SYNUS Tech Co., Ltd. Overview
SYNUS Tech is a Korean specialist in clean logistics automation, supplying stockers, overhead conveyors, overhead hoist transport (OHT), automated guided vehicles and control software to display, semiconductor and battery factories. Its franchise was built on flat-panel display lines, particularly for Korean and Chinese panel makers, and display still dominated revenue when its mix was last disclosed. Since 2022 it has sat inside Suzhou Nsynu, a China-based AMHS platform backed by Siasun Robot & Automation, SMIC-linked Summitview Capital and Chinese state funds. That platform's explicit aim is to localise semiconductor AMHS in China, a market Daifuku and Murata Machinery dominate. SYNUS therefore has two identities: a project-based Korean equipment contractor exposed to lumpy panel capex, and the technology root of a Chinese import-substitution champion. FY2025 was its weakest year on record, with revenue down 28.2% and an operating loss of KRW 13.95bn.
SYNUS Tech designs, builds, installs and services AMHS: the storage, transport and control equipment that moves glass, wafers, trays and battery materials through a factory. In semiconductor and display plants these systems carry FOUPs, FOSBs, SMIF pods, cassettes, magazines and trays between process tools, stockers and floors. Its own description is a logistics automation specialist offering an "AMHS Total Solution" from layout design and product design through production, installation and after-sales service. The chief executive's message states a vision of AMHS Global No.1 across display, semiconductor and secondary-battery factory automation.
Independently characterised, SYNUS is an engineer-to-order project contractor, not a catalogue equipment seller. Siasun's October 2022 reply to the Shenzhen Stock Exchange sets out the model:
Production: build-to-order. Work starts after an order is received, followed by solution design, software and system development, manufacture, on-site testing, delivery and acceptance.
Procurement: independent purchasing, with suppliers providing outsourced machining and manufactured parts.
Sales: direct sales to Korean customers through competitive bids and negotiation, and an agency model for Chinese customers.
Revenue is therefore almost entirely project and equipment revenue, supplemented by installation and after-sales service. No subscription or licensing income is reported. Control software such as the Material Control System (MCS) is sold as part of the system. The published statements do not split product from service revenue.
In the value chain, SYNUS sits between component and machining suppliers and the factory owners. Its equipment is installed early. Peer Zenix has explained that AMHS must be set up before process tools arrive, and SYNUS shares that position. Orders therefore lead the customer's tool move-in and are highly sensitive to greenfield capex. Named customers in Siasun's 2022 filing are LG, Samsung, BOE and CSOT. Visionox has also bought from it. End-markets are display (LCD/OLED), semiconductors (with a stated emphasis on back-end), secondary batteries, and general factory and warehouse logistics.
The group context matters. Suzhou Nsynu holds 100% of SYNUS and describes its core product as the overhead AMHS system, spanning semiconductors, panels and new-energy batteries. In China, Nsynu's own business is built around domestic fabs, using OHT hardware plus its MCS, TCS and VCS control software. SYNUS supplies technology lineage and overseas reach, while the Chinese parent carries the domestic semiconductor substitution story.
Strategy
The website's stated management goals are enterprise value of KRW 1 trillion and revenue of KRW 1 trillion in 2026, with "AMHS Technology No.1" as the vision. FY2025 revenue of KRW 240.9bn makes that target unreachable, and it is best read as a legacy statement. The stated strategic directions are:
Display: Stated direction: Remain Global No.1; defend the FPD market; find new markets
Semiconductor: Stated direction: Become No.1 in back-end; expand share; strengthen OHT technology
Automation: Stated direction: Enter logistics centres; win new customers; internalise technology
New growth: Stated direction: Synergy with Siasun; extend AI solutions; secure AI and autonomous driving technology; develop new business
Since taking over in 2025, Lee Young-han has framed the priorities as technology advancement and organisational systemisation. He has set three operating themes: more R&D investment, diversified overseas customers and stronger knowledge management. He also said an IPO is under strategic review. R&D expense rose 72.4% in FY2025 to KRW 9.0bn while SG&A was cut 26.4%, the clearest evidence that the first theme is being executed.
Chief executive transition and IPO review: Date: 2025; Scope: Technology and organisation agenda
Digital twin for OHT: Date: July 2025; Scope: Pre-installation simulation; commissioning time cut by over 10%; planned link with MES and ERP
Group Series A+: Date: December 2025; Scope: Over RMB 500M for core R&D, regional service and supply-chain alliance
Sixth-generation OHT and new MCS: Date: Announced December 2025; Scope: Group priority
Conversion of parent to joint-stock company: Date: By April 2026; Scope: Standard step before a possible listing
AI OHT routing with Seoul National University: Date: July 2026; Scope: Congestion prediction; selective DQN; rerouting without retraining
Management has published no medium-term financial guidance beyond the 2026 goals above, and no quantified cost programme or sustainability targets.
Products & Services
Pricing is project-based and not published. Specifications below are from the company's website. Launch years are given where the company history records them.
Display
Semiconductor
Group-level hardware goes further. Nsynu's fifth-generation OHT, launched in May 2024, is reported at 5.3 m/s on straights, 1 m/s on curves, vibration within 0.5G, repeat positioning of ±1mm and MCBF above 50,000. A sixth-generation OHT and new-generation MCS are in development. The group also lists TCS and VCS control software.
Secondary battery
Smart factory and general logistics
Engineering services comprise system engineering, analysis, design, manufacture, construction and customer service. Layout capability spans display Gen-3 to Gen-11, 6-inch, 8-inch and 12-inch wafers, and smart factories.
Product Portfolio
| Product | Function | Key specifications | Timeline |
|---|---|---|---|
Stocker | Cassette storage and transfer between processes | Payload to 2,000kg; speed to 210 m/min; forking 7–12 sec; Class 10 @0.1µm | World Class Product 2009 |
OHCV (curved) | Overhead conveyor between stockers | Payload to 2,000kg; speed to 180 m/min; contactless power; Class 10 | Not dated |
OHT | Ceiling-rail transport between display processes | Payload to 200kg; speed to 180 m/min; curve radius R500–R1000mm | AI-based version 2019 |
RGV | Rail-guided cassette transfer | Payload to 2,000kg; speed to 210 m/min | Not dated |
AGV | Free-path cassette transfer | Payload 100–1,500kg; speed to 60 m/min; load time 15–32 sec | Not dated |
Clean Lift | Vertical cassette transfer between levels | Payload to 3,000kg; speed to 120 m/min; stroke to 97m | Not dated |
OHS | Overhead shuttle for long, high-volume routes | Payload to 2,000kg; 210 m/min, 45 m/min on curves | IR52 award 2009 |
PnP and roller conveyor | Listed in the display range | Specifications not published | Not dated |
| Product | Function | Key specifications | Timeline |
|---|---|---|---|
SEMI OHT | Ceiling-rail transfer of FOUP, FOSB, SMIF, magazine and tray | Payload to 20kg; speed to 320 m/min; R500mm; Class 100, Class 10 with speed control | 2007 certified; 2010 mass-production evaluation |
SEMI Stocker | Storage and in/out transfer | Forking 2 sec; Class 100; N2 purge option | Not dated |
Bank Stocker | Storage in bank process during packaging and test | Twin S-Master; over 1,000 cells; sorter docking; payload to 15kg | Not dated |
N2 Stocker | Nitrogen-purged storage | Listed; specifications not published | Not dated |
SEMI AGV | Carrier delivery between stockers and tools | Load time 25–30 sec; speed to 56 m/min | Not dated |
MCS | Routes and monitors material moves from MES commands | IB-SEM and Stocker-SEM protocols; active-active auto failover; BPEL business logic | Not dated |
SEMI HT | High-speed vertical tower between floors | Height 25–65m; speed to 250 m/min | Not dated |
Conveyor | Horizontal transfer and buffer | Dual belt; turn speed 40°/sec | Not dated |
LHT | Local hoist transfer between tools | 120 m/min; Class 100 | Not dated |
SIS | Stocker with sorter for wafer split and merge | Near-tool buffer; forking 2 sec; Class 100 | Not dated |
FIO | FOUP in/out from OHT | 0.25 m/sec; Class 100 | Not dated |
| Product | Function | Key specifications |
|---|---|---|
OHT | Tray transfer with load/unload | Payload to 150kg; 180 m/min; contactless power |
Roll DDA | Direct docking AGV for rolls and materials | Payload to 2,000kg; 60 m/min; load/unload 30 sec; reinforcement-learning ACS |
Stocker | High-rack automated storage | Payload 2,000kg; 210 m/min travel; 60 m/min lift; twin fork double deep |
RTS and conveyor | Listed in the battery range | Specifications not published |
| Product | Function | Key specifications |
|---|---|---|
AS/RS | High-rack storage with WMS | Payload to 2,000kg; height 30m |
AGV/RGV | Automated material carts | Payload to 2,000kg; magnet, optical, laser or automatic drive |
Bagging and palletizer | Automatic bagging and stacking for chemicals and grain | ±1/1,000 @2σ; 1,200 bags/hr |
Furniture conveyor system | Raw-material storage and inter-process transfer | Robot, buffer, AGV, RGV and MCS |
Palletizer, aging oven, vinyl packing, OHT/OHS | Listed in the range | Specifications not published |
Micro Fulfillment Center solutions | Distribution logistics | Referenced by CB Insights |
Financial Narrative
SYNUS is unlisted but files audited statements on DART. The income statement and balance sheet below are consolidated and taken from the company's website. Net income, ROE and leverage are from NICE data on Seoul Exchange. Margins and growth are calculated from those figures. Itemised cash, borrowings by maturity, goodwill, depreciation and capital expenditure sit in the audit reports filed on DART; the website summary does not itemise them. EPS is not meaningful for a wholly owned subsidiary and no per-share dividend is published.
Income statement (consolidated)
Revenue fell at a compound rate of 1.6% a year from FY2021 to FY2025. Measured from FY2019's KRW 335.6bn, it fell 6.4% a year.
The trend is one of volume volatility on top of structural margin erosion. Gross margin ran at about 16–17% from 2019 to 2021, by Siasun's figures, and has now halved to 7.5%. The FY2022 peak delivered less operating profit than FY2021 despite 41% more revenue, which implies heavy pass-through and lower-margin project work. FY2024 turned to an operating loss while revenue grew. FY2025 then combined a 28.2% revenue decline with further margin compression.
Siasun's 2022 filing gives FY2021 net profit of KRW 20.1bn, while NICE's consolidated series gives KRW 17.9bn. The gap between operating and net results is also notable. In FY2024 the separate company reported an operating loss of KRW 5.8bn but net income of KRW 6.5bn, on non-operating income of KRW 31.4bn against non-operating expense of KRW 18.0bn. In FY2025 that reversed, with non-operating income of KRW 11.5bn and expense of KRW 21.0bn.
Balance sheet (consolidated)
The balance sheet shrank by KRW 124.7bn in FY2025, mostly through a KRW 119.4bn fall in current assets and a KRW 98.8bn fall in current liabilities. That pattern is consistent with large projects completing and advances and payables unwinding. Liabilities are overwhelmingly short-dated, at 97.8% current at FY2025. Equity fell by almost exactly the FY2025 net loss, which suggests no material distribution in the year. Non-current assets rose in FY2024 with the Gwacheon move and Eumseong extension.
Cash flow and debt indicators (separate company, NICE data)
Implied borrowings are calculated from NICE's borrowing dependence ratio and separate-company total assets. Cash generation inverted against earnings: FY2024 had positive net income but a KRW 49.9bn operating cash outflow, while the FY2025 loss year produced a KRW 48.9bn inflow as working capital released. Borrowings stayed elevated relative to a shrinking balance sheet, so dependence rose even as absolute debt fell.
Ratios
Receivables are the critical ratio. Turnover of 1.05x means roughly a year of sales sits in receivables on NICE's measure, consistent with milestone billing and long acceptance cycles. Inventory is negligible, as work in progress is carried in contract balances. Interest cover has been negative for two years.
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View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents |
|---|---|
Display | Stocker, OHCV, OHS, OHT, RGV, AGV, clean lift for LCD/OLED lines |
Smart factory | Stocker cranes, OHT, AGV, AS/RS, battery-line and general logistics systems |
Semiconductor | Wafer stocker, OHT, high-speed tower, AGV, lifter, conveyor, MCS |
Segment revenue (KRW Mn, standalone) | FY2020 |
Display | 273,067 |
Smart factory | 29,660 |
Semiconductor | 17,910 |
Total | 320,637 |
Segment share of revenue (%) | FY2020 |
Display | 85.2 |
Smart factory | 9.3 |
Semiconductor | 5.6 |
Income Statement and Income Statement (KRW)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (KRW Mn) | 256,656 | 362,659 | 313,712 | 335,640 | 240,932 |
Cost of sales (KRW Mn) | 215,546 | 314,651 | 270,870 | 304,560 | 222,946 |
Gross profit (KRW Mn) | 41,110 | 48,008 | 42,842 | 31,080 | 17,986 |
SG&A (KRW Mn) | 20,899 | 31,609 | 25,278 | 31,147 | 22,937 |
Ordinary R&D expense (KRW Mn) | 6,278 | 3,417 | 5,452 | 5,219 | 8,999 |
Operating income (KRW Mn) | 13,932 | 12,982 | 12,112 | -5,286 | -13,950 |
Net income (KRW 100M) | 179 | 37 | 107 | 77 | -213 |
Margin and growth (%)
| Margin and growth (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue growth (%) | -24.7 | 41.3 | -13.5 | 7.0 | -28.2 |
Gross margin (%) | 16.0 | 13.2 | 13.7 | 9.3 | 7.5 |
Operating margin (%) | 5.4 | 3.6 | 3.9 | -1.6 | -5.8 |
Net margin (%) | 7.0 | 1.0 | 3.4 | 2.3 | -8.8 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (KRW Mn) | 312,351 | 329,327 | 388,499 | 415,275 | 290,543 |
Current assets (KRW Mn) | 232,216 | 256,424 | 304,251 | 308,675 | 189,273 |
Non-current assets (KRW Mn) | 80,135 | 72,903 | 84,247 | 106,600 | 101,270 |
Total liabilities (KRW Mn) | 181,341 | 198,266 | 239,900 | 258,171 | 154,742 |
Current liabilities (KRW Mn) | 174,686 | 184,528 | 238,283 | 250,167 | 151,353 |
Non-current liabilities (KRW Mn) | 6,655 | 13,738 | 1,617 | 8,004 | 3,389 |
Total equity (KRW Mn) | 131,009 | 131,061 | 148,599 | 157,104 | 135,801 |
Working capital (KRW Mn) | 57,530 | 71,896 | 65,968 | 58,508 | 37,920 |
Cash Flow and Margin Analysis (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Operating cash flow (KRW Mn) | 24,899 | -49,875 | 48,886 |
Investing cash flow (KRW Mn) | 6,467 | -82,525 | 49,265 |
Borrowings as share of assets (%) | 22.32 | 26.58 | 29.15 |
Implied borrowings (KRW Mn) | 82,165 | 103,531 | 85,143 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio (consolidated) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%) | 13.7 | 2.9 | 7.2 | 4.9 | -15.7 |
ROA on closing assets (%) | 5.7 | 1.1 | 2.8 | 1.9 | -7.3 |
Current ratio (x) | 1.33 | 1.39 | 1.28 | 1.23 | 1.25 |
Liabilities to equity (%) | 138.4 | 151.3 | 160.9 | 164.3 | 113.9 |
Asset turnover on closing assets (x) | 0.82 | 1.10 | 0.81 | 0.81 | 0.83 |
Margin Analysis (%) and Financial Ratios (x)
| Ratio (separate, NICE) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROIC (%) | 3.23 | 1.72 | -5.90 |
Interest coverage (x) | 3.70 | -1.13 | -5.21 |
Equity ratio (%) | 40.89 | 40.32 | 46.89 |
Quick ratio (%) | 125.64 | 119.14 | 121.20 |
Receivables turnover (x) | 1.55 | 1.34 | 1.05 |
Inventory turnover (x) | 54.65 | 60.01 | 40.65 |
Days sales outstanding (days) | 235 | 272 | 348 |
Days inventory (days) | 7 | 6 | 9 |
Revenue by Region and Revenue by Region (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Consolidated revenue (KRW Mn) | 256,656 | 362,659 | 313,712 | 335,640 | 240,932 |
Separate revenue (KRW Mn) | 235,600 | 351,220 | 307,613 | 306,337 | 198,429 |
Consolidated less separate (KRW Mn) | 21,056 | 11,439 | 6,099 | 29,303 | 42,503 |
Gap as share of consolidated (%) | 8.2 | 3.2 | 1.9 | 8.7 | 17.6 |
Region Overview
| Region | Revenue trend | Likely driver |
|---|---|---|
Europe (Poland, Hungary) | Growing into FY2024–25 on the consolidated gap | Battery plant logistics near Korean cell makers' sites; end-customers not named by SYNUS |
United States | Entity created 2022 in Austin | Semiconductor and battery investment |
Indonesia | Representative office, AMHS project in 2022 | Battery and regional projects |
China | Historically the main export market | Panel lines; now increasingly served via Nsynu |
Korea | Separate revenue fell 35.2% in FY2025 | Fewer large domestic and export projects booked by the Korean entity |
Reference by Date
| Date | Reference | Implied 100% value |
|---|---|---|
June 2018 | 80% stake for KRW 104bn | KRW 130bn |
April 2022 | Income-approach appraisal | KRW 179.9bn |
June 2022 | Income-approach appraisal; book equity KRW 139.9bn | KRW 174.2bn |
October 2022 | 20% at KRW 6,343.75 per share before interest, on 20M shares | KRW 126.9bn |
December 2022 | Suzhou Nsynu valuation | RMB 1.65bn |
Peer Comparison
| Peer | Date | Market cap | Price to FY2025 sales (x) |
|---|---|---|---|
Daifuku | 2026 | ¥2.49tn | 3.8 |
Mirle Automation | 29 April 2026 | NT$21.99bn | 3.3 |
SEMI-TS | 23 October 2026 | KRW 83.7bn | 3.6 |
Zenix Robotics | Mid-2026 | KRW 79.8bn | 3.5 |
Analyst Conclusions
Management guidance is limited to the website's now-unreachable KRW 1 trillion goals. There is no consensus, because no analysts publish on the unlisted shares. For the group, Suzhou Nsynu revenue of RMB 1,824M in FY2025 compares with roughly RMB 1.2bn from SYNUS at around KRW 195–200 per yuan, implying that China-originated business outside SYNUS is now meaningful. Group total assets of RMB 5,862M against net assets of RMB 1,702M suggest a large contract-related balance sheet, and potentially substantial future revenue recognition.
Bull case
-
8.6-generation OLED lines at BOE, Samsung, Visionox and CSOT create the largest display AMHS opportunity in years, and FY2025 may mark the trough.
-
Group capital and Chinese fab access can turn SYNUS's technology into semiconductor revenue while Daifuku and Murata hold about 89.4% of a market now valued above US$4bn.
-
Rising R&D, the Seoul National University routing project and AI scheduling may lift pricing, while the FY2025 cost cut and balance sheet clean-up restore margins.
Bear case
-
Gross margin fell in four of the last five years, suggesting price competition and execution problems rather than just cyclical weakness.
-
SYNUS's front-end semiconductor position remains marginal, while MeetFuture, SEMI-TS and SEMES are all stronger in that niche.
-
Chinese ownership may limit access to the best Korean and Western fabs, and the parent's localisation priorities may shift value away from Korea.
Key catalysts (next 12 months)
FY2026 audit reports: Timing: By April 2027; What to watch: Revenue recovery and gross margin above 10%
BOE B16 phase-two and Samsung A6 expansion: Timing: 2026–2027; What to watch: Logistics awards
CSOT and Visionox 8.6-generation lines: Timing: 2026–2027; What to watch: SYNUS's share vs SFA
Parent listing step: Timing: Unscheduled; What to watch: Tutoring filing or application
Sixth-generation OHT: Timing: 2026–2027; What to watch: Customer acceptance
Battery investment recovery: Timing: Ongoing; What to watch: European and US orders
Geopolitical measures: Timing: Ongoing; What to watch: Any restriction on Chinese-owned suppliers
Analyst verdict. SYNUS Tech is a capable engineering franchise in a poor financial position. Nearly five decades of continuous operating history, from Shinsung Kiupsa to a full AMHS line, have left it with display-generation experience few rivals can match, a portfolio spanning stockers to control software, and relationships with major panel makers. Yet its numbers do not reflect those assets. Revenue has been volatile and lower than every forecast its owners have published since 2018. Gross margin has halved in four years, and two consecutive operating losses have left interest cover negative. Collection is slow, and funding is short-dated.
The ownership structure defines the investment case. SYNUS has become the technical and historical anchor of a Chinese AMHS platform with fresh capital, state-linked investors and privileged access to domestic demand. That helps the group, but the benefit to the Korean company is less certain. The most valuable growth, Chinese fab localisation, is likely to be booked by Chinese entities, while SYNUS retains display projects, overseas battery work and engineering support. Its own stated No.1 ambitions, and particularly the KRW 1 trillion revenue goal, should be disregarded until new targets are issued.
The near-term test is straightforward. If the 8.6-generation OLED cycle converts into recognised revenue at gross margins above 10%, FY2025 will look like a trough, and an IPO story becomes credible. If revenue recovers without margin recovery, the problem is competitive and structural. On current evidence, SYNUS is best viewed as a cyclical turnaround with strategic scarcity value inside its parent, not as a standalone compounder. Execution on project profitability and cash collection matter more over the next 12 months than any AI headline.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Background |
|---|---|---|---|
Lee Young-han (이영한) | Chief Executive, SYNUS Tech | Since 2025 | Design, project management and sales across semiconductor and logistics industries |
Kim Joo-heon (김주헌) | Former Chief Executive, SYNUS Tech | Prior to 2025 | Named as representative in business registry and employer data |
Wang Hongyu (王宏玉) | General Manager and legal representative, Suzhou Nsynu | Since 2022 | Long career in robotics and automation research and industry |
Zhang Chen (张晨) | Executive Deputy GM and CFO, Suzhou Nsynu | Named December 2025 | Group finance lead |
Liu Shasha (刘莎莎) | Board Secretary, Suzhou Nsynu | Named 2026 | Investor and capital markets lead |
Dr Wen Renhao (文仁浩) | Chief Scientist, Suzhou Nsynu | Named 2024 | Recognised as a Suzhou High-tech Zone innovation talent |
Major Shareholders
| Holder of Suzhou Nsynu | Stake (%) |
|---|---|
Siasun Robot & Automation | 35.0000 |
Suzhou Juyuan Zhenxin (Summitview) | 15.1515 |
Yangzhou Jisheng (Summitview-managed) | 6.0606 |
Yangzhou Zhisheng (Summitview-managed) | 6.0606 |
Beijing IC Equipment Industry Fund (Novo Capital) | 6.0606 |
Jiaxing Chuangling Yixin | 6.0606 |
Jiaxing Juyuan Mingling (Summitview-managed) | 4.8485 |
Huatai Zijin | 4.5455 |
Suzhou Jinlin Runyuan | 3.6364 |
SMIC Xicheng | 2.8788 |
Sanya Qifu | 2.1212 |
Jiaxing Dening Hongfu | 1.8182 |
Suzhou Juxin No.2 | 1.2121 |
Suzhou Shishan | 1.2121 |
Suzhou High-tech Kechuang Angel | 1.2121 |
Suzhou Hengshuntai | 0.9091 |
Chanyan Guochuang (Jinan) | 0.6061 |
Nanjing Jiangong Liye Ning'an | 0.6061 |
Competitive Landscape
Key Competitors
| Competitor | Segment overlap | Latest revenue | Positioning |
|---|---|---|---|
Murata Machinery (Japan, private) | Semiconductor front-end | ¥526.0bn FYE March 2025; clean FA ¥236.2bn | Global leader; 46% share in Gartner sample |
Daifuku (Japan, TSE: 6383) | Semiconductor, display, logistics | ¥660.7bn FY2025 | Leader; 43.4% share; TSMC 13.8% of sales |
SEMES (Korea, Samsung) | Semiconductor OHT | About US$1.9bn 2025 | Captive Samsung-linked; 9.1% share |
SFA Engineering (Korea, KOSDAQ: 056190) | Display, battery, semiconductor logistics | KRW 1,631bn 2025 consolidated; KRW 790bn parent | Closest Korean rival in display AMHS |
Mirle Automation (Taiwan, TWSE: 2464) | Semiconductor, display, logistics | NT$6.68bn 2025 | Taiwan-focused |
Symtek Automation Asia (Taiwan) | Cleanroom automation | NT$6.47bn 2025 | Regional automation supplier |
MeetFuture (China) | Semiconductor AMHS in China | RMB 393M 2025 | 1.6% share; 2026 STAR IPO applicant |
SEMI-TS (Korea, KOSDAQ: 0017J0) | Clean conveyor, nitrogen purge | KRW 23.0bn 2025 | Front-end niche; about 30% margin |
Zenix Robotics (Korea, KOSDAQ: 381620) | Stocker, AGV/AMR | KRW 22.7bn 2025 | Small; 2025 operating loss of KRW 12.3bn |
Shinsung E&G (Korea) | Cleanroom; listed in AMHS studies | KRW 570bn 2025 | Former parent; different core business |
Sineva, Chengchuan, Huaxin Intelligent (China) | Chinese AMHS | Private | Domestic challengers |
Benchmark | SYNUS Tech | Daifuku | Murata Machinery |
Fiscal period | FY2025 | FY2025 | FYE March 2025 |
Revenue | KRW 240.9bn | ¥660.7bn | ¥526.0bn |
Revenue growth (%) | -28.2 | 2.6 | 6.0 |
Operating margin (%) | -5.8 | 15.3 | 18.0 |
R&D intensity (%) | 3.7 | 1.4 | — |
“—” = not publicly disclosed.
