Financial Performance - Hua Hong Semiconductor achieved sales revenue of US$2,004 million for the year 2024, with near-full average capacity utilization[19]. - Hua Hong Semiconductor's revenue for 2024 was US$2,004 million, a decrease of 12.3% compared to the previous year[152]. - Revenue from semiconductor wafers accounted for 94.9% of total revenue, amounting to US$1,900,929 thousand, down 12.9% year-over-year[153]. - Revenue from systems and fabless companies was US$1,919,000 thousand, representing 95.8% of total revenue, a decline of 9.0% year-over-year[154]. - The company's revenue from China was US$1,636,528 thousand, making up 81.6% of total revenue, a decrease of 7.8% year-over-year[156]. - The loss for the year was US$140.385 million, compared to a profit of US$126.425 million in 2023, reflecting a significant decline in profitability[177]. - Gross profit for 2024 was US$205.128 million, down 57.9% from 2023, mainly due to decreased average selling prices and increased depreciation costs[173]. - The company reported a 30% increase in net profit for the last quarter, totaling $75 million, compared to the previous quarter[1]. Market Outlook and Strategy - The global semiconductor market is expected to continue its moderate recovery in 2025, driven by increased demand in AI applications and other sectors[22]. - Hua Hong Semiconductor plans to enhance production capacity expansion and optimize its advanced "Specialty IC + Power Discrete" product portfolio in 2025[22]. - The company aims to increase the proportion of high-value products and deepen strategic collaboration with customers and ecosystem partners[22]. - The Hua Hong Manufacturing Project is expected to drive steady revenue growth starting in 2025[20]. - The company is focused on seizing opportunities in the new growth cycle of the semiconductor industry to create sustainable value for shareholders[22]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[1]. Production and Capacity - The company successfully commenced production at its second 12-inch production line in Wuxi ahead of schedule, marking a significant milestone in its "8-inch + 12-inch" strategy[20]. - Wafer shipments increased by 10.8% year-on-year, reaching 4,545 thousand wafers in 2024[162]. - Capacity utilization for 8-inch wafer equivalent rose to 99.5%, an increase of 5.2 percentage points from 2023[161]. - The company plans to ramp up production capacity in 2025 with the new 12-inch production line, aiming for sustained revenue growth[170]. Research and Development - The company is investing $200 million in research and development for new technologies aimed at enhancing integrated circuit manufacturing capabilities[1]. - The Analog & Power Management platform achieved significant revenue growth in 2024, driven by strong demand in AI applications and stable wafer input volumes[165]. - The Logic & RF platform experienced rapid revenue growth, with mass production of 55nm BSI image sensor chips for high-end smartphones[166]. - The 55nm and 65nm technology nodes showed robust revenue growth, with a 50.4% increase in revenue for the 55nm & 65nm segment[158]. Corporate Governance - The company appointed Dr. Peng Bai as President and Executive Director on January 1, 2025, succeeding Mr. Suxin Zhang who resigned on December 31, 2024[41][54]. - The Board comprises nine members, including two Executive Directors and three Independent Non-Executive Directors, ensuring compliance with Listing Rules[88]. - The Company has implemented corporate governance procedures that comply with the principles in the Corporate Governance Code[83]. - The Company has maintained compliance with the Code provisions during the year ended December 31, 2024[85]. - The roles of the Chairman and the President are separate, with the Chairman overseeing overall management and the President handling day-to-day operations[95][96]. Shareholder Communication and Value - The board of directors has approved a dividend payout of $0.10 per share, reflecting a commitment to returning value to shareholders[1]. - The Company has established a shareholders' communication policy to ensure equal and timely access to information for shareholders[125]. - The Company emphasizes its core values of integrity, teamwork, and innovation as key drivers for future growth and customer empowerment[1]. Financial Position and Liabilities - Cash and cash equivalents decreased by 20.2% from US$5,585.2 million in 2023 to US$4,459.1 million in 2024, mainly due to decreased receipts from customers and increased capital investments[192][196]. - Total current liabilities rose by 60.7% from US$972.4 million in 2023 to US$1,562.2 million in 2024, with significant increases in trade payables (26.7%) and other current liabilities (85.1%) due to higher capital expenditures[192][188]. - Interest-bearing bank borrowings increased from US$2,099.6 million in 2023 to US$2,197.9 million in 2024, reflecting increased drawdowns of bank borrowings[189]. - Other current assets surged by 175.5% from US$212.6 million in 2023 to US$585.9 million in 2024, primarily due to increased value-added tax credit[183].

以下文章来源于芯思想 ，作者赵元闯 芯思想 . 中国半导体正能量传播平台。为中国半导体产业服务，我们都是中国半导体产业腾飞的见证人。新闻分 析，精彩评论，独家数据，为您定制信息，欢迎拍名片回复，和行业精英交流。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容转自【芯思想】，作者：赵元闯，谢谢。 2024年前十大专属晶圆代工公司中，增幅排名前三的都超过20%，增幅最高的是台积电（TSMC）， 年增幅32%；其次是晶合集成（Nexchip），年增幅达28%；增幅排名第三的是中芯国际（SMIC）， 达27%。2024年营收唯一出现下滑的是格芯（GlobalFoundries），下滑超过8%。 在IDM厂商代工方面，三星代工2024年营收约1462亿元，英特尔1261亿元，都较2023年下滑7%。 台积电 2023年台积电的3纳米正式贡献营收，到2024年第四季营收占比达26%，全年营收占比18%。 台积电在IEDM 2024大会上首次披露了2nm（N2）工艺的关键技术细节和性能指标： 对比3nm，晶 体管密度增加15％，同等功耗下性能提升15％，同等性能下功耗降低24-35％ ，同时通过NanoFlex技 术 ...

Group 1 - The report highlights a significant decline in IPO activity in China, with 2024 witnessing only 217 new IPOs, a 44% decrease year-on-year, and a total fundraising amount of 139.9 billion yuan, down 64% compared to the previous year, marking the lowest point in nearly a decade [4][7][13] - The decline in IPOs is attributed primarily to policy changes, particularly the introduction of stricter regulations following the "National Nine Articles" in April 2024, which increased the scrutiny of IPO applications and included measures against certain practices like pre-listing dividends [5][6] - The average fundraising amount for new IPOs in 2024 was 645 million yuan, slightly higher than in 2017, but overall, it represents the second-lowest average in the past decade [7][10] Group 2 - In 2024, the proportion of companies choosing to list abroad increased, with 54% of IPOs occurring on foreign exchanges, marking a significant shift from previous years [10][16] - The report notes that the Hong Kong Stock Exchange remains the preferred choice for Chinese companies, while the number of companies listing on U.S. exchanges reached a decade-high of 24% in 2024 [10][16] - The report indicates that the average time from company establishment to IPO has increased, with only 4.65% of companies taking less than three years to go public, highlighting the lengthy process involved in achieving an IPO [43][46] Group 3 - The manufacturing sector dominated the IPO landscape in 2024, with 62 companies in advanced manufacturing and 34 in traditional manufacturing successfully listing, accounting for a significant portion of new IPOs [32][33] - The report emphasizes the differences in industry preferences between A-shares and foreign listings, with traditional manufacturing heavily favoring A-shares, while sectors like artificial intelligence showed a preference for Hong Kong listings [32][33] - The report also notes that over half of the new IPO companies in 2024 had received venture capital funding prior to going public, indicating a strong reliance on external capital for growth [29][30] Group 4 - The report identifies a trend of increasing participation from cornerstone investors in IPOs, with an average of 46% of the fundraising amount in 2024 coming from cornerstone investments, particularly in the Hong Kong market [19][22] - The types of cornerstone investors have diversified, including traditional financial institutions, state-owned enterprises, and even individual angel investors, reflecting a broader interest in supporting new listings [21][22] - The report highlights that the largest IPOs in 2024 were predominantly from companies listing in Hong Kong, with Midea Group raising 30.668 billion HKD, marking the largest IPO of the year [52][55]

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） 董事會會議日期通知 華虹半導體有限公司（「本公司」）特此通知，本公司謹訂於二零二五年三月二十七 日（星期四）下午三時三十分舉行董事會會議，以商討下列事項： 唐均君 （董事會主席） 白鵬 （總裁） 非執行董事 葉峻 孫國棟 陳博 熊承艷 獨立非執行董事 張祖同 王桂壎太平紳士 封松林 承董事會命 華虹半導體有限公司 董事會主席兼執行董事 唐均君先生 1. 考慮及批准刊發本公司及其附屬公司截至二零二四年十二月三十一日止經審 核全年業績； 2. 考慮派付末期股息（如有）； 3. 考慮暫停辦理股份過戶登記手續（如有需要）； 4. 考慮召開本公司下一屆股東周年大會；及 5. 商議任何其他事項。 中國上海，二零二五年三月十三日 於本公告日期，本公司董事分別為： 執行董事 1 2 ...

HUA HONG SEMICONDUCTOR LIMITED 張祖同 王桂壎太平紳士 封松林 董事會設立三個委員會。下表提供各董事會成員在該等委員會中所擔任的職位： 董事名單與其角色和職能 執行董事： 唐均君 （董事會主席） 白鵬 （總裁） 非執行董事： 葉峻 孫國棟 陳博 熊承艷 獨立非執行董事： 華虹半導體有限公司 華虹半導體有限公司董事會（「董事會」）成員載列如下： | | | 委員會成員 | | | --- | --- | --- | --- | | 董事 | 提名 | 薪酬 | 審核 | | 唐均君 | C | | | | 白鵬 | | | | | 葉峻 | | M | | | 孫國棟 | | | | | 陳博 | | | | | 熊承艷 | | | M | | 張祖同 | | | C | | 王桂壎太平紳士 | M | C | | | 封松林 | M | M | M | 附註： C 有關董事委員會主席 M 有關董事委員會成員 二零二五年三月七日 ...

| A | 股代码：688347 | A | 股简称：华虹公司 | 公告编号：2025-005 | | --- | --- | --- | --- | --- | | 港股代码：01347 | | | 港股简称：华虹半导体 | | 华虹半导体有限公司 董事会谨此欢迎陈先生作为本公司非执行董事加入董事会。 1/3 二、 辞任非执行董事的情况 因工作需要，周先生辞任公司非执行董事职务，自 2025 年 3 月 7 日起生效。 周先生辞任后不再担任公司任何职务。 周先生已确认其与董事会并无任何意见分歧，亦无任何与其辞去职务有关的 其他事宜需要提请公司股东注意。 关于委任非执行董事及非执行董事辞任的公告 本公司董事会及全体董事保证本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。 华虹半导体有限公司（以下简称"本公司"或"公司"）董事会谨此宣布， 以下变动自 2025 年 3月 7 日起生效：陈博先生（以下简称"陈先生"）获委任为 公司非执行董事，本公司非执行董事周利民先生（以下简称"周先生"）辞任公 司非执行董事职务。现将有关事宜的具体情况公告如下： 一、委 ...

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: | 2025年2月28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: | 2025年3月6日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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 | | | 1,310,915,151 | | 0 | | 1,310,915,151 | | 增加 / 減少 ...

Summary of Huahong Semiconductor Conference Call Company Overview - **Company**: Huahong Semiconductor - **Industry**: Semiconductor Manufacturing Key Points and Arguments Production Capacity and Expansion - Huahong's 12-inch wafer fab has reached a monthly capacity of 100,000 wafers, with plans to further increase capacity by the end of 2025. A new wafer fab has started mass production, expected to reach a capacity of 40,000 wafers by mid-2025 and 83,000 wafers by mid-2026, with a total investment of $6.7 billion [2][4][5] - The overall market monthly production capacity is approximately 94,900 wafers, with specific capacities for power semiconductors and various ICs [12] Market Trends and Expectations - Despite a weak power semiconductor market, Huahong anticipates a gradual recovery in the high-voltage sector, with growth expected in embedded systems, power management, RF, and serial flash platforms [2][6] - The mature process market is believed to have bottomed out at the end of last year, with improvements expected to continue this year, particularly in the 8-inch production line [8] - The embedded storage market has shown signs of recovery since Q1 2024, with improving prices, although still below two years ago [15] Automotive Sector Development - Currently, automotive-related sales account for about 5% to 6% of revenue, with expectations to increase to 6% to 8% in the next two to three years, focusing on power devices and MCUs [10][9] - Huahong maintains good relationships with major domestic automotive manufacturers, indicating significant growth potential in the automotive semiconductor market [9] CIS and Product Diversification - In the CIS (Image Sensor) sector, Huahong focuses on high-end products, with a stable monthly production of 10,000 to 15,000 wafers, planning to allocate some new capacity to CIS [11] - The company is also focusing on high-end automotive and mobile phone sectors in its new fab, including CRS and BCD process products [18] Financial Performance and Outlook - The company reported strong performance in Q4 2024, with optimism for Q1 2025 despite seasonal factors and annual maintenance impacts [3] - Depreciation expenses are projected to be around $100 million in August and close to $500 million by December, with new production lines expected to significantly increase sales in the coming years [17] Competitive Position and Market Demand - Huahong has a significant cost advantage in the MCU sector, benefiting from over 20 years of technological accumulation, with a positive outlook for the industry [20][21] - Demand for various products, except for process semiconductors, is meeting expectations, with strong performance in the consumer electronics market and anticipated recovery in the industrial sector [14] Challenges and Opportunities - The SPT (Insulated Gate Bipolar Transistor) market prices have not fully recovered, remaining at low levels, with a potential increase of 20% to 30% once the market normalizes [13] - The power management business is experiencing strong growth, particularly benefiting from the development of AI data servers, with rapid domestic demand expected [16] Collaboration and Future Plans - Huahong is committed to resolving overlapping industrial competition issues as promised during its IPO, with progress being made as planned [7] - The company is focused on enhancing its competitive edge through continuous technological advancements and product optimization [17][19] Additional Important Information - The company is actively involved in the AI edge chip market, integrating with consumer products, and sees significant growth potential in the MCU and power management sectors [19][23] - Current order visibility is good, with sales proceeding as expected for 2025 [24] - Huahong maintains long-term partnerships with major semiconductor distributors, indicating confidence in domestic market success [25]

Group 1 - The semiconductor sector experienced significant gains on the 19th, with companies like Ruvi Optoelectronics hitting a 20% limit up and Qingyi Optoelectronics rising over 14% [1] - Gartner's recent forecast indicates that global semiconductor revenue will reach $626 billion in 2024, representing an 18.1% year-on-year growth [1] - The demand driven by AI is expected to push global semiconductor revenue to $705 billion in 2025, with a year-on-year growth of 12.6% [1] Group 2 - Shanghai Securities suggests that the electronic semiconductor industry may see a comprehensive recovery by 2025, with an accelerated clearing of the competitive landscape and a sustained recovery in industry profitability [1] - The report recommends focusing on semiconductor design stocks that are undervalued with real performance and low PE/PEG ratios, including Zhongke Lanyun and Juxin Technology for AIOT SoC chips, Meixin Sheng and Nanxin Technology for analog chips, and Fengcai Technology and Xinxiangwei for driver chips [1] - For semiconductor equipment and materials, attention is drawn to Huahai Chengke and Changhong Technology, while the folding machine supply chain highlights Tonglian Precision and Jintaiyang as key players [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of USD 539.2 million for Q4 2024, representing a year-over-year increase of 18.4% and a quarter-over-quarter increase of 2.4% [5] - The gross margin for Q4 2024 was 11.4%, up 7.4 percentage points year-over-year but down 0.8 percentage points quarter-over-quarter [5] - The company experienced a loss of USD 25.2 million primarily due to foreign exchange losses [5] - The full-year revenue for 2024 was USD 2.004 billion, with a gross margin of 10.2% and a net profit attributable to shareholders of USD 58.11 million [5] - The company is expected to maintain a production capacity utilization rate close to 100% in 2024, with significant contributions from the Wuxi Fab 9 [9] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 16,232 million - 2024E: 14,899 million - 2025E: 17,954 million - 2026E: 27,850 million - Year-over-year growth rates are projected at -3.3% for 2023, -8.2% for 2024E, 20.5% for 2025E, and 55.1% for 2026E [7] - Net profit attributable to shareholders is forecasted as follows: - 2024E: 418 million - 2025E: 937 million - 2026E: 1,149 million - The gross margin is expected to improve from 11.5% in 2024E to 15.9% in 2026E [7] Operational Highlights - The average selling price (ASP) for wafers in Q4 2024 was USD 444 per piece, with a year-over-year increase of 27.5% and a quarter-over-quarter increase of 1.3% [9] - The overall capacity utilization rate for Q4 2024 was 103.2%, with 8-inch capacity utilization at 105.8% and 12-inch at 100.9% [9] - The company is entering a construction phase for Fab 9, with a capital expenditure of USD 1.506 billion in Q4 2024 [9] - The company anticipates a stable revenue guidance for Q1 2025, with expected sales between USD 530 million and USD 550 million [9] Adjustments and Future Outlook - The profit forecast has been adjusted to reflect a net profit of 418 million for 2024, 937 million for 2025, and 1,149 million for 2026, with corresponding price-to-earnings ratios of 212, 95, and 77 [9] - The report maintains a "Buy" rating based on the company's asset-heavy nature in the wafer foundry segment and reasonable price-to-book ratios [9]