公司业绩增长主要得益于主营业务的持续突破与新产品的快速发展。在核心的等离子体刻蚀设备领域， 公司针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产品新增付运量显著提升，相关工艺已实现稳 定可靠的大规模量产，刻蚀设备反应台全球累计出货量截至2025年底已超过6,800台，刻蚀设备销售收 入预计同比增长约35.12%。 与此同时，公司在新产品拓展上成果丰硕，为先进器件开发的LPCVD、ALD等十多款薄膜设备顺利进 入市场并获得重复性订单，相关销售收入预计实现约224.23%的同比大幅增长，成为新的业绩增长点。 此外，公司的外延（EPI）设备已进入客户端量产验证阶段，MOCVD设备在巩固传统市场领先地位的 同时，在碳化硅、Micro-LED等新应用领域的布局也取得了良好进展。 为把握市场机遇并夯实长期发展基础，公司持续保持高强度的研发投入。2025年全年研发投入预计约 37.36亿元，较上年大幅增长约52.32%，研发投入占营业收入的比例达到30.16%。其中，研发费用预计 增长约74.36%。这体现了公司致力于通过技术创新弥补国产设备短板、积极追赶国际先进水平的决 心。 1月23日，中微公司发布2025年度业绩预告 ...

Core Viewpoint - The semiconductor equipment industry faces ten major challenges, including severe competition and various forms of industry "involution" as highlighted by the chairman of Zhongwei Company, Yin Zhiyao [1][2]. Group 1: Industry Challenges - The semiconductor micro-processing equipment industry is experiencing significant challenges, including unfair competition and the negative impacts of vertical integration attempts by some companies [1][3]. - Yin Zhiyao identified 15 manifestations of industry involution, such as unfair terms between equipment manufacturers and component suppliers, and the use of media to undermine competitors [1]. Group 2: Vertical Integration Issues - Vertical integration in the semiconductor industry leads to unfair competition, as manufacturers may leak proprietary knowledge to equipment suppliers during collaboration [3][4]. - Historical attempts by some chip manufacturers to engage in equipment production have largely failed, reinforcing the need for separation between manufacturing and equipment supply [4]. Group 3: Domestic Equipment Development - The domestic semiconductor equipment industry has made progress in localization, with the highest domestic production rate of 90% for de-bonding equipment, while other segments like thermal treatment and etching equipment have around 20% localization [5]. - The development of semiconductor equipment requires substantial funding, often exceeding the sale price of the equipment by multiples, which poses a barrier to further localization [5][6]. Group 4: Collaboration and Innovation - To reduce internal competition and promote healthy development in the semiconductor equipment industry, collaboration between smaller and larger companies is encouraged [6]. - Zhongwei Company showcased six new semiconductor equipment products at the recent exhibition, demonstrating its technological capabilities in critical processes such as plasma etching and atomic layer deposition [6].