苏州华源控股股份有限公司 投资者关系活动记录表 | 证券代码：002787 | 证券简称：华源控股 编号：2025-IR005 | | --- | --- | | | ▉特定对象调研 □分析师会议 | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | | 扬帆智赢：王晓千，孔万林 | | 参与单位名称 | 安固创投：吕忠 | | 及人员姓名 | 开源证券：郭彬 | | 时间 | 年 月 日 下午 2025 12 8 14:30——16:00 | | 地点 | 腾讯会议 | | 上市公司接待 | 邵娜，张健 | | 人员姓名 | | | | 1、华源控股转型半导体领域，在人才储备与布局方面有何规划与成果？ | | | 答：公司围绕半导体战略转型，已初步构建了层次清晰、优势互补的人才布局，核 | | | 心配置如下： | | | 半导体事业部负责人、华源半导体执行董事张健博士，毕业于新加坡国立大学化学 | | | 系。张健博士曾先后任职于全球前五大晶圆代工厂格芯（GlobalFoundries）新加坡公司、 | | 投 ...

12月5日晚间，苏大维格发布公告称，公司第六届董事会第十四次会议审议通过议案，同意孙公司盐城 维旺终止"光学级板材项目"，并将该项目剩余约1.54亿元募集资金（含利息及理财收益等）永久补充流 动资金，此举是公司基于下游行业环境变化作出的审慎决策，将进一步提升资金使用效率。 作为公司在光学板材领域的核心生产主体，盐城维旺目前已具备成熟的光学板材量产能力，其产品不仅 可满足公司内部产业链配套需求，还可对外供应优质光学基材。 顺应下游行业变动 审慎终止光学级板材项目 "光学级板材项目"由盐城维旺负责实施，主要生产导光板、扩散板等产品，下游应用聚焦TV、笔记本 电脑等显示面板行业。 自2020年启动建设以来，项目已顺利形成导光板产能约3000万片/年、聚甲基丙烯酸甲酯板材及高亮扩 散板产能约650万平方米/年的规模化产能，前期累计投入募集资金18,419.91万元，完成了核心产能的搭 建。 但近年来，受宏观经济环境及行业周期波动影响，显示面板行业转入精细化运营的发展阶段，光学级板 材产品的市场拓展节奏与项目初期规划存在一定偏差，业务目标由追求规模效应转向产品结构的优化调 整，以高端产品筑牢竞争优势。 在此背景下，苏大 ...

Core Viewpoint - The appointment of Shen Xinjia as the new president of Wentech Technology marks a significant leadership change during a critical phase of the company's strategic transformation and challenges, particularly in the semiconductor sector [1][2]. Group 1: Leadership Change - Shen Xinjia, with a legal background and over 15 years of experience in corporate governance and compliance, has been appointed as the president of Wentech Technology [1]. - Her previous roles at Anshi Semiconductor and Wentech Technology have established her as a key figure in the company's management [1]. - The board's unanimous decision reflects confidence in her ability to navigate the company's strategic direction [1]. Group 2: Strategic Transformation - Wentech Technology has completed the divestiture of its ODM business, focusing entirely on its semiconductor operations centered around Anshi Semiconductor [2]. - The company's revenue for the first three quarters of the year was 29.769 billion, a 44% decrease year-on-year, primarily due to the divestiture [2]. - Despite the revenue decline, net profit attributable to shareholders reached 1.513 billion, a significant increase of 265.09% year-on-year, driven by the semiconductor business [2]. Group 3: Business Performance - The semiconductor segment reported a revenue of 4.3 billion in the third quarter, marking a year-on-year growth of 12.20% with a gross margin of 34.56% [2]. - The Chinese market contributed 49.29% of the total revenue, achieving a quarterly historical high [2]. - Specific product lines, such as MOSFETs and logic and analog chips, saw revenue growth exceeding 13% and 15%, respectively [2]. Group 4: Challenges and Market Impact - A recent "black swan" event has disrupted the positive momentum of the company's transformation, with the Dutch government imposing restrictions on Anshi Semiconductor due to national security concerns [3]. - Anshi Semiconductor's decision to halt wafer supplies to its Dongguan factory has led to production stoppages at major automotive manufacturers, including Volkswagen [4]. - The ongoing dispute between Anshi Netherlands and Anshi China over payment conditions has further complicated the situation, with Anshi China asserting it has no contractual violations [4][8].

Core Viewpoint - The unexpected "black swan" event has significantly impacted Wentech Technology's (600745.SH) efforts to transition into the semiconductor industry, as its key subsidiary, Anshi Semiconductor, faces dual control from Dutch authorities and courts, temporarily undermining Wentech's control over Anshi [1][2] Group 1: Regulatory Actions - The Dutch Ministry of Economic Affairs and Climate Policy issued a ministerial order preventing Anshi from making any adjustments to its assets, intellectual property, business, or personnel for one year [1] - The Amsterdam Court of Appeal granted emergency measures, including suspending Wentech's actual controller Zhang Xuezheng from all board positions at Anshi and entrusting the management of Anshi's shares to an independent third party [2][5] Group 2: Company Background and Acquisition - Anshi Semiconductor, previously part of NXP Semiconductors, was acquired by a consortium led by Beijing Jianguang Asset Management for $2.75 billion (approximately 18.1 billion) in 2016 and was established as an independent entity in 2017 [3] - Wentech Technology's acquisition of Anshi, valued at over 25 billion, was one of the largest semiconductor deals in the A-share market, completed by September 2020, resulting in Wentech holding 100% of Anshi's shares [3] Group 3: Financial Performance and Strategic Shift - Anshi Semiconductor has shown significant financial improvement since its acquisition, with revenue reaching €2.36 billion in 2022 and gross margin increasing from 25% in 2020 to 42.4% in 2022 [6] - Wentech is undergoing a strategic shift towards semiconductors, having announced the sale of several subsidiaries for 4.389 billion to focus entirely on semiconductor operations [4][6] Group 4: Company Response and Market Implications - Wentech has expressed strong opposition to the court's ruling, emphasizing its commitment to protecting shareholder rights and calling for respect for commercial rules and the global semiconductor industry's interdependence [5] - The company highlighted that despite the operational challenges posed by the regulatory actions, its economic rights as a shareholder remain unaffected [5]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [13]. Core Insights - The company has strategically shifted its focus entirely to the semiconductor business, selling off its product integration business assets. In the first half of 2025, the company achieved revenue of 25.341 billion yuan, a decrease of 24.56% year-over-year, while net profit attributable to shareholders was 474 million yuan, an increase of 237.36% year-over-year [4][8]. - The semiconductor business generated revenue of 7.825 billion yuan in the first half of 2025, reflecting a year-over-year growth of 11.23%, with a gross margin of 37.89% and a net profit of 1.261 billion yuan, up 17.05% year-over-year [8][9]. - The company plans to continue increasing R&D investment in its semiconductor business, focusing on high-power discrete devices and new product development to meet growing market demands [8]. Financial Performance Summary - For the fiscal year 2025, the company is projected to have a revenue of 62.558 billion yuan, a decrease of 15.0% year-over-year, with a net profit of 1.797 billion yuan, representing a growth of 163.4% year-over-year [7][11]. - The gross margin is expected to improve from 9.8% in 2024 to 17.0% in 2025, while the net margin is projected to turn positive at 2.9% in 2025 [11]. - The company’s total assets are estimated to be 74.138 billion yuan in 2025, with total liabilities of 37.733 billion yuan, resulting in a debt-to-asset ratio of 50.9% [10][11]. Cash Flow and Investment - The operating cash flow for 2025 is projected to be 5.691 billion yuan, with a net profit of 1.640 billion yuan [12]. - The company plans to maintain capital expenditures at 1.5 billion yuan annually for the next few years to support its semiconductor business growth [12].

Core Insights - Huahong Semiconductor reported a strong year-on-year revenue growth in Q2, driven primarily by the 12-inch wafer business, while net losses narrowed [1][3]. Financial Performance - Revenue reached $566.1 million, an 18.3% increase year-on-year and a 4.6% increase quarter-on-quarter [2][9]. - Gross margin was 10.9%, up 0.4 percentage points year-on-year but down 1.7 percentage points quarter-on-quarter [1][9]. - Net loss was $32.8 million, a reduction of 21.4% compared to the previous year [1][9]. Capacity and Operations - Monthly capacity for 8-inch wafers was 447,000 pieces with a utilization rate of 108.3% [1][2]. - Monthly capacity for 12-inch wafers was 1.305 million pieces, a year-on-year increase of 18% [1][2]. - Overall capacity utilization remained high, indicating stable demand [1]. Revenue Breakdown - The 12-inch wafer business became the main growth driver, contributing $333.8 million, which is 59% of total revenue [4][5]. - The 8-inch wafer revenue was $232.3 million, down 5.4% year-on-year, accounting for 41% of total revenue [4][5]. Process Node Performance - The 90-95nm process node showed significant growth with revenue of $145.4 million, up 52.6% year-on-year [5]. - The 65nm process also performed well with revenue of $125.5 million, a 27.4% increase [5]. - Mature process nodes saw declines, with 0.11-0.13μm down 6.8% and 0.15-0.18μm down 4.7% [5]. End Market Distribution - Consumer electronics remained the largest segment, accounting for 63.1% of revenue, growing 21.8% year-on-year [6][7]. - Communication applications saw a significant increase of 59.3%, reaching $161.2 million, with its share rising to 28.5% [6][7]. - Industrial and automotive applications grew more modestly, at 16.6% and 9.4% respectively [6]. Cash Flow and Investment - Operating cash flow improved significantly to $169.6 million, a 75.1% increase year-on-year [8]. - Capital expenditures were high at $385.6 million, exceeding operating cash flow, indicating ongoing capital investment needs [8][9]. - Free cash flow was negative at $216 million, highlighting the need for continued external financing [9].