in the high-end thin film deposition equipment market, including ALD and CVD," said Wang Lei, Chairman of Leadmicro.

According to Wang Lei, Leadmicro will target the development directions of advanced semiconductor technologies and processes both domestically and internationally, build and improve multiple advanced vacuum technology platforms such as ALD and CVD, continuously enrich its product matrix, meet customer' process requirements for new devices, new architectures, and new materials, and provide multi-scenario comprehensive solutions covering segmented application areas such as logic, memory, advanced packaging, compound semiconductors, and new displays, thereby meeting the iterative needs of next-generation advanced semiconductor technologies.

Zheng Yiping, Board Secretary of S-king, stated that the company closely follows the national "15th Five-Year Plan" goals for semiconductor equipment localization, focusing on its core track of semiconductor packaging and testing equipment. Guided by independent R&D, the company works in both directions through systematic technological breakthroughs and rapid market implementation, continuously optimizing and improving key technical indicators of its products, concentrating on tackling key industry technologies, and solidifying its industry leadership position.

Against the backdrop of accelerating iteration and upgrading of domestic semiconductor equipment, listed companies have generally accelerated their product R&D and promotion schedules.

SBT Ultrasonic's R&D investment in 2025 reached RMB 160 million, a year-on-year increase of 26.43%, accounting for 20.67% of its operating revenue for the reporting period.

Zhou Hongjian, Chairman and General Manager of SBT Ultrasonic, stated that through continuous R&D investment and quality management, the company has launched competitive new products that meet customer needs, continuously expanded the application fields of its products, and used technological innovation to expand market space, thereby consolidating its technological and brand advantages within the industry. The company's advanced scanning acoustic microscopes have received orders from leading domestic memory customers, and its ultrasonic die bonders (ultrasonic thermocompression bonders) have also secured orders, demonstrating significant progress in new product development and promotion.

Taclink has also made positive progress in product development and promotion: its 400G coherent modules have achieved small-scale trial production; its 400G/800G datacom modules have completed iterations and received small-scale orders from customers; its 1.6T datacom modules have completed product development across three technical solutions: EML, silicon photonics, and TFLN; in terms of system-level products, its 400G/600G DCI boards have achieved mass delivery; its 800G boards have completed sample development and validation; and its 1.6T boards have entered the pre-research stage.

"The company will continue to increase R&D investment, closely track intergenerational transition windows, and rely on its multi-technology route layout and vertical integration capabilities to strive for an advantageous position in the upcoming round of product iteration," said Qu Jianping, Chairman and General Manager of Taclink.

The Prosperity of Semiconductor Equipment Industry is Expected to Continue

"Currently, the company has a relatively abundant backlog of semiconductor orders, which provides certain assurance for its operating performance," said Zhou Ren, General Manager of Leadmicro, at the performance briefing.

Looking ahead, the participating listed companies generally believe that supported by multiple factors such as downstream demand expansion and gradual global industry recovery, industry prosperity is expected to continue.

Cheng Zhuo, Chairman of CFMEE, stated that the company's advanced packaging equipment delivery is progressing steadily, with overall rapid volume growth and smooth delivery schedules. In the next two years, benefiting from the continuous expansion of advanced packaging capacity driven by AI computing power, accelerated localization, combined with its steady capacity release and continuous product technology iteration, the advanced packaging business is expected to maintain relatively rapid growth and continue to be the company's core growth driver.

Cheng Zhuo emphasized the room for continuous improvement in the company's gross margin. In her view, on the one hand, as the revenue share of high-margin pan-semiconductor equipment and high-end PCB equipment increases, the product mix continues to optimize; on the other hand, the advancement of core component localization, economies of scale from capacity release, and the implementation of refined management will further solidify profitability and drive steady improvement in gross margin.

In the semiconductor automated test equipment field where Huafeng Test & Control operates, industry prosperity is also closely related to downstream chip design, packaging and testing, and IDM manufacturers' capital expenditures, as well as end-market application demand.

"Applications such as AI, high-performance computing, automotive electronics, industrial control, power semiconductors, and advanced packaging continue to develop, placing higher demands on test equipment in terms of test accuracy, efficiency, parallel testing capability, and platformization capabilities," said Sun Qiang, Chairman and Board Secretary of Huafeng Test & Control. "The company will continue to monitor downstream demand changes and advance product layout and technological upgrades around key application scenarios."

The reporter noted that in addition to demand catalysts, "going global" also serves as an important support for subsequent performance growth of semiconductor equipment companies.

In 2025, Rigol's overseas main business revenue accounted for approximately 35.87% of its total, with overseas markets becoming an important component driving the company's growth. "The company places great emphasis on its international development strategy and relies on its overseas subsidiaries to carry out overseas marketing and distribution. By deploying regional sales, marketing, commercial, and service teams, we achieve localized sales, services, and full-process support for overseas customers," said Wang Ning, General Manager and CFO of Rigol.

Rigol is currently advancing its H-share issuance and listing. Wang Ning stated that leveraging the synergistic capital platform of A-shares and H-shares, the company will further expand financing channels, optimize its capital structure, and simultaneously enhance its international brand influence and capital operation capabilities, providing solid support for the company's deep cultivation of global markets and deepening of its international strategy.