截至月份: 2024年9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10月7日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.0 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 | | | 1,309,915,513 | | 0 | | 1,309,915,513 | | 增加 / 減少 (-) | | | 47,667 | | | | | | 本月底結存 | | | 1,309,963,180 | | 0 | | 1,309,963,180 | | 2. 股份分類 | 普通股 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.00 HKD based on a 13x PE valuation for 2026 [2][4][8]. Core Insights - The company's revenue for Q2 2024 was 479 million USD, a year-on-year decline of 24.2% but a quarter-on-quarter increase of 4.0%, aligning with guidance [1]. - The gross margin for Q2 2024 reached 10.5%, slightly above the upper guidance limit of 10%, and improved from 6.4% in Q1 2024, driven by increased capacity utilization [1]. - The company expects Q3 2024 revenue to be between 500-520 million USD, with a gross margin of 10%-12%, primarily driven by sales volume and price increases [1]. - Demand for power management, CIS, and logic IC products has increased, with analog and power management revenue up 25.7% year-on-year [1]. - The company is progressing well with its second 12-inch production line, expected to be operational by the end of 2024, with depreciation starting in 2025 [1]. Financial Summary - The forecasted net profit for the company from 2024 to 2026 is 95 million, 233 million, and 305 million USD respectively, with significant adjustments from previous estimates [2][8]. - The company's revenue is projected to decline from 2.022 billion USD in 2024 to 2.571 billion USD in 2025, before reaching 3.180 billion USD in 2026 [2][10]. - The gross margin is expected to recover from 11.7% in 2024 to 23.2% in 2026, reflecting improved operational efficiency [10].

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: | 2024年8月31日 | 狀態: 重新提交 | | --- | --- | --- | | 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9月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.0 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 | | | | 1,309,902,313 | | 0 | | 1,309,902,3 ...

HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 01347) （股份代號：01347） （於香港註冊成立之有限公司） 2024 中期報告 INTERIM REPORT DEFINITIONS In this interim report, unless the context otherwise requires, the following terms shall have the meanings set out below. | "Board" | the board of Directors of the Company; | | --- | --- | | "China" or "the PRC" | the People's Republic of China, but for the purpose of this interim report and | | | for geographical reference only, exc ...

Financial Performance - Revenue for 1H 2024 was US$938.5 million, a decrease of 25.6% compared to 1H 2023[20] - Gross profit for 1H 2024 was US$79.7 million, down 78.9% from US$377.3 million in 1H 2023[22] - The loss for the period was US$67.0 million in 1H 2024, compared to a profit of US$148.7 million in 1H 2023, marking a 145.1% decline[32] - Sales revenue for the first half of 2024 was reported at $1,262.2 million, showing an increase from $1,215.5 million in the first half of 2023[83] - The net loss for the period was $67.03 million, compared to a profit of $148.74 million in the previous year[145] - Total comprehensive loss for the period amounted to $116,743,000, significantly higher than the loss of $38,447,000 reported in the previous year[147] Income and Expenses - Cost of sales was US$858.8 million, a decrease of 3.0% compared to 1H 2023[21] - Administrative expenses rose by 11.0% to US$164.1 million in 1H 2024, attributed to increased operating expenses for Hua Hong Manufacturing[27] - Selling and distribution expenses decreased by 6.3% to US$4.8 million in 1H 2024[26] - Finance costs decreased by 12.8% to US$49.4 million in 1H 2024, due to lower interest rates on bank borrowings[29] - Income tax credit for 1H 2024 was US$11.5 million, compared to an expense of US$26.9 million in 1H 2023[31] Assets and Liabilities - Total non-current assets increased by 5.3% from US$4,373.9 million to US$4,605.8 million[34] - Cash and cash equivalents rose by 15.0% from US$5,585.2 million to US$6,423.9 million[34] - Interest-bearing bank borrowings increased by 5.3% from US$2,099.6 million to US$2,212.0 million[54] - Total liabilities increased by 10.1% to $1.07 billion, with interest-bearing bank loans rising by 28.0% to $247.03 million[105] Cash Flow - Net cash flows generated from operating activities decreased by 53.1% from US$293.1 million to US$137.6 million, primarily due to decreased revenue[46] - Operating cash flow net amount decreased by 53.1% to $137.55 million, mainly due to reduced sales revenue[118] - The net cash flows used in investing activities were $470,924,000, compared to $353,930,000 in the same period last year[160] - The company reported a net increase in cash and cash equivalents of $872,687,000, contrasting with a decrease of $97,806,000 in the prior year[160] Market and Production - The semiconductor market showed positive trends in demand, particularly in consumer ICs, with significant growth in shipments and revenue across various process platforms in the first half of 2024[133] - The utilization rate for 8-inch capacity exceeded 100% in Q2 2024, while the 12-inch capacity approached full production, indicating a recovery in operational performance[133] - The company is focusing on advancing production capacity and process development, aiming to cover a wider range of product categories in the semiconductor market[72] - The Hua Hong Manufacturing project, with a planned monthly production capacity of 83,000 wafers, is expected to commence equipment move-in in Q3 2024 and achieve operational status in Q4 2024[71] Government Grants and Taxation - Government grants increased from US$35.0 million to US$39.4 million, primarily due to receipts for research and development projects[42] - The Group's subsidiaries in the PRC are subject to a corporate income tax rate of 25%, with preferential rates of 15% available for recognized High and New Technology Enterprises[193] - The current income tax expense in China for the six months ended June 30, 2024, is $15,035,000, a decrease from $47,071,000 in the same period of 2023[199] Shareholder Information - The company issued a total of 407,750,000 shares on the Shanghai Stock Exchange, raising a net amount of RMB 20.9207 billion after deducting issuance costs[130] - The company declared a dividend of US$36,233,000 during the period[154] - The capital contribution from non-controlling interests amounted to US$1,181,880,000[154]

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q2 2024 gross margin exceeded expectations, reaching 11%, which was above the upper guidance of 10% [3] - The semiconductor cycle is showing signs of moderate recovery, driven by a rebound in consumer electronics demand [1][4] - The company's capacity utilization rate reached 98% in Q2 2024, with expectations to remain high through 2025 [5] - The company's second 12-inch production line is progressing smoothly, with trial production expected by the end of 2024 and full capacity by Q1 2025 [5] Financial Performance - Q2 2024 revenue was $480 million, down 24% YoY but up 4% QoQ [3] - Net income attributable to shareholders was $70 million, down 92% YoY and 79% QoQ, primarily due to a shift from tax credits in Q1 2024 to tax expenses in Q2 2024 [3] - Revenue from consumer electronics, industrial & automotive, communications, and computers in Q2 2024 was $290 million, $110 million, $60 million, and $10 million respectively, with consumer electronics showing a 4% QoQ increase [4] - Embedded memory and discrete device revenues in Q2 2024 were $140 million and $150 million respectively, up 15% and 6% QoQ [4] Capacity and ASP - The company's 8-inch equivalent ASP in Q2 2024 was $432.7, down 26% YoY and 4% QoQ, but expected to rise in H2 2024 due to price increases in logic, RF, CIS, and embedded memory [5] - The company expects Q3 2024 revenue to be between $500 million and $520 million, with 70% of the growth driven by ASP increases and 30% by additional shipments [5] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be $1,982 million, $2,493 million, and $3,044 million respectively [2] - Net income attributable to shareholders for 2024E, 2025E, and 2026E is forecasted to be $83.95 million, $104.93 million, and $165.84 million respectively [2] - The company's P/B ratio for 2024E, 2025E, and 2026E is estimated to be 0.58, 0.57, and 0.56 respectively [2] Market Data - The closing price on September 2, 2024, was HKD 16.70, with a P/B ratio of 4.57 [6] - The company's market capitalization was HKD 21,875.37 million [6] Financial Ratios - ROE for 2024E, 2025E, and 2026E is projected to be 1.32%, 1.63%, and 2.53% respectively [10] - Gross margin for 2024E, 2025E, and 2026E is expected to be 10.75%, 18.54%, and 19.88% respectively [10]

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） 截至二零二四年六月三十日止六個月 中期業績公告 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 截至二零二四年六月三十日止六個月的未經審核綜合業績。 本公告載列本公司二零二四年中期報告全文，並符合香港聯合交易所有限公司 （「香港聯交所」）證券上市規則有關中期業績初步公告附載資料之相關規定。 本公司二零二四年中期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。 承董事會命 華虹半導體有限公司 董事長兼執行董事 張素心先生 中國上海，二零二四年八月二十九日 於本公告日期，本公司董事分別為： 執行董事： 張素心 （董事長） 唐 ...

国泰君安证券股份有限公司、海通证券股份有限公司 关于华虹半导体有限公司 2024年半年度持续督导跟踪报告 重大事项提示 2024年上半年，华虹半导体有限公司（以下简称"华虹公司"或"公司"） 营业收入673,215.88万元，较上年同期下降23.88%；归属于上市公司股东的净利 润26,491.63万元，归属于上市公司股东的扣除非经常性损益的净利润23,384.86万 元，分别较上年同期下降83.33%、83.46%。 受行业周期等影响，公司晶圆代工的平均销售价格下降、制造费用上升、研 发工程片开支增加，使得营业收入、归属于上市公司股东的扣除非经常性损益的 净利润均有所下降。2024年上半年，公司生产经营正常，不存在重大风险。 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》等有关法 律法规的规定，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"）作为华虹公司持续督导工作的联席保荐人，负责华虹公司上市 后的持续督导工作，并出具本持续督导跟踪报告。 | 工作内容 | 持续督导情况 | | --- | -- ...

Financial Performance - The company reported a revenue of 1.2 billion RMB for the first half of 2024, representing a 15% increase compared to the same period in 2023[12]. - The company's operating revenue for the first half of 2024 was ¥6,732,158,761.10, a decrease of 23.88% compared to the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was ¥264,916,278.85, down 83.33% year-on-year[16]. - The net cash flow from operating activities was ¥1,328,909,045.07, representing a decline of 40.72% compared to the previous year[16]. - Basic earnings per share for the first half of 2024 were ¥0.15, a decrease of 87.60% from ¥1.21 in the same period last year[17]. - The gross margin for the first half of 2024 was reported at 35%, a slight improvement from 33% in the previous year[12]. - The company reported a total of ¥31,067,663.58 in non-recurring gains and losses for the period[23]. - The company achieved operating revenue of RMB 6.732 billion in the first half of 2024, a decrease of 23.88% compared to RMB 8.844 billion in the same period last year[63]. - The net profit attributable to shareholders was RMB 265 million, reflecting a significant decline due to lower average selling prices[63]. - The comprehensive income for the first half of 2024 was a loss of approximately $458.56 million, compared to a gain of $894.55 million in the same period of 2023[162]. Research and Development - Research and development expenses increased by 25% year-over-year, focusing on advanced semiconductor technologies[12]. - Research and development expenses accounted for 11.50% of operating revenue, an increase of 3.91 percentage points year-on-year[17]. - The company reported a total R&D investment of ¥774,466,472.45, representing a 15.35% increase compared to ¥671,406,155.41 in the same period last year[33]. - The company has established a comprehensive R&D system and project management process to enhance innovation and upgrade various process platforms[25]. - The company is focused on expanding its specialty process technology and providing diversified wafer foundry services[24]. - The company has increased its R&D personnel to 1,298, representing 18.56% of the total workforce, up from 1,177 and 17.42% in the previous year[36]. - The company has filed 478 new invention patents during the reporting period, with 184 patents granted, bringing the total to 9,404 applications and 4,573 granted[32]. Market Expansion and Strategy - The company expects a revenue growth guidance of 10-15% for the second half of 2024, driven by new product launches and market expansion strategies[12]. - The company is exploring new markets in Southeast Asia, aiming for a 5% market share by the end of 2025[12]. - A strategic acquisition of a smaller semiconductor firm was completed, enhancing the company's technology portfolio and market position[12]. - The semiconductor foundry industry is experiencing rapid growth in China, driven by increasing demand from domestic chip design companies[28]. - The company continues to innovate in wafer manufacturing processes to meet diverse market demands, particularly in power devices and analog/power management[28]. Financial Position and Assets - The company's total assets increased by 11.49% to ¥84,986,190,575.20 compared to the end of the previous year[16]. - The company reported a total of 13,132.34 million RMB in related sales transactions, accounting for 2.08% of similar business[124]. - The company incurred 12,614.41 million RMB in related procurement transactions, representing 1.64% of similar business[125]. - The total amount of raised funds planned for investment is CNY 2,092,067.70 million, with CNY 238,719.53 million invested in the current year, representing 11.41% of the total planned investment[133]. - The total number of shares increased to 1,717,328,145, with a significant reduction in restricted shares by 97,340,348[139]. Environmental and Compliance - The company has completed environmental impact assessments for all key pollutant discharge projects and obtained necessary environmental protection permits[88]. - The company has established a comprehensive environmental protection internal control management system in its domestic subsidiaries, certified by ISO 14001[92]. - The company has implemented carbon reduction measures, including high-efficiency freezer renovations and heat recovery systems, to control carbon emissions[93]. - The company adheres to the relevant pollutant discharge standards, ensuring compliance with environmental regulations[86]. - There were no administrative penalties received due to environmental issues during the reporting period[90]. Governance and Shareholder Commitments - The company emphasizes the need for continuous technological upgrades and R&D investments to maintain competitive advantages in the rapidly evolving semiconductor industry[44]. - The company will ensure that profit distribution policies align with operational performance and development plans to enhance shareholder returns[106]. - The company commits to stabilizing its A-share stock price according to the "Stabilization Plan" approved by the shareholders' meeting[103]. - The company will take responsibility for any failure to fulfill commitments regarding share repurchase and stabilization measures[105]. - The company has confirmed that there are no significant doubts regarding its ability to continue as a going concern for the next 12 months[169].

Financial Performance - Revenue for the first half of 2024 was US$938.5 million, a decrease of 25.6% compared to US$1,262.2 million in the first half of 2023[21]. - Gross profit for the first half of 2024 was US$79.7 million, down 78.9% from US$377.3 million in the same period last year[24]. - Loss for the period was US$67.0 million, compared to a profit of US$148.7 million in the first half of 2023, representing a decline of 145.1%[34]. - Sales revenue for the first half of 2024 was reported at $1,262.2 million, an increase from $1,215.5 million in the first half of 2023[85]. - The net loss for the period was $67.03 million, compared to a profit of $148.74 million in the first half of 2023, marking a 145.1% decline[105]. - Total comprehensive loss for the period amounted to $116,743,000, significantly higher than the loss of $38,447,000 reported in the previous year[149]. - Basic earnings per share for the period was US$0.022, a decline from US$0.176 in the prior year[147]. Income and Expenses - Other income and gains increased by 40.3% to US$71.1 million, primarily due to increased interest income[25]. - Administrative expenses rose by 11.0% to US$164.1 million, mainly due to increased operating expenses for Hua Hong Manufacturing[29]. - Finance costs decreased by 12.8% to US$49.4 million, attributed to lower interest rates on bank borrowings[31]. - The average selling price decline was a significant factor contributing to the revenue and gross profit decreases[22][24]. - The company experienced a decrease in cost of sales by 3.0% to US$858.8 million, primarily due to reduced labor costs[23]. - Share of profits of associates decreased by 19.9% to US$2.8 million, reflecting lower profits realized by associates[32]. - Income tax credit for the period was US$11.5 million, compared to an expense of US$26.9 million in the first half of 2023[33]. Assets and Liabilities - Total non-current assets increased by 5.3% from US$4,373.9 million to US$4,605.8 million[36]. - Cash and cash equivalents rose by 15.0% from US$5,585.2 million to US$6,423.9 million, reflecting improved cash flow management[52]. - Interest-bearing bank borrowings increased by 5.3% from US$2,099.6 million to US$2,212.0 million, attributed to increased drawdowns[56]. - Total liabilities increased by 10.1% to $1.07 billion, with interest-bearing bank loans rising by 28.0% to $247.03 million[107]. - The Group's net assets increased by 12.9% from US$8,014.5 million to US$9,044.9 million[36]. - Current assets rose to $7,499,016,000, compared to $6,569,555,000 at the end of 2023, indicating an increase of about 14.1%[151]. Production and Capacity - The 8-inch capacity utilization rate exceeded 100%, while the 12-inch capacity utilization rate approached full production in Q2 2024[69]. - The Hua Hong Manufacturing project, with a planned monthly production capacity of 83,000 wafers, completed the structural topping-out of the main plant in April 2024, two months ahead of schedule[73]. - The company plans to advance production capacity and accelerate process development, focusing on "Specialty IC + Power Discrete" technologies in its "8-inch + 12-inch" production platforms[74]. - In the first half of 2024, the company achieved a production capacity utilization rate exceeding 100% for the 8-inch capacity and nearly full capacity for the 12-inch capacity, with revenue growth observed for two consecutive quarters[135]. Market and Demand - The overall product demand for IC process platforms improved, with shipments and revenue showing a growth trend compared to the second half of 2023[70]. - The revenue of high-end power discrete devices IGBT and superjunction MOSFET experienced declines in the first half of 2024, but the number of new industrial and automotive-related products continued to grow[71]. - The company is facing dual pressure on demand and pricing for high-end power devices starting from late 2023, with expected revenue declines in the first half of 2024[136]. Government Grants and Taxation - Government grants increased from US$35.0 million to US$39.4 million, primarily due to receipts for research and development projects[44]. - The Group's effective tax rate in Hong Kong remained at 16.5%, with no provision made for profits tax due to no assessable income during the period[192]. - The Group's subsidiary recognized as a High and New Technology Enterprise is entitled to a preferential tax rate of 15%[195]. - A subsidiary in Wuxi, China, is exempt from corporate income tax for the first five years of taxable profit, followed by a 50% reduction for the next five years[198]. Cash Flow - Net cash flows generated from operating activities decreased by 53.1% from US$293.1 million to US$137.6 million, primarily due to decreased revenue[48]. - Operating cash flow net amount decreased by 53.1% to $137.55 million, primarily due to reduced sales revenue[120]. - The net cash flow from financing activities amounted to $1.2061 billion, including $1.1819 billion from non-controlling equity contributions and $202.4 million from bank borrowings[122]. - Cash generated from operations was $194,822,000, a decrease from $364,563,000 in the prior year[159]. - The company reported a net increase in cash and cash equivalents of $872,687,000, compared to a decrease of $97,806,000 in 2023[162].