股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華虹半導體有限公司（於香港註冊成立的有限公司） | | | 呈交日期: | 2026年1月7日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01347 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,328,249,496 | | 0 | | 1,328,249,4 ...

Core Viewpoint - Huahong Semiconductor is acquiring 97.4988% of Huali Micro for a transaction price of 8.268 billion yuan, which aligns with the trend of specialization in the integrated circuit industry in mainland China [1] Financial Analysis - The acquisition is expected to enhance overall profitability, as Huali Micro's production lines may have completed equipment depreciation, potentially outperforming Huahong Semiconductor's existing average profitability [1] - The integration is seen as a fulfillment of the market commitment made during Huahong Semiconductor's A-share listing in 2023 [1] Market Position - Post-integration, the company is anticipated to increase its market share in the global wafer foundry market and enhance its supply capacity in specialized process areas [1] Future Prospects - The fundraising from this acquisition may support the company's efforts in upgrading production lines, expanding capacity, and improving research and development capabilities [1] - The investment bank maintains a "buy" rating for Huahong Semiconductor with a target price of 91 HKD for its H-shares [1]

Core Viewpoint - The report from CMB International indicates that Huahong Semiconductor has acquired 97.4988% equity of Huali Micro for a transaction price of 8.268 billion yuan, which is expected to enhance overall profitability beyond Huahong's existing production lines [1] Financial Analysis - From a financial perspective, Huali Micro has likely completed equipment depreciation, and the integration may lead to stronger profitability levels compared to Huahong's average [1] - The transaction aligns with Huahong's commitment made during its A-share listing in 2023 [1] Market Position and Strategy - The integration will not change the actual controlling relationship between Huali Micro and Huahong Semiconductor, and it follows the trend of specialization and consolidation in the domestic integrated circuit industry [1] - Post-integration, the company is expected to increase its market share in the global wafer foundry market and enhance its supply capabilities in specialized processes [1] Future Prospects - The fundraising from this transaction may assist the company in upgrading production lines and expanding capacity, as well as improving research and development capabilities [1] - CMB International maintains a "Buy" rating for Huahong Semiconductor with a target price of 91 HKD for its H-shares [1]

Group 1 - The core viewpoint of the report is that Huahong Semiconductor's acquisition of 97.4988% equity in Huali Micro at a transaction price of 8.268 billion yuan is expected to enhance overall profitability beyond Huahong's existing production lines [1] - The integration of Huali Micro is seen as a fulfillment of Huahong Semiconductor's market commitment made during its A-share listing in 2023 [1] - The transaction aligns with the trend of specialization and integration within the domestic integrated circuit industry [1] Group 2 - Post-integration, the company's market share in the global wafer foundry market is anticipated to increase, particularly in specialty processes [1] - The fundraising from this acquisition may assist the company in upgrading production lines and expanding capacity, as well as enhancing research and development capabilities [1] - The report maintains a "buy" rating for Huahong Semiconductor, with a target price of 91 HKD for its H-shares [1]

Core Viewpoint - Huahong Semiconductor (01347) announced plans to acquire 97.4988% of Huali Micro for 8.268 billion yuan, aiming to resolve industry competition in 65/55nm and 40nm processes, which will significantly enhance its production capacity and financial performance [1] Financial Impact - The acquisition is expected to increase Huahong's net profit from 380 million yuan to 960 million yuan, representing a 151% growth, and boost earnings per share (EPS) from 0.22 yuan to 0.50 yuan, a 127% increase [1] - The company plans to raise up to 7.556 billion yuan in supporting funds, which will enhance liquidity and support production line upgrades [1] Capacity Expansion - Post-acquisition, Huahong will add 38,000 wafers per month in 65/55nm and 40nm capacity, further increasing its 12-inch wafer foundry capacity [1]

Group 1 - The core viewpoint of the news is the performance and market position of Huahong Semiconductor, which saw a stock price increase of 5.1% to 125.98 CNY per share, with a total market capitalization of 218.7 billion CNY [1] - Huahong Semiconductor specializes in wafer foundry services with a focus on specialty processes, including embedded/non-volatile memory, power devices, analog and power management, and logic/RF [1] - The company's revenue composition is primarily from integrated circuit wafer foundry services (94.60%), with minor contributions from other services (4.78%) and rental income (0.62%) [1] Group 2 - Huabao Fund has a significant holding in Huahong Semiconductor, with its fund "Huabao Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index Initiation A" (021224) holding 187,500 shares, representing 2.49% of the fund's net value [2] - The fund has achieved a year-to-date return of 6.08% and a one-year return of 81.35%, ranking 440 out of 5488 and 221 out of 4192 respectively in its category [2] - The fund manager, Chen Jianhua, has a tenure of over 13 years, with the fund's total asset size at 27.702 billion CNY and a best return of 175.25% during his management [3]

Group 1 - The semiconductor industry chain is experiencing significant growth, with major stocks like North Huachuang, Zhongwei Company, and Tuojing Technology reaching historical highs, and the total market value of these stocks exceeding 100 billion yuan [1][4] - The price of storage chips is rising, with reports indicating that a single 256G DDR5 server memory stick from Hynix and Samsung can exceed 40,000 yuan, with some reaching as high as 49,999 yuan [5] - Huang Renxun's speech at CES 2026 emphasized the long-term demand for storage chips, indicating a shift in AI processing bottlenecks towards context storage, which is expected to drive significant growth in the storage chip market [14] Group 2 - Recent major asset restructuring announcements from companies like SMIC, Zhongwei Company, and Huahong Company have boosted market sentiment [15] - The upcoming IPO of Changxin Technology, which aims to raise 29.5 billion yuan for various technology upgrade projects, is expected to further enhance the domestic storage sector [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 120 HKD [5] Core Views - The semiconductor industry is experiencing significant asset operations and expansion, with a focus on long-term capacity expansion and supply chain localization. The acquisition of 97.4988% of Huali Micro by the company is expected to enhance its performance and liquidity [1][2] - The integration of Huali Micro is projected to increase the company's net profit by 151%, raising the earnings per share (EPS) by 127% [3] - The company is well-positioned to benefit from the dual drivers of "specialized processes + logic processes," alongside the expansion of 12-inch capacity and technological synergies [1][4] Financial Impact on Balance Sheet - Without considering the financing, the total assets are expected to increase by 7.6% to 933.6 billion RMB, and the net assets will rise by 4.2% to 462.8 billion RMB [2][10] - If the financing is successful, total assets and net assets could increase by 16% and 21%, respectively, potentially pushing total assets beyond 1 trillion RMB [2][10] Financial Impact on Profit and Loss Statement - The acquisition is expected to contribute an additional 5.7 billion RMB to net profit, resulting in a total net profit of 9.6 billion RMB, a 151% increase compared to pre-acquisition figures [3][11] - The EPS is projected to rise from 0.22 RMB to 0.50 RMB, reflecting a significant enhancement in shareholder returns [3][11] Earnings Forecast and Valuation - Revenue forecasts for 2025, 2026, and 2027 are projected to grow by 20.9%, 28.8%, and 17.6%, reaching 24.2 billion, 31.2 billion, and 36.7 billion USD, respectively [4][20] - The company is valued at a price-to-book (PB) ratio of 4.2 times for 2026, reflecting its leading position in specialized processes within the semiconductor industry [4][12]

Core Viewpoint - The Hang Seng Index rose by 1.38% on January 6, closing at 26,710.45 points, with a net inflow of HKD 2.879 billion through the southbound trading channel [1]. Group 1: Market Activity - The total trading volume for the southbound trading on January 6 was HKD 133.353 billion, with a net buying amount of HKD 2.879 billion [1]. - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 81.029 billion, with a net buying of HKD 0.975 billion, while the Shenzhen Stock Exchange had a transaction amount of HKD 52.324 billion and a net buying of HKD 1.903 billion [1]. Group 2: Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest transaction amount of HKD 50.49 billion, followed by SMIC and Tencent Holdings with transaction amounts of HKD 44.27 billion and HKD 41.10 billion, respectively [1]. - Alibaba-W recorded a net buying amount of HKD 20.61 billion, despite a closing price drop of 1.31% [1]. - China Mobile had the highest net selling amount of HKD 8.75 billion, with a closing price decrease of 0.12% [1]. Group 3: Shenzhen Stock Exchange Activity - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also led with a transaction amount of HKD 43.74 billion, followed by Tencent Holdings and SMIC with HKD 28.76 billion and HKD 20.96 billion, respectively [2]. - The highest net buying stock was Ping An Insurance, with a net buying amount of HKD 10.81 billion, and it closed up by 4.96% [2]. - Tencent Holdings experienced the highest net selling amount of HKD 8.15 billion, while its closing price increased by 1.28% [2].

Group 1 - The Hang Seng Index rose by 1.38% on January 6, with southbound trading totaling HKD 133.35 billion, including HKD 68.12 billion in buying and HKD 65.24 billion in selling, resulting in a net buying amount of HKD 2.88 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 52.32 billion, with net buying of HKD 1.90 billion, while the trading through Stock Connect (Shanghai) totaled HKD 81.03 billion, with net buying of HKD 0.98 billion [1] - Active stocks in southbound trading included Alibaba-W with a total trading amount of HKD 94.23 billion, Tencent Holdings with HKD 69.86 billion, and SMIC with HKD 65.23 billion [1] Group 2 - Among the stocks, China Ping An had a net buying amount of HKD 18.40 billion, closing with a price increase of 4.96%, while Alibaba-W had a net buying of HKD 16.19 billion [2] - Xiaomi Group-W, SMIC, and Alibaba-W were among the stocks with the highest consecutive net buying days, with 4 days for Xiaomi Group-W and SMIC, and 3 days for Alibaba-W [2] - The total trading amount for China Ping An was HKD 32.79 billion, with a net buying of HKD 18.40 billion, while Tencent Holdings had a total trading amount of HKD 69.86 billion with a net selling of HKD 8.04 billion [2]