展望2026年，公司表示，产业链回流的机遇与存储大周期带来的挑战并存。综合各因素，公司给出 的一季度指引为：销售收入环比持平，毛利率在18%至20%之间。在外部环境无重大变化的前提下，公 司给出的2026年指引为：销售收入增幅高于可比同业的平均值，资本开支与2025年相比大致持平。 中证报中证网讯（记者 乔翔）2月10日晚间，中芯国际发布公告，公司2025年未经审计的营业收入 为673.23亿元，同比增长16.5%；净利润50.41亿元，同比增长36.3%；扣非净利润41.24亿元，同比增长 55.9%。公司表示，业绩变动主要是由于2025年晶圆销售量增加、产能利用率上升及产品组合变动所 致。 ...

Core Viewpoint - The Hong Kong stock market continues its rebound, with major indices showing positive performance, particularly in technology and gold sectors [1] Group 1: Market Performance - The Hang Seng Technology Index rose by 1.3% at one point, ultimately closing up by 0.9% [1] - The Hang Seng Index and the China Enterprises Index increased by 0.31% and 0.28% respectively, marking a six-day rally for all three indices [1] Group 2: Sector Highlights - Large technology stocks are recovering, with Xiaomi experiencing a peak increase of 5.4% during trading [1] - The gold sector saw significant gains, with January gold jewelry prices rising by 77.4% year-on-year, leading to a notable increase in gold stocks; Zijin Mining surged by 9% and Lingbao Gold rose nearly 8% for three consecutive days [1] - The construction materials sector is expected to see a moderate recovery in profitability, with China National Building Material rising by 11.46%, leading gains in the building materials and cement stocks [1] Group 3: Company-Specific Movements - BYD Company saw a 3.5% increase, leading the automotive sector in sales in Australia for January [1] - AI application concept stocks mostly rose, with Kingsoft Cloud and Bilibili leading the gains [1] Group 4: Weak Performers - Film stocks, which had previously outperformed, collectively retreated, while semiconductor stocks showed weakness, with SMIC falling over 2% due to Q4 earnings falling short of expectations [1] - Insurance, aviation, and restaurant stocks are collectively stabilizing at lower levels [1]

每经记者｜朱成祥 每经编辑｜魏文艺 2月11日早盘前，中芯国际（HK00981，股价69.35港元，市值5548.34亿港元）召开2025年第四季度业绩 说明会。 中芯国际联合CEO赵海军在会上表示，2025年第四季度可以说是淡季不淡，公司整体销售收入环比增长 4.5%至24.89亿美元。其中，晶圆收入环比增长1.5%，销售片数和平均单价均小幅增长，其他收入环比 增长64%，主要是因为光罩在年底集中出货。在季度新增1.6万片12英寸晶圆产能的基础上，公司整体 产能利用率保持在95.7%，其中8英寸产能利用率整体超满载，12英寸产能利用率整体接近满载，主要 是因为产业链切换迭代效应持续。 在问答环节，赵海军谈及近期异常火热的存储芯片时表示，消费类存储芯片的产能将会很快释放出来， 消费类存储芯片或在2026年第三季度迎来反转。"我们在劝说客户不要停线，不要自己减少产品，还是 为三季度的反转备足库存才好。" 在业绩说明会上，赵海军表示，此前在国外设计、生产并销售至国内的半导体产业链向本土化转型所带 来的重组效应贯穿了2025年全年。其中，转换速度最快的是模拟类产品，其次为显示驱动、摄像头、存 储产品，再者是MCU（ ...

Core Viewpoint - The storage chip market is experiencing significant price increases driven by AI demand, but there are warnings from companies like SMIC about potential overestimation of demand and supply chain disruptions in traditional sectors [1][3][9] Group 1: Market Dynamics - DDR5 memory prices surged nearly 70% in a month, with SSD prices in Shenzhen doubling, leading to unusual trading practices like "buying memory with motherboards" [1] - Major semiconductor companies, including Samsung and SK Hynix, are projected to achieve record revenues in their storage businesses by 2025, while domestic module manufacturer Jiangbolong reported a 1994% increase in net profit [3] - SMIC's capacity utilization reached 95.8%, forcing delays in mobile phone orders to prioritize AI chip deliveries [3] Group 2: Supply Chain Issues - The price surge is attributed to unexpected capacity cuts by manufacturers like Micron in the consumer storage segment and structural shortages in HBM memory due to AI demand [3][5] - There is a panic-driven cycle of stockpiling within the industry, with DRAM modules being allocated through a "distribution system," marking a first in the industry [3][5] - Smartphone manufacturers like Xiaomi and OPPO are facing DRAM inventory shortages of less than three weeks, leading to price increases of 100-400 yuan for new models [3][5] Group 3: Future Outlook - The current situation is expected to lead to a reduction in orders for PMICs and display drivers, which are key products for SMIC, as smartphone manufacturers struggle with storage shortages [5] - TrendForce has revised down its 2026 smartphone shipment forecasts, indicating that the high prices are negatively impacting the end market [5] - SMIC predicts that the current high-price environment will not last, warning of potential overcapacity as demand from end-users is suppressed [7][9]

2月10日晚，中芯国际（688981.SH，00981.HK）发布2025年第四季度业绩快报。 财报显示，2025年第四季度，公司实现营业收入178.13亿元，同比增长11.9%；毛利为30.96亿元，毛利率为17.4%；归属于上市公司股东的净利润12.23亿 元，同比增长23.2%。扣非净利润为9.47亿元，增长了112.4%。 | | | | 项目 | 2025 年第四季度 | 2024 年第四季度 | t | | --- | --- | --- | --- | | | (10-12月) | (10-12月) | | | 营业总收入 | 17,812,776 | 15,916,850 | | | 营业利润 | 2,114,049 | 2,746,202 | | | 利润总额 | 1,602,415 | 2,738,330 | | | 归属于上市公司股东的 | 1,222,663 | 992,473 | | | 浄利润 | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | 947,416 | 445,967 | | | 利润 | | | | | 基本每股收益(元/股) | 0.15 | 0.1 ...

同期，公司资本开支为81.0亿美元，年末月产能较上年增加约11万片，全年出货总量约970万片，平均 产能利用率达93.5%，同比提升8个百分点。 随着2025年全球半导体产业链本土化切换效应持续显现，公司晶圆销售量增加、产能利用率上升，叠加 公司产品组合变动，中芯国际迎来业绩全面回升。数据显示，2025年度未经审计的营业收入达673.23亿 元，同比增加16.5%；未经审计的归母净利润50.41亿元，同比增加36.3%；归属于上市公司股东的扣非 净利润41.24亿元，同比增幅高达55.9%。 展望2026年，公司指出，产业链回流的机遇与存储大周期带来的挑战并存，预计一季度销售收入环比持 平，毛利率在18%-20%之间，若外部环境无重大变化，全年销售收入增幅将高于可比同业平均值，资 本开支与2025年大致持平。 2月10日晚间，中芯国际发布2025年第四季度业绩快报。财报数据显示，2025年第四季度，公司实现营 业收入178.13亿元，较上年同期增长11.9%；毛利30.96亿元，毛利率17.4%。 再来看销售和产能数据。根据公告，若按国际财务报告准则核算，公司2025年四季度销售收入24.89亿 美元，环比增 ...

Core Viewpoint - The storage chip market is expected to be the main focus throughout 2025, with ongoing reports of shortages and price increases continuing into 2026, indicating a sustained upward trend in the industry [3]. Group 1: Wafer Manufacturing - TSMC reported that its customers are not affected by storage price increases, achieving a record revenue of NT$3.8 trillion in 2025, a 31.6% year-on-year increase, with a gross margin of 59.9% [9][10]. - SMIC achieved an unaudited revenue of $9.327 billion in 2025, a 16.2% increase year-on-year, with a net profit of $685 million, up 39.1% [12]. - Huahong Semiconductor reported a revenue of $635 million in Q3 2025, a 20.7% year-on-year increase, with a gross margin of 13.5% [13]. Group 2: Storage Manufacturers - Samsung Electronics achieved a record revenue of 333.6059 trillion KRW (approximately $233.8 billion) in 2025, a 10.9% increase year-on-year, with a net profit growth of 31.2% [18]. - SK Hynix reported a record revenue of 97.15 trillion KRW (approximately $681.6 billion) in 2025, a 47% increase year-on-year, with a net profit of 42.95 trillion KRW [20]. - Micron's revenue surged from $25.11 billion to $37.38 billion in the 2025 fiscal year, with a 56.6% year-on-year increase in Q1 2026 [22]. Group 3: Storage Modules - Jiangbolong expects a revenue of 22.5 billion to 23 billion CNY in 2025, a 29%-32% increase, with a net profit growth of 150.66% to 210.82% [38]. - Bawei Storage anticipates a revenue of 10 billion to 12 billion CNY, with a net profit increase of 427.19% to 520.22% [39]. - Demingli expects a revenue of 10.3 billion to 11.3 billion CNY, with a net profit growth of 85.42% to 128.21% [40]. Group 4: Chip Distributors - Wanye achieved a revenue of approximately NT$1.18 trillion in 2025, a 22.8% year-on-year increase, marking a record high [49]. - Dalian Dadi reported a revenue of NT$999.12 billion in 2025, a 13.4% increase, driven by AI and high-performance computing demand [51]. - Airo's annual sales reached $30.853 billion in 2025, a 10% increase year-on-year [53].

Group 1 - The semiconductor leading ETF, 工银 (159665), opened down 1.00% at 1.980 yuan [1] - Major holdings in the ETF include 中芯国际 down 1.89%, 海光信息 down 1.54%, and several others with varying declines, while 拓荆科技 saw a slight increase of 0.02% [1] - The ETF's performance benchmark is the 国证半导体芯片指数, managed by 工银瑞信基金管理有限公司, with a return of 100.14% since its inception on December 22, 2022, and a 1.67% return over the past month [1]

11 February 2026 | 12:10AM HKT Equity Research SMIC (0981.HK): 4Q25 OP beat; UT rate and ASP sustained; 1Q26 Rev guidance in line 4Q25 Revenue of US$2.5bn (+13% YoY/ +4% QoQ) was 3%/ 3% higher than GSe/ Bloomberg consensus, and beyond mgmt. guidance of +0%~+2% QoQ. 4Q25 GM of 19% was in-line with management's guidance (18%~20%) and our / street's expectation of 19.3%/ 20.0%. The revenue growth were driven by wafer shipment increase of +1% QoQ and ASP increase of +1% QoQ, while the gross margin trended down ...

Core Viewpoint - SMIC (Semiconductor Manufacturing International Corporation) is experiencing a significant transformation in its semiconductor supply chain, shifting from foreign to domestic production, which is expected to create ongoing growth opportunities through 2026 [1][6]. Financial Performance - In Q4 2025, SMIC reported revenue of 17.8 billion yuan, an increase of 11.9% year-over-year, with a gross profit of 3.1 billion yuan and a gross margin of 17.4% [2][3]. - The company achieved a net profit of 1.22 billion yuan, up 23.2% year-over-year, while the non-GAAP net profit surged by 112.4% to 947 million yuan [2]. - For the full year 2025, SMIC's revenue reached a record high of 9.327 billion USD, a 16.2% increase from the previous year, with a gross margin of 21.0%, up 3.0 percentage points [4][5]. Market Dynamics - Revenue from Chinese customers grew by 18% year-over-year, while overseas customer revenue increased by 9% [5]. - The revenue distribution by application shows that consumer electronics accounted for 43%, followed by smartphones (23%) and computers/tablets (15%) [5]. - The automotive segment saw a significant increase in revenue, growing over 60% year-over-year, driven by accelerated industry shifts [5]. Capacity and Investment - SMIC's capital expenditure for 2025 was 8.1 billion USD, exceeding initial expectations due to strong customer demand and external environment changes [5]. - The company added 16,000 pieces of 12-inch capacity in Q4 2025, maintaining a capacity utilization rate of 95.7% [2][5]. Future Outlook - For Q1 2026, SMIC expects revenue to remain flat quarter-over-quarter, with gross margins projected between 18% and 20% [6]. - The company anticipates continued growth in 2026 due to the ongoing effects of supply chain reshoring and domestic product replacements [6]. - SMIC plans to expand its production capacity further in 2026, despite potential delays in equipment delivery affecting production capabilities [8]. Industry Trends - The demand for storage solutions driven by AI is impacting the supply chain, with increased orders for high-end applications while mid-range orders are declining [7][9]. - The company is optimistic about a potential recovery in consumer storage demand by Q3 2026, as inventory levels normalize [9].