每经记者｜朱成祥 每经编辑｜魏文艺 2月11日早盘前，中芯国际（HK00981，股价69.35港元，市值5548.34亿港元）召开2025年第四季度业绩 说明会。 中芯国际联合CEO赵海军在会上表示，2025年第四季度可以说是淡季不淡，公司整体销售收入环比增长 4.5%至24.89亿美元。其中，晶圆收入环比增长1.5%，销售片数和平均单价均小幅增长，其他收入环比 增长64%，主要是因为光罩在年底集中出货。在季度新增1.6万片12英寸晶圆产能的基础上，公司整体 产能利用率保持在95.7%，其中8英寸产能利用率整体超满载，12英寸产能利用率整体接近满载，主要 是因为产业链切换迭代效应持续。 在问答环节，赵海军谈及近期异常火热的存储芯片时表示，消费类存储芯片的产能将会很快释放出来， 消费类存储芯片或在2026年第三季度迎来反转。"我们在劝说客户不要停线，不要自己减少产品，还是 为三季度的反转备足库存才好。" 在业绩说明会上，赵海军表示，此前在国外设计、生产并销售至国内的半导体产业链向本土化转型所带 来的重组效应贯穿了2025年全年。其中，转换速度最快的是模拟类产品，其次为显示驱动、摄像头、存 储产品，再者是MCU（ ...

Core Viewpoint - The storage chip market is experiencing significant price increases driven by AI demand, but there are warnings from companies like SMIC about potential overestimation of demand and supply chain disruptions in traditional sectors [1][3][9] Group 1: Market Dynamics - DDR5 memory prices surged nearly 70% in a month, with SSD prices in Shenzhen doubling, leading to unusual trading practices like "buying memory with motherboards" [1] - Major semiconductor companies, including Samsung and SK Hynix, are projected to achieve record revenues in their storage businesses by 2025, while domestic module manufacturer Jiangbolong reported a 1994% increase in net profit [3] - SMIC's capacity utilization reached 95.8%, forcing delays in mobile phone orders to prioritize AI chip deliveries [3] Group 2: Supply Chain Issues - The price surge is attributed to unexpected capacity cuts by manufacturers like Micron in the consumer storage segment and structural shortages in HBM memory due to AI demand [3][5] - There is a panic-driven cycle of stockpiling within the industry, with DRAM modules being allocated through a "distribution system," marking a first in the industry [3][5] - Smartphone manufacturers like Xiaomi and OPPO are facing DRAM inventory shortages of less than three weeks, leading to price increases of 100-400 yuan for new models [3][5] Group 3: Future Outlook - The current situation is expected to lead to a reduction in orders for PMICs and display drivers, which are key products for SMIC, as smartphone manufacturers struggle with storage shortages [5] - TrendForce has revised down its 2026 smartphone shipment forecasts, indicating that the high prices are negatively impacting the end market [5] - SMIC predicts that the current high-price environment will not last, warning of potential overcapacity as demand from end-users is suppressed [7][9]

2月10日晚，中芯国际（688981.SH，00981.HK）发布2025年第四季度业绩快报。 财报显示，2025年第四季度，公司实现营业收入178.13亿元，同比增长11.9%；毛利为30.96亿元，毛利率为17.4%；归属于上市公司股东的净利润12.23亿 元，同比增长23.2%。扣非净利润为9.47亿元，增长了112.4%。 | | | | 项目 | 2025 年第四季度 | 2024 年第四季度 | t | | --- | --- | --- | --- | | | (10-12月) | (10-12月) | | | 营业总收入 | 17,812,776 | 15,916,850 | | | 营业利润 | 2,114,049 | 2,746,202 | | | 利润总额 | 1,602,415 | 2,738,330 | | | 归属于上市公司股东的 | 1,222,663 | 992,473 | | | 浄利润 | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | 947,416 | 445,967 | | | 利润 | | | | | 基本每股收益(元/股) | 0.15 | 0.1 ...

业绩高增、乐观指引，9000亿芯片龙头绩后却未涨反跌。 周三，中芯国际H股盘中一度跌近5%，现跌幅收窄至3.635报68.95港元。 中芯国际A股现跌1.25%报114.75元，目前总市值9180.58亿元。 | 0 688981 分钟 多日 日K 周K 月K 孝K 年K 1分 3分 5分 10分 15分 30分 1小时 2小时 3小时 4小时 1天:1分K √显示 ▽ ② □ Ø Ø V [ VS FIO □ | 振价 | 68007 | ++ P v | ← · Aa ■ | アンスマン | 市 | 0 | 8 | 688981 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | DOG | 114.7 | 116.30 | | | | | | | | | 0.09% | 2 ( 8 ) ( | 116.20 | 0.00% | | | | | | | | 最高价 114 | 116.10 | -0.09% | 最低价 113 | | | | | | | | 盘后额 0 | 116.00 | -0.17% | 盘后量 0手 | ...

同期，公司资本开支为81.0亿美元，年末月产能较上年增加约11万片，全年出货总量约970万片，平均 产能利用率达93.5%，同比提升8个百分点。 随着2025年全球半导体产业链本土化切换效应持续显现，公司晶圆销售量增加、产能利用率上升，叠加 公司产品组合变动，中芯国际迎来业绩全面回升。数据显示，2025年度未经审计的营业收入达673.23亿 元，同比增加16.5%；未经审计的归母净利润50.41亿元，同比增加36.3%；归属于上市公司股东的扣非 净利润41.24亿元，同比增幅高达55.9%。 展望2026年，公司指出，产业链回流的机遇与存储大周期带来的挑战并存，预计一季度销售收入环比持 平，毛利率在18%-20%之间，若外部环境无重大变化，全年销售收入增幅将高于可比同业平均值，资 本开支与2025年大致持平。 2月10日晚间，中芯国际发布2025年第四季度业绩快报。财报数据显示，2025年第四季度，公司实现营 业收入178.13亿元，较上年同期增长11.9%；毛利30.96亿元，毛利率17.4%。 再来看销售和产能数据。根据公告，若按国际财务报告准则核算，公司2025年四季度销售收入24.89亿 美元，环比增 ...

Core Viewpoint - The storage chip market is expected to be the main focus throughout 2025, with ongoing reports of shortages and price increases continuing into 2026, indicating a sustained upward trend in the industry [3]. Group 1: Wafer Manufacturing - TSMC reported that its customers are not affected by storage price increases, achieving a record revenue of NT$3.8 trillion in 2025, a 31.6% year-on-year increase, with a gross margin of 59.9% [9][10]. - SMIC achieved an unaudited revenue of $9.327 billion in 2025, a 16.2% increase year-on-year, with a net profit of $685 million, up 39.1% [12]. - Huahong Semiconductor reported a revenue of $635 million in Q3 2025, a 20.7% year-on-year increase, with a gross margin of 13.5% [13]. Group 2: Storage Manufacturers - Samsung Electronics achieved a record revenue of 333.6059 trillion KRW (approximately $233.8 billion) in 2025, a 10.9% increase year-on-year, with a net profit growth of 31.2% [18]. - SK Hynix reported a record revenue of 97.15 trillion KRW (approximately $681.6 billion) in 2025, a 47% increase year-on-year, with a net profit of 42.95 trillion KRW [20]. - Micron's revenue surged from $25.11 billion to $37.38 billion in the 2025 fiscal year, with a 56.6% year-on-year increase in Q1 2026 [22]. Group 3: Storage Modules - Jiangbolong expects a revenue of 22.5 billion to 23 billion CNY in 2025, a 29%-32% increase, with a net profit growth of 150.66% to 210.82% [38]. - Bawei Storage anticipates a revenue of 10 billion to 12 billion CNY, with a net profit increase of 427.19% to 520.22% [39]. - Demingli expects a revenue of 10.3 billion to 11.3 billion CNY, with a net profit growth of 85.42% to 128.21% [40]. Group 4: Chip Distributors - Wanye achieved a revenue of approximately NT$1.18 trillion in 2025, a 22.8% year-on-year increase, marking a record high [49]. - Dalian Dadi reported a revenue of NT$999.12 billion in 2025, a 13.4% increase, driven by AI and high-performance computing demand [51]. - Airo's annual sales reached $30.853 billion in 2025, a 10% increase year-on-year [53].

Group 1 - The semiconductor leading ETF, 工银 (159665), opened down 1.00% at 1.980 yuan [1] - Major holdings in the ETF include 中芯国际 down 1.89%, 海光信息 down 1.54%, and several others with varying declines, while 拓荆科技 saw a slight increase of 0.02% [1] - The ETF's performance benchmark is the 国证半导体芯片指数, managed by 工银瑞信基金管理有限公司, with a return of 100.14% since its inception on December 22, 2022, and a 1.67% return over the past month [1]

11 February 2026 | 12:10AM HKT Equity Research SMIC (0981.HK): 4Q25 OP beat; UT rate and ASP sustained; 1Q26 Rev guidance in line 4Q25 Revenue of US$2.5bn (+13% YoY/ +4% QoQ) was 3%/ 3% higher than GSe/ Bloomberg consensus, and beyond mgmt. guidance of +0%~+2% QoQ. 4Q25 GM of 19% was in-line with management's guidance (18%~20%) and our / street's expectation of 19.3%/ 20.0%. The revenue growth were driven by wafer shipment increase of +1% QoQ and ASP increase of +1% QoQ, while the gross margin trended down ...

2月11日，中芯国际（688981.SH，0981.HK）召开2025年第四季度业绩交流会。中芯国际CEO赵海军在 业绩会上表示，2025年全年，原来在国外设计、国外生产、销售到国内的半导体产业链向本土化切换带 来的重组效应贯穿全年。预计2026产业链海外回流、国内客户新产品替代海外老产品的效应将持续下 去，为国内产业链带来持续的增量空间。 四季度淡季不淡，毛利率下滑主要是折旧影响 2月10日晚，中芯国际发布了2025年第四季度业绩快报。2025年第四季度，公司实现营业收入178亿元， 较上年同期增长 11.9%；毛利为31亿元，毛利率为17.4%。营业利润为21亿元，同比下降23%，归属于 上市公司股东的净利润为12.2亿元，增长了23.2%。扣非净利润为9.47亿元，增长了112.4%。 赵海军表示，四季度可以说是淡季不淡，公司整体实现销售收入24.89亿美元，收入环比增长4.5%，其 中晶圆收入环比增长1.5%，销售片数和平均单价均小幅增长，其他收入环比增长64%，主要是因为光罩 在年底集中出货。 中芯国际在季度新增1.6万片12英寸产能的基础上，公司产能利用率保持在95.7%，8英寸利用率整体超 满载 ...

里昂发表研报指，中芯国际2025年第四季收入按季升4.5%至24.9亿美元，超越0%至2%的增长指引；毛 利率为19.2%，约处于18%至20%指引区间的中值；平均售价按季上升1%至每片晶圆914美元。公司指 引2026年首季收入按季持平，符合市场预期；而毛利率指引为18%至20%，略低于市场预期的20.9%。 公司预期2026年全年收入增长将高于行业平均水平，资本开支指引则大致与2025年的81亿美元持平。里 昂现予中芯国际H股目标价93.3港元，A股目标价152元，均予"跑赢大市"评级。 ...