R 英諾賽科（蘇州）科技股份有限公司 InnoScience (Suzhou) Technology Holding Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號: 2577 2025 中期報告 攜手共創 美好未來 2025 INTERIM REPORT 中期報告 目錄 英諾賽科（蘇州）科技股份有限公司 2025中期報告 2 釋義 6 公司資料 8 2025年中期財務及業務亮點 10 管理層討論與分析 23 企業管治及其他資料 37 獨立核數師審閱報告 38 綜合損益表 39 綜合損益及其他全面收益表 40 綜合財務狀況表 42 綜合權益變動表 43 綜合現金流量表 44 未經審核中期財務報告附註 釋義 在本中期報告內，除文義另有所指外，下列詞語具有以下涵義： | 「公司章程」或「章程」 | 指 | 本公司公司章程，經不時修訂、補充或以其他方式修改 | | --- | --- | --- | | 「聯繫人」 | 指 | 具上市規則所賦予的涵義 | | 「審核委員會」 | 指 | 本公司董事會審核委員會 | | 「董事會」 | 指 | 本公司董事會 | | 「董事委員會」 | 指 | ...

编辑/jayden 消息面上，晶圆代工龙头台积电9月10日公布的营收报告显示，公司2025年8月销售额3357.7亿元新台币，同比增长 33.8%，环比增长3.9%。台积电1—8月累计销售额2.43万亿元新台币，同比增长37.1%。此外，甲骨文日前公布了相 当积极的云业务展望，激发了人们对人工智能基础设施建设正在加速的希望。 港股芯片股早盘集体走高，截至发稿， 大涨超9%， 、 双双涨近6%， 涨近5%。 国投证券指出，今年上半年全球半导体行业保持高景气，中国板块表现突出。增长主要来自两大动力：AI算力需求 持续增长带动代工需求增加，以及设备、材料、零部件等环节国产替代加速。外部环境加速国产替代进程，内部方 面，半导体IPO与并购活跃，资本助力产业升级，龙头企业通过整合稀缺技术增强竞争力。展望下半年，行业将延 续"AI驱动+自主可控"双主线发展。 | 代碼 | 名稱 | 最新價 | 張跌額 | 漲跌幅 ◆ | 成交額 | 總市值 | | --- | --- | --- | --- | --- | --- | --- | | 02577 | 央話賽科 | 101.800 | +8.800 | +9.46% | ...

（文章来源：每日经济新闻） 每经AI快讯，9月11日，港股半导体板块持续走强，英诺赛科涨近8%，华虹半导体、中芯国际涨超 5%，上海复旦涨逾4%。 ...

（文章来源：每日经济新闻） 每经AI快讯，9月11日，港股半导体股集体拉升，英诺赛科涨超5%，华虹半导体涨超4%，中芯国际、 上海复旦涨近3%。 ...

Core Insights - The SW Electronics Index fell by 4.57% in the past week, underperforming the CSI 300 Index by 3.76 percentage points, with all six sub-sectors showing declines [1] - Innoscience reported significant growth in revenue and profitability for H1 2025, with sales reaching RMB 553 million, a 43.4% increase year-on-year, and a turnaround in gross margin from -21.6% to 6.8% [1] - The company's sales in AI and data center sectors grew by 180% year-on-year, marking it as one of the fastest-growing segments [1] Market Review - The global DRAM industry revenue increased by 17.1% quarter-on-quarter in Q2 2025, reaching USD 31.63 billion, driven by rising contract prices and increased shipment volumes [2] - SK Hynix maintained the top market share at 38.7%, with Q2 revenue of USD 12.229 billion, a 25.8% increase [2] - Samsung's revenue grew by 13.7% to USD 10.35 billion, while Micron's revenue increased by 5.7% to USD 6.95 billion, with market shares of 32.7% and 22% respectively [2] Investment Recommendations - The electronic semiconductor sector is expected to experience a comprehensive recovery in 2025, with potential for profit recovery among related companies [3] - Focus on semiconductor design stocks with low PE/PEG ratios and real performance, including Zhongke Lanyun and Juxin Technology in AIOT SoC chips [3] - Recommendations also include attention to analog chips like Meixin Sheng and Nanchip Technology, as well as key materials companies such as Tongcheng New Materials and Dinglong Co. [3]

Core Insights - The SW Electronics Index declined by 4.57% in the week from September 1 to September 5, underperforming the CSI 300 Index by 3.76 percentage points [2] - Among the six sub-sectors, the performance was as follows: Electronic Chemicals II (-1.46%), Consumer Electronics (-2.43%), Optical and Optoelectronic (-2.82%), Components (-3.00%), Other Electronics II (-3.19%), and Semiconductors (-6.55%) [2] Company Performance - Innoscience reported significant growth in its financial and operational performance for the first half of 2025, achieving sales revenue of RMB 553 million, a 43.4% increase compared to the same period in 2024 [3] - The company's gross margin improved from -21.6% in 2024 to 6.8% in 2025, marking its first positive gross margin [3] - Sales in the AI and data center sector grew by 180% year-on-year, becoming one of the fastest-growing segments for Innoscience [3] - Innoscience became a domestic chip supplier for NVIDIA's 800V high-voltage direct current power architecture, with the partnership announced on July 31, 2025 [3] Industry Trends - The global DRAM industry revenue increased by 17.1% quarter-on-quarter in Q2 2025, reaching USD 31.63 billion, driven by rising contract prices and increased shipment volumes [4] - SK Hynix maintained the top market share at 38.7%, with a revenue of USD 12.229 billion, a 25.8% quarter-on-quarter increase [5] - Samsung ranked second with a revenue of USD 10.35 billion, reflecting a 13.7% quarter-on-quarter growth [5] - Micron's revenue grew by 5.7% to USD 6.95 billion, ranking third in the market [5] Investment Recommendations - The electronic industry is rated as "overweight," with expectations of a comprehensive recovery in the semiconductor sector in 2025 [6] - Focus on undervalued semiconductor design stocks with real performance and low PE/PEG ratios, including Zhongke Lanyun and Juchip Technology [6] - In the analog chip sector, attention is recommended for Meixin Sheng and Nanchip Technology [6] - For driving chips, consider Fengcai Technology and Xinxiangwei [6] - In the semiconductor key materials sector, focus on domestic replacement leaders such as Tongcheng New Materials, Dinglong Co., and Anji Technology [6] - For the silicon carbide industry chain, Tianyue Advanced is recommended [6]

来源：市场投研资讯 25Q2全球DRAM产业营收环比增长17.1%，SK 海力士市占率蝉联第一名。9月2日，根据芯智讯微信公 众号消息，市场研究机构TrendForce发布报告称，得益于一般型DRAM（conventional DRAM）合约价 上涨、出货量显著增长，叠加HBM出货规模扩张，推动2025Q2全球DRAM产业整体营收环比增长 17.1%至316.3亿美元。随着PC OEM、智能手机、CSP业者的采需求增长，也加速了DRAM原厂库存去 化，多数DRAM产品的合约价也因此止跌上涨。从具体的厂商表现来看，SK 海力士（SK hynix）位元 出货量优于目标计划，但因相对低价的DDR4出货比例提升，抑制了整体的平均单价增长幅度，使得其 二季度营收接近122.29亿美元，环比增长25.8%，市占率也环比增加2.7个百分点至38. 7%，蝉联第一 名。排名第二的是三星（Samsung），其第二季在DRAM售价、位元出货量均小幅增长的情况下，营收 环比增长13.7%，达到了103. 5亿美元，市占微幅下滑至32.7%。美光（Micron）第二季DRAM出货量环 比增长明显，但平均单价因DDR4出货比重增加而环 ...

Core Viewpoint - The semiconductor sector is experiencing a rebound, driven by government initiatives and potential shifts in supply chain dynamics due to U.S. restrictions on foreign wafer fabs in China [1] Group 1: Market Performance - Notable gains in semiconductor stocks include InnoSilicon (02577) up 6.61% to HKD 97.6, SMIC (00981) up 3.57% to HKD 58, and Huahong Semiconductor (01347) up 2.19% to HKD 46.68 [1] Group 2: Government Initiatives - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued the "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry," focusing on enhancing efforts in CPU and AI server development, as well as promoting innovation in AI terminal applications [1] - The plan emphasizes the importance of "domestic goods for domestic use" and aims to increase policy support for key enterprises in the industry chain [1] Group 3: Supply Chain Dynamics - The U.S. plans to revoke TSMC's (Nanjing) VEU authorization, marking another restriction on foreign wafer fabs in China, following similar actions against Samsung and SK Hynix [1] - This situation is expected to open up opportunities for domestic memory chip suppliers and wafer foundries to gain market share [1] - As procurement difficulties for equipment increase, overseas wafer fabs may begin to seek domestic suppliers, benefiting companies in the domestic semiconductor equipment and materials sectors [1]

Group 1 - Chip stocks showed recovery in early trading, with notable increases: InnoCare (02577) up 6.61% to HKD 97.6, SMIC (00981) up 3.57% to HKD 58, and Huahong Semiconductor (01347) up 2.19% to HKD 46.68 [1][1][1] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Electronic Information Manufacturing Industry 2025-2026 Stable Growth Action Plan," emphasizing the need to strengthen efforts in CPU, high-performance AI servers, and hardware-software collaboration [1][1][1] - The plan encourages local innovation in AI terminal applications and aims to promote technological breakthroughs in key components, chips, and modules for 5G/6G [1][1][1] Group 2 - The U.S. plans to revoke TSMC's (Nanjing) VEU authorization, marking another restriction on foreign wafer fabs in China, following similar actions against Samsung and SK Hynix [1][1][1] - This revocation is expected to open a window for domestic semiconductor equipment and wafer foundry suppliers to increase their market share [1][1][1] - Due to increased difficulty in procuring equipment, overseas wafer fabs may start seeking domestic suppliers, which will benefit related companies in the domestic semiconductor equipment and materials industry [1][1][1]

Group 1 - Semiconductor stocks in Hong Kong experienced a significant rise, with Shun Tai Holdings and InnoCare rising over 5%, and SMIC increasing over 3% [1] - The semiconductor index reached 4111.486, up by 135.103 points or 3.40%, with a trading volume of 77.7064 million and a total transaction value of 4.089 billion [2] - The market capitalization of the semiconductor sector is approximately 689.704 billion, with a price-to-earnings ratio of 145.581 and a price-to-book ratio of 2.863 [2] Group 2 - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) revoked the "Verified End User" (VEU) authorization for TSMC's Nanjing plant, impacting Intel, Samsung, and SK Hynix in China [2] - The revocation means that suppliers to TSMC, Samsung, and SK Hynix in China will now need to apply for export licenses individually, increasing uncertainty in approval timelines [2] - The domestic market share for local memory chip suppliers and foundries is expected to rise due to the increased difficulty for TSMC, Samsung, and SK Hynix to procure high-end equipment and materials [3] Group 3 - Domestic advanced memory and logic foundries are expected to maintain strong expansion demand, leading to a significant increase in demand for domestic equipment [3] - By 2025, the growth in domestic wafer fab expansion demand, coupled with the need for domestic alternatives, is anticipated to accelerate growth in the semiconductor manufacturing, equipment, components, and materials sectors [3]