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 ...

Core Viewpoint - The rapid growth of mobile applications, artificial intelligence, and computing power is driving the expansion of the logic process market, with increasing demand for advanced specialty process technology products, particularly in OLED and CIS applications [1][3]. Group 1: Project Development - The fourth phase project of Jinghe Integration has officially started construction with a total investment of 35.5 billion yuan, aiming to enhance the domestic semiconductor industry's technology and supply chain autonomy [1][3]. - The new facility will feature a 12-inch wafer foundry production line with a capacity of 55,000 wafers per month, focusing on 40nm and 28nm processes for CIS, OLED, and logic applications [3][5]. - The project is expected to begin production in Q4 2026 and reach full capacity by Q2 2028, addressing the market's demand for high-performance and high-quality wafer foundry services [3][5]. Group 2: Company Growth and Market Position - Jinghe Integration has grown from one to three factories and from 150nm to 28nm technology, becoming the leading company in the security CIS chip shipment volume [3][5]. - The company is ranked ninth globally and third in mainland China among wafer foundry enterprises, only behind SMIC and Hua Hong Group [4][5]. - According to Frost & Sullivan, Jinghe Integration has the fastest capacity and revenue growth among the top ten global wafer foundry companies from 2020 to 2024 [5]. Group 3: Financial Performance - For the first half of 2025, the company reported a total wafer shipment of 788,400 12-inch wafers, with a revenue of 8.13 billion yuan, reflecting a year-on-year growth of 20% [6]. - The gross margin for the same period was 25.9%, with a net profit of 550 million yuan, showing a significant year-on-year increase of 97% [6]. - The revenue contribution from CIS and PMIC products has increased, with CIS and PMIC accounting for 20.51% and 12.07% of the main business revenue, respectively [6].

事件一：中芯南方签订新合资合同及新增资扩股协议，其注册资本增至101 亿美元，中芯国际持股比例 升至41.56%。2025 年12 月29 日，中芯控股与国家集成电路基金、国家集成电路基金二期、国家集成电 路基金三期、上海集成电路基金、上海集成电路基金二期、泰新鼎吉及先导集成电路基金订立协议，将 中芯南方的注册资本由65 亿美元增加至100.773 亿美元。本次增资，共有中芯控股、国家集成电路基金 三期、上海集成电路基金二期、泰新鼎吉、先导集成电路基金五个增资方，其中后三个增资方为本次新 进入股东。五个增资方现金出资合计77.780 亿美元，其中，35.773 亿美元计入中芯南方注册资本， 42.007 亿美元计入中芯南方的资本公积。 中芯国际收购中芯北方将优化上市公司财务指标，中芯国际归母净利润、归母净资产及每股收益均将提 升。1）中芯北方是优质资产，盈利能力较高。中芯北方经营方面，2023 年/2024 年/2025 年前8 个月的 营收分别为115.76/129.79/90.12 亿人民币， 净利润分别为5.85/16.82/15.44 亿人民币， 对应净利润率分 别为5.1%/13.0%/17.1%。 ...

全球最大专业晶圆代工企业台积电于周六发布消息称，该公司总部所在的新竹科学园区内，部分厂区在 地震后达到疏散启动标准。 台积电在一份简短声明中表示："我们将人员安全置于首位，正依据应急响应程序开展户外疏散及人员 清点工作。目前，所有厂区的安全生产系统均运行正常。" 责任编辑：丁文武 全球最大专业晶圆代工企业台积电于周六发布消息称，该公司总部所在的新竹科学园区内，部分厂区在 地震后达到疏散启动标准。 台积电在一份简短声明中表示："我们将人员安全置于首位，正依据应急响应程序开展户外疏散及人员 清点工作。目前，所有厂区的安全生产系统均运行正常。" 责任编辑：丁文武 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][21]. Core Insights - The company reported Q3 2025 revenue of 171.62 billion yuan, with a year-on-year increase of 9.95% and a quarter-on-quarter increase of 6.95%, exceeding previous guidance [5][6]. - The gross margin improved to 25.49%, reflecting a year-on-year increase of 1.57 percentage points and a quarter-on-quarter increase of 4.79 percentage points, also surpassing prior expectations [5][6]. - The company anticipates stable to slight growth in Q4 2025 revenue, with a gross margin forecasted between 18% and 20% [5]. - High capacity utilization and an improved product mix contributed to the revenue and gross margin growth, with capacity utilization reaching 95.8% [5][6]. - The demand for consumer electronics is strengthening, driven by a robust supply chain for home appliances and domestic manufacturers gaining overseas market share [5][6]. Financial Summary - The company’s total revenue is projected to grow from 57,796 million yuan in 2024 to 95,618 million yuan in 2027, with a compound annual growth rate of approximately 19.2% [6]. - The net profit attributable to the parent company is expected to increase from 3,699 million yuan in 2024 to 7,700 million yuan in 2027, reflecting a significant recovery trajectory [6]. - Earnings per share (EPS) are forecasted to rise from 0.46 yuan in 2024 to 0.96 yuan in 2027 [6]. - The price-to-book (PB) ratio for 2026 is estimated at 8 times, leading to a target price of 159.3 yuan per share [5][6].

Core Insights - The overall performance of the Sci-Tech Innovation Board (STAR Market) has shown a significant recovery, with a 75% year-on-year increase in net profit for the third quarter, indicating strong resilience and growth quality among "hard tech" companies [1][3]. Financial Performance - In the first three quarters of 2025, STAR Market companies achieved operating revenue of 1,105.01 billion yuan, a year-on-year increase of 7.9%, and net profit of 49.27 billion yuan, up 8.9% [2]. - Excluding four leading photovoltaic companies, the overall revenue and net profit growth rates for the STAR Market were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2]. Growth Characteristics - Over 70% of companies on the STAR Market reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [3]. - The STAR 50 Index companies accounted for 46% of the board's revenue and 50% of net profit, while the STAR 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively [3]. R&D Investment - The total R&D investment of STAR Market companies reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-shares in R&D efforts [3]. Sector Performance - The integrated circuit industry saw a 25% year-on-year revenue increase and a 67% net profit increase among 121 related companies, with major players like SMIC and Hua Hong maintaining high capacity utilization [5]. - The artificial intelligence (AI) sector emerged as a new growth pillar, with significant revenue increases in various segments, including a nearly 24-fold increase for Cambrian and a 55% increase for Haiguang Information [6]. - The biopharmaceutical sector reported an 11% revenue increase and a 48% net profit increase, driven by the approval of new drugs and accelerated commercialization [7]. Policy Impact - The ongoing "1+6" reform and the establishment of the Sci-Tech Growth Layer have provided targeted support for unprofitable tech companies, with 35 companies in this layer reporting a 39% revenue increase and a significant reduction in net losses [3].

Core Viewpoint - SMIC (Semiconductor Manufacturing International Corporation) demonstrated robust growth in Q3 2025, with revenue and gross profit increasing both year-on-year and quarter-on-quarter, reflecting strong business resilience amid market fluctuations [2][5][17] Financial Performance - In Q3 2025, SMIC achieved total sales revenue of $2.382 billion, a 7.8% increase from Q2 2025 and a 9.7% increase from Q3 2024 [4][5] - Gross profit reached $522.811 million, up 16.2% quarter-on-quarter and 17.7% year-on-year, with a gross margin of 22.0% [5][12] - Operating profit surged to $351.069 million, a 133.0% increase from Q2 2025 and a 106.6% increase from Q3 2024 [4][5] - Net profit for the period was $315.466 million, reflecting a 115.1% increase quarter-on-quarter and a 41.3% increase year-on-year [5][12] Revenue Breakdown - Revenue distribution by region shows that the China market remains the core pillar, contributing 86.2% of revenue in Q3 2025, up from 84.1% in Q2 2025 [7][8] - The wafer foundry business continues to dominate, accounting for 95.2% of total revenue in Q3 2025, with consumer electronics demand being the strongest at 43.4% [7][8] Capacity and Production - SMIC's monthly capacity increased from 991,300 8-inch equivalent wafers in Q2 2025 to 1,022,800 in Q3 2025, indicating ongoing capacity expansion [9][10] - Wafer sales reached 2,499,465 units in Q3 2025, a 4.6% increase from Q2 2025 and a 17.8% increase year-on-year [10] Cost Management and R&D Investment - Operating expenses decreased significantly by 42.6% quarter-on-quarter and 37.4% year-on-year, totaling $171.742 million [12][15] - R&D expenditure reached $203.147 million, reflecting an 11.7% increase from Q2 2025 and a 13.2% increase year-on-year, supporting technological advancements [12][15] Financial Health - As of September 30, 2025, SMIC's total current assets amounted to $14.145 billion, with a current ratio of 1.8, indicating solid short-term liquidity [16] - The company reported total equity of $33.076 billion, with a debt-to-equity ratio of 34.8%, suggesting a more reasonable capital structure [16] Future Outlook - SMIC anticipates stable revenue growth in Q4 2025, with a projected revenue increase of 0% to 2% and a gross margin between 18% and 20% [16][17] - The company is expected to strengthen its leadership position in the domestic integrated circuit manufacturing industry while enhancing its global market share [17]

Group 1 - ASML's new facility in Hwaseong, South Korea, has been completed, covering an area of 16,000 square meters and featuring DUV and EUV lithography equipment remanufacturing centers and advanced technology training centers. This aims to enhance collaboration with local semiconductor companies like Samsung Electronics and SK Hynix. ASML plans to invest 240 billion KRW (approximately 12 billion RMB) in building a semiconductor equipment cluster in Hwaseong by 2025 [2] - CATL's chairman, Zeng Yuqun, announced that the fifth generation of lithium iron phosphate batteries has begun mass production, building on the success of the fourth generation, which leads the industry in high energy density, long lifespan, and high power [2] - Samsung Electronics has set a management goal for its foundry business to return to profitability and achieve a 20% market share by 2027. The foundry has been operating at a loss since 2022, but recent large orders from Tesla and the upcoming revenue contribution from the Texas Taylor wafer fab are expected to improve its overall status [2] - UBTECH has commenced mass delivery of its full-size industrial humanoid robot, Walker S2, with cumulative orders exceeding 800 million RMB since early 2025 [2]

Core Insights - Intel's Q3 2025 financial results exceeded expectations in revenue, gross margin, and earnings per share, leading to an over 8% increase in stock price post-announcement [1] - The growth is attributed to sustained performance in core markets, marking the fourth consecutive quarter of improved execution and operational efficiency [1] - The company has strengthened its balance sheet through significant funding from the U.S. government, NVIDIA, and SoftBank, along with partial divestitures of Altera and Mobileye [1] AI Strategy - Artificial intelligence is becoming a focal point in Intel's strategic layout, with AI technology accelerating demand for computing and creating new opportunities across its product portfolio, including core x86 platforms, dedicated ASICs, accelerators, and foundry services [1] - Intel emphasizes its collaboration with NVIDIA as a model for revitalizing the x86 ecosystem in the AI era, with both companies working on next-generation x86 products tailored for AI [1] Foundry Business Progress - Intel is making steady progress in its foundry business, with the advanced process node 18A on track and the next-generation client processor Panther Lake expected to launch within the year [2] - The Arizona Fab 52 wafer fabrication plant is now fully operational, and initial feedback from external clients on the 14A process is encouraging, indicating long-term growth opportunities driven by AI-related capacity demands [2] - Intel's management expresses confidence in the company's transformation efforts aimed at creating long-term shareholder value, aligning with its proactive strategies in AI and foundry sectors [2]

Group 1 - TSMC's second wafer fab in Kumamoto, Japan, has made significant progress with the location agreement set to be finalized on October 24 [1] - The agreement involves TSMC's Japanese subsidiary JASM and local government entities, indicating the official start of construction for the second fab [1] - Kumamoto Governor Kimura expressed joy over the commencement of the second factory's construction, alleviating previous uncertainties regarding the project timeline [1] Group 2 - The construction of the second fab was initially planned to start by March 2025 but has been postponed to before the end of 2025 due to traffic congestion issues [1] - To address the traffic problems affecting the first fab, the Kumamoto government has initiated two key infrastructure projects aimed at improving local transportation and connectivity, expected to be completed by 2028 [2]