作者 | 萧瑟 编辑 | 小白 技术滞后，越卖越亏。 今年6月，证监会在2025陆家嘴论坛上亮出新招。吴主席宣布， 创业板正式启用第三套上市标准，为 那些身怀绝技却尚未盈利的创新型企业敞开大门。 转眼新规已施行半年，继6月大普微之后，创业板在12月再次迎来一单未盈利IPO——粤芯半导体技 术股份有限公司（以下简称"粤芯股份"）。据资料显示，这是一家晶圆代工企业，保荐人为广发证 券。 第三套标准的实施，确实为成长路上的创新者提供了一次机会，但同时也对企业的硬科技属性提出了 更高要求。 这家尚处于亏损阶段的公司，是否具备相应的技术实力呢？ 三年亏掉52亿 ， 窟窿越捅越大 粤芯股份的核心业务是为境内外芯片设计企业提供晶圆代工服务和解决方案，其主要差异化在于专注 于成熟制程下的特色工艺，以及12英寸的大尺寸晶圆。 技术平台方面，粤芯股份主要围绕模拟和数模混合芯片展开。 集成电路代工业务中，覆盖MS（混合信号）、HV（高压显示驱动）、CIS（CMOS图像传感器）、e NVM（嵌入式非易失存储器）、BCD（Bipolar-CMOS-DMOS）和SiPho（硅光）等多种工艺。 相对应的终端产品包括指纹识别芯片、显示驱动芯 ...

由于无任一股东及其一致行动人可控制股东会或对股东会的决议产生决定性影响、可控制董事会或对董事会的决议产生决定性影响、可决定董事会半数以上 成员任免、可实际支配或决定公司的重大经营决策、重要人事任命，因此，粤芯半导体目前不存在控股股东和实际控制人。 招股书显示，2022年至2025年上半年（以下简称"报告期内"），粤芯半导体营业收入分别为15.45亿元、10.44亿元、16.81亿元、10.53亿元，其中2023年和 2024年同比变动分别为-32.46%、61.09%；净亏损分别为10.43亿元、19.17亿元、23.27亿元、12.66亿元，其中2023年和2024年同比变动分别 为-83.86%、-21.39%。该公司业绩整体波动性较大，且稳定性不足；净亏损持续扩大，未弥补亏损达89.36亿元。 | | | | 公司全称 | 粤芯半导体技术股份有限公司 | 公司简称 | 粤芯半导体 | | --- | --- | --- | --- | | 受理日期 | 2025-12-19 | 更新日期 | 2025-12-19 | | 审核状态 | 已受理 | 预计融资金额(亿元) | 75 | | 保荐机构 | 广 ...

Core Insights - Huahong Semiconductor achieved record sales revenue of $635.2 million in Q3 2025, marking a year-on-year increase of 20.7% and a quarter-on-quarter increase of 12.2% driven by higher wafer shipments and average selling prices [1] - The company's gross margin improved to 13.5%, up 1.3 percentage points year-on-year and 2.6 percentage points quarter-on-quarter, benefiting from high capacity utilization and increased average selling prices [1] - Net profit attributable to shareholders reached $25.7 million, a significant quarter-on-quarter increase of 223.5%, indicating a marked improvement in operational performance [1] Business Segments - Embedded non-volatile memory sales reached $159.7 million, a year-on-year increase of 20.4% [2] - Standalone non-volatile memory saw a remarkable sales increase of 106.6%, totaling $60.6 million [2] - Analog and power management sales grew by 32.8% to $164.8 million, with other power management products contributing significantly [2] - Power devices, logic, and RF businesses also experienced steady growth, with year-on-year increases of 3.5% and 5.3% respectively [2] End Markets - The consumer electronics sector contributed $407.5 million in sales, accounting for 64.1% of total revenue, with a year-on-year growth of 23.2% [2] - Industrial and automotive products, as well as communication products, saw year-on-year growth of 11.3% and 21.1% respectively [2] - Computing products exhibited a substantial year-on-year growth of 78.3% [2] Management Commentary - The Chairman and CEO of Huahong Semiconductor highlighted that the record sales and improved gross margin reflect the company's advancements in process R&D, market sales, and operational efficiency [3] - The ongoing acquisition efforts are expected to enhance production capacity and diversify the process platform, creating synergies with the Wuxi 12-inch production line [3] - The company is focused on capacity expansion, technological breakthroughs, and ecosystem development to strengthen its core competitiveness amid global industry changes [3] Future Guidance - The company projects Q4 sales revenue in the range of $650 million to $660 million, with a gross margin guidance of 12% to 14% [3]

Core Insights - Huahong Company reported a record high sales revenue of $635.2 million in Q3 2025, marking a year-on-year increase of 20.7% and a quarter-on-quarter increase of 12.2%, driven by higher wafer shipments and average selling prices [1][2] - The gross margin improved to 13.5%, up 1.3 percentage points year-on-year and 2.6 percentage points quarter-on-quarter, benefiting from high capacity utilization and increased average selling prices [1] - The net profit attributable to the parent company reached $25.7 million, showing a significant quarter-on-quarter growth of 223.5%, indicating a notable improvement in operational performance [1] Business Segments - Embedded non-volatile memory sales revenue was $159.7 million, up 20.4% year-on-year, driven by increased demand for MCU products [1] - Standalone non-volatile memory sales revenue surged by 106.6% year-on-year to $60.6 million, supported by strong demand for flash products [1] - Analog and power management business sales revenue reached $164.8 million, a year-on-year increase of 32.8%, with significant contributions from other power management products [1] - Power devices, logic, and RF businesses also showed steady growth, with year-on-year increases of 3.5% and 5.3% respectively [1] Market Performance - The consumer electronics sector, as the largest market, contributed $407.5 million in sales revenue, accounting for 64.1% of total revenue, with a year-on-year growth of 23.2% [2] - Industrial and automotive products, as well as communication products, experienced year-on-year growth of 11.3% and 21.1% respectively, while computing products saw a remarkable growth of 78.3% [2] - The company anticipates Q4 sales revenue guidance in the range of $650 million to $660 million, with a gross margin guidance of 12% to 14% [2]

Core Insights - Company achieved record sales revenue of $635.2 million in Q3 2025, marking a year-on-year increase of 20.7% and a quarter-on-quarter increase of 12.2% driven by higher wafer shipments and average selling prices [2] - Gross margin improved to 13.5%, up 1.3 percentage points year-on-year and 2.6 percentage points quarter-on-quarter, benefiting from high capacity utilization and increased average selling prices [2] - Net profit attributable to shareholders reached $25.7 million, a significant quarter-on-quarter increase of 223.5%, indicating a strong improvement in operational performance [2] Business Segments - Embedded non-volatile memory sales reached $159.7 million, up 20.4% year-on-year, driven by increased demand for MCU products [3] - Standalone non-volatile memory sales surged by 106.6% year-on-year to $60.6 million, reflecting strong demand for flash products [3] - Analog and power management sales increased by 32.8% year-on-year to $164.8 million, with significant contributions from other power management products [3] - Power devices, logic, and RF businesses also showed steady growth, with year-on-year increases of 3.5% and 5.3% respectively [3] End Markets - Consumer electronics remained the largest market, contributing $407.5 million in sales, accounting for 64.1% of total revenue, with a year-on-year growth of 23.2% [3] - Industrial and automotive products, as well as communication products, saw year-on-year growth of 11.3% and 21.1% respectively [3] - Computing products experienced a remarkable year-on-year growth of 78.3% [3] Future Outlook - Company anticipates Q4 sales revenue in the range of $650 million to $660 million, with a gross margin guidance of 12% to 14% [4] - Ongoing acquisition efforts are expected to enhance production capacity and diversify process platforms, creating synergies with the Wuxi 12-inch production line [4] - Focus on technology breakthroughs and ecosystem development is aimed at strengthening core competitiveness amid global industry changes [4]

Core Viewpoint - The article discusses the strategic transformations of semiconductor companies in response to market changes, emphasizing the shift towards specialized processes and the importance of technology partnerships in the current geopolitical landscape [2][13][20]. Group 1: Company Strategies - Huahong Semiconductor is planning to acquire a controlling stake in Shanghai Huahong Microelectronics to resolve competition issues related to its IPO commitments [2][3]. - SMIC has shifted its focus to power semiconductors, indicating a proactive approach to meet customer demands and adapt to market changes [4][5]. - Chipone Integrated Circuit is implementing a dual-track strategy of self-research and foundry services, achieving significant revenue growth and marking its first quarterly profit [8][9]. Group 2: Market Dynamics - The semiconductor market is experiencing a transformation due to the explosive growth in AI chip demand and the rise of automotive semiconductors, contrasting with the decline in consumer electronics [3][6]. - Geopolitical factors are reshaping the global supply chain, prompting domestic foundries to seek new paths amid increased external restrictions [3][17]. - The demand for automotive electronics and power devices is driving the growth of domestic foundries, with significant increases in revenue from these sectors [9][10]. Group 3: Financial Performance - SMIC reported a sales revenue of $2.209 billion in Q2 2025, with a capacity utilization rate of 92.5%, reflecting a 22% year-on-year growth [5][6]. - Huahong Semiconductor's Q2 2025 sales revenue reached $566.1 million, a year-on-year increase of 18.3%, with a projected revenue of $620-640 million for Q3 [15][16]. - Chipone Integrated Circuit's revenue for the first half of 2025 was $3.495 billion, a 21.38% increase year-on-year, with a notable growth in module packaging business [9][10]. Group 4: Challenges and Opportunities - The transition to new markets presents challenges, including high capital expenditures and long certification cycles for automotive products [7][22]. - The dual-track model adopted by Chipone Integrated Circuit offers both opportunities for higher margins and risks related to resource allocation [12]. - The collaboration between international firms like GlobalFoundries and domestic companies through technology licensing is emerging as a new paradigm, enhancing local capabilities [13][14].

Core Viewpoint - The semiconductor industry is shifting from a singular focus on process miniaturization to diversified innovation, with advanced packaging technologies and specialty processes driving performance optimization and differentiation in the market [1][2]. Group 1: Market Trends and Growth - The global specialty process market has surpassed $50 billion, with a compound annual growth rate (CAGR) of 15%, significantly outpacing the average growth rate of the semiconductor industry [1]. - Companies like TSMC, UMC, and SMIC are accelerating their investments in specialty processes, with TSMC establishing itself as a global benchmark through its extensive technology portfolio [2][4]. Group 2: TSMC's Specialty Process Landscape - TSMC offers a comprehensive range of specialty processes, including automotive, ultra-low power (ULP)/IoT, RF, embedded non-volatile memory (eNVM), high-voltage display, and CMOS image sensors (CIS) [4]. - TSMC's automotive-grade processes are designed for high reliability and long lifecycle, supporting advanced driver-assistance systems (ADAS) and smart cockpit applications [4]. - The N4e process is optimized for ultra-low power IoT AI devices, balancing performance and cost effectively [4]. Group 3: Innovations in Non-Volatile Memory (NVM) - TSMC is addressing the limitations of traditional eFlash technology by advancing embedded NVM technologies such as RRAM and MRAM, which are expected to replace eFlash in automotive and IoT applications [6][7]. - RRAM technology is being commercialized, with TSMC's 22nm RRAM already certified for automotive applications, and 12nm RRAM expected to follow suit [6][7]. - MRAM technology is also being developed for automotive applications, with NXP and TSMC collaborating on 16nm embedded MRAM for high-end automotive MCUs [20][21]. Group 4: Competitive Landscape and Future Directions - Major MCU manufacturers are exploring various new storage technologies, including eRRAM, eMRAM, ePCM, and eFeRAM, to enhance performance and reduce power consumption [16][31]. - The market for embedded NVM is projected to grow significantly, with wafer production expected to increase from approximately 3 KWPM in 2023 to about 110 KWPM by 2029, indicating a CAGR of around 80% [29]. - TSMC plans to integrate advanced processes with specialty technologies to support the evolution of chip architecture from "functional integration" to "system reconstruction" [8][34].

Core Viewpoint - The semiconductor industry is shifting from a singular focus on process miniaturization to diversified innovation, with advanced packaging and specialty processes becoming key drivers for performance optimization and differentiation [1][2]. Group 1: Specialty Processes and Market Growth - The global specialty process market has surpassed $50 billion, with a compound annual growth rate (CAGR) of 15%, significantly outpacing the average growth rate of the semiconductor industry [1]. - Specialty processes focus on customized and diverse process optimizations, achieving a precise balance of performance, power consumption, and cost, particularly in demanding fields like automotive electronics and IoT [1]. Group 2: TSMC's Leadership in Specialty Processes - TSMC is establishing itself as a global benchmark in specialty processes through a combination of technological breadth and ecosystem depth, expanding its capabilities across various domains including automotive and RF technologies [2][4]. - TSMC's advanced logic technologies, such as N7A, N5A, and N3A, are specifically designed for automotive applications, ensuring high reliability and long lifecycle [4]. Group 3: Innovations in Embedded Non-Volatile Memory (eNVM) - TSMC is addressing the limitations of traditional eFlash memory by advancing RRAM and MRAM technologies, which are expected to replace eFlash in automotive and IoT applications [6][8]. - The introduction of RRAM and MRAM technologies allows for significant improvements in performance, reliability, and power efficiency, with TSMC's RRAM already in mass production at 40, 28, and 22 nm nodes [7][8]. Group 4: Competitive Landscape and Future Trends - Major MCU manufacturers are collaborating with foundries to leverage specialty processes, with companies like Infineon and NXP adopting eNVM technologies to enhance their product offerings [9][16]. - The market for embedded NVM is projected to grow rapidly, with wafer production expected to increase from approximately 3 KWPM in 2023 to about 110 KWPM by 2029, indicating a strong shift towards new storage technologies [26]. Group 5: Diverse Storage Technologies - Various new storage technologies, including eRRAM, eMRAM, and ePCM, are being explored by different manufacturers, each offering unique advantages in terms of speed, power consumption, and integration capabilities [30][32]. - The trend indicates a move towards a multi-storage technology ecosystem rather than a single dominant solution, reshaping the MCU landscape in the post-eFlash era [32].

Core Viewpoint - The semiconductor industry is experiencing a divergence in performance between major players, with SMIC showing significant growth while Hua Hong Semiconductor faces challenges due to increased competition and operational pressures [3][4][9]. Group 1: Financial Performance - SMIC reported a revenue of 16.301 billion yuan, a year-on-year increase of 29.44%, and a net profit of 1.356 billion yuan, reflecting a substantial growth driven by the demand for 12-inch wafers and the release of capacity in mature processes [3]. - Hua Hong Semiconductor's revenue grew by 18.66% to 3.913 billion yuan, but its net profit plummeted by 89.73% to 22.76 million yuan, indicating severe pressure in the mature process segment [4]. Group 2: Market Reactions - The market reacted negatively to the financial disclosures and shareholder reduction, with SMIC and Hua Hong's stock prices dropping by 7% and over 11% respectively [2][8]. - The reduction of holdings by major shareholders, including the National Integrated Circuit Industry Investment Fund, has raised concerns about the future prospects of these companies [5][7]. Group 3: Strategic Insights - SMIC's focus on advanced process breakthroughs, particularly in 14nm and below, is crucial for its future growth, with a planned capital expenditure of $7.5 billion (approximately 54.4 billion yuan) for 2025, 70% of which will be allocated to advanced process R&D [3][9]. - Hua Hong Semiconductor faces the challenge of maintaining its competitive edge in specialty processes while needing to extend into more advanced processes like 40nm to capitalize on opportunities in automotive electronics [4][9]. Group 4: Industry Context - The semiconductor sector is currently in a cyclical fluctuation phase, with uncertainties in market demand and intensified international competition impacting company performance [8]. - The contrasting situations of SMIC and Hua Hong Semiconductor highlight deeper contradictions within China's semiconductor industry, particularly regarding reliance on imported equipment for advanced processes [9].

Financial Data and Key Metrics Changes - Sales revenue for Q1 2025 was $541 million, a 17.6% increase year-over-year and a 0.3% increase quarter-over-quarter [5][8] - Gross margin was 9.2%, up 2.8 percentage points year-over-year but down 2.2 percentage points quarter-over-quarter [9] - Net loss for the period was $52.2 million, compared to a loss of $25.3 million in Q1 2024 and a loss of $96.3 million in Q4 2024 [11] - Basic earnings per share was $0.20, compared to $0.19 in Q1 2024 and a loss of $1.5 cents in Q4 2024 [11] Business Line Data and Key Metrics Changes - Revenue from embedded non-volatile memory was $130.3 million, a 9.3% increase year-over-year [13] - Revenue from standalone non-volatile memory was $42.9 million, a 38% increase year-over-year [13] - Revenue from Power Discrete was $162.8 million, a 13.5% increase year-over-year [13] - Revenue from analog and power management IC was $136.8 million, a 34.8% increase year-over-year [13] Market Data and Key Metrics Changes - Revenue from China was $442.5 million, contributing 81.8% of total revenue, a 21% increase year-over-year [12] - Revenue from North America was $56.4 million, a 22% increase year-over-year [12] - Revenue from Europe decreased by 30% year-over-year to $15.2 million [12] - Revenue from Japan decreased by 62.1% year-over-year to $1 million [12] Company Strategy and Development Direction - The company plans to accelerate effective capacity expansion, enhance R&D capabilities, and manage supply chain disturbances while reducing costs and improving efficiency [6][7] - The company aims to optimize its product portfolio and maintain full capacity utilization [6] Management Comments on Operating Environment and Future Outlook - Management noted that the semiconductor industry faces greater uncertainties due to recent global changes and policies affecting customer demand and procurement costs [6] - The company expects revenue for Q2 2025 to be in the range of $550 million to $570 million, with a projected gross margin of 7% to 9% [16] Other Important Information - Capital expenditures in Q1 2025 were $510.9 million, with significant investments in manufacturing [14] - Cash and cash equivalents decreased to $4.08 billion as of March 31, 2025, from $4.46 billion at the end of 2024 [15] Q&A Session Summary Question: Impact of new tariffs on customers - Management indicated that the recent tariffs have not had a meaningful impact on the business, as most customers are domestic design houses [20][22] Question: Growth in analog and PMIC sales - Management noted that the analog and PMIC platforms are growing due to competitive offerings and increasing domestic demand [24][28] Question: Price increase possibilities - Management stated that while there is pricing pressure on 8-inch wafers, 12-inch prices are gradually increasing, and customer acceptance of price increases is expected as demand exceeds supply [35][36] Question: Outlook for the second half of the year - Management expects a gradual recovery in demand, with consumer segments remaining weaker compared to industrial segments [49][50] Question: Competition and pricing strategies - Management acknowledged the competitive landscape but emphasized the company's technological advantages and ability to meet customer needs [58][60] Question: Equipment procurement and tariff impact - Management reported minimal impact from tariffs on equipment procurement, as most manufacturing occurs outside the U.S. [74][76] Question: Demand cycle for power devices - Management expressed confidence in the power device segment, citing strong competition but also a solid technological foundation [78][80] Question: Gross margin trends - Management indicated that gross margin pressures are expected due to new capacity ramp-up but remains optimistic about future improvements [96][102] Question: Embedded NOR flash platform performance - Management acknowledged the need for improved offerings in embedded NOR flash and expects growth as new technologies are introduced [104][106]