Core Viewpoint - In the first half of 2025, Huahong Semiconductor (1347.HK) reported revenue growth but a significant decline in net profit, leading to a stock price drop of over 7% during trading [1] Financial Performance - The company achieved revenue of 8.018 billion yuan, representing a year-on-year increase of 19.09%, driven by higher wafer sales and contributions from Huahong's manufacturing projects [1] - Net profit attributable to shareholders was only 74 million yuan, a substantial year-on-year decrease of 71.95%, primarily due to initial capacity ramp-up costs of the manufacturing projects and ongoing increases in overall R&D expenditures [1] - R&D expenses reached 939 million yuan, up 21.71% year-on-year, accounting for 11.99% of total revenue [1]

Core Insights - Hua Hong Semiconductor (01347.HK) reported a revenue of $566.1 million for Q2 2025, representing an 18.3% year-over-year increase and a 4.6% quarter-over-quarter increase [1] - The gross margin was 10.9%, which is an increase of 0.4 percentage points year-over-year and an increase of 1.7 percentage points quarter-over-quarter [1] - The profit attributable to the parent company was $8 million, reflecting a 19.2% year-over-year increase and a significant 112.1% quarter-over-quarter increase [1] - For Q3 2025, the company expects revenue to be between $620 million and $640 million, with a projected gross margin of 10% to 12% [1]

中芯国际(00981)低开逾3%，截至发稿，跌3.77%，报51港元，成交额1.27亿港元。 消息面上，中芯国际发布截至2025年6月30日止三个月第二季度业绩，该集团取得收入22.09亿美元，同 比增加16.2%，环比减少1.7%。毛利率为20.4%，环比下降2.1个百分点。尽管由于今年一季度中芯国际 新建产线出现引起生产性波动的突发事件，且相关影响延续至Q2，导致收入及毛利率环比下降，但降 幅总体略优于此前管理层给出的指引。 归母净利润方面，第二季度中芯国际实现1.32亿美元，同比下降19.5%，环比下降29.5%。产能利用率方 面，第二季度为92.5%，环比今年一季度提升0.9个百分点。展望第三季度，中芯国际在第二季度财报给 出的收入指引为环比增长5%到7%，毛利率指引为18%到20%。 ...

Investment Rating - The report does not explicitly provide an investment rating for STMicroelectronics, but it highlights weak performance and lower-than-expected guidance for future quarters, indicating a cautious outlook for the stock. Core Insights - STMicroelectronics reported weak 2Q25 results, with revenue of $2.77 billion, meeting market expectations, but EPS of -$0.11 significantly missed the consensus estimate of $0.09 [1][7] - For 3Q25, the company guides revenue between $3.07 billion and $3.27 billion, with a midpoint of $3.17 billion, representing a 14.6% QoQ growth but a 2.5% YoY decline [4][10] Summary by Sections Revenue Performance - In 2Q25, STMicroelectronics achieved a 9.9% QoQ revenue increase but a 14.4% YoY decline. All end markets saw sequential growth, with automotive revenue down 24% YoY but up 14% QoQ, driven by Asia Pacific and the Americas [2][8] - The industrial market saw an 8% YoY decline but a 15% QoQ increase, confirming that 1Q25 was the cyclical trough. Personal electronics and communication equipment also experienced slight declines [2][8] Profitability - The gross profit for 2Q25 was $926 million, a 28.5% YoY decline, with a gross margin of 33.5%, down 660 bps YoY due to unfavorable product mix and lower manufacturing efficiency [3][9] - Operating loss was $133 million, including $190 million in impairment and restructuring charges. Non-GAAP operating margin for the quarter was +2.1% [3][9] Future Guidance - For 3Q25, the company expects all end markets except automotive to return to YoY growth, with gross margin guidance of 33.5% ± 200 bps, impacted by idle capacity costs and non-recurring costs related to manufacturing reorganization [4][10] - The FY2025 capital expenditure plan is maintained at $2.0 billion to $2.3 billion, primarily for manufacturing transformation efforts [4][10]

Core Insights - SMIC reported Q1 2025 revenue of $2.247 billion (approximately 16.3 billion RMB), a quarter-over-quarter increase of 1.8% and a year-over-year surge of 29.4% [1][4] - The company anticipates a cautious outlook for Q2, expecting revenue to decline by 4-6% quarter-over-quarter [6] Financial Performance - Total assets decreased by 2.6% from the previous year, amounting to 344.16 billion RMB [2] - Net profit reached 1.36 billion RMB, a significant year-over-year increase of 166.5% [4] - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q1 was 9.25 billion RMB, reflecting a 46.9% increase compared to the same period last year [2][4] - The EBITDA margin improved to 56.7%, up by 6.7 percentage points year-over-year [2] Operational Metrics - Wafer sales reached 2.292 million pieces (equivalent to 8-inch wafers), marking a 15.1% increase quarter-over-quarter and a 27.7% increase year-over-year [3] - Capacity utilization improved to 89.6%, an increase of 4.1 percentage points from the previous quarter [3] Market Segmentation - The consumer electronics sector accounted for the largest share of revenue at 40.6%, while smartphone applications represented 24.2%, down from 31.2% year-over-year [5] - The revenue contribution from the Chinese market was 84.3%, a decrease from 89.1% in the previous quarter, while the U.S. market share increased from 8.9% to 12.6% [3] Capital Expenditure - Capital expenditures for Q1 were 10.16 billion RMB, a decrease of 14.3% quarter-over-quarter and a significant drop of 36% year-over-year [4] Q2 Outlook - The company expects Q2 gross margin to be between 18% and 20%, a decline from Q1's 22.5% [6] - Management emphasized the need to enhance resilience and adaptability in the face of both opportunities and challenges in the second half of the year [7]

莱迪思半导体（Lattice Semi）一季度调整后EPS为0.22美元，符合分析师预期。 预计二季度营收1.185亿-1.285亿美元，分析师预期1.237亿美元。 一季度营收1.201亿美元，分析师预期1.201亿美元。 ...