智通财经7月17日电，台积电预计第三季度销售额318亿美元至330亿美元，预估317.2亿美元，预计第三 季度营业利益率45.5％至47.5％，预估46.9％。台积电仍然预测全年资本支出380亿美元至420亿美元。 ...

Financial Performance - TSMC's net revenue reached NT$93379 billion, a 113% increase compared to 1Q25 and a 386% increase compared to 2Q24[6] - Net revenue in US dollars was $3007 billion, up 178% from 1Q25 and 444% from 2Q24[6] - Gross margin was 586%, slightly down 02 percentage points from 1Q25 but up 4+5 percentage points from 2Q24[6] - Operating margin was 496%, up 11 percentage points from 1Q25 and 71 percentage points from 2Q24[6] - Net income attributable to shareholders of the parent company was NT$39827 billion, up 102% from 1Q25 and 607% from 2Q24[6] Revenue Breakdown - 5nm technology contributed 36% of revenue[8] - 3nm technology contributed 24% of revenue[8] - 7nm technology contributed 14% of revenue[8] - HPC platform accounted for 60% of revenue[13] - Smartphone platform accounted for 27% of revenue[13] Growth Rate by Platform (QoQ) - HPC platform grew by 30%[15] - Smartphone platform grew by 6%[15] - IoT platform grew by 14%[15] 3Q25 Guidance - Revenue is expected to be between US$318 billion and US$330 billion[21] - Gross profit margin is projected to be between 555% and 575%[21] - Operating profit margin is expected to be between 455% and 475%[21]

Taiwan Semiconductor Manufacturing Co. reported a better-than-expected 61% jump in profit for the June quarter, bolstering confidence in the momentum of the global AI spending spree. https://t.co/5899DaQHH5 ...

Core Insights - Taiwan Semiconductor Manufacturing Company (TSMC) reported a nearly 61% year-on-year increase in second-quarter profit, driven by strong demand for artificial intelligence chips [1] - TSMC's net revenue for the June quarter rose 38.65% year-on-year to NT$933.80 billion ($31.7 billion), surpassing estimates [2][5] - The company is benefiting from the growing trend towards AI, producing advanced processors for major clients like Nvidia and Apple [2] Financial Performance - Second-quarter net profit reached a record high of NT$398.27 billion, exceeding expectations of NT$377.86 billion [5] - TSMC's revenue of NT$933.80 billion also beat the forecast of NT$931.24 billion [5] Market Dynamics - TSMC faces potential challenges from U.S. trade policies, including the threat of steep tariffs on Taiwan announced by President Trump [2][3] - U.S. export controls have limited TSMC's business with China, affecting key clients such as Nvidia and AMD, although recent assurances from the U.S. government may allow these companies to continue shipping products to China [4]

智通财经7月17日电，台积电表示，第二季度3纳米制程晶圆出货量占晶圆总营收的24%；5纳米占 36%；7纳米占14%。7纳米及更先进制程（定义为先进制程）占晶圆总营收的74%。 ...

若以美元计算， 台积电第二季度营收为300.7亿美元，较去年同期增长44.4%，较上一季度增长17.8%。 ...

[Q2 2025 Financial & Operational Highlights](index=4&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Highlights) [Q2 2025 Financial Performance Summary](index=4&type=section&id=2Q25%20Financial%20Performance%20Summary) In the second quarter of 2025, TSMC reported strong financial results, exceeding guidance with net revenue of NT$933.79 billion, marking a 38.6% year-over-year increase Q2 2025 Key Financial Metrics | Metric | 2Q25 | vs. 1Q25 | vs. 2Q24 | | :--- | :--- | :--- | :--- | | Net Revenue (NT$B) | 933.79 | +11.3% | +38.6% | | Net Revenue (US$B) | 30.07 | +17.8% | +44.4% | | Gross Margin | 58.6% | -0.2 ppts | +5.4 ppts | | Operating Margin | 49.6% | +1.1 ppts | +7.1 ppts | | Net Income (NT$B) | 398.27 | +10.2% | +60.7% | | Diluted EPS (NT$) | 15.36 | +10.2% | +60.7% | | Wafer Shipment (Kpcs, 12"-equiv.) | 3,718 | +14.1% | +19.0% | [Q2 2025 Revenue Breakdown](index=5&type=section&id=2Q25%20Revenue%20Breakdown) Advanced technologies (7nm and below) constituted 74% of total wafer revenue, with 3nm and 5nm processes being the largest contributors at 24% and 36% respectively - Advanced technologies, defined as 7-nanometer and more advanced, accounted for **74%** of total wafer revenue in Q2 2025[36](index=36&type=chunk)[45](index=45&type=chunk) Q2 2025 Revenue by Technology | Technology | Revenue Contribution | | :--- | :--- | | 3nm | 24% | | 5nm | 36% | | 7nm | 14% | | Advanced (≤7nm) | 74% | Q2 2025 Revenue by Platform | Platform | Revenue Contribution | | :--- | :--- | | High Performance Computing (HPC) | 60% | | Smartphone | 27% | | Internet of Things (IoT) | 5% | | Automotive | 5% | [Balance Sheet & Key Indices](index=7&type=section&id=Balance%20Sheets%20%26%20Key%20Indices) As of the end of Q2 2025, TSMC maintained a strong balance sheet with total assets of NT$7,006.35 billion Selected Balance Sheet Items (NT$ Billions) | Item | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | Cash & Marketable Securities | 2,634.43 | 2,703.09 | 2,048.64 | | Total Assets | 7,006.35 | 7,133.29 | 5,982.36 | | Total Liabilities | 2,389.72 | 2,531.66 | 2,162.22 | | Total Shareholders' Equity | 4,616.63 | 4,601.63 | 3,820.14 | Key Indices | Index | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | A/R Turnover Days | 23 | 28 | 28 | | Inventory Turnover Days | 76 | 83 | 83 | | Current Ratio (x) | 2.4 | 2.4 | 2.5 | [Cash Flow Summary](index=8&type=section&id=Cash%20Flows%20Summary) In Q2 2025, TSMC generated NT$497.07 billion in cash from operating activities, with capital expenditures of NT$297.22 billion Q2 2025 Cash Flow Highlights (NT$ Billions) | Item | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | Cash from operating activities | 497.07 | 625.57 | 377.67 | | Capital expenditures | (297.22) | (330.83) | (205.68) | | Free Cash Flow* | 199.85 | 294.74 | 171.99 | | Cash dividends | (116.70) | (103.72) | (90.76) | | Ending Balance | 2,364.52 | 2,394.80 | 1,799.13 | [Management Report and Analysis](index=17&type=section&id=Management%20Report%20and%20Analysis) [Revenue Analysis](index=18&type=section&id=Revenue%20Analysis) Q2 revenue increased 11.3% sequentially, driven by strong demand for industry-leading 3nm and 5nm technologies, partially offset by an unfavorable foreign exchange rate - The **11.3%** quarter-over-quarter revenue increase was supported by strong demand for 3nm and 5nm technologies, despite an unfavorable foreign exchange rate[45](index=45&type=chunk) - Revenue from the HPC platform grew **14%** sequentially, while the Automotive platform's revenue remained flat[46](index=46&type=chunk) Revenue by Geography | Geography | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | North America | 75% | 77% | 65% | | China | 9% | 7% | 16% | | Asia Pacific | 9% | 9% | 9% | | Japan | 4% | 4% | 6% | | EMEA | 3% | 3% | 4% | [Profit & Expense Analysis](index=18&type=section&id=Profit%20%26%20Expense%20Analysis) The company's profitability remained strong in Q2 2025, with improved operating margin and a significant one-time gain in non-operating items [Gross Profit Analysis](index=18&type=section&id=Gross%20Profit%20Analysis) Gross margin was 58.6% in Q2 2025, a minor decrease of 0.2 percentage points from Q1 2025, primarily due to unfavorable foreign exchange rates and overseas fab dilution - Gross margin decreased by **0.2 percentage points** sequentially to **58.6%**, mainly due to unfavorable foreign exchange rates and margin dilution from overseas fabs[49](index=49&type=chunk) [Operating Income Analysis](index=19&type=section&id=Operating%20Income%20Analysis) Total operating expenses decreased to NT$84.51 billion, representing 9.1% of net revenue, leading to an improved operating margin of 49.6% - Operating margin improved by **1.1 percentage points** to **49.6%**, as total operating expenses as a percentage of net revenue decreased from 10.2% in Q1 to 9.1% in Q2[51](index=51&type=chunk) [Non-Operating Items](index=19&type=section&id=Non-Operating%20Items) Non-operating items resulted in a gain of NT$29.61 billion, mainly driven by a one-time US$10 billion capital injection into TSMC Global - The increase in non-operating income was mainly due to a one-time capital injection of **US$10 billion** to TSMC Global, which reduced USD exposure during NTD appreciation[52](index=52&type=chunk) [Net Profit and EPS](index=19&type=section&id=Net%20Profit%20and%20EPS) Net income attributable to shareholders rose 10.2% sequentially to NT$398.27 billion, with an increased effective tax rate of 19.4% - The effective tax rate rose to **19.4%** in Q2 2025, mainly reflecting the tax on undistributed retained earnings[54](index=54&type=chunk) [Financial Condition Review](index=20&type=section&id=Financial%20Condition%20Review) The company's financial condition remains robust, with stable liquidity, improved operational efficiency, and increased net cash reserves [Liquidity Analysis](index=20&type=section&id=Liquidity%20Analysis) Net working capital was NT$1,887.61 billion, and the current ratio remained stable at 2.4x, despite a slight decrease in total current assets - Net working capital was **NT$1,887.61 billion** and the current ratio was **2.4x** in Q2 2025[57](index=57&type=chunk) [Receivable/Inventory Days](index=20&type=section&id=Receivable%2FInventory%20Days) Operational efficiency improved as days of receivable decreased by 5 days to 23 days, and days of inventory decreased by 7 days to 76 days - Days of receivable decreased by **5 days to 23**, and days of inventory decreased by **7 days to 76**, mainly due to higher N3 and N5 wafer shipments[59](index=59&type=chunk) [Debt Service](index=20&type=section&id=Debt%20Service) Net cash reserves increased by NT$2.21 billion to NT$1,656.54 billion, primarily due to a decrease in interest-bearing debts from foreign exchange rate changes - Interest-bearing debts decreased by **NT$70.87 billion**, mainly due to changes in foreign exchange rates[61](index=61&type=chunk) [Cash Flow Analysis](index=21&type=section&id=Cash%20Flow%20Analysis) In Q2, net cash from operations was NT$497.07 billion, impacted by a significant income tax payment, leading to a sequential decrease in free cash flow [Quarterly Cash Flow Summary](index=21&type=section&id=Quarterly%20Cash%20Flow%20Summary) Net cash from operations was NT$497.07 billion, with main uses in capital expenditures and dividend payments, resulting in a decrease in the cash position - Net cash from operating activities was **NT$497.07 billion**. The main uses of cash were capital expenditures (**NT$297.22B**) and dividend payments (**NT$116.70B**)[62](index=62&type=chunk)[63](index=63&type=chunk) [Free Cash Flow](index=21&type=section&id=Free%20Cash%20Flow) Free cash flow for Q2 2025 was NT$199.85 billion, a decrease of NT$94.89 billion from the previous quarter, mainly due to a large income tax payment - Free cash flow decreased by **NT$94.89 billion** to **NT$199.85 billion** in Q2 2025, mainly due to a large income tax payment[65](index=65&type=chunk) [Capital Expenditures (CapEx)](index=21&type=section&id=Capital%20Expenditures%20%28CapEx%29) On a consolidated basis, TSMC's capital expenditures totaled US$9.63 billion in the second quarter of 2025 Capital Expenditures (US$ Billions) | Period | Capital Expenditures | | :--- | :--- | | 2Q25 | 9.63 | | 1Q25 | 10.06 | | YTD 2025 | 19.69 | [Recent Corporate Developments](index=9&type=section&id=Recent%20Corporate%20Developments) [Key Announcements](index=9&type=section&id=Key%20Announcements) During the quarter, TSMC announced several key initiatives, including research collaborations, shareholder returns, and sustainability commitments - **Technology & Research:** Launched "TSMC-UTokyo Lab" for advanced semiconductor research and unveiled the next-generation A14 process technology[21](index=21&type=chunk)[68](index=68&type=chunk) - **Shareholder Returns:** The Board of Directors approved a NT$5.00 cash dividend for the first quarter of 2025, with distribution scheduled for October 9, 2025[21](index=21&type=chunk)[68](index=68&type=chunk) - **ESG Commitment:** Committed to an ambitious carbon reduction path in line with the Science Based Targets initiative[21](index=21&type=chunk)[68](index=68&type=chunk) [Detailed Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Detailed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) [Consolidated Condensed Balance Sheets](index=11&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) The unaudited balance sheet as of June 30, 2025, shows total assets of NT$7,006.35 billion, with total liabilities decreasing and shareholders' equity increasing year-over-year Balance Sheet Summary (NT$ Millions) | Item | June 30, 2025 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | | Total Assets | 7,006,350 | -1.8% | +17.1% | | Total Liabilities | 2,389,718 | -5.6% | +10.5% | | Total Shareholders' Equity | 4,616,632 | +0.3% | +20.8% | [Consolidated Condensed Statements of Comprehensive Income](index=12&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income) For Q2 2025, net revenue was NT$933.79 billion, with net income attributable to shareholders increasing 60.7% year-over-year Quarterly Income Statement Summary (NT$ Millions) | Item | 2Q 2025 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenue | 933,792 | +11.3% | +38.6% | | Gross Profit | 547,369 | +10.9% | +52.8% | | Income from Operations | 463,423 | +13.8% | +61.7% | | Net Income (Parent) | 398,273 | +10.2% | +60.7% | Six-Month Income Statement Summary (NT$ Millions) | Item | H1 2025 | YoY Change | | :--- | :--- | :--- | | Net Revenue | 1,773,046 | +40.0% | | Gross Profit | 1,040,764 | +54.7% | | Income from Operations | 870,504 | +62.5% | | Net Income (Parent) | 759,837 | +60.5% | [Consolidated Condensed Cash Flow Statements](index=14&type=section&id=Consolidated%20Condensed%20Cash%20Flow%20Statements) For the six months ended June 30, 2025, net cash generated by operating activities was NT$1,122.64 billion, with significant cash used in investing and financing activities Six-Month Cash Flow Summary (NT$ Millions) | Item | H1 2025 | | :--- | :--- | | Net Cash Generated by Operating Activities | 1,122,638 | | Net Cash Used In Investing Activities | (518,681) | | Net Cash Used in Financing Activities | (204,366) | | Net Increase in Cash and Cash Equivalents | 236,897 |

智通财经7月17日电，台积电第二季度净利润3983亿元台币，预估3764.2亿元台币。 ...

| 台棋电 | 12321 | 1 0.26% | 237.56 | | --- | --- | --- | --- | | 特斯拉 | 10360 | 1 3.5% | 321.67 | | 甲骨文 | 6777 | 1 2.7% | 241.3 | | 腾讯 | 6011 | 1 0.35% | 66.27 | | 奈飞 | 5320 | + -0.79% | 1250.31 | | SAP SAP | 3569 | ↑ 1.47% | 306.02 | | O Palantir | 3561 | ↑ 1.57% | 150.91 | | ASML 阿斯麦 | 3238 | + -8.33% | 754.45 | | 三星 | 3056 | ↑ 1.08% | 47.05 | | 阿里巴巴 | 2766 | + -1.06% | 115.73 | | cisco 思科 | 2667 | 1 0.28% | 67.37 | | IEM IBM | 2620 | + -0.28% | 281.92 | | AMD | 2595 | ↑ 2.87% | 160.08 | | 赛富时 | 2466 | 1 0.1 ...

Group 1 - TSMC has begun mass production of 4nm chips at its Arizona factory, marking the first large-scale production of advanced process chips in the U.S. after nearly four years of challenges [1] - TSMC plans to build three fabs in Phoenix, Arizona, with the first fab (Fab21) for 4nm, the second for 3nm, and the third expected to produce 2nm or more advanced technology by around 2030 [2] - The total investment for the three factories is projected to reach $65 billion, which will enable the U.S. to produce approximately 20% of the world's advanced chips, a significant increase from nearly zero capacity in the past [3] Group 2 - The establishment of TSMC in the U.S. is seen as a significant achievement of the Democratic administration over the past four years, addressing the semiconductor shortfall in the U.S. [4] - However, this move also reduces U.S. dependence on Taiwan, potentially mitigating strategic considerations in the event of a Taiwan Strait crisis [5] Group 3 - Many tech companies in the U.S. are "fabless," focusing on design while outsourcing manufacturing to companies like TSMC and Foxconn [6] - TSMC faces challenges in hiring suitable workers in the U.S., with cultural differences and local workforce issues impacting operations [7] Group 4 - A senior engineer from Taiwan noted that the semiconductor industry in the U.S. is perceived as a blue-collar job, with American workers not viewing it as prestigious [8] - TSMC's success is attributed to a militarized work environment that emphasizes hard work, respect for authority, and strict work ethics [9] Group 5 - TSMC's chairman compared the cost and quality of food in the U.S. to Taiwan, indicating that production costs for chips in the U.S. are high and challenging [10] - Employee satisfaction ratings for TSMC on U.S. job sites are low, reflecting cultural and operational challenges [12] Group 6 - The production of a single wafer involves thousands of steps and can take months, with any contamination rendering the chips unusable [13] - TSMC maintains high standards for employee behavior and cleanliness in its manufacturing environment [15] Group 7 - Currently, about half of the 2,200 employees at the Arizona plant are from Taiwan, with the actual proportion of American employees being less than half [17] - The average salary for TSMC engineers in the U.S. is $138,000 per year, which is competitive within the manufacturing sector [20] Group 8 - TSMC's investment in the U.S. is driven by several factors, including the concentration of its clients in North America, such as Apple, NVIDIA, and Intel [24] - The U.S. government has provided financial support to TSMC, including $6.6 billion from the CHIPS Act for the Arizona factory [29] Group 9 - TSMC's expansion in the U.S. is viewed as a response to geopolitical pressures and a shift towards localized production in the semiconductor industry [32] - The global semiconductor supply chain is undergoing a transformation due to rising protectionism and competition among major powers [34]