华虹半导体：2025 年第四季度业绩符合预期；扩张期内利用率有所下滑-Hua Hong Semiconductor Ltd-4Q25 in line; UTR dips amid expansion

February 12, 2026 03:21 PM GMT Hua Hong Semiconductor Ltd | Asia Pacific 4Q25 in line; UTR dips amid expansion Reaction to earnings Unchanged In-line Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 4Q25 revenue in line: Revenue reached US$660mn (+4% QoQ / +22% YoY), with GM at 13%, matching guidance and MSe. Overall utilization (UTR) was 104% (down 5.7ppts QoQ), reflecting the Fab 9A capacity ...