HUA HONG SEMICONDUCTOR LIMITED
華虹半導體有限公司
(Incorporated in Hong Kong with limited liability)
（於香港註冊成立之有限公司）
(Stock Code: 01347)（股份代號：01347）
INTERIM REPORT
中 期 報 告 2025DEFINITIONS
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;
“SSE STAR Market” the Science and Technology Innovation Board of the Shanghai Stock
Exchange;
INTERIM REPORT 2025 1CORPORATE 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
Auditor No. 26 Hefeng Road Xinwu District
Wuxi Jiangsu PRC
Ernst & Young
Certified Public Accountants China CITIC Bank Wuxi New District Subbranch
27/F One Taikoo Place No. 26 Hefeng Road Xinwu District
979 King’s Road Quarry Bay Wuxi Jiangsu PRC
Hong Kong PRC
Bank of China Wuxi High and New Technology
Industrial Development Zone Subbranch
No. 140 Wangzhuang Road Xinwu District
Wuxi Jiangsu PRC
Bank of Communications Co. Ltd. Wuxi Branch
No.8 2nd Financial Street Binhu District
Wuxi Jiangsu PRC
2 HUA HONG SEMICONDUCTOR LIMITEDCORPORATE 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: 688347
INTERIM REPORT 2025 3KEY FINANCIALS
Revenue Gross profit margin
US$ million %
140035.0%
1262.2
29.9%
120030.0%
1107.0
1000938.525.0%
80020.0%
60015.0%
40010.1%10.0%8.5%
2005.0%
00.0%
1H 2023 1H 2024 1H 2025 1H 2023 1H 2024 1H 2025
Profit attributable to owners of the parent Earning per share
US$ million US$
2500.20
230.80.176
0.18
2000.16
0.14
1500.12
0.10
1000.08
0.06
5038.50.040.022
11.70.020.007
00.00
1H 2023 1H 2024 1H 2025 1H 2023 1H 2024 1H 2025
4 HUA HONG SEMICONDUCTOR LIMITEDMANAGEMENT DISCUSSION AND ANALYSIS
Financial Performance
1H 2025 1H 2024 Change
US$’000 US$’000
Unaudited Unaudited
Revenue 1107002 938510 18.0%
Cost of sales (995394) (858815) 15.9%
Gross profit 111608 79695 40.0%
Other income and gains 59916 71095 (15.7)%
Selling and distribution expenses (4844) (4770) 1.6%
Administrative expenses (190183) (164078) 15.9%
Other expenses (17300) (13813) 25.2%
Finance costs (41551) (49432) (15.9)%
Share of profits of associates 1243 2805 (55.7)%
Loss before tax (81111) (78498) 3.3%
Income tax (expense)/credit (3852) 11464 (133.6)%
Loss for the period (84963) (67034) 26.7%
Attributable to:
Owners of the parent 11702 38491 (69.6)%
Non-controlling interests (96665) (105525) (8.4)%
Revenue
Revenue was US$1107.0 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.INTERIM REPORT 2025 5MANAGEMENT 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$67.0
million in 1H 2024.
6 HUA HONG SEMICONDUCTOR LIMITEDMANAGEMENT DISCUSSION AND ANALYSIS
Financial Status
30 June 31 December
2025 2024 Change
US$’000 US$’000
Unaudited Audited
Non-current assets
Property plant and equipment 6101971 5859117 4.1%
Investment properties 218468 164153 33.1%
Investment in associates 144421 139799 3.3%
Equity investments designated at fair value
through other comprehensive income 290515 289311 0.4%
Other non-current assets 136752 130225 5.0%
Total non-current assets 6892127 6582605 4.7%
Current assets
Inventories 513434 467060 9.9%
Trade and notes receivables 264329 270461 (2.3)%
Due from related parties 14360 18324 (21.6)%
Other current assets 674174 585902 15.1%
Pledged deposits 31756 31624 0.4%
Cash and cash equivalents 3846900 4459132 (13.7)%
Total current assets 5344953 5832503 (8.4)%
Current liabilities
Trade payables 263352 298372 (11.7)%
Interest-bearing bank borrowings 341313 280704 21.6%
Due to related parties 8560 9125 (6.2)%
Government grants 59040 57563 2.6%
Other current liabilities 738533 916474 (19.4)%
Total current liabilities 1410798 1562238 (9.7)%
Net current assets 3934155 4270265 (7.9)%
Non-current liabilities
Interest-bearing bank borrowings 1933971 1917235 0.9%
Lease liabilities 15035 18068 (16.8)%
Deferred tax liabilities 3633 10948 (66.8)%
Total non-current liabilities 1952639 1946251 0.3%
Net assets 8873643 8906619 (0.4)%
INTERIM REPORT 2025 7MANAGEMENT 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$4459.1 million to US$3846.9 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$2197.9 million to US$2275.3 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$3.6 million primarily due to a reversal of dividend
withholding tax accrued for 2024.
8 HUA HONG SEMICONDUCTOR LIMITEDMANAGEMENT DISCUSSION AND ANALYSIS
Cash Flow
1H 2025 1H 2024 Change
US$’000 US$’000
Unaudited Unaudited
Net cash flows generated from operating activities 219816 137550 59.8%
Net cash flows used in investing activities (879847) (470924) 86.8%
Net cash flows generated from financing activities 33952 1206061 (97.2)%
Net (decrease)/increase in cash and
cash equivalents (626079) 872687 (171.7)%
Cash and cash equivalents at beginning of the period 4459132 5585181 (20.2)%
Effect of foreign exchange rate changes net 13847 (34002) (140.7)%
Cash and cash equivalents at end of the period 3846900 6423866 (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$3846.9 million (of which approximately
US$3061.8 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$4459.1 million at the end of 2024.Liquidity
To meet liquidity requirements in the short and long term our policy is to monitor regularly the current and expected
liquidity requirements to ensure that we maintain sufficient reserves of cash and adequate committed lines of funding
from major financial institutions.INTERIM REPORT 2025 9MANAGEMENT DISCUSSION AND ANALYSIS
Capital Management
Our primary objectives of capital management are to safeguard our ability to continue as a going concern and to
maintain healthy capital ratios to support our business and maximize shareholders’ value. We manage our capital
structure and make adjustments in light of the changes in economic conditions. To do this we may adjust the dividend
payment to shareholders return capital to shareholders or issue new shares. We are not subject to any externally
imposed capital requirements. No changes were made in the objectives policies or processes for managing capital
during the six months ended 30 June 2025.Bank Loans
The particulars of bank loans of the Group as at 30 June 2025 are set out as below:
30 June 2025 31 December 2024
US$’000 US$’000
Current
Current portion of long term bank loans – secured 327998 275363
Current portion of long term bank loans – unsecured 13315 5341
341313280704
Non-current
Secured bank loans 1639288 1696011
Unsecured bank loans 294683 221224
19339711917235
22752842197939
The Group is dedicated to improving financing practices. As at 30 June 2025 the Group had outstanding bank
borrowings of US$2275.3 million compared to US$2197.9 million as at the end of 2024. The bank borrowings
included secured interest-bearing borrowings of US$2051.1 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.
10 HUA HONG SEMICONDUCTOR LIMITEDMANAGEMENT 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 2303423 2064974
Investment property 53203 –
Right-of-use assets 38005 47069
Completed properties held for sale 221661 –
Properties under development – 90275
26162922202318
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 Company’s management will continue to monitor the foreign exchange
exposure position and will consider appropriate measures should the need arise.INTERIM REPORT 2025 11MANAGEMENT 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 407750000 ordinary shares of the Company were issued.The total proceeds raised in the RMB Share Issue amounted to RMB21203 million. After deducting the issuance
expenses including underwriting sponsorship fees as well as other issuance expenses the net proceeds amounted
to RMB20920.7 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 12500000 133837 By the end of 2025
8-Inch Factory Optimization and 2000000 1713418 By the end of 2025
Upgrading Project
Specialty Technological Innovation 2500000 1714429 By the end of 2026
Research and Development Project
Replenishment of Working Capital 1000000 0 N/A
Apart from the above the surplus proceeds of RMB2921 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.
12 HUA HONG SEMICONDUCTOR LIMITEDMANAGEMENT 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$366700 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 platform’s 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 platform’s 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.These efforts enhance market resilience and achieve value co-creation with ecological partners and the sustainable
development of the entire industry.In terms of production capacity expansion as of the end of June 2025 the Hua Hong Manufacturing project has
completed move-in installation and qualification of the first batch of processes and measurement equipment required
for production capacity. With the smooth progress of process-product optimization and production capacity ramp-up
in the first phase the Company expects to initiate the second-phase capacity deployment ahead of schedule by the
end of 2025. Concurrently it will complete R&D technology alignment product validation and customer engagement
laying a solid foundation for future revenue growth.INTERIM REPORT 2025 13MANAGEMENT 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 ofcustomer expansion the Company remains committed to serving domestic customers while advancing its “China forChina” 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.
14 HUA HONG SEMICONDUCTOR LIMITED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」的提述不包括台灣、澳門特別行政區及香港；
「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港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；
「香港聯交所」香港聯合交易所有限公司；
「香港上市規則」《香港聯合交易所有限公司證券上市規則》（經不時修訂或補充）；
「香港標準守則」 香港上市規則附錄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；
「香港證券及期貨條例」香港法例第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；
2025年中期報告15公司資料
董事會香港法律顧問執行董事史密夫斐爾律師事務所
唐均君（主席）中國香港白鵬（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營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港分行
張祖同（主席）中國香港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港分行薪酬委員會中國香港中環王桂壎，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 中國江蘇省無錫市新吳區和風路26號核數師中信銀行無錫新區支行安永會計師事務所中國江蘇省無錫市執業會計師新吳區和風路26號中國香港鰂魚涌英皇道979號中國銀行無錫高新技術產業開發區支行太古坊一座27樓中國江蘇省無錫市新吳區旺莊路140號交通銀行股份有限公司無錫分行中國江蘇省無錫市濱湖區金融二街8號
16華虹半導體有限公司公司資料
股份過戶登記處
港股：
卓佳證券登記有限公司中國香港夏愨道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港中環夏愨道12號美國銀行中心2212室主要營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
香港聯交所：01347
上交所：688347
2025年中期報告17主要財務指標
銷售收入毛利率
百萬美元%
140035.0%
1262.2
29.9%
120030.0%
1107.0
1000938.525.0%
80020.0%
60015.0%
40010.1%10.0%8.5%
2005.0%
00.0%
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
2500.20
230.80.176
0.18
2000.16
0.14
1500.12
0.10
1000.08
0.06
5038.50.040.022
11.70.020.007
00.00
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
18華虹半導體有限公司管理層討論及分析
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110700293851018.0%
銷售成本(995394)(858815)15.9%
毛利1116087969540.0%
其他收入及收益5991671095(15.7)%
銷售及分銷費用(4844)(4770)1.6%
管理費用(190183)(164078)15.9%
其他費用(17300)(13813)25.2%
財務費用(41551)(49432)(15.9)%
分佔聯營公司溢利12432805(55.7)%
稅前虧損(81111)(78498)3.3%
所得稅（開支）╱抵免(3852)11464(133.6)%
期內虧損(84963)(67034)26.7%
以下各項應佔：
母公司擁有人1170238491(69.6)%
非控股權益(96665)(105525)(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5990萬美元，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。
2025年中期報告19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1730萬美元，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4160萬美元，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。
分佔聯營公司溢利
分佔聯營公司虧損為120萬美元，較二零二四年上半年減少55.7%，乃由於聯營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1150萬美元，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響下，期內虧損為8500萬美元，而二零二四年上半年為6700萬美元。
20華虹半導體有限公司管理層討論及分析
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610197158591174.1%
投資物業21846816415333.1%
於聯營公司的投資1444211397993.3%
指定按公平值計入其他全面收益的權益工具2905152893110.4%
其他非流動資產1367521302255.0%
非流動資產總額689212765826054.7%流動資產
存貨5134344670609.9%
貿易應收款項及應收票據264329270461(2.3)%
應收關聯方款項1436018324(21.6)%
其他流動資產67417458590215.1%
已抵押存款31756316240.4%
現金及現金等價物38469004459132(13.7)%
流動資產總額53449535832503(8.4)%流動負債
貿易應付款項263352298372(11.7)%
計息銀行借款34131328070421.6%
應付關聯方款項85609125(6.2)%
政府補助59040575632.6%
其他流動負債738533916474(19.4)%
流動負債總額14107981562238(9.7)%
流動資產淨額39341554270265(7.9)%非流動負債
計息銀行借款193397119172350.9%
租賃負債1503518068(16.8)%
遞延稅項負債363310948(66.8)%
非流動負債總額195263919462510.3%
資產淨額88736438906619(0.4)%
2025年中期報告21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1830萬美元減至1440萬美元，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1810萬美元減至1500萬美元，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1090萬美元減至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。
22華虹半導體有限公司管理層討論及分析
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
經營活動所得現金流量淨額21981613755059.8%
投資活動所用現金流量淨額(879847)(470924)86.8%
融資活動所得現金流量淨額339521206061(97.2)%
現金及現金等價物（減少）╱增加淨額(626079)872687(171.7)%
期初現金及現金等價物44591325585181(20.2)%
外匯匯率變動影響，淨額13847(34002)(140.7)%期末現金及現金等價物38469006423866(40.1)%經營活動所得現金流量淨額
經營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，主要包括資本投資9.186億美元及有關聯營公司的投資280萬美元，部分被利息收入3600萬美元及政府補助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3400萬美元，包括(i)銀行借款所得款項9.991億美元，及(ii)購股權行使所得1530萬美元，部分被(i)償還銀行借款9.368億美元，(ii)利息付款4190萬美元，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營運提供資金。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。
2025年中期報告23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營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327998275363
長期銀行貸款的即期部分－無抵押133155341
341313280704
非流動有抵押銀行貸款16392881696011無抵押銀行貸款294683221224
19339711917235
22752842197939
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。銀行借款包括有抵押計息借款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23034232064974
投資物業53203–使用權資產3800547069
持作待售的已竣工物業221661–
發展中物業–90275
26162922202318
24華虹半導體有限公司管理層討論及分析
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營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營的子公司持有。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407750000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（包括承銷、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12500000133837二零二五年底前
8英寸廠優化升級項目20000001713418二零二五年底前
特色工藝技術創新研發項目25000001714429二零二六年底前補充流動資金10000000不適用
除上述募集資金項目及用途外，公司自人民幣股份發行所獲得的人民幣29.21億元超募資金也將按照相關規定，在履行必要的程序後用於本集團主營業務。
截至二零二五年六月三十日止六個月，人民幣股份發行的募集資金已按照本公司之前在招股章程中披露的計劃使用或擬使用，募集資金的用途概無發生重大變更或延遲。
2025年中期報告25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3667億美元，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，伴隨着地緣政治的因素影響，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，憑藉着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，上半年營收同比、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，營收同比、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撐。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。隨着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，為未來營收成長奠定基礎。
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，加強供應鏈管理並着力提升營運效率。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）。
重大投資及資本資產的未來計劃
如本公司日期為二零二五年八月十七日、二零二五年八月十八日及二零二五年八月二十四日的公告所述，本公司正籌備可能收購上海華力微電子有限公司的股權（「該交易」）。該交易須待本公司董事會及股東大會審議，以及主管監管機構批准、審核或同意註冊後，方可作實。因此，該交易能否最終落實存在不確定性。所有相關資料將以本公司適時於指定信息披露媒體刊發的公告為準。
除本中期報告所披露者外，截至二零二五年六月三十日，本集團並無重大投資或資本資產的其他具體計劃。
26 華虹半導體有限公司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) （於香港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，其中包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。香港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港Kong Limited require the preparation of a report on interim financial 會計師公會（「香港會計師公會」）頒佈的香港information to be in compliance with the relevant provisions 會計準則第34號中期財務報告（「香港會計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港會計準則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 吾等已根據香港會計師公會頒佈的香港審閱
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 資料包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港審計準則進行審核
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
be identified in an audit. Accordingly we do not express an audit
opinion.Conclusion 結論
Based on our review nothing has come to our attention that causes 按照吾等的審閱，吾等並無發現任何事項，us to believe that the interim financial information is not prepared in 令吾等相信中期財務資料在各重大方面未有
all material respects in accordance with HKAS 34. 根據香港會計準則第34號編製。
Certified Public Accountants 執業會計師
Hong Kong 香港
28 August 2025 二零二五年八月二十八日
2025年中期報告 INTERIM REPORT 2025 27INTERIM CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS
中期簡明綜合損益表 FOR THE SIX MONTHS ENDED 30 JUNE 2025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
20252024
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 1107002 938510
Cost of sales 銷售成本 (995394) (858815)
Gross profit 毛利 111608 79695
Other income and gains 其他收入及收益 4 59916 71095
Selling and distribution expenses 銷售及分銷費用 (4844) (4770)
Administrative expenses 管理費用 (190183) (164078)
Other expenses 其他費用 (17300) (13813)
Finance costs 財務費用 (41551) (49432)
Share of profits of associates 分佔聯營公司溢利 1243 2805
LOSS BEFORE TAX 稅前虧損 5 (81111) (78498)
Income tax (expense)/credit 所得稅（開支）╱抵免 6 (3852) 11464
LOSS FOR THE PERIOD 期內虧損 (84963) (67034)
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 11702 38491
Non-controlling interests 非控股權益 (96665) (105525)
(84963)(67034)
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
Diluted 攤薄
– For profit for the period －期內溢利 US$0.007 US$0.022
0.007美元0.022美元
28 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司INTERIM CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2025截至二零二五年六月三十日止六個月中期簡明綜合全面收益表
For the six months ended 30
June截至六月三十日止六個月
20252024
二零二五年二零二四年
(Unaudited) (Unaudited)（未經審核）（未經審核）
US$’000 US$’000千美元千美元
LOSS FOR THE PERIOD 期內虧損 (84963) (67034)
OTHER COMPREHENSIVE INCOME/(LOSS) 其他全面收益╱（虧損）
Other comprehensive income/(loss) that may be 於其後期間可能重新分類至損益
reclassified to profit or loss in subsequent 的其他全面收益╱（虧損）：
periods:
Exchange differences on translation of foreign 換算海外業務產生的外匯差額
operations 35116 (49338)
Net other comprehensive income/(loss) that may 於其後期間可能重新分類至損益
be reclassified to profit or loss in subsequent 的其他綜合收益╱（虧損）虧損
periods 淨額 35116 (49338)
Other comprehensive loss that will not be 於其後期間不會重新分類至損益
reclassified to profit or loss in subsequent 的其他全面虧損：
periods:
Equity investments designated at fair value 指定按公平值計入其他全面收益
through other comprehensive income: 的權益工具：
Changes in fair value 公平值變動 – (436)
Income tax effect 所得稅影響 – 65
Net other comprehensive loss that will not be 於其後期間不會重新分類至損益
reclassified to profit or loss in subsequent 的其他全面虧損淨額
periods – (371)
OTHER COMPREHENSIVE INCOME/(LOSS) 期內其他全面收益╱（虧損），FOR THE PERIOD NET OF TAX 扣除稅項 35116 (49709)
TOTAL COMPREHENSIVE LOSS 期內全面虧損總額
FOR THE PERIOD (49847) (116743)
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 36005 3062
Non-controlling interests 非控股權益 (85852) (119805)
(49847)(116743)
2025年中期報告 INTERIM REPORT 2025 29INTERIM CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
中期簡明綜合財務狀況表 30 JUNE 2025二零二五年六月三十日
30 June 31 December
20252024
二零二五年二零二四年六月三十日十二月三十一日
(Unaudited) (Audited)（未經審核）（經審核）
Notes US$’000 US$’000附註千美元千美元
NON-CURRENT ASSETS 非流動資產
Property plant and equipment 物業、廠房及設備 9 6101971 5859117
Right-of-use assets 使用權資產 66002 77761
Investment properties 投資物業 218468 164153
Intangible assets 無形資產 27313 31456
Investment in associates 於聯營公司的投資 144421 139799
Equity investments designated at fair value 指定按公平值計入其他
through other comprehensive income 全面收益的權益工具 290515 289311
Long term prepayments 長期預付款項 42672 21008
Deferred tax assets 遞延稅項資產 765 –
Total non-current assets 非流動資產總額 6892127 6582605
CURRENT ASSETS 流動資產
Completed properties held for sale 已竣工待售物業 10 221661 –
Properties under development 發展中物業 10 – 221905
Inventories 存貨 513434 467060
Trade and notes receivables 貿易應收款項及應收票據 11 264329 270461
Prepayments other receivables and 預付款項、其他應收款項及
other assets 其他資產 452513 363997
Due from related parties 應收關聯方款項 15 14360 18324
Pledged deposits 已抵押存款 31756 31624
Cash and cash equivalents 現金及現金等價物 3846900 4459132
Total current assets 流動資產總額 5344953 5832503
CURRENT LIABILITIES 流動負債
Trade payables 貿易應付款項 12 263352 298372
Other payables and accruals 其他應付款項及暫估費用 716648 880447
Interest-bearing bank borrowings 計息銀行借款 341313 280704
Lease liabilities 租賃負債 5839 4912
Government grants 政府補助 59040 57563
Due to related parties 應付關聯方款項 15 8560 9125
Income tax payable 應付所得稅 16046 31115
Total current liabilities 流動負債總額 1410798 1562238
NET CURRENT ASSETS 流動資產淨額 3934155 4270265
TOTAL ASSETS LESS CURRENT 資產總額減流動負債
LIABILITIES 10826282 10852870
continued/?
續╱?
30 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
30 JUNE 2025
二零二五年六月三十日中期簡明綜合財務狀況表
30 June 31 December
20252024
二零二五年二零二四年六月三十日十二月三十一日
(Unaudited) (Audited)（未經審核）（經審核）
Notes US$’000 US$’000附註（千美元）（千美元）
NON-CURRENT LIABILITIES 非流動負債
Interest-bearing bank borrowings 計息銀行借款 1933971 1917235
Lease liabilities 租賃負債 15035 18068
Deferred tax liabilities 遞延稅項負債 3633 10948
Total non-current liabilities 非流動負債總額 1952639 1946251
Net assets 資產淨額 8873643 8906619
EQUITY 權益
Equity attributable to owners of the 母公司擁有人應佔權益
parent
Share capital 股本 13 4960855 4938457
Reserves 儲備 1339047 1308569
Total equity attributable to owners of the 母公司擁有人應佔權益總額
parent 6299902 6247026
Non-controlling interests 非控股權益 2573741 2659593
Total equity 權益總額 8873643 8906619
Junjun Tang Jun Ye唐均君葉峻
Director Director董事董事
2025年中期報告 INTERIM REPORT 2025 31INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
中期簡明綜合權益變動表 FOR THE SIX MONTHS ENDED 30 JUNE 2025截至二零二五年六月三十日止六個月
Attributable to owners of the parent母公司擁有人應佔
Share of other
comprehensive Other reserve Asset Exchange
Share option income of and contributed Fair value revaluation Statutory uctuation Retained Non-controlling Total
Share capital Merger reserve reserve associates surplus reserve reserve# reserve fund reserve pro ts Total interests equity分佔聯營公司的其他儲備及
股本合併儲備購股權儲備其他全面收益供款盈餘公平值儲備資產重估儲備#法定儲備基金匯兌波動儲備留存溢利總計非控股權益權益總額
US$’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 4938457 645494* 11591* 35685* 689* 64635* 99257* 256366* (145901)* 340753* 6247026 2659593 8906619
Profit/(loss) for the period 期內溢利╱（虧損） – – – – – – – – – 11702 11702 (96665) (84963)
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 – – – – – – – – 24303 – 24303 10813 35116
Total comprehensive 期內全面收益╱（虧損）
income/(loss) for the 總額
period – – – – – – – – 24303 11702 36005 (85852) (49847)
Issue of shares for exercise 發行股份以行使購
of share options (note 13) 股權（附註13） 22398 – (5527) – – – – – – – 16871 – 16871
Transfer from retained 轉撥自一間子公司
profits generated by a 產生的留存溢利
subsidiary – – – – – – – 9945 – (9945) – – –
At 30 June 2025 於二零二五年六月
(unaudited) 三十日（未經審核） 4960855 645494* 6064* 35685* 689* 64635* 99257* 266311* (121598)* 342510* 6299902 2573741 8873643
At 1 January 2024 於二零二四年一月一日 4933559 645494 12794 1352 35685 58435 99257 233042 (60233) 341610 6300995 1713549 8014544
Profit/(loss) for the period 期內溢利╱（虧損） – – – – – – – – – 38491 38491 (105525) (67034)
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
equity investments 其他全面收益的
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
translation of foreign 的外匯差額
operations – – – – – – – – (35058) – (35058) (14280) (49338)
Total comprehensive (loss)/ 期內全面（虧損）╱
income for the period 收益總額 – – – – – (371) – – (35058) 38491 3062 (119805) (116743)
Dividend declared 宣派股息 – – – – – – – – – (36233) (36233) – (36233)
Issue of shares for exercise 發行股份以行使購
of share options (note 13) 股權（附註13） 1911 – (474) – – – – – – – 1437 – 1437
Equity-settled share option 以權益結算的購股
arrangements 權安排 – – 8 – – – – – – – 8 3 11
Capital contribution from 非控股權益出資
non-controlling interests – – – – – – – – – – – 1181880 1181880
Transfer from retained 轉撥自一間子公司
profits generated by a 產生的留存溢利
subsidiary – – – – – – – 11870 – (11870) – – –
At 30 June 2024 於二零二四年六月
(unaudited) 三十日（未經審核） 4935470 645494 12328 1352 35685 58064 99257 244912 (95291) 331998 6269269 2775627 9044896
* These reserve accounts comprise the consolidated reserves of * 該等儲備賬構成於中期簡明綜合財務狀況US$1339047000 (31 December 2024: US$1308569000) in the 表內之綜合儲備1339047000美元（二零interim condensed consolidated statement of financial position.二四年十二月三十一日：1308569000美元）。
32 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025截至二零二五年六月三十日止六個月中期簡明綜合現金流量表
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
(Unaudited) (Unaudited)（未經審核）（未經審核）
US$’000 US$’000千美元千美元
CASH FLOWS FROM OPERATING ACTIVITIES 經營活動所得現金流量
Loss before tax 稅前虧損 (81111) (78498)
Adjustments for: 就以下各項作出的調整：
Finance costs 財務費用 41551 49432
Share of profits of associates 分佔聯營公司溢利 (1243) (2805)
Interest income 利息收入 (30913) (54808)
Loss on disposal of items of property plant and 出售物業、廠房及
equipment 設備項目的虧損 12 42
Depreciation of property plant and equipment 物業、廠房及設備折舊 344036 258527
Amortisation of intangible assets 無形資產攤銷 4794 8272
Depreciation of right-of-use assets 使用權資產折舊 2953 3170
Impairment/(reversal of impairment) of trade 貿易應收款項減值╱
receivables （減值轉回） 1132 (438)
Equity-settled share option expense 以權益結算的購股權開支 – 11
281211182905
Increase in inventories 存貨增加 (46374) (12814)
Decrease/(increase) in properties under development 發展中物業及已竣工待
and completed properties held for sale 售物業減少╱（增加） 244 (28323)
Decrease in trade and notes receivables 貿易應收款項及應收票據減少49874740
Increase in prepayments other receivables and 預付款項、其他應收款項
other assets 及其他資產增加 (3184) (32387)
Decrease/(increase) in amounts due from related 應收關聯方款項減少╱
parties （增加） 3964 (4815)
Increase in pledged deposits 已抵押存款增加 (132) (198)
(Decrease)/increase in trade payables 貿易應付款項（減少）╱增加 (35020) 10796
Increase in other payables and accruals 其他應付款項及暫估費用增加4167575872
Increase in government grants 政府補助增加 56 4582
Decrease in amounts due to related parties 應付關聯方款項減少 (565) (5536)
Cash generated from operations 經營活動產生的現金 246862 194822
Income tax paid 已付所得稅 (27046) (57272)
Net cash ows generated from operating 經營活動所得現金流量淨額
activities 219816 137550
continued/?
續╱?
2025年中期報告 INTERIM REPORT 2025 33INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025中期簡明綜合現金流量表截至二零二五年六月三十日止六個月
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
(Unaudited) (Unaudited)（未經審核）（未經審核）
US$’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 35917 45990
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(918579)(499404)
Acquisition of interests in an associate 收購聯營公司權益 (2794) –
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 – (17618)
Receipt of government grants for property plant 收取物業、廠房及設備的政
and equipment 府補助 5590 –
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 (879847) (470924)
CASH FLOWS FROM FINANCING ACTIVITIES 融資活動所得現金流量
New bank loans 新增銀行貸款 999081 202447
Proceeds from issue of shares for exercise of share 發行股份以行使購股權
options 所得款項 15295 693
Capital contribution from non-controlling interests 非控股權益出資 – 1181880
Repayment of bank loans 償還銀行貸款 (936833) (87530)
Increase in pledged deposits 已抵押存款增加 – (7369)
Interest paid 已付利息 (41875) (51955)
Principal portion of lease payments 支付租賃本金部分 (1716) (3229)
Dividends paid 已付股息 – (28876)
Net cash ows generated from nancing 融資活動所得現金流量淨額
activities 33952 1206061
NET (DECREASE)/INCREASE IN CASH AND 現金及現金等價物（減少）╱
CASH EQUIVALENTS 增加淨額 (626079) 872687
Cash and cash equivalents at beginning of period 期初現金及現金等價物 4459132 5585181
Effect of foreign exchange rate changes net 外匯匯率變動影響，淨額 13847 (34002)CASH AND CASH EQUIVALENTS AT END OF 期末現金及現金等價物
PERIOD 3846900 6423866
34 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司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港註冊
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 為香港中環夏愨道12號美國銀行中心
Hong Kong. The principal place of business is located at No. 2212室。主要營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.
2025年中期報告 INTERIM REPORT 2025 35NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
中期簡明綜合財務資料附註 30 June 2025二零二五年六月三十日
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 RMB20460928 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20460928元100%–生產及銷售半導體產品
Huahong Semiconductor (Wuxi) Co. Ltd. PRC/Mainland China US$2536852 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2536852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 RMB30000 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30000元22.2%28.8%房地產開發
Huahong Semiconductor Manufacturing (Wuxi) Co. Ltd. PRC/Mainland China US$4020000 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4020000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╱香港10港元100%–貿易
HHGrace Semiconductor USA Inc. USA – 100% – Sales office
HHGrace Semiconductor USA Inc. 美國 – 100% – 銷售辦事處
HHGrace Semiconductor Japan Co. Ltd. Japan JPY10000 100% – Sales office
HHGrace Semiconductor Japan Co. Ltd. 日本 10000日圓 100% – 銷售辦事處
* HHGrace is registered as a wholly-foreign-owned company * 華虹宏力根據中國法律註冊為外商獨資
under PRC law. 公司。
** Hua Hong Wuxi and Hua Hong Manufacturing Wuxi are ** 華虹無錫及華虹製造無錫根據中國法律
registered as Sino-foreign joint companies under PRC law. 註冊為中外合資公司。
*** Huahong Real Estate Wuxi is registered as a domestic company *** 華宏置業無錫根據中國法律註冊為內資
under PRC law. 公司。
36 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司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港會計
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包括年度財務報表
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。根據香港公司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:
2025年中期報告 INTERIM REPORT 2025 37NOTES 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 本公司已按香港公司條例第662(3)條及
year ended 31 December 2024 to the Registrar of Companies 附表6第3部的規定，將截至二零二四年as required by section 662(3) of and Part 3 of Schedule 6 to 十二月三十一日止年度的財務報表送呈
the Hong Kong Companies Ordinance. The Company’s auditor 公司註冊處處長。本公司的核數師已就has reported on the financial statements for the year ended 31 截至二零二四年十二月三十一日止年度
December 2024. The auditor’s report was unqualified; did not 財務報表提交報告。該核數師報告中並include a reference to any matters to which the auditor drew 無保留意見；並未提述核數師在不就其
attention by way of emphasis without qualifying its report; and 報告作保留意見的情況下以強調方式提
did not contain a statement under sections 406(2) 407(2) or 請注意的任何事項；亦未載有按香港公
407(3) of the Hong Kong Companies Ordinance. 司條例第406(2)、407(2)或407(3)條所指的陳述。
2.2 CHANGES IN ACCOUNTING POLICIES AND 2.2 會計政策的變動及披露
DISCLOSURES
The accounting policies adopted in the preparation of 編製中期簡明綜合財務資料所採納的會
the interim condensed consolidated financial information 計政策與編製本集團截至二零二四年十
are consistent with those applied in the preparation of the 二月三十一日止年度的年度綜合財務報
Group’s annual consolidated financial statements for the year 表所採用者一致，惟就本期財務資料首ended 31 December 2024 except for the adoption of the 次採納下列經修訂香港財務報告準則會
following amended Hong Kong Financial Reporting Standards 計準則除外。
Accounting Standard for the first time for the current period’s
financial information.Amendments to HKAS 21 Lack of Exchangeability 香港會計準則第21號（修訂本） 缺乏可兌換性
The adoption of above revised standards has no significant 採納上述經修訂準則並無對本集團的中
financial effect to the Group’s interim condensed consolidated 期簡明綜合財務資料產生重大財務影響。
financial information.
38 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司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
3. OPERATING SEGMENT INFORMATION 3. 經營分部資料
For management purposes the Group is organised into one 出於管理需要，本集團僅構組一個業務single business unit that includes primarily the manufacture 單元，主要包括製造及銷售半導體產and sale of semiconductor products. Management reviews the 品。管理層在作出分配資源的相關決策consolidated results when making decisions about allocating 及評估本集團表現時審核綜合業績。因resources and assessing the performance of the Group. 此，並無呈列分部分析。
Accordingly no segment analysis is presented.The principal assets employed by the Group are located in 本集團使用的主要資產位於中國，故並the PRC. Therefore no segment information based on the 無按資產的地理位置於期內呈列分部資
geographical location of assets is presented for the period. 料。
Revenues regarding geographical segments based on the 地理區域應佔收入乃按客戶所在地劃
location of customers for the period are presented as follows: 分。期內按客戶所在地劃分的地區分部收入呈列如下：
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
(Unaudited) (Unaudited)（未經審核）（未經審核）
China (including Hong Kong) 中國（包括香港） 912132 751214
North America 北美洲 109434 93070
Asia (excluding China) 亞洲（不包括中國） 55471 55314
Europe 歐洲 29965 38912
Total 總計 1107002 938510
2025年中期報告 INTERIM REPORT 2025 39NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2025
中期簡明綜合財務資料附註二零二五年六月三十日
4. REVENUE AND OTHER INCOME AND GAINS 4. 收入、其他收入及收益
An analysis of revenue and other income and gains is as 對收入、其他收入及收益的分析如下：
follows:
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
(Unaudited) (Unaudited)（未經審核）（未經審核）
Revenue from contracts with customers 客戶合約收入
Sale of goods 銷售貨品 1107002 938510
Type of goods 貨品類型
Sales of semiconductor products and total 半導體產品的銷售及來自
revenue from contracts with customers 客戶合約的總收入 1107002 938510
Timing of revenue recognition 收入確認時間
Goods transferred at a point in time and total 在某一時點轉讓的貨品及
revenue from contracts with customers 來自客戶合約的總收入 1107002 938510
Other income and gains 其他收入及收益
Rental income from investment property 投資物業經營租賃的
operating leases: 租金收入：
Fixed lease payments 固定租賃付款 6973 7118
Interest income 利息收入 30913 54808
Government subsidies 政府補貼 21096 8577
Others 其他 934 592
5991671095
The disaggregation of the Group’s revenue based on the 截至二零二五年六月三十日止六個月，geographical region for the six months ended 30 June 2025 is 本集團按地區劃分的收入明細載於附註
included in note 3. 3。
40 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2025
二零二五年六月三十日中期簡明綜合財務資料附註
5. LOSS BEFORE TAX 5. 稅前虧損
The Group’s loss before tax is arrived at after charging/ 本集團的稅前虧損乃於扣除╱（計入）下
(crediting): 列各項後達致：
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
(Unaudited) (Unaudited)（未經審核）（未經審核）
Cost of inventories sold 已售存貨成本 995394 858815
Write-down/(reversal of write-down) of 存貨撇減╱（撇減撥回）
inventories to net realisable value 至可變現淨值 5098 (8237)
Impairment/(reversal of impairment) of trade 貿易應收款項減值╱
receivables （減值撥回） 1132 (438)
Exchange differences net 外匯差額淨額 (17263) 13770
2025年中期報告 INTERIM REPORT 2025 41NOTES 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
6. INCOME TAX 6. 所得稅Profits arising in Hong Kong were subject to profits tax at the 於期內在香港產生的溢利須按16.5%（截rate of 16.5% during the period (six months ended 30 June 至二零二四年六月三十日止六個月：
2024: 16.5%). No provision for Hong Kong profits tax has been 16.5%）的稅率繳納利得稅。由於本公司
made as the Company and a subsidiary incorporated in Hong 及一家在香港註冊成立的子公司於期間
Kong had no assessable income during the period (six months 內並無取得應評稅收入，故並無就香港ended 30 June 2024: Nil). 利得稅作出撥備（截至二零二四年六月三十日止六個月：無）。
The Company’s subsidiary incorporated in the Cayman Islands 由於本公司在開曼群島註冊成立的子公is not subject to corporate income tax (“CIT”) as it does not 司在開曼群島並無擁有營業地點（註冊辦have a place of business (other than a registered office) or 事處除外）或經營任何業務，故有關子公carry on any business in the Cayman Islands. 司毋須繳納企業所得稅（「企業所得稅」）。
All of the Group’s subsidiaries registered in the PRC and have 所有本集團在中國註冊且在中國內地營
operations in Mainland China are subject to PRC enterprise 運的子公司，應就其根據相關中國所得income tax on the taxable income as reported in their PRC 稅法調整的中國法定賬目所呈報應課稅
statutory accounts adjusted in accordance with relevant PRC 收入按25%的法定稅率繳納中國企業所
income tax laws based on a statutory rate of 25%. 得稅。
Pursuant to the relevant laws and regulations in the PRC and 根據中國相關法律及法規及獲稅務主管
with approval from the tax authorities in charge the Group’s 機關批准，本集團子公司華虹宏力及華subsidiaries HHGrace and Hua Hong Wuxi are qualified as 虹無錫符合資格成為「高新技術企業」，“High and New Technology Enterprises” and are therefore 故有權於二零二三年至二零二五年期間
entitled to a preferential tax rate of 15% from 2023 to 2025. 按15%的優惠稅率繳稅。
Pursuant to the relevant laws and regulations in the PRC 根據中國相關法律及法規及獲稅務主管
and with the approval from the tax authorities in charge 機關批准，本集團的子公司華虹無錫及the Group’s subsidiaries Hua Hong Wuxi and Hua Hong 華虹製造無錫可從華虹無錫及華虹製造
Manufacturing Wuxi are entitled to an exemption from CIT for 無錫產生應課稅溢利的第一年起五年獲
five years commencing from the first year that Hua Hong Wuxi 豁免繳納企業所得稅，及隨後五年內享and Hua Hong Manufacturing Wuxi generate taxable profits 受企業所得稅稅率減免50%的優惠。於and a deduction of 50% on the CIT rate for the following five 二零二五年六月三十日，華虹無錫及華years. Hua Hong Wuxi and Hua Hong Manufacturing Wuxi 虹製造無錫處於累計稅務虧損狀態，且were in accumulated tax loss positions as at 30 June 2025 and 免稅期尚未開始。
the tax holiday has not yet begun.The Company’s subsidiary incorporated and operating in 本公司在日本註冊成立及營運的子公司Japan was subject to corporation tax at a rate of 33.58% (six 應按33.58%（截至二零二四年六月三十months ended 30 June 2024: 33.58%). 日止六個月：33.58%）的企業稅率繳稅。
The Company’s subsidiary incorporated and operating in the 本公司在美國註冊成立及營運的子公司United States was subject to federal corporation income tax 應於期內按21%（截至二零二四年六月三at a rate of 21% during the period (six months ended 30 June 十日止六個月：21%）的聯邦企業所得稅2024: 21%) as well as a California state tax at 8.84% (six 率及8.84%（截至二零二四年六月三十日months ended 30 June 2024: 8.84%). 止六個月：8.84%）的加利福尼亞州稅率繳稅。
42 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司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
6. INCOME TAX (CONTINUED) 6. 所得稅（續）
The major components of income tax expense/(credit) of the 本集團所得稅開支╱（抵免）的主要組成
Group are as follows: 部分如下：
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
(Unaudited) (Unaudited)（未經審核）（未經審核）
Current income tax expense – PRC 當期所得稅開支－中國 11911 15035
Current income tax expense – elsewhere 當期所得稅開支－其他地區 21 2
Deferred tax 遞延稅項 (8080) (26501)
Total income tax expense/(credit) 所得稅開支╱（抵免）總額 3852 (11464)
Pillar Two income taxes 支柱二所得稅
The Group is within the scope of the Pillar Two model rules. 本集團屬於支柱二示範規則的適用範
The Group has applied the temporary exception to recognising 圍。本集團已應用暫時性例外，不確認and disclosing information about deferred tax assets and 及披露因支柱二所得稅而產生的遞延稅
liabilities arising from Pillar Two income taxes and will account 項資產及負債，並將在發生時將支柱二for the Pillar Two income taxes as current tax when incurred. 所得稅作為當期稅項處理。本集團部分Pillar Two legislation has been enacted or substantively 子公司經營所在若干司法權區已頒布或
enacted in certain jurisdictions in which some subsidiaries of 實質性頒布支柱二立法。
Group operate.The Group has performed an assessment of its potential 本集團已根據截至二零二五年六月三十
exposure to Pillar Two income taxes based on the six 日止六個月本集團各組成實體的財務資
months ended 30 June 2025 financial information for the 料，對其可能面臨的支柱二所得稅風險constituent entities in the Group. As such it may not be 進行評估。因此，其可能無法完全代表entirely representative of future circumstances. Based on the 未來的情況。根據評估，本集團應受益assessment the Group should benefit from the Transitional 於已頒佈支柱二立法及本集團經營所在
CbCR Safe Harbour relief for the jurisdictions where Pillar Two 司法權區的過渡性國別報告安全港減免。
legislation has been enacted and the Group operates.The Group continues to follow Pillar Two legislative 隨著更多國家頒佈支柱二示範規則，本developments as more countries enact the Pillar Two model 集團繼續關注支柱二立法的發展，以評rules to evaluate the potential future impact on its financial 估對其財務報表的未來潛在影響。
statements.
2025年中期報告 INTERIM REPORT 2025 43NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2025
中期簡明綜合財務資料附註二零二五年六月三十日
7. DIVIDENDS 7. 股息
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Final declared and paid 已宣派及派付末期股息 – 28876
Final declared and unpaid 已宣派但未派付末期股息
(included in pledged deposits) （計入已抵押存款） – 7357
Total 總計 – 36233
8. EARNINGS PER SHARE ATTRIBUTABLE 8. 母公司普通股權持有人應佔每
TO ORDINARY EQUITY HOLDERS OF THE 股盈利
PARENT
The calculation of the basic earnings per share amounts is 每股基本盈利金額乃基於母公司普通股
based on the profit for the period attributable to ordinary 權持有人應佔期內溢利及於期內已發行equity holders of the parent and the weighted average number 1724087447股（截至二零二四年六月of ordinary shares of 1724087447 outstanding during the 三十日止六個月：1716776029股）普
period (six months ended 30 June 2024: 1716776029). 通股的加權平均數計算。
The calculation of the diluted earnings per share amount 每股已攤薄盈利金額乃根據母公司普通
is based on the profit for the period attributable to ordinary 股權持有人應佔期內溢利計算。計算時equity holders of the parent. The weighted average number 採用之普通股加權平均數為計算每股基
of ordinary shares used in the calculation is the number of 本盈利時採用之期內已發行普通股數目
ordinary shares outstanding during the period as used in 加上假設所有潛在攤薄普通股被視為行
the basic earnings per share calculation and the weighted 使或兌換為普通股時以零代價發行之普
average number of ordinary shares assumed to have been 通股加權平均數。
issued at no consideration on the deemed exercise or
conversion of all dilutive potential ordinary shares into ordinary
shares.
44 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2025
二零二五年六月三十日中期簡明綜合財務資料附註
8. EARNINGS PER SHARE ATTRIBUTABLE 8. 母公司普通股權持有人應佔每
TO ORDINARY EQUITY HOLDERS OF THE 股盈利（續）
PARENT (CONTINUED)
The calculations of basic and diluted earnings per share are 每股基本及攤薄盈利的計算乃基於：
based on:
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
(Unaudited) (Unaudited)（未經審核）（未經審核）
Earnings 盈利
Profit attributable to ordinary equity holders of 用於計算每股基本盈利的
the parent used in the basic earnings per 母公司普通股權持有
share calculation 人應佔溢利 11702 38491
Number of shares股份數目
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
Shares 股份
Weighted average number of ordinary shares 用於計算每股基本盈利的
outstanding during the period used in the 期內已發行普通
basic earnings per share calculation 股加權平均數 1724087447 1716776029
Effect of dilution-weighted average number of 普通股攤薄加權平均數
ordinary shares: 的影響：
Share options 購股權 5439856 2674676
Total 總計 1729527303 1719450705
2025年中期報告 INTERIM REPORT 2025 45NOTES 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
9. PROPERTY PLANT AND EQUIPMENT 9. 物業、廠房及設備
During the six months ended 30 June 2025 the major changes 截至二零二五年六月三十日止六個月，in property plant and equipment include: 物業、廠房及設備的主要變動包括：
* The Group acquired items of property plant and * 本集團購置物業、廠房及設備項目equipment with a cost of US$611216000 (six months 的成本為611216000美元（截至ended 30 June 2024: US$511788000). 二零二四年六月三十日止六個月：
511788000美元）。
* Depreciation for items of property plant and equipment * 期內物業、廠房及設備項目的折was US$344036000 during the period (six months ended 舊為344036000美元（截至二
30 June 2024: US$258527000). 零二四年六月三十日止六個月：
258527000美元）。
* Assets with a net book value of US$18000 were disposed * 截至二零二五年六月三十日止六
of by the Group during the six months ended 30 June 個月，本集團已出售賬面淨值為2025 (six months ended 30 June 2024: US$56000). 18000美元的資產（截至二零二四年六月三十日止六個月：56000美元）。
10. COMPLETED PROPERTIES HELD 10. 已竣工待售物業及發展中物業
FOR SALE AND PROPERTIES UNDER
DEVELOPMENT
During the six months ended 30 June 2025 properties with a 截至二零二五年六月三十日止六個月，cost of US$221661000 was transferred from properties under 由於已竣工並獲授銷售許可，成本為development to completed properties held for sale due to the 221661000美元的物業已由發展中物業completion and being granted a sales permission (six months 轉撥至已竣工待售物業（截至二零二四年ended 30 June 2024: Nil). 六月三十日止六個月：無）。
11. TRADE AND NOTES RECEIVABLES 11. 貿易應收款項及應收票據
30 June 31 December
20252024
二零二五年二零二四年六月三十日十二月三十一日
US$’000 US$’000千美元千美元
(Unaudited) (Audited)（未經審核）（經審核）
Trade receivables 貿易應收款項 212572 225682
Notes receivable 應收票據 55658 47535
268230273217
Impairment of trade receivables 貿易應收款項減值 (3901) (2756)
Total 總計 264329 270461
46 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2025
二零二五年六月三十日中期簡明綜合財務資料附註
11. TRADE AND NOTES RECEIVABLES 11. 貿易應收款項及應收票據（續）
(CONTINUED)
An ageing analysis of the trade and note receivables based 按到期日計，貿易應收款項及應收票據on the due date and net of provisions is as follows: （扣除撥備）的賬齡分析如下：
30 June 31 December
20252024
二零二五年二零二四年六月三十日十二月三十一日
US$’000 US$’000千美元千美元
(Unaudited) (Audited)（未經審核）（經審核）
Not past due yet 尚未逾期 252740 248527
Less than 3 months past due 逾期少於3個月 8382 19571
3 to 6 months past due 逾期3至6個月 3207 2363
Total 總計 264329 270461
12. TRADE PAYABLES 12. 貿易應付款項
An ageing analysis of the trade payables of the Group as at 於報告期末按發票日期計，本集團貿易the end of the reporting period based on the invoice date is 應付款項的賬齡分析如下：
as follows:
30 June 31 December
20252024
二零二五年二零二四年六月三十日十二月三十一日
US$’000 US$’000千美元千美元
(Unaudited) (Audited)（未經審核）（經審核）
Within 1 month 1個月以內 135476 151190
Over 1 but within 3 months 超過1個月但於3個月內 33643 70474
Over 3 but within 6 months 超過3個月但於6個月內 63089 16758
Over 6 but within 12 months 超過6個月但於12個月內 17815 22776
Over 12 months 12個月以上 13329 37174
Total 總計 263352 298372
The trade payables are unsecured non-interest-bearing and 貿易應付款項為無抵押、不計息及一般
are normally settled on terms of 30 to 60 days. 於30天至60天期限內結清。
2025年中期報告 INTERIM REPORT 2025 47NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2025
中期簡明綜合財務資料附註二零二五年六月三十日
13. SHARE CAPITAL 13. 股本
Number of
shares in Amount of
issue share capital已發行股份數目股本金額
US$’000千美元
1 January 2025 二零二五年一月一日 1718468815 4938457
Issue of shares for exercise of 發行股份以行使購股權
share options 8610783 22398
30 June 2025 (unaudited) 二零二五年六月三十日（未經審核）17270795984960855
1 January 2024 二零二四年一月一日 1716588694 4933559
Issue of shares for exercise of share options 發行股份以行使購股權 739451 1911
30 June 2024 (unaudited) 二零二四年六月三十日（未經審核）17173281454935470
14. COMMITMENTS 14. 承擔
The Group had the following contractual commitments at the 本集團於報告期末有以下合約承擔：
end of the reporting period:
30 June 31 December
20252024
二零二五年二零二四年六月三十日十二月三十一日
US$’000 US$’000千美元千美元
(Unaudited) (Audited)（未經審核）（經審核）
Contracted but not provided for: 已訂約，但未撥備：
Property plant and equipment 物業、廠房及設備 376826 1187570
48 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司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
15. RELATED PARTY TRANSACTIONS 15. 關聯方交易
(a) Name and relationship (a) 名稱及關係
Name of related party Relationship with the Group關聯方名稱與本集團的關係
Huahong Group and its subsidiaries華虹集團及其子公司
– Hua Hong International Inc. (“Huahong International”) 20.13% Shareholder of the
Company and subsidiary of
Huahong Group
－華虹國際有限公司（「華虹國際」）持股20.13%之本公司股東及華虹集團子公司
– Shanghai Huahong Zealcore Electronics Co. Ltd. Subsidiary of Huahong Group
(“Huahong Zealcore”)
－上海華虹摯芯科技有限公司（「華虹摯芯」）華虹集團子公司
– ZealCore Electronics Shanghai Co. Ltd. (“Zealcore Shanghai”) Subsidiary of Huahong Group
－上海華虹摯芯電子科技有限公司（「摯芯上海」）華虹集團子公司
– Shanghai Hongri International Electronics Co. Ltd. (“Hongri”) Subsidiary of Huahong Group
－上海虹日國際電子有限公司（「虹日」）華虹集團子公司
– Shanghai Hua Hong Jitong Smart System Co. Ltd. (“Jitong”) Subsidiary of Huahong Group
－上海華虹計通智能系統股份有限公司（「計通」）華虹集團子公司
– Shanghai Huali Microelectronics Co. Ltd. (“Shanghai Huali”) Subsidiary of Huahong Group
－上海華力微電子有限公司（「上海華力」）華虹集團子公司
Shanghai Huahong Technology Development Co. Ltd. Associate of the Group and
(“Huahong Technology Development”) subsidiary of Huahong Group
上海華虹科技發展有限公司（「華虹科技發展」）本集團聯營公司及華虹集團子公司
– Shanghai Huahong Real Estate Co. Ltd. (“Huahong Real Estate”) Subsidiary of Huahong
Technology Development
－上海華虹置業有限公司（「華虹置業」）華虹科技發展子公司
– Shanghai Huajin Property Management Co. Ltd. (“Huajin”) Subsidiary of Huahong
Technology Development
－上海華錦物業管理有限公司（「華錦」）華虹科技發展子公司
2025年中期報告 INTERIM REPORT 2025 49NOTES 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
15. RELATED PARTY TRANSACTIONS 15. 關聯方交易（續）
(CONTINUED)
(b) Related party transactions (b) 關聯方交易
In addition to the transactions disclosed elsewhere in 除本財務資料其他部分所披露的交
this financial information the Group had the following 易外，本集團於期內已與關聯方進transactions with related parties during the period: 行以下交易：
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
(Unaudited) (Unaudited)（未經審核）（未經審核）
Sales of goods to related parties 向關聯方出售貨品
(note (i)) （附註(i)）
Huahong Zealcore 華虹摯芯 771 9110
Hongri 虹日 89 395
Purchases of goods from related parties 自關聯方購買貨品
(note (ii)) （附註(ii)）
Hongri 虹日 22924 16699
Huahong Zealcore 華虹摯芯 162 364
Zealcore Shanghai 摯芯上海 11 –
Jitong 計通 – 8
Rental income from a related party 來自關聯方的租金收入
(note (iii)) （附註(iii)）
Shanghai Huali 上海華力 6979 7016
Service fee charged by a related party 關聯方收取的服務費
(note (iv)) （附註(iv)）
Huajin 華錦 287 288
Interest expense charged by a related 關聯方（作為承租人）
party under lease arrangement as 根據租賃安排收取的
a lessee (note (v)) 利息開支（附註(v)）
Huahong Real Estate 華虹置業 404 445
Expense paid on behalf of a related party 代關聯方支付的開支
(note (vi)) （附註(vi)）
Shanghai Huali 上海華力 13170 13585
50 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司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
15. RELATED PARTY TRANSACTIONS 15. 關聯方交易（續）
(CONTINUED)
(b) Related party transactions (Continued) (b) 關聯方交易（續）
In addition to the transactions disclosed elsewhere in 除本財務資料其他部分所披露的交
this financial information the Group had the following 易外，本集團於期內已與關聯方進transactions with related parties during the period: 行以下交易：（續）
(Continued)
Note (i) The sales of goods to related parties were made 附註 (i) 向關聯方出售的貨品乃根據
according to the prices and terms agreed between 與關聯方協定的價格及條款
the related parties. 作出。
(ii) The purchases of goods and intangible assets from (ii) 自關聯方購買的貨品及無形
related parties were made according to the prices 資產乃根據關聯方提供的價
and terms offered by the related parties. 格及條款作出。
(iii) The rental income received from a related party was (iii) 來自關聯方的租金收入乃根
based on the prices and terms agreed between the 據與關聯方協定的價格及條
related parties. 款收取。
(iv) The service fees and interest expense charged by (iv) 服務費及利息開支乃由關聯
related parties were based on the prices and terms 方根據與關聯方協定的價格
agreed between the related parties. 及條款收取。
(v) The Group entered into leases in respect of certain (v) 本集團就自華虹置業租賃的
dormitory properties from Huahong Real Estate. 若干宿舍物業訂立租約。本The amount of rent payable by the Group under the 集團於租賃項下應付的租金
leases is US$2520000 per year. As at 30 June 2025 為每年2520000美元。於the balances of those right-of-use assets and lease 二零二五年六月三十日，該liabilities were US$15164000 (31 December 2024: 等使用權資產及租賃負債
US$16035000) and US$18013000 (31 December 的結餘分別為151640002024: US$18848000) respectively. 美元（二零二四年十二月三十一日：16035000美元）及18013000美元（二零二四年十二月三十一日：
18848000美元）。
(vi) The expense paid on behalf of the related party is (vi) 代關聯方支付的開支為不計
interest-free and repayable on demand. 息且須按要求償還。
2025年中期報告 INTERIM REPORT 2025 51NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2025
中期簡明綜合財務資料附註二零二五年六月三十日
15. RELATED PARTY TRANSACTIONS 15. 關聯方交易（續）
(CONTINUED)
(c) Outstanding balances with related parties (c) 與關聯方之間的未結清結餘
The Group had the following significant balances with its 於報告期內，本集團與其主要關聯major related parties during the reporting period. These 方有以下重大結餘。該等結餘為無balances are unsecured interest-free and have no fixed 擔保、不計息且無固定償還期限。
terms of repayment.
30 June 31 December
20252024
二零二五年二零二四年六月三十日十二月三十一日
US$’000 US$’000千美元千美元
(Unaudited) (Audited)（未經審核）（經審核）
Amounts due from related parties 應收關聯方款項
Shanghai Huali 上海華力 12556 10074
Huahong Zealcore 華虹摯芯 1804 8250
Total 總計 14360 18324
Amounts due to related parties 應付關聯方款項
Hongri 虹日 5963 6455
Shanghai Huali 上海華力 2348 2445
Huahong Zealcore 華虹摯芯 147 196
Huajin 華錦 100 11
Jitong 計通 2 18
Total 總計 8560 9125
(d) Compensation of key management personnel of the (d) 本集團主要管理人員的酬金
Group
For the six months ended
30 June
截至六月三十日止六個月
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
(Unaudited) (Unaudited)（未經審核）（未經審核）
Short term employee benefits 短期僱員福利 2164 2282
Pension scheme contributions 退休金計劃供款 96 101
Equity-settled share option expense 以權益結算的購股權開支 – 11
Total compensation paid to key 支付予主要管理人員的
management personnel 酬金總額 2260 2394
52 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2025
二零二五年六月三十日中期簡明綜合財務資料附註
16. FAIR VALUE AND FAIR VALUE HIERARCHY 16. 金融工具的公平值及公平值層
OF FINANCIAL INSTRUMENTS 級The carrying amounts and fair values of the Group’s financial 本集團金融工具（不包括賬面值與公平值instruments other than those with carrying amounts that 大致相若的金融工具）的賬面值及公平值
reasonably approximate to fair values are as follows: 載列如下：
Carrying amounts Fair values賬面值公平值
30 June 31 December 30 June 31 December
2025202420252024
二零二五年二零二四年二零二五年二零二四年六月三十日十二月三十一日六月三十日十二月三十一日
US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元
(Unaudited) (Audited) (Unaudited) (Audited)（未經審核）（經審核）（未經審核）（經審核）
Financial assets 金融資產
Equity investments designated at fair 指定為按公平值計入其他
value through other 全面收益的權益工具
comprehensive income 290515 289311 290515 289311
Financial liabilities 金融負債
Interest-bearing bank borrowings 計息銀行借款 1933971 1917235 1866445 1910907
2025年中期報告 INTERIM REPORT 2025 53NOTES 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
16. FAIR VALUE AND FAIR VALUE 16. 金融工具的公平值及公平值層
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
The Group’s finance department headed by the finance 本集團旗下以財務經理為首的財務部負
manager is responsible for determining the policies and 責釐定金融工具公平值計量的政策及程
procedures for the fair value measurement of financial 序。財務部直接向財務總監報告。於各instruments. The finance department reports directly to the 報告日期，財務部分析金融工具的價chief financial officer. At each reporting date the finance 值變動並釐定估值中適用的主要輸入數
department analyses the movements in the values of financial 據。估值由財務總監審核及批准。
instruments and determines the major inputs applied in the
valuation. The valuation is reviewed and approved by the chief
financial officer.The fair values of the financial assets and liabilities are 金融資產及負債的公平值是按當前與自
included at the amount at which the instrument could be 願方交易（而非被迫或清盤出售）中可交
exchanged in a current transaction between willing parties 換有關工具的金額列賬。估計該等按公other than in a forced or liquidation sale. The following 平值計量的金融資產及負債的公平值乃
methods and assumptions were used to estimate the fair 使用以下的方法及假設：
values of those financial assets and liabilities measured at fair
value:
The fair values of unlisted equity investments designated at 指定為按公平值計入其他全面收益的未
fair value through other comprehensive income have been 上市股本投資之公平值基於不受可觀察
estimated using a market-based valuation technique based 市場價格或利率支持的假設採用市場基
on assumptions that are not supported by observable market 準估值技術估算。倘最近成交交易有prices or rates. If there is a recent deal regarding the unlisted 關未上市投資，公平值乃基於交易價估investments the fair values are estimated based on the 算。倘並無該等交易可供參考，董事將dealing price. If there is no such deal to be referenced the 根據行業、規模、影響力及策略釐定可
directors will determine comparable public companies (peers) 比較上市公司（同行），且就已確定的各based on industry size leverage and strategy and calculates 可資比較公司計算適當的價格倍數，如an appropriate price multiple such as price to book value (“P/ 市賬率（「市賬率」）倍數及市銷率（「市B”) multiple and price to sales value (“P/S”) multiple for each 銷率」）倍數。該倍數乃按可資比較公司comparable company identified. The multiple is calculated 之企業價值除以淨資產所得。交易倍數by dividing the enterprise value of the comparable company 隨後根據公司特定情況及狀況就非流動
by net assets. The trading multiple is then discounted for 性等因素予以貼現。貼現倍數適用於非considerations such as illiquidity based on company-specific 上市股本投資的相應淨資產以計量公平
facts and circumstances. The discounted multiple is applied to 值。董事認為，計入綜合財務狀況表的the corresponding net assets of the unlisted equity investments 估值技術所產生的估計公平值以及計入
to measure the fair value. The directors believe that the 其他全面收益的公平值相關變動屬合
estimated fair values resulting from the valuation technique 理，而於報告期末的價值最為恰當。管which are recorded in the consolidated statement of financial 理層已評估截至二零二五年六月三十日
position and the related changes in fair values which are 止六個月的公平值變動，認為有關變動recorded in other comprehensive income are reasonable 並不重大。
and that they were the most appropriate values at the end
of the reporting period. Management assessed the fair value
changes during the six months ended 30 June 2025 which
were considered to be insignificant.
54 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司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
16. FAIR VALUE AND FAIR VALUE 16. 金融工具的公平值及公平值層
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
Fair value hierarchy 公平值層級
The following tables illustrate the fair value measurement 下表顯示本集團金融工具的公平值計量
hierarchy of the Group’s financial instruments: 層級：
Financial assets measured at fair value 按公平值計量的金融資產
As at 30 June 2025 於二零二五年六月三十日
Fair value measurement using公平值計量採用以下基準
Quoted prices Signi cant Signi cant
in active observable unobservable
markets inputs inputs於活躍市場重大可觀察重大不可觀察的市場報價輸入數據輸入數據
(Level 1) (Level 2) (Level 3) Total
（第1級）（第2級）（第3級）總計US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)（未經審核）（未經審核）（未經審核）（未經審核）
Equity investments designated 指定按公平值計入其他
at fair value through other 全面收益的權益工具
comprehensive income – 17462 273053 290515
2025年中期報告 INTERIM REPORT 2025 55NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2025
中期簡明綜合財務資料附註二零二五年六月三十日
16. FAIR VALUE AND FAIR VALUE 16. 金融工具的公平值及公平值層
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
Fair value hierarchy (Continued) 公平值層級（續）
Financial assets measured at fair value (Continued) 按公平值計量的金融資產（續）
As at 31 December 2024 於二零二四年十二月三十一日
Fair value measurement using公平值計量採用以下基準
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs於活躍市場重大可觀察重大不可觀察的市場報價輸入數據輸入數據
(Level 1) (Level 2) (Level 3) Total
（第1級）（第2級）（第3級）總計US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元
(Audited) (Audited) (Audited) (Audited)（經審核）（經審核）（經審核）（經審核）
Equity investments designated 指定按公平值計入
at fair value through other 其他全面收益的
comprehensive income 權益工具 – 17390 271921 289311
During the period there were no transfers of fair value 於期內，金融資產及金融負債的第1級與measurements between Level 1 and Level 2 and no transfers 第2級間並無公平值計量轉移，且第3級into or out of Level 3 for both financial assets and financial 並無轉入或轉出（截至二零二四年六月三liabilities (six months ended 30 June 2024: Nil). 十日止六個月：無）。
56 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司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
16. FAIR VALUE AND FAIR VALUE 16. 金融工具的公平值及公平值層
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
Fair value hierarchy (Continued) 公平值層級（續）
The recurring fair value measurement for the Group’s 本集團指定為按公平值計入其他全面收
equity investments designated at fair value through other 益的股本投資及按公平值計入損益的金
comprehensive income and financial assets at fair value 融資產的週期公平值計量乃使用二零二
through profit or loss was made using significant unobservable 五年六月三十日的重大不可觀察輸入數
inputs (Level 3) as at 30 June 2025. Below is a summary of the 據（第3級）作出。下表為估值所用估值valuation techniques used and the key inputs to the valuation: 技術及主要輸入數據概要：
Valuation Signi cant Sensitivity of fair value to
technique unobservable input Range the input估值技術重大不可觀察輸入數據範圍公平值對輸入數據之敏感度
Unlisted equity investment Valuation Average P/B multiple 30 June 2025: 0.7x-2.8x 5% (31 December 2024: 5%)
multiples of peers 31 December 2024: increase/decrease would
0.7x-3.0x result in increase/decrease
in fair value by 5%
(31 December 2024: 5%)未上市股本投資估值倍數同業平均市賬率二零二五年六月三十日：5%（二零二四年十二月
0.7x-2.8x 三十一日：5%）的增加╱減少
二零二四年十二月三十一日：將導致公平值增加╱減少0.7x-3.0x 5%（二零二四年十二月三十一日：5%）
– Discount for illiquidity 2025: 20% 5% (31 December 2024: 5%)
2024: 20% increase/decrease would
result in decrease/increase
in fair value by 5%
(31 December 2024: 5%)–缺乏流通性的折讓價二零二五年：20%5%（二零二四年十二月二零二四年：20%三十一日：5%）的增加╱減少
將導致公平值減少╱增加5%（二零二四年十二月三十一日：5%）
2025年中期報告 INTERIM REPORT 2025 57NOTES 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
16. FAIR VALUE AND FAIR VALUE 16. 金融工具的公平值及公平值層
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
Fair value hierarchy (Continued) 公平值層級（續）
Valuation Signi cant Sensitivity of fair value to
technique unobservable input Range the input重大不可觀察公平值對輸入數據之估值技術輸入數據範圍敏感度
Unlisted equity investment Valuation Average P/S multiple 30 June 2025: 4.2x-7.8x 5% (31 December 2024: 5%)
multiples of peers 31 December 2024: increase/decrease would
3.9x-7.4x result in increase/decrease
in fair value by 5%
(31 December 2024: 5%)未上市股本投資估值倍數同業平均市銷率二零二五年六月三十日：5%（二零二四年十二月
4.2x-7.8x 三十一日：5%）的增加╱減少
二零二四年十二月三十一日：將導致公平值增加╱減少5%3.9x-7.4x （二零二四年十二月三十一日：5%）
– Discount for illiquidity 2025: 30% 5% (31 December 2024: 5%)
2024: 30% increase/decrease would
result in decrease/increase
in fair value by 5%
(31 December 2024: 5%)–缺乏流通性的折讓價二零二五年：30%5%（二零二四年十二月二零二四年：30%三十一日：5%）的增加╱減少
將導致公平值減少╱增加5%
（二零二四年十二月三十一日：5%）
The movements in fair value measurements within Level 3 期內第3級的公平值計量變動如下：
during the period are as follows:
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
(Unaudited) (Unaudited)（未經審核）（未經審核）
Equity investments at fair value 指定按公平值計入其他全面
through other comprehensive income – 收益的權益工具－
unlisted: 非上市：
At 1 January 於一月一日 271921 2949
Exchange realignment 匯兌調整 1132 (18)
At 30 June 於六月三十日 273053 2931
58 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司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
17. SHARE OPTION SCHEME 17. 購股權計劃The Company operates a share option scheme (the “Scheme”) 本公司設有一項購股權計劃（「該計for the purpose of providing incentives and rewards to eligible 劃」），旨在為對本集團順利發展有所貢participants who contribute to the success of the Group’s 獻之符合資格參與者提供激勵及獎勵。
operations.The following share options were outstanding during the 以下購股權於期內尚未行使：
period:
Number of options購股權數目
20252024
二零二五年二零二四年
At 1 January 於一月一日 19337302 21421849
Exercised during the period 期內行使 (8610783) (739451)
Forfeited during the period 期內沒收 (4250) (204426)
At 30 June 於六月三十日 10722269 20477972
18. EVENT AFTER THE REPORTING PERIOD 18. 報告期後事項
To the date of approval of the interim condensed consolidated 直至批准中期簡明綜合財務資料之日，financial information there is no material subsequent event 本集團概無發生任何重大期後事項。
undertaken by the Group.
19. APPROVAL OF THE INTERIM CONDENSED 19. 批准中期簡明綜合財務資料
CONSOLIDATED FINANCIAL INFORMATION
The interim condensed consolidated financial information was 中期簡明綜合財務資料已於二零二五年
approved and authorised for issue by the board of directors on 八月二十八日獲董事會批准及授權刊發。
28 August 2025.
2025年中期報告 INTERIM REPORT 2025 59OTHER DISCLOSURES
其他披露資料 30 JUNE 2025二零二五年六月三十日
SHARE OPTION SCHEME 購股權計劃
The Company adopted a share option scheme on 本公司於二零一五年九月一日採納一項購股權計劃，由二
1 September 2015 which became effective on 4 零一五年九月四日起生效。該購股權計劃自採納之日起七
September 2015. The share option scheme shall be 年內有效。因此，其已於二零二二年九月一日屆滿。自該valid and effective for a period of 7 years commencing 日起，不得根據購股權計劃進一步授出購股權，且概無授on the date of adoption. It has therefore expired 出購股權。截至二零二五年六月三十日，本公司於購股權on 1 September 2022. No further options could be 計劃項下共有10722269份未行使購股權，相當於該日期granted and none has been granted under the Share 本公司已發行股份約0.62%。下表載列截至二零二五年六Option Scheme from that date. As of 30 June 2025 月三十日止六個月期間根據購股權計劃授予董事及其他承
the Company had options for 10722269 shares 授人的尚未行使的購股權的詳情及交易情況：
outstanding under the share option scheme which
represented approximately 0.62% of the Company’s
issued shares as of that date. The table below sets
out details of outstanding options granted to Directors
and other grantees under the share option scheme
and transactions during the six months ended 30 June
2025:
60 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司OTHER DISCLOSURES
30 JUNE 2025
二零二五年六月三十日其他披露資料
SHARE OPTION SCHEME (CONTINUED) 購股權計劃（續）
Number of share options Name or category of participants購股權數目參與者姓名或類別
Directors董事
Mr. Junjun Tang Former directors Other employees In aggregate唐均君先生已離任董事其他僱員總數
Granted on 4 September 2015
於二零一五年九月四日授出–988000–29262000––30250000
Granted on 24 December 2018
於二零一八年十二月二十四日授出––680000–33820000–34500000
Granted on 29 March 2019
於二零一九年三月二十九日授出500000–––––500000
Granted on 23 December 2019
於二零一九年十二月二十三日授出–––––24820002482000
Cancelled/lapsed during the year 2015
於二零一五年註銷╱失效–––-130000––-130000
Cancelled/lapsed during the year 2016
於二零一六年註銷╱失效–––-1458000––-1458000
Cancelled/lapsed during the year 2017
於二零一七年註銷╱失效–––-1353399––-1353399
Cancelled/lapsed during the year 2018
於二零一八年註銷╱失效–––-754595––-754595
Cancelled/lapsed during the year 2019
於二零一九年註銷╱失效––-600000-58000-1035000-36000-1729000
Cancelled/lapsed during the year 2020
於二零二零年註銷╱失效–-119000-80000–-993904-84000-1276904
Cancelled/lapsed during the year 2021
於二零二一年註銷╱失效-62500–––-5751868-592993-6407361
Cancelled/lapsed during the year 2022
於二零二二年註銷╱失效––––-543728-73983-617711
Cancelled/lapsed during the year 2023
於二零二三年註銷╱失效––––-8168-6900-15068
Cancelled/lapsed during the year 2024
於二零二四年註銷╱失效––––-87758-116668-204426
Exercised during the period
期內行使––––80699485408358610783
Cancelled during the period
期內註銷–––––––
Lapsed during the period
期內失效––––-4250–-4250
Outstanding as at 1 January 2025
於二零二五年一月一日尚未行使437500–––17640297125950519337302
Outstanding as at 30 June 2025
於二零二五年六月三十日尚未行使437500–––956609971867010722269
Vesting period of share options Note 1 Note 2 Note 3 Note 2 Note 3 Note 4購股權之歸屬期附註1附註2附註3附註2附註3附註4
Exercise period of share options Note 5 Note 6 Note 7 Note 6 Note 7 Note 8購股權之行使期附註5附註6附註7附註6附註7附註8
Exercise price of share options HK$18.400 HK$6.912 HK$15.056 HK$6.912 HK$15.056 HK$17.952
購股權之行使價18.400港元6.912港元15.056港元6.912港元15.056港元17.952港元
Weighted average closing price of the
shares immediately before the dates
on which the share options
were exercised HK$32.66 HK$31.67股份於緊接購股權獲行使日期之前的
加權平均收市價32.66港元31.67港元
2025年中期報告 INTERIM REPORT 2025 61OTHER DISCLOSURES
其他披露資料 30 JUNE 2025二零二五年六月三十日
SHARE OPTION SCHEME (CONTINUED) 購股權計劃（續）
Notes: 附註：
1 Subject to conditions as set out in the grant notice one 1 在符合授予通知中規定的條件的前提下，期權的四分之一
fourth of the options shall vest on each of 23 December 分別於二零二一年十二月二十三日、二零二二年八月十二
2021 12 August 2022 11 August 2023 and 9 August 日、二零二三年八月十一日及二零二四年八月九日歸屬
2024
2 Subject to conditions as set out in the grant notices one 2 在符合授予通知中規定的條件的前提下，期權的三分之一
third of the options shall vest on each of 4 September 分別於二零一七年九月四日、二零一八年九月四日及二零
2017 4 September 2018 and 4 September 2019 一九年九月四日歸屬
3 Subject to conditions as set out in the grant notices for 3 在符合授予通知中規定的條件的前提下，就副總裁或以上
employees at or above the level of the vice president 級別的僱員而言，期權的四分之一分別於二零二零年十二one fourth of the options shall vest on each of 24 月二十四日、二零二一年十二月二十四日、二零二二年十
December 2020 24 December 2021 24 December 2022 二月二十四日及二零二三年十二月二十四日歸屬；其他僱
and 24 December 2023; for the other employees one 員而言，期權的三分之一分別於二零二零年十二月二十四third of the options shall vest on each of 24 December 日、二零二一年十二月二十四日及二零二二年十二月二十
2020 24 December 2021 and 24 December 2022 四日歸屬
4 Subject to conditions as set out in the grant notices for 4 在符合授予通知中規定的條件的前提下，就副總裁或以上
employees at or above the level of the vice president 級別的僱員而言，期權的四分之一分別於二零二一年十二one fourth of the options shall vest on each of 23 月二十三日、二零二二年十二月二十三日、二零二三年十
December 2021 23 December 2022 23 December 2023 二月二十三日及二零二四年十二月二十三日歸屬；其他僱
and 23 December 2024; for the other employees one 員而言，期權的三分之一分別於二零二一年十二月二十三third of the options shall vest on each of 23 December 日、二零二二年十二月二十三日及二零二三年十二月二十
2021 23 December 2022 and 23 December 2023 三日歸屬
5 The exercise period of share options is from 29 March 5 購股權之行使期為二零二一年三月二十九日至二零二六年
2021 to 28 March 2026 三月二十八日
6 The exercise period of share options is from 4 September 6 購股權之行使期為二零一七年九月四日至二零二二年九月
2017 to 3 September 2022 三日
7 The exercise period of share options is from 24 7 購股權之行使期為二零二零年十二月二十四日至二零二五
December 2020 to 23 December 2025 年十二月二十三日
8 The exercise period of share options is from 23 8 購股權之行使期為二零二一年十二月二十三日至二零二六
December 2021 to 22 December 2026 年十二月二十二日
Please refer to note 16 of the Notes to the Interim 進一步詳情請參閱中期簡明綜合財務資料附註的附註16。
Condensed Consolidated Financial Information for
further details.
62 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司OTHER DISCLOSURES
30 JUNE 2025
二零二五年六月三十日其他披露資料
DIRECTORS’ AND CHIEF EXECUTIVE’S 董事及最高行政人員於本公司股份及相關
INTERESTS IN SHARES AND 股份的權益
UNDERLYING SHARES OF THE
COMPANY
As of 30 June 2025 except as disclosed below none 截至二零二五年六月三十日，除下文披露者外，概無本公of the Directors nor the Chief Executive of the Company 司董事及最高行政人員於本公司或任何相聯法團（定義見had any interests and short positions in the shares 證券及期貨條例第XV部）的股份、相關股份或債權證中擁
underlying shares or debentures of the Company or any 有載入根據證券及期貨條例第352條須予存置的登記冊內
associated corporation (within the meaning of Part XV 的任何權益及淡倉，或按照標準守則須知會本公司及香港of SFO) as recorded in the register kept under section 聯交所的任何權益及淡倉。
352 of the SFO or as otherwise notified to the Company
and the Hong Kong Stock Exchange pursuant to the
Model Code.Number of underlying Approximate
shares held in long percentage of
Name of Director Capacity position(1) interests以好倉持有的
董事姓名身份相關股份數目(1)概約權益百分比
Mr. Junjun Tang Beneficial owner
唐均君先生實益擁有人4485000.03%
Note: 附註：
(1) Including (i) long position in 437500 underlying shares (1) 包括(i)按購股權計劃授出的購股權項下於本公司437500股
of the Company under share options granted pursuant 相關股份的好倉，及(ii)日期為二零二四年一月五日之關於to the Share Option Scheme and (ii) 11000 A shares 部分高級管理人員增持公司A股股份計劃的公告所披露的
of the Company as disclosed in the announcement 11000股公司A股股份。有關截至二零二五年一月一日及二regarding the plan for additional acquisition of A Shares 零二五年六月三十日的尚未行使的購股權的詳情，請參閱of the Company by certain senior management dated 5 第61頁。
January 2024. Please refer to page 61 for particulars of
outstanding options as of 1 January 2025 and 30 June
2025 respectively.
2025年中期報告 INTERIM REPORT 2025 63OTHER DISCLOSURES
其他披露資料 30 JUNE 2025二零二五年六月三十日
SUBSTANTIAL SHAREHOLDERS’ 主要股東及其他人士於本公司股份和相關
AND OTHER PERSONS’ OWNERSHIP 股份的權益
IN THE SHARES AND UNDERLYING
SHARES OF THE COMPANY
As of 30 June 2025 persons other than a Director or 截至二零二五年六月三十日，除本公司董事或最高行政人Chief Executive of the Company having ownership 員外，於本集團股份及相關股份中擁有5%或以上權益或of 5% or more or short positions in the shares and 淡倉的人士如下：
underlying shares of the Group were as follows:
Approximate
percentage
of aggregate
ownership in
Capacity and nature of Number of issued share
Substantial shareholders ownership shares held capital *佔已發行股本權益總額的
主要股東身份及權益性質持有股份數目概約百分比*
Shanghai Hua Hong International Inc. Legal and beneficial owner 347605650(1) 20.13%
(Hua Hong International)(2)
上海華虹國際有限公司（華虹國際）(2)法定及實益擁有人
Shanghai Huahong (Group) Co. Ltd. Interest in a controlled 347605650(1) 20.13%
(Huahong Group)(2) corporation
上海華虹（集團）有限公司（華虹集團）(2)受控制法團權益
Legal and beneficial owner 1198517(3) 0.07%法定及實益擁有人
Sino-Alliance International Ltd. Legal and beneficial owner 160545541(1)(4) 9.30%
(Sino-Alliance International)法定及實益擁有人
Sino-Alliance International Ltd. Interest in a controlled 28415606(1) 1.65%
(Sino-Alliance International) corporation受控制法團權益
Shanghai Alliance Investment Interest in a controlled 188961147(1)(5) 10.95%
Ltd. (SAIL) corporation
上海聯和投資有限公司（上海聯和）受控制法團權益
64 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司OTHER DISCLOSURES
30 JUNE 2025
二零二五年六月三十日其他披露資料
SUBSTANTIAL SHAREHOLDERS’ 主要股東及其他人士於本公司股份和相關
AND OTHER PERSONS’ OWNERSHIP 股份的權益（續）
IN THE SHARES AND UNDERLYING
SHARES OF THE COMPANY
(CONTINUED)
Notes: 附註：
(1) Long positions in the shares of the Company. (1) 於本公司股份中的好倉。
(2) Hua Hong International is a wholly-owned subsidiary of (2) 華虹國際為華虹集團的全資子公司。
Huahong Group.
(3) Huahong Group directly held a total of 1198517 A (3) 華虹集團直接持有合共1198517股A股股份。
shares.
(4) Including 3084 shares held in escrow by Sino-Alliance (4) 包括Sino-Alliance International根據一項託管安排，以託管
International pursuant to an escrow arrangement. 方式持有的3084股股份。
(5) SAIL indirectly held interests in the Company through (5) 上海聯和透過兩家全資子公司（包括 S i n o - A l l i a n c etwo wholly-owned subsidiaries including Sino-Alliance International）間接持有本公司權益。
International.* The percentages are calculated based on the total * 百分比乃按本公司截至二零二五年六月三十日已
number of issued shares of the Company as of 30 June 發行的股份總數（即 1 7 2 7 0 7 9 5 9 8股股份）計算。
2025 i.e. 1727079598 shares.
Except as disclosed above so far as is known to any of 除上文披露者外，就本公司董事及最高行政人員所知，截the Directors and Chief Executive of the Company as of 至二零二五年六月三十日，概無本公司董事或最高行政人
30 June 2025 no other person or corporation other than 員以外的其他人士或法團於本公司任何股份或相關股份中
a Director or Chief Executive of the Company had any 有任何權益或淡倉並已記入根據證券及期貨條例第336條
interests or short positions in any shares or underlying 本公司須予存置的記錄冊內。
shares of the Company which was recorded in the
register required to be kept by the Company pursuant
to section 336 of the SFO.PURCHASE SALE OR REDEMPTION 買賣或贖回證券
OF SECURITIES
Neither the Company nor any of its subsidiaries 截至二零二五年六月三十日止六個月期間，本公司或其任purchased sold or redeemed any of the Company’s 何子公司概無買賣或贖回本公司任何上市證券。
listed securities during the six months ended 30 June
2025.
2025年中期報告 INTERIM REPORT 2025 65OTHER DISCLOSURES
其他披露資料 30 JUNE 2025二零二五年六月三十日
GEARING RATIO 資產負債比率
The Group monitors capital using a gearing ratio 本集團以資產負債比率監控資本，資產負債比率按淨負債which is net debt divided by total equity plus net debt. 除以權益總額加淨負債計算。本集團將貿易應付款項、其The Group includes within net debt trade payables 他應付款項及暫估費用、計息銀行借款、租賃負債以及應
other payables and accruals interest-bearing bank 付關聯方款項扣除現金及現金等價物計入淨負債。於二零borrowings lease liabilities and amounts due to related 二五年六月三十日，本集團的資產負債比率為-8.32%（二parties less cash and cash equivalents. The Group’s 零二四年十二月三十一日：-14.94%）。
gearing ratio as at 30 June 2025 was -8.32% (31
December 2024: -14.94%).EMPLOYEES AND REMUNERATION 僱員及薪酬政策
POLICIES
As at 30 June 2025 the Company had approximately 於二零二五年六月三十日，本公司於中國及海外擁有約
7400 employees in the PRC and overseas (30 7400名僱員（二零二四年六月三十日：約6700名）。本
June 2024: approximately 6700). The Company’s 公司定期審視薪酬政策，該政策乃參考市場競爭性分析、remuneration policy is reviewed periodically and 公司業績表現及員工勝任技能與工作績效釐定。員工福利determined by reference to the analysis on market 包括醫療計劃、強制性社會保險及公積金等。
competitiveness company performance and individual
qualifications and performance. Staff benefits include
medical schemes mandatory social insurance and
provident fund etc.COMPLIANCE WITH THE DEED OF 遵守不競爭契據及優先購買權契據
NON-COMPETITION AND DEED OF
RIGHT OF FIRST REFUSALHuahong Group SAIL and INESA being controlling 華虹集團、上海聯和及儀電集團（作為本公司當時的控股shareholders of the Company at the time entered 股東）訂立了日期為二零一四年九月二十三日的不競爭契into a deed of non-competition (the “Deed of 據（「不競爭契據」），詳情載於日期為二零一四年十月三日Non-competition”) dated 23 September 2014 details 的本公司招股章程（「招股章程」）「與控股股東的關係」一節
of which have been set out in the paragraph headed 中「不競爭承諾」一段。另外，華虹集團和上海聯和訂立了“Non-competition Undertaking” in the section headed 日期為二零一四年六月十日的優先購買權契據（「優先購買“Relationship with Controlling Shareholders” of the 權契據」），詳情載於招股章程「與控股股東的關係」一節中Company’s prospectus dated 3 October 2014 (the 「優先購買權」一段。
“Prospectus”). In addition Huahong Group and
SAIL entered into a deed of right of first refusal (the
“Deed of Right of First Refusal”) dated 10 June 2014
details of which have been set out in the paragraph
headed “Right of First Refusal” in the section headed
“Relationship with Controlling Shareholders” of the
Prospectus.
66 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司OTHER DISCLOSURES
30 JUNE 2025
二零二五年六月三十日其他披露資料
COMPLIANCE WITH THE DEED OF NON- 遵守不競爭契據及優先購買權契據（續）
COMPETITION AND DEED OF RIGHT OF
FIRST REFUSAL (CONTINUED)
As of 30 June 2025 the Company has reviewed the 本公司截至二零二五年六月三十日止已覆核華虹集團、上
written declaration from each of Huahong Group SAIL 海聯和及儀電集團有關他們遵守不競爭契據及優先購買權
and INESA on their compliance with their commitments 契據（視情況而定）內承諾的書面聲明。獨立非執行董事已under the Deed of Non-competition and the Deed 覆核遵守情況，並確認不競爭契據及優先購買權契據（視of Right of First Refusal (as the case may be). The 情況而定）下的全部承諾均獲有關訂約方遵守。
Independent Non-Executive Directors have reviewed
the status of compliance and confirmed that all the
commitments under the Deed of Non-competition and
the Deed of Right of First Refusal (as the case may be)
have been complied with by the relevant parties.CORPORATE GOVERNANCE 企業管治
The Company is committed to maintaining a high 本公司致力保持企業管治在高水平，以保障股東權益及提standard of corporate governance with a view to 升企業價值及問責性。
safeguarding the interests of its shareholders and
enhancing corporate value and accountability.The Board is of the view that the Company has 董事會認為，本公司截至二零二五年六月三十日止六個月complied with the code provisions set out in the 期間一直遵守上市規則附錄C1所載的企業管治守則內的
Corporate Governance Code as contained in Appendix 守則條文。
C1 of the Listing Rules during the six-month period
ended 30 June 2025.CODE OF CONDUCT FOR SECURITIES 董事進行證券交易之行為守則
TRANSACTIONS BY DIRECTORS
The Company has adopted a code of conduct 本公司已採納董事進行證券交易之行為守則，其有關條款regarding the Directors’ securities transactions on terms 不低於標準守則所規定的標準。本公司已向所有董事作特no less exacting than the required standard set out in 定查詢，每位董事均已確認其截至二零二五年六月三十日the Model Code. Having made specific enquiries of all 止六個月期間遵守標準守則所載的必守標準。
Directors the Company has received their confirmation
that they have complied with the required standard as
set forth in the Model Code during the six-month period
ended 30 June 2025.SUFFICIENCY OF PUBLIC FLOAT 公眾持股量充足性
Based on the information that is publicly available to the 於本報告日期，根據本公司所得的公開資料及就董事所Company and within the knowledge of the directors as 知，本公司已維持上市規則規定的指定公眾持股量。
at the date of this report the Company has maintained
the prescribed amount of public float as required under
the Listing Rules.
2025年中期報告 INTERIM REPORT 2025 67OTHER DISCLOSURES
其他披露資料 30 JUNE 2025二零二五年六月三十日
AUDIT COMMITTEE 審核委員會
The Audit Committee comprising one Non-executive 由本公司一位非執行董事及兩位獨立非執行董事組成之審
Director and two Independent Non-executive Directors 核委員會已審閱及批准本集團截至二零二五年六月三十日
of the Company has reviewed and approved the 止六個月的未經審核業績，並已與管理層就本集團採納的unaudited results of the Group for the six months ended 會計政策及常規、內部監控及財務報告相關事宜進行討
30 June 2025 and has discussed with management the 論。
accounting principles and practices adopted by the
Group internal controls and financial reporting matters.PUBLICATION OF INTERIM REPORT 於香港聯交所及本公司網站刊發中期報告
ON THE WEBSITES OF THE HONG
KONG STOCK EXCHANGE AND THE
COMPANY
The interim report for the six months ended 30 June 載有上市規則附錄D2所規定資料的截至二零二五年六月
2025 containing information required by Appendix D2 三十日止六個月的中期報告，將於適當時候寄發予股東
of the Listing Rules will be dispatched to shareholders 及於香港聯交所網站( www.hkexnews.hk )和本公司網站
and published on the websites of the Hong Kong ( www.huahonggrace.com )刊載。
Stock Exchange (www.hkexnews.hk) and the Company
(www.huahonggrace.com) in due course.By Order of the Board 承董事會命
Hua Hong Semiconductor Limited 華虹半導體有限公司
Mr. Junjun Tang 唐均君先生
Chairman and Executive Director 主席兼執行董事
68 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司www.huahonggrace.com
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