机构：国海证券 2025 年8 月7 日，华虹半导体发布2025 年Q2 财报：2025Q2，公司实现收入5.66 亿美元（QoQ+4.6%， YoY+18.3%）；归母净利润0.08 亿美元（QoQ+112.1%，YoY+19.2%）；晶圆季出货量（等效八英寸晶 圆）130.5 万片（ QoQ+6.0% ， YoY+18.0% ） ； 产能利用率108.3%（QoQ+5.6pct，YoY+10.4pct）。 投资要点: 2025Q2 业绩：新厂投产折旧压力下，公司毛利率仍实现优化2025Q2 ， 华虹半导体实现收入5.66 亿美 元（ QoQ+4.6% ，YoY+18.3%），指引5.5-5.7 亿美元，彭博一致预期为5.63 亿美元，增长主要得益于 晶圆出货量上升。毛利率10.9%（QoQ+1.7pct，YoY+0.4pct），指引为7%-9%，彭博一致预期为8.3%， 年增主要得益于产能利用率提升及ASP 上涨，部分被折旧成本上升所抵消；季增主要由于产能利用率 提升。2025Q2，公司归母净利润0.08 亿美元（QoQ+112.1%，YoY+19.2%），环比增长主要由于毛利率 优化、外汇损失收敛、财务 ...

Core Viewpoint - Huahong Semiconductor reported strong financial performance for Q2 2025, with significant year-on-year and quarter-on-quarter growth in revenue, gross margin, and net profit, indicating effective cost management and operational efficiency improvements in a fluctuating global market [2][3][4]. Financial Performance - The company achieved sales revenue of $566.1 million in Q2 2025, representing an 18.3% increase year-on-year and a 4.6% increase quarter-on-quarter [2][3]. - Gross margin improved to 10.9%, up 0.4 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [2][3]. - Net profit reached $8 million, a 19.2% increase year-on-year and a substantial 112.1% increase quarter-on-quarter [2][3]. Revenue Breakdown - Revenue from semiconductor wafer sales was the primary contributor, with 8-inch and 12-inch wafer sales generating $232.3 million and $333.8 million, respectively [4][6]. - By product category, wafer sales accounted for 95.6% of total revenue, while other products contributed 4.4% [5][6]. Regional Sales Analysis - Sales from China amounted to $469.7 million, representing 83.0% of total revenue and a 21.8% year-on-year increase [7]. - North American sales were $53 million, up 13.2% year-on-year, while sales from other Asian regions and Europe saw slight declines [7]. Capacity and Utilization - The company reported a capacity utilization rate of 108.3%, the highest in recent quarters, with total capacity equivalent to 447,000 8-inch wafers [8]. - The number of wafers shipped reached 1.305 million, reflecting an 18.0% year-on-year increase and a 6.0% quarter-on-quarter increase [8]. Product Technology and Market Segments - Revenue from embedded non-volatile memory reached $141.2 million, a 2.9% increase year-on-year, while power devices generated $166.7 million, up 9.4% [9][10]. - Consumer electronics remained the largest revenue source, contributing $357.4 million, or 63.1% of total revenue, with a year-on-year growth of 19.8% [11].