业绩简评 2025 年 8 月 28 日公司披露 25 年半年报，1H25 公司实现营收 49.61 亿元，同比+43.88%；实现归母净利润 7.06 亿元，同比+36.62%。 2Q25 公司实现单季度收入 27.87 亿元，同比+51.26% ，环比 +28.25%；实现归母净利润 3.93 亿元，同比+46.82%，环比+25.47%。 经营分析 持续深化与海内外客户的业务合作，持续加大研发投入力度。2025 年上半年公司研发投入总额 14.92 亿元，同比+53.70%，研发支出 占营业收入比重达 30.07%。公司目前在研项目涵盖六类设备，包 含多个关键制程工艺的核心设备开发。公司的等离子体刻蚀设备 已应用在国际一线客户从 65 至 5 纳米及其他先进的集成电路加工 制造生产线及先进封装生产线。公司的 MOCVD 设备在行业领先客 户的生产线上大规模投入量产，公司已成为世界排名前列的氮化 镓基 LED 设备制造商。公司近两年新开发的 LPCVD 薄膜设备和 ALD 薄膜设备，目前已有多款产品进入市场并获得大批量重复性订单。 0 1,000 2,000 3,000 4,000 5,000 6,000 ...

中证报中证网讯（记者 黄一灵）8月28日晚，中微公司发布2025年半年度报告。数据显示，2025年上半 年，中微公司实现营业收入49.61亿元，同比增长43.88%；实现归母净利润7.06亿元，同比增长 36.62%。公司2025年上半年研发投入达14.92亿元，同比增长53.7%，研发投入占营业收入比重超30%。 中微公司新产品开发周期已从过去三年至五年缩短至两年或更短时间，目前公司在研项目覆盖六类设 备。 转自：中国证券报·中证网 中微公司表示，公司的等离子体刻蚀设备已应用在国际一线客户从65纳米至5纳米及其他先进的集成电 路加工制造生产线及先进封装生产线。公司的MOCVD（金属有机化合物化学气相沉积）设备在行业领 先客户的生产线上大规模投入量产。公司近两年新开发的LPCVD（低压化学气相沉积）薄膜设备和 ALD（原子层沉积）薄膜设备，目前已有多款产品进入市场并获得大批量重复性订单。 同时，中微公司将整合产业链上下游和相关资源作为另一发力点，积极考虑投资和并购，推动公司更快 发展。预计未来五年到十年，中微公司将通过自主研发以及携手行业合作伙伴，覆盖集成电路关键领域 超过60%的设备市场。 ...

Core Viewpoint - The semiconductor equipment leader, Zhongwei Company, is experiencing strong growth in operating performance driven by high investment in R&D, with expected revenue of nearly 5 billion yuan in the first half of 2025, representing a year-on-year increase of over 40% [1][3]. Revenue and Profit Growth - Zhongwei Company anticipates a revenue of approximately 49.61 billion yuan in the first half of 2025, reflecting a year-on-year growth of about 43.88% [6]. - The company expects a net profit attributable to shareholders of over 6.8 billion yuan, with a year-on-year growth of over 30% [1][6]. - In the first quarter of 2025, the company reported revenue of 21.73 billion yuan, a year-on-year increase of 35.40% [4]. - The second quarter of 2025 is projected to see revenue of approximately 27.87 billion yuan, marking a year-on-year increase of about 51.26% [3]. R&D Investment - Zhongwei Company invested approximately 14.92 billion yuan in R&D in the first half of 2025, a year-on-year increase of about 53.70%, accounting for approximately 30% of its revenue [1][12]. - The company has significantly increased its R&D personnel, with 1,190 employees dedicated to R&D, making up 47.98% of the total workforce by the end of 2024 [2]. - The R&D investment in 2024 was about 24.52 billion yuan, a year-on-year increase of approximately 94.31% [12]. Product Performance - The core product, etching equipment, is expected to generate approximately 37.81 billion yuan in revenue in the first half of 2025, accounting for 76.21% of total revenue, with a growth rate of about 40.12% [6]. - The LPCVD film equipment revenue is projected to grow significantly by approximately 608.19%, reaching 1.99 billion yuan [6]. - Zhongwei's etching equipment has been successfully applied in advanced 5nm and below integrated circuit manufacturing lines, with over 300 units in operation [11]. Market Position and Strategy - The global etching equipment market is characterized by a monopoly, with a few overseas companies holding significant market shares [11]. - Zhongwei Company emphasizes the importance of semiconductor equipment in the digital age, stating that a country must become a leader in semiconductor micro-processing equipment to thrive in the digital era [10]. - The company has accelerated its new product development cycle, reducing the time to develop competitive new equipment from three to five years to two years or less [12].

Company Overview - The company is primarily engaged in the research, production, and sales of high-end semiconductor equipment and general semiconductor equipment, targeting the forefront of global technology [3][4] - The company's plasma etching equipment is utilized by leading international clients in advanced integrated circuit manufacturing lines ranging from 65 to 5 nanometers [3][13] - The company has become one of the world's leading manufacturers of GaN-based LED equipment and has developed new LPCVD and ALD film deposition equipment that have entered the market with bulk orders [3][14] Business Model - The company generates revenue through the sale of semiconductor equipment, including etching equipment, MOCVD equipment, and film deposition equipment, as well as related accessories and support services [4] - The company adopts a self-research model for R&D, with independent teams for different product lines, optimizing resource use and enhancing innovation [4][5] Industry Position - The global semiconductor equipment market is dominated by a few companies from Europe, the US, and Japan, but the company's capabilities have been improving significantly in recent years [12][13] - The etching equipment market is characterized by a monopoly, with the company achieving batch sales of its CCP etching equipment in advanced 5-nanometer chip production lines [13] - The company has maintained its leading position in the MOCVD equipment market for GaN-based LEDs since 2017 and is actively developing equipment for micro-LED and high-end display applications [14][21] Financial Performance - The company's revenue for 2024 is projected to be 9.065 billion yuan, an increase of approximately 2.802 billion yuan, representing a year-on-year growth of about 44.73% [24] Future Trends - The semiconductor equipment industry is expected to see continued growth driven by advancements in chip manufacturing processes, with increasing demand for etching and film deposition technologies [16][20] - The MOCVD equipment market is anticipated to expand further due to the growing applications in high-end displays and power devices, particularly in the automotive sector [10][21][22]