Investment Rating - The report indicates a positive investment outlook for the domestic AI computing industry, highlighting significant growth potential and performance improvements among key players [5][12]. Core Insights - The domestic average daily token usage has surpassed 140 trillion, marking a growth of over 1000 times in two years, with Chinese AI models leading globally [11][12]. - A CPU price increase is underway, with Intel and AMD planning to raise prices by 10-15% due to supply shortages and increased demand from large enterprises [14][15]. - The report predicts that 2026 will be a pivotal year for China's computing demand, transitioning from "cloud training" to a dual-driven model of "training + inference" [5][26]. Summary by Sections Section 1: Domestic Token Surge and CPU Price Increases - The average daily token usage in China has grown from 100 billion at the beginning of 2024 to 140 trillion by March 2026, with significant contributions from domestic AI models [11]. - Domestic AI computing and leasing companies are reaching a performance inflection point, with companies like Cambricon and Lito Electronics expected to see substantial revenue growth [12]. Section 2: Rapid Release of Computing Demand - Major internet companies are advancing their AI models, with a focus on high-quality and multi-modal capabilities, driving up the demand for computing resources [26]. - The inference side of computing demand is expected to grow steeply, with applications in AI entertainment and programming gaining traction [41]. Section 3: Supply Side Improvements and Domestic Production Acceleration - The supply side is transitioning from a state of scarcity to structural balance, with increased availability of computing resources to meet rising demand [5]. - Domestic chip manufacturers are achieving significant performance milestones, with companies like Huawei and Cambrian making strides in their product offerings [20][22]. Section 4: Full Chain Inflation in Domestic Computing - The report anticipates a "full-chain inflation" cycle in the computing industry, with growth expected across various segments including AI data centers and cloud services [5]. - Investment strategies should focus on companies closely tied to major internet firms, which are likely to yield significant returns due to their established supply chains [5]. Section 5: Related Companies - Key companies mentioned include Dongyangguang, Cambrian, Haiguang Information, Lito Electronics, YN Energy, and others involved in the AI computing ecosystem [3].

Core Viewpoint - The company has demonstrated robust growth in 2025, achieving record revenue and optimizing its product structure amidst a recovering global semiconductor industry and rising demand in AI and new energy sectors [1][2]. Financial Performance - In 2025, the company reported revenue of 17.291 billion yuan, a year-on-year increase of 20.18%, and a net profit attributable to shareholders of 377 million yuan [1]. - The net cash flow from operating activities reached 5.065 billion yuan, reflecting a significant year-on-year growth of 40.38%, indicating strong cash flow health [1]. - The company's wafer shipment volume (equivalent to 8-inch) grew by 18.4% year-on-year, with sales revenue increasing by 19.9% [1]. Production Capacity and Expansion - 2025 was a critical year for the company's capacity expansion, with the FAB9 project achieving rapid ramp-up in production, reaching over 40,000 wafers in December [2]. - The first phase of FAB9's capacity target was successfully achieved by the end of 2025, with plans for the second phase to be completed by Q3 2026 [2][5]. - The company maintained over 100% average capacity utilization for both 8-inch and 12-inch production lines, positioning itself as an industry leader [1]. Technology and Product Development - The company focuses on five key specialty process platforms, including embedded non-volatile memory and power management, which have all shown significant growth [2][3]. - The embedded non-volatile memory platform saw double-digit growth in both shipment volume and sales, driven by increased demand in consumer and automotive electronics [2]. - The independent flash memory platform's sales revenue grew by 44.5%, with a notable increase in the shipment proportion of 48nm NOR Flash products [2]. Market and Customer Structure - In 2025, revenue from mainland China and Hong Kong accounted for 82.19% of total revenue, while North America saw a year-on-year growth of 31.42%, indicating successful overseas market expansion [6]. - Consumer electronics represented 63.81% of the revenue, while industrial and automotive electronics accounted for 22.21%, reflecting a balanced application structure [6]. Research and Development - The company invested 1.994 billion yuan in R&D in 2025, a year-on-year increase of 21.37%, representing 11.53% of its revenue [5]. - By the end of 2025, the company had authorized a total of 4,913 patents, with 306 new patents granted during the year, reinforcing its technological barriers [5].

公司代码：688347 公司简称：华虹公司 华虹半导体有限公司 2025年度内部控制评价报告 华虹半导体有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2025年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。审计委员会对公司建立和实施内部控制进行监督。经理层负责组 织领导企业内部控制的日常运行。公司董事会及董事、高级管理人员保证本报告内容不存在任何虚假记 载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 截至二零二五年十二月三十一日止年度全年業績公告 華虹半導體有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其子公司 截至二零二五年十二月三十一日止年度的經審核業績。 本公告載列本公司二零二五年年度報告全文，並符合香港聯合交易所有限公司 （「香港聯交所」）證券上市規則有關全年業績初步公告附載資料之相關規定。 本公司二零二五年年度報告的印刷版本將於適當時候寄發予本公司股東，並可於 香港聯交所網站 www.hkexnews.hk 及本公司網站 www.huahonggrace.com 進行查 閱。 CONTENTS | Definitions | 2 | | --- | --- | | Key Financials | 5 | | Letter to Shareh ...

华虹半导体有限公司 （一）深耕主业，创新驱动，提升经营质效 2026 年度"提质增效重回报"行动方案 华虹半导体有限公司（以下简称"公司"、"华虹公司"或"华虹 半导体"）为持续贯彻落实上海证券交易所上市公司"提质增效重回 报"专项行动，践行"以投资者为本"的发展理念，特制定《华虹半 导体有限公司 2026 年度"提质增效重回报"行动方案》，在总结 2025 年行动方案实施成效的基础上，规划 2026 年度的关键行动，推动公 司实现高质量可持续发展，不断提升综合股东回报。 一、2025 年度"提质增效重回报"行动方案年度评估 公司紧密围绕 2025 年度行动方案的各项举措，聚焦晶圆代工主 业，深化"8 英寸+12 英寸"协同发展、先进"特色 IC+功率器件" 双轮驱动的核心战略，积极应对全球半导体市场的结构性机遇，在经 营质量与技术创新、公司治理与投资者关系等方面取得显著成效。 经营质量与技术创新方面，受益于 AI 及其相关产品需求拉动、 国内消费类需求回暖，结合系统性运营效率优化措施，公司 2025 年 产能维持高位运行，8 英寸和 12 英寸平均产能利用率均保持在 100% 以上，全年共实现营业收入 RM ...

| A | 股代码：688347 | A 股简称：华虹公司 | 公告编号：2026-019 | | --- | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于 2025 年第四季度计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 】 【 】 二、2025 年第四季度计提资产减值准备事项的具体说明 （一）信用减值损失 公司以预期信用损失为基础，对应收票据、应收账款进行减值测试并确认减 值损失。经测试，公司 2025 年第四季度转回信用减值损失金额 574.83 万元，核 销以前年度计提的信用减值准备 190.70 万元。 华虹半导体有限公司（以下简称"公司"）董事会于 2026 年 3 月 26 日审议 通过了 2025 年第四季度计提资产减值准备相关事宜，具体情况如下： 一、计提资产减值准备情况概述 结合公司的实际经营情况及行业市场变化等因素的影响，根据《企业会计准 则》和公司会计政策的相关规定，为客观、公允地反映公司截至 ...

2025 年度环境、社会及管治报告摘要 第二节 报告基本情况 证券代码：688347 证券简称：华虹公司 华虹半导体有限公司 2025 年度环境、社会及管治报告摘要 1 / 6 2025 年度环境、社会及管治报告摘要 第一节 重要提示 1、本摘要来自于 2025 年度环境、社会及管治报告全文，为全面了解本公司环境、社 会和公司治理议题的相关影响、风险和机遇，以及公司可持续发展战略等相关事项， 投资者应当到 www.sse.com.cn 网站仔细阅读 2025 年度环境、社会及管治报告全文。 2、本环境、社会及管治报告经公司董事会审议通过。 2 / 6 2025 年度环境、社会及管治报告摘要 1、基本信息 | 股票代码 | 688347 | | --- | --- | | 公司简称 | 华虹公司 | | 公司名称 | 华虹半导体有限公司 | | 报告范围 | 本报告与本公司 2025 年年报相辅相成。华虹半导体涉及 | | | 生产制造的工厂包括上海基地及无锡基地，上海基地涵盖 | | | 华虹一厂、华虹二厂、华虹三厂；无锡基地涵盖华虹七厂 | | | 及华虹九厂。 | | 时间范围 | 披露本公司从 2025 ...

| 股代码：688347 | A | A 股简称：华虹公司 | 公告编号：2026-015 | | --- | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | | 华虹半导体有限公司 董事会决议公告 华虹半导体有限公司（"公司"）董事会于 2026 年 3 月 26 日在上海市哈雷 路 288 号召开。会议应出席董事 8 人，实际出席董事 8 人。本次会议由董事长白 鹏先生主持，会议的召集、召开、表决程序符合《香港联合交易所有限公司证券 上市规则》《上海证券交易所科创板股票上市规则》和公司组织章程细则的规定。 二、董事会会议审议情况 （一）同意公司 2025 年经审计财务报表。 表决结果：8 票赞成，0 票反对，0 票弃权。 本议案尚需提交公司股东周年大会审议。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会召开情况 具体内容详见公司刊登于上海证券交易所网站（www.sse.com.cn）的《华虹 半导体有限公司 2025 年年度审计报告》及刊登于香港联合交易所有 ...

| A 股代码：688347 | A | 股简称：华虹公司 | 公告编号：2026-020 | | --- | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于 2025 年度利润分配方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、利润分配方案内容 （一）利润分配方案的具体内容 经安永华明会计师事务所（特殊普通合伙）审计，截至 2025 年 12 月 31 日， 公司 2025 年度实现归属于上市公司股东的净利润为 37,661.14 万元。 经公司董事会决议，基于公司所处的发展阶段、研发投入和经营发展的资金 需求以及长期战略发展规划的综合考虑，为保证公司的正常经营和持续发展，公 司 2025 年度拟不进行利润分配，不派发现金红利、不送红股、不以公积金转增 股本，剩余未分配利润滚存至下一年度。 本次利润分配方案尚需提交公司股东周年大会审议。 （二）是否可能触及其他风险警示情形 公司 2025 年度利润分配方案不会触及 ...

Financial Performance - Hua Hong Semiconductor achieved a sales revenue of $2.4021 billion in 2025, with a gross margin of 11.8%, both showing year-on-year growth[15]. - The company's revenue for 2025 reached approximately CNY 17.29 billion, representing a year-over-year increase of 20.18% from CNY 14.39 billion in 2024[25]. - The total profit for 2025 was a loss of CNY 651 million, an improvement from a loss of CNY 988 million in 2024[25]. - The net profit attributable to shareholders for 2025 was CNY 376.61 million, slightly down by 1.04% compared to CNY 380.58 million in 2024[25]. - The net cash flow from operating activities increased by 40.38% to CNY 5.07 billion in 2025, up from CNY 3.61 billion in 2024[25]. - The company's total assets as of the end of 2025 were CNY 100.12 billion, a 13.86% increase from CNY 87.94 billion at the end of 2024[25]. - The net assets attributable to shareholders increased to CNY 45.16 billion, up 3.57% from CNY 43.60 billion in 2024[25]. - The company's revenue for the latest quarter reached approximately ¥4.71 billion, showing a growth from ¥4.57 billion in the previous quarter, representing a 3.1% increase[33]. - Net profit attributable to shareholders was approximately ¥125.34 million, a decrease from ¥176.95 million in the previous quarter, reflecting a decline of 29.1%[33]. - The cash flow from operating activities amounted to approximately ¥2.09 billion, significantly up from ¥1.35 billion in the previous quarter, indicating a growth of 54.5%[33]. Research and Development - Research and development expenses accounted for 11.53% of total revenue in 2025, an increase from 11.42% in 2024[27]. - The company’s R&D strategy relies on independent innovation to enhance various process platforms, ensuring systematic project management[38]. - R&D investment totaled ¥1,994,305,103.32, an increase of 21.37% from the previous year[61]. - The company filed 711 new invention patents and obtained 292, bringing the total to 10,302 applications and 4,855 granted patents[62]. - The company is focused on advanced specialty processes in semiconductor technology, including embedded/non-volatile memory and power devices[65]. - The company achieved R&D investment of CNY 1,994.31 million, resulting in 306 authorized patents[164]. Market Position and Strategy - The company focused on its "specialty process" core strategy, benefiting from strong demand in artificial intelligence and related fields, as well as a steady recovery in downstream markets such as consumer electronics and automotive electronics[15]. - The global semiconductor market is expected to continue growing, with China positioned as a core area for technological innovation and industrial aggregation[16]. - The company focuses on advanced "specialty IC + power devices" as its strategic goal, providing a diverse range of wafer foundry services[38]. - The domestic wafer foundry industry in China is expected to maintain rapid growth, driven by increasing demand from local chip design companies[44]. - The company is focused on enhancing its process capabilities and production capacity while deepening market expansion and customer collaboration[16]. Production and Capacity - The company aims to maintain an average capacity utilization rate of over 100% for its 8-inch and 12-inch production lines by 2025[16]. - Huahong's average capacity utilization for 8-inch and 12-inch wafers remained above 100% in 2025, with monthly wafer shipments exceeding 40,000 by December 2025, driven by strong customer demand[50]. - The company's revenue from 12-inch wafers accounted for approximately 60% of total revenue in 2025, with a year-on-year sales growth of 19.9% and a shipment volume increase of 18.4%[50]. - The production volume for the current period was 5,559,945 wafers, while sales volume reached 5,382,874 wafers, indicating a production increase of 23.15% year-on-year[88]. Risks and Challenges - Risks include potential talent loss and challenges in keeping up with technological advancements in the semiconductor industry[66]. - The company faces risks related to supply chain disruptions and geopolitical instability affecting key suppliers[67]. - There is a risk of declining gross margins if the semiconductor industry experiences downturns and raw material costs rise[69]. - The semiconductor industry is experiencing structural recovery, but market demand may fluctuate due to competition and product updates[68]. Corporate Governance - The company is committed to maintaining high corporate governance standards to protect shareholder rights and enhance corporate value[118]. - The company has established a comprehensive corporate governance system in compliance with applicable laws and regulations, ensuring smooth operation of the general meeting of shareholders and the board of directors[119]. - The company has a structured board of directors with a mix of executive and non-executive members, ensuring diverse oversight and governance[123]. - The company is focused on maintaining transparency in its governance practices, aligning with the requirements of the STAR Market[122]. - The company has implemented a robust internal control system, with no significant deficiencies reported for the year 2025[155]. Social Responsibility and ESG - The company has committed CNY 50,000 for rural construction and development as part of its social responsibility initiatives[168]. - The company has invested CNY 150 million in poverty alleviation and rural revitalization projects since 2019[170]. - The company emphasizes ESG principles in its innovation strategy, aiming for sustainable technological advancements[165]. - The company has established a comprehensive ESG management strategy focusing on water resource management, energy use, and greenhouse gas emissions control[159]. - The company is included in multiple ESG theme index funds, with entries scheduled for June 16, 2025, and December 15, 2025[162]. Leadership and Management - The company appointed Bai Peng as President and Executive Director in January 2025, with over 30 years of experience in the integrated circuit manufacturing field[125]. - The company has a strong leadership team with members holding significant positions in various financial and technological sectors, enhancing its strategic direction[126]. - The leadership team includes professionals with extensive backgrounds in finance, technology, and management, which supports the company's strategic initiatives[126]. - The company is focused on expanding its technology capabilities and enhancing its product offerings through strategic appointments in key technical positions[128]. Investor Relations - A dedicated investor relations team is in place to enhance communication with investors and protect their rights, ensuring compliance and transparency in information disclosure[184]. - The company held 1 shareholders' meeting during the reporting period, discussing 13 resolutions, ensuring participation rights for all shareholders, including retail investors[185]. - The company organized 4 performance communication meetings to enhance transparency and trust with investors[185]. - The company strictly adheres to the information disclosure regulations, ensuring the authenticity, accuracy, timeliness, fairness, and completeness of information provided to stakeholders[186].