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，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 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） 重續現有持續關連交易 及 修訂二零二四年華虹集團框架協議的採購交易年度上限 茲提述本公司日期為二零二三年十二月二十二日有關二零二四年華虹集團框架 協議、二零二四年華錦物業管理協議及二零二四年華力微潔淨室租賃的公告。 重續現有持續關連交易 HUA HONG SEMICONDUCTOR LIMITED 董事會欣然宣佈，本集團於二零二四年十二月三十日訂立二零二五年華虹集團 框架協議、二零二五年華錦物業管理協議及二零二五年華力微潔淨室租賃，以 重續若干現有持續關連交易。 (a) 二零二五年華虹集團框架協議 二零二四年華虹集團框架協議將於二零二四年十二月三十一日到期。由於 本集團擬於二零二五年繼續(i)向華虹集團公司銷售半導體產品及(ii)自華虹 集團公司採購材料及其他半導體產品，以作為本集團一般業務過程的一部 分，本公司與華虹集團於二零 ...

国泰君安证券股份有限公司与海通证券股份有限公司（以下合称"联席保荐 人"）作为华虹半导体有限公司（以下简称"华虹公司"或"公司"）首次公开 发行人民币普通股（A股）股票并在科创板上市的联席保荐人，根据《证券发行上 市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易 所上市公司自律监管指引第11号——持续督导》《上海证券交易所科创板上市公 司自律监管指引第1号——规范运作》等有关规定，对华虹公司本次调整与上海华 虹（集团）有限公司（以下简称"华虹集团"）2024年度框架协议的日常关联交 易年度上限金额（以下简称"本次2024年度日常关联交易调整事项"）、预计 2025年度日常关联交易额度（以下简称"本次2025年度日常关联交易预计事项"） 进行了审慎核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 华虹公司董事会于2024年12月30日就调整与华虹集团2024年度框架协议的日 常关联交易年度上限、预计2025年度日常关联交易相关事宜作出决议，同意公司 及其合并报表范围内公司2024年度向华虹集团、其子公司等主体（以下合称"华 虹集团公司"）采购原材料、产品及其 ...

| A 股代码：688347 | A 股简称：华虹公司 | 公告编号：2024-028 | | --- | --- | --- | | 港股代码：01347 | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于调整与华虹集团 2024 年度日常关联交易 年度上限金额及 2025 年度日常关联交易额度预计的 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、 日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司董事会于 2024 年 12 月 30 日就调整与华虹集团 2024 年度框架协议的日 常关联交易年度上限、预计 2025 年度日常关联交易相关事宜作出决议，同意公 司及其合并报表范围内公司 2024 年度向华虹集团、其子公司等主体（以下合称 "华虹集团公司"）采购原材料、产品及其他服务（以下简称"2024年度采购交 易"）的年度上限从人民币 27,380.99 万元增至人民币 28,751.64 万元，并同意公 司及其合并报表范围内公司因生产经营需要，在不超过相应额度的范围内于2 ...

| A | 股代码：688347 | 股简称：华虹公司 A | 公告编号：2024-027 | | --- | --- | --- | --- | | 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持股 5%以上股东 权益变动达到 1%的提示性公告 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、 本次权益变动基本情况 本公司于近日收到股东鑫芯香港通知，自 2024 年 12 月 3 日至 2024 年 12 月 13日，鑫芯香港在香港联合交易所通过集合竞价减持公司 H 股 17,734,802股。本 次权益变动的基本情况如下表所示： | 信息披露 义务人 | 名称/姓名 | | 鑫芯（香港）投资有限公司 | | | | --- | --- | --- | --- | --- | --- | | 基本信息 | 住所 | | 香港特别行政区铜锣湾时代广场2座31楼 | | | | | 权益变动时间 | | 2024年12月3日至2024年12月13日 | | | | 权 ...

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 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 截至月份: 2024年11月30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: 2024年12月5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 | | | | 1,310,410,356 | | 0 | | 1,310,410,356 | | 增加 / 減少 (- ...

| A | 股代码：688347 | 股简称：华虹公司 A | 公告编号：2024-026 | | --- | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | | | | | 1/2 华虹半导体有限公司（以下简称"公司"或"本公司"）获知公司股东鑫芯 （香港）投资有限公司（以下简称"鑫芯香港"）于 2024 年 9 月 30 日至 2024 年 12 月 2 日减持本公司 H 股 17,726,031 股（以下简称"本次权益变 动"），本次权益变动不触及要约收购，不会导致本公司控股股东及实 际控制人发生变化。 本次权益变动前，鑫芯香港持有本公司 H股 160,227,925股，占本公司总 股本比例约为 9.33%。本次权益变动完成后，鑫芯香港持有本公司 H 股 142,501,894 股，占本公司总股本比例约为 8.29%。 | | 持股数量（H股） | 持股比例% | 持股数量（H股） | 持股比例% | | --- | --- | --- | --- | --- | | 鑫芯香港 | 160,227,925 | 9.33 | 142,501,894 | 8. ...

Company Outlook - Goldman Sachs sets a target price of HKD 31.3 for Hua Hong Semiconductor with a "Buy" rating [1] - Management is optimistic about the demand for key products (CIS, RF, PMIC) in 2025, expecting strong growth [1] - Recovery is anticipated for microcontroller units (MCU) and power discrete devices [1] Expansion Plans - The company plans to commence production at its second 12-inch wafer fab in Q1 2025 [2]

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (688347) [2][7] Core Insights - The company reported a sales revenue of $526.3 million in Q3 2024, a year-on-year decrease of 7.4% but a quarter-on-quarter increase of 10.0%. The gross margin was 12.2%, down 3.9 percentage points year-on-year but up 1.7 percentage points quarter-on-quarter. The net profit attributable to shareholders was $44.8 million, a significant increase of 222.6% year-on-year and 571.6% quarter-on-quarter [4][5] - The overall semiconductor market is showing signs of recovery, particularly in power management ICs, with strong demand in both global and Chinese markets. The company’s 8-inch and 12-inch capacity utilization rates were 113.0% and 98.5%, respectively, leading to an overall capacity utilization rate of 105.3%, up 7.4 percentage points quarter-on-quarter [5] - For Q4 2024, the company expects sales revenue to be around $530-540 million and gross margin to be between 11% and 13%. The company plans to focus on embedded non-volatile memory and analog power management platforms while optimizing capacity structure [5][7] Financial Summary - The company’s projected revenues for 2024-2026 are 150 billion, 177 billion, and 210 billion yuan, respectively. The net profit attributable to shareholders is expected to be 9.0 billion, 20 billion, and 25 billion yuan for the same period. The current stock price corresponds to a PE ratio of 93, 42, and 33 times for 2024-2026, and a PB ratio of 1.91, 1.83, and 1.73 times [7][9] - The company’s Q3 2024 capital expenditure was $734 million, with $617.7 million allocated to Huahong Manufacturing. The total capital expenditure for 2025 is expected to be around $2-2.5 billion [5][7]

Investment Rating - Buy rating with a target price of HKD 29 00 [2] Core Views - The company's 24Q3 performance showed significant improvement with a 5 3% QoQ revenue increase to $1 7 billion and a gross margin of 12 2% [2] - Net profit attributable to shareholders surged by 222 6% YoY and 571 6% QoQ to $0 45 billion [2] - Annualized ROE improved by 1 6ppts YoY and 2 4ppts QoQ to 2 8% [2] - The company's capacity utilization rate reached 105 3% with 12-inch capacity utilization at 98 5% [2] - The company is expected to benefit from the domestic substitution trend in the semiconductor industry with a current P/B ratio of 0 7x [2] Financial Performance - 24Q3 revenue guidance is $5 3-5 4 billion with a gross margin of 11%-13% [2] - Revenue breakdown by end market: consumer electronics (10 9%), industrial & automotive (11 9%), communications (10 9%), and computers (-44 7%) [2] - Revenue breakdown by technology platform: embedded memory (3 3%), standalone memory (23 9%), discrete devices (7 1%), analog & power management (21 5%), and logic & RF (21 4%) [2] - Wafer ASP in 24Q3 increased by 1 2ppts QoQ to $415 per wafer [2] - The company's 2024-2026 revenue is forecasted to be $19 9 billion, $25 6 billion, and $28 5 billion respectively [2] Operational Highlights - Wafer shipments in 24Q3 increased by 8 5% QoQ to 1 2 million 8-inch equivalent wafers [2] - The Wuxi Phase II 12-inch fab is progressing smoothly with a planned capacity of 20K wafers per month by the end of 2025 [2] - The total planned capacity for the Wuxi Phase II project is 80K wafers per month [2] Industry Outlook - The company is expected to benefit from the recovery in demand for power management and CIS products [2] - The company's mature process capacity is less affected by US semiconductor sanctions [2] - The company is well-positioned to benefit from the domestic substitution trend in the semiconductor industry [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$30.40, representing a potential upside of 31% from the current price of HK$23.20 [1][8][9] Core Insights - The company has shown a recovery path, with a 10% quarter-on-quarter revenue growth in Q3 2024, although the price increase was less than expected [1][4] - The gross margin for Q3 2024 exceeded expectations at 12.2%, compared to the forecast of 11.5% [1][4] - The management indicated strong growth in consumer electronics, but weakness persists in industrial and automotive sectors [1][4] - Revenue forecasts for 2025 have been adjusted downwards to a 23% year-on-year growth, a reduction of 5% from previous estimates [1][5] Financial Summary - The company reported a net profit of US$45 million in Q3 2024, which was 9% higher than the forecast [4] - The projected earnings per share (EPS) for 2024 is US$0.08, with subsequent years expected to rise to US$0.12 in 2025 and US$0.16 in 2026 [1][5] - Revenue for 2024 is forecasted at US$2,003 million, with a projected increase to US$2,461 million in 2025 and US$2,953 million in 2026 [5][14] Valuation - The valuation approach is based on a price-to-book (P/B) ratio, with a target P/B of 1.0 times and an estimated book value per share of US$3.87 for 2025 [8][9] - The report highlights that the company’s long-term return on equity (ROE) prospects remain challenging due to high capital expenditures and competitive pressures in traditional processes [8][9] Market Comparison - The company’s current market capitalization is approximately US$5.13 billion, with a P/E ratio of 38.7 for the next fiscal year [9] - Compared to peers, the company has a lower P/B ratio of 0.8, indicating potential undervaluation relative to its competitors [9]