HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 01347) （股份代號：01347） （於香港註冊成立之有限公司） CONTENTS | Definitions | 2 | | --- | --- | | Key Financials | 6 | | Letter to Shareholders | 7 | | Corporate Information | 9 | | Directors and Senior Management Team | 12 | | Corporate Governance Report | 22 | | Directors' Report | 34 | | 2024 Environmental, Social and Governance Report | 66 | | Independent Auditor's Report | 293 | | Consolidated Statement of Profit or ...

| A 股代码：688347 | A 股简称：华虹公司 | 公告编号：2025-011 | | --- | --- | --- | | 港股代码：01347 | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于续聘会计师事务所的公告 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。 重要内容提示： 拟聘任的会计师事务所名称：安永华明会计师事务所（特殊普通合伙）（以 下简称"安永华明"）为华虹半导体有限公司（以下简称"公司"）中国企 业会计准则财务报告审计师，安永会计师事务所（以下简称"安永香港"） 为公司香港财务报告准则财务报告核数师。 一、 拟聘任会计师事务所的基本情况 （一）机构信息 1、安永华明 （1）基本信息 安永华明于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合 作的有限责任制事务所转制为特殊普通合伙制事务所。安永华明总部设在北京， 注册地址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。 截至 2024 年末拥有合伙人 251 人，首席合伙人为毛鞍宁 ...

此乃要件 请即处理 阁下对本通函任何方面或应采取的行动如有任何疑问，应咨询股票经纪或其他注册证券商、银行经 理、律师、专业会计师或其他专业顾问。 阁下如已售出或转让名下所有华虹半导体有限公司的股份，应立即将本通函连同随附的代表委任表 格转交予买主或承让人、或经手买卖或转让的银行、股票经纪或其他代理人，以便转交买主或承让 人。 香港交易及结算所有限公司及香港联合交易所有限公司对本通函的内容概不负责，对其准确性或完 整性亦不发表任何声明，并明确表示，概不对因本通函全部或任何部分内容而产生或因倚赖该等内 容而引致的任何损失承担任何责任。 HUA HONG SEMICONDUCTOR LIMITED 华虹半导体有限公司 二零二五年四月八日 (2) 二零二四年度溢利分配预案 ； (3) 建议授出购回股份及发行股份的一般授权 ； (4) 建议修订组织章程细则 ； 及 (5) 股东周年大会通告 华虹半导体有限公司谨订于二零二五年五月八日下午二时三十分在香港金钟道88号太古广场港丽酒 店举行股东周年大会，大会通告载于本通函第34至38页。随函亦附奉股东周年大会适用的代表委任 表格。该代表委任表格亦于香港交易及结算所有限公司的 ...

关于召开 2025 年股东周年大会的通知 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。 重要内容提示： | 证券代码：688347 | 证券简称：华虹公司 | 公告编号：2025-012 | | --- | --- | --- | | 港股代码：01347 | 港股简称：华虹半导体 | | 华虹半导体有限公司 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025 年股东周年大会 召开日期时间：2025 年 5 月 8 日 14 点 30 分 召开地点：香港金钟道 88 号太古广场港丽酒店 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 8 日 至 2025 年 5 月 8 日 股东大会召开日期：2025年5月8日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、 ...

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3月31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4月7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 | | | | 1,317,317,713 | | 0 | | 1,317,317,71 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a Q4 2024 revenue of 3.886 billion yuan, representing a year-over-year increase of 18.5% and a quarter-over-quarter increase of 3.07%. The gross margin was 18.07%, with a net loss of 197 million yuan primarily due to foreign exchange losses. The total revenue for 2024 was 14.388 billion yuan, with a gross margin of 17.43% and a net profit attributable to shareholders of 381 million yuan, aligning with forecasts [4][5] - The company’s ASP has shown positive growth for two consecutive quarters, with a Q4 2024 ASP of $444 per wafer, a quarter-over-quarter increase of 1.3%. The overall capacity utilization rate was 103.2% [5] - The company has adjusted its profit forecasts, projecting net profits of 881 million yuan for 2025 and 1.184 billion yuan for 2026, with a new forecast for 2027 set at 1.559 billion yuan. The corresponding PE ratios for 2025-2027 are 90, 67, and 51 respectively [5] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 14.388 billion yuan in 2024 to 17.558 billion yuan in 2025, with a year-over-year growth rate of 22% [4][7] - The net profit attributable to shareholders is expected to increase significantly from 381 million yuan in 2024 to 881 million yuan in 2025, reflecting a year-over-year growth rate of 131.4% [4][7] - The gross margin is anticipated to decline from 17.4% in 2024 to 13% in 2025, indicating a shift in profitability dynamics [4][7]

Group 1 - The core point of the news is that Huahong Company (688347.SH) is currently trading at 45.88 yuan, reflecting a decline of 3.94% and is in a state of breaking its initial public offering price [1] - Huahong Company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 7, 2023, with an issuance of 407,750,000 shares, accounting for 23.76% of the total share capital after issuance, at a price of 52.00 yuan per share [1] - The total amount raised by Huahong Company during its IPO was 2,120,300,000 yuan, with a net amount of 2,092,067,700 yuan, exceeding the original plan by 2.921 billion yuan [1] Group 2 - The company plans to use the raised funds of 18 billion yuan for projects including Huahong Manufacturing (Wuxi), optimization and upgrading of the 8-inch factory, innovation and research in specialized technology, and to supplement working capital [1] - The total issuance costs for the public offering of new shares amounted to 282,323,000 yuan, including underwriting fees of 260,586,000 yuan [1] - Investors participating in the strategic placement of Huahong Company received a total of 203,875,000 shares during the IPO, with the lead underwriters receiving 8,155,000 shares each, corresponding to an investment amount of 424,060,000 yuan [2]

Core Points - The audit report for Huahong Semiconductor Co., Ltd. for the fiscal year 2024 was issued by Ernst & Young Huaming, confirming the financial statements with no reservations [1][2] - The report includes a summary table of non-operating fund occupation and other related fund transactions for the year 2024, as required by regulatory guidelines [1][2] Summary by Sections Audit Overview - The audit covered the consolidated and company balance sheets as of December 31, 2024, along with the income statement, statement of changes in equity, and cash flow statement for the fiscal year [1] - The audit report was issued on March 27, 2025, under the reference number 70013197_B02 [1] Non-Operating Fund Occupation - Huahong Semiconductor is responsible for the truthful, legal, and complete preparation and disclosure of the summary table [2] - The summary table should be read in conjunction with the audited financial statements for a better understanding of the non-operating fund occupation and related transactions [2] Related Party Transactions - The summary table includes details on non-operating fund occupation and other related party transactions, with specific amounts and reasons for the transactions [4][5] - The total amount of non-operating fund occupation and related transactions is detailed, indicating the financial interactions with related parties [5]

Group 1 - The audit report indicates that the financial statements of Huahong Semiconductor Co., Ltd. fairly reflect its financial position as of December 31, 2024, and its operational results for the year 2024 [1][2] - The audit was conducted in accordance with Chinese CPA auditing standards, ensuring independence and adherence to professional ethics [1][2] - Key audit matters included long-term asset impairment and the fair value determination of equity investments, which were significant due to their complexity and the management's judgment involved [2][3] Group 2 - The company is responsible for preparing financial statements in accordance with accounting standards, ensuring they reflect a true and fair view of its financial position [4][5] - The management is tasked with assessing the company's ability to continue as a going concern and disclosing relevant matters [5] - The governance layer oversees the financial reporting process, ensuring compliance and accuracy [5] Group 3 - The financial statements are prepared based on the going concern assumption, and the company has adopted specific accounting policies and estimates relevant to its operations [8][9] - The company’s financial reporting is in compliance with the accounting standards issued by the Ministry of Finance, ensuring transparency and reliability [8][9] - The company’s functional currency is the US dollar, while the financial statements are presented in Renminbi [9] Group 4 - The company has established significant accounting policies regarding inventory, fixed assets, and financial instruments, ensuring accurate measurement and reporting [10][11] - The impairment of long-term assets and the valuation of equity investments are critical areas requiring significant management judgment [2][3] - The company employs a perpetual inventory system and measures inventory at the lower of cost or net realizable value [24]

Core Viewpoint - The special report on the use and storage of raised funds by Huahong Semiconductor Co., Ltd. for the year 2024 has been verified, confirming compliance with regulatory requirements and accurately reflecting the company's fundraising activities and fund management practices [2][3]. Fundraising Basic Situation - The company was approved to publicly issue 40,775,000 shares at a price of RMB 52.00 per share, raising a total of RMB 2,120,300,000. After deducting various fees totaling RMB 28,232,300, the net amount raised was RMB 2,092,067,700, which was fully received by July 31, 2023 [4]. - As of December 31, 2024, the actual received fundraising amount was RMB 2,094,241,400, with total expenses of RMB 1,416,476,670 for investment projects, resulting in a remaining balance of RMB 696,643,960 in the special account [4]. Fund Management Situation - The company has established a fundraising management system to regulate the use and management of raised funds, ensuring compliance with relevant laws and protecting shareholder rights [5]. - A special account storage system has been implemented, with agreements signed with various banks and securities firms to ensure proper oversight of the raised funds [5][6]. Fund Usage - The company has authorized the use of temporarily idle raised funds for cash management, with all cash management products redeemed by August 22, 2024, leaving a balance of zero [8]. - The company has utilized self-owned funds for part of the investment project payments and will regularly transfer equivalent amounts from the special account to its own funds [8].