本文源自：金融界 8月22日，毫微(NA)盘中上涨5.09%，截至23:09，报4.75美元/股，成交73.11万美元，总市值1.10亿美 元。 作者：行情君 财务数据显示，截至2025年06月30日，毫微收入总额828.34万人民币，同比减少66.52%；归母净利 润-705.45万人民币，同比增长87.67%。 资料显示，毫微实验室有限公司是一家在开曼群岛注册成立的境外控股母公司,主要由其境内实体子公 司浙江毫微科技有限公司运营。浙江毫微科技有限公司 致力于为元宇宙提供基础设施支持,公司开发高 吞吐内存芯片、高性能计算芯片、分布式计算解决方案、,产品可应用于数据中心,超级计算,人工智能等 领域,为元宇宙中的各个场景应用赋能。公司于2019年验证了HBM2D内存技术,并开发了其独有的存算一 体FPU芯片架构。2020年基于FPU架构,率先量产了布谷鸟1.0专用计算芯片;目前,公司产品持续技术迭代, 从专用市场向通用市场拓展,为未来的智能数字社会提供算力,致力于为元宇宙下分布式计算,核心网络,人 工智能,高性能计算,视频编解码等领域提供高带宽、高性能的专用处理器芯片和解决方案,构建元宇宙生 态 ...

Core Insights - The company, 毫微, experienced a stock price increase of 2.8% on August 21, reaching $4.41 per share with a total market capitalization of $10.2 million [1] - Financial results for the fiscal year ending June 30, 2025, show total revenue of 8.2834 million RMB, a year-on-year decrease of 66.52%, while net profit attributable to shareholders was -7.0545 million RMB, reflecting a year-on-year increase of 87.67% [1][2] Company Overview - 毫微实验室有限公司 is a Cayman Islands-registered holding company primarily operated by its domestic subsidiary, 浙江毫微科技有限公司 [2] - 浙江毫微科技有限公司 focuses on providing infrastructure support for the metaverse, developing high-throughput memory chips, high-performance computing chips, and distributed computing solutions applicable in data centers, supercomputing, and artificial intelligence [2] - The company validated its HBM2D memory technology in 2019 and developed a unique compute-storage integrated FPU chip architecture [2] - In 2020, the company was the first to mass-produce the Cuckoo 1.0 dedicated computing chip based on the FPU architecture [2] - The company is continuously iterating its products, expanding from specialized markets to general markets, aiming to provide computing power for a smart digital society and support distributed computing, core networks, artificial intelligence, high-performance computing, and video encoding/decoding in the metaverse ecosystem [2]

Core Viewpoint - The company, 毫微, has experienced a significant decline in revenue while showing a notable increase in net profit, indicating a complex financial situation as it continues to develop advanced technology for the metaverse [1]. Financial Performance - As of December 31, 2024, 毫微 reported total revenue of 40.60 million RMB, a year-on-year decrease of 48.18% [1]. - The net profit attributable to the parent company was -113 million RMB, reflecting a year-on-year increase of 55.23% [1]. Company Overview - 毫微实验室有限公司 is a Cayman Islands-registered holding company primarily operated by its domestic subsidiary, 浙江毫微科技有限公司 [1]. - 浙江毫微科技有限公司 focuses on providing infrastructure support for the metaverse, developing high-throughput memory chips, high-performance computing chips, and distributed computing solutions [1]. - The company has validated HBM2D memory technology in 2019 and developed a unique compute-storage integrated FPU chip architecture [1]. - In 2020, based on the FPU architecture, the company was the first to mass-produce the Cuckoo 1.0 dedicated computing chip [1]. - The company is continuously iterating its products, expanding from specialized markets to general markets, aiming to provide computing power for a smart digital society [1]. - The company is committed to offering high-bandwidth, high-performance dedicated processor chips and solutions for various fields within the metaverse ecosystem, including distributed computing, core networks, artificial intelligence, high-performance computing, and video encoding/decoding [1].

Core Viewpoint - The company, Maowei, has experienced a significant decline in revenue while showing a notable increase in net profit, indicating a complex financial situation as it navigates the evolving tech landscape focused on the metaverse [1] Financial Performance - As of December 31, 2024, Maowei reported total revenue of 40.60 million RMB, a year-on-year decrease of 48.18% [1] - The net profit attributable to the parent company was -113 million RMB, reflecting a year-on-year increase of 55.23% [1] Company Overview - Maowei Laboratory Limited is a Cayman Islands-registered holding company primarily operated by its domestic subsidiary, Zhejiang Maowei Technology Co., Ltd [1] - Zhejiang Maowei Technology focuses on providing infrastructure support for the metaverse, developing high-throughput memory chips, high-performance computing chips, and distributed computing solutions [1] - The company's products are applicable in data centers, supercomputing, and artificial intelligence, aiming to empower various applications within the metaverse [1] Technological Development - In 2019, the company validated its HBM2D memory technology and developed a unique compute-storage integrated FPU chip architecture [1] - In 2020, based on the FPU architecture, the company was the first to mass-produce the Cuckoo 1.0 dedicated computing chip [1] - Currently, the company is iterating its products technologically, expanding from specialized markets to general markets, and aims to provide computing power for a future intelligent digital society [1]

Core Viewpoint - The global pure foundry industry is projected to achieve a revenue of $165 billion by 2025, reflecting a 17% year-on-year growth and a compound annual growth rate (CAGR) of 12% from 2021 to 2025, driven by advanced nodes like 3nm and 5/4nm [4][8]. Industry Summary - The revenue from the global pure foundry market is expected to reach a historical high of $165 billion in 2025, compared to $105 billion in 2021, indicating a strong growth trajectory [8]. - Advanced process nodes (7nm and below) are anticipated to contribute over 56% of total revenue by 2025, fueled by demand for AI smartphones, high-performance computing (HPC), and server chips [8]. - The introduction of the 2nm process is expected to further tilt the revenue structure towards advanced nodes, with projections indicating that it will contribute over 10% of revenue by 2027 [8][9]. Node-Specific Insights - The 3nm node is expected to see a revenue increase of over 600% by 2025, reaching approximately $30 billion, while the 5/4nm nodes are projected to exceed $40 billion in revenue [4]. - The 20-12nm node range is expected to remain stable, contributing about 7% of total revenue, reflecting a transition of some chips from mature nodes to intermediate nodes [7]. - The 28nm node is highlighted as a standout among mature nodes, with an expected CAGR of 5%, despite the overall revenue share of mature nodes declining from 54% in 2021 to 36% in 2025 [9]. Competitive Landscape - TSMC is expected to be the largest beneficiary in the advanced node sector, followed by Samsung and Intel, while UMC, GlobalFoundries, and SMIC will continue to benefit from stable market demand, albeit at a slower growth rate [9]. - Innovations in front-end process technologies, such as High-NA EUV, and advancements in back-end packaging technologies are creating diverse opportunities for foundries [9].

Group 1 - The A-share market is experiencing the largest semiconductor IPO wave of the year, with at least 11 companies from various segments of the semiconductor industry submitting listing applications, indicating a trend of accelerated capital development in the domestic semiconductor sector [1][3] - Notable participants in this IPO wave include Changxin Technology, a leading storage chip company, which is expected to set a new industry benchmark [1][4] - The IPO pace in the semiconductor sector has significantly increased since June, with several key companies, including Shanghai Super Silicon Semiconductor Co., Ltd. and Unisoc, initiating their IPO processes [3][4] Group 2 - Changxin Technology's listing is strategically significant, coinciding with a critical point in the industry's development, as the global DRAM market is projected to exceed $100 billion by 2025 [4] - The listing of Changxin Technology is expected to drive the capitalization process of upstream and downstream enterprises, reshaping the industry valuation system and promoting overall semiconductor industry upgrades [4][5] - The current semiconductor industry is entering a key window period, with supportive policies from the Science and Technology Innovation Board providing essential capital assistance for enterprises [4]

Group 1 - The importance of computing power has increased significantly in the context of AI development, becoming a crucial bridge between big data and deep learning [1][6] - Computing power is viewed as the "engine" of modern technology, essential for various applications, and its enhancement directly improves user experience [3] - The notable improvement in computing power in China is attributed to continuous investment and innovation by domestic tech research institutions and companies in high-performance computing chips, server architecture, and cloud computing [3] Group 2 - The development of autonomous and controllable computing power technology is a key topic, ensuring information security and preventing external threats [5] - Huawei exemplifies the commitment to autonomous chip development, reflecting a deep understanding of the importance of computing power and a determination to advance in the tech field [6] - Enhancing computing power while focusing on autonomous technology will support China's technological innovation and secure development in the digital age [6]

Market Overview - The South Korean KOSPI index rose over 1.9% on July 1, indicating a positive market sentiment [2] - Conversely, the Nikkei 225 index in Japan fell by more than 1% during the same period [5] South Korean Economic Data - South Korea's exports in June increased by 4.3% year-on-year, reaching $59.8 billion, while imports rose by 3.3% to $50.72 billion [4] - The trade surplus for June was $9.08 billion, up from a revised surplus of $6.93 billion in May [4] - The growth in exports was primarily driven by a 12% increase in semiconductor shipments, reflecting strong demand amid the AI boom [4] Japanese Economic Data - Japan's large manufacturer confidence index for June was reported at 13, exceeding the forecast of 10, while the large non-manufacturer confidence index slightly decreased from 35 to 34, aligning with expectations [8] - The large manufacturer confidence index reached its highest level since December 2024, while the non-manufacturing index hit its lowest since the same period [8]

Core Viewpoint - The global semiconductor foundry 2.0 market revenue is projected to grow by 13% year-on-year in Q1 2025, reaching $72.29 billion, driven by the surge in demand for AI and high-performance computing (HPC) chips [1][4]. Group 1: Market Dynamics - The traditional semiconductor foundry model (foundry 1.0) is evolving into a technology integration platform, emphasizing vertical coordination and faster innovation, influenced by AI trends and system-level optimization [1]. - TSMC leads the market with a share of 35.3% in Q1 2025, achieving approximately 30% year-on-year revenue growth, followed by Intel and Samsung [4][6]. Group 2: OSAT and Advanced Packaging - OSAT suppliers are becoming a critical segment in the foundry 2.0 supply chain, with a nearly 7% year-on-year growth in Q1 2025, benefiting from TSMC's excess demand for AI-related CoWoS [4][5]. - Advanced packaging demand is increasing, with key players like ASE, SPIL, and Amkor enhancing their capacities [4]. Group 3: Non-Memory IDM and Light Mask Suppliers - Non-memory IDMs such as NXP, Infineon, and Renesas are experiencing a decline in revenue by 3% in Q1 2025, particularly in the automotive and industrial sectors, with recovery expected to be delayed until the second half of 2025 [5]. - Light mask suppliers are benefiting from the adoption of 2nm EUV technology and the increasing complexity of AI/Chiplet designs [5]. Group 4: Future Outlook - The foundry 2.0 ecosystem is expected to transition from a linear manufacturing model to a seamlessly integrated value chain, enhancing collaboration between design, manufacturing, and advanced packaging [8].

Core Insights - The global semiconductor foundry 2.0 market is projected to grow by 12.5% year-on-year to reach $72.29 billion in Q1 2025, driven by surging demand for AI and high-performance computing chips [1] - The definition of foundry 2.0, introduced by TSMC, encompasses not only traditional wafer manufacturing but also packaging, testing, and photomask production, expanding the market size to nearly $250 billion in 2023 from $115 billion under the old definition [1] Company Performance - TSMC holds a dominant market share of 35.3%, with a year-on-year growth of approximately 30%, attributed to its strong position in advanced processes and substantial AI chip orders [2] - Intel ranks second with a 6.5% market share, while ASE and Samsung follow with 6.2% and 5.9% shares, respectively [2] - The traditional foundry market revenue increased by 26%, while the non-memory IDM market saw a 3% decline due to weak demand in automotive and industrial applications [2] Industry Trends - AI is identified as the core driver of growth in the semiconductor industry, reshaping the priorities within the foundry supply chain and reinforcing TSMC's and advanced packaging suppliers' critical roles [3] - The foundry industry is transitioning from a traditional linear manufacturing model to a highly integrated value chain system, with expectations of new waves of semiconductor technology innovation driven by AI applications and Chiplet integration [3] - The broader foundry 2.0 market is anticipated to reach $298 billion by 2025, marking an 11% growth from 2024, with a compound annual growth rate (CAGR) of 10% projected from 2024 to 2029 [3]