Advanced Products and More Comprehensive Coverage Driving Growth

Goldman Sachs maintains a Buy rating on Anji Micro, citing its expanding portfolio in CMP slurry and wet chemicals driven by AI and semiconductor localization. The company holds a 13% global CMP slurry market share and is transitioning toward higher-margin advanced packaging solutions.

Key Takeaways

• 1.Anji Micro's global market share in CMP slurry and wet chemicals reached 13% and 6% respectively in 2025.
• 2.Gross margins remain stable between 55%-57%, with improvements in wet chemicals driven by scale and shift to high-end products like advanced packaging.
• 3.Mainland China remains the core market (96% of revenue), but the company is actively pursuing overseas expansion through long-term client cooperation.

Table of Contents

• Key takeaways
• Price Target Risks and Methodology - Anji Micro
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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