如果您希望可以时常见面，欢迎标星收藏哦~ 超亮、高效的自由电子激光器（FELs）有望提供更高的功率，提升吞吐量并将光刻技术扩展至亚纳米尺度 。 当半导体器件特征尺寸逼近原子量级，行业最先进的生产设备——ASML NXE和EXE极紫外光刻机正面临光子 技术瓶颈。自由电子激光器采用相对论电子束产生比传统激光亮数百万倍的光源，有望以半数能耗实现四倍功 率输出。本文深入解析FEL技术原理，探讨其如何破解当前光刻瓶颈，并为迈向亚纳米工艺节点铺平道路。 追逐摩尔定律，迈向原子尺度 试想用电线杆粗细的巨笔书写姓名——这正是现代半导体制造在摩尔定律驱动下面临的精度挑战。 1965年，戈登·摩尔提出，晶体管密度大约每两年翻一番。这一预测几十年来一直是半导体行业的基准与自我 实现的预言，塑造了行业的发展轨迹。1970年，每块芯片仅包含上千个晶体管；如今，单块芯片的晶体管数 量已超过1000亿，部分实验性器件甚至实现了超过1万亿个晶体管的集成。 要维持这样的发展速度，需要实现重大的技术突破，其中最具挑战性的莫过于极紫外光刻技术。该技术的工作 波长为13.5纳米（是此前深紫外技术波长的1/10），是实现近原子尺度半导体特征的关键。 ...

Core Viewpoint - ASML's Q2 2025 performance was strong, but the stock price fell nearly 10% after the earnings report due to lower-than-expected future guidance and geopolitical uncertainties [1][16][20]. Financial Performance Overview - In Q2 2025, ASML reported total net sales of €7.7 billion (approximately ¥642.13 billion), at the upper end of the forecast range [5][15]. - This figure represents a year-over-year increase of 23.21%, but a slight quarter-over-quarter decline of 0.646% from Q1 [5][15]. - Gross margin reached 53.7%, exceeding the company's guidance of 51%-53% [5][8]. - Net profit was €2.29 billion (approximately ¥191.81 billion), a year-over-year increase of 44.9%, but a slight decline of 2.76% from Q1 [5][15]. Business Composition - Sales from lithography systems accounted for €5.6 billion (approximately 73% of total sales), a year-over-year increase of 17.5% [6]. - Service revenue was €2.1 billion (approximately 27% of total sales), showing a year-over-year growth of 41.4% [6]. Orders and Equipment Sales - New orders in Q2 amounted to €5.541 billion, a significant increase from €3.936 billion in Q1 [6][15]. - EUV lithography machine orders totaled €2.3 billion, accounting for approximately 42% of total orders [6][15]. Factors Driving Gross Margin - The CFO highlighted three main reasons for the better-than-expected gross margin: growth in upgrade service revenue, lower one-time costs, and lower-than-expected tariff impacts [8]. - Despite the dilution effect on gross margin from high-NA EUV system revenue recognition, the overall gross margin remained high at 53.7% [8]. Technological Progress and Market Dynamics - ASML delivered its first TWINSCAN EXE:5200B system, marking a significant advancement in high-NA EUV lithography technology [9]. - Logic chips accounted for 84% of new orders, driven primarily by AI demand, while memory chips made up 16% [10]. Financial Details and Capital Operations - In Q2, ASML repurchased approximately €1.4 billion in stock, with a total buyback plan of €5.8 billion from 2022 to 2025 [11]. - A mid-term dividend of €1.60 per share is scheduled for distribution on August 6, 2025 [11]. Management Comments and Future Outlook - The CEO stated that Q2 performance met expectations, driven by growth in upgrade services and cost reductions [13]. - For Q3 2025, ASML expects net sales between €7.4 billion and €7.9 billion, with a gross margin of 50%-52% [13]. - The company anticipates a 15% revenue growth for the full year compared to 2024, targeting a gross margin of around 52% [13]. Market Reaction and Stock Price Analysis - Following the earnings report, ASML's stock price fell by 8.33%, closing at $754.45, with trading volume significantly above average [16][17]. - The decline was attributed to lower-than-expected future guidance and uncertainties regarding growth prospects for 2026 [18][20]. Geopolitical and Economic Challenges - The company faces uncertainties due to U.S. export controls on the Chinese semiconductor industry, impacting ASML's business in China [21][31]. - The gross margin forecast for Q3 indicates a potential decline, raising concerns about the sustainability of profitability [22]. Conclusion - ASML's Q2 2025 results reflect strong performance, but the stock price drop indicates market concerns about future growth and geopolitical risks [29][30]. - The company remains a leader in the semiconductor equipment sector, but investors should monitor developments in geopolitical policies and market conditions closely [32].