Anji Microelectronics Overview
Anji Microelectronics is China's leading domestic supplier of chemical mechanical planarization (CMP) slurries and one of the few Chinese semiconductor-materials companies with high-volume sales at leading-edge logic and 3D NAND fabs. Its "3+1" technology platform covers polishing slurries, functional wet electronic chemicals (post-etch residue removers, photoresist strippers, post-CMP cleaners, etchants) and electroplating solutions and additives. The "+1" is in-house development of critical upstream raw materials such as ceria abrasives. Revenue rose from RMB 687 million in 2021 to RMB 2,504 million in 2025, with net margins of about 30%. Anji's share of the global CMP slurry market rose from about 8% in 2023 to 11% in 2024 and 13% in 2025, by the company's estimate. That makes it a credible challenger to Entegris (CMC Materials), Fujifilm, Resonac, Fujimi, Merck and DuPont/Qnity. Anji grows by being localised, customising products with fabs and moving into new chemistries. It is now preparing an A+H dual listing to fund overseas expansion, as AI-driven demand for advanced logic, memory and advanced packaging increases the number of polishing and cleaning steps per wafer.
What the company does. Anji develops, makes and sells formulated chemical consumables used in semiconductor wafer fabrication and advanced packaging. In its annual report the company describes its main business as "the R&D and industrialisation of key semiconductor materials". Its products are "different series of chemical mechanical polishing slurries, functional wet electronic chemicals, and electroplating solutions and additives, mainly applied in integrated circuit manufacturing and advanced packaging." The company's stated strategic positioning is "rooted in China, serving the world" (立足中国，服务全球). Its development concept is "technology innovation and intellectual property," built on its "3+1" technology platform.
Business model. Anji earns almost all its revenue from product sales of formulated consumables, which are bought again each time wafers are processed. There is no material licensing, subscription or service revenue. Revenue depends on:
Wafer starts and utilisation: at customer fabs. Consumption scales with wafer volume.
Process-step count per wafer: More metal layers, 3D NAND stacking, gate-all-around and backside power, and hybrid bonding all add CMP and cleaning steps.
Qualification wins: Fab qualification takes 1–3 years per process step. Once qualified, a slurry is rarely changed during a node's life, which makes revenue sticky.
The company describes its offering as localised, customised and integrated. It co-develops formulations with customers, often for a single process step, and supplies matched slurry-and-cleaner sets.
Value-chain position. Anji sits between upstream abrasive and chemical suppliers and downstream wafer fabs and outsourced packaging companies:
Upstream: colloidal silica, fumed silica and ceria abrasives, specialty organics, oxidisers, corrosion inhibitors, surfactants and high-purity acids. Ultra-high-purity colloidal silica still comes mainly from Japanese suppliers such as Fuso Chemical. Anji is reducing this dependence by producing its own ceria abrasives and qualifying domestic abrasive particles.
Midstream (Anji): formulation, blending, purification, filtration, packaging and in-fab technical service.
Downstream: foundries, logic and memory makers (DRAM and 3D NAND), specialty fabs (CIS, power, analogue, MEMS, compound semiconductor) and advanced-packaging houses (TSV, bumping, wafer-level packaging, hybrid bonding).
Customer types and end markets. Anji's products are used in logic, memory, analogue, power devices, sensors, third-generation (wide-bandgap) semiconductors and other specialty-process chips. The company says it is in the mainstream supplier lists of leading semiconductor customers. Industry research identifies SMIC and Yangtze Memory (YMTC) as anchor customers where Anji holds the leading materials share, and TSMC among its customers. Advanced packaging (TSV, TGV, hybrid bonding, polymer planarisation) is a fast-growing second end market.
Independent characterisation. Anji is a high-margin, R&D-heavy specialty chemical formulator. Its economics resemble the CMP slurry franchises of Cabot Microelectronics before its acquisition by Entegris: gross margins in the mid-to-high 50s, R&D at about 18% of sales, and very low selling expense (1.9% of revenue in 2025), because a few large fabs buy through long qualification cycles. Its competitive edge is local proximity, customisation speed and the policy-backed drive for supply-chain localisation in China. Its main weaknesses are heavy reliance on Chinese fab capex, some imported raw materials, and a still-small base outside China. Profitability has also become noisier because large fair-value gains on equity investments are now booked in net profit.
Strategy
Stated strategic themes (2024 and 2025 annual reports).
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"Rooted in China, serving the world" (立足中国，服务全球): keep the domestic leadership and grow international share. The company estimates its global CMP slurry share at 8%, 11% and 13% for 2023–2025.
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Deepen the "3+1" technology platform: polishing, cleaning and deposition chemistries plus upstream raw materials, positioned across three steps of semiconductor manufacturing.
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Full product-line coverage in slurries. Cover every CMP step (copper/barrier, dielectric, tungsten, ceria, nitride, metal gate, substrate, and advanced packaging TSV/TGV/hybrid bonding/polymer).
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Follow customers' ramps. Match the timing of customer volume increases, become first-choice supplier on new nodes, and deepen co-development.
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Supply-chain security. Use self-produced ceria and domestic abrasive particles to cut reliance on imported silica.
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Operational efficiency. Grow expenses more slowly than revenue. This was achieved in 2024 and 2025, when the total expense ratio fell to 25.08%.
Initiatives in the last 24 months.
Convertible bond financing: Timing: Apr 2025 – Mar 2026; Detail: RMB 830.5 million raised for capacity and R&D projects; fully converted at RMB 128.70 per share
Ningbo Beilun capacity expansion: Timing: 2024–2025; Detail: +31,000 t slurry capacity; post-etch and post-CMP cleaner lines
Shanghai Chemical Industry Park: Timing: From Mar 2024; Detail: 8,000 t etchant capacity
Electroplating commercialisation: Timing: 2025–2026; Detail: Damascene copper and TSV plating in volume production
Advanced packaging slurries: Timing: 2025–2026; Detail: TSV, TGV, hybrid bonding and polymer slurries; preferred domestic supplier; overseas qualification
H-share listing: Timing: Jun–Sep 2026; Detail: Board approval 13 July, EGM 5 August, confidential HKEX filing 2 September; proceeds intended for international capacity, labs and customer collaboration
Restricted stock plans: Timing: 2025, 2026; Detail: Plans covering up to 245 and 165 employees respectively
Second five-year plan: Timing: From 2025; Detail: Follows the 2019–2024 plan that delivered a 45.09% revenue CAGR
Medium-term targets. Management has not published numerical medium-term guidance. The 2026 incentive plan sets a minimum hurdle: revenue growth in 2026–2027 at least equal to growth in the global semiconductor materials market.
ESG commitments. Anji publishes an annual Sustainability Report (the 2024 report was released on 15 April 2025). It covers chemical safety, environmental management and employee development; see the ESG section below.
Products & Services
CMP polishing slurries (about 80% of revenue)
| Product family | Description and capabilities | Target process and customer | Status (latest disclosure) |
|---|---|---|---|
| Copper (bulk) slurries | Remove the copper overburden in damascene interconnects; silica abrasive, with domestic abrasive particles now in volume | Logic BEOL at 130 nm and below; foundries | Volume production; ramping at advanced nodes (2025 annual report) |
| Copper barrier slurries | Remove Ta/TaN barrier with low dishing and erosion; selectivity tuning | Logic BEOL, advanced nodes | Volume at advanced nodes; preferred supplier at several new customers (2026 interim report) |
| Tungsten slurries | Planarise tungsten plugs and contacts | Memory (3D NAND, DRAM) and logic MOL | Several tungsten slurries ramping in 2025; continued growth in 2026 |
| Dielectric / oxide (ILD) slurries | Planarise interlayer oxide | All fabs | Volume; domestic-abrasive versions ramping |
| Ceria slurries (STI and oxide) | High oxide-to-nitride selectivity for shallow-trench isolation | Logic and memory front end | Volume; in 2025 the first use of Anji's self-produced ceria abrasive in oxide polishing |
| Silicon nitride slurries | Nitride removal and stop-layer control | Advanced logic and 3D NAND | Several products in customer qualification; a customer-co-developed nitride slurry and some advanced-node nitride slurries in sales (2025–2026) |
| Metal gate slurries | Planarise high-k / metal-gate stacks (aluminium, tungsten) | Advanced logic | Ramping (2026 interim report) |
| Polysilicon slurries | Poly gate and trench fill | Logic, memory, power | Commercial |
| TSV slurries | Through-silicon-via planarisation with copper/barrier/oxide balance | Advanced packaging, HBM and 3D integration | Preferred supplier at domestic customers; overseas qualification under way (Q3 2026) |
| TGV slurries | Through-glass-via planarisation | Glass-core substrates and interposers | Progressing; ramping domestically |
| Hybrid bonding slurries | Ultra-flat Cu/dielectric surfaces for direct bonding | 3D stacking (HBM, SoIC-type) | Preferred domestic supplier; sales growing |
| Polymer slurries | Planarise polymer dielectrics (e.g., polyimide) in RDL | Fan-out and wafer-level packaging | Ramping |
| Substrate slurries | Polishing for silicon and new substrate materials | Silicon wafer makers; compound semiconductor substrates | New silicon-substrate slurry launched (2024–2025) |
Pricing is per-volume (per kg or litre) under customer-specific supply agreements. List prices are not published. Industry data put the average Chinese slurry price at about RMB 49,200 per tonne in 2022.
Functional wet electronic chemicals (about 18–20% of revenue)
| Product family | Description and capabilities | Applications | Status |
|---|---|---|---|
| Post-etch residue removers (刻蚀后清洗液) | Remove etch polymers and residues while protecting metals and low-k films | Logic BEOL, 3D NAND, DRAM, CIS | Advanced-node versions ramping fast (2025–2026); Ningbo plans 10,000 t |
| Photoresist strippers (光刻胶剥离液) | Remove photoresist in front-end and back-end processes, including thick resist in packaging | Wafer-level packaging, bumping, front-end | Commercial; historically an import-substitution product competing with Versum (Merck) and Entegris |
| Post-CMP cleaners (抛光后清洗液) | Alkaline copper post-CMP cleaners and others, matched to Anji slurries | Logic and memory CMP modules | Alkaline copper post-CMP cleaner ramping fast; Ningbo plans 5,000 t |
| Etchants (刻蚀液) | Selective wet etch formulations | Front-end and specialty processes | Shanghai Chemical Industry Park plans 8,000 t (construction from March 2024) |
The company estimates its global share in cleaning solutions at about 4% (2024).
Electroplating solutions and additives
| Product family | Description | Applications | Status |
|---|---|---|---|
| Damascene copper plating solutions and additives | Copper fill with accelerator, suppressor and leveller packages | IC interconnects (front-end BEOL) | Entered volume production and sales (2025–2026) |
| TSV copper plating solutions and additives | High-aspect-ratio via fill | 3D integration and HBM | Volume production and sales (Q3 2026) |
| Advanced-packaging plating (e.g., tin-silver bumping) | Solder-bump and pillar plating | Flip-chip and wafer-level packaging | Several products in volume; others in development and qualification |
| Localised supply of plating base solutions | Domestic production of plating electrolytes | Fabs and packaging houses | Supply going well and rising |
Management said in July 2026 that electroplating has made some progress but still covers a limited set of applications. It expects incremental growth anchored on flagship projects, in a market where foreign suppliers still dominate advanced-node plating chemistry.
Upstream core raw materials (the "+1")
| Item | Description | Status |
|---|---|---|
| Self-produced ceria abrasive | In-house ceria particles for STI and oxide slurries, reducing import dependence | Several products qualified at customers and in volume; first oxide-polishing use in 2025 |
| Domestic abrasive particles | Qualification of domestic silica for copper/barrier and oxide slurries | Copper/barrier slurries using domestic particles in volume; oxide slurries ramping |
Financial Narrative
All figures are in RMB million unless stated, consolidated under China Accounting Standards, from the company's annual reports for FY2021–FY2025.
Income statement
Revenue grew at a 38.2% CAGR from 2021 to 2025, and at 45.09% from 2019 to 2024 according to the company.
Recurring profit and per-share data
EPS and dividends per share are as originally reported, before later capitalisation issues (3-for-10 in each of the 2024 and 2025 distributions). In 2024 pre-tax profit was RMB 567.6 million. Selling, administrative, financial and R&D expenses in 2025 were 1.92%, 5.00%, 0.40% and 17.76% of revenue, for a total expense ratio of 25.08% (−1.29 points).
Commentary. There are three clear phases:
2021: Net profit fell 18.8% despite 62.7% revenue growth. R&D spending was RMB 153 million (22% of sales) and there were capacity build-out costs.
2022–2024: Gross margin rose from 51% to 58.5% as advanced-node copper/barrier and tungsten slurries scaled and wet chemicals turned profitable. Net profit compounded at 21% a year. That understates the underlying trend: 2023 included about RMB 80 million of government-grant income on project acceptance, and in 2024 recurring profit grew 63% while reported profit grew 32%.
2025: Revenue grew 36.5%. Gross margin fell 1.7 points as mature slurries were repriced and new products took share. Operating leverage held up because expenses grew more slowly than revenue. Non-recurring income of about RMB 90 million came from fair-value gains on investments and government project acceptances. Excluding share-based payment, net profit was RMB 840 million (+45.3%).
Quarterly trajectory
For the first nine months of 2026, revenue was RMB 2,454 million (+35.45%), attributable net profit RMB 1,374 million (+125.83%) and recurring net profit RMB 727 million (+35.32%).
The Q3 2026 non-recurring profit of RMB 540 million came mostly from RMB 634 million of fair-value changes and disposal gains on financial assets. The first half of 2026 included about RMB 120 million of such gains before tax and a RMB 55 million foreign-exchange loss from USD volatility. Q4 2025 recurring profit grew only 11.4% because of FX losses, interest on the convertible bond and higher R&D.
The Q3 2026 gross margin is derived from the reported nine-month gross margin trend and should be treated as approximate.
Balance sheet (year-end; annual reports)
At 31 December 2025, cash and cash equivalents were RMB 1,106 million. Monetary funds were up 80.6% year on year and inventories up 69.9%. Bonds payable made up 16.28% of total assets, and interest-bearing debt was about 20% of assets. Bank borrowings are modest; the convertible bond was the main debt instrument.
After the bond was converted in March 2026, total liabilities fell to RMB 856 million at 31 March 2026. Equity rose to RMB 4,599 million and the liabilities-to-assets ratio fell to 15.7%. Cash and equivalents were RMB 1,100 million, so the company is in a clear net cash position. Goodwill is nil; Anji has grown organically.
Cash flow (annual reports)
FY2023 investing and financing figures are derived from period-end cash movements and are approximate. FY2024 financing is derived from the reported 2025 change of +RMB 488 million.
Operating cash conversion weakened in 2025 (OCF −10.8%) and again in the first nine months of 2025 (−16.1%). Receivables grew 37% year on year by Q3 2025 and inventories rose about 70% to support new-product ramps and extra raw-material buffers. Investing outflows doubled in 2025 as the Ningbo Beilun and Shanghai Chemical Industry Park projects advanced, funded by the RMB 816.6 million net proceeds of the convertible bond. Dividends are small: about RMB 58 million for 2024 and about RMB 87 million for 2025, at RMB 0.50 per share on about 175 million shares. There are no buyback programmes.
Returns and efficiency ratios
Anji has generated an ROIC of about 20% while growing revenue by more than 35% a year. The worst year since listing was 2019, at a 9.55% ROIC. Interest coverage is very high: financial expense was 0.40% of 2025 revenue, mostly convertible-bond interest and FX. Net debt to EBITDA is negative because the company holds net cash.
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View Subscription PlansFinancial Detail
Product Lines
| Product line (CNY Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
CMP polishing slurries | 1,075 | 1,545 | 2,040 |
Functional wet electronic chemicals (incl. electroplating) | 155 | 277 | 453 |
Total company revenue | 1,238 | 1,835 | 2,504 |
Product line gross margin (%)
| Product line gross margin (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
CMP polishing slurries | 59.2 | 61.2 | 58.3 |
Functional wet electronic chemicals | 32.7 | 43.2 | 50.0 |
Company total | 55.8 | 58.5 | 56.7 |
Product line YoY growth (%)
| Product line YoY growth (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
CMP polishing slurries | 13.0 | 43.7 | 32.1 |
Functional wet electronic chemicals | 23.0 | 78.9 | 63.7 |
Company total | 15.0 | 48.2 | 36.5 |
Product line share of revenue (%)
| Product line share of revenue (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
CMP polishing slurries | 86.8 | 84.2 | 81.5 |
Functional wet electronic chemicals | 12.5 | 15.1 | 18.1 |
Group Entities
| Entity | Ownership | Role |
|---|---|---|
Anji Microelectronics Technology (Shanghai) Co., Ltd. | Listed parent | R&D, manufacturing, sales; Jinqiao HQ |
Anji Microelectronics (Shanghai) Co., Ltd. (上海安集) | 100% | Shanghai operating subsidiary (Shanghai Chemical Industry Park project) |
Ningbo Anji Microelectronics Technology Co., Ltd. (宁波安集) | 100% | Ningbo Beilun manufacturing base for slurries and cleaners |
Taiwan Anji Microelectronics Technology Co., Ltd. (台湾安集) | 100% | Taiwan sales and service, customer technical support |
Ningbo Anji Equity Investment Co., Ltd. (宁波安集投资) | 100% | Strategic and financial investments |
Beijing Anji Microelectronics Technology Co., Ltd. (北京安集) | 100% | Northern China customer support and R&D |
Shanghai Anji Electronic Materials Co., Ltd. (安集电子材料) | 100% | Electronic materials and upstream raw materials |
Anji Microelectronics Pte. Ltd. (新加坡安集) | 100% | Singapore hub for international expansion |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (CNY Mn) | 687 | 1,077 | 1,238 | 1,835 | 2,504 |
Revenue growth (%) | 62.7 | 56.8 | 15.0 | 48.2 | 36.5 |
Cost of sales (CNY Mn) | 336 | 493 | 547 | 762 | 1,084 |
Gross profit (CNY Mn) | 351 | 584 | 691 | 1,073 | 1,420 |
Net profit attributable to parent (CNY Mn) | 125 | 301 | 403 | 534 | 784 |
Net profit growth (%) | -18.8 | 141.0 | 33.6 | 32.5 | 46.9 |
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View Subscription PlansMargin (%)
| Margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 51.1 | 54.2 | 55.8 | 58.5 | 56.7 |
Net margin, attributable (%) | 18.2 | 28.0 | 32.5 | 29.1 | 31.3 |
Income Statement and Margin Analysis (%) (FY2023–FY2025)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Net profit excl. non-recurring items (CNY Mn) | 322 | 526 | 697 |
Recurring net profit growth (%) | 7.0 | 63.4 | 32.4 |
Basic EPS (MYR Bn) | 4.07 | 4.14 | 4.66 |
Cash dividend per share (MYR Bn) | 0.40 | 0.45 | 0.50 |
Weighted average ROE (%) | 21.5 | 22.2 | 25.2 |
Margin Analysis (%)
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|---|---|
Revenue | 545 | 596 | 671 | 692 | 724 | 802 | 928 |
Revenue YoY (%) | 44.1 | 42.3 | 30.2 | 32.4 | 32.8 | 34.6 | 38.4 |
Net profit attributable | 169 | 207 | 233 | 175 | 208 | 324 | 842 |
Net profit excl. non-recurring | 162 | 195 | 181 | 159 | 197 | 229 | 302 |
Gross margin (%) | 55.7 | 57.0 | 56.6 | 57.6 | 55.5 | 55.8 | 56.2 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total assets (CNY Mn) | 2,603 | 3,452 | 5,038 |
Total liabilities (CNY Mn) | 480 | 751 | 1,507 |
Equity attributable to parent (CNY Mn) | 2,123 | 2,701 | 3,531 |
Liabilities / assets (%) | 18.4 | 21.8 | 29.9 |
Working capital (CNY Mn) | 649 | 922 | 1,428 |
Working capital / revenue (x) | 0.52 | 0.50 | 0.57 |
Net operating assets (CNY Mn) | 1,503 | 1,959 | 2,720 |
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View Subscription PlansCash Flow and Financial Ratios (x)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Operating cash flow (CNY Mn) | 336 | 493 | 440 |
Investing cash flow (CNY Mn) | -295 | -352 | -731 |
Financing cash flow (CNY Mn) | 70 | 123 | 611 |
OCF / net profit (x) | 0.83 | 0.92 | 0.56 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
ROE, year-end equity basis (%) | 19.8 | 19.0 | 19.8 | 22.2 |
ROA, year-end assets (%) | 15.2 | 15.5 | 15.5 | 15.6 |
ROIC (%) | 15.4 | 16.8 | 19.1 | 19.7 |
Asset turnover (x) | 0.54 | 0.48 | 0.53 | 0.50 |
Return on net operating assets (%) | 22.0 | 26.8 | 27.2 | 28.8 |
Product line share (%)
| Product line share (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
CMP slurries | 86.8 | 84.2 | 81.5 |
Wet electronic chemicals and electroplating | 12.5 | 15.1 | 18.1 |
Valuation Snapshot
| Metric | Value |
|---|---|
Share price (30 Oct 2026) | RMB 158.00 |
1-month change | -30.0% |
3-month change | -30.6% |
1-year change | -4.9% |
12-month high / low | RMB 366.00 / 142.11 |
Market capitalisation | RMB 36.1 billion |
Shares outstanding | 228.36 million |
Book value per share | RMB 25.27 |
IPO price (July 2019, unadjusted) | RMB 39.19 |
Valuation Multiples
| Multiple | Anji | Notes |
|---|---|---|
P/E on reported TTM profit | 23x | TTM attributable profit about RMB 1,550 million, including fair-value gains |
P/E on recurring TTM profit | 41x | TTM recurring profit about RMB 887 million |
P/B | 6.3x | BVPS RMB 25.27 |
EV/Sales | 11x | TTM revenue about RMB 3,146 million; net cash about RMB 0.9–1.1 billion |
Dividend yield | About 0.3% | RMB 0.50 per share for 2025 on a pre-bonus basis |
Analyst Ratings & Targets
| Broker | Date | Rating | Target (MYR Bn) | Key estimates |
|---|---|---|---|---|
Capital Securities | 2 Nov 2026 | Buy | 198 | Net profit 2026E/27E/28E RMB 1.67/1.36/1.74 billion; recurring RMB 1.1/1.4/1.7 billion |
Nomura | 21 May 2026 | Buy | 360 (pre-capitalisation-issue basis) | Advanced-node exposure; 50x 2026E P/E |
Sinolink (Guojin) Securities | 16 Apr 2026 | Buy | — | Revenue 2026E/27E/28E RMB 3.37/4.38/5.58 billion; net profit RMB 1.00/1.36/1.80 billion |
Ping An Securities | 30 Apr 2026 | Recommend | — | — |
Shenwan Hongyuan | 30 Jan 2026 | Outperform | — | — |
Goldman Sachs | 25 Sep 2025 | Neutral | 194 (pre-capitalisation-issue basis) | — |
Per-Share Data
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Cash dividend per share, as declared (MYR Bn) | 0.40 | 0.45 | 0.50 |
Bonus shares per 10 shares | 0 | 3 | 3 |
Analyst Conclusions
Management guidance. Management gives no numerical full-year guidance. Its qualitative outlook for Q4 2026 and 2027:
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Keep pace with customers' ramp timing.
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Grow the advanced-node and advanced-packaging slurry lines.
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Scale wet chemicals and electroplating.
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Expand overseas, partly funded by the H-share issue.
The 2026 incentive plan sets the minimum ambition: cumulative 2026–2027 revenue growth at least equal to global semiconductor materials market growth. Brokers forecast 2026 revenue of RMB 3.3–3.4 billion (+34–35%) and recurring net profit of about RMB 1.0–1.1 billion (+37–45%). Reported 2026 profit could reach RMB 1.6–1.7 billion because of fair-value gains. 2027 reported profit may fall even as recurring profit grows about 27%.
Bull case
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Structural share gains. Global slurry share rose from 8% to 13% in two years, and there is room to grow further as domestic suppliers hold only about 34% of China's market. Copper/barrier, tungsten, ceria and metal-gate products are ramping as first-choice supply.
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AI packaging tailwind. TSV, TGV, hybrid bonding and polymer slurries plus TSV and damascene plating are already in volume, and overseas qualifications open a non-China market.
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Second growth curve at full margin. Wet chemicals reached about 20% of revenue at a 56% gross margin (H1 2026), and Q3 2026 recurring profit grew 66.8%. Earnings growth is outpacing revenue growth.
Bear case
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Earnings quality. In Q3 2026, 64% of attributable profit was non-recurring. Cash conversion fell to 0.56x in 2025 as receivables and inventory built up.
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Margin pressure. CMP slurry gross margin fell from 61.2% (2024) to 58.3% (2025) and about 55.6% (H1 2026) as mature products were repriced and domestic rivals such as Dinglong expanded.
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Concentration and policy exposure. About 80% of revenue comes from slurries sold mainly to Chinese fabs whose advanced-node capacity is limited by export controls. The H-share issue adds dilution, and the share price has already fallen 30% in a month.
Key catalysts and monitorables (next 12 months)
- CSRC filing approval and HKEX hearing for the H-share listing — Expected timing: Q4 2026 – H1 2027; What to watch: Offer size, pricing discount to A shares, use of proceeds
FY2026 preliminary results: Expected timing: Late January 2027; What to watch: Recurring profit against the RMB 1.0–1.1 billion range
FY2026 annual report and 2026 distribution: Expected timing: April 2027; What to watch: Wet-chemicals margin; global share update; OCF recovery
Overseas qualification of packaging slurries: Expected timing: 2026–2027; What to watch: First non-China volume orders
Electroplating ramp: Expected timing: 2027; What to watch: Damascene and TSV plating revenue disclosure
Ningbo and Shanghai Chemical Industry Park capacity: Expected timing: 2026–2027; What to watch: Utilisation and gross-margin effects
Fair-value positions: Expected timing: Quarterly; What to watch: Size and volatility of investment gains
Chinese fab capex and export-control changes: Expected timing: Ongoing; What to watch: SMIC, YMTC, CXMT expansion plans
2026 incentive plan vesting test: Expected timing: FY2026–FY2027; What to watch: Revenue growth against global materials market growth
Analyst verdict. Anji Microelectronics is the clearest Chinese success story in semiconductor process chemicals. In seven years it went from a 2% niche supplier to roughly 13% of the global CMP slurry market. It did so with industry-leading margins (FY2025 gross margin 56.7%, net margin 31.3%) and returns (ROE above 22%, ROIC about 20%), without acquisitions or heavy leverage. The underlying business is stronger than its slurry-only reputation suggests. Wet electronic chemicals have doubled their revenue share since 2023 and now earn the same margins as slurries, and plating and packaging slurries give exposure to the most AI-intensive part of the materials market. The March 2026 conversion of the RMB 830.5 million bond leaves a net-cash balance sheet, and the H-share listing should add the capital and international profile needed to win at non-Chinese fabs.
There are three caveats. First, reported earnings are inflated by investment gains: RMB 634 million in Q3 2026 alone. Investors should value the company on recurring profit, which grew 35% in the first nine months of 2026, not on the 126% headline. Second, cash conversion and working capital have weakened as the product range widens, and CMP slurry margins are drifting down as mature-node pricing tightens and Dinglong scales. Third, Anji's fate is closely tied to Chinese fab capex, which depends on export-control policy.
After the October 2026 sell-off, the shares trade at about 41x trailing recurring earnings and about 11x sales. That is still a premium to global peers such as Entegris and Fujimi, but justified by growth two to three times faster and margins two to four times higher. The risk-reward has improved materially. Anji is a high-quality compounder at a fairer price. Further re-rating depends on cleaner recurring earnings, recovering cash conversion and evidence of overseas wins after the H-share listing. The things to watch are recurring profit, operating cash flow and international qualifications, not headline profit.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Background | Direct shareholding (27 Jan 2026) |
|---|---|---|---|
Shumin Wang (王淑敏) | Chair of the Board, legal representative | Co-founder (2004/2006); PhD; materials scientist with long experience in CMP materials; US citizen-founder through Anji Cayman | 89,682 shares (0.0532%) plus indirect interest via Anji Cayman |
Zhang Ming (张明) | Director, General Manager | Leads operations and commercial strategy | 134,186 shares (0.0796%) |
Yang Xun (杨逊) | Employee Director, Deputy General Manager, Board Secretary | Investor relations and governance lead since listing | 122,241 shares (0.0725%) |
Yuchun Wang (王雨春) | Deputy General Manager | Senior technical and operations executive | 97,801 shares (0.0580%) |
Liu Rong (刘荣) | Chief Financial Officer (财务负责人) | Head of finance | 14,282 shares (0.0085%) |
Major Shareholders
| Shareholder | Shares | % of total |
|---|---|---|
Anji Microelectronics Co., Ltd. (Anji Cayman) | 51,754,217 | 29.57 |
Hong Kong Securities Clearing Co. (Northbound Stock Connect) | 33,058,993 | 18.89 |
National Social Security Fund 110 Portfolio | 3,634,467 | 2.08 |
GF Securities – Guotai CSI Semiconductor Materials & Equipment ETF | 2,688,466 | 1.54 |
CITIC Securities – Harvest SSE STAR Chip ETF | 2,476,366 | 1.42 |
Changjiang Securities – ChinaAMC SSE STAR Semiconductor Materials & Equipment ETF | 2,356,055 | 1.35 |
Shanghai Dachen Technology Investment Co. | 2,150,000 | 1.23 |
Ruizhong Life Insurance – proprietary funds | 1,530,586 | 0.87 |
Competitive Landscape
Key Competitors
| Competitor | HQ | Overlap with Anji | Positioning |
|---|---|---|---|
Entegris (CMC Materials, formerly Cabot Microelectronics) | USA | Copper/barrier, tungsten, dielectric slurries; post-CMP cleaners; wet chemicals | Historical global #1 in slurries; broad materials and filtration portfolio |
Fujifilm Electronic Materials | Japan | Copper/barrier slurries, post-CMP cleaners, photoresist strippers | Leader in advanced logic copper slurries |
Resonac (formerly Showa Denko / Hitachi Chemical) | Japan | Ceria STI and ILD slurries | Ceria specialist |
Fujimi Incorporated | Japan | Oxide, silicon wafer, alumina slurries | Full product line; leads silica- and alumina-based slurries |
Merck KGaA (Versum Materials) | Germany/USA | Tungsten and copper slurries, post-etch removers, strippers | Strong in wet chemicals and strippers |
DuPont / Qnity Electronics | USA | Slurries, CMP pads, plating chemistry | Pad leader (about 79% of pads in 2020); plating chemistry |
Soulbrain, KCTech | Korea | Slurries and wet chemicals for Korean memory | Regional memory focus |
Hubei Dinglong (鼎龙股份, 300054) | China | CMP slurries and cleaners (2025 revenue RMB 294 million); pads (RMB 1,091 million) | Main domestic challenger; "one-stop" pads plus slurries |
Shanghai Sinyang (上海新阳, 300236) | China | Photoresist strippers, plating chemistry, cleaners | Domestic plating and wet-chemicals rival |
Jiangyin Jianghua Microelectronics, Jingrui Electronic Materials | China | General wet chemicals | Domestic commodity wet chemicals |
Peer Comparison FY2025
| Company | Fiscal year | Revenue | YoY growth (%) | Net margin (%) | Notes |
|---|---|---|---|---|---|
Anji Microelectronics | FY2025 (Dec) | RMB 2504 M | 36.5 | 31.3 | Gross margin 56.7%; R&D 17.8% of revenue |
Entegris | FY2025 (Dec) | USD 3197 M | -1.3 | 7.4 | Q4 2025 gross margin 43.8%; net leverage 3.8x |
Fujimi Incorporated | FY3/2026 | JPY 69404 M | 11.0 | 13.1 | Operating margin 19.9% |
Hubei Dinglong | FY2025 (Dec) | RMB 3660 M | 9.7 | 19.7 | Gross margin 50.8%; semiconductor materials 57% of revenue |
