MayAir Group Overview
"MayAir Group" no longer exists as a listed company. MayAir Group plc traded on London's AIM market from 2015 to 2018 and was then taken private. The group's parent company today is MayAir Technology (China) Co., Ltd. (美埃（中国）环境科技股份有限公司, short name 美埃科技), listed on the Shanghai Stock Exchange STAR Market. This is the entity profiled here. MayAir Group Limited, the Jersey-incorporated successor to the plc, survives as an intermediate holding company above the listed business, and "MayAir" remains the trading brand.
MayAir is China's leading domestic supplier of ultra-clean air equipment and consumables for semiconductor and display fabs. It makes fan filter units (FFUs), HEPA and ULPA filters, chemical filters for airborne molecular contamination, and, since 2025, cleanroom wall and ceiling systems. By its own estimate it holds about 30% of China's semiconductor cleanroom market, competing chiefly with Daikin's AAF and Sweden's Camfil, and the Ministry of Industry and Information Technology named it a manufacturing single-champion enterprise for FFUs in 2024. Over 20 years it has grown from a Nanjing filter maker into a group with 11 production bases in China and three abroad, in Malaysia and Canada. Newer lines take its filtration know-how into lithium-battery dust extraction, VOC abatement, biosafety and data-centre corrosion control. Recurring filter replacement gives it some annuity income, but earnings remain tied to fab construction cycles and tender pricing.
The company's own description. The 2025 annual report says MayAir has focused for more than 20 years on "industrial-grade ultra-clean technology" for semiconductors, biopharmaceuticals and public health, and has transferred that technology into commercial and residential air and into industrial dust and VOC control. It claims its patents, product parameters, brand reputation and market share lead domestic manufacturers and benchmark against leading overseas companies. It describes its coverage as running from "intake" to "exhaust", and from filter units to complete equipment and system integration.
Independent characterization. MayAir is best understood as a project-driven capital-goods supplier with a growing consumables tail. The largest revenue events are FFU and filter packages for new fab or panel lines, usually won by tender. Those packages seed an installed base of filters that need replacing on cycles of months to years. Equipment margins are thin and consumables margins are much better. Broker estimates put equipment at 15–20% and consumables at 30–40%. Group gross margin has held at 26–30% in the past five years, so the mix between the two matters more than headline revenue growth.
Business model. The company designs and makes products to order. Purchasing follows a "buy-to-sales" model for core items such as fans, filter media, sheet metal, aluminium profile and adhesives, with direct materials accounting for about 85% of main-business cost (H1 2025 report). Mature standard items, such as household and commercial purifiers and some filters, are partly made by OEMs. New categories such as industrial dust equipment may begin as OEM products before moving in-house.
Revenue model. Revenue is overwhelmingly product sales. In FY2025 direct sales were RMB 1,921.35 million at a 25.89% gross margin and distributors contributed only RMB 7.72 million at 33.62%. Service and rental revenue is small. Rental income as a lessor appeared at RMB 29.06 million in FY2025, up from RMB 0.24 million in FY2024 (S&P Global breakdown). There is no subscription or licensing line. Replacement consumables were about 25% of 2025 revenue (investor relations record, June 2026) and about 30% of first-half 2026 revenue (investor visit, 30 September 2026). The 2025 annual report also cites a figure of about 30%.
Commercial terms. Project orders carry advances of roughly 20–30%, while replacement products are usually paid before shipment. In June 2026 management said orders in hand covered about six to nine months of capacity. Large projects are awarded by tender, and long-standing customers place orders under framework agreements. In technical scoring, owners may send samples to third-party laboratories to test efficiency, power use, noise, resistance and uniformity.
Value chain position. MayAir sits between component and media suppliers upstream and engineering contractors and fab owners downstream. The owner typically qualifies the supplier, while the contract may run through a cleanroom contractor. Upstream, the company has moved into filter media through activated carbon modification, ion-exchange fibre, impregnated chemical fibre, PTFE and nanofibre development, and the 2022 Circul-Aire acquisition. Downstream, the CM Hi-Tech acquisition added walls, ceilings and installation.
Customers and end-markets. Filings and the prospectus name SMIC, SK Hynix, Intel, Western Digital, BOE, CSOT, Tianma, ASE, Fosun, Trane, Carrier, York and Midea. Earlier annual materials also name ST, Micron, AMD and TI. The 2025 filings withhold customer names. End-markets are semiconductors and electronics (the core), display, lithium batteries and new energy, solar, biopharma and hospitals, data centres, food, commercial buildings, transport and residential. Revenue classified as cleanroom air purification was RMB 1,230.43 million in FY2025, or 63.8% of the total, at a 23.67% gross margin.
Strategy
The 2025 annual report sets out six strategic themes:
-
Semiconductor at the core. Remain anchored in semiconductor ultra-clean plants while developing other downstream markets.
-
R&D and talent. Raise research investment and develop people systematically.
-
Global footprint. Build presence in South East Asia, South Asia, North America and Europe.
-
Replacement income. Raise the share of replacement revenue from the installed base.
-
Organic and acquired growth. Accelerate supply chain integration.
-
New tracks. Pursue areas such as solid-state batteries and new overseas routes.
The operating plan adds four pillars. Market work targets industrial cleanrooms, commercial and public health, pharma and biosafety, and atmospheric governance, along with filter recycling and annual service packages. Technology work covers activated carbon, ion-exchange, PTFE and nanofibre media, VOC catalysts, low-dew-point lithium battery environments, biosafety and digitalisation. Manufacturing work covers automation, AGVs, capacity for FFUs, HEPA and electrostatic products, upstream media lines and a smart warehouse. New technology work covers 5G and IoT, CFD, remote diagnostics and a virtual factory.
Cleanroom system integration: Detail: CM Hi-Tech completed in 2025; offer of FFU, equipment, walls and ceilings as one package; Status: Consolidated; stake raised to 86.75% in July 2026
Overseas expansion: Detail: Subsidiaries in the US, Hungary and Vietnam; qualified at international fabs, new energy, solar and premium air-conditioning customers; Status: US and Hungary winning orders; first-half 2026 overseas revenue down 8.7%
Battery exhaust and dust: Detail: 美开深控 supplies explosion-proof dust systems for lithium makers' overseas plants; ATEX and CSA certified; Status: Rapid growth; low margin
Solid-state battery cleanrooms: Detail: Positioned for pilot and production lines, which need stricter humidity and cleanliness; Status: Early stage
Replacement market: Detail: Filter consumables, annual packages, recycling; Status: About 25–30% of revenue
Nanjing Airport Zone plant: Detail: IPO capacity project and R&D platform; Status: Delayed twice, to 1 July 2027
Minority buy-ins: Detail: MayAir HK; reported stakes in 美埃新材料, 美赫半导体, 美诠环保; Status: July 2026 onward
Digital service: Detail: IoT monitoring, predictive maintenance; Status: Under roll-out
Sustainability committee: Detail: Board-level Sustainable Development Committee; 2025 sustainability report published; Status: Active
Management has not published numeric medium-term financial targets or 2026 revenue and profit guidance. The closest thing to a target is the incentive plan's revenue thresholds. The June 2026 record says new energy revenue share is expected to rise, and the September 2026 investor meeting reported new orders up and a healthy backlog.
Products & Services
MayAir does not publish list prices. Large orders are priced by tender, and management says it builds differentiated cleanroom design into pricing by cleanliness grade and technical barrier. The only public unit-price marker is about RMB 1,482 per FFU in 2021, from a broker's analysis of filings.
Filter replacement cycles shape the consumables business: 1–6 months for primary and medium, 1–8 years for HEPA and about one year for chemical filters. The 2022–2025 product work centres on nanofibre media, regenerable AMC adsorbents, zeolite wheels, low-dew-point environments for lithium batteries, and solid-state battery cleanrooms.
Product Portfolio
| Product line | Description and specifications | Target customers |
|---|---|---|
Fan filter units (FFU) | Ceiling-mounted fan and filter modules that supply stable clean airflow in unidirectional fabs; system efficiency raised from a bare-fan 58% to above 64%; combined with own ULPA filters, more than 15% energy saving against general products; IoT monitoring | Semiconductor, display, biopharma, solar |
Equipment fan filter units (EFU) | Ultra-thin tool-end units that create local mini-environments at process tools | Fab tool areas, pharma |
HEPA and ULPA filters | H14 to U17 grades; up to 99.999997% efficiency on 0.1 µm particles; PTFE and glass media | Cleanrooms, hospitals, pharma |
Primary and medium filters | Bag, panel and pre-filters for make-up air and HVAC; replacement cycle 1–6 months | Fabs, HVAC, buildings |
Chemical filters | Control of acid, alkali, condensable and dopant AMC, with activated carbon, ion-exchange fibre and impregnated fibre; claimed media life of 1.7–5 times imported materials; AMC control to 0.05 ppbv; replacement about annual | Advanced logic, memory, lithography areas |
Chemical filter units (CFU) | Gas removal units for SO2 and H2S | Fabs, data centres |
Electrostatic filters | Plate and micro-electrostatic filters; "electric-bag" hybrid technology | HVAC, public buildings, metro |
Biosafety and containment | Bag-in bag-out (BIBO) units, Class II biosafety cabinets, clean benches, weighing hoods, laminar hoods, VHP sterilisation equipment, B-500 composite disinfection unit, negative-pressure ward exhaust | Pharma, hospitals, laboratories |
Air purifiers | Model 401 (HEPA, carbon, ion, photocatalytic), D-GUARD, D-EDG, under MayCare and MayAir brands; commercial, medical and home models | Commercial, medical, residential |
Kitchen and oil mist | Electrostatic fume purifiers, centrifugal oil-mist purifiers | Restaurants, machining |
Dust collection | Dry and wet collectors, cartridge and sintered-plate units, central explosion-proof systems with CE and ATEX certification, CSA for North America | Lithium batteries, industry |
VOC abatement | Zeolite and concentrator wheels, RTO and RCO units, dehumidification wheels | Semiconductor exhaust, coating, batteries |
Cleanroom walls and ceilings | Design, production and installation through CM Hi-Tech; ceilings, panels, floors and doors | Semiconductor, electronics, pharma in China and South East Asia |
High-precision climate control | Constant-temperature and humidity units | Lithography and metrology areas |
Data-centre corrosion control | Chemical filtration for server rooms; Alibaba, Tencent and China Mobile cited as clients in company remarks | Data centres |
Digital services | Remote monitoring, predictive maintenance, IoT-linked traceability, "see the cleanliness, see the energy saving" | Installed base |
Annual service and recycling | Filter recycling, annual service packages, after-sales teams | Installed base |
Semiconductor equipment resale | MayTech resells and refurbishes metrology tools such as KLA-type SP1 and Archer | Fabs |
Financial Narrative
Income statement figures are from annual reports and S&P Global Market Intelligence standardised data. Revenue is as reported.
Revenue compounded at about 13.8% a year from FY2021 to FY2025. The company did not declare a dividend for FY2021 in its published dividend record.
Income statement commentary. Margins climbed steadily through FY2024, when gross margin reached 29.57% and operating margin 12.43%. FY2025 broke the trend. Attributable profit fell 36.93% to RMB 121.09 million and recurring profit fell 51.09% to RMB 86.90 million, against a Huatai forecast of RMB 233 million. Several factors combined. Tariff uncertainty delayed fab tenders, competition cut FFU margin by 2.46 points, lower-margin overseas project revenue grew, and share-based pay and overseas selling costs lifted the expense ratio 2.85 points to 19.0%. Expenses rose 31.8% to RMB 366 million. Q4 2025 alone showed a net loss of RMB 19.79 million. Excluding share-based payments, net profit was RMB 148.14 million. Reported profit also included about RMB 19 million of negative goodwill on the CM Hi-Tech purchase, booked in the first half.
Balance sheet (S&P Global Market Intelligence from filings):
The latest balance sheet shows more strain.
Balance sheet commentary. The IPO left the group with RMB 608.69 million of net cash at end-2022, and that cushion is gone. Land and plant in 2023, the expansion programme and CM Hi-Tech moved it to net debt of about RMB 290 million by September 2026. Inventory has risen 23.6% since year-end, which is consistent with goods awaiting acceptance. Near-term debt is the main thing to watch. About 68% of bank debt falls due within a year. Current ratio has dropped from 1.81 at year-end to 1.54. The minority interest fell in Q3 after the RMB 116.45 million purchase of 18.36% of MayAir HK Holdings.
Cash flow (S&P Global Market Intelligence and filings):
Cash flow commentary. Operating cash flow has been erratic, and cumulative free cash flow over five years was about negative RMB 667 million. FY2025 brought the first meaningful improvement, a RMB 508 million swing, which the company attributes to receivables management. That progress has slowed. Nine-month 2026 operating cash flow was RMB 86.43 million, down 50.6%, and free cash flow was about negative RMB 60.56 million. Ordinary dividends paid were about RMB 13.4 million in 2023, RMB 40.3 million in 2024, RMB 26.9 million in 2025 and RMB 20.3 million in 2026, or about RMB 101 million since listing.
Ratios (S&P Global and derived from filings):
Ratio commentary. Returns have fallen every year since listing, partly from the IPO's equity inflow and partly from capital going into plants that are not yet productive. The most telling figure is the cash conversion cycle, which has lengthened by more than 80 days since FY2021, mainly from receivables. The weighted ROE the company reports was 11.22% in FY2024 and 6.57% in FY2025.
Quarterly results (S&P Global and quarterly reports):
Q3 2026 commentary. Q3 gross margin of 32.19% is the strongest in the available record. Nine-month net profit grew more slowly than recurring profit because the prior year had negative goodwill. Impairments cut Q3 total profit by RMB 13.19 million. The nine-month expense ratio was 16.31%, with R&D at 3.90% and finance costs at 1.50%. Q3 2025 was a low base at RMB 42.87 million, so the 67% rise overstates the trend.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Revenue by Segment
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
FFU, filters and cleanroom systems revenue (CNY Mn) | 971.38 | 980.88 | 1,298.23 | 1,516.73 | 1,590.50 |
Other equipment and other revenue (CNY Mn) | 178.33 | 246.12 | 207.08 | 206.14 | 338.57 |
Total revenue (CNY Mn) | 1,149.72 | 1,227.00 | 1,505.31 | 1,722.86 | 1,929.07 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansSegment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
FFU, filters and cleanroom systems gross margin (%) | 28.13 | 30.26 | 27.80 |
Other gross margin (%) | 21.72 | 24.90 | 17.08 |
FFU, filters and cleanroom systems growth (%) | 32.35 | 16.83 | 4.87 |
Other growth (%) | -15.86 | -0.45 | 64.24 |
FFU, filters and cleanroom systems share of revenue (%) | 86.24 | 88.03 | 82.45 |
Other share of revenue (%) | 13.76 | 11.97 | 17.55 |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Cleanroom air purification revenue (CNY Mn) | 873.17 | 1,123.01 | 1,214.65 | 1,230.43 |
Other industries revenue (CNY Mn) | 353.83 | 382.30 | 508.22 | 698.64 |
Cleanroom air purification gross margin (%) | 25.27 | 23.69 | 27.43 | 23.67 |
Other industries gross margin (%) | 34.11 | 37.69 | 34.86 | 29.88 |
Revenue by Segment (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Top-5 customers share of sales (%) | 26.50 | 37.11 | 30.42 | 26.78 |
Top-5 suppliers share of purchases (%) | 30.98 | 26.15 | 35.47 | 20.21 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansIncome Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (CNY Mn) | 1,149.72 | 1,227.00 | 1,505.31 | 1,722.86 | 1,929.07 |
Revenue growth (%) | 27.33 | 6.72 | 22.68 | 14.45 | 11.97 |
Gross profit (CNY Mn) | 309.38 | 341.38 | 402.19 | 509.42 | 498.30 |
Operating income (CNY Mn) | 128.17 | 136.97 | 179.23 | 214.18 | 137.42 |
EBITDA (CNY Mn) | 142.30 | 153.34 | 198.94 | 250.10 | 190.96 |
Pre-tax income (CNY Mn) | 118.76 | 138.97 | 192.84 | 217.88 | 152.82 |
Net income attributable (CNY Mn) | 108.24 | 123.07 | 173.23 | 191.99 | 121.09 |
EPS basic (MYR Bn) | 1.07 | 1.19 | 1.29 | 1.43 | 0.90 |
EPS diluted (MYR Bn) | 1.07 | 1.19 | 1.29 | 1.43 | 0.90 |
Dividend per share (MYR Bn) | — | 0.10 | 0.30 | 0.20 | 0.15 |
Gross margin (%) | 26.91 | 27.82 | 26.72 | 29.57 | 25.83 |
Operating margin (%) | 11.15 | 11.16 | 11.91 | 12.43 | 7.12 |
EBITDA margin (%) | 12.38 | 12.50 | 13.22 | 14.52 | 9.90 |
Net margin (%) | 9.41 | 10.03 | 11.51 | 11.14 | 6.28 |
R&D expense (CNY Mn) | 46.87 | 51.70 | 70.11 | 77.86 | 102.70 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansBalance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (CNY Mn) | 1,263 | 2,532 | 2,990 | 3,699 | 4,100 |
Cash and equivalents (CNY Mn) | 133.36 | 1,051 | 866.64 | 1,013 | 905.68 |
Trading financial assets (CNY Mn) | 0 | 0 | 50.60 | 0 | 0 |
Receivables (CNY Mn) | 509.77 | 728.36 | 884.90 | 1,186 | 1,309 |
Inventory (CNY Mn) | 341.11 | 431.01 | 500.15 | 591.62 | 624.39 |
Goodwill and intangibles (CNY Mn) | 29.88 | 49.27 | 252.29 | 251.14 | 257.91 |
Short-term debt including current long-term debt (CNY Mn) | 237.56 | 384.15 | 365.77 | 517.05 | 612.21 |
Long-term debt (CNY Mn) | 21.27 | 26.74 | 100.95 | 421.63 | 371.64 |
Lease liabilities (CNY Mn) | 22.78 | 31.25 | 34.17 | 36.75 | 28.46 |
Total debt (CNY Mn) | 281.61 | 442.13 | 500.89 | 975.42 | 1,012.31 |
Net debt (CNY Mn) | 148.24 | -608.69 | -416.36 | -37.23 | 106.62 |
Parent shareholders' equity (CNY Mn) | 461.84 | 1,475 | 1,634 | 1,792 | 1,926 |
Minority interest (CNY Mn) | 2.74 | 4.72 | 7.22 | 11.62 | 149.52 |
Working capital (CNY Mn) | 285.85 | 1,252 | 1,124 | 1,409 | 1,310 |
Contract liabilities (CNY Mn) | 111.48 | 110.80 | 194.40 | 176.49 | 268.79 |
Item At 30 Sep 2026 Details
| Item at 30 Sep 2026 | CNY Mn |
|---|---|
Total assets | 4,525.07 |
Cash | 605.17 |
Trading financial assets | 138.00 |
Accounts receivable (narrow definition) | 1,287.81 |
Inventory | 771.80 |
Current assets | 3,196.46 |
Current liabilities | 2,075.94 |
Total debt (approximate) | 1,033.6 |
Net debt (approximate) | 290 |
Parent equity | 2,016.83 |
Minority interest | 84.21 |
Contract liabilities | 283.20 |
Liabilities to assets (%) | 53.57 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (CNY Mn) | 85.37 | -79.42 | 119.55 | -205.08 | 303.35 |
Capital expenditure (CNY Mn) | 29.95 | 55.17 | 358.81 | 199.02 | 248.05 |
Free cash flow (CNY Mn) | 55.42 | -134.59 | -239.26 | -404.11 | 55.30 |
Dividends and interest paid (CNY Mn) | 10.58 | 8.99 | 24.35 | 79.27 | 52.32 |
Share buybacks (CNY Mn) | 0 | 0 | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%) | 26.21 | 12.75 | 11.08 | 11.16 | 7.07 |
ROA (%) | 6.61 | 4.51 | 4.06 | 4.00 | 2.20 |
ROIC (%) | 20.68 | 16.46 | 15.33 | 12.64 | 6.24 |
Current ratio (x) | 1.38 | 2.27 | 1.93 | 1.98 | 1.81 |
Debt to equity (x) | 0.61 | 0.30 | 0.31 | 0.54 | 0.49 |
Net debt to EBITDA (x) | 1.04 | -3.97 | -2.09 | -0.15 | 0.56 |
Interest coverage, EBIT (x) | 12.9 | 10.7 | 18.0 | 13.1 | 5.1 |
Asset turnover (x) | 0.95 | 0.65 | 0.55 | 0.52 | 0.50 |
Days sales outstanding | 160 | 214 | 212 | 249 | 245 |
Days inventory outstanding | 148 | 178 | 166 | 178 | 159 |
Days payable outstanding | 127 | 148 | 167 | 176 | 141 |
Cash conversion cycle (days) | 180 | 244 | 210 | 251 | 263 |
Income Statement and Margin Analysis (%) (FY2024–FY2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Q1 revenue (CNY Mn) | 273.25 | 317.03 | 458.17 |
Q2 revenue (CNY Mn) | 483.74 | 617.88 | 621.27 |
Q3 revenue (CNY Mn) | 445.21 | 551.51 | 620.78 |
Q4 revenue (CNY Mn) | 520.67 | 442.65 | — |
Q1 net income (CNY Mn) | 35.39 | 41.92 | 31.69 |
Q2 net income (CNY Mn) | 57.49 | 56.10 | 51.70 |
Q3 net income (CNY Mn) | 55.68 | 42.87 | 71.74 |
Q4 net income (CNY Mn) | 43.43 | -19.79 | — |
Q3 2026 report | Q3 | YoY | Nine months |
Revenue (CNY Mn) | 620.78 | +12.56% | 1,700.23 |
Attributable net profit (CNY Mn) | 71.74 | +67.36% | 155.13 |
Recurring net profit (CNY Mn) | 69.41 | +78.29% | about 153 |
Gross margin | 32.19% | +4.83 pt | 29.75% |
Basic EPS (MYR Bn) | — | — | 1.15 |
Revenue by Region and Region Margins & Growth (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Mainland China revenue (CNY Mn) | 970.87 | 1,096.56 | 1,334.70 | 1,495.31 | 1,616.98 |
Overseas revenue (CNY Mn) | 178.84 | 130.44 | 170.61 | 227.56 | 312.09 |
Mainland China growth (%) | — | 12.94 | 21.72 | 12.04 | 8.13 |
Overseas growth (%) | — | -27.06 | 30.79 | 33.38 | 37.15 |
Overseas share of revenue (%) | 15.56 | 10.63 | 11.33 | 13.21 | 16.18 |
Region Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Mainland China gross margin (%) | 27.32 | 29.11 | 25.54 |
Overseas gross margin (%) | 26.69 | 32.97 | 27.86 |
Region, FY2021 Details
| Region, FY2021 | Revenue (CNY Mn) |
|---|---|
East China | 573.77 |
South West China | 164.37 |
North China | 105.19 |
South China | 77.53 |
Central China | 28.97 |
North West China | 14.57 |
North East China | 6.47 |
Overseas | 178.84 |
Capital Markets Data (CNY) and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Year-end close (MYR Bn) | 31.28 | 37.99 | 33.39 | 57.82 |
Dividend per share (MYR Bn) | 0.10 | 0.30 | 0.20 | 0.15 |
Performance to 2 Nov 2026 (price only) | Change | — | — | — |
1 year | +12.1% | — | — | — |
3 years | +35.8% | — | — | — |
5 years | Not applicable; listed in 2022 | — | — | — |
Since IPO price | +73.9% | — | — | — |
From all-time intraday high | −60.1% | — | — | — |
From record close | −57.7% | — | — | — |
Valuation at MYR Bn 50.76 | Value | — | — | — |
Market capitalization | RMB 6,865 million | — | — | — |
Enterprise value | About RMB 7,240 million | — | — | — |
P/E, trailing 12 months | 50.7x | — | — | — |
P/E, 2026E (Huatai) | 30.1x | — | — | — |
P/E, 2027E (Huatai) | 20.9x | — | — | — |
EV/EBITDA, trailing | 24.2x | — | — | — |
EV/Sales, trailing | 3.4x | — | — | — |
P/B | 3.40x | — | — | — |
Peer P/E comparison | P/E | Date | — | — |
MayAir | 50.7x | 2 Nov 2026 | — | — |
Bocheng | 41.3x | 2 Nov 2026 | — | — |
Shenghui Integration | About 31x | 2 Nov 2026 | — | — |
Donaldson | 22.4x | 22 Oct 2026 | — | — |
L&K Engineering | About 16.9x | 2 Nov 2026 | — | — |
United Integrated Services | 16.9x | 16 Oct 2026 | — | — |
Nitta | 12.1x | 2 Oct 2026 | — | — |
Analyst Ratings & Targets
| Broker | Date | Rating | Target (MYR Bn) | 2026E net profit (CNY Mn) |
|---|---|---|---|---|
Huatai | 1 Nov 2026 | Buy | 60.76 | 228 |
Guotai Haitong | 8 Sep 2026 | Overweight | 81.70 | EPS 1.90 |
CSC | 6 Sep 2026 | Buy | None published | 288 |
Soochow | 2 Sep 2026 | Buy | None published | 290 |
Changjiang | 31 Aug 2026 | Buy | None published | 235 |
Guosheng | 19 Jul 2026 | Buy | None published | 292 |
Analyst Conclusions
Management guidance. The company offers no numeric guidance. Commentary points to rising new orders, a healthy backlog, a rising share of new semiconductor projects and a growing new energy contribution.
Consensus. Revenue was forecast at about RMB 3.0 billion for 2026 before Q3, which would require about RMB 1.3 billion in Q4 alone. For net profit, reaching RMB 282 million requires about RMB 127 million in Q4 and reaching Huatai's RMB 228 million requires about RMB 73 million. MayAir lost RMB 19.79 million in Q4 2025, and its best quarter on record is the RMB 71.74 million just reported.
Bull case
-
Fab construction is entering its strongest phase, SEMI's construction outlook rises through 2028, and FFUs are ordered late in the build. China memory funding adds a domestic leg that favours local suppliers.
-
Margins have turned. Q3 gross margin of 32.19% and higher consumables mix suggest that the 2025 pricing pressure was cyclical, with operating leverage ahead as Q4 acceptance catches up.
-
Valuation has reset by about 60% from its peak. At about 21 times Huatai's 2027E earnings, the stock prices far less of the overseas option than it did in June.
Bear case
-
Growth is coming from the wrong places. The core line shrank in the first half of 2026, while overseas revenue fell despite record global fab spending, indicating that MayAir is not capturing the fastest-growing capex.
-
Cash quality is poor. A 263-day cash cycle, nine-month operating cash flow down 50.6%, rising inventories and short-dated debt mean profits are not turning into cash.
-
The multiple remains high. Trailing P/E of 50.7x sits far above contractors, forecasts have been cut, and the overhang from the July placement and controller selling remains.
Key catalysts (next 12 months)
10 Nov 2026: Catalyst: US Affiliates Rule; What to monitor: Whether suspension is extended; customer impact
18 Nov 2026 onward: Catalyst: Controlling-holder lock-up anniversary; What to monitor: Further transfers by T&U or MayAir International
Around 10 Jan 2027: Catalyst: US-China trade truce expiry; What to monitor: Tariff and control changes
Mid-Jan 2027: Catalyst: Placement lock-up ends; What to monitor: Selling pressure from 4.54% of shares
Late Feb 2027: Catalyst: FY2026 preliminary results; What to monitor: Q4 acceptance, margin, consensus gap
Apr 2027: Catalyst: FY2026 annual report and Q1; What to monitor: Cash flow, backlog, dividend, incentive vesting
During 2027: Catalyst: Section 232 phase two; What to monitor: Equipment and component scope
During 2027: Catalyst: CXMT and YMTC capital deployment; What to monitor: Tender awards and MayAir share
1 Jul 2027: Catalyst: Nanjing capacity project; What to monitor: Completion or third delay
Ongoing: Catalyst: Overseas order wins; What to monitor: US and Hungary orders; qualifications becoming revenue
Analyst verdict. MayAir has a defensible position and a demanding set of expectations. It has become the domestic standard-bearer in a niche that foreign brands once controlled, and two decades of qualification at Chinese fabs are hard to replicate. Q3 2026 showed what the business can earn when mix and competition are favourable, with gross margin at a record and recurring profit up 78%. Fab construction demand, in China and elsewhere, is as strong as it has been in the company's public history.
Yet the record of the past two years calls for caution. Profit fell 37% in 2025, the core FFU line has shrunk organically, and growth has leaned on an acquisition and on low-margin battery projects. Overseas revenue, the centre of the equity story, fell in the first half of the year in which global capacity spending surged. Cash generation remains weak, and debt has replaced the IPO's cash cushion.
Governance adds another layer. The controller group sold 4.54% near RMB 79 within weeks of a speculative peak. Minority managers were bought out at a much higher valuation than the 2024 deal. Capacity projects have been delayed twice, and the incentive plan's revenue thresholds now look well out of reach.
The most useful test over the next two reporting periods is whether revenue recognition, order intake and cash collection converge. A strong Q4 with positive cash flow, and evidence of overseas semiconductor orders, would support the view that 2025 was a cyclical trough. Another shortfall would suggest that MayAir is a good domestic franchise with mid-teens growth, which would be difficult to reconcile with a trailing multiple of about 50 times.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | In role since | Age | Education and background | FY2025 pay (CNY K) |
|---|---|---|---|---|---|
Jiang Li (蒋立) | Chairman; actual controller | Mar 2020 | 62 | Chinese national; Tianjin University of Commerce (refrigeration), CEIBS EMBA; founded Hainan TICA in 1995; Nanjing TICA MD from 1999 and later chairman; independent director of Chervon | 0 |
Qi Wei (祁伟) | Director | Mar 2020 | 59 | Bachelor's degree; Nanjing TICA CFO since 1999 | 0 |
Yap Wee Keong (叶伟强) | Director (employee director since 26 Sep 2025); General Manager; core technical staff | Mar 2020 | 59 | Malaysian; Universiti Malaya mechanical engineering, Keele MBA; Malaysian registered professional engineer; founder of MayAir | 1,892 |
Chin Kim Fa (陈矜桦) | Director; CFO; Board Secretary | Mar 2020 | 51 | Malaysian; FCCA; ex-Deloitte and KPMG; formerly at INTI Universal Holdings and Esthetics International | 1,642 |
Fan Gaoding (樊高定) | Independent director | Jun 2026 | 77 | Bachelor's degree; former head of Hefei General Machinery Research Institute | Joined 2026 |
Liu Junjie (刘俊杰) | Independent director | Jun 2026 | 57 | PhD; professor at Tianjin University | Joined 2026 |
Fan Rui (范蕊) | Independent director | Jun 2026 | 36 | PhD; associate professor of accounting at Southeast University | Joined 2026 |
Ding Ming Dak (陈民达) | Vice President, overseas sales | Mar 2020 | 58 | Malaysian; Universiti Kebangsaan Malaysia (microbiology); ex-Airgate | 1,292 |
Gan Boon Dia (颜文礼) | Vice President; China COO | Oct 2023 | 53 | Malaysian; Universiti Malaya chemistry, Nanjing University MBA; ex-Top Glove | 1,105 |
Chen Ling (陈玲) | Vice President; core technical staff | Mar 2020 | 53 | Chinese national; master's degree | 780 |
Zhou Le (周楽) | Chief Technology Officer | Not stated | Not stated | Japanese; Keio University master's; former head of the Airtech Japan research institute | Included with core technical staff |
Directors' Remuneration
| Committee | Members (convener first) |
|---|---|
Audit | Fan Rui, Fan Gaoding, Qi Wei |
Nomination | Fan Gaoding, Fan Rui, Jiang Li |
Compensation | Liu Junjie, Fan Gaoding, Yap Wee Keong |
Strategy | Jiang Li, Yap Wee Keong, Chin Kim Fa |
Sustainable Development | Yap Wee Keong, Jiang Li, Chin Kim Fa, Liu Junjie |
Major Shareholders
| Rank | Holder | Shares | % |
|---|---|---|---|
| 1 | MayAir International Sdn. Bhd. | 65,487,559 | 48.42 |
| 2 | T&U Investment Co., Limited | 6,373,769 | 4.71 |
| 3 | Tecable Engineering Sdn. Bhd. | 5,412,645 | 4.00 |
| 4 | China National Petroleum enterprise annuity plan (ICBC) | 2,802,978 | 2.07 |
| 5 | National Social Security Fund Portfolio 107 | 2,541,001 | 1.88 |
| 6 | ChinaAMC Xingyi Value No. 1 collective plan | 1,577,259 | 1.17 |
| 7 | National Social Security Fund Portfolio 504 | 1,515,604 | 1.12 |
| 8 | PS Fortune Limited | 1,328,515 | 0.98 |
| 9 | ChinaAMC Huaxing No. 2 pension product (CCB) | 1,116,018 | 0.83 |
| 10 | ICBC Jinying Technology Innovation Fund | 860,289 | 0.64 |
Competitive Landscape
Peer Comparison FY2025
| Company | Owner and base | Latest revenue | Growth | Gross margin | R&D / sales | Relevance |
|---|---|---|---|---|---|---|
Camfil | Family owned, Sweden | SEK 14.5bn (2025) | — | — | — | Direct FFU and ULPA rival; AMC regeneration centre in Chiayi, Taiwan |
AAF / Flanders / Nippon Muki | Daikin, Japan | Filter unit not publicly disclosed; group about ¥5,015bn (FY3/2026) | Group about +5.5% | — | — | Direct rival |
Donaldson | Listed, US | US$3,885.6m (FY7/2026) | +5.3% | 34.6% | 2.0% | Bioprocess and disk-drive filtration |
Parker Hannifin | Listed, US | US$21,499m (FY6/2026) | +8.3% | 37.7% | — | Filtration vendor; small part of group |
Freudenberg | Family owned, Germany | €11,731.9m (2025, group) | −1.8% | — | 4.9% | Filters; data-centre gas-phase |
MANN+HUMMEL | Family owned, Germany | €4.2bn (2025); Life Sciences & Environment €452.8m | Segment −4.3% at constant currency | — | — | Reports sharp fall in Asia on price competition |
Japan Air Tech (6291) | Listed, Japan | ¥14.15bn (FY12/2025) | +4.7% | 25.4% | — | Direct rival, closest margin peer |
Nitta (5186) | Listed, Japan | ¥91.8bn (FY3/2026) | +1.7% | 28.2% | 2.4% | Clean-air products |
Shinsung E&G | Listed, South Korea | KRW 570.3bn (2025) | −2.1% | — | — | FFU maker, thin operating profit |
Zaisheng Technology (603601) | Listed, China | RMB 1,275m (FY2025) | −13.6% | 19.66% | 6.04% | Filter media and dust-free air conditioning |
Hengst | Family owned, Germany | — | — | — | — | Agreed in July 2025 to buy CSC Tech, a Suzhou FFU and ULPA maker |
“—” = not publicly disclosed.
Competitor Detail
| Contractor | Latest revenue | Gross margin | Backlog or orders |
|---|---|---|---|
L&K Engineering (亚翔集成, 603929) | FY2025 RMB 4,907m; H1 2026 RMB 2.55bn (+51%) | 24.2% (H1 2026) | Parent South East Asia backlog about RMB 74.3bn |
Shenghui Integration (圣晖集成, 603163) | FY2025 RMB 2,989m (+48.9%); H1 2026 RMB 1.09bn (−16%) | 12.72% (H1 2026) | RMB 2.93bn, 53.7% overseas |
Bocheng (柏诚股份, 601133) | H1 2026 RMB 2.652bn (+9.4%) | 10.72% (H1 2026) | RMB 5.629bn (+222%) |
United Integrated Services (2404.TW) | 2025 NT$66.08bn (+39.3%) | 23.32% (Q1 2026) | NT$193.9bn; 56% of Q1 orders from the US |
Taikisha (1979.T) | ¥286.1bn (FY3/2026, +3.6%) | 19.3% | Orders +26.8% |
Takasago Thermal (1969.T) | ¥423.9bn (FY3/2026, +11.1%) | 22.1% | Orders ¥460.1bn |
Peer Comparison FY2025 (Annual)
| Measure | MayAir (FY2025) | Donaldson (FY7/2026) | Zaisheng (FY2025) | Japan Air Tech (FY12/2025) |
|---|---|---|---|---|
Revenue | RMB 1,929m | US$3,885.6m | RMB 1,275m | ¥14.15bn |
Growth | +11.97% | +5.3% | −13.63% | +4.7% |
Gross margin | 25.83% | 34.6% | 19.66% | 25.4% |
R&D intensity | 5.32% | 2.0% | 6.04% | — |
“—” = not publicly disclosed.
Recent Developments
The slide from RMB 66.60 on 18 September to RMB 42.30 on 30 October was a genuine fall, not an adjustment for a corporate action, as no bonus issue or split occurred and share count stayed at 135.25 million. It fell 36.5%, close to peers L&K (−42.5%) and Bocheng (−39.0%), and worse than the STAR 50 (−29.8%). The index was caught in a broad valuation sell-off. Company-specific pressures included weak Q2 revenue and a full-year consensus that demanded a very large Q4.
