Mergers and Acquisitions - Yiyi Co. has terminated the acquisition of 100% equity in Hangzhou Gaoye Family due to failure to reach an agreement on valuation with the counterparties, influenced by the company's adjustments in sales models and new product promotions for the 2025 Double Eleven event [1] - Solar Energy's wholly-owned subsidiary, China Energy Conservation Solar Technology Co., plans to acquire 100% equity in Jinhua Windling New Energy Development Co. for 527 million yuan, with the target company's audited book value at 545 million yuan as of August 31, 2025. This transaction does not constitute a major asset reorganization [2] Performance Disclosure - SMIC reported a net profit of 5.041 billion yuan for 2025, reflecting a year-on-year growth of 36.3%, with operating revenue of 67.323 billion yuan, up 16.5% [3] - Tebao Bio announced a total operating revenue of 3.696 billion yuan for 2025, marking a year-on-year increase of 31.18%, and a net profit attributable to the parent company of 1.038 billion yuan, up 25.39% [4] - Guoke Tiancai reported an operating revenue of 1.102 billion yuan for 2025, a year-on-year growth of 14.73%, with a net profit of 204 million yuan, increasing by 17.94% [5] Shareholding Changes - Haitai Technology's controlling shareholder, Sun Wenqiang, plans to reduce his stake by up to 3.00%, amounting to a maximum of 2.9845 million shares due to personal financial needs [6] - Rike Chemical's shareholder, Zhao Dongri, intends to reduce his holdings by no more than 3%, equating to a maximum of 1.3498 million shares [7] - Magu Technology's shareholder, Baolifeng, along with its concerted actor Dong Jiyong, plans to reduce their holdings by up to 3%, totaling a maximum of 2.1496 million shares [8]

据悉，由于需求激增，中国大陆晶圆厂已将8英寸芯片工艺价格上调约10%，部分订单涨幅甚至触及20%。因应供需吃紧，包含中芯国际、世界先进与三星 等代工厂均酝酿涨价，范围涵盖各类制程与客户，此波涨势预计延续至2026年。 | 项目 | 2025 年第四季度 | 2024 年第四季度 | 增减变动 幅度 | | --- | --- | --- | --- | | | (10-12月) | (10-12月) | | | | | | (%) | | 营业总收入 | 17,812,776 | 15.916.850 | 11.9 | | 营业利润 | 2,114,049 | 2,746,202 | -23.0 | | 利润总额 | 1,602,415 | 2,738,330 | -41.5 | | 归属于上市公司股东的 | 1,222,663 | 992,473 | 23.2 | | 浄利润 | | | | | 归属于上市公司股东的 | | | | | 扣除非经常性损益的净 | 947,416 | 445,967 | 112.4 | | 利润 | | | | /扫码加入行业交流群/ 金刚石、碳化硅、热管理、精密加工等产业同 ...

2月10日晚间，中芯国际发布2025年第四季度业绩快报。 财报显示，2025年第四季度报告期内，公司实现营业收入人民币178.13亿元，同比增长11.9%；毛利为 人民币30.96亿元，毛利率为17.4%；同期实现归属于上市公司股东的净利润12.23亿元，同比增长 23.2%。 对于业绩变动原因，中芯国际表示，主要是由于2025年晶圆销售量增加、产能利用率上升及产品组合变 动所致。 按照国际财务报告准则：公司去年四季度实现销售收入24.89亿美元，环比增长4.5%，毛利率为19.2%， 产能利用率保持在95.7%。 2025年，半导体产业链向本土化切换带来的重组效应贯穿全年。根据未经审核的财务数据，2025年公司 销售收入为93.27亿美元，同比增长16.2%。毛利率为21.0%，同比上升3.0个百分点。2025年公司资本开 支为81.0亿美元。年底折合8英寸标准逻辑月产能为105.9万片，同比增加约11万片。出货总量约970万 片，年平均产能利用率为93.5%，同比提升8个百分点。 在去年11月召开的第三季度业绩会上，中芯国际高层曾分析和展望称，四季度虽然是传统淡季，客户备 货有所放缓，但产业链切换迭代效应 ...

Group 1: Company Announcements - Changfei Fiber currently does not engage in CPO-related business [1] - GCL-Poly Energy lacks production capacity for "space photovoltaic" products [1] - Zhongke High-tech plans to invest 145 million yuan in a new PCB drill pin project with an annual capacity of 30 million units [1] - Samsung Medical's wholly-owned subsidiary is expected to win a bid for a 321 million yuan project from Southern Power Grid [1] - Solar Energy's subsidiary intends to acquire 100% equity of Jinhua Windling [1] - SMIC expects a net profit of 1.223 billion yuan for Q4 2025, a year-on-year increase of 23.2% [2] - Kying Network has conducted its first buyback of 2.061 million shares [1] - Runbei Aerospace's controlling shareholder plans to reduce its stake by up to 3% [1] - Zhen'an Technology plans to raise no more than 740 million yuan through a private placement [1] - Jiangsu New Energy intends to issue convertible bonds to raise no more than 1.24 billion yuan [1] Group 2: Investment Projects - Kangda New Materials' subsidiary plans to invest in a project with an annual output of 30,000 tons of polyarylether [1] - China Shipbuilding Industry Corporation plans to build a comprehensive materials park [1] - Dong'a Ejiao intends to invest 1.485 billion yuan in a health consumer goods industrial park [1] - Hongda Co., Ltd. plans to invest approximately 71.43 million yuan in a 110kV power transmission and transformation project [1] Group 3: Share Buybacks and Reductions - Kying Network has executed its first buyback of 2.061 million shares [3] - Huasen Pharmaceutical's Liu Xiaoying plans to reduce her stake by up to 3% [3] - Wushang Group's Dazi Yintai plans to reduce its stake by up to 3% [3] - Runbei Aerospace's controlling shareholder plans to reduce its stake by up to 3% [3]

Group 1 - Changfei Fiber is currently not engaged in CPO-related business [1] - GCL-Poly Energy does not have the production capacity for "space photovoltaic" products [1] - Zhongke High-tech plans to invest 145 million yuan to implement a new PCB drill needle project with an annual capacity of 30 million units [1] - Samsung Medical's wholly-owned subsidiary is expected to win a bid for a 321 million yuan project from Southern Power Grid [1] - Solar Energy's subsidiary plans to acquire 100% equity of Jinhua Windling [1] - SMIC expects a net profit of 1.223 billion yuan for Q4 2025, a year-on-year increase of 23.2% [1] - Xiying Network has repurchased 2.061 million shares for the first time [1] - Runbei Aerospace's controlling shareholder plans to reduce holdings by no more than 3% [1] - Zhen'an Technology plans to raise no more than 740 million yuan through a private placement [1] - Jiangsu New Energy plans to issue convertible bonds to raise no more than 1.24 billion yuan [1] Group 2 - Hengdian Film and Television may apply for a trading suspension if its stock price continues to rise abnormally [1] - Kangda New Materials' subsidiary plans to invest in a project with an annual output of 30,000 tons of polyarylether [1] - Zhongchuan Hanguang plans to build a comprehensive materials park [1] - Huichuan Technology expects a net profit growth of 16%-26% for 2025 [1] - Yutong Technology plans to acquire 51% of Huayan Technology [1] - Weilan Bio's subsidiary plans to acquire 50% equity of Aidi Meng Weilan for 47 million yuan [1] - Kaiying Network has repurchased 2.061 million shares for the first time [2] - Wushang Group's Dazhi Yintai plans to reduce holdings by no more than 3% [2] - Newhan New Materials plans to raise no more than 1 billion yuan for an annual production of 8,100 tons of high-performance resin [2]

| 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 腾讯控股 | 22.38亿 | 29.91亿 | 52.29 乙 | | HK 00700 | | | -7.53 Z | | 阿里巴巴-W | 15.42 乙 | 11.11亿 | 26.52 乙 | | HK 09988 | | | +4.31 乙 | | 长飞光纤 ... | 9.70亿 | 10.91亿 | 20.61亿 | | HK 06869 | | | -1.21 乙 | | 美团-W | 11.68 乙 | 8.05亿 | 19.74 Z | | HK 03690 | | | +3.63 乙 | | 港股通(沪)活跃成交股 | | --- | | HK 09988 | 1.7110 | | -2.70 Z | | --- | --- | --- | --- | | 长飞光纤 ... | 8.08亿 | 4.00 亿 | 12.08亿 | | HK 06869 | | | +4.08亿 | | 中芯国际 | 4.93亿 | 6.68 亿 | 11.61亿 | ...

Company Focus - Ge Weidong subscribed for 1 billion yuan of Jianghuai Automobile's private placement shares [2] - Semiconductor Manufacturing International Corporation (SMIC) reported a net profit of 1.223 billion yuan for Q4 2025, a year-on-year increase of 23.2% [2] - Hengdian Film's box office for three Spring Festival films, including "Fast and Furious Life 3," remains uncertain, and the company may apply for a trading suspension if stock prices rise significantly [3] - China Tungsten High-Tech plans to invest 145 million yuan in a new PCB drill needle project with an annual capacity of 30 million units [3] Investment & Contracts - Yiyi Co. terminated the acquisition of 100% equity in Hangzhou Gao Ye Jia You Hao Duo Mao Pet Food Co., Ltd. due to changes in the target company's business conditions [9] - Jiangsu New Energy plans to issue convertible bonds to raise no more than 1.24 billion yuan [18] Shareholding Changes & Buybacks - Wang Jianfeng, a shareholder of Runbei Aerospace, plans to reduce holdings by up to 3% [13] - Liu Chengyan, a director of Wangsu Technology, intends to reduce holdings by no more than 1.07% [14] Operations & Performance - Huichuan Technology expects a net profit increase of 16%-26% in 2025, with good growth in the electric vehicle business [15] - China Railway Construction recently won major contracts totaling 451.42 billion yuan [16] - The company "Ningde Times" successfully issued 5 billion yuan in green technology innovation bonds [20]

Core Viewpoint - SMIC reported its Q4 2025 financial results, showing a solid revenue growth but a decline in profit margins due to increased depreciation costs [2][3][10]. Financial Performance - Q4 2025 sales revenue reached $2.489 billion, a 4.5% increase quarter-over-quarter and a 12.8% increase year-over-year [2][8]. - Net profit attributable to shareholders for Q4 2025 was $173 million, down 9.9% from the previous quarter but up 60.7% year-over-year [3][9]. - The gross margin for Q4 2025 was 19.2%, down from 22.0% in Q3 2025 and 22.6% in Q4 2024, attributed to increased depreciation [3][9]. Annual Overview - For the full year 2025, SMIC achieved a record sales revenue of $9.327 billion, a 16.2% increase year-over-year [10]. - The annual net profit attributable to shareholders was $685 million, a 39.1% increase compared to 2024, driven by increased wafer sales and higher capacity utilization [10]. Production Capacity - By the end of 2025, SMIC's monthly capacity for 8-inch standard logic reached 1.059 million wafers, an increase of approximately 110,000 wafers year-over-year, with total shipments around 9.7 million wafers [11]. - The average capacity utilization rate for 2025 was 93.5%, an 8 percentage point increase year-over-year, with Q4 2025 utilization at 95.7% [11][12]. Revenue Breakdown - In Q4 2025, revenue from the China region accounted for 87.6%, with increases in consumer electronics, industrial, and automotive sectors, while computer and tablet, as well as wearable device revenues, saw declines [12]. - Revenue by application in Q4 2025: smartphones at 21.5%, computers and tablets at 11.8%, consumer electronics at 47.3%, wearables at 7.2%, and industrial and automotive at 12.2% [13]. Capital Expenditure and Future Outlook - SMIC's capital expenditure for 2025 was $8.1 billion, reflecting ongoing investments in production capacity [13]. - Looking ahead to Q1 2026, SMIC expects stable sales revenue and a gross margin between 18% and 20%, with anticipated revenue growth exceeding industry averages [13]. Strategic Developments - SMIC is in the process of acquiring a 49% stake in its subsidiary, SMIC North, for approximately 40.6 billion yuan [14]. - The company, in collaboration with the National Integrated Circuit Fund, plans to invest about $7.78 billion in SMIC South, focusing on advanced process technologies [14].

今日焦点 中芯国际：2025年第四季度净利润12.23亿元，同比增长23.2% 中芯国际公告称，中芯国际发布2025年第四季度业绩快报，报告期内，公司实现营业收入178.13亿元， 同比增长11.9%；归属于上市公司股东的净利润12.23亿元，同比增长23.2%；基本每股收益0.15元。业 绩变动主要是由于本年晶圆销售量增加、产能利用率上升及产品组合变动。 4天2板嘉美包装：如未来股票价格进一步异常上涨，可能再次向深交所申请停牌核查 嘉美包装公告称，公司股票自2025年12月17日至2026年2月10日期间价格涨幅为567.11%，期间多次触 及股票交易异常波动情形。公司已分别于2026年1月7日、1月26日进行停牌核查，于2026年1月12日、2 月2日公告核查结果并复牌。如未来公司股票价格进一步异常上涨，公司可能再次向深圳证券交易所申 请停牌核查。经查询，深圳证券交易所官网2026年2月6日发布的监管动态显示，公司股票已于近期被交 易所重点监控。敬请广大投资者理性投资，注意投资风险。 长飞光纤公告称，公司股票于2026年2月6日至2026年2月10日连续三个交易日收盘价格涨幅偏离值累计 超过20%，属于股 ...

Group 1 - SMIC reported a net profit of 1.22 billion yuan for Q4 2025, representing a year-on-year increase of 23.2% [22][23] - The company achieved an operating revenue of 17.81 billion yuan, up 11.9% year-on-year [23] - The growth in performance is attributed to increased wafer sales volume, higher capacity utilization, and changes in product mix [23] Group 2 - Ge Wei Dong subscribed to a private placement of Jianghuai Automobile, investing approximately 1 billion yuan for 20.05 million shares at a price of 49.88 yuan per share [2] - Jianghuai Automobile raised a total of about 3.5 billion yuan through this issuance [2] Group 3 - Jia Mei Packaging announced that it may apply for a trading suspension again if its stock price experiences further abnormal increases, following a 567.11% price increase from December 17, 2025, to February 10, 2026 [3] - The company has been under close monitoring by the Shenzhen Stock Exchange due to significant price fluctuations [3] Group 4 - Lifan Pharmaceutical participated in a national centralized procurement process and expects to be selected for three products, which generated a total sales revenue of 14 million yuan in the first three quarters of 2025, accounting for 12.98% of its total revenue [5] Group 5 - ST Xuefa's related party, Xuesong Holdings, and its actual controller Zhang Jin were involved in a public fundraising fraud case, but the company stated that the case would not significantly impact its daily operations [6] Group 6 - Chu Tian Long plans to raise up to 760 million yuan through a private placement to fund projects related to innovative application security products and digital operations [7] Group 7 - Dong A Ejiao intends to invest 1.485 billion yuan in a health consumer goods industrial park project, focusing on the production of health food and related logistics [12] Group 8 - Jinpu Titanium announced a temporary shutdown of its Nanjing Titanium subsidiary due to reduced demand, but it is expected to have no significant impact on the company's operations [16] Group 9 - China Railway Construction recently won 10 major projects with a total value of 45.142 billion yuan, which represents 4.23% of its audited revenue for 2024 [21] Group 10 - New City Holdings reported a contract sales amount of approximately 714 million yuan in January 2026, a decrease of 29.79% year-on-year [27]