1月28日，光刻机巨头阿斯麦(ASML)发布2025年第四季度及全年财报。2025年第四季度，ASML实现净 销售额97亿欧元，毛利率为52.2%，净利润达28亿欧元。ASML第四季度的新增订单金额为132亿欧元， 其中74亿欧元为EUV光刻机订单。 根据财报，ASML2025年全年净销售额达327亿欧元，毛利率为52.8%，净利润为96亿欧元。截至2025年 底，ASML的未交付订单金额为388亿欧元。 "整体来看，市场呈现积极态势，对人工智能带来的需求持肯定态度，并为短期内的产能扩展积极进行 准备。预计该趋势将持续至2026年及未来几年。"傅恪礼表示。 对于2026年的市场预期，傅恪礼表示，得益于EUV销售额和装机售后服务业务的增长，预计2026年将 延续增长态势，成为ASML又一个业务增长之年。公司将持续投资人才和业务布局，以支持2026年及未 来的长期增长。 具体业务板块，ASML首席财务官戴厚杰表示，预计2026年EUV业务将实现显著增长，相关收入较2025 年明显提升。预计非EUV业务整体上将与2025年基本持平。各个细分领域的表现有所不同，其中，在 先进逻辑芯片和存储芯片领域，预计相关的非EUV ...

Group 1: Company Performance - iFlytek expects a net profit of 785 million to 950 million yuan in 2025, representing a year-on-year growth of 40% to 70% [1] - SK Hynix reported an annual operating profit of 47.2 trillion won and a sales revenue of 97.1 trillion won for the year [2] - Good Idea announced that its subsidiary, Mingming Henmang, officially listed on the Hong Kong Stock Exchange, with the company holding 5.8355% of the shares [3] Group 2: Investment and Financing - Goldman Sachs predicts an influx of 3.6 trillion yuan into the Chinese stock market by 2026, driven by individual and institutional investors [2] - Digital Edge plans to invest 4.5 billion USD in building a large-scale data center park in Indonesia, marking its largest infrastructure project to date [8] Group 3: New Products and Innovations - Sunrise launched its new generation inference chip S3, which features a fourfold increase in memory capacity compared to the previous generation [9] - Black Sesame Intelligence released the FAD2.0 open platform, marking the A2000's entry into large-scale application [10]

智通财经编辑 | 文姝琪 在AI浪潮推动下，阿斯麦（ASML）过去一年在订单获取上取得历史性突破。 1月28日，ASML发布2025年第四季度及全年财报。财报数据显示，2025年第四季度，ASML实现净销售额97亿欧元，毛利率为52.2%，净利润达28亿欧元。 第四季度的新增订单金额为132亿欧元，其中74亿欧元为EUV光刻机订单。 智通财经记者 | 徐美慧 图片来源：ASML "近几个月来，基于对AI相关需求的可持续性的更强预期，许多客户作出了更加积极的中期市场评估。"ASML总裁兼首席执行官傅恪礼（Christophe Fouquet）表示，这使得客户显著上调了中期产能计划，推动其新增订单创下历史新高。 傅恪礼指出，过去几个月，行业对市场前景的预期明显改善，尤其是在人工智能应用相关的数据中心及基础设施建设方面。 他表示，这一趋势正转化为先进制程客户对产能的需求，涵盖逻辑芯片和存储芯片领域，并带动对最先进技术（尤其是 EUV）的需求增长。"近几个月来， DRAM和逻辑芯片客户均在加速其产能规划，并与我们展开相关合作。" 对于2026年，ASML预计第一季度净销售额在82亿至89亿欧元之间；全年净销售额在34 ...

每经AI快讯，1月28日，美股盘前，阿斯麦涨近5%，台积电涨2.5%。 ...

Core Viewpoint - The earnings reports from ASML Holding and SK Hynix indicate a strong alignment in the microchip industry, with ASML showing robust orders growth while SK Hynix is optimistic about future production capabilities [1] Group 1: ASML Holding - ASML Holding reported unexpectedly strong growth in orders, suggesting a positive outlook for the microchip equipment sector [1] - The company's performance reflects increasing demand for microchip manufacturing equipment, which is critical for the production of advanced semiconductors [1] Group 2: SK Hynix - SK Hynix announced plans to enhance its production capabilities, indicating confidence in the recovery of the memory chip market [1] - The company's strategy may lead to increased output, aligning with the growing demand for memory chips in various applications [1]

THE HAGUE, Netherlands (AP) — Dutch semiconductor chip machine maker ASML recorded a record net profit of 9.6 billion euros ($11.5 billion) in 2025 on sales of 32.7 billion euros fueled by AI-driven demand, the company reported Wednesday as it also announced plans to slash its workforce by about 1,700, about 4% of its workforce. The growth comes despite Dutch government restrictions on exports of machines that can be used to make chips that can be integrated into weapons systems. The measures, initially ...

Financial Performance - ASML reported total net sales of €32.7 billion and net income of €9.6 billion for the year 2025[1][25]. - In Q4 2025, total net sales reached €9.7 billion, with a gross margin of 52.2% and net income of €2.8 billion[5][6]. - For FY 2025, total net sales were €32.7 billion, with a gross margin of 52.8% and net income of €9.6 billion, resulting in earnings per share of €24.73[33]. - Q4 2025 net revenue reached €9.7 billion, with full-year revenue at €32.7 billion, a 16% increase from 2024[66]. - Net income for Q4 was €2.8 billion, with full-year net income at €9.6 billion[66]. - The company reported a significant increase in revenue, achieving a total of $6 billion, representing a year-over-year growth of 20%[101]. Future Outlook - For Q1 2026, ASML expects total net sales between €8.2 billion and €8.9 billion, with a gross margin between 51% and 53%[9]. - The company anticipates total net sales for 2026 to be between €34 billion and €39 billion, maintaining a gross margin of 51% to 53%[6][9]. - The outlook for Q1 2026 anticipates total net sales between €8.2 billion and €8.9 billion, with a gross margin between 51% and 53%[51]. - Full-year 2026 total net revenue is projected to be between €34 billion and €39 billion, maintaining a gross margin of 51% to 53%[69]. - Long-term revenue expectations for 2030 are between €44 billion and €60 billion, with a gross margin between 56% and 60%[77]. - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 25% and aiming for $7.5 billion in total revenue[101]. Shareholder Returns - ASML announced a new share buyback program of up to €12 billion to be executed by December 31, 2028[6][12]. - The company plans to declare a total dividend of €7.50 per ordinary share for 2025, a 17% increase compared to 2024[10]. - The company plans to return €8.5 billion to shareholders through dividends and share buybacks in 2025[33]. - The total dividend for 2025 is projected to be €7.50 per ordinary share, reflecting a 17% increase over 2024[76]. Market Demand and Trends - The company noted a positive medium-term market outlook driven by robust AI-related demand, reflected in increased capacity plans from customers[7][8]. - The semiconductor industry is projected to exceed $1 trillion in revenue by 2030, driven by AI adoption across various applications[28]. - AI applications are driving demand for advanced technology in DRAM and Logic, confirming previous forecasts[77]. - The market outlook has improved, particularly for AI applications, leading to increased capacity planning among customers[70]. Investments and Innovations - The company invested €1.3 billion in Mistral AI to accelerate AI-driven innovation in lithography and operations[33]. - ASML is focusing on strengthening engineering and innovation by streamlining its Technology and IT organizations[14]. - The qualification of the EXE:5200B tool is progressing well, with Intel accepting their first unit for high volume manufacturing[74]. - ASML anticipates continued growth in Low NA EUV utilization and litho-intensity as technology costs decrease[77]. - The company is investing heavily in R&D, allocating $500 million for the development of new technologies and innovations in the upcoming fiscal year[101]. Operational Metrics - Installed Base Management sales increased by 26% to €8.2 billion due to higher service and upgrade business[32]. - Installed Base revenue for Q4 was €2.1 billion, totaling €8.2 billion for the full year, driven by strong service revenue from EUV systems[66]. - EUV revenue is expected to significantly increase in 2026, while non-EUV system business is anticipated to remain flat[71]. - The Installed Base business is expected to grow in 2026, driven by demand for upgrades and increased output capacity[73]. - Inspection and metrology products have seen nearly 30% growth this year, indicating high demand and customer satisfaction[74]. Financial Position - Total assets increased to €50,566.6 million by December 31, 2025, up from €48,589.6 million in December 2024, reflecting a growth of approximately 4%[97]. - Cash and cash equivalents rose to €12,916.0 million in December 2025, compared to €12,735.9 million in December 2024, indicating a slight increase of about 1.4%[97]. - Current liabilities increased significantly to €24,263.9 million by December 31, 2025, from €20,051.4 million in December 2024, representing a rise of approximately 21%[97]. - Total shareholders' equity reached €19,612.2 million in December 2025, up from €18,476.8 million in December 2024, marking an increase of about 6.2%[97]. - Long-term debt remained stable at €2,709.0 million in December 2025, compared to €3,677.3 million in December 2024, showing a decrease of approximately 26.4%[97]. Cash Flow and Expenses - Cash flows from operating activities for the quarter ended December 31, 2025, amounted to €11,410.3 million, a significant increase from €9,544.8 million in the same quarter of the previous year[99]. - Cash flows from investing activities resulted in a net outflow of €1,006.3 million for the quarter ended December 31, 2025, compared to an outflow of €1,232.9 million in the previous year[99]. - Cash flows from financing activities showed a net outflow of €2,613.3 million for the quarter ended December 31, 2025, compared to an outflow of €567.4 million in the same quarter of the previous year[99]. - The company paid dividends totaling €619.2 million for the quarter ended December 31, 2025, consistent with the previous quarter's payment of €619.6 million[99]. - Depreciation and amortization expenses for the quarter ended December 31, 2025, were €255.2 million, slightly lower than €241.0 million reported in the same quarter of the previous year[99].

格隆汇1月28日｜美股盘前，半导体股普涨，阿斯麦涨约5%，此前公布了创纪录的第四季度订单量。美 光科技涨约5%，英特尔涨约5%，英伟达涨约2%。希捷科技涨约10%，公司Q2营收增21.5%，营业利润 率创历史新高，Q3收入指引超预期。 ...

Market Dynamics - The semiconductor market is currently experiencing significant changes driven by the AI infrastructure buildout [1] - There is a notable shortage of memory chips, which are essential for systems from companies like Nvidia and for consumer electronics such as smartphones and laptops [2][3] Demand and Supply - The unprecedented price rise in memory components is attributed to high demand and limited supply [2] - Memory chip manufacturers like Samsung and SKH are cautious about increasing capacity due to the cyclical nature of memory prices, but the AI boom is driving demand for memory chips [3] Production Capacity - Over the next 2 to 4 years, a substantial increase in production capacity is expected from companies like Samsung and SKH, which will involve bringing new production sites online and acquiring ASML machinery [4][5] - Memory chips accounted for more than half of ASML's orders in the last quarter, indicating strong demand in this segment [5] Capital Expenditure Cycle - The current capital expenditure cycle is distinct from previous cycles, focusing on memory chips rather than solely on Nvidia chips [6] - Chip makers are reporting record profits due to significant price increases, leading to reinvestment in capacity expansion [7] Long-term Outlook - Many chip manufacturers anticipate a longer-term increase in prices and demand compared to previous cycles, suggesting a more sustained growth trajectory [7]

AI行情仍在继续！ 1月28日，全球光刻机龙头阿斯麦（ASML）发布的财报显示，公司2025年第四季度净销售额达97亿欧元，创 纪录新高，超出市场预期。受人工智能芯片制造产能投资扩大推动，公司2025年第四季度的订单额达132亿欧 元，是分析师平均预期的2倍。阿斯麦还上调了业绩展望，预计2026年全年销售额将在340亿欧元至390亿欧元 之间，而分析师的预期为350亿欧元。 受上述强劲的财报刺激，美股夜盘交易时段，阿斯麦股价直线拉升，涨幅一度超过10% 。截至北京时间28日 15:50，阿斯麦的涨幅仍接近9%。若美股正式开盘后维持这一涨势，阿斯麦单日市值将增长超500亿美元，总 市值也将突破6000亿美元，再创历史新高。 另外，在欧洲股市，阿斯麦的股价涨超7%，创历史新高。 大超市场预期 阿斯麦预计，2026年第一季度公司的销售额在82亿欧元至89亿欧元之间，毛利率在51%至53%之间。 北京时间1月28日下午，阿斯麦（ASML）发布了2025年第四季度和全年业绩报告。数据显示，公司2025年全 年净销售额为327亿欧元，净利润为96亿欧元，均创历史新高。 更为亮眼的是，2025年第四季度，阿斯麦的净销售额为 ...