FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2026年3月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00981 | 說明 | 港股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發 ...

Market Overview - The Hang Seng Index opened with a gain of 1.31%, reaching 25,740.29, while the Hang Seng Tech Index rose by 2% to 5,040.80 [1][2]. Sector Performance - Technology stocks experienced a collective increase, with notable gains from Bilibili (up over 4%), XPeng Motors (up over 3%), and other major players like Baidu, SMIC, and Xiaomi, all rising by over 2% [2][3]. Individual Stock Movements - Bilibili-W saw a rise of 4.05%, reaching a price of 205.60 [3]. - XPeng Motors-W increased by 3.85%, with a current price of 72.80 [3]. - Other significant gainers included Huahong Semiconductor (up 2.92% to 89.85), Kuaishou-W (up 2.89% to 62.30), and JD Health (up 2.89% to 50.60) [3]. GEO Concept Stocks - GEO concept stocks led the gains, with Zhiyun rising over 12% and Kingsoft Cloud increasing by over 5% [4]. Notable Stock Movements - Contemporary Amperex Technology Co., Ltd. (CATL) saw an increase of nearly 6% [5].

Investment Rating - The report indicates a positive investment outlook for the mobile gaming industry, particularly in the advertising monetization segment, which is expected to grow significantly by 2025 [4][5]. Core Insights - By 2025, global mobile game revenue is projected to exceed $500 billion, accounting for 55% of total global game revenue, with advertising monetization reaching $9.8 billion, a 15% year-on-year increase [4]. - The mobile game advertising market is entering a phase of "stock cultivation and structural optimization," with over 70% of advertising budgets directed towards mid-to-heavy games and high DAU casual games [5]. - The integration of generative AI is transforming the advertising material production chain, leading to explosive growth in material output and improved click-through rates for incentivized video ads [6]. - In China, the mobile gaming market is expected to achieve actual sales revenue of approximately ¥257.08 billion, a 7.92% year-on-year increase, driven by the normalization of game license issuance and the rise of high-quality new games [7]. Summary by Sections Global Overview - The global mobile gaming market is experiencing steady revenue growth, with a year-on-year increase of 1%-2% expected [18]. - The download share on Google Play has decreased from 85% in 2022 to 74% in 2025, while the App Store's share has increased from 15% to 26%, indicating a shift towards higher-value users [18]. Global Mobile Game Advertising Monetization - The eCPM for incentivized video ads in the US and Europe has significantly increased, reaching $27.03 in 2025, doubling from the previous year [43]. - The overall eCPM performance is highest in Europe, followed by Japan and South Korea, with emerging markets like Southeast Asia and Latin America still in the growth phase [43]. China Market Insights - The mobile game advertising revenue in China is projected to reach ¥11.68 billion in 2025, reflecting a 9.1% year-on-year growth [7]. - The competition in the mid-to-heavy mobile game segment is intensifying, leading developers to explore diverse advertising monetization strategies [7]. Technological Innovations - AI is expected to penetrate deeply into the advertising monetization process, enhancing operational capabilities towards precision and intelligence [8]. - The report emphasizes the importance of localized operations and continuous iteration of monetization models to foster sustainable development in the industry [6].

Investment Rating - The investment rating for the semiconductor industry is maintained as "Buy" for specific companies such as SMIC and Haiguang Information, while Huahong is not rated [2][7]. Core Insights - The semiconductor industry is experiencing a structural increase in prosperity driven by strong demand for AI computing power, leading to significant price increases across the supply chain, ranging from 10% to 80% [3]. - The AI Agent era is redefining the value of CPUs, which are now critical for AI responsiveness and cost efficiency, resulting in a shortage of CPUs in the market [4]. - The report highlights a divergence in recovery within the semiconductor industry, with leading companies like Baiwei Storage seeing substantial profit increases, while many others continue to struggle with losses [3]. Industry Dynamics - The semiconductor sector is witnessing a price surge due to AI infrastructure demands, with the global AI chip market projected to grow from $11 billion in 2019 to $72.6 billion by 2025 [3]. - The utilization rate of SMIC's production capacity is reported at 93.5%, contrasting with the financial struggles of many other chip companies [3]. - The report notes that the semiconductor industry is not experiencing a broad recovery but rather a localized increase in prosperity centered around AI technologies [3]. Company Focus and Earnings Forecast - Key companies to watch include: - SMIC (688981.SH): Price at 106.5, EPS forecast for 2026 at 0.77, with a PE ratio of 137.76, rated as "Buy" [7]. - Huahong (688347.SH): Price at 117.79, EPS forecast for 2026 at 0.64, currently unrated [7]. - Tian Shu Zhi Xin (9903.HK): Price at 259.6, EPS forecast for 2026 at -1.78, rated as "Buy" [7]. - Haiguang Information (688041.SH): Price at 241.9, EPS forecast for 2026 at 2, rated as "Buy" [7]. - Xinyuan (688521.SH): Price at 240.85, EPS forecast for 2026 at 0.33, rated as "Increase" [7]. Market Trends - The semiconductor index showed a decline of 5.57% during the week of March 2-6, 2026, indicating a volatile market environment [13]. - The report indicates that the semiconductor materials sector experienced the largest decline of 8.97% during the same period [16]. - The report also highlights that the demand for NAND and DRAM chips is increasing due to AI applications, with NAND prices rising significantly [52][66].

Investment Rating - The investment rating for the semiconductor industry is maintained as "Buy" for specific companies such as SMIC and Haiguang Information, while Huahong is not rated [2][7]. Core Insights - The semiconductor industry is experiencing a structural increase in prosperity driven by strong demand for AI computing power, leading to significant price increases across the supply chain, with price hikes ranging from 10% to 80% [3]. - The AI Agent era is redefining the value of CPUs, which are now critical for AI responsiveness and cost efficiency, resulting in a shortage of CPUs in the market [4]. - The report highlights a divergence in the industry's recovery, with leading companies like Baiwei Storage seeing substantial profit increases, while many chip companies continue to struggle with losses [3]. Industry Dynamics - The semiconductor sector is witnessing a price surge due to AI infrastructure demands, with the global AI chip market expected to grow from $11 billion in 2019 to $72.6 billion by 2025 [3]. - The semiconductor index showed a decline of 5.57% during the week of March 2-6, 2026, indicating a volatile market environment [13]. - The semiconductor materials sector experienced the largest decline of 8.97%, while the digital chip design sector saw the smallest decline of 4.52% during the same period [16]. Company Focus and Earnings Forecast - Key companies to watch include SMIC, Huahong, Tian Shu Zhi Xin, Haiguang Information, and Xinyuan [5]. - SMIC's earnings per share (EPS) is projected to increase from 0.46 in 2024 to 0.77 in 2026, with a price-to-earnings (PE) ratio decreasing from 231.52 to 137.76 [7]. - Tian Shu Zhi Xin is expected to improve its EPS from -5.89 in 2024 to -1.78 in 2026, with a significant negative PE ratio [7]. Global Semiconductor Sales - Global semiconductor sales reached $82.54 billion in January 2026, marking a 46.1% year-on-year increase, with China contributing $22.82 billion [35]. - The sales of semiconductor equipment in China reached $14.56 billion in Q3 2025, reflecting a 12.61% year-on-year growth [39]. NAND Flash Market Insights - The NAND Flash market is projected to see a revenue increase of 23.8% in Q4 2025, driven by AI infrastructure demands and a shortage of mechanical hard drives [63]. - Major NAND manufacturers are expected to maintain high prices due to supply-demand imbalances, with price increases projected at 85% to 90% in Q1 2026 [65].

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company is the third-largest foundry globally, benefiting from the rise of domestic enterprises and the trend of localized manufacturing [1][11] - The semiconductor industry has long-term growth potential, characterized by cyclical and growth aspects, with global semiconductor sales expected to reach a record high of $791.6 billion in 2025 [2][34] - The company's revenue is projected to grow from $31 billion in 2017 to $93 billion in 2025, with a CAGR of 15% [20] - The company maintains a high capacity utilization rate, expected to reach 95.7% by Q4 2025, driven by the increasing demand from Chinese chip design companies [2][55] Financial Projections - Revenue and net profit forecasts for 2025 are $9.3 billion and $685 million, respectively, with a net profit CAGR of 18% from 2017 to 2025 [4][20] - The company’s gross margin is expected to be 21% in 2025, with over 90% of revenue coming from integrated circuit foundry services [23][29] - The company plans to increase its capital expenditure significantly, reaching $8.1 billion by 2025 to support capacity expansion [56][59] Market Dynamics - The company is positioned to benefit from the increasing number of Chinese chip design firms, which are expected to grow from 1,380 in 2017 to 3,901 by 2025, with a CAGR of 14% [43] - The demand for 12-inch wafers is rising, with their revenue share expected to increase to 77% by 2025, while the share of 8-inch wafers declines to 23% [29][31] - The global semiconductor sales are projected to continue double-digit growth into 2026, indicating a robust market environment [34]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2026年3月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 第 1 頁 共 7 頁 v 1.3.0 | 2). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | | 32,561 | 0.00041 % | HKD | 0.031 | | | --- | --- | --- | --- | --- | --- | --- | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | 非本公司董事因行使根據2024年股份獎勵計劃(於2023年6月28日獲 | | | | | | | | 採納)所授予的限制性股票单位而發行的普通股股份 | | | | | | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2026年3月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 是 | | | | 證券代號 (如上市) | 00981 | 說明 港股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | | 已 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company is the third-largest foundry globally, benefiting from the rise of domestic enterprises and the trend of localized manufacturing [1][11] - The semiconductor industry has long-term growth potential, characterized by cyclical and growth aspects, with global semiconductor sales expected to reach a record high of $791.6 billion in 2025 [2][34] - The company’s revenue is projected to grow from $31 billion in 2017 to $93 billion in 2025, with a CAGR of 15% [20] - The company’s net profit is expected to recover to $685 million in 2025, following a significant decline in previous years [4][20] Financial Projections - Revenue and net profit forecasts for the company are as follows: - 2023: Revenue of $6.32 billion, Net profit of $903 million - 2024: Revenue of $8.03 billion, Net profit of $493 million - 2025: Revenue of $9.33 billion, Net profit of $685 million - 2026: Revenue of $11.01 billion, Net profit of $876 million - 2027: Revenue of $12.53 billion, Net profit of $1.03 billion [4] - The company’s capital expenditure is expected to increase significantly, reaching $8.1 billion by 2025 [56] Market Position and Capacity - The company’s production capacity is expected to reach 1.059 million 8-inch wafers per month by the end of 2025, with an additional 40,000 12-inch wafers expected by the end of 2026 [59] - The company has maintained a high capacity utilization rate, exceeding that of its competitors since Q2 2023 [55] Revenue Composition - Over 90% of the company’s revenue comes from wafer foundry services, with 12-inch wafers accounting for 77% and 8-inch wafers for 23% of the revenue by 2025 [29] - The downstream revenue composition includes consumer electronics (43%), smartphones (23%), computers and tablets (15%), industrial and automotive (11%), and IoT and wearables (8%) [29] Industry Trends - The rise of Chinese chip design companies is driving demand for localized manufacturing, contributing to the company’s growth [43] - The global semiconductor industry is expected to continue its upward trend, with significant growth in fabless companies, which are projected to increase from 1 in 2008 to 5 by 2024 [2][38]

Summary of SMIC Conference Call Company Overview - **Company**: SMIC (Semiconductor Manufacturing International Corporation) - **Stock Codes**: 0981.HK (H-share), 688981.SS (A-share) - **Industry**: Semiconductor Manufacturing Key Points 1. Positive Outlook on China's Semiconductor Capital Expenditure - Management expresses optimism regarding the ongoing up-cycle in China's semiconductor capacity expansions, expecting elevated capital expenditure (capex) levels to persist through 2030 driven by advanced logic and memory sectors [2][4] - The growth in capex is anticipated to narrow the gap between domestic supply chains and international leaders, supporting local semiconductor equipment (SPE) companies [2] 2. Technology Migration Trends - Domestic fabless customers are reportedly advancing in technology, which is expected to bolster SMIC's growth [3] - Recent years have seen an increase in the presence of Chinese fabless companies in both domestic and global markets, attributed to continuous product development and rapid technology iterations [3] 3. Investment Thesis for SMIC - SMIC is recognized as the largest foundry in China by capacity and revenue, covering a wide range of technology from 0.35um to 14nm for various applications including smartphones and automotive [4] - Long-term growth is supported by increasing demand from local fabless customers, with expectations of a gradual recovery in margins due to improved utilization rates offsetting pricing competition and depreciation pressures [4][8] 4. Valuation and Price Targets - The 12-month target price for SMIC's H-share is set at HK$134.00, reflecting an upside potential of 114.2% based on an 80.3x 2028E P/E ratio [9][11] - The target price for the A-share is Rmb241.60, representing a 196% premium over the H-share, consistent with historical averages [9] 5. Risks to Investment Thesis - Key risks include weaker-than-expected demand in smartphones and consumer electronics, slower product diversification and capacity expansions, and potential restrictions on access to certain equipment/materials due to the company's listing on the US BIS Entity List [10] 6. Financial Projections - Projected revenue growth from $9.33 billion in 2025 to $16.66 billion by 2028, with EBITDA increasing from $4.92 billion to $8.51 billion over the same period [11] 7. Analyst Ratings - SMIC is rated as a "Buy" for both A and H shares, indicating strong confidence in the company's growth potential and market position [8][9] Additional Insights - The semiconductor industry in China is experiencing a significant transformation, with local companies increasingly investing in technology and capacity to compete globally [2][3] - The positive sentiment from management reflects a broader trend of recovery and growth within the semiconductor sector, driven by domestic demand and technological advancements [2][3][4]