苏州晶方半导体科技股份有限公司2025 年半年度报告 公司代码：603005 公司简称：晶方科技 苏州晶方半导体科技股份有限公司 苏州晶方半导体科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王蔚 、主管会计工作负责人段佳国及会计机构负责人（会计主管人员）段佳国 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中 ...

Core Insights - The global semiconductor market is in a recovery phase, with major domestic foundries, SMIC and Hua Hong Semiconductor, reporting strong performance in capacity utilization [3][4] - SMIC's capacity utilization is at 92.5%, while Hua Hong's exceeds 100% at 108.3% [3][4] Company Performance - SMIC reported Q2 sales of $2.209 billion, a year-on-year increase of 16.2%, but a quarter-on-quarter decrease of 1.7% [5] - Net profit for SMIC in Q2 was $132 million, down 19.5% year-on-year and 29.5% quarter-on-quarter, with a gross margin of 20.4% [5][6] - Hua Hong Semiconductor achieved Q2 sales of $566 million, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 4.6% [7] - Hua Hong's net profit for Q2 was $7.952 million, up 19.17% year-on-year and 112.1% quarter-on-quarter, with a gross margin of 10.9% [7] Market Trends - The global semiconductor market size exceeded $340 billion in the first half of the year, reflecting an 18.9% year-on-year growth [4] - The demand for automotive and industrial chips is increasing, indicating a shift towards domestic chip production [9][10] Future Outlook - SMIC expects Q3 revenue to grow by 5% to 7%, with a gross margin forecast of 18% to 20% [11] - Hua Hong anticipates Q3 sales between $620 million and $640 million, with a gross margin expected between 10% and 12% [11] - The global foundry market is projected to grow by 17% year-on-year in 2025, reaching over $165 billion [10]

Group 1: Macro Insights - The credit data for July shows a rare negative turn, with new credit scale turning negative for the first time in 20 years, while social financing continues to grow under government bond support [4] - M1 growth has increased for two consecutive months, indicating faster fund activation in both resident and corporate sectors, particularly driven by a rise in resident demand [4] - The overall monetary policy is expected to remain loose, with potential for further rate cuts and reductions in reserve requirements due to economic downward pressure [4] Group 2: Company Insights - 卓胜微 (Zhuosheng Micro) - The company is advancing its chip project, with significant production capacity achieved in both 6-inch and 12-inch wafer production lines, indicating a strong position in the RF front-end market [8][9] - Revenue projections for 2025, 2026, and 2027 are estimated at 4.91 billion, 5.61 billion, and 6.67 billion CNY respectively, with corresponding net profits of 380 million, 860 million, and 1.29 billion CNY [9] Group 3: Company Insights - 万国黄金 (Wanguo Gold) - The company holds three significant mining assets, including the world-class Jinling Gold Mine, which is expected to contribute significantly to future revenue growth [10][12] - Revenue forecasts for 2025, 2026, and 2027 are projected at 3.49 billion, 4.77 billion, and 5.36 billion CNY, with net profits of 1.41 billion, 1.87 billion, and 2.18 billion CNY respectively [12] Group 4: Company Insights - 海能技术 (Haineng Technology) - The company reported a strong revenue growth of 34.9% year-on-year for H1 2025, reaching 140 million CNY, with a net profit increase of 139% [13] Group 5: Company Insights - 中科三环 (Zhongke Sanhuan) - The company achieved a net profit of 44 million CNY in H1 2025, marking a turnaround from losses, with a significant reduction in expense ratios contributing to improved profitability [14][15] - Future profit projections for 2025, 2026, and 2027 are estimated at 170 million, 250 million, and 350 million CNY respectively [15] Group 6: Company Insights - 奥比中光 (Obi Zhongguang) - The company is focusing on the robotics sector, with a projected revenue growth of 65.9%, 57.6%, and 28.6% for 2025, 2026, and 2027 respectively [16] Group 7: Company Insights - 鹏鼎控股 (Pengding Holdings) - The company reported a revenue of 16.38 billion CNY for H1 2025, a year-on-year increase of 24.8%, with a net profit growth of 57.2% [17][18] - Future revenue projections for 2025, 2026, and 2027 are expected to be 41.2 billion, 48.3 billion, and 55.6 billion CNY respectively [18] Group 8: Company Insights - 甘源食品 (Ganyuan Food) - The company experienced a revenue decline of 9.3% year-on-year for H1 2025, with net profits down by 55.2%, indicating challenges in channel adjustments [20] Group 9: Company Insights - 361度 (361 Degrees) - The company achieved a revenue growth of 11% year-on-year for H1 2025, with a net profit increase of 8.6% [21][22] - Future profit projections for 2025, 2026, and 2027 are estimated at 1.261 billion, 1.420 billion, and 1.588 billion CNY respectively [22]

Core Viewpoint - SMIC's second-quarter financial results showed a mixed performance with a slight revenue decline but significant year-on-year growth, indicating resilience in the semiconductor industry despite challenges [2][3]. Financial Performance - In Q2, SMIC reported sales revenue of $2.209 billion, a 1.7% decrease quarter-on-quarter but a 16.2% increase year-on-year. Net profit was $132.5 million, down 19% year-on-year, falling short of market expectations [2]. - The gross margin for Q2 was 20.4%, down 2.1 percentage points quarter-on-quarter but up 6.5 percentage points year-on-year [2]. - For the first half of the year, SMIC's sales revenue reached $4.46 billion, a 22% increase compared to the same period last year, with a gross margin of 21.4%, up 7.6 percentage points year-on-year [5]. Capacity Utilization and Industry Outlook - SMIC's capacity utilization rate significantly improved to 92.5% in Q2, up 2.9 percentage points quarter-on-quarter and 7.3 percentage points year-on-year, indicating a recovery in industry demand [3][6]. - The company anticipates a revenue growth of 5% to 7% in Q3, with a gross margin guidance of 18% to 20% [2]. Market Segmentation and Demand - In Q2, 84.1% of SMIC's revenue came from the China region, with 12.9% from the U.S. and 3.0% from Europe and Asia [5]. - The consumer electronics sector accounted for the largest share of revenue at 41%, followed by smartphones at 25.2% and industrial and automotive sectors at 10.6%, with the latter showing continuous growth [5]. - Demand for automotive chips is expected to grow, driven by increasing shipments of analog power management, image sensors, and embedded logic chips [5]. Product Trends and Pricing - The average selling price (ASP) of SMIC's products decreased by 6.4% quarter-on-quarter in Q2, but an increase is expected in Q3 due to the removal of discounts on 12-inch wafer products [10]. - There is a trend of "downgrading" in mobile chip features, with advanced functionalities now being integrated into lower-priced smartphones, leading to increased demand for chips [10].

Core Viewpoint - Both SMIC and Hua Hong Semiconductor reported strong financial results for the first half of the year, with significant increases in revenue and gross profit margins, indicating a robust demand in the semiconductor industry [1][9]. Revenue Analysis - SMIC's revenue for Q2 2025 reached $2.209 billion, a year-on-year increase of 16.2%, with a gross profit of $450 million, up 69.7% [1]. - Hua Hong Semiconductor's Q2 revenue was $566.1 million, reflecting an 18.3% year-on-year growth [5]. - The revenue composition for SMIC shows that 84% comes from China, with significant contributions from smartphones (25%) and consumer electronics (41%) [3][4]. Capacity Utilization and Capital Expenditure - SMIC's wafer sales volume increased by 4.3% quarter-on-quarter and 13.2% year-on-year, with capacity utilization rising from 89.6% to 92.5% [10]. - Capital expenditure for SMIC in Q2 was $1.885 billion, up from $1.415 billion in Q1 [10]. - Hua Hong's capital expenditure for the quarter was $407.7 million, with a focus on expanding 12-inch and 8-inch production capacities [12][13]. Future Outlook - SMIC expects a revenue growth of 5% to 7% in Q3 2025, with gross margin guidance remaining stable between 18% to 20% [15]. - Hua Hong anticipates Q3 revenue between $620 million and $640 million, with a gross margin forecast of 10% to 12% [15][16].

Group 1 - As of August 5, 2025, the stock price of SMIC is reported at 90.00 CNY, with a slight decrease of 0.07 CNY, representing a drop of 0.08% from the previous trading day [1] - The opening price for the day was 89.85 CNY, with a highest point of 90.58 CNY and a lowest point of 89.58 CNY, resulting in a trading volume of 195,679 lots and a transaction amount of 1.762 billion CNY [1] - SMIC is the largest and most advanced integrated circuit wafer foundry in mainland China, primarily engaged in semiconductor wafer manufacturing and related technical services, covering various semiconductor products such as logic chips, flash memory chips, and RF chips [1] Group 2 - On August 5, SMIC received a net inflow of 121 million HKD from southbound funds, marking the second consecutive day of net buying [1] - SMIC is listed among the actively traded stocks in the Hong Kong Stock Connect, alongside Tencent Holdings and Xiaomi Group, all of which have been included in the continuous net buying list [1] - Data on capital flow indicates that on August 5, there was a net outflow of 112.182 million CNY from SMIC, with a cumulative net outflow of 881.938 million CNY over the past five trading days [1]

Core Viewpoint - The domestic RF chip industry is facing severe internal competition and lacks profitability, while foreign RF chip companies dominate the market with over 80% global market share, leaving domestic companies with less than 3% [1][2]. Group 1: Market Dynamics - The proliferation of similar RF chip manufacturers in China has led to excessive competition and price wars, particularly in the mobile, router, and base station markets [2]. - The domestic market size is often overestimated, with claims of market potential being inflated by 2 to 10 times, leading to misconceptions about the actual demand and competitive landscape [3]. - In 2024, the sales scale of domestic RF front-end chips is projected to be around 20 to 22 billion RMB, while the global RF front-end chip market is expected to reach approximately 210 billion USD (about 1430 billion RMB) [4]. Group 2: Talent and Vision - The domestic RF market suffers from a lack of international perspective and forward-looking talent, which limits innovation and market exploration [6][7]. - Domestic chip talent often lacks the necessary global vision, resulting in a narrow focus on local markets and technologies [7]. Group 3: Capital and Investment - The absence of patient capital is a critical issue for the domestic RF industry, as the complexity of RF design requires time and experience, which is often at odds with the short-term expectations of investors [8][10]. - The reliance on trial-and-error experimentation in RF technology makes it a "slow technology," where success is built on accumulated experience and meticulous detail [9]. Group 4: Patent Barriers - Patent barriers significantly hinder domestic RF front-end companies from entering high-end markets, as international giants hold thousands of core patents that create substantial technological obstacles [11][12]. - The slow pace of technological iteration in the RF field allows established companies to lock in high-end product designs and processes through patent walls, exacerbating the challenges faced by domestic firms [12]. Group 5: Competitive Dynamics - The "crab effect" illustrates the detrimental cycle of mutual restraint among domestic RF companies, where competition leads to collective stagnation rather than progress [13][14]. - This phenomenon results in companies focusing on cost optimization rather than innovation, ultimately leading to a decline in market competitiveness and product quality [14].

Core Viewpoint - The Chinese semiconductor industry is undergoing a severe downturn, marked by the collapse of companies like Qingke Semiconductor and the stagnation of significant projects, revealing a crisis driven by technological, capital, and policy factors [1][2][4]. Group 1: Industry Challenges - Qingke Semiconductor's downfall illustrates the consequences of blind expansion without core technology, leading to lawsuits due to unpaid debts [2]. - The rapid increase in 8-inch GaN production lines, exceeding global demand, has resulted in a structural oversupply, causing profit margins to plummet from 30% to below 10% [2]. - The IDM model adopted by companies like Jianwenlu Semiconductor has become a financial burden during market downturns, leading to significant losses and legal challenges [3]. Group 2: Capital Environment - A drastic shift in global venture capital attitudes towards hard technology has led to a 42% decline in semiconductor financing in 2024 [4]. - Companies like ShenDing Technology faced halted funding rounds due to changing investor interests, resulting in team layoffs and significant financial losses [4]. - The failure of companies like HeXin Technology highlights the risks of focusing on niche markets without adequate funding, leading to bankruptcy [4]. Group 3: Market Dynamics - The semiconductor industry is transitioning from policy-driven growth to market-driven realities, with many projects failing due to oversupply and lack of collaboration [4][5]. - Companies that establish deep collaborations within the supply chain demonstrate stronger resilience against market downturns, as seen in a certain RF chip company that reduced product development time significantly [5]. - The rise of "pseudo-innovation" has led to financial fraud among semiconductor firms, with over 30 companies penalized for financial misconduct in 2023 [5]. Group 4: Future Outlook - The industry is awakening to the need for a return to fundamental technological advancements and ecological collaboration, moving away from speculative practices [6]. - The emphasis on long-term strategies and ecological barriers is crucial for survival in the competitive landscape, as highlighted by the SEMI report [7].

Core Viewpoint - Guomin Technology has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company operates in the integrated circuit and lithium battery materials sectors, with both business segments expected to contribute approximately 47% of revenue in 2024 [2][3]. Group 1: Business Overview - Guomin Technology is a platform-based integrated circuit design company that provides high-security, high-reliability, and high-integration control chips and system solutions for various smart terminals. The company also develops lithium battery anode materials, creating a synergistic dual business model of "integrated circuits + new energy materials" [3][7]. - In the integrated circuit sector, the company focuses on four product lines: general-purpose MCUs, specialized market chips, RF chips, and BMS. It ranks among the top five Chinese companies in the global platform MCU market and is the leading company in the Chinese MCU market with built-in commercial encryption algorithm modules [7]. - The lithium battery anode materials business includes independent research, production, and sales of products such as artificial graphite and graphitization processing services, widely used in electric vehicles, energy storage systems, and portable devices [7]. Group 2: Financial Performance - Guomin Technology has experienced steady revenue growth in recent years but has faced continuous losses. In 2024, the company achieved revenue of 1.17 billion yuan, a year-on-year increase of 12.6%, while incurring a loss of 256 million yuan, although the loss narrowed compared to the previous year [12]. - The company reported a revenue of 304 million yuan in the first quarter of 2025, representing a year-on-year growth of 31.87%, with a net loss of approximately 21.38 million yuan [12]. - The company's gross profit margin has been unstable, with figures of 35.6%, 1.7%, and 15.6% from 2022 to 2024. The significant drop in 2023 was attributed to oversupply in the market leading to price declines and inventory write-downs [12]. - Research and administrative expenses are substantial, accounting for 16% and 13.9% of revenue in 2024, respectively. The company has reported a net cash outflow from operating activities for three consecutive years, with a cash and cash equivalents balance of 362 million yuan and short-term borrowings of 837 million yuan at the end of the period [12]. Group 3: Shareholding Structure - The prospectus indicates that Guomin Technology does not have a controlling shareholder or actual controller. Prior to the Hong Kong listing, the largest single shareholder is Sun Yingtong, holding 2.65% of the shares [13][16].

Core Viewpoint - The Chinese semiconductor industry is experiencing robust growth in the first half of 2025, with the capital market playing a crucial role in driving this development. A significant number of semiconductor companies are actively pursuing IPOs in both A-shares and Hong Kong stocks, indicating a comprehensive breakthrough in the industry and deep participation from the capital market [1][5]. A-share Market: Leading the IPO Boom - In the first half of 2025, 21 semiconductor-related companies submitted IPO applications to A-shares, covering various fields such as chip design, materials, equipment, and packaging testing, with a total planned fundraising amount of 46.5 billion yuan [2][4]. - The Sci-Tech Innovation Board (科创板) has become the most favored listing platform, accounting for over 50% of the applications, reflecting its alignment with the "hard technology" positioning of the semiconductor industry [2][4]. - Among the 21 companies, 11 chose the Sci-Tech Innovation Board, planning to raise a total of 30.15 billion yuan, with the top fundraising company, Moer Thread, aiming for 8 billion yuan [3][4]. Hong Kong Market: Focus on Third-Generation Semiconductors - The Hong Kong market also witnessed a surge in semiconductor IPOs, with 10 companies submitting applications in the first half of 2025, particularly in June when 6 companies filed, indicating a trend of accelerated engagement with international capital markets [6][8]. - Key areas of focus include third-generation semiconductors such as silicon carbide (SiC), display driver chips, and storage technology [7][9]. IPO Guidance and Market Trends - In the first half of 2025, 17 semiconductor-related companies initiated IPO guidance, covering various segments like EDA, equipment, and RF chips, with major brokerage firms like Guotai Junan and CITIC Securities leading the advisory efforts [11][12]. - The geographical distribution of these companies shows a concentration in Guangdong, Shanghai, and Suzhou, highlighting the industry cluster effect [11]. A+H Model: New Choices for Leading Companies - Several leading semiconductor companies listed on A-shares are planning to launch IPOs in Hong Kong, reflecting a trend towards an "A+H" dual capital platform strategy [14]. - This trend indicates a desire to enhance international brand influence, meet significant capital investment needs, and potentially achieve higher valuation premiums under Hong Kong's listing rules [14]. Overall Industry Outlook - The IPO activities in the Chinese semiconductor industry in the first half of 2025 demonstrate a vibrant and comprehensive growth across various sectors, signaling a new phase of high-quality development for the industry [14].