TSMC(US:TSM) Sou Hu Cai Jing·2025-08-23 06:55Core Insights - TSMC's Arizona factory is projected to achieve a net profit of 4.52 billion NTD (approximately 1.065 billion RMB) in the first half of 2025, a significant turnaround from a loss of 4.34 billion NTD (approximately 1.023 billion RMB) in the same period last year [1][3] Group 1: Financial Performance - The Arizona facility's strong market demand and high capacity utilization are key factors contributing to the expected profitability [1] - TSMC's joint venture in Kumamoto, Japan, is expected to incur a loss of 4.52 billion NTD in the first half of 2025, worsening from a loss of 1.48 billion NTD in the previous year [3] Group 2: Production and Technology - The first phase of TSMC's Arizona factory is set to begin mass production in Q4 2024, utilizing 4nm process technology to serve major clients like Apple, NVIDIA, and AMD [3] - The second phase of the Arizona factory will adopt a more advanced 3nm process, enhancing TSMC's competitiveness in the high-performance chip market [3] Group 3: Government Subsidies - TSMC received a total of 67.13 billion NTD in government subsidies from the US, Germany, and Japan in the first half of 2025, a substantial increase from 7.96 billion NTD in the same period last year [3] - These subsidies are primarily aimed at offsetting costs related to fixed asset procurement and alleviating capital expenditure pressures associated with overseas expansion [3]