同期，公司资本开支为81.0亿美元，年末月产能较上年增加约11万片，全年出货总量约970万片，平均 产能利用率达93.5%，同比提升8个百分点。 随着2025年全球半导体产业链本土化切换效应持续显现，公司晶圆销售量增加、产能利用率上升，叠加 公司产品组合变动，中芯国际迎来业绩全面回升。数据显示，2025年度未经审计的营业收入达673.23亿 元，同比增加16.5%；未经审计的归母净利润50.41亿元，同比增加36.3%；归属于上市公司股东的扣非 净利润41.24亿元，同比增幅高达55.9%。 展望2026年，公司指出，产业链回流的机遇与存储大周期带来的挑战并存，预计一季度销售收入环比持 平，毛利率在18%-20%之间，若外部环境无重大变化，全年销售收入增幅将高于可比同业平均值，资 本开支与2025年大致持平。 2月10日晚间，中芯国际发布2025年第四季度业绩快报。财报数据显示，2025年第四季度，公司实现营 业收入178.13亿元，较上年同期增长11.9%；毛利30.96亿元，毛利率17.4%。 再来看销售和产能数据。根据公告，若按国际财务报告准则核算，公司2025年四季度销售收入24.89亿 美元，环比增 ...

Core Viewpoint - The storage chip market is expected to be the main focus throughout 2025, with ongoing reports of shortages and price increases continuing into 2026, indicating a sustained upward trend in the industry [3]. Group 1: Wafer Manufacturing - TSMC reported that its customers are not affected by storage price increases, achieving a record revenue of NT$3.8 trillion in 2025, a 31.6% year-on-year increase, with a gross margin of 59.9% [9][10]. - SMIC achieved an unaudited revenue of $9.327 billion in 2025, a 16.2% increase year-on-year, with a net profit of $685 million, up 39.1% [12]. - Huahong Semiconductor reported a revenue of $635 million in Q3 2025, a 20.7% year-on-year increase, with a gross margin of 13.5% [13]. Group 2: Storage Manufacturers - Samsung Electronics achieved a record revenue of 333.6059 trillion KRW (approximately $233.8 billion) in 2025, a 10.9% increase year-on-year, with a net profit growth of 31.2% [18]. - SK Hynix reported a record revenue of 97.15 trillion KRW (approximately $681.6 billion) in 2025, a 47% increase year-on-year, with a net profit of 42.95 trillion KRW [20]. - Micron's revenue surged from $25.11 billion to $37.38 billion in the 2025 fiscal year, with a 56.6% year-on-year increase in Q1 2026 [22]. Group 3: Storage Modules - Jiangbolong expects a revenue of 22.5 billion to 23 billion CNY in 2025, a 29%-32% increase, with a net profit growth of 150.66% to 210.82% [38]. - Bawei Storage anticipates a revenue of 10 billion to 12 billion CNY, with a net profit increase of 427.19% to 520.22% [39]. - Demingli expects a revenue of 10.3 billion to 11.3 billion CNY, with a net profit growth of 85.42% to 128.21% [40]. Group 4: Chip Distributors - Wanye achieved a revenue of approximately NT$1.18 trillion in 2025, a 22.8% year-on-year increase, marking a record high [49]. - Dalian Dadi reported a revenue of NT$999.12 billion in 2025, a 13.4% increase, driven by AI and high-performance computing demand [51]. - Airo's annual sales reached $30.853 billion in 2025, a 10% increase year-on-year [53].

Group 1 - The semiconductor leading ETF, 工银 (159665), opened down 1.00% at 1.980 yuan [1] - Major holdings in the ETF include 中芯国际 down 1.89%, 海光信息 down 1.54%, and several others with varying declines, while 拓荆科技 saw a slight increase of 0.02% [1] - The ETF's performance benchmark is the 国证半导体芯片指数, managed by 工银瑞信基金管理有限公司, with a return of 100.14% since its inception on December 22, 2022, and a 1.67% return over the past month [1]

11 February 2026 | 12:10AM HKT Equity Research SMIC (0981.HK): 4Q25 OP beat; UT rate and ASP sustained; 1Q26 Rev guidance in line 4Q25 Revenue of US$2.5bn (+13% YoY/ +4% QoQ) was 3%/ 3% higher than GSe/ Bloomberg consensus, and beyond mgmt. guidance of +0%~+2% QoQ. 4Q25 GM of 19% was in-line with management's guidance (18%~20%) and our / street's expectation of 19.3%/ 20.0%. The revenue growth were driven by wafer shipment increase of +1% QoQ and ASP increase of +1% QoQ, while the gross margin trended down ...

2月11日，中芯国际（688981.SH，0981.HK）召开2025年第四季度业绩交流会。中芯国际CEO赵海军在 业绩会上表示，2025年全年，原来在国外设计、国外生产、销售到国内的半导体产业链向本土化切换带 来的重组效应贯穿全年。预计2026产业链海外回流、国内客户新产品替代海外老产品的效应将持续下 去，为国内产业链带来持续的增量空间。 四季度淡季不淡，毛利率下滑主要是折旧影响 2月10日晚，中芯国际发布了2025年第四季度业绩快报。2025年第四季度，公司实现营业收入178亿元， 较上年同期增长 11.9%；毛利为31亿元，毛利率为17.4%。营业利润为21亿元，同比下降23%，归属于 上市公司股东的净利润为12.2亿元，增长了23.2%。扣非净利润为9.47亿元，增长了112.4%。 赵海军表示，四季度可以说是淡季不淡，公司整体实现销售收入24.89亿美元，收入环比增长4.5%，其 中晶圆收入环比增长1.5%，销售片数和平均单价均小幅增长，其他收入环比增长64%，主要是因为光罩 在年底集中出货。 中芯国际在季度新增1.6万片12英寸产能的基础上，公司产能利用率保持在95.7%，8英寸利用率整体超 满载 ...

里昂发表研报指，中芯国际2025年第四季收入按季升4.5%至24.9亿美元，超越0%至2%的增长指引；毛 利率为19.2%，约处于18%至20%指引区间的中值；平均售价按季上升1%至每片晶圆914美元。公司指 引2026年首季收入按季持平，符合市场预期；而毛利率指引为18%至20%，略低于市场预期的20.9%。 公司预期2026年全年收入增长将高于行业平均水平，资本开支指引则大致与2025年的81亿美元持平。里 昂现予中芯国际H股目标价93.3港元，A股目标价152元，均予"跑赢大市"评级。 ...

中芯国际 联席CEO赵海军在业绩会上回应了部分产能涨价的问题。此前有消息称， 台积电 计划关停部 分生产线，产能减少情况下，2025年年底中芯国际部分产能涨价10%。赵海军表示，价格随着市场供需 关系变化而变化，中芯国际的存储器相关产品在涨价，BCD（工艺代工）供不应求，这是正在发生的 事。由于友商不做一些成熟产能、转而做 先进封装 ，使成熟产能供应量下降，以及AI端侧应用等吃掉 更多产能，现在已看到CMOS CIS、LCD Driver等大宗、原本价格偏低的产品价格不变甚至略升。 ...

Core Viewpoint - Goldman Sachs maintains a "Buy" rating for SMIC (00981) with a target price of HKD 134 for H-shares, implying a projected P/E ratio of 71.6 times for 2028, and a target price of RMB 241.6 for A-shares, indicating a premium of 196% over H-share valuation, driven by domestic foundry customer demand growth and AI opportunities [1] Financial Performance - In Q4 of the previous year, SMIC's revenue increased by 4% quarter-on-quarter to USD 2.5 billion, exceeding both Goldman Sachs' and market expectations by 3%, and surpassing management's guidance of 0% to 2% growth [1] - The gross margin for the period was 19%, aligning with management's guidance of 18% to 20%, and generally matching Goldman Sachs' and market expectations [1] - Revenue growth was primarily attributed to a 1% increase in wafer shipments and average selling prices quarter-on-quarter, while the gross margin decreased from 22% in the previous quarter due to increased depreciation and amortization expenses [1] Guidance and Outlook - Management's guidance for Q1 indicates flat revenue quarter-on-quarter, which is in line with Goldman Sachs' expectation of 2% growth and market expectations of flat revenue [1] - The gross margin guidance for Q1 remains at 18% to 20%, slightly below Goldman Sachs' forecast of 21.7% and market expectations of 20.9% [1] - For the full year, management anticipates revenue growth to exceed the average of comparable peers, with capital expenditures expected to remain flat year-on-year; Goldman Sachs believes there is potential for upward revision in guidance [1]

2026.02. 11 本文字数：1961，阅读时长大约4分钟 作者 | 第一财经 郑栩彤 中芯国际（688981.SH）2月10日晚披露2025年第四季度业绩快报后，今日举办了业绩交流会，公 司高管回应了存储缺货、产业链回流、部分产能涨价等问题。 展望后续，中芯国际预计产业链回流的机遇与存储大周期带来的挑战并存。对今年第一季度的指引为 销售收入环比持平，毛利率在18%-20%之间。并预计在外部环境无重大变化的前提下，2026年销售 收入增幅将高于可比同业的平均值。 在问答环节，多名机构分析师问到存储产品供不应求对中芯国际及客户的影响。 赵海军回应称，近两个月中芯国际与产业链伙伴广泛沟通，看到AI对存储的强劲需求挤压了手机等 其他应用领域，特别是中低端领域能拿到的存储芯片供应有限，使相关终端厂商面临存储芯片供应量 不足和涨价压力。即使终端厂商可以通过涨价来消化成本上涨压力，也会导致市场对终端产品需求下 降。在这种情况下，晶圆厂收到的中低端订单减少，但与AI、存储及其他中高端应用相关的订单增 加。 赵海军判断，接下来存储产能不足预计影响电脑及周边等，在手机库存偏高的情况下，预计上半年需 求有一定程度的下降，公司 ...

Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF (159995), which opened down by 0.88% at 1.910 yuan on February 11 [1] - Major holdings in the Chip ETF include companies such as SMIC, which fell by 1.89%, Haiguang Information down by 1.54%, and Cambrian down by 1.09% [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index return rate, managed by Huaxia Fund Management Co., with a return of 92.76% since its inception on January 20, 2020, and a 1.42% return over the past month [1]