华虹公司(688347):港股公告：截至二零二五年六月三十日止六个月中期业绩公告
HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香註冊成立之有限公司） （股份代號：01347） 截至二零二五年六月三十日止六個月 中期業績公告 華虹半導體有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其子公司截至二零二五年六月三十日止六個月的未經審核綜合業績。 本公告載列本公司二零二五年中期報告全文，並符合香聯合交易所有限公司（「香聯交所」）證券上市規則有關中期業績初步公告附載資料之相關規定。 本公司二零二五年中期報告的印刷版本將於適當時候寄發予本公司股東，並可於香聯交所網站 www.hkexnews.hk 及本公司網站 www.huahonggrace.com 進行查閱。 承董事會命 華虹半導體有限公司 董事會主席兼執行董事 唐均君先生 中國上海，二零二五年八月二十八日 於本公告日期，本公司董事分別為： 執行董事： 唐均君（董事會主席） 白鵬（總裁） 非執行董事： 葉峻 孫國棟 陳博 熊承艷 DEFINITIONS In this interim report, unless the context otherwise requires, the following terms shall have the meanings set out below. “Board” the Board of Directors of the Company; “China” or “the PRC” the People’s Republic of China, but for the purpose of this interim report and for geographical reference only, except where the context otherwise requires, references in this interim report to “China” and the “PRC” do not include Taiwan, the Macau Special Administrative Region and Hong Kong; “Company” or “our Company” Hua Hong Semiconductor Limited, a company incorporated in Hong Kong with limited liability on 21 January 2005; “Director(s)” the Director(s) of the Company; “Group” our Company and our subsidiaries; “HHGrace” Shanghai Huahong Grace Semiconductor Manufacturing Corporation* (上 海華虹宏力半導體製造有限公司), a company incorporated in the PRC on 24 January 2013 and a wholly-owned subsidiary of the Company; “Hua Hong Manufacturing” Hua Hong Semiconductor Manufacturing (Wuxi) Co., Ltd.* (華虹半導體製造 (無錫)有限公司), a company incorporated in the PRC on 17 June 2022 and held as to 51% by the Group; “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited; “Hong Kong Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time; “Hong Kong Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Hong Kong Listing Rules; “RMB Share(s)” or “A Share(s)” the ordinary share(s) of the Company which are listed on the STAR Market and traded in RMB; “Hong Kong SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended or supplemented from time to time; “SSE” the Shanghai Stock Exchange;CORPORATE INFORMATION Board of Directors Hong Kong Legal Advisor Executive Directors Herbert Smith Freehills Kramer Junjun Tang (Chairman) 23/F, Gloucester Tower Peng Bai (President) 15 Queen’s Road Central Hong Kong, PRC Non-Executive Directors Jun Ye Principal Banks Guodong Sun Bo Chen China Construction Bank Shanghai Branch Chengyan Xiong No. 900 Lujiazui Ring Road Pudong New Area Independent Non-Executive Directors Shanghai, PRC Stephen Tso Tung Chang Kwai Huen Wong, JP China Development Bank Shanghai Branch Songlin Feng No. 68 Puming Road Pudong New Area Company Secretary Shanghai, PRC Sui Har Lee China Merchants Bank Co., Ltd. Shanghai Branch Authorized Representatives No.1088 Lujiazui Ring Road Junjun Tang Pudong New Area Sui Har Lee Shanghai, PRC Audit Committee China Construction Bank Corporation Hong Kong Stephen Tso Tung Chang (Chairman) Branch Chengyan Xiong 28/F, CCB Tower, 3 Connaught Road, Central Songlin Feng Hong Kong, PRC Remuneration Committee Bank of Communications Co., Ltd. Hong Kong Branch Kwai Huen Wong, JP (Chairman) 20 Pedder Street, Central Jun Ye Hong Kong, PRC Songlin Feng China Development Bank Jiangsu Branch Nomination Committee No. 232 Middle Jiangdong Road Junjun Tang (Chairman) Nanjing, Jiangsu, PRC Kwai Huen Wong, JP Songlin Feng Agricultural Bank of China Wuxi Xinwu Subbranch No. 26 Hefeng Road, Xinwu District Website Wuxi, Jiangsu, PRC www.huahonggrace.com China Construction Bank Wuxi High and New Technology Industrial Development Zone Subbranch No. 26 Hefeng Road, Xinwu District AuditorCORPORATE INFORMATION Share Registrar Hong Kong shares: Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong, PRC A shares: China Securities Depository and Clearing Corporation Limited, Shanghai Branch No. 188 South Yanggao Road Pudong New Area Shanghai, PRC Registered Office Room 2212, Bank of America Tower 12 Harcourt Road, Central Hong Kong, PRC Principal Places of Business No. 288 Halei Road Zhangjiang Hi-Tech Park Shanghai, PRC Postcode: 201203 No. 30 Xinzhou Road Xinwu District Wuxi, Jiangsu, PRC Postcode: 214028 No. 30-1 Xinzhou Road Xinwu District Wuxi, Jiangsu, PRC Postcode: 214028 Stock Code Hong Kong Stock Exchange: 01347 Shanghai Stock Exchange: 688347KEY FINANCIALS Revenue Gross pro?t margin US$ million % 1,400 35.0% 1,262.2 29.9% 1,200 30.0% 1,107.0 1,000 25.0% 938.5 800 20.0% 600 15.0% 10.1% 400 10.0% 8.5% 200 5.0% 0 0.0% 1H 2023 1H 2024 1H 2025 1H 2023 1H 2024 1H 2025 Pro?t attributable to owners of the parent Earning per share US$ million US$ 0.20 250 230.8 0.176 0.18 200 0.16 0.14 150 0.12 0.10 100 0.08MANAGEMENT DISCUSSION AND ANALYSIS Financial Performance 1H 2025 1H 2024 Change US$’000 US$’000 Unaudited Unaudited Revenue 1,107,002 938,510 18.0% Cost of sales (995,394) (858,815) 15.9% Gross profit 111,608 79,695 40.0% Other income and gains 59,916 71,095 (15.7)% Selling and distribution expenses (4,844) (4,770) 1.6% Administrative expenses (190,183) (164,078) 15.9% Other expenses (17,300) (13,813) 25.2% Finance costs (41,551) (49,432) (15.9)% Share of profits of associates 1,243 2,805 (55.7)% Loss before tax (81,111) (78,498) 3.3% Income tax (expense)/credit (3,852) 11,464 (133.6)% Loss for the period (84,963) (67,034) 26.7% Attributable to: Owners of the parent 11,702 38,491 (69.6)% Non-controlling interests (96,665) (105,525) (8.4)% Revenue Revenue was US$1,107.0 million, an increase of 18.0% compared to 1H 2024, primarily driven by increased wafer shipments. Cost of sales Cost of sales was US$995.4 million, an increase of 15.9% compared to 1H 2024, primarily due to increased wafer shipments and increased depreciation costs. Gross pro t Gross profit was US$111.6 million, an increase of 40.0% compared to 1H 2024, primarily driven by improved capacity utilization, partially offset by increased depreciation costs. Other income and gains Other income and gains were US$59.9 million, a decrease of 15.7% compared to 1H 2024, primarily due to decreased interest income, partially offset by increased government subsidies.MANAGEMENT DISCUSSION AND ANALYSIS Administrative expenses Administrative expenses were US$190.2 million, an increase of 15.9% compared to 1H 2024, primarily due to increased engineering wafer costs. Other expenses Other expenses were US$17.3 million, an increase of 25.2% compared to 1H 2024, primarily due to increased foreign exchange losses. Finance costs Finance costs were US$41.6 million a decrease of 15.9% compared to 1H 2024, primarily due to decreased interest rate of bank borrowings. Share of pro ts of associates Share of losses of associates were US$1.2 million, a decrease of 55.7% compared to 1H 2024, due to decreased profit realized by the associates. Income tax (expense)/credit Income tax expense was US$3.9 million, compared to income tax credit of US$11.5 million in 1H 2024, primarily due to decreased reversal of dividend withholding tax. Loss for the period As a result of the cumulative effect of the above factors, loss for the period was US$85.0 million, compared to US$67.0 million in 1H 2024.MANAGEMENT DISCUSSION AND ANALYSIS Financial Status 30 June 31 December 2025 2024 Change US$’000 US$’000 Unaudited Audited Non-current assets Property, plant and equipment 6,101,971 5,859,117 4.1% Investment properties 218,468 164,153 33.1% Investment in associates 144,421 139,799 3.3% Equity investments designated at fair value through other comprehensive income 290,515 289,311 0.4% Other non-current assets 136,752 130,225 5.0% Total non-current assets 6,892,127 6,582,605 4.7% Current assets Inventories 513,434 467,060 9.9% Trade and notes receivables 264,329 270,461 (2.3)% Due from related parties 14,360 18,324 (21.6)% Other current assets 674,174 585,902 15.1% Pledged deposits 31,756 31,624 0.4% Cash and cash equivalents 3,846,900 4,459,132 (13.7)% Total current assets 5,344,953 5,832,503 (8.4)% Current liabilities Trade payables 263,352 298,372 (11.7)% Interest-bearing bank borrowings 341,313 280,704 21.6% Due to related parties 8,560 9,125 (6.2)% Government grants 59,040 57,563 2.6% Other current liabilities 738,533 916,474 (19.4)% Total current liabilities 1,410,798 1,562,238 (9.7)% Net current assets 3,934,155 4,270,265 (7.9)% Non-current liabilities Interest-bearing bank borrowings 1,933,971 1,917,235 0.9% Lease liabilities 15,035 18,068 (16.8)% Deferred tax liabilities 3,633 10,948 (66.8)% Total non-current liabilities 1,952,639 1,946,251 0.3% Net assets 8,873,643 8,906,619 (0.4)%MANAGEMENT DISCUSSION AND ANALYSIS Explanation of items with uctuation over 10% from 31 December 2024 to 30 June 2025 Investment properties Investment properties increased from US$164.2 million to US$218.5 million, primarily due to increased investment properties. Due from related parties Due from related parties decreased from US$18.3 million to US$14.4 million, primarily due to decreased trade receivables from certain of our related customers. Other current assets Other current assets increased from US$585.9 million to US$674.2 million, primarily due to increased value-added tax credit. Cash and cash equivalents Cash and cash equivalents decreased from US$4,459.1 million to US$3,846.9 million, mainly due to reasons stated in the cash flow analysis below. Trade payables Trade payables decreased from US$298.4 million to US$263.4 million, mainly due to decreased payables to suppliers. Other current liabilities Other current liabilities decreased from US$916.5 million to US$738.5 million, mainly due to decreased payables for capital expenditures. Interest-bearing bank borrowings Total interest-bearing bank borrowings increased by 3.5%, from US$2,197.9 million to US$2,275.3 million. Lease liabilities Lease liabilities decreased from US$18.1 million to US$15.0 million, primarily due to payments of lease liabilities. Deferred tax liabilities Deferred tax liabilities decreased from US$10.9 million to US$3.6 million, primarily due to a reversal of dividend withholding tax accrued for 2024.MANAGEMENT DISCUSSION AND ANALYSIS Cash Flow 1H 2025 1H 2024 Change US$’000 US$’000 Unaudited Unaudited Net cash flows generated from operating activities 219,816 137,550 59.8% Net cash flows used in investing activities (879,847) (470,924) 86.8% Net cash flows generated from financing activities 33,952 1,206,061 (97.2)% Net (decrease)/increase in cash and cash equivalents (626,079) 872,687 (171.7)% Cash and cash equivalents at beginning of the period 4,459,132 5,585,181 (20.2)% Effect of foreign exchange rate changes, net 13,847 (34,002) (140.7)% Cash and cash equivalents at end of the period 3,846,900 6,423,866 (40.1)% Net cash ows generated from operating activities Net cash flows generated from operating activities increased from US$137.6 million to US$219.8 million, primarily driven by increased receipts from customers. Net cash ows used in investing activities Net cash flows used in investing activities were US$879.8 million, primarily including US$918.6 million for capital investments and US$2.8 million for investments in an associate, partially offset by US$36.0 million of interest income and US$5.6 million of government grants. Net cash ows generated from nancing activities Net cash flows generated from financing activities were US$34.0 million, including (i) US$999.1 million of proceeds from bank borrowings, and (ii) US$15.3 million from share option exercises, partially offset by (i) US$936.8 million of repayments of bank borrowings, (ii) US$41.9 million of interest payments, and (iii) US$1.7 million payment of principal portion of lease payments. Financial Resources The Group adopts a prudent approach to cash and financial management to ensure proper risk control and low cost of funds. The Group finances its operations primarily with internally generated cash flow and bank loans. As at 30 June 2025, the Group had cash and bank balances of approximately US$3,846.9 million (of which approximately US$3,061.8 million were denominated in RMB and approximately US$759.3 million in US dollars), representing a decrease of US$612.2 million as compared to US$4,459.1 million at the end of 2024.MANAGEMENT DISCUSSION AND ANALYSIS Capital Management Our primary objectives of capital management are to safeguard our ability to continue as a going concern and to maintain healthy capital ratios to support our business and maximize shareholders’ value. We manage our capital structure and make adjustments in light of the changes in economic conditions. To do this, we may adjust the dividend payment to shareholders, return capital to shareholders, or issue new shares. We are not subject to any externally imposed capital requirements. No changes were made in the objectives, policies, or processes for managing capital during the six months ended 30 June 2025. Bank Loans The particulars of bank loans of the Group as at 30 June 2025 are set out as below: 30 June 2025 31 December 2024 US$’000 US$’000 Current Current portion of long term bank loans – secured 327,998 275,363 Current portion of long term bank loans – unsecured 13,315 5,341 341,313 280,704 Non-current Secured bank loans 1,639,288 1,696,011 Unsecured bank loans 294,683 221,224 1,933,971 1,917,235 2,275,284 2,197,939 The Group is dedicated to improving financing practices. As at 30 June 2025, the Group had outstanding bank borrowings of US$2,275.3 million, compared to US$2,197.9 million as at the end of 2024. The bank borrowings included secured interest-bearing borrowings of US$2,051.1 million and unsecured interest-bearing borrowings of US$224.2 million. Except for bank loans of US$666.7 million denominated in US$, all borrowings are dominated in RMB.MANAGEMENT DISCUSSION AND ANALYSIS Charges on Group Assets As at 30 June 2025 and 31 December 2024, certain of the Group’s bank loans were secured by pledges of the Group’s assets with carrying values as follows: 30 June 2025 31 December 2024 US$’000 US$’000 Property, plant and equipment 2,303,423 2,064,974 Investment property 53,203 – Right-of-use assets 38,005 47,069 Completed properties held for sale 221,661 – Properties under development – 90,275 2,616,292 2,202,318 Exposure to Fluctuations in Exchange Rates We have transactional currency exposures arising primarily from sales or purchases by our significant subsidiaries operating in Mainland China in US$ rather than the subsidiary’s functional currency, which is RMB. During the six months ended 30 June 2025, approximately 18% of our sales were denominated in currencies other than the functional currency of the subsidiary making the sale, whilst 61% of costs of sales were denominated in the subsidiary’s functional currency. In addition, we have currency exposures from interest-bearing bank borrowings held by our subsidiary operating in Mainland China. As at 30 June 2025, interest-bearing bank borrowings with a carrying amount of US$532.0 million ’ were denominated in US$ instead of the subsidiary s functional currency, which is RMB. As at 30 June 2025, if the US dollar had strengthened or weakened against the RMB by 5%, with all other variables held constant, our profit before tax for the period would have been approximately US$1.2 million lower or higher. For the six months ended 30 June 2025, the Group had not entered into any arrangement to hedge the aforementioned ’ foreign currency risks. Nevertheless, the Companys management will continue to monitor the foreign exchange exposure position and will consider appropriate measures should the need arise.MANAGEMENT DISCUSSION AND ANALYSIS Contingent Liabilities As at 30 June 2025, the Group did not have any contingent liabilities. RMB Share Issue On 7 August 2023, the Company was listed on the STAR Market of the Shanghai Stock Exchange, pursuant to which a total of 407,750,000 ordinary shares of the Company were issued. The total proceeds raised in the RMB Share Issue amounted to RMB21,203 million. After deducting the issuance expenses, including underwriting, sponsorship fees, as well as other issuance expenses, the net proceeds amounted to RMB20,920.7 million. Upon receipt of the proceeds, the entire amount has been deposited into a dedicated account for the proceeds, which was approved by the Board. The proceeds raised will be utilized in accordance with the previously disclosed intended use of the proceeds, as set out below: ’ Unit: RMB 000 Amount of Accumulated Expected timeframe Previously disclosed intended committed unutilized proceeds for usage of use of proceeds investments as at 30 June 2025 unutilized proceeds Hua Hong Manufacturing (Wuxi) Project 12,500,000 133,837 By the end of 2025 8-Inch Factory Optimization and 2,000,000 1,713,418 By the end of 2025 Upgrading Project Specialty Technological Innovation, 2,500,000 1,714,429 By the end of 2026 Research and Development Project Replenishment of Working Capital 1,000,000 0 N/A Apart from the above, the surplus proceeds of RMB2,921 million, raised from the RMB Share Issue, will also be used for the Group’s business operations upon obtaining the necessary approvals, in accordance with relevant regulations. During the six months ended 30 June 2025, the proceeds from the RMB Share Issue were used and were proposed to be used, according to the intentions previously disclosed by the Company in the prospectus, and there was no material change or delay in the use of proceeds.MANAGEMENT DISCUSSION AND ANALYSIS Business Review In the first half of 2025, the global semiconductor market sustained its growth momentum observed since the beginning of the year, driven by technological innovation and a recovery in demand in certain end markets. According to statistics from third-party market research agencies, global semiconductor sales reached US$366,700 million in the first half of 2025, representing a year-on-year increase of approximately 16%. From an application perspective, the “ ” penetration rate of new energy vehicles continued to rise, with automotive-grade microcontroller units ( MCUs ), image sensors, power discrete devices, and power management chips entering a volume expansion cycle. In the consumer electronics sector, as major electronic products such as mobile phones, PCs, and TVs remained in the final stages of inventory destocking coupled with the influence of geopolitical factors, the market landscape for consumer electronics chips was quietly undergoing differentiation and reshaping. Despite the complex industry environment, leveraging its leading technology platforms, long-term customer relationships, and business development focused on key end-market ecosystem construction, the Company operated its 8-inch and 12-inch production lines at full capacity in the first half of the year. Notably, the Hua Hong Manufacturing Project (Fab 9), which commenced risk production at the end of 2024, achieved rapid capacity ramp-up in the first half of 2025. Through continuous collaboration with customers and product introductions, Fab 9 reached volume production and has already contributed to the Company’s sales to a certain extent. Both sales and shipments of the Company for the first half of the year demonstrated year-on-year and quarter-on-quarter growth trends. In terms of process platform business development, benefiting from the trend of domestic supply chain localization and sustained demand growth for AI servers and related applications, the Analog & Power Management platform delivered the most outstanding performance, with double-digit year-on-year and quarter-on-quarter revenue growth ’ in the first half of the year. The Embedded Non-Volatile Memory platforms 55nm eFlash MCU products entered volume production, better serving customers with their high-speed and low-power standards to meet the demands of ’ applications such as IoT, security, and automotive electronics. The Standalone Non-Volatile Memory platforms 48nm NOR Flash products have also entered large-scale volume production. For power discrete devices, driven by demand growth in certain segments of the new energy and consumer electronics markets, the Deep-Trench Super-Junction MOSFET platform achieved double-digit year-on-year and quarter-on-quarter revenue growth. Additionally, the development of the 12-inch platinum (Pt) diffusion process has been completed, significantly improving body diode performance and further enhancing the competitiveness of the Super-Junction platform, providing robust support for customer product upgrades. The insulated gate bipolar transistor (“IGBT”) platform has synergized R&D and mass production, continuously introducing new processes such as Super IGBT technology, which offers performance advantages including higher frequency and current density, and has entered mass production promotion, delivering strong technical support for the competitiveness of industry customers’ products. In terms of ecological supply chain construction, in the first half of 2025 we continued to host multiple ecological supply chain construction activities with end customers and design companies. We advanced further ecological collaboration with end customers and Tier1 in the automotive, high-end home appliance, and new energy sectors. MANAGEMENT DISCUSSION AND ANALYSIS Entering the second half of 2025, the global semiconductor market is expected to continue facing uncertainties in end-market recovery and demand volatility. Amid intensifying industry competition, the Company will strive to leverage its “8-inch + 12-inch” specialty process advantages, enhance R&D capabilities, accelerate capacity expansion, broaden its business platform, strengthen supply chain management, and improve operational efficiency. In terms of customer expansion, the Company remains committed to serving domestic customers while advancing its “China for China” strategy for overseas customers. Additionally, the Company is actively executing strategic initiatives to solidify and elevate its competitive position in the wafer foundry industry, creating value for the Company, shareholders, and all stakeholders. Significant Investment ’ The Company did not hold any significant investment (with a value of 5% or more of the Company s total assets) as of 30 June 2025. Future Plans for Material Investments and Capital Assets The Company is preparing for the possible acquisition of equity interests in Shanghai Huali Microelectronics Corporation (上海華力微電子有限公司) (the “Transaction”) as mentioned in the Company’s announcements dated 17 August 2025, 18 August 2025 and 24 August 2025. The Transaction is subject to review by the board of directors and the general meeting of the Company, and approval, review or consent to registration from the competent regulatory authorities. Therefore, there is uncertainty as to whether the Transaction can be ultimately implemented. All relevant information shall be based on the announcements to be released by the Company in the designated information disclosure media in due course. Save as disclosed in this interim report, the Group did not have other concrete plans for material investments or capital assets as of 30 June 2025.釋義 於本中期報告內，除非文義另有所指，否則下列詞彙具有下文所載涵義。 「董事會」 本公司董事會； 「中國」 中華人民共和國，但僅就本中報及作地理參考而言，除文義另有所指，否則，本中報對 「中國」的提述不括台灣、澳門特別行政區及香； 「本公司」 華虹半導體有限公司，一家於二零零五年一月二十一日在香註冊成立的有限公司； 「董事」 本公司董事； 「本集團」 本公司及我們的子公司； 「華虹宏力」 上海華虹宏力半導體製造有限公司，一家於二零一三年一月二十四日在中國註冊成立的公 司，為本公司的全資子公司； 「華虹製造」 華虹半導體製造（無錫）有限公司，一家於二零二二年六月十七日在中國註冊成立的公司， 由本集團持有51%股份； 「香聯交所」 香聯合交易所有限公司； 「香上市規則」 《香聯合交易所有限公司證券上市規則》（經不時修訂或補充）； 「香標準守則」 香上市規則附錄C3所載的《上市發行人董事進行證券交易的標準守則》； 「人民幣股份」或「A股」 在科創板上市及以人民幣買賣的本公司普通股； 「香證券及期貨條例」 香法例第571章《證券及期貨條例》（經不時修訂或補充）； 「上交所」 上海證券交易所； 「上交所科創板」 上海證券交易所科創板；公司資料 董事會 香法律顧問 執行董事 史密夫斐爾律師事務所 唐均君（主席） 中國香 白鵬（總裁） 皇后大道中15號 告羅士打大廈23樓 非執行董事 葉峻 主要往來銀行 孫國棟 陳博 中國建設銀行上海市分行 熊承艷 中國上海市 浦東新區 獨立非執行董事 陸家嘴環路900號 張祖同 王桂壎，太平紳士 國家開發銀行上海分行 封松林 中國上海市 浦東新區 公司秘書 浦明路68號 李瑞霞 招商銀行股份有限公司上海分行?業部 授權代表 中國上海市 唐均君 浦東新區 李瑞霞 陸家嘴環路1088號 審核委員會 中國建設銀行股份有限公司香分行 張祖同（主席） 中國香中環 熊承艷 干諾道中3號中國建設銀行大廈28樓 封松林 交通銀行股份有限公司香分行 薪酬委員會 中國香中環 王桂壎，太平紳士（主席） 畢打街20號 葉峻 封松林 國家開發銀行江蘇分行 中國江蘇省南京市 提名委員會 江東中路232號 唐均君（主席） 王桂壎，太平紳士 中國農業銀行無錫新吳支行 封松林 中國江蘇省無錫市 新吳區和風路26號 網址 中國建設銀行無錫高新技術產業開發區支行 www.huahonggrace.com 中國江蘇省無錫市公司資料 股份過戶登記處 股： 卓佳證券登記有限公司 中國香 夏愨道16號 遠東金融中心17樓 A股： 中國證券登記結算有限責任公司上海分公司 中國上海市 浦東新區 楊高南路188號 註冊辦事處 中國香中環 夏愨道12號 美國銀行中心2212室 主要?業地點 中國上海市 張江高科技園區 哈雷路288號 郵編：201203 中國江蘇省無錫市 新吳區 新洲路30號 郵編：214028 中國江蘇省無錫市 新吳區 新洲路30-1號 郵編：214028 股份代號主要財務指標 銷售收入 毛利率 百萬美元 % 1,400 35.0% 1,262.2 29.9% 1,200 30.0% 1,107.0 1,000 25.0% 938.5 800 20.0% 600 15.0% 10.1% 400 10.0% 8.5% 200 5.0% 0 0.0% 二零二三年上半年 二零二四年上半年 二零二五年上半年 二零二三年上半年 二零二四年上半年 二零二五年上半年 母公司擁有人應佔溢利 每股盈利 百萬美元 美元 0.20 250 230.8 0.176 0.18 200 0.16 0.14 150 0.12 0.10 100 0.08管理層討論及分析 財務表現 二零二五年 二零二四年 上半年 上半年 變動 千美元 千美元 未經審核 未經審核 銷售收入 1,107,002 938,510 18.0% 銷售成本 (995,394) (858,815) 15.9% 毛利 111,608 79,695 40.0% 其他收入及收益 59,916 71,095 (15.7)% 銷售及分銷費用 (4,844) (4,770) 1.6% 管理費用 (190,183) (164,078) 15.9% 其他費用 (17,300) (13,813) 25.2% 財務費用 (41,551) (49,432) (15.9)% 分佔聯?公司溢利 1,243 2,805 (55.7)% 稅前虧損 (81,111) (78,498) 3.3% 所得稅（開支）╱抵免 (3,852) 11,464 (133.6)% 期內虧損 (84,963) (67,034) 26.7% 以下各項應佔： 母公司擁有人 11,702 38,491 (69.6)% 非控股權益 (96,665) (105,525) (8.4)% 銷售收入 銷售收入達11.070億美元，較二零二四年上半年增長18.0%，主要得益於付運晶圓數量增加。 銷售成本 銷售成本為9.954億美元，較二零二四年上半年上升15.9%，主要由於付運晶圓數量增加及折舊成本上升所致。 毛利 毛利為1.116億美元，較二零二四年上半年上升40.0%，主要得益於產能利用率提升，部分被折舊成本上升所抵銷。 其他收入及收益 其他收入及收益為5,990萬美元，較二零二四年上半年減少15.7%，主要由於利息收入減少，部分被政府補貼增加所抵銷。管理層討論及分析 管理費用 管理費用為1.902億美元，較二零二四年上半年上升15.9%，主要由於工程片開支增加所致。 其他費用 其他費用為1,730萬美元，較二零二四年上半年上升25.2%，主要由於外匯匯兌虧損增加所致。 財務費用 財務費用為4,160萬美元，較二零二四年上半年減少15.9%，主要由於銀行借款利率下降所致。 分佔聯?公司溢利 分佔聯?公司虧損為120萬美元，較二零二四年上半年減少55.7%，乃由於聯?公司實現溢利減少所致。 所得稅（開支）╱抵免 所得稅開支為390萬美元，而二零二四年上半年為所得稅抵免1,150萬美元，主要由於轉回代扣代繳的股息稅金減少所致。 期內虧損 在上述因素的累計影下，期內虧損為8,500萬美元，而二零二四年上半年為6,700萬美元。管理層討論及分析 財務狀況 二零二五年 二零二四年 六月三十日 十二月三十一日 變動 千美元 千美元 未經審核 經審核 非流動資產 物業、廠房及設備 6,101,971 5,859,117 4.1% 投資物業 218,468 164,153 33.1% 於聯?公司的投資 144,421 139,799 3.3% 指定按公平值計入其他全面收益的權益工具 290,515 289,311 0.4% 其他非流動資產 136,752 130,225 5.0% 非流動資產總額 6,892,127 6,582,605 4.7% 流動資產 存貨 513,434 467,060 9.9% 貿易應收款項及應收票據 264,329 270,461 (2.3)% 應收關聯方款項 14,360 18,324 (21.6)% 其他流動資產 674,174 585,902 15.1% 已抵押存款 31,756 31,624 0.4% 現金及現金等價物 3,846,900 4,459,132 (13.7)% 流動資產總額 5,344,953 5,832,503 (8.4)% 流動負債 貿易應付款項 263,352 298,372 (11.7)% 計息銀行借款 341,313 280,704 21.6% 應付關聯方款項 8,560 9,125 (6.2)% 政府補助 59,040 57,563 2.6% 其他流動負債 738,533 916,474 (19.4)% 流動負債總額 1,410,798 1,562,238 (9.7)% 流動資產淨額 3,934,155 4,270,265 (7.9)% 非流動負債 計息銀行借款 1,933,971 1,917,235 0.9% 租賃負債 15,035 18,068 (16.8)% 遞延稅項負債 3,633 10,948 (66.8)% 非流動負債總額 1,952,639 1,946,251 0.3% 資產淨額 8,873,643 8,906,619 (0.4)% 管理層討論及分析 就二零二四年十二月三十一日至二零二五年六月三十日變動超過10%的項目的闡釋 投資物業 投資物業由1.642億美元增至2.185億美元，主要由於投資物業增加所致。 應收關聯方款項 應收關聯方款項由1,830萬美元減至1,440萬美元，主要由於來自若干關聯客戶的貿易應收款項減少所致。 其他流動資產 其他流動資產由5.859億美元增至6.742億美元，主要由於增值稅留抵稅額增加所致。 現金及現金等價物 現金及現金等價物由44.591億美元減至38.469億美元，主要由於下文現金流量分析所述之原因。 貿易應付款項 貿易應付款項由2.984億美元減至2.634億美元，主要由於應付供應商款項減少所致。 其他流動負債 其他流動負債由9.165億美元減至7.385億美元，主要由於資本開支的應付款項減少所致。 計息銀行借款 計息銀行借款總額由21.979億美元增加3.5%至22.753億美元。 租賃負債 租賃負債由1,810萬美元減至1,500萬美元，主要由於支付租賃負債所致。 遞延稅項負債 遞延稅項負債由1,090萬美元減至360萬美元，主要由於轉回二零二四年計提的代扣代繳的股息稅金所致。管理層討論及分析 現金流量 二零二五年 二零二四年 上半年 上半年 變動 千美元 千美元 未經審核 未經審核 經?活動所得現金流量淨額 219,816 137,550 59.8% 投資活動所用現金流量淨額 (879,847) (470,924) 86.8% 融資活動所得現金流量淨額 33,952 1,206,061 (97.2)% 現金及現金等價物（減少）╱增加淨額 (626,079) 872,687 (171.7)% 期初現金及現金等價物 4,459,132 5,585,181 (20.2)% 外匯匯率變動影，淨額 13,847 (34,002) (140.7)% 期末現金及現金等價物 3,846,900 6,423,866 (40.1)% 經?活動所得現金流量淨額 經?活動所得現金流量淨額由1.376億美元增至2.198億美元，主要得益於來自客戶的收入增加。 投資活動所用現金流量淨額 投資活動所用現金流量淨額為8.798億美元，主要括資本投資9.186億美元及有關聯?公司的投資280萬美元，部分被利 息收入3,600萬美元及政府補助560萬美元所抵銷。 融資活動所得現金流量淨額 融資活動所得現金流量淨額為3,400萬美元，括(i)銀行借款所得款項9.991億美元，及(ii)購股權行使所得1,530萬美元， 部分被(i)償還銀行借款9.368億美元，(ii)利息付款4,190萬美元，及(iii)支付租賃付款的本金部份170萬美元所抵銷。 財務資源 本集團對現金及財務管理採取審慎的原則，以確保妥善管理風險及降低資金成本。本集團主要以內部產生現金流量及銀行 貸款為其?運提供資金。於二零二五年六月三十日，本集團的現金及銀行結餘約為38.469億美元（其中約30.618億美元以 人民幣計值，約7.593億美元以美元計值），較二零二四年底的44.591億美元減少6.122億美元。 流動資金 為滿足短期及長期流動資金需要，我們的政策為定期監控現時及預期流動資金需要，以確保維持充裕的現金儲備及從主要 金融機構獲得足夠的融資承擔額度。管理層討論及分析 資本管理 我們資本管理的首要目標為維護持續經?能力及維持良好的資本比率，以支持我們的業務及實現股東價值最大化。我們根 據經濟狀況的變動管理及調整資本架構。為此，我們或會調整派付予股東的股息、向股東返還資本或發行新股。我們不受 任何外部施加的資本要求規限。截至二零二五年六月三十日止六個月，管理資本的目標、政策或程序概無任何變動。 銀行貸款 本集團於二零二五年六月三十日的銀行貸款詳情載列如下： 二零二五年 二零二四年 六月三十日 十二月三十一日 千美元 千美元 流動 長期銀行貸款的即期部分－有抵押 327,998 275,363 長期銀行貸款的即期部分－無抵押 13,315 5,341 341,313 280,704 非流動 有抵押銀行貸款 1,639,288 1,696,011 無抵押銀行貸款 294,683 221,224 1,933,971 1,917,235 2,275,284 2,197,939 本集團致力於改善融資實務。於二零二五年六月三十日，本集團未償還銀行借款為22.753億美元，而於二零二四年底為 21.979億美元。銀行借款括有抵押計息借款20.511億美元及無抵押計息借款2.242億美元。除6.667億美元的銀行貸款以 美元計值外，所有借款以人民幣計值。 抵押集團資產 於二零二五年六月三十日及二零二四年十二月三十一日，本集團的若干銀行貸款由抵押本集團的資產作擔保，資產的賬面 值如下： 二零二五年 二零二四年 六月三十日 十二月三十一日 千美元 千美元 物業、廠房及設備 2,303,423 2,064,974管理層討論及分析 匯率波動風險 我們面臨交易外匯風險，主要產生自我們在中國內地經?的重要子公司以美元進行的買賣，而並非以其功能貨幣人民幣進 行。截至二零二五年六月三十日止六個月，我們的銷售額中約18%乃以進行銷售的子公司的功能貨幣以外的貨幣計值，而 銷售成本中61%乃以子公司的功能貨幣計值。 此外，我們面臨來自計息銀行借款的外幣風險，該借款由我們在中國內地經?的子公司持有。於二零二五年六月三十日， 賬面值為5.320億美元的計息銀行借款以美元計值，而非以子公司的功能貨幣人民幣計值。 於二零二五年六月三十日，倘美元對人民幣升值或貶值5%，而所有其他變量維持不變，則我們的期內稅前溢利將減少或增 加約120萬美元。 截至二零二五年六月三十日止六個月，本集團並無訂立任何對沖上述外匯風險的安排。然而，本公司管理層將繼續監控外 匯風險狀況並在必要時考慮適當措施。 或然負債 於二零二五年六月三十日，本集團概無任何或然負債。 人民幣股份發行 於二零二三年八月七日，本公司在上海證券交易所科創板上市，據此發行合共407,750,000股本公司普通股。 人民幣股份發行的募集資金總額為人民幣212.03億元。扣除發行費用（括承銷、保薦費用和其他發行費用）後，募集資金 淨額為人民幣209.207億元。募集資金到賬後，已全部存放於經董事會批准開設的募集資金專項賬戶內。募集所得款項將 按照先前披露的所得款項計劃用途使用，詳情如下： 單位：人民幣千元 於二零二五年 六月三十日 未動用所得款項 先前披露的所得款項計劃用途 承諾投資金額 未動用所得款項累計 預計使用時間 華虹製造（無錫）項目 12,500,000 133,837 二零二五年底前 8英寸廠優化升級項目 2,000,000 1,713,418 二零二五年底前 特色工藝技術創新研發項目 2,500,000 1,714,429 二零二六年底前 補充流動資金 1,000,000 0 不適用管理層討論及分析 業務回顧 2025年上半年，全球半導體市場在技術創新與部分終端需求回暖的雙重驅動下，延續了年初以來的成長態勢。據第三方市 場調研機構的統計數據，2025年上半年全球半導體銷售額達3,667億美元，同比增長約16%。應用領域來看，新能源汽車 滲透率持續攀升，車規級微控制器單元（「MCU」）、圖像傳感器、功率器件、電源管理芯片進入放量周期。消費電子端由於 手機、PC、TV等大宗電子產品仍處於去庫存尾聲，伴隨地緣政治的因素影，消費電子芯片市場格局亦在悄然分化與重 塑中。 雖面臨複雜的行業環境，憑藉領先的技術平台和長期合作的客戶關係，以及重點終端應用生態鏈建設的業務發展，公司 上半年8英寸產線以及12英寸產線均處於滿載狀態，特別是華虹製造項目(Fab 9)自2024年底開始風險量產，2025年上半 年產能快速爬坡並協同客戶與產品持續導入，Fab 9實現規模量產，已為公司銷售額做出一定程度貢獻。公司上半年整體 銷售額與出貨量同比、環比均保持增長趨勢。 在工藝平台業務發展方面，受益於國產供應鏈趨勢、AI服務器及周邊應用需求持續增長，模擬與電源管理平台業績表現最 為突出，上半年?收同比、環比均保持兩位數增長。嵌入式非易失性存儲器平台55nm eFlash MCU產品進入規模量產階 段並更好的服務於客戶，其高速與低功耗標準能更好地滿足物聯網、安防、汽車電子等應用領域的需求。獨立式非易失性 存儲器平台48nm NOR Flash產品已進入大規模量產階段。功率器件方面，由於部分泛新能源及消費電子產品需求增長， 深溝槽式超級結MOSFET平台，?收同比、環比亦呈兩位數增長。同時，12英寸擴鉑(Pt)工藝開發完成，體二極管性能改 善顯著，超級結平台性能競爭力得到進一步提升，為客戶產品升級提供了有力的支。絕緣柵雙極型晶體（「IGBT」）平台 研發、量產協同，持續推出新的工藝，如Super IGBT技術，具有更高的頻率、更高的電流密度等性能優勢，已進入量產推 廣，為行業客戶產品競爭力提供強有力的技術支持。 生態供應鏈建設方面，2025上半年繼續開展了多場與終端客戶及設計公司生態供應鏈建設活動，持續推進與汽車、高端家 電及新能源領域終端客戶及Tier1的生態互動與合作，提升市場韌性、實現生態夥伴的價值共創與整個產業的可持續發展。 產能建設方面，截至2025年6月底，華虹製造項目已完成首批產能所需工藝及量測設備搬入及裝機驗證。隨第一階段工 藝產品磨合與產能爬坡的順利推進，公司預計第二階段的產能配置也將提前於2025年底前開啟，並同步完成研發技術匹 配、產品驗證與客戶導入，為未來?收成長奠定基礎。 步入2025年下半年，預計全球半導體市場仍將面臨終端市場復甦的不確定性和需求的波動性。面對行業競爭加劇，公司將 努力持續發揮「8英寸+12英寸」特色工藝優勢，提升研發能力，加快產能建設，擴寬業務平台，加強供應鏈管理並力提 升?運效率。客戶拓展方面，繼續服務好國內客戶，並持續推進海外客戶「China for China」策略。公司亦積極布局各項戰 略規劃，鞏固及提升自身在晶圓代工行業中的競爭地位，為公司、股東及各利益相關方創造價值。 重大投資 截至二零二五年六月三十日，本公司並無持有任何重大投資（價值佔本公司資產總值的5%或以上）。REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 中期簡明綜合財務資料的審閱報告 To the board of directors of Hua Hong Semiconductor Limited 致華虹半導體有限公司的董事會 (Incorporated in Hong Kong with limited liability) （於香註冊成立之有限公司） Introduction 引言 We have reviewed the interim financial information set out on pages 吾等已審閱載於第28至59頁的中期財務資 28 to 59 which comprises the condensed consolidated statement 料，其中括華虹半導體有限公司（「貴公 of financial position of Hua Hong Semiconductor Limited (the 司」）及其子公司（「貴集團」）於二零二五年六 “Company”) and its subsidiaries (the “Group”) as at 30 June 2025 月三十日的簡明綜合財務狀況表及截至該日 and the related condensed consolidated statements of profit or 止六個月期間的相關簡明綜合損益表、全面 loss, comprehensive income, changes in equity and cash flows for 收益表、權益變動表及現金流量表以及解釋 the six-month period then ended, and explanatory notes. The Rules 附註。香聯合交易所有限公司證券上市規 Governing the Listing of Securities on The Stock Exchange of Hong 則規定，須按照當中訂明的相關規定及香 Kong Limited require the preparation of a report on interim financial 會計師公會（「香會計師公會」）頒佈的香 information to be in compliance with the relevant provisions 會計準則第34號中期財務報告（「香會計 thereof and Hong Kong Accounting Standard 34 Interim Financial 準則第34號」）的規定就中期財務資料編製報 Reporting (“HKAS 34”) as issued by the Hong Kong Institute of 告。 貴公司的董事須負責根據香會計準則 “ ” Certified Public Accountants ( HKICPA ). The directors of the 第34號編製及列報本中期財務資料。吾等的 Company are responsible for the preparation and presentation of 責任是根據吾等的審閱對本中期財務資料作 this interim financial information in accordance with HKAS 34. Our 出結論，並按照吾等雙方協定的委聘條款， responsibility is to express a conclusion on this interim financial 僅向全體董事會報告。除此以外，吾等的報 information based on our review. Our report is made solely to you, 告不可用作其他用途。吾等概不會就本報告 as a body, in accordance with our agreed terms of engagement, 的內容向任何其他人士負責或承擔責任。 and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Scope of Review 審閱範圍 We conducted our review in accordance with Hong Kong Standard 吾等已根據香會計師公會頒佈的香審閱 on Review Engagements 2410 Review of Interim Financial 委聘準則第2410號由實體的獨立核數師執行 Information Performed by the Independent Auditor of the Entity 中期財務資料審閱進行審閱。審閱中期財務 as issued by the HKICPA. A review of interim financial information 資料括主要向負責財務和會計事務的人員 consists of making inquiries, primarily of persons responsible for 作出查詢，及應用分析性和其他審閱程序。 financial and accounting matters, and applying analytical and other 審閱的範圍遠較根據香審計準則進行審核 review procedures. A review is substantially less in scope than 的範圍為小，故不能令吾等保證吾等將知悉 an audit conducted in accordance with Hong Kong Standards on 在審核中可能發現的所有重大事項。因此， Auditing and consequently does not enable us to obtain assurance 吾等不會發表審核意見。 that we would become aware of all significant matters that might For the six months ended 30 June 截至六月三十日止六個月 2025 2024 二零二五年 二零二四年 (Unaudited) (Unaudited) （未經審核） （未經審核） ’ ’ Notes US$ 000 US$ 000 附註 千美元 千美元 Revenue 銷售收入 4 1,107,002 938,510 Cost of sales 銷售成本 (995,394) (858,815) Gross profit 毛利 111,608 79,695 Other income and gains 其他收入及收益 4 59,916 71,095 Selling and distribution expenses 銷售及分銷費用 (4,844) (4,770) Administrative expenses 管理費用 (190,183) (164,078) Other expenses 其他費用 (17,300) (13,813) Finance costs 財務費用 (41,551) (49,432) Share of profits of associates 分佔聯?公司溢利 1,243 2,805 LOSS BEFORE TAX 稅前虧損 5 (81,111) (78,498) Income tax (expense)/credit 所得稅（開支）╱抵免 6 (3,852) 11,464 LOSS FOR THE PERIOD 期內虧損 (84,963) (67,034) Attributable to: 以下各項應佔： Owners of the parent 母公司擁有人 11,702 38,491 Non-controlling interests 非控股權益 (96,665) (105,525) (84,963) (67,034) EARNINGS PER SHARE 母公司普通股權持有人應 ATTRIBUTABLE TO ORDINARY 佔每股盈利： EQUITY HOLDERS OF THE PARENT: 8 Basic 基本 – For profit for the period －期內溢利 US$0.007 US$0.022 0.007美元 0.022美元 For the six months ended 30 June 截至六月三十日止六個月 2025 2024 二零二五年 二零二四年 (Unaudited) (Unaudited) （未經審核） （未經審核） ’ ’ US$ 000 US$ 000 千美元 千美元 LOSS FOR THE PERIOD 期內虧損 (84,963) (67,034) OTHER COMPREHENSIVE INCOME/(LOSS) 其他全面收益╱（虧損） Other comprehensive income/(loss) that may be 於其後期間可能重新分類至損益 reclassified to profit or loss in subsequent 的其他全面收益╱（虧損）： periods: Exchange differences on translation of foreign 換算海外業務產生的外匯差額 operations 35,116 (49,338) Net other comprehensive income/(loss) that may 於其後期間可能重新分類至損益 be reclassified to profit or loss in subsequent 的其他綜合收益╱（虧損）虧損 periods 淨額 35,116 (49,338) Other comprehensive loss that will not be 於其後期間不會重新分類至損益 reclassified to profit or loss in subsequent 的其他全面虧損： periods: Equity investments designated at fair value 指定按公平值計入其他全面收益 through other comprehensive income: 的權益工具： Changes in fair value 公平值變動 – (436) Income tax effect 所得稅影 – 65 Net other comprehensive loss that will not be 於其後期間不會重新分類至損益 reclassified to profit or loss in subsequent 的其他全面虧損淨額 periods – (371) OTHER COMPREHENSIVE INCOME/(LOSS) 期內其他全面收益╱（虧損）， FOR THE PERIOD, NET OF TAX 扣除稅項 35,116 (49,709) TOTAL COMPREHENSIVE LOSS 期內全面虧損總額 FOR THE PERIOD (49,847) (116,743) 30 June 31 December 2025 2024 二零二五年 二零二四年 六月三十日 十二月三十一日 (Unaudited) (Audited) （未經審核） （經審核） ’ ’ Notes US$ 000 US$ 000 附註 千美元 千美元 NON-CURRENT ASSETS 非流動資產 Property, plant and equipment 物業、廠房及設備 9 6,101,971 5,859,117 Right-of-use assets 使用權資產 66,002 77,761 Investment properties 投資物業 218,468 164,153 Intangible assets 無形資產 27,313 31,456 Investment in associates 於聯?公司的投資 144,421 139,799 Equity investments designated at fair value 指定按公平值計入其他 through other comprehensive income 全面收益的權益工具 290,515 289,311 Long term prepayments 長期預付款項 42,672 21,008 Deferred tax assets 遞延稅項資產 765 – Total non-current assets 非流動資產總額 6,892,127 6,582,605 CURRENT ASSETS 流動資產 Completed properties held for sale 已竣工待售物業 10 221,661 – Properties under development 發展中物業 10 – 221,905 Inventories 存貨 513,434 467,060 Trade and notes receivables 貿易應收款項及應收票據 11 264,329 270,461 Prepayments, other receivables and 預付款項、其他應收款項及 other assets 其他資產 452,513 363,997 Due from related parties 應收關聯方款項 15 14,360 18,324 Pledged deposits 已抵押存款 31,756 31,624 Cash and cash equivalents 現金及現金等價物 3,846,900 4,459,132 Total current assets 流動資產總額 5,344,953 5,832,503 CURRENT LIABILITIES 流動負債 Trade payables 貿易應付款項 12 263,352 298,372 Other payables and accruals 其他應付款項及暫估費用 716,648 880,447 Interest-bearing bank borrowings 計息銀行借款 341,313 280,704 Lease liabilities 租賃負債 5,839 4,912 30 June 31 December 2025 2024 二零二五年 二零二四年 六月三十日 十二月三十一日 (Unaudited) (Audited) （未經審核） （經審核） ’ ’ Notes US$ 000 US$ 000 附註 （千美元） （千美元） NON-CURRENT LIABILITIES 非流動負債 Interest-bearing bank borrowings 計息銀行借款 1,933,971 1,917,235 Lease liabilities 租賃負債 15,035 18,068 Deferred tax liabilities 遞延稅項負債 3,633 10,948 Total non-current liabilities 非流動負債總額 1,952,639 1,946,251 Net assets 資產淨額 8,873,643 8,906,619 EQUITY 權益 Equity attributable to owners of the 母公司擁有人應佔權益 parent Share capital 股本 13 4,960,855 4,938,457 Reserves 儲備 1,339,047 1,308,569 Total equity attributable to owners of the 母公司擁有人應佔權益總額 parent 6,299,902 6,247,026 Non-controlling interests 非控股權益 2,573,741 2,659,593 Total equity 權益總額 8,873,643 8,906,619 Junjun Tang Jun YeINTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2025 中期簡明綜合權益變動表 截至二零二五年六月三十日止六個月 Attributable to owners of the parent 母公司擁有人應佔 Share of other comprehensive Other reserve Asset Exchange Share option income of and contributed Fair value revaluation Statutory uctuation Retained Non-controlling Total # Share capital Merger reserve reserve associates surplus reserve reserve reserve fund reserve pro ts Total interests equity 分佔聯?公司的 其他儲備及 # 股本 合併儲備 購股權儲備 其他全面收益 供款盈餘 公平值儲備 資產重估儲備 法定儲備基金 匯兌波動儲備 留存溢利 總計 非控股權益 權益總額 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 (note 12) （附註12） At 1 January 2025 於二零二五年一月一日 4,938,457 645,494* 11,591* 35,685* 689* 64,635* 99,257* 256,366* (145,901)* 340,753* 6,247,026 2,659,593 8,906,619 Profit/(loss) for the period 期內溢利╱（虧損） – – – – – – – – – 11,702 11,702 (96,665) (84,963) Other comprehensive loss 期內其他全面虧損： for the period: – – – – – – – – – – – – – Exchange differences on 換算海外業務產生的 translation of foreign 外匯差額 operations – – – – – – – – 24,303 – 24,303 10,813 35,116 Total comprehensive 期內全面收益╱（虧損） income/(loss) for the 總額 period – – – – – – – – 24,303 11,702 36,005 (85,852) (49,847) Issue of shares for exercise 發行股份以行使購 of share options (note 13) 股權（附註13） 22,398 – (5,527) – – – – – – – 16,871 – 16,871 Transfer from retained 轉撥自一間子公司 profits generated by a 產生的留存溢利 subsidiary – – – – – – – 9,945 – (9,945) – – – At 30 June 2025 於二零二五年六月 (unaudited) 三十日（未經審核） 4,960,855 645,494* 6,064* 35,685* 689* 64,635* 99,257* 266,311* (121,598)* 342,510* 6,299,902 2,573,741 8,873,643 At 1 January 2024 於二零二四年一月一日 4,933,559 645,494 12,794 1,352 35,685 58,435 99,257 233,042 (60,233) 341,610 6,300,995 1,713,549 8,014,544 Profit/(loss) for the period 期內溢利╱（虧損） – – – – – – – – – 38,491 38,491 (105,525) (67,034) Other comprehensive 期內其他全面虧損： loss for the period: Change in fair value of 指定按公平值計入 其他全面收益的 equity investments designated at fair 權益工具的 value through other 公平值變動， comprehensive income, 扣除稅項 net of tax – – – – – (371) – – – – (371) – (371) Exchange differences on 換算海外業務產生 的外匯差額 translation of foreign operations – – – – – – – – (35,058) – (35,058) (14,280) (49,338) Total comprehensive (loss)/ 期內全面（虧損）╱ income for the period 收益總額 – – – – – (371) – – (35,058) 38,491 3,062 (119,805) (116,743) Dividend declared 宣派股息 – – – – – – – – – (36,233) (36,233) – (36,233) Issue of shares for exercise 發行股份以行使購 of share options (note 13) 股權（附註13） 1,911 – (474) – – – – – – – 1,437 – 1,437 Equity-settled share option 以權益結算的購股INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2025 截至二零二五年六月三十日止六個月中期簡明綜合現金流量表 For the six months ended 30 June 截至六月三十日止六個月 2025 2024 二零二五年 二零二四年 (Unaudited) (Unaudited) （未經審核） （未經審核） ’ ’ US$ 000 US$ 000 千美元 千美元 CASH FLOWS FROM OPERATING ACTIVITIES 經?活動所得現金流量 Loss before tax 稅前虧損 (81,111) (78,498) Adjustments for: 就以下各項作出的調整： Finance costs 財務費用 41,551 49,432 Share of profits of associates 分佔聯?公司溢利 (1,243) (2,805) Interest income 利息收入 (30,913) (54,808) Loss on disposal of items of property, plant and 出售物業、廠房及 equipment 設備項目的虧損 12 42 Depreciation of property, plant and equipment 物業、廠房及設備折舊 344,036 258,527 Amortisation of intangible assets 無形資產攤銷 4,794 8,272 Depreciation of right-of-use assets 使用權資產折舊 2,953 3,170 Impairment/(reversal of impairment) of trade 貿易應收款項減值╱ receivables （減值轉回） 1,132 (438) Equity-settled share option expense 以權益結算的購股權開支 – 11 281,211 182,905 Increase in inventories 存貨增加 (46,374) (12,814) Decrease/(increase) in properties under development 發展中物業及已竣工待 and completed properties held for sale 售物業減少╱（增加） 244 (28,323) Decrease in trade and notes receivables 貿易應收款項及 應收票據減少 4,987 4,740 Increase in prepayments, other receivables and 預付款項、其他應收款項 other assets 及其他資產增加 (3,184) (32,387) Decrease/(increase) in amounts due from related 應收關聯方款項減少╱ parties （增加） 3,964 (4,815) Increase in pledged deposits 已抵押存款增加 (132) (198) (Decrease)/increase in trade payables 貿易應付款項（減少）╱增加 (35,020) 10,796INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2025 中期簡明綜合現金流量表 截至二零二五年六月三十日止六個月 For the six months ended 30 June 截至六月三十日止六個月 2025 2024 二零二五年 二零二四年 (Unaudited) (Unaudited) （未經審核） （未經審核） ’ ’ US$ 000 US$ 000 千美元 千美元 CASH FLOWS FROM INVESTING ACTIVITIES 投資活動所得現金流量 Interest received 已收利息 35,917 45,990 Purchases of items of property, plant and equipment, 購買物業、廠房及設備項 prepaid lease payment and intangible assets 目、預付租賃款項及無形 資產 (918,579) (499,404) Acquisition of interests in an associate 收購聯?公司權益 (2,794) – Purchase of an equity investment designated at fair 購買指定為按公平值計入其 value through other comprehensive income 他全面收益的權益工具 – (17,618) Receipt of government grants for property, plant 收取物業、廠房及設備的政 and equipment 府補助 5,590 – Proceeds from disposal of items of property, plant 出售物業、廠房及設備項目 and equipment 所得款項 19 108 Net cash ows used in investing activities 投資活動所用現金流量淨額 (879,847) (470,924) CASH FLOWS FROM FINANCING ACTIVITIES 融資活動所得現金流量 New bank loans 新增銀行貸款 999,081 202,447 Proceeds from issue of shares for exercise of share 發行股份以行使購股權 options 所得款項 15,295 693 Capital contribution from non-controlling interests 非控股權益出資 – 1,181,880 Repayment of bank loans 償還銀行貸款 (936,833) (87,530) Increase in pledged deposits 已抵押存款增加 – (7,369) Interest paid 已付利息 (41,875) (51,955) Principal portion of lease payments 支付租賃本金部分 (1,716) (3,229) Dividends paid 已付股息 – (28,876) Net cash ows generated from nancing 融資活動所得現金流量淨額 activities 33,952 1,206,061 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2025 二零二五年六月三十日中期簡明綜合財務資料附註 1. CORPORATE INFORMATION 1. 公司資料 Hua Hong Semiconductor Limited (the “Company”) is a limited 華虹半導體有限公司（「本公司」）為一家 liability company incorporated in Hong Kong on 21 January 於二零零五年一月二十一日在香註冊 2005. The registered office of the Company is located at Room 成立的有限公司。本公司的註冊辦事處 2212, Bank of America Tower, 12 Harcourt Road, Central, 為香中環夏愨道12號美國銀行中心 Hong Kong. The principal place of business is located at No. 2212室。主要?業地點為上海市張江高 288, Halei Road, Zhangjiang Hi-Tech Park, Shanghai. 科技園區哈雷路288號。 The principal activity of the Company is investment holding. 本公司的主要活動為投資控股。於期 During the period, the Company’s subsidiaries (collectively 內，本公司的子公司（統稱為「本集團」） refer to as the “Group”) were principally engaged in the 主要從事半導體產品的生產及貿易。 manufacture and trading of semiconductor products. In the opinion of the directors, the parent of the Company is 董事認為，本公司的母公司為上海華虹 Shanghai Huahong (Group) Co., Ltd. (“Huahong Group”), （集團）有限公司（「華虹集團」），該公司 which is a state-owned company established in the People’s 為於中華人民共和國（「中國」）成立並由 Republic of China (“PRC”) and supervised by the Shanghai 上海市國有資產監督管理委員會（「上海 State-owned Assets Supervision and Administration 市國資委」）監管的國有公司。本公司的 Commission (“Shanghai SASAC”). The ultimate parent of the 最終母公司為上海市國資委。 Company is Shanghai SASAC.NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2025 中期簡明綜合財務資料附註 二零二五年六月三十日 1. CORPORATE INFORMATION (CONTINUED) 1. 公司資料（續） Information about subsidiaries 有關子公司的資料 Particulars of the Company’s subsidiaries are as follows: 本公司的子公司詳情如下： Place of incorporation/ Issued ordinary/registered Percentage of equity Name registration and business share capital (’000) attributable to the Company Principal activities 已發行普通╱ 名稱 註冊成立╱登記地點及業務 註冊股本（千） 本公司應佔權益百分比 主要業務活動 Direct Indirect 直接 間接 Grace Semiconductor Manufacturing Corporation Cayman Islands US$0.001 100% – Investment holding “ ” ( Grace Cayman ) Grace Semiconductor Manufacturing Corporation 開曼群島 0.001美元 100% – 投資控股 (「Grace Cayman」) Shanghai Huahong Grace Semiconductor Manufacturing PRC/Mainland China RMB20,460,928 100% – Manufacture and sale of Corporation (“HHGrace”)* semiconductor products 上海華虹宏力半導體製造有限公司（「華虹宏力」）* 中國╱中國內地 人民幣20,460,928元 100% – 生產及銷售半導體產品 Huahong Semiconductor (Wuxi) Co., Ltd. PRC/Mainland China US$2,536,852 22.2% 28.8% Manufacture and sale of (“Hua Hong Wuxi”)** semiconductor products 華虹半導體（無錫）有限公司（「華虹無錫」）** 中國╱中國內地 2,536,852美元 22.2% 28.8% 生產及銷售半導體產品 Shanghai Huahong Real Estate (Wuxi) Co., Ltd. PRC/Mainland China RMB30,000 22.2% 28.8% Real estate development (“Huahong Real Estate Wuxi”)*** 上海華宏置業（無錫）有限公司（「華宏置業無錫」）*** 中國╱中國內地 人民幣30,000元 22.2% 28.8% 房地產開發 Huahong Semiconductor Manufacturing (Wuxi) Co., Ltd. PRC/Mainland China US$4,020,000 21.9% 29.1% Manufacture and sale of (“Hua Hong Manufacturing Wuxi”)** semiconductor products 華虹半導體製造（無錫）有限公司（「華虹製造無錫」）** 中國╱中國內地 4,020,000美元 21.9% 29.1% 生產及銷售半導體產品 “ ” Global Synergy Technology Limited ( GST ) PRC/Hong Kong HK$10 100% – Trading 力鴻科技有限公司（「力鴻科技」） 中國╱香 10元 100% – 貿易NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2025 二零二五年六月三十日中期簡明綜合財務資料附註 2.1 BASIS OF PREPARATION 2.1 編製基準 The interim condensed consolidated financial information for 截至二零二五年六月三十日止六個月的 the six months ended 30 June 2025 has been prepared in 中期簡明綜合財務資料已根據香會計 accordance with HKAS 34 Interim Financial Reporting. The 準則第34號中期財務報告編製。中期簡 interim condensed consolidated financial information does 明綜合財務資料並不括年度財務報表 not include all the information and disclosures required in the 規定的所有資料及披露事項，並應與本 annual financial statements, and should be read in conjunction 集團截至二零二四年十二月三十一日止 with the Group’s annual consolidated financial statements for 年度的年度綜合財務報表一併閱讀。 the year ended 31 December 2024. The financial information relating to the year ended 31 中期簡明綜合財務狀況表所載有關截至 December 2024 that is included in the interim condensed 二零二四年十二月三十一日止年度的財 consolidated statement of financial position as comparative 務資料（作為比較資料），並不構成本公 information does not constitute the Company’s statutory annual 司於該年度之法定年度綜合財務報表， consolidated financial statements for that year but is derived 惟摘錄自該等財務報表。根據香公司 from those financial statements. Further information relating to 條例第436條須予披露的有關該等法定 those statutory financial statements required to be disclosed 財務報表的進一步資料如下： in accordance with section 436 of the Hong Kong Companies Ordinance is as follows:NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2025 中期簡明綜合財務資料附註 二零二五年六月三十日 2.1 BASIS OF PREPARATION (CONTINUED) 2.1 編製基準（續） The Company has delivered the financial statements for the 本公司已按香公司條例第6 注意：本文为公告节选，部分内容省略，完整内容请查看交易所发布的PDF全文原文。  |