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。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 國 際 集 成 電 路 製 造 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：00981） 魯國慶 陳山枝 楊魯閩 黃登山 海外監管公告 本公告乃中芯國際集成電路製造有限公司（Semiconductor Manufacturing International Corporation,「本公司」）根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《上海市錦天城律師事務所關於2026年第一次臨 時股東大會的法律意見書》，僅供參閱。 承董事會命 中芯國際集成電路製造有限公司 公司秘書 / 董事會秘書 郭光莉 中國上海，2026 年 2 月 12 日 於本公告日期，本公司董事分別為： 執行董事 劉訓峰 非執行董事 獨立非執行董事 ...

本公司董事会及全体董事保证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。 一、 会议召开和出席情况 （一） 股东大会召开的时间：2026 年 2 月 12 日 （二） 股东大会召开的地点：上海市浦东新区张江路 39 号 5 号楼 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 2,754 | | --- | --- | | 普通股股东人数 | 2,754 | | 其中：A 股股东人数 | 2,753 | | 境外上市外资股股东人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 2,334,951,404 | | 普通股股东所持有表决权数量 | 2,334,951,404 | | 其中：A 股股东所持有表决权数量 | 587,264,760 | | 境外上市外资股股东所持有表决权数量 | 1,747,686,644 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 29.1850% | | 普通股股东所持有表决权数量占公司表决权数量 ...

Investment Rating - The investment rating for the company is "Buy" for both H-shares and A-shares, with target prices set at HKD 91 and RMB 170 respectively [6]. Core Insights - The report highlights the positive impact of AI-related demand on the company's average selling price (ASP), which is expected to rise due to supply constraints in mature processes and increased demand for AI-related products [2][3]. - The establishment of an advanced packaging research institute indicates the company's strategic focus on enhancing its capabilities in advanced packaging, aiming to create an integrated delivery capability similar to TSMC's Foundry 2.0 [3][22]. - The company is projected to maintain a capital expenditure level similar to 2025, with a focus on expanding its 12-inch wafer capacity and addressing the depreciation impact on profit margins [4][20]. Summary by Sections Financial Performance - In Q4 2025, the company reported revenues of USD 2.489 billion, a 4.5% increase quarter-over-quarter, and a gross margin of 19.2%, which aligns with previous guidance [14][16]. - The company expects Q1 2026 revenues to remain flat quarter-over-quarter, with a gross margin forecast of 18% to 20% [19]. Revenue and Profit Forecast - Revenue forecasts for 2026 and 2027 have been adjusted upwards by 1.9% and 4.1% respectively, with projected revenues of USD 110 billion, USD 134 billion, and USD 149 billion for 2026, 2027, and 2028 [20][22]. - Net profit forecasts for 2026 and 2027 have been revised downwards by 4.6% and 14.7% respectively, with expected net profits of USD 7.0 million, USD 7.9 million, and USD 9.7 million for the same years [20][22]. Market Position and Strategy - The company is recognized as the only scalable advanced process platform in mainland China, which provides it with strategic scarcity in the market [22]. - The report emphasizes the company's proactive investment in local production and the domestic AI industry chain opportunities, positioning it as a key beneficiary of the global supply chain restructuring [22].

上海市锦天城律师事务所 关于 Semiconductor Manufacturing International Corporation （中芯国际集成电路制造有限公司） 2026 年第一次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于 Semiconductor Manufacturing International Corporation （中芯国际集成电路制造有限公司） 2026 年第一次临时股东大会的 1 上海市锦天城律师事务所 法律意见书 三、 本法律意见书仅供公司为本次股东大会之目的而使用，不得被任何人 用于其他任何目的。本所在此同意，可以将本法律意见书作为公司本次股东大会 的公告材料，随其他需公告的信息一起向公众披露，并依法对本所在其中发表的 法律意见承担责任。 法律意见书 致：Semiconductor Manufacturing International Corporation（中芯国际集成电 ...

Group 1: Industry Developments - The National Development and Reform Commission and other departments plan to establish a mandatory insurance system for unmanned aerial vehicles by 2027, enhancing low-altitude insurance products to meet various application needs [1] - Shenzhen's action plan aims to strengthen the semiconductor industry by leveraging AI technology in key areas such as chip design and software optimization, targeting high-performance AI chips for various applications [2] - The internet regulatory authority is intensifying efforts to combat the spread of false information generated by AI without proper labeling, having already addressed over 13421 accounts and 543,000 pieces of illegal information [3] Group 2: Company Updates - Semiconductor company Huahong Semiconductor reported a record fourth-quarter revenue of $659.9 million, a year-on-year increase of 22.4%, with a gross margin of 13.0% [6] - Semiconductor manufacturer SMIC anticipates continued growth driven by domestic product replacements and strong demand for AI-related storage, despite challenges in the low-end market [4] - Aerospace company Hangya Technology plans to raise up to 600 million yuan through convertible bonds to fund various projects, including an intelligent manufacturing base in Malaysia [8] - Hezhong Instrument may face delisting risk due to projected net losses of approximately 89 million yuan for 2025, with revenue expected to be around 97 million yuan [5]

Core Viewpoint - The outlook for 2026 indicates that the return of the supply chain overseas and the replacement of old products by domestic customers will continue to provide growth opportunities for the domestic industry chain [1] Group 1: Market Dynamics - Strong demand for artificial intelligence is squeezing the supply of storage chips for mid-to-low-end applications, leading to supply shortages and price increases for terminal manufacturers [1] - Terminal manufacturers may raise prices to offset rising costs, which could result in decreased demand for end products [1] - Orders for mid-to-low-end products are decreasing, while orders related to AI, storage, and mid-to-high-end applications are increasing [1] Group 2: Company Positioning - The company maintains a favorable position in the current industry cycle due to its technological reserves and leading advantages in segments such as BCD, analog, storage, MCU, and mid-to-high-end display drivers [1] - The company will prioritize support for iterative products in R&D, engineering, and capacity to stabilize product prices and enhance control over average selling prices (ASP) [1] Group 3: Pricing Trends - Prices for storage and BCD are increasing due to supply shortages, while prices for stable categories like CIS and LCD Drivers have stabilized [1] - Prices for new, competitive products are rising, while prices for non-iterative standard products are expected to decline [1]

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 2月12日消息，中芯国际发布2025年全年业绩，为半导体产业链注入强劲信心。 半导体公众号推荐 半导体论坛百万微信群 财报显示，公司2025年全年销售收入达93.27亿美元， 同比增长16.2%，创下历史新高 ；并且全年资本开支维持在81亿美元的高位，显示产能持续 扩张。 分析指出，这份超出市场预期的"成绩单"，印证了半导体制造环节的高景气度，并有望向上游半导体设备、材料等环节传递出明确的扩产与需求信号。 中芯国际联合CEO赵海军在会上表示，2025年第四季度可以说是淡季不淡，公司整体销售收入环比增长4.5%至24.89亿美元。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。在季度新增1.6万片12英寸晶圆产能的基础上，公司 整体产能利用率保持在95.7%，其中8英寸产能利用率整体超满载，12英寸产能利用率整体接近满载，主要是因为产业链切换迭代效应持续。 在问答环节，赵海军谈及近期异常火热的存储芯片时表示，消费类存储芯片的产能将会 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1]. Core Insights - The company's revenue for Q4 2025 exceeded expectations, reaching $2.489 billion, a year-over-year increase of 12.8% and a quarter-over-quarter increase of 4.5%, surpassing the previous guidance range of $2.38 to $2.43 billion [4]. - The gross margin for Q4 2025 was 19.2%, slightly below market expectations of 20%, primarily due to rising depreciation costs [4]. - The net profit for Q4 2025 was $203 million, a decline of 24.9% year-over-year and 35.5% quarter-over-quarter [4]. - For the full year 2025, the company achieved a record revenue of $9.327 billion, a year-over-year increase of 16.2%, with a gross margin of 21% [4]. Revenue Breakdown - In Q4 2025, the revenue breakdown by application showed that consumer electronics accounted for 47.3% of wafer revenue, with a quarter-over-quarter increase of 3.9 percentage points [5]. - The revenue from 12-inch wafers constituted 77.2% of wafer revenue, with a year-over-year decrease of 3.4 percentage points [5]. - Geographically, revenue distribution in Q4 2025 was 87.6% from China, 10.3% from the U.S., and 2.1% from Europe and Asia [5]. Demand and Capacity Insights - The demand for AI and automotive sectors is driving incremental growth, while the supply tightness in consumer electronics storage is expected to improve by the second half of 2026 [6]. - The company maintained a high utilization rate of 95.7% in Q4 2025, with guidance indicating stability for Q1 2026 [7]. - Capital expenditure for Q4 2025 was $2.41 billion, with expectations for 2026 to remain consistent with 2025 levels [7]. Profit Forecast and Valuation - The profit forecast for 2026-2027 has been cautiously adjusted downward, with expected net profits of $1.08 billion and $1.25 billion for 2026 and 2027, respectively [8]. - The current stock price corresponds to a price-to-book ratio of 3.2x for H-shares and 5.7x for A-shares for the years 2026-2027 [8]. - Despite short-term profit pressures, the core growth logic of benefiting from AI demand and domestic substitution trends remains strong [9].

每经评论员 赵李南 2月10日，中芯国际发布业绩快报。数据显示，2025年中芯国际未经审计的营业收入为673亿元，再次创 下历史新高，同比增长16.5%。在营收高歌猛进的同时，中芯国际2025年的归母净利润约为50亿元，虽 然保持同比增长，但若拉长周期看，这一数字远未回到2022年的巅峰水平。 笔者认为，对当下的中芯国际而言，归母净利润并不能完全反映经营状况。在半导体产业从消费电子向 人工智能（AI）转型的当下，在国产替代的疯狂扩产周期中，看归母净利润不如看EBITDA（息税折旧 及摊销前利润）。 第一，从现金流量表更能看出中芯国际被隐藏的真实战力。与历史峰值相比，如果只看利润表，中芯国 际似乎陷入了"增收不增利"的怪圈。但如果翻开现金流量表和资产负债表，则会发现一个完全不同的故 事。 公告显示，2025年中芯国际的资本开支高达81亿美元。这意味着，中芯国际2025年的资本开支占到全年 营收的八成以上。这种高达80%~90%的"资本开支/营收比"，在全球集成电路代工行业中处于较高水 平。而根据中芯国际预测，其2026年的资本开支仍将维持在超80亿美元的高位（与2025年相比大致持 平）。 在重资产的半导体行业 ...

笔者认为，对当下的中芯国际而言，归母净利润并不能完全反映经营状况。在半导体产业从消费电子向 人工智能（AI）转型的当下，在国产替代的疯狂扩产周期中，看归母净利润不如看EBITDA（息税折旧 及摊销前利润）。 第一，从现金流量表更能看出中芯国际被隐藏的真实战力。与历史峰值相比，如果只看利润表，中芯国 际似乎陷入了"增收不增利"的怪圈。但如果翻开现金流量表和资产负债表，则会发现一个完全不同的故 事。 公告显示，2025年中芯国际的资本开支高达81亿美元。这意味着，中芯国际2025年的资本开支占到全年 营收的八成以上。这种高达80%~90%的"资本开支/营收比"，在全球集成电路代工行业中处于较高水 平。而根据中芯国际预测，其2026年的资本开支仍将维持在超80亿美元的高位（与2025年相比大致持 平）。 在重资产的半导体行业，今天的资本开支，就是明天的折旧摊销。中芯国际目前正处于多地工厂同时扩 产的"深耕期"。大量新设备投入运营，带来了高额折旧费用，这些非现金支出像滚雪球一样在会计报表 上"吃掉"了利润。因此，现在的低利润，实际上是公司主动选择的财务结果。 第二，半导体产业目前面临着AI时代带来的算力"产能饥渴"。 ...