中微半导于2022年8月5日在上交所科创板上市，发行数量为6,300.00万股，发行价格为30.86元/ 股，保荐机构（主承销商）中信证券股份有限公司，保荐代表人为许艺彬、王彬。 中国经济网北京2月26日讯 中微半导(688380.SH)昨日晚间披露股东询价转让计划书，公司股东周彦 委托中国国际金融股份有限公司（以下简称"中金公司"）组织实施本次询价转让，拟转让股份的总数为 8,007,300股，占公司总股本的比例为2.00%。 本次询价转让为非公开转让，不通过集中竞价交易方式或大宗交易方式进行，不属于通过二级市场 减持。受让方通过询价转让受让的股份，在受让后6个月内不得转让。本次询价转让的受让方为具备相 应定价能力和风险承受能力的机构投资者。 按照中微半导2月25日收盘价50.97元计算，周彦本次询价转让金额约合4.08亿元。 2019年至2024年，中微半导营业收入分别为2.45亿元、3.78亿元、11.09亿元、6.37亿元、7.14亿 元、9.12亿元，归属于上市公司股东的净利润分别为0.25亿元、0.94亿元、7.85亿元、0.59亿元、-0.22亿 元、1.37亿元，归属于上市公司股东的扣除非经常 ...

长江商报消息●长江商报记者 沈右荣 芯片企业中微半导（688380.SH）经营业绩如期快速增长。 2月24日晚，中微半导发布业绩快报。2025年，公司实现营业收入11.22亿元，同比增长23.09%；实现归 母净利润2.85亿元，同比增长108.05%。 这是中微半导自2022年以来取得的最好年度业绩。此前的2022年、2023年，公司业绩增长承压。从2024 年开始，公司经营业绩重返增长轨道，强劲复苏。 针对2025年经营业绩快速增长，中微半导将其归结为两大因素。一是主营业务，产品迭代、新产品推 广，高端产品结构优化，使得营业收入和毛利率上升；二是投资收益，持有的电科芯片股票价格上涨， 使得公司非经常性损益增加。 二级市场上，2026年初以来，中微半导整体表现出色，股价累计上涨约59%。 中微半导的两位实际控制人杨勇、周彦合计持有公司超过54%的股权。年内，随着公司股价上涨，二人 财富合计增加约42亿元。 净利2.85亿同比翻倍 中微半导取得了翻倍增长的经营业绩。 根据业绩快报，2025年，中微半导实现营业收入11.22亿元，同比增长23.09%；实现归母净利润2.85亿 元，同比增长108.05%；实现扣 ...

报告期内，公司车规级芯片和工业控制芯片出货量较上年同期实现快速增长，其中车规级芯片出货量同 比增加超650万颗、增幅约73%，测量类产品在市场份额上得到有效拓展，公司营收保持快速增长。新 产品推广和产品迭代不仅优化产品结构，而且提升产品竞争力和毛利率，32位机的销售额占比由上年的 约32%提升至36%，产品综合毛利率由上年的约30%提升至34%。 中微半导(688380.SH)披露2025年度业绩快报，公司实现营业总收入11.22亿元，同比增长23.09%;实现归 属于母公司所有者的净利润2.85亿元，同比增长108.05%;实现归属于母公司所有者的扣除非经常性损益 的净利润1.69亿元，同比增长85.84%。 ...

报告期内，公司车规级芯片和工业控制芯片出货量较上年同期实现快速增长，其中车规级芯片出货量同 比增加超650万颗、增幅约73%，测量类产品在市场份额上得到有效拓展，公司营收保持快速增长。新 产品推广和产品迭代不仅优化产品结构，而且提升产品竞争力和毛利率，32位机的销售额占比由上年的 约32%提升至36%，产品综合毛利率由上年的约30%提升至34%。 智通财经APP讯，中微半导(688380.SH)披露2025年度业绩快报，公司实现营业总收入11.22亿元，同比 增长23.09%;实现归属于母公司所有者的净利润2.85亿元，同比增长108.05%;实现归属于母公司所有者的 扣除非经常性损益的净利润1.69亿元，同比增长85.84%。 ...

报告期内，受益于公司近几年持续的研发投入和在高端应用领域的产品布局，同时不断加强产品迭代、 新产品推广、销售和综合服务能力，公司车规级芯片和工业控制芯片出货量较上年同期实现快速增长， 其中车规级芯片出货量同比增加超650万颗、增幅约73%，测量类产品在市场份额上得到有效拓展，公 司营收保持快速增长。 格隆汇2月24日丨中微半导(688380.SH)公布2025年度业绩快报，本报告期，公司实现营业总收入11.22亿 元，同比增长23.09%；实现归属于母公司所有者的净利润2.85亿元，同比增长108.05%；实现归属于母 公司所有者的扣除非经常性损益的净利润1.69亿元，同比增长85.84%。 新产品推广和产品迭代不仅优化产品结构，而且提升产品竞争力和毛利率，32位机的销售额占比由上年 的约32%提升至36%，产品综合毛利率由上年的约30%提升至34%。公司2025年非经常性损益增幅较 大，主要是持有的证券投资公允价值上升。 ...

新产品推广和产品迭代不仅优化产品结构，而且提升产品竞争力和毛利率，32位机的销售额占比由上年 的约32%提升至36%，产品综合毛利率由上年的约30%提升至34%。公司2025年非经常性损益增幅较 大，主要是持有的证券投资公允价值上升。 格隆汇2月24日丨中微半导(688380.SH)公布2025年度业绩快报，本报告期，公司实现营业总收入11.22亿 元，同比增长23.09%；实现归属于母公司所有者的净利润2.85亿元，同比增长108.05%；实现归属于母 公司所有者的扣除非经常性损益的净利润1.69亿元，同比增长85.84%。 报告期内，受益于公司近几年持续的研发投入和在高端应用领域的产品布局，同时不断加强产品迭代、 新产品推广、销售和综合服务能力，公司车规级芯片和工业控制芯片出货量较上年同期实现快速增长， 其中车规级芯片出货量同比增加超650万颗、增幅约73%，测量类产品在市场份额上得到有效拓展，公 司营收保持快速增长。 ...

Core Viewpoint - The semiconductor sector in A-shares has experienced a significant divergence in performance, with leading companies benefiting from AI and advanced technologies, while traditional low-end chip companies face severe losses and declining stock prices [1][3][5] Group 1: Performance Divergence - As of January 30, 2026, among 115 semiconductor companies in A-shares, 70 are expected to be profitable while 45 are projected to incur losses, indicating a near 50-50 split in performance [3] - Leading companies like SMIC reported a revenue of 67.32 billion yuan for 2025, a 16.5% increase year-on-year, with a net profit of 5.04 billion yuan, up 36.3%, driven by AI chip and automotive electronics businesses [3] - Cambrian Technology forecasts a net profit of 1.85 to 2.15 billion yuan for 2025, with revenue expected to grow by 410.87% to 496.02%, showcasing the explosive growth of AI chip sales [4] Group 2: Characteristics of Leading Companies - Companies such as Haiguang Information and Cambrian Technology are recognized as leaders in AI chip technology, with significant profit growth and high gross margins, attracting institutional investment [4] - These leading firms possess core technologies, real orders, and sustainable profitability, distinguishing them from companies that rely on outdated business models [4][5] Group 3: Struggles of Traditional Companies - Companies like Yandong Microelectronics are projected to incur losses of 340 to 425 million yuan due to plummeting prices in consumer electronics chips and low production capacity utilization [4] - Zhaoxin Technology is expected to report a loss of 110 to 150 million yuan, as traditional chip design continues to decline without adapting to AI needs [5] - Many companies focused on low-end chips have seen revenues drop significantly, with stock prices falling by 60% to 70%, leading to a classification as "zombie stocks" [5] Group 4: Market Dynamics and Investment Strategy - The semiconductor industry has moved past a "universal rise" phase, entering a period of refined competition where only companies with technology, orders, and performance will thrive [6] - The presence of AI capabilities and sustained revenue growth are now critical indicators of a company's potential, while those lacking these attributes are likely to face further declines [6]

Core Insights - The company reported strong performance in Q4 and for the full fiscal year 2025, with significant growth in automotive electronics and AI-related businesses [1] Financial Performance - Revenue exceeded guidance: In Q4 of fiscal year 2025, the company achieved revenue of $1.83 billion, a quarter-over-quarter increase of 8.4%, surpassing the upper limit of the company's guidance [2] - Record high gross margin: The non-IFRS gross margin for Q4 reached 28.7%, up 2.7 percentage points quarter-over-quarter, marking a new quarterly high [2] - Earnings met expectations: The diluted earnings per share (EPS) for Q4 was $0.47, reaching the upper limit of the company's guidance range [2] - Healthy cash flow: Operating cash flow for Q4 was $320 million, with free cash flow at $190 million, providing strong support for capital expenditures and R&D investments [2] Business Developments - Automotive electronics as a core driver: Revenue from the automotive business accounted for 19% of total revenue, with a year-over-year growth of 12%, driven by strong demand for automotive-grade chips from clients like Tesla, Volkswagen, and Bosch [3] - Strong demand in communications and physical AI: Significant growth was noted in communication infrastructure and silicon photonics-related businesses, with a long-term revenue target of $1 billion for the silicon photonics segment [3] - Mobile business impact reduced: Revenue from the mobile segment decreased to 38%, with a reduced negative impact on overall performance [3] - Increased share of high-margin products: The revenue share from high-margin specialty processes (such as silicon photonics and automotive-grade MCUs) rose to 32%, contributing to the overall improvement in gross margin [3] Project Progress - High capacity utilization maintained: Global capacity utilization remained above 95%, ensuring stable order fulfillment [4] - Capacity expansion underway: Ongoing capacity expansion projects in New York, USA, and Dresden, Germany, are expected to add 12,000 wafers of monthly capacity by 2025 [4] - Benefiting from policy support: The company aligns with the U.S. CHIPS and Science Act and the EU Chips Act, receiving government subsidies that help alleviate capital expenditure pressures and strengthen supply chain diversification strategies [4] Future Outlook - The company provided an optimistic guidance for Q1 of fiscal year 2026, expecting revenue between $1.85 billion and $1.90 billion, representing a quarter-over-quarter growth of 1.1% to 3.8%; annual revenue is projected to grow by 5% to 7% year-over-year [5]

Investment Rating - The semiconductor industry is rated as "stable improvement" for the next 12 to 18 months, with potential for upward adjustments based on demand growth from automotive electronics and artificial intelligence [5][7]. Core Insights - The semiconductor industry in China is expected to benefit from effective industrial support policies, accelerating domestic substitution processes, and a stable upward trend in credit quality [5][8]. - The competition in the semiconductor industry remains a key national focus, with ongoing support for high-end breakthroughs and supply chain management [7][9]. - The recovery of the semiconductor industry is driven by the mild recovery in consumer electronics and rapid development in automotive electronics and artificial intelligence [19][24]. - The global semiconductor sales reached approximately $697.18 billion in 2025, with a year-on-year growth of 11.22%, indicating a new recovery cycle after a previous downturn [20][24]. - The domestic semiconductor market in China is projected to reach $210.88 billion in 2025, growing by 14.68% year-on-year, driven by AI and automotive electronics [24]. Industry Fundamentals Analysis - The semiconductor industry is supported by a comprehensive policy framework that includes national and local government initiatives aimed at enhancing self-sufficiency and technological breakthroughs [9][10]. - The production of integrated circuits in China reached 484.3 billion units in 2025, a year-on-year increase of 87.28%, with exports also showing significant growth [11][24]. - The industry is characterized by a high degree of concentration, with the top ten chip design companies holding over 65% of the market share globally, predominantly led by U.S. firms [30][31]. Credit Performance of Industry Enterprises - The overall financial performance of the semiconductor industry has improved, with revenue, profit, and operating cash flow showing growth, while debt levels remain manageable [29]. - The industry has not experienced any bond extensions or defaults, indicating a stable credit environment [29]. - The chip design sector has seen rapid growth, particularly in AI chip manufacturers, which have outperformed other segments [31].

Core Viewpoint - The company has completed three major projects related to chip development and has approved the conclusion of these projects during the board meeting held on February 11, 2026 [1] Group 1: Project Completion - The company announced the completion of the "Home Appliances and Industrial Control MCU Chip Development and Industrialization Project," "IoT SOC and Analog Chip Development and Industrialization Project," and "Automotive Grade Chip Development Project" [1] - All three projects have been implemented and reached the predetermined usable status as of December 31, 2025 [1] Group 2: Financial Summary - As of December 31, 2025, the total surplus of raised funds from the three projects amounts to 220.8343 million yuan, after deducting payable amounts of 2.8309 million yuan [1] - Out of the surplus funds, 120.8343 million yuan is intended for permanent replenishment of working capital, while 100 million yuan is earmarked for investment in new projects [1] - Following the transfer of the raised funds, the relevant special account for the raised funds will be canceled [1]