Core Viewpoint - Huahong Semiconductor (01347) is experiencing a decline of over 6%, currently down 6.78% at HKD 47.82, with a trading volume of HKD 954 million. The company announced plans to acquire controlling interest in Shanghai Huahong Microelectronics Co., Ltd. to resolve IPO commitments related to competition in the same industry [1]. Group 1 - The acquisition involves purchasing equity related to competitive assets in 65/55nm and 40nm processes, specifically the equity corresponding to Huahong's fifth factory [1]. - The target assets are currently in the process of being separated [1]. - Huahong is recognized as a leading foundry both domestically and globally, particularly excelling in specialty processes [1]. Group 2 - The transaction is a significant step in fulfilling the company's commitments and is expected to enhance resource integration and optimize process platform layout [1]. - This move is anticipated to strengthen Huahong's market competitiveness in specialty processes and mid-to-high-end logic manufacturing [1].

（原标题：港股异动 | 华虹半导体(01347)早盘跌近8% 公司拟配股筹资收购华力微控股权 有望解决同业 竞争） 中信建投表示，华虹在国内及全球范围内均属于头部晶圆厂，其在特色工艺领域的能力处于行业领先地 位。此次交易不仅是履行集团承诺的重要步骤，更是华虹实现资源整合、优化工艺平台布局的重要举 措，有望进一步强化其在特色工艺和中高端逻辑制程的市场竞争力。 智通财经APP获悉，华虹半导体(01347)现跌超6%，截至发稿，跌6.78%，报47.82港元，成交额9.54亿港 元。 消息面上，8月17日晚，华虹公司公告，为解决IPO承诺的同业竞争事项，公司正在筹划以发行股份及 支付现金的方式购买上海华力微电子有限公司控股权，同时配套募集资金。据悉，本次收购标的资产为 华力微所运营的与华虹公司在65/55nm和40nm存在同业竞争的资产（华虹五厂）所对应的股权。目前， 该标的资产正处于分立阶段。 ...

Group 1 - The Shanghai stock market shows positive performance with the Shanghai Composite Index rising by 0.83% to 3696.77 points, the Shenzhen Component Index increasing by 1.60% to 11634.67 points, and the ChiNext Index up by 2.61% to 2534.22 points [1] - The overnight US market had mixed results, with the Dow Jones Industrial Average up by 0.08%, while the S&P 500 and Nasdaq Composite fell by 0.29% and 0.40% respectively [1] - The Philadelphia Semiconductor Index dropped by 2.26%, with notable declines in major semiconductor stocks such as Micron Technology down by 3.53% and Applied Materials down by 14.07% [1] Group 2 - Huahong Semiconductor announced plans to acquire controlling interest in Shanghai Huali Microelectronics through a combination of share issuance and cash payment to resolve IPO-related competition issues [2] - Shanghai Bayi Shikong's KrF resin has completed multiple client certifications and is set to begin trial production at its high-end photoresist resin production line [2] - Cambricon, a leading domestic AI chip company, has received approval for its nearly 4 billion yuan targeted issuance plan, marking significant support for its future technology development and market expansion [2] Group 3 - The Sci-Tech Innovation Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index, focusing on semiconductor equipment (59%) and materials (25%) [3] - The Semiconductor Materials ETF (562590) and its linked funds also emphasize semiconductor equipment (59%) and materials (24%), highlighting the importance of the semiconductor upstream sector [3] - The semiconductor materials and equipment industry is crucial for domestic substitution, characterized by low domestic replacement rates and high potential for growth, benefiting from the expansion of semiconductor demand driven by the AI revolution [3]

Investment Rating - The report provides a positive outlook for the domestic wafer foundry industry, indicating an "Outperform" rating for the sector [2]. Core Insights - The performance of domestic wafer foundries, specifically SMIC and Hua Hong Semiconductor, exceeded expectations in Q2 2025, with SMIC reporting revenues of $2.209 billion, a slight decline of 1.7% quarter-on-quarter, but better than the company's guidance of a 4-6% decline. Hua Hong Semiconductor reported revenues of $566 million, a 4.6% increase quarter-on-quarter, aligning with its guidance [3][4]. - Both companies are expected to maintain high utilization rates, reflecting a gradual recovery in domestic semiconductor demand, driven primarily by analog chip orders. The report anticipates a resurgence in demand for power semiconductors in Q3 2025 [3][4]. - The report suggests that the high utilization rates and improved product mix are effectively offsetting increased depreciation costs, leading to a quarterly upward trend in overall gross margins [3][4]. Weekly Market Review - The TMT sector saw significant gains in the week of August 11-15, with telecommunications up 7.66%, electronics up 7.02%, and computers up 5.38%, outperforming the CSI 300 index, which rose by 2.37% [3][4]. - Notable sub-sectors included communication network equipment and devices, which rose by 12.40%, and passive components, which increased by 12.32% [3][4]. Industry News and Key Company Announcements - The report highlights several key events in the industry, including the upcoming Baidu Cloud Intelligence Conference and the launch of new hardware by Google [15][16]. - It also notes significant developments in AI and data infrastructure, with central enterprises increasing their investments in AI applications and data trading [18][19]. - The report mentions that the AI server market is experiencing substantial growth, with companies like Hon Hai reporting a 60% year-on-year increase in AI server revenue for Q2 2025 [21][22].

Summary of Huahong Semiconductor Conference Call Company Overview - **Company**: Huahong Semiconductor - **Industry**: Semiconductor Manufacturing Key Points and Arguments Industry and Market Dynamics - Huahong Semiconductor has experienced significant price adjustments, particularly in power semiconductors and embedded flash memory platforms, which are expected to show substantial potential moving forward [2][5] - The company anticipates continued growth in MCU, power management, and RF sectors, while CIS remains stable with high-end products showing potential [2][8] - The automotive sector is expected to see increasing demand, with industrial control recovering and projected growth of 15%-20% in 2025 [4][22] Production Capacity and New Facilities - The new factory (Factory 9) is planned to have a total capacity of 83,000 wafers, with specific allocations for power semiconductors (25,000-30,000), power management (12,000), RF and CIS (10,000), and memory (33,000) [2][6] - Initial demand for the new factory will primarily come from domestic clients, with international demand expected to rise significantly after certifications from large overseas IDMs are completed by the end of 2025 [2][7] Financial Performance and Projections - In Q2 2025, North American customer revenue accounted for approximately 9.4%, with expectations to exceed 10% for the year despite potential tariff risks [2][13] - The company aims to improve gross margins to around 10% in the second half of 2025 through price adjustments and maintaining high capacity utilization [4][16] - Total R&D expenses for 2025 are projected at $110 million, primarily focused on 40nm technology [4][18] Domestic and International Market Trends - The revenue share from the Chinese market reached a historical high of 83%, but is expected to gradually decrease to 75%-80% as international client validation is completed [4][20] - The company is focusing on increasing domestic production capabilities and attracting new clients, including smaller firms with growth potential [12][20] Technological Advancements and Collaborations - Huahong Semiconductor is advancing its technology nodes from 55nm to 40nm and plans to reach 28nm in the future, maintaining a competitive edge in the market [4][26] - Collaboration with ST Micro focuses on developing advanced MCU products, with production expected at the 40nm node [4][28] Challenges and Risks - The company acknowledges potential risks from geopolitical factors affecting international business, particularly in the U.S. market [11][13] - Despite concerns over tariffs, the company believes its growth is not significantly impacted by subsidies or inventory adjustments [24] Future Outlook - The semiconductor industry is expected to recover in 2025, with Huahong Semiconductor projecting growth in both revenue and gross margins [32] - The company is optimistic about expanding its market presence and providing more foundry services to both domestic and international clients [32] Additional Important Information - The company has made significant progress in domestic production, with equipment localization expected to exceed 20% and raw material localization nearing 40%-50% [9] - The power device market is recovering after a significant downturn, driven by demand from industrial, automotive, and renewable energy sectors [31]

Core Viewpoint - The article discusses the strategic transformations of semiconductor companies in response to market changes, emphasizing the shift towards specialized processes and the importance of technology partnerships in the current geopolitical landscape [2][13][20]. Group 1: Company Strategies - Huahong Semiconductor is planning to acquire a controlling stake in Shanghai Huahong Microelectronics to resolve competition issues related to its IPO commitments [2][3]. - SMIC has shifted its focus to power semiconductors, indicating a proactive approach to meet customer demands and adapt to market changes [4][5]. - Chipone Integrated Circuit is implementing a dual-track strategy of self-research and foundry services, achieving significant revenue growth and marking its first quarterly profit [8][9]. Group 2: Market Dynamics - The semiconductor market is experiencing a transformation due to the explosive growth in AI chip demand and the rise of automotive semiconductors, contrasting with the decline in consumer electronics [3][6]. - Geopolitical factors are reshaping the global supply chain, prompting domestic foundries to seek new paths amid increased external restrictions [3][17]. - The demand for automotive electronics and power devices is driving the growth of domestic foundries, with significant increases in revenue from these sectors [9][10]. Group 3: Financial Performance - SMIC reported a sales revenue of $2.209 billion in Q2 2025, with a capacity utilization rate of 92.5%, reflecting a 22% year-on-year growth [5][6]. - Huahong Semiconductor's Q2 2025 sales revenue reached $566.1 million, a year-on-year increase of 18.3%, with a projected revenue of $620-640 million for Q3 [15][16]. - Chipone Integrated Circuit's revenue for the first half of 2025 was $3.495 billion, a 21.38% increase year-on-year, with a notable growth in module packaging business [9][10]. Group 4: Challenges and Opportunities - The transition to new markets presents challenges, including high capital expenditures and long certification cycles for automotive products [7][22]. - The dual-track model adopted by Chipone Integrated Circuit offers both opportunities for higher margins and risks related to resource allocation [12]. - The collaboration between international firms like GlobalFoundries and domestic companies through technology licensing is emerging as a new paradigm, enhancing local capabilities [13][14].

智通财经APP讯，华虹半导体(01347)发布公告，根据《上海证券交易所上市公司自律监管指引第4号—- 停复牌》，公司人民币股份将于2025年8月18日(星期一)开市起于上海证券交易所科创板暂停买卖，为 期不超过10个交易日，以待于上海证券交易所科创板刊发公告。 ...

Core Viewpoint - Huahong Semiconductor (01347) announced that its RMB shares will be suspended from trading on the Shanghai Stock Exchange's Sci-Tech Innovation Board starting from August 18, 2025, for a period not exceeding 10 trading days, pending an announcement from the exchange [1] Summary by Category - **Company Announcement** - The company will have its RMB shares suspended from trading on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] - The suspension is set to begin on August 18, 2025, and will last for no more than 10 trading days [1] - The suspension is in accordance with the Shanghai Stock Exchange's self-regulatory guidelines [1]

格隆汇8月18日丨华虹半导体(01347.HK)发布公告，有关可能收购上海华力微电子有限公司股权("该交 易")。根据《上海证券交易所上市公司自律监管指引第4号—－停复牌》，公司人民币股份将于2025年8 月18日(星期一)开市起于上海证券交易所科创板暂停买卖，为期不超过10个交易日，以待于上海证券交 易所科创板刊发公告。于公司人民币股份暂停买卖期间，公司于香港联交所上市的股份将继续买卖。 ...

華虹半導體有限公司 （於香港註冊成立的有限公司） （股份代號：01347） 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 承董事會命 華虹半導體有限公司 董事長兼執行董事 唐均君先生 中國上海，二零二五年八月十八日 1 於本公告日期，本公司董事分別為： 執行董事 人民幣股份於上海證券交易所 暫停買賣的自願公告 茲提述本公司日期為二零二五年八月十七日的海外監管公告，內容有關可能收購 上海華力微電子有限公司股權（「該交易」）。 根據《上海證券交易所上市公司自律監管指引第4號 —－ 停復牌》，本公司人民幣 股份將於二零二五年八月十八日（星期一）開市起於上海證券交易所科創板暫停買 賣，為期不超過10個交易日，以待於上海證券交易所科創板刊發公告。 於本公司人民幣股份暫停買賣期間，本公司於香港聯合交易所有限公司上市的股 份將繼續買賣。 該交易須待本公司董事會及股東大會審議，以及主管監管機構批准、審核 ...