通富微电子股份有限公司 2025 年半年度报告全文 通富微电子股份有限公司 2025 年半年度报告 2025-040 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连 带的法律责任。 公司负责人石磊、主管会计工作负责人廖洪森及会计机构负责人(会计主管 人员) 陶翠红声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告中所涉及的未来发展战略及规划等前瞻性描述，属于计划性事项，不构 成公司对投资者的实质性承诺。 公司已在本报告第三节中详细描述存在的行业与市场波动的风险，新技术、 新工艺、新产品无法如期产业化风险，主要原材料供应及价格变动风险，汇率风 险，国际贸易风险，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 2025 年 8 月 1 通富微电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第 ...

Core Viewpoint - The article emphasizes the significance of heterogeneous integration technology in the semiconductor industry, particularly in the context of the upcoming 2025 Heterogeneous Integration Annual Conference organized by TrendBank and Yongjiang Laboratory, aimed at fostering collaboration between industry and academia to address key challenges in advanced packaging technologies [2][4]. Meeting Background - The conference will address the stringent requirements for chip design and manufacturing driven by applications in artificial intelligence, smart driving, and high-performance computing, highlighting the need for advancements in semiconductor technology [2]. - Ningbo is positioned as a key city for advanced manufacturing, with the Yongjiang Laboratory focusing on electronic information materials and micro-nano device fabrication [2]. Meeting Content - The conference will focus on core technologies such as multi-material heterogeneous integration, optoelectronic co-packaging, wafer-level bonding, and advanced packaging techniques, inviting experts from both industry and academia for in-depth discussions [3]. Meeting Basic Information - The 2025 Heterogeneous Integration Annual Conference will take place from November 17-19, 2025, in Ningbo, with an expected attendance of 200-500 participants [4]. Proposed Agenda - The agenda includes closed-door meetings, government speeches, and various forums discussing topics like micro-nano device applications, 2.5D/3D heterogeneous integration, and advanced packaging technologies [5][7]. Resource Integration - The conference aims to create a collaborative ecosystem by integrating technology, industry, and capital, facilitating discussions among all stakeholders in the semiconductor supply chain [6]. Diverse Meeting Formats - The event will feature a combination of large conferences and smaller closed-door meetings to enhance interaction quality and facilitate targeted discussions [6]. High-Quality Conference Services - The conference will maintain high standards for guest quality, content, interaction, exhibitors, and overall service to ensure a professional and efficient experience for attendees [6].

Core Viewpoint - Tongfu Microelectronics is a leading company in the packaging and testing industry, providing comprehensive services across various sectors including AI, high-performance computing, 5G, consumer electronics, IoT, automotive electronics, and industrial control [1] Group 1: Company Overview - Tongfu Microelectronics ranks fourth globally and second in mainland China among the top ten OSAT manufacturers, according to the Global Outsourced Semiconductor Assembly and Test (OSAT) ranking by Chip Thought Research Institute for 2024 [1] - The company has established production capacity in multiple locations including Nantong, Hefei, Xiamen, Suzhou, and Penang, Malaysia [1] Group 2: Industry Outlook - The global semiconductor market is projected to reach $635.1 billion in 2024, representing a year-on-year growth of 19.8%, with further growth expected to $718.9 billion in 2025, a 13.2% increase [1] - The advanced packaging market is anticipated to grow at a compound annual growth rate (CAGR) of 10.68% from 2023 to 2029, driven by demand in AI, high-performance computing, and smart automotive sectors [3] Group 3: Strategic Partnerships - Tongfu Microelectronics has become AMD's largest packaging supplier, accounting for over 80% of AMD's total orders, following the acquisition of 85% stakes in AMD's Suzhou and Penang facilities [2] - AMD's market share in consumer CPUs and AI GPUs is expected to increase, with AMD's CPU market share reaching 39.6% globally and 50.2% in desktop CPUs as of Q2 2025, surpassing Intel [2] Group 4: Financial Performance - In Q1 2025, Tongfu Microelectronics achieved revenue of 6.092 billion yuan, a year-on-year increase of 15.34%, indicating steady growth [1] - Profit forecasts for the company from 2025 to 2027 are projected at 1.064 billion, 1.384 billion, and 1.853 billion yuan respectively, with year-on-year growth rates of 57.00%, 30.11%, and 33.90% [4]

Group 1 - Nvidia's Q2 financial report shows that data center revenue has declined for two consecutive quarters, with Blackwell product revenue increasing by 17% quarter-over-quarter, while data center computing revenue decreased by 1% due to a $4 billion drop in H20 sales [1] - Nvidia's CEO Jensen Huang indicated that China could present a $50 billion business opportunity this year, with an expected annual growth rate of approximately 50% in the Chinese market, although no H20 chips were sold to Chinese customers in Q2 [1] - Concerns have been raised regarding potential security vulnerabilities in Nvidia's H20 chip, as noted by the People's Daily [1] Group 2 - Huaxia Securities suggests that domestic AI computing chip companies, such as Huawei's Ascend and Cambricon, may accelerate their development due to factors like the US chip security legislation and H20 discussions, indicating a clearer long-term growth trajectory for domestic chips [1] - According to招商证券, local GPU companies are expected to see continuous year-over-year sales growth by 2025, with a positive long-term outlook for the semiconductor sector, particularly in AI computing and self-controllable attributes [1] - Semiconductor industry segments, including GPU/ASIC/Switch and supporting chips, advanced manufacturing/storage, upstream equipment/materials/EDA, and PCB/CCL, are anticipated to experience significant growth [1] Group 3 - Semiconductor company SMIC is expected to see increased reliance on its advanced process production lines for domestic computing chips, with potential for value reassessment as advanced process capacity and yield improve [1]

Core Viewpoint - Tongfu Microelectronics has shown a positive stock performance with a year-to-date increase of 3.37% and significant gains over various time frames, indicating strong market interest and potential growth in the semiconductor industry [2]. Company Overview - Tongfu Microelectronics, established on February 4, 1994, and listed on August 16, 2007, is located in Chongchuan Development Zone, Nantong, Jiangsu Province. The company specializes in integrated circuit packaging and testing, with 95.97% of its revenue derived from these activities and 4.03% from the sale of molds and materials [2]. - As of March 31, 2025, the company had 295,100 shareholders, a decrease of 10.48% from the previous period, with an average of 5,142 circulating shares per shareholder, an increase of 11.71% [2]. Financial Performance - For the first quarter of 2025, Tongfu Microelectronics reported a revenue of 6.092 billion yuan, representing a year-on-year growth of 15.34%. The net profit attributable to shareholders was 101 million yuan, reflecting a 2.94% increase compared to the previous year [2]. Stock Performance and Trading Activity - On August 27, the stock price of Tongfu Microelectronics rose by 2.04%, reaching 30.50 yuan per share, with a trading volume of 1.611 billion yuan and a turnover rate of 3.53%. The total market capitalization stood at 46.287 billion yuan [1]. - The net inflow of main funds was 51.9837 million yuan, with large orders accounting for significant portions of both buying and selling activities [1]. Dividends and Shareholder Information - Since its A-share listing, Tongfu Microelectronics has distributed a total of 454 million yuan in dividends, with 233 million yuan distributed over the past three years [3]. - As of March 31, 2025, major shareholders included Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings compared to previous periods [3].

Investment Rating - The report maintains a rating of "Outperform" for the electronic industry, indicating a relative performance expectation of over 10% compared to the benchmark index [3][34]. Core Insights - The report continues to be optimistic about opportunities in the domestic computing power industry driven by advancements in advanced processes and the overseas computing power supply chain [2][28]. - The release of Deepseek V3.1 is expected to enhance domestic computing power demand, particularly in training applications, while the halt in production of the H20 chip by Nvidia may improve the penetration rate of domestic AI chips [28]. - The report highlights significant investment opportunities in both domestic and overseas ASIC supply chains, particularly in the context of AI hardware investments transitioning to a reasoning-driven era [2][28]. Summary by Sections Market Review - The overall market saw an increase, with the Shanghai Composite Index rising by 3.49% and the Shenwan Electronics Index increasing by 8.95%, ranking second among 31 sectors [1][13]. Weekly Focus - The report discusses the release of Deepseek V3.1, which features a hybrid reasoning architecture and improved efficiency [23][24]. - Nvidia's request to halt production of the H20 chip is noted, reflecting a strategic reassessment of its market approach in China [25][28]. - GoerTek's acquisition of Shanghai Aolai is aimed at enhancing its core competitiveness in micro-nano optical devices for AI and AR applications [26][27]. Investment Opportunities - Domestic computing power opportunities are emphasized, with a focus on companies like SMIC and Huahong Semiconductor, as well as semiconductor equipment and materials firms [28]. - The overseas ASIC supply chain is highlighted, particularly companies with significant capacity increases, such as Huidian Co., and PCB manufacturers like Shengyi Technology [28].

Group 1 - The core viewpoint is that the advanced packaging market is expanding due to the rapid development of AI servers and smart vehicles, leading to increased demand for high-integration packaging solutions like Chiplet and 2.5D/3D [1][2] - Advanced packaging is becoming a key technology in the high-performance computing cycle, overcoming the limitations of Moore's Law, as traditional processes struggle with bandwidth, power consumption, and integration density challenges [1][2] - The global advanced packaging market is projected to reach $45 billion in 2024, accounting for over 55% of the overall packaging market, with a forecasted CAGR of 9.4% from 2024 to 2030 [2] Group 2 - The Chinese advanced packaging market is expected to grow rapidly, reaching a market size of 69.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of 18.7% from 2020 to 2024, although its penetration rate remains at 40% [3] - Major players like TSMC are leading the AI packaging ecosystem with their CoWoS technology, while domestic manufacturers are accelerating their layouts to capture market opportunities [4] - Companies such as Longi Technology, Tongfu Microelectronics, and Huatian Technology are making significant advancements in various packaging technologies, positioning themselves competitively in the high-end process breakthrough and market share enhancement [4]

Investment Rating - The investment rating for the semiconductor industry is maintained as "Buy" for specific companies such as SMIC, Tongfu Microelectronics, and Yongxi Electronics [8][17]. Core Insights - The semiconductor industry is experiencing significant growth, with the electronic sector rising by 8.95% from August 18 to August 22, 2025, outperforming the broader market [23][27]. - DeepSeek's new model, V3.1, has been released, showcasing improved efficiency and cost-effectiveness, which is expected to drive the adoption of domestic chips [4][14]. - Nvidia has paused the production of its H20 chip due to supply chain management issues and export restrictions, which has raised concerns among Chinese customers [5][15]. Summary by Sections Industry Performance - The electronic sector's performance over the past month shows a 22.0% increase, with a 35.4% rise over three months and an impressive 83.2% increase over the past year [2]. - The electronic industry's price-to-earnings (P/E) ratio stands at 66.66, indicating high valuation compared to other sectors [23][26]. Key Company Updates - DeepSeek's V3.1 model achieved a score of 71.6% in a programming benchmark, with a task completion cost of only $1.01, highlighting its competitive edge [4][14]. - Nvidia's H20 chip, initially set for large-scale delivery in 2024, faces production halts due to U.S. export controls, impacting its market strategy [5][15]. Company Focus and Earnings Forecast - Key companies recommended for investment include: - SMIC (Buy) with a projected EPS of 0.73 for 2025 and a P/E of 77.95 [8][17]. - Tongfu Microelectronics (Buy) with a projected EPS of 0.83 for 2025 and a P/E of 36.42 [8][17]. - Yongxi Electronics (Buy) with a projected EPS of 0.49 for 2025 and a P/E of 81.63 [8][17]. - The semiconductor industry is advised to focus on domestic supply chains and companies such as Cambricon, Huahong, and North Huachuang [6][15].

Core Insights - The release of the new generation large language model DeepSeek-V3.1 has heightened market attention on the semiconductor industry [1] - ESG (Environmental, Social, and Governance) disclosure is crucial for the long-term competitiveness of the semiconductor sector, with a 66% disclosure rate among 50 selected companies [1][2] - Leading companies in the semiconductor industry tend to have better ESG ratings, with 9 out of the top 10 companies rated B+ or above [1][2] ESG Disclosure and Ratings - Among the 50 semiconductor companies, 33 disclosed their 2024 ESG reports, with top companies showing superior ESG ratings [1][2] - Chip design companies primarily have B ratings, with 17% rated A, indicating room for improvement in ESG information disclosure [2] - Notable companies with A- ratings include Zhongke Semiconductor, Jinghe Integrated, and Changdian Technology [2] Governance and Management Structures - Good corporate governance is essential for the long-term development of semiconductor companies, with many establishing robust governance structures [2] - For instance, Zhongke Semiconductor has a four-tier governance system led by a board of directors, while Cambrian has a three-tier governance structure [2] R&D Investment and Innovation - Cambrian's R&D investment for 2024 is 1.072 billion yuan, accounting for 91% of its revenue, the highest among the 50 companies [3] - Companies like Huada Jiutian and Jingjia Micro also show significant R&D investment ratios of 71% and 60%, respectively [3] - Cambrian leads in new patent authorizations with 314 in 2024, followed by Haiguang Information with 191 [3] Data Security and Privacy - Cambrian has established a comprehensive information security system focusing on people, technology, and operations [3] - However, many companies lack certification for their information security management systems, indicating a need for improvement [3] Employee Development - Companies like Northern Huachuang and Weir Shares have implemented comprehensive training systems to enhance employee skills [4] - Northern Huachuang conducted over 20 specialized training sessions in 2024, with more than 150 participants [4] Carbon Emissions and Resource Management - The semiconductor industry is energy and resource-intensive, with significant carbon emissions during manufacturing [6][8] - In 2021, semiconductor devices were projected to generate 500 million tons of CO2 equivalent over their lifecycle, with 15% from upstream processes [6] - Companies are increasingly disclosing their greenhouse gas emissions data, with Cambrian reporting 1,314.55 tons of CO2 equivalent for 2024 [5] Renewable Energy and Water Management - Companies like Zhongke Semiconductor and Northern Huachuang are making strides in renewable energy usage, with Zhongke purchasing 61,283 MWh of green electricity in 2024 [7] - Water resource management is also critical, with many companies implementing water-saving measures and monitoring usage [8] Market and Regulatory Pressures - The semiconductor industry faces pressure from downstream markets to reduce carbon footprints, with major companies like Apple and Google committing to supply chain carbon neutrality [8][9] - Regulatory frameworks such as the EU's Carbon Border Adjustment Mechanism are influencing semiconductor companies to enhance their sustainability practices [9] Conclusion - The semiconductor industry's sustainable development is vital for its future, with ongoing pressures from environmental challenges and resource constraints driving the need for transformation [9]

Group 1 - The article discusses the importance of maintaining discipline in trading strategies, emphasizing that missed opportunities are not due to mistakes but rather the need for optimization in decision-making [1][2][3] - It highlights two specific trading scenarios: semiconductor stocks and stablecoin stocks, analyzing the reasons behind the outcomes of these trades and suggesting improvements for future operations [1][2] - The article suggests a strategic allocation of positions in five stocks, focusing on a mix of core and supplementary stocks to balance risk and capitalize on market opportunities [2][3] Group 2 - The article outlines a detailed operational plan for the upcoming trading day, including strategies for both high and low opening scenarios, emphasizing the importance of volume and trend analysis [2][3] - It stresses the necessity of setting stop-loss limits for each stock to prevent significant losses, recommending a 5% stop-loss for core stocks and a 4% stop-loss for supplementary stocks [2] - The article concludes that maintaining a disciplined approach while optimizing trading strategies can lead to successful outcomes, particularly in light of favorable market conditions [3]