香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。
HUA HONG SEMICONDUCTOR LIMITED
華虹半導體有限公司（於香港註冊成立之有限公司）（股份代號：01347）截至二零二五年十二月三十一日止年度全年業績公告
華虹半導體有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其子公司截至二零二五年十二月三十一日止年度的經審核業績。
本公告載列本公司二零二五年年度報告全文，並符合香港聯合交易所有限公司（「香港聯交所」）證券上市規則有關全年業績初步公告附載資料之相關規定。
本公司二零二五年年度報告的印刷版本將於適當時候寄發予本公司股東，並可於香港聯交所網站 www.hkexnews.hk 及本公司網站 www.huahonggrace.com 進行查閱。
承董事會命華虹半導體有限公司董事會主席兼執行董事白鵬先生
中國上海，二零二六年三月二十六日於本公告日期，本公司董事分別為：
執行董事：
白鵬（董事會主席兼總裁）
非執行董事：
葉峻孫國棟陳博熊承艷
獨立非執行董事：
張祖同王桂壎太平紳士
封松林CONTENTS
Definitions 2
Key Financials 5
Letter to Shareholders 6
Corporate Information 7
Directors and Senior Management Team 10
Corporate Governance Report 22
Directors’ Report 34
2025 Environmental Social and Governance Report 65
Independent Auditor’s Report 301
Consolidated Statement of Profit or Loss 310
Consolidated Statement of Comprehensive Income 311
Consolidated Statement of Financial Position 312
Consolidated Statement of Changes in Equity 314
Consolidated Statement of Cash Flows 316
Notes to Financial Statements 318
Five Year Financial Summary 4322 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 3
DEFINITIONS
In this annual report unless otherwise required by the context the following terms shall have the meanings set out
below.“Annual General Meeting” or an annual general meeting of the Company to be held on 14 May 2026;
“AGM”
“Articles” the articles of association of the Company (as amended from time to time);
“Board” the Board of Directors of the Company;
“China IC Fund” China Integrated Circuit Industry Investment Fund Co. Ltd.* (國家集成電路產業
投資基金股份有限公司) a company incorporated in the PRC in September 2014;
its shareholders include the Ministry of Finance of the PRC and an additional 15
fund investors. It mainly focuses on the manufacturing of semiconductor wafers
and takes into account the upstream and downstream links covering chip design
package test equipment and materials etc;
“China IC Fund II” China Integrated Circuit Industry Investment Fund (Phase II) Co. Ltd.* (國家集成電
路產業投資基金二期股份有限公司) a company established in the PRC in October
2019; its shareholders include the Ministry of Finance of the PRC and an additional
27 fund investors. It mainly invests in the value chain of the integrated circuit
industry via equity investment primarily in integrated circuit chip manufacturing
as well as chip designing packaging and test and equipment and materials. To
the best of the Directors’ knowledge information and belief and having made all
reasonable enquiry China IC Fund II is not an associate of China IC Fund under
Chapter 14A of the Listing Rules;
“Company” or “Hua Hong Hua Hong Semiconductor Limited a company incorporated in Hong Kong withSemiconductor” limited liability on 21 January 2005;
“Director(s)” the Director(s) of the Company;
“EPS” earnings per share;
“Extraordinary General Meeting” an extraordinary general meeting of the Company;
or “EGM”
“Grace Cayman” Grace Semiconductor Manufacturing Corporation a company incorporated in the
Cayman Islands in October 1999 and a wholly – owned subsidiary of our Company;
“Group” our Company and its 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 in January 2013 and a
wholly-owned subsidiary of our Company;
“Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited;2 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 3
DEFINITIONS
“Huahong Group” Shanghai Huahong (Group) Co. Ltd. (上海華虹（集團）有限公司) a company
incorporated in the PRC in April 1996 and a substantial shareholder of our
Company;“Huahong Group Framework the framework agreement dated 30 December 2024 entered into between theAgreement” Company and Huahong Group to regulate the sales and purchase transactions
and provision of services between the Group and Huahong Group its subsidiaries
or associates (as defined under Chapter 14A of the Listing Rules) for the year
ending 31 December 2025;
“Huahong Real Estate” Shanghai Huahong Real Estate Co. Ltd. (上海華虹置業有限公司) a company
incorporated in the PRC in October 2011 and a wholly-owned subsidiary of
Huahong Technology Development;“Huahong Technology Shanghai Huahong Technology Development Co. Limited (上海華虹科技發展有Development” 限公司) a company incorporated in the PRC in May 2010 and a company 50%
held by and consolidated with Huahong Group and 50% held by HHGrace and a
connected person of the Company;
“Huajin Property Management” Shanghai Huajin Property Management Co. Ltd. (上海華錦物業管理有限公司)
a company incorporated in the PRC in June 2012 a wholly-owned subsidiary of
Huahong Technology Development and a connected person of the Company;
“Huali Micro” Shanghai Huali Microelectronics Corporation (上海華力微電子有限公司) a
company incorporated in the PRC in January 2010 and completed the company
division in August 2025 a connected person of the Company;
“Hua Hong Wuxi” Hua Hong Semiconductor (Wuxi) Limited a company incorporated in the PRC
in October 2017 and a non-wholly owned subsidiary of the Company held as to
approximately 22.22% 28.78% 20.00% 20.58% and 8.42% by the Company
HHGrace Wuxi Xi Hong Guo Xin China IC Fund and China IC Fund II
respectively;
“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 in June 2022 and a non-wholly owned
subsidiary of the Company held as to approximately 21.90% 29.10% 20.00% and
29.00% by the Company HHGrace Wuxi Xi Hong Lian Xin and China IC Fund II
respectively;
“HHGrace Wuxi” HHGrace Semiconductor (Wuxi) Limited (華虹宏力半導體（無錫）有限公司) a
limited liability company established in the PRC in October 2025 and a wholly-
owned subsidiary of the Company as of the date of this announcement;
“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;4 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED PB
DEFINITIONS
Proposed Acquisition the proposed acquisition of 97.4988% of the equity interests in Huali Micro the
further details of which have been disclosed in the Company's announcements
dated 31 August 2025 and 31 December 2025 and the circular dated 22 January
2026
Proposed Non-public Issuance of the proposed non-public issuance of RMB Shares to not more than 35 specific
RMB Shares target subscribers the further details of which have been disclosed in the
Company's announcements dated 31 August 2025 and 31 December 2025 and
the circular dated 22 January 2026
“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;“Initial public offering of RMB the Company’s issue of 407750000 RMB Shares which are listed and becameshares” available for trading on the STAR Market on 7 August 2023;
“SAIL” Shanghai Alliance Investment Limited (上海聯和投資有限公司) a company
incorporated in the PRC in September 1994 a substantial shareholder of our
Company;
“SFC” the Securities and Futures Commission of Hong Kong;
“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) as
amended or supplemented from time to time;
“STAR Market” the Science and Technology Innovation Board of the Shanghai Stock Exchange;
“Wuxi Xi Hong Guo Xin” Wuxi Xi Hong Guo Xin Investment Co. Ltd.* (無錫錫虹國芯投資有限公司) a
professional investment company incorporated in the PRC in January 2023 jointly
controlled by municipal and district-level state-owned enterprises holding 20.00%
of the shares of Hua Hong Wuxi a non-wholly owned subsidiary of the Company;
“Wuxi Xi Hong Lian Xin” Wuxi Xi Hong Lian Xin Investment Co. Ltd.* (無錫錫虹聯芯投資有限公司) a
professional investment company incorporated in the PRC on 19 December 2017
jointly established by municipal and district-level state-owned enterprises holding
20.00% of the shares of Hua Hong Manufacturing a non-wholly owned subsidiary
of the Company.PB HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 5
KEY FINANCIALS
Revenue Gross Profit Margin
US$ million %
250024.0%
2402.121.3%
2400
18.0%
23002286.1
2200
12.0%
11.8%
210010.2%
2004.0
2000
6.0%
1900
18000.0%
202320242025202320242025
Profit attributable to owners of the parent EPS
US$ million US$
0.2000.189
300280.00.180
0.160
0.140
0.120
200
0.100
0.080
1000.060
58.10.0400.034
54.90.032
0.020
00.000
2023 2024 2025 2023 2024 20256 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED PB
LETTER TO SHAREHOLDERS
Dear Shareholders
2025 was a momentous year for Hua Hong Semiconductor. Amidst rapidly changing landscape and market
divergences of the semiconductor industry in China and globally Hua Hong Semiconductor had begun a new journey
of transformation through excellence in technology and management and implementation of capacity growth plan. The
company overcame challenges made significant strides and achieved remarkable results.A number of market factors contributed to our 2025 financial results: the rapid rise of artificial intelligence and its
peripheral applications accelerating the advancement of the global semiconductor market and bringing a steady
recovery to the mature-node chip market. China’s macroeconomic policy of seeking progress while maintainingstability laid a solid foundation and injected momentum into industrial development. Focusing on its core “specialtytechnologies” strategy Hua Hong Semiconductor achieved sales revenue of US$2402.1 million for the year with a
gross margin of 11.8% both achieving year-on-year growth delivering a satisfactory annual performance.Adhering to our dedicated craftsmanship and focusing on integrity and innovation this year benefited from robust
demand in artificial intelligence and its peripheral fields alongside a steady recovery in downstream markets such
as consumer electronics and automotive electronics. The Company’s five major platforms of specialty technologies
advanced simultaneously consistently achieving outstanding results. We persist in continuous technology iteration and
relentless R&D innovation striving to build a world-class specialty technology platform and steadily progress towards
a more comprehensive and leading position in the industry.Focusing on solid execution we fortified our operational foundation. Behind the steady revenue growth and continuous
structural optimization lay our persistent efforts in capacity building and operational efficiency enhancement. In 2025
the average capacity utilization rates for both our 8-inch and 12-inch fabs remained consistently above 100%. The
Phase II project of HHGrace Semiconductor (Wuxi) (FAB9) ramped up production rapidly fully addressing the strong
demands of the market and customers. On the operational front we deepened cost optimization efforts ensured
supply chain security and advanced digital upgrades thereby consolidating the foundation for the Company’s long-
term development.Anchoring on long-term goals we bravely stand at the forefront of the era. Looking ahead to 2026 the global
semiconductor market is expected to continue its growth. As a core hub for global technological innovation and
industrial aggregation China is poised to unleash sustained and vibrant energy. Facing new opportunities we will
continuously strengthen our two core competitiveness pillars – technology capabilities and production capacity – by
persisting in R&D investment deeply cultivating market expansion deepening customer collaborations and jointly
building the industrial ecosystem.Carrying a heart of gratitude we journey together towards a long-term future. Hereby I would like to extend my
sincerest gratitude to our dedicated and striving employees our trusting customers our supportive partners and our
steadfast shareholders. We have made great achievements in past years and in the new year we aim to reach even
greater heights. In the future Hua Hong Semiconductor will continue to stay grounded and move forward steadily
creating long-term sustainable value for our shareholders and society through continuous innovation and sound
operations.Peng Bai
Chairman President and Executive Director
Shanghai PRC
26 March 2026PB HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 7
CORPORATE INFORMATION
Corporate Culture
SPIRIT
FACE CHALLENGES HEAD-ON
STRIVE FOR EXCELLENCE
VISION
WE EMPOWER OUR CUSTOMERS
THROUGH CONTINUOUS INNOVATION
MISSION
CREATING VALUE FOR SHAREHOLDERS CUSTOMERS AND
EMPLOYEES THROUGH COLLABORATION INNOVATION AND
BEING A GOOD CORPORATE CITIZEN
CORE VALUES
INTEGRITY TEAMWORK INITIATIVE
AND DISRUPTIVE INNOVATION8 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 9
CORPORATE INFORMATION
Board of Directors Auditor
Executive Directors Ernst & Young
Peng Bai (Chairman and President) (appointed as Certified Public Accountants
President on 1 January 2025 and Chairman of the 27/F One Taikoo Place
Board on 31 October 2025) 979 King’s Road Quarry Bay
Junjun Tang (resigned as Executive Director and the Hong Kong PRC
Chairman of the Board on 31 October 2025)
Hong Kong Legal Advisor
Non-Executive Directors
Jun Ye Herbert Smith Freehills Kramer
Guodong Sun 23/F Gloucester Tower
Bo Chen (appointed on 7 March 2025) 15 Queen’s Road Central
Chengyan Xiong Hong Kong PRC
Limin Zhou (resigned on 7 March 2025)
Principal Banks
Independent Non-Executive Directors
Stephen Tso Tung Chang China Construction Bank Shanghai Branch
Kwai Huen Wong JP No. 900 Lujiazui Ring Road
Songlin Feng Pudong New Area
Shanghai PRC
Company Secretary
Sui Har Lee China Development Bank Shanghai Branch
No. 68 Puming Road
Authorized Representatives Pudong New Area
Peng Bai Shanghai PRC
Sui Har Lee
China Merchants Bank Co. Ltd. Shanghai Branch
Audit Committee No.1088 Lujiazui Ring Road
Stephen Tso Tung Chang (Chairman) Pudong New Area
Chengyan Xiong Shanghai PRC
Songlin Feng
China Construction Bank Corporation Hong Kong
Remuneration Committee Branch
Kwai Huen Wong JP (Chairman) 28/F CCB Tower 3 Connaught Road Central
Jun Ye Hong Kong PRC
Songlin Feng
Bank of Communications Co. Ltd. Hong Kong Branch
Nomination Committee 20 Pedder Street Central
Peng Bai (Chairman) (appointed on 31 October 2025) Hong Kong PRC
Kwai Huen Wong JP
Songlin Feng China Development Bank Jiangsu Branch
Junjun Tang (resigned on 31 October 2025) No. 232 Middle Jiangdong Road
Nanjing Jiangsu PRC
Website
Agricultural Bank of China Wuxi Xinwu Subbranch
www.huahonggrace.com No. 26 Hefeng Road Xinwu District
Wuxi Jiangsu PRC
China Construction Bank Wuxi High and New
Technology Industrial Development Zone Subbranch
No. 26 Hefeng Road Xinwu District
Wuxi Jiangsu PRC8 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 9
CORPORATE INFORMATION
China CITIC Bank Wuxi New District Subbranch
No. 26 Hefeng Road Xinwu District
Wuxi Jiangsu 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
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 30-1 30-2 Xinzhou Road
Xinwu District
Wuxi Jiangsu PRC
Postcode: 214028
Stock Code
Hong Kong Stock Exchange: 01347
Shanghai Stock Exchange: 68834710 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 11
DIRECTORS AND SENIOR MANAGEMENT TEAM
Dr. Peng Bai aged 63 was appointed as the President and Executive
Director of the Company on 1 January 2025 subsequently re-designated
as the Chairman of the Board President and Executive Director with effect
from 31 October 2025. Mr. Bai also serves as the Chairman and President
of HHGrace Hua Hong Wuxi and Hua Hong Manufacturing. Mr. Bai has
over 30 years of experience in the field of integrated circuits manufacturing.Prior to joining the Company Mr. Bai was the Chief Executive Officer of
Rong Semiconductor Corporation (榮芯半導體有限公司) where he had held
the position since 2022. Before that he served as a process integration
engineer process integration manager director of yield engineering director
of research and development vice president and corporate vice president
successively at Intel Corporation. Mr. Bai studied at Peking University and
subsequently graduated from the University of Bucharest in 1985 with a
Bachelor of Science degree in Physics and received a Doctor of Philosophy
degree in Physics from the Rensselaer Polytechnic Institute in 1991.10 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 11
DIRECTORS AND SENIOR MANAGEMENT TEAM
Mr. Jun Ye aged 53 has been a Non-Executive Director of our Company
since February 2012 and is a Director of HHGrace. Mr. Ye has more than
20 years of experience in finance and investment. Mr. Ye has successively
held various positions in SAIL including Manager of the Investment Banking
Division and the Business Development Division General Manager Assistant
Deputy General Manager and General Manager since 1996 and Chairman
since March 2025. Mr. Ye is also a Director at Bank of Shanghai Chairman of
Shanghai Zhaoxin Semiconductor Co. Ltd. Sinotherapeutics Inc. and Sino-
US United MetLife Insurance Company Limited. Mr. Ye obtained a Bachelor’s
degree in Industrial and International Trade and a Master’s degree in
Business Administration from Shanghai Jiao Tong University.Mr. Guodong Sun aged 48 was appointed as a Non-Executive Director
of the Company with effect from 10 December 2020. Mr. Sun is also the
Director of Hua Hong Wuxi and Hua Hong Manufacturing. Mr. Sun joined
China Development Bank in 2000. From 2000 to 2014 Mr. Sun held various
positions in China Development Bank including Deputy Director of the Human
Resources Systems Division Deputy Director and Director of the Hubei
Branch Human Resources Department etc. Mr. Sun had been the General
Manager of the Human Resources Department of Sino-IC Capital Co. Ltd. (華
芯投資管理有限責任公司) from December 2014 to July 2016 and has been
the Managing Director of Sino-IC Capital Co. Ltd. since July 2016 and has
been the General Manager of Shanghai Branch of Sino-IC Capital Co. Ltd.since May 2024. Mr. Sun graduated from Beijing Institute of Technology in
the PRC with a Bachelor’s degree in Computer Application and from Central
University of Finance and Economics in the PRC with a Master’s degree in
Business Administration.12 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 13
DIRECTORS AND SENIOR MANAGEMENT TEAM
Mr. Bo Chen aged 49 was appointed as a Non-Executive Director of the
Company on 7 March 2025. Mr. Chen is also the Director of HHGrace Hua
Hong Wuxi and Hua Hong Manufacturing. Mr. Chen is currently serving as
the vice president of Shanghai Huahong (Group) Co. Ltd. (上海華虹（集團）
有限公司) and as the Chairman of Shanghai Hua Hong Hongri Electronics
Co. Ltd.(上海華虹虹日電子有限公司). Mr. Chen has extensive experience
in strategic development of high-tech industries and fixed asset investment.Prior to joining our Company Mr. Chen held various positions at the Shanghai
Municipal Development and Reform Commission (上海市發展和改革委員會)
from 2001 to 2023 including Deputy Principal Staff Member Principal Staff
Member Assistant to the Division Director Deputy Division Director Division
Director and Level I Division Rank Official. Mr. Chen graduated from Fudan
University and received a Master of Science degree.Ms. Chengyan Xiong aged 46 was appointed as a Non-executive Director
of the Company and HHGrace with effect from 28 March 2024. Ms. Xiong has
nearly 20 years of experience working in the finance and accounting sector.Prior to joining the Company Ms. Xiong was a deputy chief staff member
and chief staff member of the budget office of Shanghai State-owned Assets
Supervision and Administration Commission (上海市國有資產監督管理委
員會) after which she held positions as deputy head and head in various
departments within the group companies of Huahong Group. Ms. Xiong
is currently the director of the capital and finance department of Huahong
Group and holds various positions as a director or a supervisor at a number
of the subsidiaries of Huahong Group. Ms. Xiong graduated from Shanghai
University of Finance and Economics (上海財經大學) with a Master’s degree
in management. Ms. Xiong is also a senior accountant and a non-practising
certified public accountant in the PRC.12 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 13
DIRECTORS AND SENIOR MANAGEMENT TEAM
Mr. Junjun Tang resigned as the Chairman of the Company an Executive
Director and the Chairman of the Nomination Committee on 31 October 2025.Mr. Limin Zhou resigned on 7 March 2025 as a Non-Executive Director of
the Company.14 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 15
DIRECTORS AND SENIOR MANAGEMENT TEAM
Mr. Stephen Tso Tung Chang aged 77 is an Independent Non-Executive
Director of our Company and a Director of HHGrace. Mr. Chang was a
certified public accountant in Hong Kong and a member of the Hong Kong
Society of Accountants from 1978 to the end of 2003. He has been a Fellow
member of the Institute of Chartered Accountants in England and Wales since
January 1983 and has extensive experience in accounting auditing and
financial management. Mr. Chang held various positions at Ernst & Young
starting in 1976. He became a Management Committee Member of Ernst &
Young in 1989 and was actively involved in establishing and monitoring the
firm’s internal control and risk management policy and procedures. Prior to
his promotion to Managing Partner of the Professional Services Department
he was Chairman of Ernst and Young’s audit and advisory business services
for four years. He was a Partner of Ernst and Young and the Chairman of
Ernst and Young China and Hong Kong prior to his retirement in 2003. He is a
member of the Investment Committee of Shanghai Fudan University Education
Development Foundation and Fudan University Education Development
Foundation (overseas). He is also an Independent Non-Executive Director
of China World Trade Center Co. Ltd. (stock code: 600007.SH) and was
formerly an Independent Non-Executive Director of China Cinda Asset
Management Co. Ltd. (stock code: 1359.HK) Kerry Properties Limited (stock
code: 683.HK) and China Life Insurance Company Ltd. (stock code: 2628.HK). Mr. Chang obtained a Bachelor of Science degree in Food Science and
Chemistry from the University of London.Mr. Kwai Huen Wong SBS BBS JP aged 74 is an Independent Non
-Executive Director of our Company and a Director of HHGrace. Mr. Wong
had served as the PRC Managing Partner of two international law firms for
15 years. Prior to that he worked for the Lands Department Department of
Justice and Legislative Council of the Hong Kong SAR Government for a total
of 10 years. He was appointed as a Member of Airport Authority Hong Kong
Hospital Authority and the Competition Commission from 2011 to 2018. He
was the former Chairman of the Hong Kong International Arbitration Centre
the former President of the Law Society of Hong Kong and Inter-Pacific Bar
Association and the former Chairman of Hong Kong Copyright Tribunal. He
is presently the Chairman of Hong Kong Inland Revenue Board of Review
the Chairman of the Chinese Medicine Hospital of Hong Kong and the
Independent Non-Executive Director of Vinda International Holdings Limited
(Delisted stock code: 3331.HK) and CTF Services Limited (stock code:
659.HK). Mr. Kwai Huen Wong was formerly a Director of the Hong Kong
Mortgage Corporation Limited and an Independent Non-Executive Director
of China Oilfield Services Limited. In addition he is the Honorary Lecturer
External Examiner Advisory Board Member and Professor at The University
of Hong Kong The Chinese University of Hong Kong City University of Hong
Kong Hong Kong Baptist University and Hong Kong Shue Yan University. Mr.Wong holds a Bachelor of Arts degree from The Chinese University of Hong
Kong and a Bachelor of Law degree from the University of London.14 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 15
DIRECTORS AND SENIOR MANAGEMENT TEAM
Mr. Songlin Feng aged 61 is an Independent Non-Executive Director
of our Company and the Director of HHGrace with effect from 28 March
2024. He has over 32 years of experience in academic research in science
and technology including integrated circuits and semiconductors. He
successively served as a deputy researcher researcher deputy director
director an assistant to head and the head of the Institute of Semiconductors
of the Chinese Academy of Sciences* (中國科學院半導體研究所) from
February 1992 to December 2000. From January 2001 to August 2010
he was a researcher deputy head and the head of Shanghai Institute of
Microsystems and Information Technology of the Chinese Academy of
Sciences* (中國科學院上海微系統與信息技術研究所). He successively served
as a researcher the leader of the planning team and the Dean of Shanghai
Advanced Research Institute of the Chinese Academy of Sciences* (中國科學
院上海高等研究院) from March 2009 to May 2017 and then as a researcher of
the Institute retiring in May 2024. Mr. Feng has been an independent director
of INESA Intelligent Tech Inc. (雲賽智聯股份有限公司) a company listed on
the Shanghai Stock Exchange (Stock Code: 600602) and Shanghai Zhaoxin
Semiconductor Co. Ltd.* (上海兆芯集成電路股份有限公司). In addition
Mr. Feng has been a director of Shanghai Zhongyan Hongling Information
Technology Co. Ltd.* (上海中研宏瓴信息科技有限公司) Jiaxing Zhongke
Wireless Sensor Network Technology Co. Ltd. (嘉興中科無線傳感網科技有
限公司) and Shanghai Zengwei Anxin Technology Development Co. Ltd. (上
海增維安信科技發展有限公司). Mr. Feng graduated from Wuhan University
(武漢大學) with a bachelor’s degree in semiconductor physics and holds a
master’s degree and a doctor’s degree in material sciences from Université
Paris Diderot – Paris VII respectively.16 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 17
DIRECTORS AND SENIOR MANAGEMENT TEAM
Mr. Daniel Yu-Cheng Wang aged 63 has been appointed as the Secretary
of the Board of the Company since February 2012. Mr. Wang is also an
Executive Vice President of our Company HHGrace Hua Hong Wuxi and
Hua Hong Manufacturing supervising key functional divisions including
finance information technology administration and compliance board
office and overseas human resources. In April 2001 Mr. Wang joined
Grace Shanghai Semiconductor Manufacturing Corporation and took on a
central leadership position at every phase of Grace Shanghai’s growth and
development. His responsibilities encompassed supervising the planning and
execution of the merger as well as the successful initial public offering of the
company on both the Hong Kong Stock Exchange and the STAR board at the
Shanghai Stock Exchange. Prior to joining Grace Shanghai Semiconductor
Manufacturing Corporation Mr. Wang served at LSI Logic Corporation in
San Jose Silicon Valley California from August 1995 to March 2001 as the
Division Controller in the Broadband Entertainment Division. Before that Mr.Wang was employed by Franklin Templeton Investments in the U.S. Mr. Wang
holds a Bachelor’s degree in Industrial Engineering and Operations Research
from the College of Engineering University of California Berkeley and a
Master’s degree of Business Administration degree in Finance and Bankingfrom the University of San Francisco in the U.S.. In the “All – Asia (Ex-Japan)Executive Team Ranking” published by Institutional Investor a respected
international financial magazine he was honored as the Best Chief Financial
Officer in the technology/semiconductor industry several times.16 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 17
DIRECTORS AND SENIOR MANAGEMENT TEAM
Senior Management
As at the date of this report the Company’s senior management includes:
Dr. Peng Bai aged 63 is the Chairman President and Executive Director
of the Company. For more information about Mr. Bai’s profile and academicbackground see the section headed “Directors and Senior ManagementTeam – Board of Directors”.Mr. Daniel Yu-Cheng Wang aged 63 is an Executive Vice President of our
Company HHGrace Hua Hong Wuxi and Hua Hong Manufacturing and is
in charge of finance information technology administration and compliance
board office and overseas human resources. For more information about Mr.Wang’s profile and academic background see the section headed “Directorsand Senior Management Team – Board of Directors”.Ms. Yimin Chen aged 44 is the Executive Vice President of the Company
HHGrace Hua Hong Wuxi and Hua Hong Manufacturing. Ms. Chen joined
the Company in January 2022 and has nearly 20 years of working experience
in the semiconductor industry. Previously Ms. Yimin Chen held positions at
companies such as Hua Hong International Management (Shanghai) Co.Ltd. (華虹國際管理(上海)有限公司) and Huahong Group. Ms. Chen graduated
from Shanghai International Studies University with a Bachelor of Arts degree
in Journalism.18 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 19
DIRECTORS AND SENIOR MANAGEMENT TEAM
Mr. Weiping Zhou aged 59 is an Executive Vice President of our Company
HHGrace Hua Hong Wuxi and Hua Hong Manufacturing. Mr. Zhou joined
the Company at the beginning of 2018 and has over 35 years of experience
in the integrated circuit industry in China. Prior to joining the Company Mr.Zhou was the Executive Vice President of Shanghai Belling Corporation
Limited the General Manager of Ningbo Shanshan Ulica Solar Technology
Developing Company Limited the General Manager of Shanghai Belling
Microelectronics Manufacturing Company Limited the Deputy Secretary
to the Communist Party Committee President Chief Executive Officer
Secretary to the Communist Party Committee and Vice President of Advanced
Semiconductor Manufacturing Corporation Limited. Mr. Zhou graduated
from East China Normal University with a Bachelor’s degree in Solid State
Electronic Technology and subsequently obtained a Master’s degree in
Business Administration from Fudan University and he is a professor-level
Senior Engineer.Mr. Guangping Hua aged 58 is an Executive Vice President of our
Company HHGrace Hua Hong Wuxi and Hua Hong Manufacturing. Mr. Hua
has nearly 30 years of working experience in the semiconductor industry.Prior to this Mr. Hua has worked for Institute of Microelectronics of Tsinghua
University Chartered Semiconductor Manufacturing Limited (Singapore)
Advanced Semiconductor Manufacturing Corporation Limited and Shanghai
Hua Hong NEC Electronics Co. Ltd.. Mr. Hua graduated from Tsinghua
University with a Master’s degree in Microelectronics Engineering and holds a
professional title of Assistant Researcher.18 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 19
DIRECTORS AND SENIOR MANAGEMENT TEAM
Mr. Larry Maohui Ge aged 61 is the Executive Vice President of the
Company and HHGrace overseeing quality and testing related operations.Mr. Ge joined the Company in January 2026 and has over 30 years of
relevant working experience in the semiconductor industry. He has previously
held positions including Principal Engineer and Yield Project Manager at Intel
Corporation (USA) Director of Yield and Reliability at MIRADIA Technology
General Manager of Operations at iUSE Director of Quality at PACIFIC
BIOSCIENCES Global Customer and Product Line Quality Director at
CYPRESS Semiconductor Senior Director of Quality and Reliability at Yangtze
Memory Technologies and Head of Quality and Reliability at Wuhan Xinxin
and Vice President of Quality and Reliability at MARVELL Semiconductor. Mr.Ge graduated from Fudan University with a Bachelor’s degree in Physics and
later obtained a Ph.D. in Solid-State Physics from the University of Hawaii
USA. He also successfully completed post-doctoral research at the University
of Illinois at Urbana-Champaign.Mr. Bill Lin aged 57 is a Senior Vice President of our Company and
responsible for the operation of Wuxi Base. He has nearly 30 years of
working experience in the semiconductor industry and joined our Company
in August 2000. Prior to that Mr. Lin worked for Texas Instruments-Acer Inc.(later merged with Taiwan Semiconductor Manufacturing Company Limited)
from 1995 to August 2000. Mr. Lin received his Master’s degree in Chemical
Engineering from the National Taiwan University of Science and Technology
(previously known as National Taiwan Institute of Technology); and he is
qualified as a Senior Engineer.20 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 21
DIRECTORS AND SENIOR MANAGEMENT TEAM
Mr. Wang Lei aged 48 is a Senior Vice President of the Company HHGrace
Hua Hong Wuxi and Hua Hong Manufacturing overseeing the marketing
and sales business lines. Mr. Wang Lei joined the Company in July 2001 and
has over 25 years of experience in the semiconductor industry. He has held
various management positions including Director of the Thin Film Engineering
Department of Fab 3 Deputy Plant Manager of Fab 3 and Vice President
of Quality and Reliability Assurance. Mr. Wang Lei graduated from Fudan
University with a bachelor’s degree in Applied Chemistry and a master’s
degree in Polymer Chemistry and Physics. He holds the professional title of
Senior Engineer and is a recipient of the Shanghai May Day Labor Medal.Mr. Chen Guanglong aged 45 is a Senior Vice President of the Company
HHGrace Hua Hong Wuxi and Hua Hong Manufacturing overseeing
technology research and development functions. Mr. Chen joined the
Company in September 2018 and has over 20 years of experience in the
semiconductor industry. He has held various positions including Director of
the Process Integration Department of Hua Hong Wuxi Director of the No.3
Integration Division and Vice President and Deputy General Manager of Fab
7. Prior to joining the Company Mr. Chen worked at BCD Semiconductor
Manufacturing Limited (上海新進半導體製造有限公司) Shanghai Hua Hong
NEC Electronics Co. Ltd.(上海華虹 NEC 電子有限公司) and Shanghai Huali
Microelectronics Co. Ltd.(上海華力微電子有限公司). Mr. Chen graduated
from the University of Electronic Science and Technology of China with a
bachelor’s degree in Electronic Science and Technology.20 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 21
DIRECTORS AND SENIOR MANAGEMENT TEAM
Company Secretary
Ms. Sui Har Lee aged 48 has been serving as the Company Secretary of
the Company since November 2019. Ms. Lee joined Eviana Leung & Partners
as a Partner in March 2026 prior to that she was a Partner at Jun He Law
Offices. She has around 16 years of experience in general business practices
and corporate financial transactions such as assisting corporations in listing
their shares on the Hong Kong Stock Exchange merger and acquisitions
capital reorganization and compliance and regulatory matters in relation to
the Listing Rules of the Hong Kong Stock Exchange. Ms. Lee was admitted
as a Solicitor of the High Court of Hong Kong in 2005. Ms. Lee graduated
from City University of Hong Kong with the degree of Bachelor of Laws and
obtained the degree of Master of Laws from University College London.22 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 23
CORPORATE GOVERNANCE REPORT
The Board is pleased to present this corporate governance report for the year ended 31 December 2025.Corporate Governance Practices
The Company diligently practices good corporate governance and has established corporate governance procedures
that comply with the principles in the Corporate Governance Code (the “Code”) as set out in Appendix C1 to the
Listing Rules.The Company understands the importance of sound corporate governance practices and recognizes the changing
regulatory environment. Therefore the Company has continually monitored and updated its corporate governance
practices from implementing the Code and evaluating the effectiveness of its practices to responding to continuous
developments in the regulatory landscape.Compliance with the Code Provisions
During the year ended 31 December 2025 save for Code Provision C.2.1 as disclosed below the Company complied
with the Code.Since 31 October 2025 both positions of the Chairman of the Board and the President have been held by Dr. Peng
Bai. In view of Mr. Bai’s profile extensive relevant industry knowledge and working experience in multinational
corporations the Board has confidence that the vesting of the roles of both the Chairman and the President in Mr. Bai
is conducive to improve the efficiency of the Company’s implementation of strategies and solicit consensus among
the senior management team. Therefore the Board considers that the deviation from the Code Provision C.2.1 of the
Code is not inappropriate. In addition apart from Mr. Bai who is an executive Director the Board comprises four non-
executive Directors and three independent non-executive Directors as at 31 December 2025 and as at the date of
this report. The Company considers that Board is appropriately structured with balance of power to provide sufficient
checks to protect. The interests of the Company and its shareholders. At the same time the Board will ensure its
own effective functioning including that all appropriate issues are discussed by the Board in a timely manner that all
Directors are properly briefed on issues arising at Board meetings and all Directors receive adequate complete and
reliable information. The Chairman of the Board highly values communication with the Independent Non-Executive
Directors and will hold meetings with them at least once each year without the presence of other Directors.Securities Transactions by DirectorsThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “ModelCode”) as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding securities transactions by
Directors. The Company has made specific enquiries with all of the Directors each of whom has confirmed that they
have throughout the year ended 31 December 2025 complied with the required standards set out therein.Board of Directors
The Board is entrusted with the overall responsibility of managing the business and affairs of the Company. It has
the ultimate responsibility for the day-to-day management of the Company which is delegated to the Chairman and
management.The eight-member Board currently comprises one Executive Director Dr. Peng Bai (Chairman and President)
(appointed on 1 January 2025); four Non-Executive Director Mr. Jun Ye Mr. Guodong Sun Mr. Bo Chen (appointed
on 7 March 2025) and Ms. Chengyan Xiong; and three Independent Non-Executive Directors Mr. Stephen Tso Tung
Chang Mr. Kwai Huen Wong JP and Mr. Songlin Feng. Mr. Junjun Tang Mr. Limin Zhou resigned as an Executive
Director and Non-Executive Director on 31 October 2025 and 7 March 2025 respectively. More details of the Directors
are disclosed on pages 10 to 15 of this annual report. The Company has published and maintained on its website and
on the Hong Kong Stock Exchange’s website an updated list of the Directors identifying their roles and functions.Each of the Non-Executive Directors of the Company is appointed for a specific term of three years and is subject to
re-nomination and re-election by the Company in general meetings unless previously terminated in accordance with
the terms and conditions of the relevant letter of appointment or Director’s service contract.22 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 23
CORPORATE GOVERNANCE REPORT
The Board meets regularly throughout the year. All Directors are given the opportunity to put items on the agenda for
regular Board meetings. All Directors have access to the Company Secretary to ensure that all Board procedures rules
and regulations are followed. Full minutes of Board meetings are kept by the Company Secretary and are available for
inspection on reasonable notice. Any Director may in furtherance of his duties take independent professional advice
where necessary at the expense of the Company.The Board is responsible for setting the strategic direction and policies of the Group and supervising management.Some functions are reserved by the Board including inter alia the monitoring and approval of material transactions;
matters involving a conflict of interest with a substantial shareholder or a Director of the Company; the approval of
the quarterly interim and final results; other disclosures to the public or regulators; and the internal control system.Decisions relating to such matters shall be subject to formal decisions of the Board. Matters not specifically reserved to
the Board and necessary for the daily operations of the Company are delegated to management under the supervision
of the respective Director(s) and the leadership of the Chairman.The Company has implemented different mechanisms to ensure independent views and input are available to the
Board:
* Composition of the Board: During the year ended 31 December 2025 the Board had at all times complied
with Rules 3.10 and 3.10A of the Listing Rules. The Company has three Independent Non-Executive Directors
representing more than one-third of the Board. At least one of the Independent Non-Executive Directors
possesses appropriate professional qualifications or accounting or related financial management expertise.* Independence assessment: Each of the Independent Non-Executive Directors has made an annual confirmation
of independence pursuant to Rule 3.13 of the Listing Rules. The Company is of the view that all Independent Non
– Executive Directors are independent in accordance with the guidelines set out in Rule 3.13 of the Listing Rules.* Board decision-making: A Director who has a material interest in any transaction contract or arrangement
shall not vote (nor shall be counted in the quorum) on any Board resolution approving the same. If a substantial
shareholder or a Director has a conflict of interest in a matter to be considered by the Board which the Board has
determined to be material such matter shall be dealt with in a Board meeting rather than by a written resolution.* Communication between the Chairman and Independent Non-Executive Directors: The Chairman of the
Board values communication with the Independent Non-Executive Directors highly and holds meetings with them
at least once each year without the presence of other Directors.* Remuneration of Independent Non-Executive Directors: Independent Non-executive Directors receive
fixed fees for their role as members of the Board and Board committees. No equity-based compensation with
performance-related elements is granted to the Independent Non-executive Directors to avoid potential bias in
their decision-making or compromise to their objectivity and independence.* Board evaluation: The Board assesses and reviews the time contributed by each Independent Non-Executive
Director and their attendance at Board and Board committee meetings so as to ensure that every Independent
Non-Executive Director has devoted sufficient time to the Board to discharge his responsibilities as a Director of
the Company.The implementation and effectiveness of the above mechanisms are reviewed on an annual basis. The Board
considers that such mechanisms had been implemented properly and effectively in the year ended 31 December
2025.24 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 25
CORPORATE GOVERNANCE REPORT
Directors’ and Officers’ Liabilities Insurance
Appropriate insurance has been arranged by the Company to cover potential liabilities of Directors and Officers of the
Company regarding legal actions against said Directors and Officers of the Company and its subsidiaries arising out
of corporate activities of the Company.Board Operation
During the year ended 31 December 2025 the Board held nine Board meetings. The attendance record of each Board
member at Board meetings meetings of the Audit Committee the Nomination Committee and the Remuneration
Committee as well as the annual/extraordinary general meeting is set out below:
Audit Nomination Remuneration Annual Extraordinary
Board Committee Committee Committee General General
meetings meetings meetings meetings Meeting Meeting
Executive Directors
Peng Bai (Note) 9 N/A 1 N/A 1 N/A
Junjun Tang (Note) 6 N/A 2 N/A 1 N/A
Non-Executive Directors
Jun Ye 9 N/A N/A 3 1 N/A
Guodong Sun 9 N/A N/A N/A 1 N/A
Bo Chen (Note) 8 N/A N/A N/A 1 N/A
Chengyan Xiong 9 8 N/A N/A 1 N/A
Limin Zhou (Note) 1 N/A N/A N/A – N/A
Independent Non-
Executive Directors
Stephen Tso Tung Chang 9 8 N/A N/A 1 N/A
Kwai Huen Wong JP 9 N/A 3 3 1 N/A
Songlin Feng 9 8 3 3 1 N/A
Note: Peng Bai was appointed as the President and an Executive Director on 1 January 2025 and was further appointed as a
Chairman President and Executive Director and the Chairman of the Nomination Committee on 31 October 2025. Bo Chen was
appointed as a Non-Executive Director on 7 March 2025. Each of Peng Bai and Bo Chen has obtained legal advice referred to
in Rule 3.09D of the Listing Rules and each of them has confirmed that he/she understood his/her obligations as a director of a
listed issuer.Junjun Tang resigned as an Executive Director the Chairman and the Chairman of the Nomination Committee on 31 October
2025; Limin Zhou resigned as a Non-Executive Director on 7 March 2025.24 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 25
CORPORATE GOVERNANCE REPORT
In place of physical meetings the Board may circulate written resolutions for approval by the relevant members of the
Board except for matters where a substantial shareholder or a Director has a conflict of interest that the Board has
determined to be material in which case the matter shall be dealt with by a physical Board meeting (rather than a
written resolution) to comply with provision C.5.7 of the Code.The Board having considered the attendance records of the Directors is satisfied that each Director spends sufficient
time performing his responsibilities.Continuous Professional Development
Directors shall keep abreast of their responsibilities as Directors and of the conduct business activities and
development of the Company.Under Code Provision C.1 the Directors should participate in appropriate continuous professional development
programs to develop and refresh their knowledge and skills to ensure that their contribution to the Board remains
informed and relevant. During the year ended 31 December 2025 all Directors were provided with timely updates
on the Company’s performance financial position prospects and materials on new or salient changes to laws and
regulations applicable to the Group to enable the Board as a whole and each Director individually to discharge their
duties. Internally-facilitated briefings for the Directors will be arranged in the next financial year and reading material
on relevant topics will be issued to the Directors where appropriate. All Directors are encouraged to attend relevant
training courses at the Company’s expense.The participation by each Director in continuous professional development for the year ended 31 December 2025 and
as of the date of this report is set out below:
Reading related rules and
materials and/or
Name of Director attending training courses
Peng Bai (Chairman and President) ?
Jun Ye ?
Guodong Sun ?
Bo Chen ?
Chengyan Xiong ?
Stephen Tso Tung Chang ?
Kwai Huen Wong JP ?
Songlin Feng ?
Junjun Tang ?
Limin Zhou ?26 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 27
CORPORATE GOVERNANCE REPORT
Remuneration Committee
The Remuneration Committee currently comprises two Independent Non-Executive Directors Mr. Kwai Huen Wong
JP Mr. Songlin Feng and one Non-Executive Director Mr. Jun Ye. The Chairman of the Remuneration Committee is Mr.Kwai Huen Wong JP. Each member is sufficiently experienced and is appropriately skilled in the issues of determining
Executive compensation in public companies. The Board expects committee members to exercise independent
judgement in conducting the business of the committee. The roles and functions of the Remuneration Committee
include the determination of the specific remuneration packages of all Executive Directors and senior management
including benefits in kind pension rights and compensation payments and making recommendations to the Board
in connection with the remuneration of the Non-Executive Directors. The Remuneration Committee should consider
factors such as the salaries paid by comparable companies employment conditions elsewhere in the Group and the
desirability of performance-based remuneration. A copy of the terms of reference of the Remuneration Committee is
available from the Company’s website and the Hong Kong Stock Exchange’s website. The Remuneration Committee
shall meet at least once a year.For the year ended 31 December 2025 the Remuneration Committee held three meetings to discuss the status of
exercise of certain options granted under the Company’s share option scheme and resolved to submit a proposal to
the Board on the vesting arrangements for such options as well as the remuneration packages for the newly appointed
Board members.Details of the emoluments of the Directors are set out in note 8 to the Financial Statements.Nomination Committee
The Nomination Committee currently comprises one Executive Director Dr. Peng Bai (appointed on 31 October 2025)
and two Independent Non – Executive Directors Mr. Kwai Huen Wong JP and Mr. Songlin Feng. Mr. Junjun Tang
resigned as a Chairman of the Nomination Committee on 31 October 2025. The Chairman of the Nomination Committee
is Dr. Peng Bai. Each member is sufficiently experienced and is appropriately skilled in the issues of nomination of
directors to the Board. The Company has provided the Nomination Committee with sufficient resources to perform
its duties. The Nomination Committee may seek independent professional advice at the Company’s expense to
perform its responsibilities. The roles and functions of the Nomination Committee are to review the structure size
and composition of the Board make recommendations on any proposed changes to the Board to complement the
Company’s corporate strategy with due regard to the board diversity policy identify individuals suitably qualified to
become Board members select or make recommendations to the Board on the selection of individuals nominated
for directorships assess the independence of Independent Non-Executive Directors and make recommendations to
the Board on the appointment or re-appointment of Directors and succession planning for Directors in particular the
Chairman and the President and monitor the implementation of the board diversity policy and review such policy
as appropriate to ensure its effectiveness. The Nomination Committee has established a specific written committee
charter which deals clearly with its authority and duties. A copy of the terms of reference of the Nomination Committee
is available from the Company’s website and the Hong Kong Stock Exchange’s website. The Nomination Committee
shall meet at least once a year.For the year ended 31 December 2025 the Nomination Committee held three meetings to recommend to the Board
the appointment of each of the new directors and discussed topics such as the Company’s remuneration policy and
the competitiveness of the Company’s salary levels.Pursuant to the Articles any person appointed as a Director to fill a casual vacancy of the Board shall hold office only
until the next following annual general meeting of the Company and shall then be eligible for re-election at the relevant
general meeting and any Director appointed as an addition to the existing Board shall hold office only until the next
annual general meeting of the Company and shall then be eligible for re-election at the relevant general meeting. Every
Director shall be subject to retirement by rotation at least once every three years and shall be eligible for re-election in
accordance with the Articles. The Articles also allow for removal of a Director by an ordinary resolution.26 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 27
CORPORATE GOVERNANCE REPORT
Audit Committee
At least one of the members of the Audit Committee has appropriate professional qualifications or accounting or related
financial management expertise as required under the Listing Rules. None of the members of the Audit Committee
was a former partner of the Company’s existing external auditors within one year immediately prior to the dates of
their respective appointments. All members have appropriate skills and experience in reviewing financial statements
as well as addressing significant control and financial issues of the Company. The Board expects the members of the
Audit Committee to exercise independent judgement and delegates the responsibilities of the corporate governance
functions to the Audit Committee in order to comply with the requirement of the Code.The Audit Committee currently comprises one Non-Executive Director Ms. Chengyan Xiong and two Independent Non
– Executive Directors Mr. Stephen Tso Tung Chang and Mr. Songlin Feng. The Chairman of the Audit Committee is Mr.Stephen Tso Tung Chang. The primary duties of the Audit Committee include the reviewing of the Company’s financial
reporting system the nature and scope of the audit review as well as the effectiveness of the system of internal control
procedures and risk management. The Audit Committee is also responsible for making recommendations in relation
to the appointment reappointment and removal of the external auditors and the reviewing and monitoring of the
independence and objectivity of the external auditors. In addition the Audit Committee discusses matters raised by
the external auditors and regulatory bodies to ensure that appropriate recommendations are implemented. A copy
of the terms of reference of the Audit Committee is available from the Company’s website and the Hong Kong Stock
Exchange’s website. The Audit Committee shall meet at least twice a year.During the year ended 31 December 2025 the Audit Committee held eight meetings and all the committee members
were present at the meetings. The major work performed by the Audit Committee with respect to the year ended 31
December 2025 included reviewing and recommending the re-appointment of the external auditor approving the
terms of engagement (including the remuneration) of the external auditor and the audit plan reviewing the unaudited
quarterly results announcement reviewing the unaudited interim report and interim results announcement for the six
months ended 30 June 2025 reviewing the audited financial statements and final results announcement for the year
ended 31 December 2025 reviewing the work of the Group’s audit department and assessing the effectiveness of the
Group’s systems of risk management and internal control and reviewing the connected transaction in relation to the
acquisition of Huali Micro. The Audit Committee also held discussions with management to ensure that the Company
has adequate resources qualified and experienced staff in the accounting and financial reporting function training
programs and budget.Auditor’s Remuneration
During the year ended 31 December 2025 the remuneration paid and payable to the auditors of the Company Ernst
& Young for the provision of audit services and non-audit related services to the Company were US$724 thousand
and US$15 thousand respectively excluding the remuneration for special services paid in connection with the issue
of shares for acquisition of assets and the raising of matching funds. Details of significant non-audit related services
include tax and risk management advisory services.28 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 29
CORPORATE GOVERNANCE REPORT
Board Diversity
The Board adopted a board diversity policy (the “Policy”) in compliance with Rule 13.92 of the Listing Rules.The Company sees increasing diversity at the Board level as an essential element in maintaining the Company’s
competitive advantage. In designing the Board’s composition Board diversity will be considered from several aspects
including without limitation differences in the talents skills regional and industry experience background gender
age and other qualities of the members of the Board in order to maintain an appropriate range and balance of
talents skills experience and background on the Board. In recommending candidates for appointment to the Board
the Nomination Committee will consider candidates on merit against objective criteria and with due regard to the
benefits of diversity on the Board. The Nomination Committee discussed and agreed on the measurable objectives for
achieving diversity on the Board and recommended them to the Board for adoption. At any given time the Board may
seek to improve one or more aspects of its diversity and measure progress accordingly.The Board believes that gender diversity is an important aspect of Board diversity. Following the appointment of Ms.Chengyan Xiong as a non-executive director as of 28 March 2024 the Company is compliant with the requirement
under Rule 13.92 of the Listing Rules. Gender diversity aside the Remuneration Committee took the view that the
measurable objectives for Board diversity had been achieved to a large extent for the year ended 31 December 2025.The Nomination Committee paid particular attention to the cultural and educational background professional and
technical experience and skills of the members of the Board and also reviewed the composition of Executive Directors
and Independent Non-Executive Directors so as to ensure appropriate independence within the Board.The Company will continue to maintain a balance of diverse perspectives on the Board that is appropriate for and
conducive to the Company’s growth.Workforce Diversity
As at 31 December 2025 the gender ratio of the Group’s workforce (including the Company’s senior management)
was approximately 74% male to 26% female. The Company’s hiring is merit-based and non-discriminatory. The Board
is satisfied that the Company has achieved gender diversity in its workforce.Corporate Governance Functions
The Board is responsible for performing the functions set out in provision A.2.1 of the Code.The Board reviewed the Company’s corporate governance policies and practices the training and continuous
professional development of Directors and senior management the Company’s policies and practices on compliance
with legal and regulatory requirements the compliance with the Model Code and the Company’s compliance with the
Code and disclosure in this Corporate Governance Report.28 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 29
CORPORATE GOVERNANCE REPORT
Investor Relations
Shareholders’ Communication Policy
The Company has adopted a shareholders’ communication policy which is subject to annual review to ensure its
implementation and effectiveness. Such policy aims to ensure that Shareholders will have equal and timely access to
information about the Company so as to enable them to exercise their rights in an informed manner and to allow them
to engage actively with the Company.A summary of the Company’s shareholders’ communication policy is set out below.The Company provides information to Shareholders through its financial reports (including quarterly interim and
annual reports) circulars announcements and other disclosures submitted to the Hong Kong Stock Exchange and the
Shanghai Stock Exchange for publication.To further promote effective communication the Company maintains a website at www.huahonggrace.com with
information and updates on the Company’s business developments and operations list of Directors and their roles and
functions constitutional documents terms of reference of the Board and its committees procedures for nomination
of Directors for election corporate governance practices financial reports circulars announcements and other
information.Shareholders’ meetings are a primary forum for communication between the Board and Shareholders. The Company
encourages Shareholders to attend and participate in general meetings to ensure a high level of accountability and
to keep them informed of the Company’s goals and strategies. The Chairman of the Board other Board members
and the Chairmen of all the Board committees or in their absence other members of the respective committees are
available to answer any questions from Shareholders. Shareholders are given sufficient notice of the meetings and
detailed voting procedures are included in circulars to Shareholders accompanying the notices of meetings.In addition to the above the Company also publishes newsletters through its WeChat public account. Shareholders
can subscribe to the account to obtain the latest news of the Company.To promote investors’ understanding of the Company’s business the Company organizes roadshows and on-site visits
to its clean rooms and exhibition halls for investors. The Company has also participated in a number of investment
forums and conducted multiple exchanges with securities analysts fund management companies and individual
investors through various means.In order for the Company to solicit and understand the views of Shareholders and stakeholders Shareholders and
other stakeholders may make enquiries to the Company through its investor relations contact by email at IR@hhgrace.com.The Company has reviewed the implementation and effectiveness of its shareholders’ communication policy for the
year ended 31 December 2025 including the steps taken at the general meetings the handling of queries received
and the multiple communication channels in place. The Company is of the view that the policy is effective and has
been properly implemented.30 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 31
CORPORATE GOVERNANCE REPORT
Company Secretary
Ms. Sui Har Lee the Company Secretary is responsible to the Board for ensuring that the Board procedures are
followed and that the Board activities are efficiently and effectively conducted. She is also responsible for ensuring that
the Board is fully appraised of the relevant legislative regulatory and corporate governance developments relating to
the Company and facilitating the induction and professional development of Directors.The Company Secretary reports to the Chairman and the President plays an essential role in the relationship between
the Company and its Shareholders and assists the Board in discharging its obligations to Shareholders pursuant to
the Listing Rules.During the year ended 31 December 2025 Ms. Sui Har Lee attended relevant professional seminars to update her
skills and knowledge and has complied with Rule 3.29 of the Listing Rules.Procedures for Shareholders to Convene an Extraordinary General Meeting
Extraordinary general meetings may be convened by the Directors on requisition of Shareholder(s) holding not less
than one-twentieth of the paid-up capital of the Company or by such Shareholder(s) who made the requisition (the
“Requisitionist(s)”) (as the case may be) pursuant to sections 566 to 568 of the Companies Ordinance (Chapter 622
of the laws of Hong Kong) (the “Companies Ordinance”). The objects of the meeting must be stated in the requisition
which must be signed by the Requisitionist(s) and deposited at the registered office of the Company. Shareholders
should follow the requirements and procedures as set out in sections 580 to 583 of the Companies Ordinance for
convening an extraordinary general meeting.Procedures for Putting Forward Proposals at Shareholders’ Meetings and Directing
Enquiries from Shareholders to the Board
Shareholders may at any time send their written requests proposals enquiries and concerns to the Company for the
attention of Chairman of the Board or the Company Secretary whose contact details are as follows:
288 Halei Road Zhangjiang Hi-Tech Park Shanghai 201203 China
Tel: (86) 21 38829909
Fax: (86) 21 50809999
Email: IR@hhgrace.com30 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 31
CORPORATE GOVERNANCE REPORT
Voting by Poll
Pursuant to Rule 13.39(4) of the Listing Rules any vote of Shareholders at a general meeting must be taken by poll.Risk Management and Internal Monitoring
Risk Management and Internal Monitoring Objectives
Risk Management Objective
From a compliance perspective the Company strictly complies with the relevant provisions of the Corporate
Governance Code issued by the Hong Kong Stock Exchange to ensure that all compliance requirements are
implemented in a timely and accurate manner.From the perspective of operations the management team well understands the risks that may be confronted by
the Company as it undertakes future development. Therefore the risk management objective of the Company is to
identify and assess risks and take appropriate countermeasures to evade a risk entirely if possible otherwise to
manage these risks to reduce their impact and keep them under control. The Company has constructed a robust risk
control system working on a continuous basis established a risk management platform clarified risk management
mechanisms improved a risk map and carried out an annual risk evaluation with the aim of establishing a concise
scientific practical and efficient risk management and control model which complies with requirements under the
Corporate Governance Code and is in line with the Company’s specific evolving circumstances.Internal Control System Objective
The Company’s internal control system has fully implemented the requirements for a risk management framework as
set out by COSO (Committee of Sponsoring Organizations of the Treadway Commission) as well as the guidelines of
Hong Kong Institute of Certified Public Accountants for risk management. We refined the three tiers of risk map in the
processes and formed risk-oriented internal control evaluation by considering the Company’s ongoing operational
circumstances and business characteristics. The objective is to evaluate the effectiveness and applicability of our
internal monitoring system and provide reasonable guarantees for the effectiveness of the Company’s operating
activities the reliability of financial reports and compliance with laws and regulations.32 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 33
CORPORATE GOVERNANCE REPORT
Risk Management and Internal Monitoring System
To ensure our risk management work develops efficiently and forms a long-term mechanism the Company has
established a risk management monitoring system comprising a “three-line model”. It covers the roles and duties of
many different aspects as follows:
1st Line Business Departments
* Establish and maintain various departmental risk management mechanisms;
* Ongoing collection of risk data while performing day-to-day department tasks;
* Continue to carry out risk monitoring and early warning of the department;
* Assist in the implementation of the Company’s risk management work including
providing necessary documents and samples identifying major risks related to the
department and determining major risk countermeasures;
2nd Line Business Supervision and Administration Departments
* Provide and supplement expertise play a supportive and supervisory role help
continuously implement and improve the risk management work; analyse and report
on the accuracy and effectiveness of risk management;
3rd Line Internal Audit Level
* Independently inspect and supervise risk management activities conducted by the
Business Departments and the Risk Management Level and evaluate whether the
Company’s risk management mechanism is implemented effectively and efficiently;
* Conduct annual comprehensive risk assessments based on the risk assessment
results define the major risk factors and relevant response responsibilities organize
and guide relevant departments in making response plans for major risks and follow
up on the implementation of the plans;
* Urge departments or agencies to rectify problems discovered during the auditing and
risk assessment process and monitor the ongoing status of the rectification work;
* Report the auditing and risk assessment results to the Audit Committee of the
Company.32 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 33
CORPORATE GOVERNANCE REPORT
Risk Management and Internal Monitoring Statement
The Board is responsible for the Company’s risk management and internal monitoring system as well as ensuring a
review of the system’s effectiveness. The Board has established an Internal Auditing Department and endowed it with
sufficient authority and independence to perform the internal auditing function. The internal auditors perform an annual
review of the Group’s risk management and internal monitoring systems according to the approved auditing scope and
in accordance with the provisions in D.2 of the Corporate Governance Code. As of the date of this report no material
deficiencies or material non-compliance issues have been identified by the internal audit.Based on audits by the Internal Auditing Department the Board believes that the Company has maintained an
adequate effective and credible risk management and internal monitoring system. However one must be recognized
is that the systems can only manage rather than completely eliminate risks that may affect the Company’s ability
to accomplish its business objectives. Therefore it provides a reasonable but not an absolute guarantee for the
avoidance of material misstatement or loss.With a view to identifying handling and disseminating inside information in compliance with the SFO procedures
including pre-clearance on dealing in the securities of the Company by designated members of management
notification of regular blackout period and securities dealing restrictions to relevant Directors and employees
identification of projects by code name and dissemination of information to stated purpose and on a need-to-know
basis have been implemented by the Group to guard against possible mishandling of inside information within the
Group.General Information
The Directors acknowledge their responsibility in preparing the Company’s financial statements for each financial
period to give a true and fair view of the state of affairs of the Company and in accordance with statutory requirements
and applicable accounting standards. In preparing the financial statements for the year ended 31 December 2025 the
Directors have selected suitable accounting policies and applied them consistently made judgments and estimates
that are prudent fair and reasonable and prepared the financial statements on a going concern basis.The responsibilities of the auditors with respect to the financial reporting are set out in the Independent Auditors’
Report on pages 301 to 309 of this annual report.On behalf of the Board
Dr. Peng Bai
Chairman and President34 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 35
DIRECTORS’ REPORT
The Board presents the annual report of the Company for 2025 and the audited financial statements of the Company
for the period from 1 January 2025 to 31 December 2025 (the “Financial Statements”).Principal Activities
The Company was a pure-play wafer foundry with a long dedication to specialty technologies and has both 8-inch and
12-inch production lines as at the end of 2025 with its major development and application of advanced “Specialty IC+ Power Discrete” differentiated specialty technologies including Embedded/Standalone Non-Volatile Memory Power
Discrete Analog & Power Management Logic & RF providing diverse specialized process wafer manufacturing
services to its customers. The activities of its principal subsidiaries are set out in note 41 to the Financial Statements
(Pages 427 to 429).Business Review
Revenue Analysis
Revenue of Hua Hong Semiconductor for 2025 was approximately US$2402.1 million representing an increase of
19.9% compared to the previous year with steady growth in annual revenue. Benefiting from the rapid development
of artificial intelligence and edge applications the global semiconductor market particularly the high-performance
computing chip and memory chip markets recorded relatively fast growth while the mature process chip market also
experienced a steady recovery. Throughout the year the Company’s capacity utilization rates for both 8-inch and 12-
inch wafers remained above 100%. In particular the capacity ramp-up of the Hua Hong Manufacturing Project (FAB9)
progressed rapidly leading to a swift increase in the revenue contribution from 12-inch wafers. Satisfactory results
were achieved across the Company’s major specialty technology platforms.Revenue by Service
YoY YoY
2025 2025 2024 2024 Change Change
US$’000 % US$’000 % US$’000 %
Semiconductor wafers 2301891 95.8% 1900929 94.9% 400962 21.1%
Others 100173 4.2% 103064 5.1% (2891) (2.8)%
Total 2402064 100.0% 2003993 100.0% 398071 19.9%
* In 2025 95.8% of our revenue was generated from the sale of semiconductor wafers.Revenue by Customer
YoY YoY
2025 2025 2024 2024 Change Change
US$’000 % US$’000 % US$’000 %
Systems and fabless companies 2323720 96.7% 1919000 95.8% 404720 21.1%
Integrated device manufacturers (IDMs) 78344 3.3% 84993 4.2% (6649) (7.8)%
Total 2402064 100.0% 2003993 100.0% 398071 19.9%
* Our revenue from systems and fabless companies accounted for 96.7%.34 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 35
DIRECTORS’ REPORT
Revenue by Geography
YoY YoY
2025 2025 2024 2024 Change Change
US$’000 % US$’000 % US$’000 %
China 1974098 82.2% 1636528 81.6% 337570 20.6%
North America 246091 10.2% 187899 9.4% 58192 31.0%
Other Asia 114151 4.8% 110038 5.5% 4113 3.7%
Europe 67724 2.8% 69528 3.5% (1804) (2.6)%
Total 2402064 100.0% 2003993 100.0% 398071 19.9%
* In 2025 82.2% of the Company’s revenue was generated in China.Revenue by Technology Type
YoY YoY
2025 2025 2024 2024 Change Change
US$’000 % US$’000 % US$’000 %
Embedded Non-Volatile Memory (eNVM) 611293 25.4% 526122 26.3% 85171 16.2%
Standalone Non-Volatile Memory (sNVM) 187686 7.8% 130137 6.5% 57549 44.2%
Power Discrete 667359 27.8% 623922 31.0% 43437 7.0%
Logic & RF 296927 12.4% 272201 13.6% 24726 9.1%
Analog & Power Management (PM) 638799 26.6% 451611 22.5% 187188 41.4%
Total 2402064 100.0% 2003993 100.0% 398071 19.9%
* In 2025 Analog & Power Management as well as Embedded & Standalone Flash Memory experienced rapid
revenue growth primarily driven by robust demand related to AI and the recovery in sectors such as consumer
and industry.36 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 37
DIRECTORS’ REPORT
Revenue by Technology Node
YoY YoY
2025 2025 2024 2024 Change Change
US$’000 % US$’000 % US$’000 %
≤65nm 608701 25.3% 438656 21.9% 170045 38.8%
90nm & 95nm 582636 24.3% 389181 19.4% 193455 49.7%
0.11μm & 0.13μm 261068 10.9% 278597 13.9% (17529) (6.3)%
0.15μm & 0.18μm 129032 5.4% 129645 6.5% (613) (0.5)%
0.25μm 9706 0.4% 16932 0.8% (7226) (42.7)%
≥0.35μm 810921 33.7% 750982 37.5% 59939 8.0%
Total 2402064 100.0% 2003993 100.0% 398071 19.9%
* In 2025 revenue from the 65nm and below as well as the 90nm and 95nm platforms maintained strong growth
driven by demand for platforms such as Analog & Power Management and Embedded & Standalone Flash
memory.Revenue by End Market
YoY YoY
2025 2025 2024 2024 Change Change
US$’000 % US$’000 % US$’000 %
Consumer Electronics 1532649 63.8% 1261705 63.0% 270944 21.5%
Industrial & Automotive Electronics 533610 22.2% 461256 23.0% 72354 15.7%
Communications 300199 12.5% 251261 12.5% 48938 19.5%
Computing 35606 1.5% 29771 1.5% 5835 19.6%
Total 2402064 100.0% 2003993 100.0% 398071 19.9%
* In 2025 market demand in the consumer electronics remained relatively stable with revenue from this end-market
accounting for 63.8%.36 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 37
DIRECTORS’ REPORT
Capacity and Capacity Utilization
Fab (In thousands of wafers per month) 2025 2024 YoY Change
Total capacity (8-inch wafer equivalent) 486 391 24.4%
Total capacity utilization 106.1% 99.5% 6.6 percentage points
* In 2025 capacity utilization (8-inch wafer equivalent) increased by 6.6 percentage points.Wafer Shipments
In thousands of wafers 2025 2024 YoY Change
Wafer shipments (8-inch wafer equivalent) 5384 4545 18.5%
* In 2025 there was a year-on-year increase of 18.5% in the Company’s wafer shipments.Process Platforms Technology Development and Operations Analysis
Facing a complex and ever-changing global industry environment as well as intense market competition the Company
remained committed to the research development and innovation of differentiated technologies on the one hand while
on the other hand it closely monitored end-market and customer developments continuously strengthened business
expansion enhanced technological competitiveness and persistently optimized its product mix to meet customer
and market demands. In 2025 through the joint efforts of all employees customers suppliers and other partners the
Company achieved outstanding results across its major process platforms.38 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 39
DIRECTORS’ REPORT
For the Embedded Non-Volatile Memory platform overall demand for MCUs increased benefiting from demand
recovery in the consumer and automotive electronics markets. In terms of high-performance MCUs 40nm eFlash
customized products entered pre-production the 55nm eFlash process platform achieved mass production on a large
scale and multiple related process platforms commenced supply in volume of automotive-grade products. Overall
both shipments and sales of Embedded Non-Volatile Memory platform products recorded double-digit growth. For
the Standalone Non-Volatile Memory platform the Company continued to advance technology iteration of its NORD
and ETOX Flash memory processes. Revenue increased by 44.2% year-on-year with a significant rise in the shipment
proportion of 48nm NOR Flash products.For the Analog & PM (Power Management) platform revenue in 2025 increased by 41.4% year-on-year primarily driven
by strong demand in AI supporting power applications and the mobile phone sector. The Company collaborated with
leading customers to expand its presence in the automotive industrial and consumer fields continuously expanding
market reach and increasing penetration. Technologically the successful development of the 0.18 um BCD 120V
platform addressed the high-voltage requirements of basic power chips for 48V systems in automotive electronics. The
90nm BCD process achieved stable mass production and underwent continuous technological iteration. The Company
introduced “BCD+” integration solutions across multiple technology nodes with BCD+eFlash process products
entering high-volume shipments and gaining widespread adoption in automotive electronics as a result of a concerted
effort to build a diversified specialty process platform.For the Logic & RF platform the 40nm ultra-low-power specialty process successfully entered mass production
which significantly extends the endurance of products such as IoT devices and wearables facilitating the Company’s
penetration into the low-power market segment. Meanwhile the 55/40nm specialty processes and RFCMOS processes
continued stable mass production and the 65nm RF SOI process platform sustained revenue growth. In the image
sensor field the CIS chip manufacturing process for smartphone main cameras demonstrates advantages including
excellent photosensitivity low noise and high dynamic range laying a solid foundation for the Company’s development
in markets such as mobile imaging and automotive vision.For the Power Discrete platform the Company continued to expand its technological development and actively
promoted innovation. Within this platform the proportion of 1.6um IGBT process products relative to total IGBT
products increased rapidly with the process benchmarking successfully against leading international standards
thereby becoming a core contributor to enhancing the local supply chain and finding wide application in new energy
fields such as main drive inverters for electric vehicles as well as wind power photovoltaic power and storage
charging systems. For compound semiconductors the Company actively developed GaN processes to address
market demands including high-performance motor drives and high-voltage DC systems.In 2025 the Company leveraged its capacity expansion to continuously drive technology R&D and iteration of specialty
process platforms. The capacity expanding construction of the Hua Hong Manufacturing Project (FAB9) continued to
progress smoothly. As of the end of 2025 the capacity target for the first phase was achieved while the move-in of
equipment for the second-phase capacity expansion continued with a target for the planned capacity scheduled to be
achieved in the third quarter of 2026.38 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 39
DIRECTORS’ REPORT
Outlook
Looking ahead to 2026 with the vigorous development of artificial intelligence and edge computing applications and
the increasing intelligence of end-user products a rapid increase in applications will drive a robust increase in chip
demand with an expected rapid growth of the global semiconductor market. As a major global hub for industries
requiring technological innovation China’s semiconductor market will continue to demonstrate vitality. Under the
leadership of the management team the Company will remain focused on the two core competitiveness drivers
capacity and process technology. Leveraging its 12-inch production lines including Hua Hong Manufacturing the
Company will further increase R&D investment accelerate the iteration and diversification of process platforms
enrich its product portfolio achieve efficient utilization by flexible capacity allocation and comprehensively enhance
management and operational efficiency. The Company will strengthen collaboration with domestic and international
customers focus on customer and market demands advance construction of the industrial ecosystem extend its
manufacturing advantages to the global market and stay committed to its long-term development objectives creating
value for the Company shareholders and all partners.40 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 41
DIRECTORS’ REPORT
Management Discussion and Analysis
Financial Performance
2025 2024 Change
US$’000 US$’000
Revenue 2402064 2003993 19.9 %
Cost of sales (2119138) (1798865) 17.8 %
Gross profit 282926 205128 37.9 %
Other income and gains 127408 149072 (14.5)%
Fair value loss on an investment property (2844) (39) 7192.3 %
Selling and distribution expenses (10967) (9628) 13.9 %
Administrative expenses (414658) (351276) 18.0 %
Other expenses (6527) (33395) (80.5)%
Finance costs (68214) (97113) (29.8)%
Share of profit of associates 4347 3459 25.7 %
Loss before tax (88529) (133792) (33.8)%
Income tax expense (22284) (6593) 238.0 %
Loss for the year (110813) (140385) (21.1)%
Attributable to:
Owners of the parent 54881 58108 (5.6)%
Non-controlling interests (165694) (198493) (16.5)%40 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 41
DIRECTORS’ REPORT
Revenue
Revenue was US$2402.1 million a growth of 19.9% over 2024 primarily driven by increased wafer shipments.Cost of sales
Cost of sales was US$2119.1 million a growth of 17.8% over 2024 primarily driven by increased wafer shipments.Gross profit
Gross profit was US$282.9 million an increase of 37.9% compared to 2024 primarily driven by improved average
selling price and cost reduction effort partially offset by higher depreciation costs.Other income and gains
Other income and gains were US$127.4 million a decrease of 14.5% compared to 2024 primarily due to decreased
interest income partially offset by increased government subsidies.Selling and distribution expenses
Selling and distribution expenses were US$11.0 million an increase of 13.9% compared to 2024 primarily due to
increased labor expenses.Administrative expenses
Administrative expenses were US$414.7 million an increase of 18.0% from 2024 largely attributable to increased
research and development expenses.Other expenses
Other expenses were US$6.5 million a decrease of 80.5% compared to 2024 mainly driven by decreased foreign
exchange losses.Finance costs
Finance costs were US$68.2 million a decrease of 29.8% compared to 2024 primarily due to decreased interest rate
of bank borrowings.Share of profit of associates
Share of profit of associates was US$4.3 million an increase of 25.7% from 2024 due to increased profit realized by
the associates.Income tax expense
Income tax expense was US$22.3 million an increase of 238.0% compared to 2024 primarily due to decreased
reversal of dividend withholding tax.Loss for the year
As a result of the cumulative effect of the above factors loss for the year was US$110.8 million narrowed by 21.1%
compared to 2024.42 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 43
DIRECTORS’ REPORT
Financial Status
31 December 31 December
2025 2024 Change
US$’000 US$’000
Non-current assets
Property plant and equipment 6676442 5859117 13.9%
Investment properties 219772 164153 33.9%
Right-of-use assets 150222 139799 7.5%
Investments in associates
Equity instruments designated at fair value 478799 289311 65.5%
through other comprehensive income
Other non-current assets 321840 130225 147.1%
Total non-current assets 7847075 6582605 19.2%
Current assets
Inventories 544368 467060 16.6%
Trade and notes receivables 282053 270461 4.3%
Other current assets 786974 604226 30.2%
Time and pledged deposits 99494 31624 214.6%
Cash and cash equivalents 4893808 4459132 9.7%
Total current assets 6606697 5832503 13.3%
Current liabilities
Trade payables 330370 298372 10.7%
Interest-bearing bank borrowings 403748 280704 43.8%
Government grants 89049 57563 54.7%
Other current liabilities 1033054 925599 11.6%
Total current liabilities 1856221 1562238 18.8%
Net current assets 4750476 4270265 11.2%
Non-current liabilities
Interest-bearing bank borrowings 2787096 1917235 45.4%
Other non-current liabilities 646224 29016 2127.1%
Total non-current liabilities 3433320 1946251 76.4%
Net assets 9164231 8906619 2.9%42 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 43
DIRECTORS’ REPORT
Explanation of items with fluctuation over 10% from 31 December 2024 to 31 December 2025
Property plant and equipment
Property plant and equipment increased from US$5859.1 million to US$6676.4 million as a result of capacity
expansion of the new production line.Investment properties
Investment properties increased from US$164.2 million to US$219.8 million primarily due to increased investment
properties.Equity instruments designated at fair value through other comprehensive income
Equity instruments designated at fair value through other comprehensive income increased from US$289.3 million to
US$478.8 million primarily due to increase in fair value of equity instruments.Other non-current assets
Other non-current assets increased from US$130.2 million to US$321.8 million primarily due to increased prepayments
for equipment.Inventories
Inventories increased from US$467.1 million to US$544.4 million primarily due to increased work-in-progress and
finished goods.Other current assets
Other current assets increased from US$604.2 million to US$787.0 million primarily due to increased value-added tax
credit.Time and pledged deposits
Time and pledged deposits increased from US$31.6 million to US$99.5 million primarily due to increased time
deposits.Trade payables
Trade payables increased from US$298.4 million to US$330.4 million primarily due to increased purchase of materials.Government grants
Government grants increased from US$57.6 million to US$89.0 million primarily due to increased receipts of
government funding.Other current liabilities
Other current liabilities increased from US$925.6 million to US$1033.1 million primarily due to increased payables for
capital expenditures.Interest-bearing bank borrowings
Total interest-bearing bank borrowings increased from US$2197.9 million to US$3190.8 million primarily due to
increased drawdowns of bank borrowings.Other non-current liabilities
Other non-current liabilities increased from US$29.0 million to US$646.2 million primarily due to a receipt of other
financing activity.44 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 45
DIRECTORS’ REPORT
Cash Flow
2025 2024 Change
US$’000 US$’000
Net cash flows generated from operating activities 649992 459495 41.5%
Net cash flows used in investing activities (1785954) (2671532) (33.1)%
Net cash flows generated from financing activities 1499216 1150125 30.4%
Net increase/(decrease) in cash and cash equivalents 363254 (1061912) (134.2)%
Cash and cash equivalents at beginning of the year 4459132 5585181 (20.2)%
Effect of foreign exchange rate changes net 71422 (64137) (211.4)%
Cash and cash equivalents at end of the year 4893808 4459132 9.7%
Net cash flows generated from operating activities
Net cash flows generated from operating activities were US$650.0 million an increase of 41.5% compared to 2024
mainly due to increased receipts from customers.Net cash flows used in investing activities
Net cash flows used in investing activities were US$1786.0 million primarily attributed to US$1814.0 million for capital
investments US$67.2 million for placement of time deposits US$17.6 million for an equity instrument and US$2.8
million for an associate offset by receipts of US$65.1 million of interest income US$49.2 million of government grants
and US$1.3 million for disposal of items of equipment.Net cash flows generated from financing activities
Net cash flows generated from financing activities were US$1499.2 million including (i) US$2018.0 million of
proceeds from bank borrowings (ii) US$594.6 million of a receipt from other financing activity (iii) US$34.4 million from
share option exercises and (iv) US$12.1 million of government grants for interest expenses offset by (i) US$1076.2
million of repayments of bank borrowings (ii) US$79.7 million of interest payments and (iii) US$4.0 million payment of
principal portion of lease payments.Net increase in cash and cash equivalents
As a result of the cumulative effect of the above factors cash and cash equivalents increased from US$4459.1 million
as of 31 December 2024 to US$4961.0 million as of 31 December 2025.44 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 45
DIRECTORS’ REPORT
Financial Risks
Interest rate risk
Our exposure to the risk of changes in market interest rates relates primarily to the Group’s long term debt obligations
with a floating interest rate. Our policy is to manage interest rate risk using a mix of fixed and variable rate debts.As at 31 December 2025 if the interest rates had been 100 basis points higher/lower with all other variables held
constant profit before tax for the year would have been US$30596000 lower/higher mainly as a result of higher/lower
interest expense on floating rate liabilities.Foreign currency risk
We have transactional currency exposures arising primarily from sales or purchases by our significant subsidiaries
operating in the Chinese mainland in US$ other than the subsidiary’s functional currency which is RMB. During
the year approximately 18% of our sales were denominated in currencies other than the functional currency of the
subsidiaries making the sale whilst 56% of costs of sales were denominated in the subsidiaries’ functional currency.In addition we have currency exposures from interest-bearing bank borrowings held by our subsidiaries operating
in the Chinese mainland. As at 31 December 2025 interest-bearing bank borrowings with a carrying amount of
US$622783000 were denominated in US$ rather than the subsidiaries’ functional currency which is RMB.Credit risk
We trade only with recognised and creditworthy third parties and related parties. It is our policy that all customers
who wish to trade on credit terms are subject to credit verification procedures. In addition receivable balances are
monitored on an ongoing basis and our exposure to bad debts is not significant.Our maximum exposure to credit risk in relation to our financial assets is: the carrying amounts of cash and cash
equivalents trade and notes receivables financial assets included in prepayments other receivables and other assets
amounts due from related parties and time and pledged deposits included in the consolidated statement of financial
position. We have no other financial assets which carry significant exposure to credit risk.Liquidity risk
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.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 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 year.46 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 47
DIRECTORS’ REPORT
Gearing Ratio
Details of the gearing ratio are set out in Note 39 to the Financial Statements.Results
The results of the Group for the year ended 31 December 2025 and the state of affairs as at that date are set out in the
Financial Statements on pages 310 to 313 of this report.Final Dividends
Considering the capital-intensive nature of the semiconductor industry alongside the Group’s current development
and business model it is essential for the Group to retain adequate funds to fulfil its operational needs and fuel its
ongoing expansion of production capabilities R&D innovation and enhancement of market share which are conducive
to maintain the stability of the Group’s operations and promote its long-term development plans. Therefore subject to
approval at the Annual General Meeting the Board does not recommend payment of a dividend for the year ended 31
December 2025 (2024: Nil).Dividend Policy
Subject to the approval of the Shareholders and the requirements of law it has been decided that the Company
will pay dividends to the Shareholders from the year of 2015 and onwards if the Group is profitable the operations
environment is stable and there is no significant investment made by the Group. It is intended that the average of
dividends paid in three consecutive years will be no less than 30% of the average distributable net profit of these three
years. The remaining net profit will be used for the development and operations of the Group.This dividend policy will continue to be reviewed from time to time and there can be no assurance that dividends will
be paid in any amount for any given period. In the event that the Board recommends a dividend the form and amount
will depend on the assessment by the Directors of the factors affecting the Group from time to time.Distributable Reserves
As at 31 December 2025 the Company has US$284796000 in distributable reserves available for distribution to
Shareholders.46 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 47
DIRECTORS’ REPORT
Bank Loans
The particulars of bank loans of the Group as at 31 December 2025 are set out in note 26 to the Financial Statements.As at 31 December 2025 certain of the Group’s bank loans were secured by pledges of the Group’s assets. Please
refer to note 26 to the Financial Statements for further details.Financial Summary
A summary of the published results and the assets and liabilities of the Group for the past five financial years is set out
on page 432. This summary does not form part of the audited financial statements.Property Plant and Equipment
Details of additions and other changes during the year ended 31 December 2025 in the property plant and
equipment and investment property of the Group are set out in notes 13 and 14 to the Financial Statements.In addition details of the investment property are set out below:
Gross Floor Area
Location Type of Use Term of Lease Group’s Interest (sq.m.)
Portions of 9 buildings No. 818 Industrial use Held under a land 100% 91563.11
Guo Shou Jing Road use right for a term
Zhangjiang Hi-Tech Park expiring on 8 March 2051
Pudong New Area Shanghai
PRC
No. 180 Hongyi Road Xinwu Commercial Land use right expiring on 51% 39429.49
District Wuxi Jiangsu 6 January 2061
Significant Events After the Reporting Period
As of the date of this report the Company has no significant events after the Reporting Period.Share Capital
Details of movement in the share capital of the Company during the year ended 31 December 2025 are set out in note
31 to the Financial Statements. These movements include the automatic inclusion of the amount standing to the share
premium account into the share capital as from 3 March 2014 in accordance with section 37 of Schedule 11 to the
New Companies Ordinance (Cap. 622) as part of the transition to the no-par value regime.48 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 49
DIRECTORS’ REPORT
Share Option Scheme
A share option scheme (the “Share Option Scheme”) was approved by an extraordinary general meeting of the
Company held on 1 September 2015. A summary of the Share Option Scheme is as follows:
Purpose of the Share Option Scheme: The purpose of the Share Option Scheme is to attract retain and
provide incentives to the Participants (defined below) to provide them
with the opportunity to obtain Shares of the Company and to link their
interests closely to the operating results and share performance of the
Company with the view to increasing the value of the Company.Participants: The participants of the Share Option Scheme (“Participants”)
include (1) existing Executive and Non-Executive Directors of any
member of the Group; or (2) senior management and key managerial
and technical personnel having a direct impact on the results of
operations and sustainable development of any member of the Group
subject always to any limits and restrictions specified in the Share
Option Scheme but shall not include any Independent Non-Executive
Directors.Maximum entitlement of each Participant: If the total number of Shares allotted and which may fall to be allotted
upon exercise of all the share options (“Share Options”) granted
and to be granted (including exercised cancelled and outstanding
Share Options) to a Participant in any 12-month period in aggregate
exceeds 1% of the issued share capital of the Company at the time
no further grant of Share Options shall be given to such Participant.Share Options may be granted to a Participant in excess of the
individual limit of 1% in any 12-month period only with the approval
of the Shareholders at a general meeting. No Share Option shall be
granted to any person who holds over 5% of Shares of the Company
which carry voting rights on the Grant Date (as defined in the Share
Option Scheme) unless such grant is approved by shareholders at
the general meeting.Minimum period if any for which an option Two years unless otherwise stated in the grant notice of the Share
must be held before it can be exercised: Option.The amount payable on application or HK$1.00 is to be paid by each grantee as consideration for the grant
acceptance of the Share Option and of Share Option within 28 days from the date of proposed offer.the period within which payments or calls
must be made or loans for such
purposes must be paid:
Number of options available for grant at the The Share Option Scheme shall be valid and effective for a period of
beginning and the end of year 2025 and seven (7) years commencing on the date of adoption. It has therefore
the remaining life of the Share Option Scheme: expired on 1 September 2022. No further options could be granted
and none has been granted under the Share Option Scheme from
that date.As at 31 December 2025 and the date of this report the total number of shares available for issue under the
Share Option Scheme is 179209 shares representing approximately 0.01% of the total number of shares in issue
(representing all shares in issue of the listed company (including A Shares)).48 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 49
DIRECTORS’ REPORT
Share Options Granted under the Share Option Scheme
On 4 September 2015 the Company granted 30250000 Share options (the “2015 Options”) to subscribe for a total of
30250000 ordinary shares of the Company to certain individuals under the Share Option Scheme. Details of the 2015
Options are as follows:
Date of grant: 4 September 2015
Exercise price of options granted: HK$6.912
Number of options granted: 30250000 (representing 1.74% of the issued shares of the Company
as at 31 December 2025)
Validity period of the options: From 4 September 2015 to 3 September 2022 (seven (7) years) both
dates inclusive
Vesting period of the options: One third of the options shall vest on each of 4 September 2017 4
September 2018 and 4 September 2019
The exercise price of HK$6.912 per Share represents a premium of 0% over the higher of (i) the closing price of
HK$6.87 per Share as stated in the daily quotation sheets issued by the Hong Kong Stock Exchange on the date of
the grant; (ii) the average closing price of HK$6.912 per Share as stated in the daily quotation sheets issued by the
Hong Kong Stock Exchange for the five trading days immediately preceding the date of the grant; and (iii) the closing
price of HK$6.800 per Share as stated in the daily quotation sheets issued by the Hong Kong Stock Exchange on the
day immediately before the grant date.On 24 December 2018 the Company granted 34500000 share options (the “2018 Options”) to subscribe for a total of
34500000 ordinary shares of the Company to certain individuals under the Share Option Scheme. Details of the 2018
Options are as follows:
Date of grant: 24 December 2018
Exercise price of options granted: HK$15.056
Number of options granted: 34500000 (representing 1.99% of the issued shares of the Company
as at 31 December 2025)
Validity period of the options: From 24 December 2018 to 23 December 2025 (seven (7) years)
both dates inclusive
Vesting period of the options: For employees at or above the level of the vice president of the
Company (together with Directors) one fourth of the 2018 Options
shall vest on each of 24 December 2020 24 December 2021 24
December 2022 and 24 December 2023; for the other employees of
the Company one third of the 2018 Options shall vest on each of 24
December 2020 24 December 2021 and 24 December 202250 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 51
DIRECTORS’ REPORT
The exercise price of HK$15.056 per share represents the higher of (i) the closing price of HK$14.440 per share as
stated in the daily quotation sheets issued by the Hong Kong Stock Exchange on the date of the grant; (ii) the average
closing price of HK$15.056 per share as stated in the daily quotation sheets issued by the Hong Kong Stock Exchange
for the five business days immediately preceding the date of the grant; (iii) the closing price of HK$14.380 per Share
as stated in the daily quotation sheets issued by the Hong Kong Stock Exchange on the day immediately before the
grant date; and (iv) the nominal value of the share.On 29 March 2019 the Company granted 500000 share options (the “March 2019 Options”) to subscribe for a total of
500000 ordinary shares of the Company to one individual under the Share Option Scheme. Details of the March 2019
Options are as follows:
Date of grant: 29 March 2019
Exercise price of options granted: HK$18.400
Number of options granted: 500000 (representing 0.03% of the issued shares of the Company as
at 31 December 2025)
Validity period of the options: From 29 March 2019 to 28 March 2026 (seven (7) years) both dates
inclusive
Vesting period of the options: One fourth of the options will vest on each of 23 December 2021 12
August 2022 11 August 2023 and 9 August 2024
The exercise price of HK$18.400 per share represents the higher of (i) the closing price of HK$18.400 per share as
stated in the daily quotation sheets issued by the Hong Kong Stock Exchange on the date of the grant; (ii) the average
closing price of HK$18.176 per share as stated in the daily quotation sheets issued by the Hong Kong Stock Exchange
for the five business days immediately preceding the date of the grant; (iii) the closing price of HK$18.220 per share
as stated in the daily quotation sheets issued by the Hong Kong Stock Exchange on the day immediately before the
grant date; and (iv) the nominal value of the share.On 23 December 2019 the Company granted 2482000 share options (the “December 2019 Options”) to subscribe
for a total of 2482000 ordinary shares of the Company to certain individuals under the Share Option Scheme. Details
of the December 2019 Options are as follows:
Date of grant: 23 December 2019
Exercise price of options granted: HK$17.952
Number of options granted: 2482000 (representing 0.14% of the issued shares of the Company
as at 31 December 2025)
Validity period of the options: From 23 December 2019 to 22 December 2026 (seven (7) years)
both dates inclusive
Vesting period of the options: For employees at or above the level of the vice president of Hua Hong
Wuxi one fourth of the options will vest on each of 23 December
2021 23 December 2022 23 December 2023 and 23 December
2024; for the other employees of Hua Hong Wuxi one third of the
options will vest on each of 23 December 2021 23 December 2022
and 23 December 202350 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 51
DIRECTORS’ REPORT
The exercise price of HK$17.952 per share represents the higher of (i) the closing price of HK$17.260 per share as
stated in the daily quotation sheets issued by the Hong Kong Stock Exchange on the date of the grant; (ii) the average
closing price of HK$17.952 per share as stated in the daily quotation sheets issued by the Hong Kong Stock Exchange
for the five business days immediately preceding the date of the grant; (iii) the closing price of HK$17.200 per share
as stated in the daily quotation sheets issued by the Hong Kong Stock Exchange on the day immediately before the
grant date; and (iv) the nominal value of the share.Details of the movements in the share options during the year ended 31 December 2025 are as follows:
Name or category of participants
Resigned director
Number of share options Resigned director Mr. Junjun Tang1 Other employees Total
Granted at 4 September 2015 988000 – – 29262000 – – 30250000
Granted at 24 December 2018 – 680000 – – 33820000 – 34500000
Granted at 29 March 2019 – – 500000 – – – 500000
Granted at 23 December 2019 – – – – – 2482000 2482000
Cancelled/Lapsed during the year 2015 – – – -130000 – – -130000
Cancelled/Lapsed during the year 2016 – – – -1458000 – – -1458000
Cancelled/Lapsed during the year 2017 – – – -1353399 – – -1353399
Cancelled/Lapsed during the year 2018 – – – -754595 – – -754595
Cancelled/Lapsed during the year 2019 – -600000 – -58000 -1035000 -36000 -1729000
Cancelled/Lapsed during the year 2020 -119000 -80000 – – -993904 -84000 -1276904
Cancelled/Lapsed during the year 2021 – – -62500 – -5751868 -592993 -6407361
Cancelled/Lapsed during the year 2022 – – – – -543728 -73983 -617711
Cancelled/Lapsed during the year 2023 – – – – -8168 -6900 -15068
Cancelled/Lapsed during the year 2024 – – – – -87758 -116668 -204426
Exercised during the period – – 437500 – 17627582 1080296 19145378
Cancelled during the period – – – – – – –
Lapsed during the period – – – – -12715 – -12715
Outstanding at 1 January 2025 – – 437500 – 17640297 1259505 19337302
Outstanding at 31 December 2025 – – – – – 179209 179209
Vesting period of share options From From From From From From
4 September 24 December 29 March 2019 4 September 24 December 23 December
2015 to 2018 to to 28 March 2026 2015 to 2018 to 2019 to
3 September 23 December 3 September 23 December 22 December
20222025202220252026
Exercise period of share options From 4 September From From 29 March From 4 September From From
2017 to 24 December 2021 to 2017 to 24 December 23 December
3 September 2020 to 28 March 2026 3 September 2020 to 2021 to
2022 23 December 2022 23 December 22 December
202520252026
Exercise price of share options HK$6.912 HK$15.056 HK$18.400 HK$6.912 HK$15.056 HK$17.952
Weighted average closing price of
the shares immediately before the
dates on which the share options were
exercised HK$67.25 HK$48.31 HK$49.03
Save as disclosed above the Company has not adopted any other share option scheme during the year ended 31
December 2025.
1 Mr. Tang Junjun resigned as an executive director of the Company on 31 October 202552 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 53
DIRECTORS’ REPORT
Reserves
Details of movements in the reserves of the Group during the year ended 31 December 2025 are set out in the
consolidated statement of changes in equity on pages 314 to 315 of this report.Issuance and Listing of Securities
Trading amount approved
Type of shares and to be listed as of the end of the
other derivative instruments Issue price Issue amount Listing date reporting period
Ordinary share RMB52.00 407750000 7 August 2023 407750000 (Circulating shares
not subject to selling restrictions);
On 7 August 2023 the Company was listed on the STAR Market of the Shanghai Stock Exchange under the stock
abbreviation of “Hua Hong Company” (華虹公司) and stock code of “688347”.Through issuing the RMB Shares on the STAR Market of the Shanghai Stock Exchange a total of 407750000 ordinary
shares of the Company have been subscribed by eligible off-line investors as well as eligible natural persons legal
entities and other institutional investors (other than those prohibited by the laws and regulations and regulatory
documents of the PRC) or such other target subscribers meeting the relevant qualification requirements of the China
Securities Regulatory Commission and the Shanghai Stock Exchange who have maintained stock accounts with the
Shanghai Stock Exchange.52 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 53
DIRECTORS’ REPORT
The total proceeds raised amounted to RMB21203000000. After deducting the issuance expenses
including underwriting sponsorship fees as well as other issuance expenses the net proceeds amounted to
RMB20920677000 at an issue price of RMB52.00 per ordinary share (the closing price of the Company’s shares
on the Hong Kong Stock Exchange was HK$26.35 as at the date of the announcement of the Company in relation to
the terms of the RMB Share Issue (i.e. 4 August 2023)). Upon receipt of the proceeds the entire amount has been
deposited into a dedicated account for the proceeds which was approved by the Board. As of 31 December 2025
approximately RMB14839695899 of the net proceeds were utilized therefore approximately RMB6080981101 were
brought forward to the beginning of the Reporting Period. The proceeds raised will be utilised in accordance with the
previously disclosed intended use of the proceeds as set out below:
Unit: RMB
Accumulated Expected
unutilised timeframe for
Amount of proceeds at usage of
committed the end of the unutilised
Previously disclosed intended use of proceeds investments Reporting Period proceeds
Hua Hong Manufacturing (Wuxi) Project 12500000000.00 133482934.32 By the end of 2026
8-Inch Factory Optimisation and Upgrading Project 2000000000.00 1503337890.94 By the end of 2026
Specialty Technological Innovation Research and
Development Project 2500000000.00 1523936298.56 By the end of 2026
Replenishment of Working Capital 1000000000.00 – N/A
Proposed Acquisition and Proposed Non-public Issuance of RMB Shares
As disclosed in the Company’s announcements dated 31 August 2025 and 31 December 2025 and the Company’s
circular dated 22 January 2026 the Company proposes to acquire 97.4988% equity interest in Huali Micro by way
of issuance of consideration RMB Shares. The appraised value of 100% equity interest of Huali Micro is RMB8480
million and the total consideration for its 97.4988% equity interest is approximately RMB8268 million. According to the
relevant laws and regulations of the PRC the issue price of the consideration shares for this acquisition is RMB43.34
per consideration share and the number of issued shares is 190768392. Upon the completion of this acquisition the
Company will hold 100% of Huali Micro.Taking into account the future capital requirements of the Company in addition to acquisition the Board further
approved and proposed proceeds raised of RMB7556.29 million being (i) not more than 100% of the final total
consideration of the proposed acquisition and (ii) the number of RMB shares to be issued shall not exceed 30% of
the total issued share capital of the Company upon completion. The proceeds raised will be used for the upgrading
R&D and industrialization of the production line of the Huali Micro project and to supplement the Company’s working
capital. The issue period price determination date and specific issue time of the proposed non-public offering of RMB
Shares will be determined by the Company and the PRC independent financial advisor after due consideration of the
market conditions and the intended use of proceeds and subject to the approval of the Shanghai Stock Exchange and
the CSRC.The Proposed Acquisition Proposed Non-public Issuance of RMB Shares and the transaction contemplated thereunder
were amongst others approved by the independent shareholders at the EGM held on 10 February 2026.54 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 55
DIRECTORS’ REPORT
Continuing Connected Transactions and Connected Transactions
Continuing Connected Transactions
The Group disclosed in the prospectus dated 3 October 2014 the continuing connected transactions with amongst
others Huali Micro Huahong Real Estate and Huajin Property Management. Certain details of such transactions are
summarized in the table below. With respect to such transactions the Company had applied for and the Hong Kong
Stock Exchange had granted a waiver from among others strict compliance with the announcement and independent
shareholders’ approval requirement (as the case may be). Details of such continuing connected transactions of the
Group together with certain other continuing connected transactions conducted during 2025 are set out as follows:
Actual Proposed
Transaction Transaction Annual
Transaction Date Parties to the Transaction Connected Relationship Transaction Amount 2025 Caps 2025
(1) 1 January 2025 Huahong Group (as purchaser) Huahong Group is a substantial T h e C o m p a n y ’ s s a l e o f US$11716000 US$30790000
shareholder of the Company. semiconductor products to
The Company (as seller) Huahong Group its subsidiaries
Hongri and Huahong Zealcore and associates including
are owned 51% and 93.02% by Hongri and Huahong Zealcore
Huahong Group respectively. pursuant to the Huahong Group
Framework Agreement.
(2) 1 January 2025 Huahong Group (as seller) Huahong Group is a substantial The Company’s purchase of US$36292000 US$55050000
shareholder of the Company. wafers and chemicals from
The Company (as purchaser) Huahong Group its subsidiaries
Hongri and Huahong Zealcore and associates including
are owned 51% and 93.02% by Hongri and Huahong Zealcore
Huahong Group respectively. pursuant to the Huahong Group
Framework Agreement.
(3) 25 February 2010 Huali Micro (as lessee) Huali Micro is 63.54% owned by Lease agreement between RMB99616000 RMB107000000
(together with Huahong Group a substantial Huali Micro (as lessee) and the (approx. (approx.the supplemental The Company (as lessor) shareholder of the Company. Company (as lessor) in relation US$13950000) US$15165000)
agreements dated to the factory premise situated
10 June 2011 and at Hill 2 13th street Zhangjiang
25 July 2014) Hi-Tech park Pudong New
Area Shanghai PRC leased by
the Company to Huali Micro for
their 300mm wafer production
line. The total gross floor area
leased was 96048.2 square
meters.54 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 55
DIRECTORS’ REPORT
Actual Proposed
Transaction Transaction Annual
Transaction Date Parties to the Transaction Connected Relationship Transaction Amount 2025 Caps 2025
(4) 1 January 2025 Huali Micro (as lessee) Huali Micro is 63.54% owned by Lease agreement between Huali RMB1402000 RMB5000000
Huahong Group a substantial Micro (as lessee) and HHGrace (approx. (approx.HHGrace (as lessor) shareholder of the Company. (as lessor) in relation to certain US$196000) US$709000)
clean rooms in HHGrace’s
factory premises leased to Huali
Micro. The total gross floor area
leased was 192 square meters.
(5) 10 January 2013 Huahong Real Estate (as lessor) Huahong Real Estate is a Lease agreement between RMB11504000 RMB12700000
(together with w h o l l y - o w n e d s u b s i d i a r y Huahong Rea l Es ta te (as (approx. (approx.a supplemental The Company (as lessee) o f H u a h o n g T e c h n o l o g y lessor) and the Company US$1610000)(1) US$1800000)
agreement dated Development a company 50% (as lessee) in relation to the
10 June 2014) held by and consolidated with dormitory premises situated
Huahong Group a substantial at Hua Hong Innovation Park
shareholder of the Company Nong 2777 Jinxiu Road East
and 50% held by HHGrace a Pudong New Area Shanghai
wholly-owned subsidiary of the PRC (“Dormitory Premises”)
Company. rented by the Company from
Huahong Real Estate for use as
staff quarters for the Company’s
employees. The total gross
floor area rented was 17412.87
square meters.
(6) 1 January 2025 Huajin Property Management Huajin Property Management P r o p e r t y m a n a g e m e n t RMB4134000 RMB5700000
(as property manager) is a wholly-owned subsidiary agreement between Huajin (approx. (approx.o f H u a h o n g T e c h n o l o g y Property Management (as US$579000) US$808000)
The Company (as lessee) Development a company 50% property manager) and the
held by and consolidated with Company (as lessee) in relation
Huahong Group a substantial to the engagement of Huajin
shareholder of the Company Property Management by the
and 50% held by HHGrace a Group to provide property
wholly-owned subsidiary of the management services for the
Company. Dormitory Premises.
(7) 1 January 2025 Huahong Real Estate (as lessor) Huahong Real Estate is a Lease agreement between RMB6586000 RMB7300000
w h o l l y - o w n e d s u b s i d i a r y Huahong Rea l Es ta te (as (approx. (approx.HHGrace (as lessee) o f H u a h o n g T e c h n o l o g y lessor ) and HHGrace (as US$922000)(2) US$1035000)
Development a company 50% lessee) in re la t ion to the
held by and consolidated with dormitory premises situated
Huahong Group a substantial at Hua Hong Innovation Park
shareholder of the Company Nong 2777 Jinxiu Road East
and 50% held by HHGrace a Pudong New Area Shanghaiwholly-owned subsidiary of the PRC (“Additional DormitoryCompany. Premises”) rented by the
Company from Huahong Real
Estate for use as staff quarters
for the Company’s employees.The total gross floor area rented
was 9977.17 square meters.56 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 57
DIRECTORS’ REPORT
Notes:
(1) The Group entered into a twenty-year lease with respect to certain dormitory premises from Huahong Real Estate before the
adoption of Hong Kong Financial Reporting Standard 16. Thus the Group are not required to re-comply with the notifiable
or connected transaction Rules. The amount of rent payable by the Group under the lease is US$1610000 per year. As at
31 December 2025 the balances of those right-of-use assets and lease liabilities were US$8813000 and US$11375000
respectively.
(2) The Group entered into an additional lease of dormitory premises from Huahong Real Estate. The amount of rent payable by the
Group under the lease is US$922000 per year. As at 31 December 2025 the balances of those right-of-use assets and lease
liabilities were US$5765000 and US$6145000 respectively.The price and terms of the continuing connected transactions as described above were determined in accordance with the pricing
policies and guidelines as set out in the relevant announcements of the Company. The Board (including the Independent Non-
Executive Directors) has reviewed the continuing connected transactions as described above and confirmed that such transactions
did in fact continue in 2025:
(i) in the ordinary and usual course of business of the Company;
(ii) either on normal commercial terms or if there are no sufficient comparable transactions to judge whether they are on normal
commercial terms on terms no less favourable to the Company than terms available to or from (as appropriate) independent
third parties; and
(iii) in accordance with the relevant agreements on terms that are fair and reasonable and in the interests of the Shareholders of the
Company as a whole.The auditors of the Company have confirmed in a letter to the Board that with respect to the aforesaid continuing connected
transactions of 2025:
(i) nothing has come to their attention that causes the auditors to believe that the disclosed continuing connected transactions
have not been approved by the Company’s Board;
(ii) for transactions involving the provision of goods or services by the Group nothing has come to their attention that causes the
auditors to believe that the transactions were not in all material respects in accordance with the pricing policies of the Group;
(iii) nothing has come to their attention that causes the auditors to believe that the transactions were not entered into in all material
respects in accordance with the relevant agreements governing such transactions; and
(iv) with respect to the aggregate amount of each of the continuing connected transactions nothing has come to their attention that
causes the auditors to believe that the disclosed continuing connected transactions have exceeded the annual caps disclosed
in the relevant announcement(s) with respect to each of the disclosed continuing connected transactions.Connected Transactions
The Proposed Acquisition
On 29 August 2025 the Company entered into an acquisition agreement (the “Acquisition Agreement”) with Huahong
Group Shanghai Integrated Circuit Industry Investment Fund Co. Ltd.* (上海集成電路產業投資基金股份有限公司)
China IC Fund II and Shanghai Guotou IC Fund Leading Integrated Circuit Private Equity Investment Fund Partnership
(Limited Partnership)* (上海國投先導集成電路私募投資基金合夥企業(有限合夥)) (collectively the “Vendors”) pursuant
to which the Company has conditionally agreed to purchase and the Vendors have conditionally agreed to sell a
total of 97.4988% of the share capital of Huali Micro (the “Target Assets”) in consideration of (i) the allotment and
issuance of new RMB Shares (the “Consideration Shares”) at a price of RMB43.34 per RMB Share in part and (ii)
the payment of the cash consideration by the Company to the Vendors in part. On 31 December 2025 the Company
entered into a supplemental agreement (the “Supplemental Agreement”) with the Vendors pursuant to which among
other things taking into account the appraised value of Huali Micro of RMB8480 million the parties agreed that the
final total consideration shall comprise 190768392 Consideration Shares (together with such cash consideration in
lieu of fractional shares).56 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 57
DIRECTORS’ REPORT
Further on 31 December 2025 the Company and Huahong Group entered into a compensation agreement (the
“Compensation Agreement”) pursuant to which for a period of three financial years (including the year in which the
Proposed Acquisition is completed) the Company shall conduct an impairment test on the total value of the Target
Assets based on a valuation conducted by a qualified valuer under the PRC securities laws with the valuation method
to be determined.As at the respective dates of the Acquisition Agreement the Supplemental Agreement and the Compensation
Agreement
(i) Huahong Group one of the Vendors is a substantial shareholder of the Company and a connected person of the
Company under Chapter 14A of the Listing Rules; and
(ii) China IC Fund II one of the Vendors holds 29% of the equity interests in Hua Hong Manufacturing a subsidiary
of the Company. China IC Fund II also holds 48334249 RMB Shares. Accordingly China IC Fund II is a
connected person of the Company at subsidiary level under Chapter 14A of the Listing Rules.The Proposed Acquisition the Acquisition Agreement the Supplemental Agreement and the Compensation Agreement
and the transaction contemplated thereunder were amongst others approved by the independent shareholders at the
EGM held on 10 February 2026.Please refer to the announcements of the Company dated 31 August 2025 and 31 December 2025 and the circular of
the Company dated 22 January 2026 for further details.Related Party Transactions
During the year ended 31 December 2025 the Group entered into certain transactions with parties regarded as
“related parties” under the applicable accounting standards. Details of the related party transactions entered into by the
Group during the year ended 31 December 2025 are disclosed in note 36 to the financial statements. The Company
has complied with the disclosure requirements set out in Chapter 14A of the Listing Rules. Save as disclosed in the
section headed “Continuing Connected Transactions and Connected Transactions” in this annual report the other
related party transactions disclosed in note 36 were not regarded as connected transactions or were exempt from
reporting announcement and shareholder approval requirements under the Listing Rules.Significant Investments
The Group did not hold any significant investment (with a value of 5% or more of the Group’s total assets) as of 31
December 2025.Future Plans for Material Investments and Capital Assets
Save as disclosed in this report the Group did not have other concrete plans for material investments or capital assets
as of 31 December 2025.Annual General Meeting
The AGM will be held on Thursday 14 May 2026.58 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 59
DIRECTORS’ REPORT
Closure of Register of Members
For determining the eligibility of Shareholders to attend and vote at the AGM
Latest time to lodge transfer documents for registration 4:30 p.m. on 8 May 2026 (Friday)
Closure of register of members 11 May 2026 (Monday) to
14 May 2026 (Thursday)
(both dates inclusive)
Record date 14 May 2026
In order to be eligible to attend and vote at the Annual General Meeting unregistered holders of shares should
ensure all share transfer forms accompanied by the relevant share certificates are lodged with the Company’s branch
share registrar Tricor Investor Services Limited at 17/F Far East Finance Centre 16 Harcourt Road Hong Kong for
registration no later than the aforementioned latest time.Directors and Directors’ Service Contracts
The Directors of the Company during the year and as of the date of this report were:
Executive Directors:
Dr. Peng Bai (Chairman and President) (appointed as President on 1 January 2025 and further appointed as Chairman
on 31 October 2025)
Mr. Junjun Tang (resigned on 31 October 2025)
Non-Executive Directors:
Mr. Jun Ye
Mr. Guodong Sun
Mr. Bo Chen (appointed on 7 March 2025)
Ms. Chengyan Xiong
Mr. Limin Zhou (resigned on 7 March 2025)
Independent Non-Executive Directors:
Mr. Stephen Tso Tung Chang
Mr. Kwai Huen Wong JP
Mr. Songlin Feng
Each of the Directors of the Company is appointed for a specific term of three years and is subject to re-nomination
and re-election by the Company in general meetings unless his/her appointment has been early terminated in
accordance with the terms and conditions of the relevant letter of appointment or director’s service contract.Ms. Chengyan Xiong Mr. Kwai Huen Wong JP and Mr. Songlin Feng will retire by rotation from office as directors at
the Annual General Meeting in accordance with articles 117 to 118 of the Articles. All of them being eligible will offer
themselves for re-election pursuant to the Articles.None of the Directors proposed for re-election at the general meeting has a service contract which is terminable by the
Group within one year without payment of compensation other than statutory compensation.The Company has received annual confirmation of independence from each of the existing Independent Non-
Executive Directors in accordance with Rule 3.13 of the Listing Rules. The Company considers that all the aforesaid
current Independent Non-Executive Directors are independent in accordance with the Listing Rules.58 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 59
DIRECTORS’ REPORT
Profiles of Directors and Senior Management
Profiles of Directors and Senior Management of the Company are set out on pages 10 to 21 of this report.Remuneration of the Highest Paid Individuals and Directors and Senior Management
Details of the remuneration of the Directors and the five highest paid individuals are set out in Note 9 to the
consolidated financial statements in this annual report respectively.Interests of the Directors and the Chief Executive in Shares and Underlying Shares
of the Company
As at 31 December 2025 none of the Directors or the Chief Executive of the Company had any interests or short
positions in the shares underlying shares or debentures of the Company or any associated corporation (within the
meaning of Part XV of the SFO) as recorded in the register kept under section 352 of the SFO or as otherwise notified
to the Company and the Hong Kong Stock Exchange pursuant to the Model Code contained in the Listing Rules.Interests of Directors in a Competing Business
During the year none of the Directors of the Group had any interests in a business which competes either directly or
indirectly with the business of the Company or the Group.Interests of Directors in Transactions Arrangements or Contracts of Significance
No transaction arrangement or contract of significance to which the Company or any of its subsidiaries or associates
was a party and in which a Director or an entity connected with a Director has or had a material interest whether
directly or indirectly subsisted at the end of the year ended 31 December 2025 or at any time during the year.Directors’ Securities Transactions
The Company has devised its own code of conduct regarding Directors dealing in the Company’s securities (the
“Company Code”) on terms no less exacting than the Model Code. Specific enquiry has been made to all the
Directors and the Directors have confirmed that they have complied with the Company Code and the Model Code
throughout 2025.Indemnity and Insurance
The Company provides directors and officers liabilities (D&O) insurance for the Directors and Officers. The D&O
insurance covers day-to-day management liability and is renewed every year.60 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 61
DIRECTORS’ REPORT
Director(s) of the Subsidiaries
The names of Directors who have served on the boards of the Company’s subsidiaries during the year ended 31
December 2025 or during the period from the end of the year 2025 to the date of this report were as follows:
Name of the Subsidiary Place of Incorporation Name of the Director(s)
HHGrace Shanghai PRC Dr. Peng Bai(1)
Mr. Jun Ye
Mr. Bo Chen(1)
Ms. Chengyan Xiong
Mr. Stephen Tso Tung Chang
Mr. Kwai Huen Wong JP
Mr. Songling Feng
Mr. Junjun Tang(2)
Mr. Limin Zhou(2)
Hua Hong Wuxi Wuxi PRC Dr. Peng Bai
Mr. Bo Chen
Mr. Jun Wei
Mr. Guodong Sun
Mr. Weihua Wu
Mr. Xin Jin
Mr. Junjun Tang(3)
Mr. Limin Zhou(3)
Hua Hong Manufacturing Wuxi PRC Dr. Peng Bai
Mr. Bo Chen
Ms. Yimin Chen
Mr. Guodong Sun
Mr. Yan Xia
Mr. Weihua Wu
Mr. Xin Jin
Mr. Suxin Zhang(4)
Mr. Limin Zhou(4)
Huahong Hongli Semiconductor (Wuxi) Co. Ltd. Wuxi PRC Dr. Peng Bai
(華虹宏力半導體（無錫）有限公司)
Huahong Real Estate (Wuxi) Co. Ltd. Wuxi PRC Mr. Weiping Zhou
Global Synergy Technology Limited Hong Kong PRC Mr. Daniel Yu-Cheng Wang
Mr. Cheng Fu
Grace Cayman Cayman Islands Mr. Daniel Yu-Cheng Wang
Mr. Jun Ye
HHGrace Semiconductor USA Inc. CA USA Mr. Daniel Yu-Cheng Wang
Mr. Cheng Fu
HHGrace Semiconductor Japan Co. Ltd. Tokyo Japan Ms. Maki Nakamura
Mr. Daniel Yu-Cheng Wang
Mr. Cheng Fu60 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 61
DIRECTORS’ REPORT
Notes:
(1) Dr. Peng Bai Mr. Bo Chen were appointed as directors of HHGrace in January 2025 and March 2025 respectively and have
been registered with the relevant market supervision and management authority.
(2) The resignation of each of Mr. Junjun Tang and Mr. Limin Zhou as a director of HHGrace was registered with the relevant
market supervision and management authority.
(3) Dr. Peng Bai Mr. Bo Chen and Ms. Yimin Chen were appointed as directors of Hua Hong Wuxi in January 2025 March 2025
and March 2026 respectively. Mr. Junjun Tang and Mr. Limin Zhou resigned as directors of Hua Hong Wuxi and have been
registered with the relevant market supervision and management authority.
(4) Dr. Peng Bai Mr. Bo Chen and Mr. Yan Xia were appointed as directors of Hua Hong Manufacturing in January 2025 March
2025 and March 2026 respectively. Mr. Junjun Tang and Mr. Limin Zhou resigned as directors of Hua Hong Wuxi and have
been registered with the relevant market supervision and management authority.Interests of Substantial Shareholders and Other Persons in the Shares and
Underlying Shares of the Company
As at 31 December 2025 persons other than a Director or Chief Executive of the Company having interests of 5% or
more or short positions in the shares and underlying shares of the Group were as follows:
Approximate
percentage of
aggregate
interests in
Number of issued share
Substantial shareholders Capacity and nature of interest shares held capital*
Shanghai Hua Hong International Inc. Legal and beneficial owner 347605650(1) 20.00%
(“Hua Hong International”)(2)
Huahong Group(2) Interest in a controlled corporation 347605650(1) 20.00%
Legal and beneficial owner 1198517(3) 0.07%
Sino-Alliance International Ltd. Legal and beneficial owner 160545541(1)(4) 9.24%
(“Sino-Alliance International”)
Sino-Alliance International Interest in a controlled corporation 28415606(1) 1.64%
SAIL Interest in a controlled corporation 188961147(1)(5) 10.87%
Notes:
(1) Long positions in the shares of the Company.
(2) Hua Hong International is a wholly-owned subsidiary of Huahong Group.
(3) Huahong Group directly held a total of 1198517 A shares.
(4) Including 3084 shares held in escrow by Sino-Alliance International pursuant to an escrow arrangement.
(5) SAIL indirectly held interests in the Company through two wholly-owned subsidiaries including Sino-Alliance International.
* The percentages are calculated based on the total number of shares of the Company in issue as at 31 December 2025 i.e.
1737614193 shares.62 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 63
DIRECTORS’ REPORT
Save as disclosed above so far as is known to any of the Directors and the Chief Executive of the Company as at
31 December 2025 no other person or corporation other than a Director or Chief Executive of the Company had any
interests or short positions in any shares or underlying shares of the Company which were recorded in the register
required to be kept by the Company pursuant to section 336 of the SFO.Arrangements to Purchase Shares or Debentures
At no time during the year ended 31 December 2025 were rights to acquire benefits by means of an acquisition of
shares in or debentures of the Company granted to any of the Directors or their respective spouses or minor children
or were any such rights exercised by them or was the Company or any of its holding companies subsidiaries or
fellow subsidiaries a party to any arrangements to enable the Directors or their respective spouses or minor children
to acquire such rights in any other body corporate.Major Customers and Suppliers
Purchases from the Group’s largest supplier and top five suppliers accounted for approximately 11.0% and 31.3%
respectively of the Group’s total purchases for the Reporting Period.Revenue from sales attributable to the Group’s largest customer and the five largest customers combined accounted
for approximately 8.6% and 34.2% respectively of the Group’s total sales revenue for the Reporting Period.None of the Directors or any of their close associates (as defined in the Listing Rules) or any Shareholders (whom to
the best knowledge of the Directors own more than 5% of the total number of issued shares of the Company) had a
material interest in the Group’s five largest customers and suppliers during the Reporting Period.Emolument Policy
As at 31 December 2025 the Group had a total of 7628 employees. The Group recruits and promotes individuals
based on their merit and development potential. The emolument policy for employees of the Group is set up by the
Remuneration Committee on the basis of their merit qualifications and competence.The emoluments of the Directors are determined by the Remuneration Committee having regard to the Group’s
operating results and individual performance. The emoluments of the Directors on a named basis are set out in note 8
to the financial statements for the year ended 31 December 2025.Purchase Sale or Redemption of Securities
For the year ended 31 December 2025 neither the Company nor any of its subsidiaries purchased sold or redeemed
any of the Company’s listed securities.Right of First Refusal
There are no provisions for right of first refusal under the Articles or the laws of Hong Kong which would oblige the
Company to offer new shares on a pro-rata basis to existing shareholders.62 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 63
DIRECTORS’ REPORT
Corporate Governance
The Company is committed to maintaining a high standard of corporate governance to safeguard the interests of
shareholders and to enhance corporate value and accountability.Information on the corporate governance practices adopted by the Company is set out in the Corporate Governance
Report in this annual report.Compliance with the Relevant Laws and Regulations
As far as the Board is aware the Company has complied in all material respects with the relevant laws and regulations
that have a significant impact on the business and operation of the Company.Environmental and Social Responsibilities
The Company firmly believes that robust and effective environmental social and governance (ESG) management is
the foundation for sustainable and high-quality development. The concept of ESG has been deeply integrated into the
Company’s strategy management and long-term development goal and has been involved in the entire process of
our business operations so as to drive continuous business growth and create and share value for all stakeholders.During the Reporting Period the Company updated and established its ESG management objectives to further
enhance its management capabilities in energy greenhouse gas emissions water resources and waste disposal to
higher standards aligning with evolving industry trends and seizing market opportunities. This initiative underscores
the Company’s unwavering commitment to advancing on the path of sustainable development. Moreover the Company
obtained Platinum Award rating certification from the Responsible Business Alliance.Compliance with the Deed of Non-Competition and the Deed of Right of First
Refusal
Huahong Group SAIL and INESA (Group) Co. Ltd. being the then controlling shareholders of the Company entered
into a deed of non-competition (the “Deed of Non-Competition”) dated 23 September 2014 details of which have been
set out in the paragraph headed “Non-Competition Undertaking” in the section headed “Relationship with ControllingShareholders” of the Company’s prospectus dated 3 October 2014 (the “Prospectus”). In addition Huahong Group
and SAIL also 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 “Relationshipwith Controlling Shareholders” of the Prospectus. The Company has reviewed the written declaration from each of
the controlling shareholders mentioned above on their compliance with their undertakings under the Deed of Non-
Competition and the Deed of Right of First Refusal (as the case may be) for the year ended 31 December 2025. The
Independent Non-Executive Directors have reviewed the status of compliance and confirmed that all the undertakings
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.64 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED PB
DIRECTORS’ REPORT
Sufficiency of Public Float
Based on the information that is publicly available to the Company and within the knowledge of the Directors as at the
date of this report the Directors are satisfied that the Company has maintained the prescribed minimum public float
under the Listing Rules.On behalf of the Board
Peng Bai
Chairman and President
26 March 2026PB HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 65
2025 ENVIRONMENTAL SOCIAL AND
GOVERNANCE REPORT
About This Report
Hua Hong Semiconductor Limited (hereinafter referred to as “Hua Hong Semiconductor” the “Company” or “we”
among which Fab 1 Fab 2 and Fab 3 are collectively referred to as the “Shanghai Production Base” and Fab 7
and Fab 9 are collectively referred to as the “Wuxi Production Base”) discloses to its stakeholders its operational
philosophy established management approaches implemented initiatives and achieved results regarding ESG issues
in its business operations.Scope of the Report
This report complements the Company’s 2025 Annual Report and discloses the Company’s management approaches
initiatives and performance in environmental social and governance aspects for the period from 1 January 2025
to 31 December 2025 (the “Current Year”). The factories of Hua Hong Semiconductor involved in production and
manufacturing include the Shanghai Production base and Wuxi Production Base. The Shanghai Production Base
covers Fab 1 Fab 2 and Fab 3 while the Wuxi Production Base covers Fab 7 and Fab 9.Process of Preparation
The process of preparation included the following steps: initial meeting stakeholder survey report drafting internal
review and revision report design management review Board approval and report publication.Report Standard and Data Description
This report is prepared in accordance with Appendix C2 Environmental Social and Governance Reporting
Code (effective from 1 January 2025) of the Listing Rules issued by the Hong Kong Stock Exchange Self-
Regulatory Guidelines No.14 for Companies Listed on Shanghai Stock Exchange — Sustainability Report (For Trial
Implementation) (April 2024) issued by the Shanghai Stock Exchange and the Environmental Social and Governance
(ESG) Indicator System for State-owned Listed Companies in Shanghai (Version 1.0) issued by the Shanghai Municipal
State-owned Assets Supervision and Administration Commission (“Shanghai SASAC”). Reference has also been
made to the International Financial Reporting Standards S2 — Climate-related Disclosures (IFRS S2) issued by the
International Sustainability Standards Board (ISSB) and the Sustainable Development Goals of the United Nations. The
data and cases in the report come from the Company’s official records of actual operations. The financial data in the
report were all denominated in RMB. If there is a discrepancy between the financial data and the Company’s annual
financial report the annual financial report shall prevail.Reporting Principles
Materiality
The Company has identified the material topics related to its operations that are of concern to various stakeholders as
the focus of this report. While reporting on material topics in this report attention is also paid to the characteristics of
the industry and business operations in which the Company is involved. For details of the process and results of the
materiality analysis of topics please see the “Topics Double Materiality Analysis” section of this report.Accuracy
The information in this report is as accurate as possible. Among them the measurements of quantitative information
have been described with data calibrations calculation bases and assumptions to ensure that the range of calculation
errors would not be misleading to the users of the information. For details of the quantitative information and the
accompanying information please see the “Summary of Sustainability Metrics” section of this report.66 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 67
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Balance
The contents of this report reflect objective and truthful facts and provide unbiased disclosure of both positive and
negative information concerning the Company. During the Reporting Period no negative events were discovered that
should have been disclosed but were not.Clarity
This report contains information such as tables model diagrams and lists of laws regulations and relevant policies that
the Company has complied with as an adjunct to the textual content of this report so as to facilitate stakeholders to
better understand the textual content of the report. To facilitate faster access to information by stakeholders this report
provides a table of contents and an index table of ESG standards.Quantitative
This report discloses key quantitative disclosures and where possible historical data.Comparability
This report maintains a consistent approach to statistics and disclosure of the same quantitative disclosure items in
different reporting periods; if there are changes in the method of data collection measurement and calculation the
relevant data will be adjusted retrospectively and the circumstances and reasons for the adjustments will be explained
in the notes to the report so as to enable stakeholders to conduct meaningful analyses and assess the trend of the
development of the Company’s ESG data levels.Verifiability
The sustainability information disclosed in this report is verifiable and can be substantiated either through the
information itself or the input values used to generate such information.Understandability
The sustainability information disclosed in this report is understandable with clear and concise content to facilitate
comprehension and use by information users. Where necessary relevant content may be supplemented on the
existing basis.Publication Format
This report is published in traditional Chinese simplified Chinese and English. In the event of any discrepancy between
the Chinese version and the English translation the Chinese version shall prevail. This report is made available in
electronic format and can be accessed through the information disclosure platforms designated by the stock exchange.It can also be viewed online or downloaded from the Company’s official website (https://www.huahonggrace.com).Contact Details
Address: 288 Halei Road Zhangjiang Hi-Tech Park Shanghai PRC
Tel: 021-38829909
Postcode: 201203
Email: IR@hhgrace.com66 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 67
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Board Statement on ESG
Adhering to the entrepreneurial spirit of “face challenges head-on strive for excellence” the Company takes
continuous innovation as its core driving force. With the vision of empowering our customers the Company firmly
implements its core strategy of coordinated development of “8-inch + 12-inch” and the advanced “Specialty IC +Power Discrete”. As a world-leading specialty process foundry the Company provides diversified wafer foundry and
related support to global customers deeply empowering emerging fields such as new energy vehicles green energy
the Internet of Things and artificial intelligence. By leveraging its exceptional quality management system to meet the
stringent requirements of automotive-grade chips the Company promotes high-quality development of the industry
chain through its technological strength and industry influence.The Board of the Company regards Environmental Social and Governance (ESG) matters as a strategic cornerstone
and core competency for the Company’s sustainable development. The Board takes full leadership in formulating ESG
management policies and development strategies guides the identification and determination of key ESG issues.Directors and senior management regularly monitor and review the implementation progress of ESG objectives to
ensures the Company’s continuous iteration and advancement in environmental protection social responsibility
fulfilment and corporate governance optimization.All ESG management practices and progress disclosed in this report have been formally reviewed and approved at
meeting of the Board of Directors of the Company representing a truthful presentation of the Company’s commitment
to sustainable development.Overall Sustainability Performance Highlights and Honors
Table 1: Overall Sustainability Performance for the Year 2025
Rating Name Rating Result
MSCI BB
S&P 32
Refinitiv 69
Wind ESG AA
Hang Seng Index A+
Note: Rating results are available up to 31 December 2025.Table 2: Sustainability Highlights for the Year 2025
Dimension Performance Indicator Qualitative/Quantitative Indicator Performance
Environmental Energy Consumption Intensity Quantitative
0.29 MWh/8-inch wafer
per Unit Product
Environmental Green Power Usage Quantitative 98279 MWh
Social Total Number of Employees Quantitative 7628 persons
Social Employee Training Coverage Rate Quantitative 100%
Social Average Training Hours Quantitative
139.8 hours
per Full-time Employee68 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 69
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
National Level
1. The 18th National Pacesetter Unit for Employee Professional Ethics Construction (第十八屆全國職工職業道德建
設標兵單位)
2. Nomination Award of the 5th China Quality Award (Fab 2) (第五屆中國質量獎提名獎(華虹二廠))
Shanghai Municipal Level
1. 2025 Shanghai Hardcore Technology Enterprise Intellectual Property Top 50(2025 上海硬核科技企業知識產權榜
TOP 50)
2. Gold Award of the 36th Shanghai Excellent Invention Selections (Development of a High-Voltage High-Power
Deep Trench Super-Junction MOSFET Process Platform)第三十六屆上海市優秀發明金獎(高壓大功率深溝槽超陡
結 MOSFET 工藝平台研發)
3. Gold Award of the 36th Shanghai Excellent Invention Selections (for the “Development and Mass Production ofa 90nm BCD Process Platform for High-End Analog Power Management Chips”) (第三十六屆上海市優秀發明金
獎(90nm BCD 高端模擬電源管理芯片的工藝平台開發與量產))
4. “Shanghai Model Collective” (Fab 3) (“上海市模範集體” (華虹三廠))
5. Inclusion in the 2025 Shanghai Green Manufacturing List (Fab 2) (2025 年度上海市綠色製造名單(華虹二廠))
6. Second Prize for the Achievement of the 2025 Shanghai Key Product Quality Improvement Project (Automotive-
Grade Reliability and Quality Advancement for PMIC and MCU System-on-Chip Integration) 2025 年度上海市重
點產品質量攻關項目成果二等獎(PMIC 與 MCU 系統集成芯片車規級可靠性質量攻關)
7. First Prize in the 2024 Shanghai “Contributing to the 14th Five-Year Plan and Embarking on a New Journey”
Employee Labour and Skills Competition (2024 年度“建功‘十四五’奮進新征程”上海職工勞動和技能競賽一等獎)
8. Honoured with the titles of “Youth Shock Team” and “Youth Civilization Unit” for 2024 by the Shanghai Municipal
SASAC System (2024 年度上海市市國資委系統“青年突擊隊”、“青年文明號”稱號)
9. 2024 Pudong New Area Outstanding Contribution Award for Advanced Manufacturing (2024 年度浦東新區先進
製造業突出貢獻獎)
10. 2024 Pudong New Area Excellent Academician Workstation (2024 年度浦東新區優秀院士工作站)
11. 2024 Pudong New Area Youth Civilization Unit (2024 年度浦東新區青年文明號)
Table 3: System Certifications
No. Certification Obtained Certified Entity
1 ISO 9001 Quality Management System
2 ISO 14001 Environmental Management System
3 ISO 45001 Occupational Health and
Safety Management System
4 ISO 27001 Information Security Management System Shanghai Production Base & Wuxi Production Base
5 IATF 16949 Automotive Quality Management System
6 QC 080000 Hazardous Substance Process
Management System68 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 69
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
About Us
Company Profile
Hua Hong Semiconductor (A Share: Hua Hong Company 688347; H Share: Hua Hong Semiconductor 01347) is
a global leading pure-play wafer foundry with specialty technologies and a global leader in power discrete foundry
services. The Company was incorporated in Hong Kong in 2005 listed on the Stock Exchange in 2014 and listed on
the STAR Market in 2023 establishing an A+H dual financing platform.* Core strategy: “8-inch + 12-inch” dual-wheel drive focusing on advanced “Specialty IC + Power Discrete”
specialty technologies.* Principal business: Embedded/stand-alone nonvolatile memory (eNVM) power discrete analog and power
management logic and RF and other wafer foundry and related support supporting applications such as new
energy vehicles green energy and the Internet of Things.Company Culture
I. Core Company Culture
* Spirit: Face challenges head-on strive for excellence.* Vision: We empower our customers through continuous innovation.* Mission: Creating value for shareholders customers and employees through collaboration innovation and being a
good corporate citizen.* Core values: Integrity teamwork initiative and disruptive innovation.II. Strategy and Culture Synergy
The Company adheres to its “8-inch + 12-inch” and advanced “Specialty IC + Power Discrete” strategy. Driven by
its core values and spirit it focuses deeply on fields such as green energy and new energy vehicles implements
ESG and sustainable development practices and promotes high-quality development for both the Company and the
industry.Guided by the strategic principles of “High-end Integrated Market-oriented and International development” Hua
Hong Semiconductor deepens its focus on specialty process building core competencies in areas such as power
discrete and automotive-grade chips. This approach not only serves the national strategy but also demonstrates the
resilience and strength of “Intelligent Manufacturing in China” within the global semiconductor landscape.70 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 71
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Special Feature: Committed to Industry-Oriented Innovation and Deepening the
Development of Our Industrial Talent Pool
Hua Hong Semiconductor upholds the development philosophy of “Committed to Innovation for the Industry” focusing
on three core dimensions: tiered talent development innovation-driven growth and cohesive workforce engagement.By constructing a systematic full-cycle talent development system the Company strives to build a knowledge-based
skilled and innovative industrial workforce that meets the high-quality development needs of the integrated circuit
industry which solidifies the talent foundation for enhancing the Company’s core competitiveness and fostering
independent innovation within the industry.I. Tiered Talent Development * Building a Structured Talent Cultivation SystemThe Company set the target of constructing a talent echelon of “Young Talents – Mid-level Backbone – LeadingTalents” establishing a structured cultivation mechanism covering the full career lifecycle of employees to ensure the
stability and hierarchy of the talent supply.
1. Graduate Cultivation Program: The Company establishes an integrated cultivation model combining “theoreticalempowerment + workshop practice + mentor-apprentice guidance”. This model deeply integrates semiconductor
fundamental principles operational specifications for core wafer manufacturing procedures and hands-on job
skills helping new graduates quickly adapt to the transition from campus to the workplace and strengthening
the foundation of the industry talent pool. Regarding the classic Boot Camp for New Graduates the Company
continued to streamline and optimise its curriculum structure in 2025 introducing innovative incentives to stimulate
the learning initiative of over 300 new graduates across our Shanghai and Wuxi bases. This facilitates their rapid
integration into the corporate culture promotes the campus-to-workplace transition and lays a solid foundation
for their future careers.The Company also continues to advance the Foundation Enhancement Program with a focus on strengthening
the theoretical foundation in semiconductors for new graduate engineers. This program has been running for
three consecutive years. In 2025 we further enhanced its learning effectiveness and outcome verification by
optimising course content and teaching methods and by implementing incentive mechanisms such as tests and
awards. Through the progressive training system of the “Boot Camp + Foundation Enhancement Program” the
Company provides graduates and new engineers with structured and systematic support for their career launch.This reflects the Company’s sustained investment and institutionalised practice in youth talent development and
long-term technical capability building.70 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 71
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
2. Mid-level Backbone Empowerment Program: The Company implements a specialized training program formid-level reserve cadres. Through a diversified development path combining “on-the-job training + specializedcourses + project-based practice” it strengthens the strategic interpretation capabilities team management skills
and cross-departmental collaboration abilities of backbone personnel thereby solidifying the Company’s mid-level
strength.
3. Industrial Artisan Cultivating Initiative: Focusing on cultivating skilled artisans and model workers the
Company deeply advances the reform of its industrial workforce. Through methods such as passing down of
expertise from “mentor to apprentice” and special projects tackling key process challenges a group of highly
skilled and experienced experts is selected and developed. The Company establishes selection criteria and
career pathways for artisan talent setting benchmarks for the professional development of skilled personnel.II. Innovation-Driven * Enhancing Talent Incentive and Skill Development Mechanisms
The Company activates the endogenous driving force for innovation through a multi-dimensional incentive system
solidifies the talent capability foundation through skills competitions and platform development and establishes a
closed-loop management mechanism of “Incentive – Enhancement – Transformation”.
1. Implementation of Special Incentive Mechanisms: The Company establishes special awards such as a Paper
Award and an Innovation Achievement Award to recognize and reward employees for breakthrough results
in areas such as technological research and development process optimization and academic research. An
incentive mechanism for the transformation of innovation achievements is established creating a positive cycle
where “innovation yields rewards and breakthroughs generate momentum”.
2. Establishment of Skill Enhancement Platforms: In 2025 the Company coordinated and organized special
activities such as company-wide skills competitions and artisan selection events promoting learning throughcompetition and excellence through evaluation fostering an atmosphere of “competing learning surpassing andexcelling” in skill enhancement. The construction of innovation studios and master skill studios is advanced to
high standards carrying out special projects focusing on frontline production process bottlenecks and equipment
improvement challenges thereby establishing foundations for passing down skills and innovating technologies.
3. High-Level Honor Application Channels: The Company establishes a selection and recommendation
mechanism for municipal-level and above honors such as “Shanghai Artisan” creating a channel for outstanding
skilled personnel to attain professional recognition. This enhances the social recognition and professional pride of
skilled talents broadening their development prospects.III. Uniting Hearts * Strengthening Support and Care for Scientific and Technological Professionals
Focusing on the career development and living needs of scientific and technological professionals we build a
comprehensive and precise support system to enhance their sense of belonging and well-being achieving a virtuous
cycle of “attracting talents cultivating talents utilizing talents and retaining talents.”
1. Career Development Support: We have established a dual-path promotion mechanism that runs parallel for
technical and management tracks breaking through the “ceiling” for the career growth of skilled personnel. A
differentiated compensation system based on capabilities and contributions has been implemented adheringto the distribution principle of “those with higher skills earn more and those with outstanding performance arepromoted” ensuring clear and smooth talent development pathways.72 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 73
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
2. Work Support and Guarantee: We grant scientific and technological professionals full autonomy in their scientific
research supported by adequate R&D funding and equipment resources. A collaborative innovation mechanism
for industry academia and research has been established supporting scientific and technological professionals’
participation in high-level academic exchanges and technical discussions within the industry facilitating the rapid
transformation and implementation of scientific research results.
3. Life Care Guarantee: We proactively address the practical needs of scientific and technological professionals
concerning housing children’s education and medical security continuously improving the welfare support
system. Regular care activities such as psychological health guidance and team building are organized toalleviate work-related stress fostering a positive atmosphere where employees can “work with peace of mind anddevelop in comfort.”
1. Compliance and Integrity Building a Solid Foundation
1.1 Enhancing Corporate Governance
Corporate Governance
The Company strictly complies with relevant laws regulations and business ethics standards. By establishing control
strategies and key measures for critical business areas we continuously improve the internal control audit and
supervision systems and establish a multi-level risk prevention and control mechanism. This ensures the Company
adheres to compliance requirements during its operations and safeguards the legitimate rights and interests of
stakeholders including investors employees customers and suppliers. We strictly follow the requirements of various
laws and regulations to establish and improve the Company’s internal control system further standardize corporate
operations and enhance the level of corporate governance.As a listed company on the Main Board of the Hong Kong Stock Exchange and the STAR Market of the Shanghai
Stock Exchange the Company strictly complies with applicable laws and regulations of the place of incorporation the
place of overseas listing and the PRC such as the Companies Ordinance of Hong Kong the Listing Rules of the Stock
Exchange the Securities Law of the People’s Republic of China and the STAR Market Listing Rules of the Shanghai
Stock Exchange. It has established regulations such as the Articles of Association the Rules of Procedure for
Shareholders’ General Meetings and the Rules of Procedure for Board forming a corporate governance structure and
operational mechanism where the shareholders’ general meeting the Board and its specialized committees work in
coordination. This promotes scientific decision-making standardized operations and further enhances the Company’s
management level within the corporate governance system.The Board of the Company has established specialized committees including the Audit Committee Remuneration
Committee and Nomination Committee. Each specialized committee performs its respective duties overseeing the
Board’s responsibilities and supporting its scientific decision-making. The Company has appointed three Independent
Non-Executive Directors to participate in decision-making and supervision enhancing the objectivity and scientific
rigor of the Board’s decisions.72 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 73
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Corporate Governance Structure of Hua Hong Semiconductor
General meeting
of shareholders Audit
Committee
Board of Directors RemunerationCommittee
Nomination
The Management Committee
As of the end of the Reporting Period the Board of the Company consists of 8 members including 1 female director.During the Reporting Period the Company held 21 Board meetings.Information Disclosure
The Company strictly adheres to applicable laws and regulations and relevant requirements such as the
Administrative Measures for the Disclosure of Information of Listed Companies of the China Securities Regulatory
Commission (CSRC) and has established relevant documents such as the Information Disclosure Management
System. The Company strictly fulfills its information disclosure obligations as a listed company and is committed
to ensuring the authenticity accuracy timeliness fairness and completeness of information disclosure to meet
the information needs of stakeholders. During the Reporting Period the Company strictly complied with relevant
information disclosure regulations promptly reported significant matters and continuously improved the quality and
compliance of its information disclosure. The Board of the Company and management have continuously strengthened
the internal management requirements for information disclosure to better adapt to the new regulatory landscape and
requirements and to actively lead the listed company in improving its quality and efficiency.Investor Relations
We strictly comply with the compliance requirements for information disclosure ensures transparency and timeliness
of information and ensures that all investors especially small and medium-sized shareholders are able to obtain
material information of the Company in a fair and timely manner so as to safeguard their rights to information and
decision-making in a practical manner. Meanwhile the Company maintains efficient communication with investors
through diversified channels. The Company places great emphasis on protecting shareholders’ rights and interests.By formulating reasonable profit distribution policies and dividend plans it actively rewards shareholders and is
committed to creating stable long-term returns for investors. The Company has established an investor relations
management department to maintain proactive communication with stakeholders address key concerns of investors
and ensure that their reasonable demands are properly handled.Adhering to the principle of “equal treatment of all investors” and the requirement of “compliant information disclosure”
the Company follows the guidance of “integrity compliance and interactive communication”. It disseminates
information about the Company’s operations finances product technologies and significant matters to the capital
market through various channels such as shareholders’ general meetings regular reports direct hotline of investors
SSE e-Interaction special email for investors online and offline communication meetings official website and WeChat
account of the Company.During the Reporting Period the Company held 1 shareholders’ general meeting and considered 13 resolutions. All
meetings were open to all shareholders including small and medium-sized investors effectively safeguarding their
participation and right to know. Additionally the Company organized 4 performance exchange meetings to engage in
in-depth discussions with investors enhancing transparency and trust.74 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 75
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Market Value Management
The Company places great emphasis on market value management integrating it into the core scope of its corporate
governance system. Rooted in value creation bridged through value communication and aimed at value realization
the Company strictly complies with the listing rules and regulatory requirements of both the Shanghai Stock Exchange
and the Hong Kong Stock Exchange. Combining the characteristics of the semiconductor industry and the Company’s
business development strategy we establish and improve a standardized systematic and long-term market
value management system. This is to effectively safeguard the legitimate rights and interests of all shareholders
enhance investors’ long-term sense of gain and promote a healthy alignment between the Company’s value and its
valuation in the capital market. At the capital operation level leveraging the advantages of our dual A+H share listing
platform and under the premise of adhering to regulatory rules and ensuring the Company’s steady development
the Company improve the shareholder return mechanism and actively fulfill our commitment to return value to
shareholders. Concurrently in line with the Company’s development stage and industry trends we steadily advance
external development to further enhance the Company’s industry standing and market competitiveness achieving a
simultaneous increase in both corporate value and shareholder value.
1.2 Development of the ESG Management System
ESG Management Structure
Anchored in our core vision of “we empower our customers through continuous innovation” the Company has
established a top-down ESG management structure and continuously iterates on system improvement. By driving
development through innovation cultivating core talent pipelines strictly controlling our operational environmental
footprint and deepening our supply chain diversification strategy the Company steadily promote the deep integration
of commercial and social value.The Board as the highest decision-making/management level for the Company’s ESG management is responsible for
the following aspects:
* to direct the formulation of ESG management policies and strategies of the Company and ensure that they are up
to date relevant and in compliance with applicable legal and regulatory requirements;
* to direct the identification and determination of the importance of significant ESG topics of the Company;
* to supervise the setting and implementation of the Company’s ESG goals including: setting ESG management
performance goals of the Company; monitoring progress in achieving the goals; and advising on actions required
to achieve the goals;
* to review and approve the Company’s annual Environmental Social and Governance Report and other ESG
related disclosures.The management level is responsible for overseeing the overall implementation of the ESG objectives set forth by the
Company. The ESG Working Group is tasked with identifying the impacts risks and opportunities associated with
ESG topics developing ESG strategies and management policies and assisting relevant departments in implementing
ESG management practices. It also regularly reports to the management and the Board on the progress of key ESG
performance indicators thereby advancing the achievement of the Company’s ESG management objectives.74 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 75
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
ESG Management Structure
Decision-making Level
Board of Directors
Management
Implementation Level
ESG Working Group
Office Comprehensive Compliance Internal Audit Purchase EHS
Management Department Department Department Department
QA Planning Human Resources Finance Marketing Labor Union
Department Department Department Department Department
ESG Management Strategies and Targets
This year the Company deeply integrated ESG management into the entire process of product research anddevelopment business operations and corporate strategic development. Centered on the core vision of “we empowerour customers through continuous innovation” we have constructed an ESG management strategy system (referred to
as the “Five-Chip Strategy”) encompassing five key dimensions: “Responsibility for Employees Responsibility for theIndustry Responsibility for People’s Livelihood Responsibility for Investors and Responsibility for the Environment”.ESG Management Strategies
Responsibility for Employees
“Heart Felt” Value for Employees. By respecting for the value of employees caring about the
growth of employees and ensuring occupational health we build a warm employer brand.Interpretation: As a technology-intensive enterprise Hua Hong Semiconductor values the
contribution of every engineer and technical professional. We care about the growth of employees
through skills training career development paths and innovation incentive programs and have
established a comprehensive occupational health protection system to provide a safe working
environment for both production line and R&D personnel thereby building a warm employer
brand.76 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 77
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Responsibility for the Industry
Empowering the Future for Customers. Guided by the principles of quality products and services
customer rights guarantee and a thriving industrial economy we empower the collaborative
development of the industrial chain.Interpretation: Focusing on “quality products and services customer rights guarantee and athriving industrial economy” Hua Hong Semiconductor concentrates on specialized process
wafer manufacturing. We provide global customers with stable high-performance chip
manufacturing services ensuring supply chain security. Simultaneously through technological
empowerment and ecosystem collaboration we support the synergistic development of the
domestic semiconductor industry chain.Responsibility for People’s Livelihood
“Prosperous” Environment for Society. We promote green development utilize resources
efficiently jointly promote social harmony and actively fulfill our social responsibilities.Interpretation: Actively fulfilling the social responsibilities of a technology company we promote
the adoption of green manufacturing technologies and assist downstream application enterprises
in their low-carbon transformation. Through industry-academia-research collaboration and
talent development programs we support the talent pool for the semiconductor industry jointly
promoting the harmonious development of both the industry and society.Responsibility for Investors
“New” Profits for Shareholders. We adhere to developing through Innovation consolidating
operations with integrity share the benefits of China’s growth and safeguard long-term
shareholder value.Interpretation: Adhering to innovation-driven development in specialized processes we
consolidate our integrity in business operations and information disclosure mechanisms.Leveraging our mature wafer manufacturing capacity and technological advantages we
continuously enhance profitability allowing shareholders to share in the benefits from the rapid
development of China’s semiconductor industry.Responsibility for Environmental
Protecting a ‘Fresh’ Home for the Planet. Our core objectives are to enhance water efficiency
optimize energy usage reduce greenhouse gas emissions and control pollutants and waste
continuously reducing our operational impact on the environment.Interpretation: Addressing the industry characteristics of high energy consumption and high water
usage in wafer manufacturing Hua Hong Semiconductor focuses on core goals: improving water
efficiency optimizing energy efficiency reducing greenhouse gas emissions and controlling
pollutants and waste. Through measures such as water conservation in processes waste heat
recovery and hazardous waste resource utilization we continuously reduce our operational
environmental footprint.Integrating its business development trends with its ESG performance during operations the Company has established
ESG management objectives covering areas including water efficiency improvement energy utilization efficiency
optimization GHG emission reduction pollutant control waste reduction and conflict minerals due diligence. The
management and the Board conduct a comprehensive annual review of the Company’s ESG performance and the
achievement of its targets from the previous year. Progress is disclosed in detail through the ESG report thereby
driving the steady implementation of ESG management objectives and achieving the synergistic co-creation of
commercial and social value.76 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 77
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
ESG Management Target and Outcome
Categories Sustainable Aspect Target Progress in 2025 Progress
Development Target
Environmental Water resources The water consumed The water consumed per In process
management per unit product1 (m3 per unit product was 2.99 m3 per
8-inch wafer) in 2030 8-inch wafer
will decrease by 5% as
compared with 2023
Environmental Energy Comprehensive energy Comprehensive energy In process
consumption consumption per unit consumption per unit product
management product (MWh per was 0.29 MWh per 8-inch
8-inch wafer) in 2030 wafer
will decrease by 10% as
compared with 2023
Environmental GHG emissions GHG emissions per GHG emissions per unit In process
management unit product (tCO2e per product in 2025 was 0.15
8-inch wafer) in 2030 tCO2e per 8-inch wafer
will decrease by 10% as
compared with 2023
Environmental Waste discharge The waste produced The waste produced per unit In process
management per unit product (kg per product was 10.13 kg per
8-inch wafer) in 2030 8-inch wafer
will decrease by 4% as
compared with 2023
Environmental Wastewater COD discharge Shanghai Production In process
discharge concentration in Base: The average COD
management wastewater will be 30% discharge concentration
lower than the emission was 22.92 mg/L which is
standard 30% lower than the emission
standard of 500 mg/L
Wuxi Production Base: The
average COD discharge
concentration was 28 mg/L
which is 30% lower than the
emission standard of 50 mg/L
1 Water consumed per unit product = water consumption from municipal water supply/annual production excluding recycled
water and other water sources.78 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 79
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Categories Sustainable Aspect Target Progress in 2025 Progress
Development Target
Environmental Air emission VOCs discharge Shanghai Production Base: In process
discharge concentration in air The average VOCs discharge
management emissions will be 30% concentration was 5.39 mg/
lower than the emission m3 which is 30% lower than
standard the emission standard of 50
mg/m3
Wuxi Production Base: The
average VOCs discharge
concentration was 0.58 mg/
m3 which is 30% lower than
the emission standard of 100
mg/m3
Social Sustainable The due diligence rate Have conducted due In process
supply chain on suppliers of conflict diligence on suppliers with a
management minerals will reach 100% coverage rate of 100% and
and the utilization rate of completed the latest version
compliant minerals will of the investigation report
reach 100% on conflict minerals and
extended minerals
All suppliers are found to use
compliant raw materials with
the utilization rate of compliant
minerals up to 100%78 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 79
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
1.3 Leading through Sustainable Development
Stakeholder Communication
The Company places great importance on communication and collaboration with all its stakeholders and is committed
to building an efficient and open bridge for internal and external communication to ensure the establishment of a
transparent and mutually trusting exchange mechanism with all parties. By listening to the opinions and suggestions of
stakeholders we use this feedback as an important reference in our corporate decision-making aiming to better fulfill
our social responsibilities and promote sustainable development.Engagement Mechanism
Hua Hong Semiconductor Stakeholder Concerns and Engagement Methods
Key Stakeholders Description Concerned Topics Engagement and Response
Methods
Shareholders and senior Domestic and foreign * Corporate governance * Financial and
management investors holding equity * Risk and compliance performance reports
and debt investments in management SSE e-interaction
our Company and senior * Business ethics platform emails and
management members of * Product and service roadshows
the Company safety and quality * Risk management
system
* Anti-corruption
mechanisms
* Comprehensive audits
* Quality reviews
Customers IDMs and fabless * Information security and * Information Security
semiconductor companies privacy protection Management System
* Product and service (ISMS)
safety and quality * ISO 9001 and other
* R&D innovation and quality management
intellectual property certifications
protection * Customer satisfaction
* Green products surveys
* Clean technology * Technical seminars
opportunities and industry exchange
* Circular economy meetings
* Product lifecycle
management
Employees Our employees and * Rights and Interests of * Employee rights
contract personnel who Employees protection systems
serve our Company on a * Employee health and * Dual prevention
continuous basis safety mechanism for safety
* Employee development risk classification control
and training and hidden danger
investigation and
management
* Comprehensive training
programs for employees
at all levels80 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 81
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Key Stakeholders Description Concerned Topics Engagement and Response
Methods
Government and Tax environmental * Compliant operation * Compliance and internal
regulatory authorities protection safety and * Emissions and waste control systems
other departments local management * Carbon footprint reports
governments and regulatory * Energy consumption * Water resource risk
authorities (such as SFC management assessments in factory
etc.) * Water resources operations
management * Environmental
* Climate change information disclosure
mitigation and
adaptation
Partners Suppliers research * R&D innovation and * Industry exchanges
institutions industry intellectual property * Responsible Business
associations etc. protection Alliance (RBA)
* Sustainable supply chain certification
management * Local supplier
* Circular economy and diversification
green products * Supplier social
responsibility audit
mechanisms
Communities and the Communities in which we * Community and public * Engagement in
public operate the public and welfare community activities
media etc. * Emissions and waste employee volunteer
management activities public welfare
activities social cause
campaigns etc.* Environmental
information disclosure
Topics Double Materiality Analysis
Based on compliance with the Hong Kong Stock Exchange’s Environmental Social and Governance Reporting
Guide and the Self-Regulatory Guidelines No.14 for Companies Listed on Shanghai Stock Exchange – Sustainability
Report (For Trial Implementation) and taking into consideration the key focus areas of capital market rating agencies
and peer companies the Company systematically identifies material topics that have a significant impact on the
Company and its stakeholders from the three dimensions of corporate governance environment and society. This
process is grounded in our business characteristics of specialized technology research and development and wafer
manufacturing and fully incorporates stakeholder concerns. By evaluating and analyzing each topic from the dual
perspectives of “impact materiality” and “financial materiality” we ultimately determine the annual list of material topics.This not only provides a rigorous basis for the preparation of our ESG report but also offers clear action guidance for
the Company’s ESG management practices and business operations optimization.80 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 81
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Materiality Assessment Process
Step Details
Step 1 * Gain insights into the Company’s strategic plans.Business Context and Value Chain Landscape * Analyze the external market environment in which the
Mapping Company operates.* Identify value chain segments that generate impacts and
the key stakeholders.Step 2 * Communicate with key stakeholders to identify and
Conduct Stakeholder Engagement Topic Identification determine topics related to the Company taking into
and Due Diligence account the industry background and the Company’s
practices.* Conduct due diligence through engagement surveys
interviews and other methods to engage stakeholders
and analyze and identify the impacts risks and
opportunities of the topics.Step 3 * Establish key indicators and evaluation criteria using a
Materiality Assessment scientific and effective methodology.* Engage senior management and financial leaders to
assess the financial materiality of the topics while
involving employees suppliers customers and other
stakeholders to evaluate the impact materiality of the
topics thereby determining the ranking of topics based
on their overall materiality.Step 4 * After review and confirmation by the Company’s Board
Topic Identification and Disclosure of Directors prioritize the disclosure of topics deemed
highly material for the 2025 in this report.82 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 83
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
We have extensively collected evaluations on the materiality of various ESG topics from different stakeholders as well
as their views and suggestions on the Company’s sustainable development to provide reference for the Company’s
future decisions. As the Company’s business did not undergo significant changes in 2025 the double materiality topic
analysis still make reference to the 2024 analysis results. Among the 19 issues we screened a total of 8 topics has
double materiality 2 topics have only financial materiality and 8 issues have only impact materiality and 1 topic has
neither financial nor impact materiality specifically including:
Category Topic Name Response Section
Topics with Double Materiality
Social R&D Innovation and Intellectual R&D Innovation
Property Protection
Environmental Climate Change Mitigation and Address Climate Change
Adaptation
Social Product and Service Safety and Product Quality and Safety
Quality
Environmental Water Resources Management Water Resources Management
Environmental Energy Consumption Management Energy Use Management
Social Sustainable Supply Chain Sustainable Supply Chain
Management Management
Environmental Environmental Management Environmental Compliance
Management
Social Employee Health and Safety Employee Health and Safety
Topics with Only Financial Materiality
Social Business Ethics Business Ethics and Integrity
Operations
Social Information Security and Privacy Protecting Data Security and
Protection Customer Privacy Protection
Topics with Only Impact Materiality
Social Green Products Circular Economy and Green
Products
Social Clean Technology Opportunities Circular Economy and Green
Products
Social Circular Economy Circular Economy and Green
Products
Social Employee Development and Caring for Employees’ Occupational
Training Health and Growth
Environmental Emissions and Waste Management Emissions Management
Governance Risk and Compliance Management Risk and Compliance Management
Social Employee Rights and Benefits Caring for Employees’ Occupational
Health and Growth
Governance Corporate Governance Deepening Corporate Governance
Topics with neither Financial Materiality
nor Impact Materiality
Social Community and Public welfare Public Welfare and Community
Involvement82 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 83
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Hua Hong Semiconductor 2025 Topics Materiality Matrix
Highest
R&D innovation and intellectual
Green products property protection
Clean technology
opportunities Climate change mitigation and adaptation
Circular
economy Water Product and service
Employee development resources safety and quality
and training management
Emissions and waste Energy consumption
Both Financial Materiality
management management and Impact Materiality
Risk and Environmental Sustainable supply
compliance management chain management
Employee rights management Employee health and safety Financial Materiality but
and benefits Corporate No Impact Materiality
governance
Information security and
privacy protection
Business ethics Impact Materiality but
No Financial Materiality
Community and public welfare
Neither Financial
Materiality nor
Impact Materiality
Highest
Lowest The materiality Impact on the Company’s FinanceNote: Among the 21 topics set in the SSE Guidelines the Company does not involve the topics of “ecosystem and biodiversityprotection” and “science and technology ethics”; “due diligence” and “stakeholder engagement” are processes for ESG topic
identification assessment and management and are responded to in the “Materiality Assessment” section not included in the
matrix as ESG topics. The remaining Guideline topics are addressed in the main body of the report or in the index table. Forthe specific chapter mapping and explanation please refer to the “Benchmarking Index Table of Self-Regulatory GuidelinesNo.14 for Companies Listed on Shanghai Stock Exchange – Sustainability Report (For Trial Implementation)”. In addition the
Company has independently identified the topics of “Green Products” “Clean Technology Opportunities” “Risk and ComplianceManagement” and “Corporate Governance” all of which are responded to in the main body of the report.the materiality of impacts on the economy
society and the environment84 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 85
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Materiality Assessment Results
During the year we have focused on the identified ESG material topics with high influence and financial importance.The Company established and gradually improved due diligence mechanism appointed the ESG Working Group to
lead and coordinate various departments to carry out due diligence such as stakeholder communication interviews
and research so as to analyze identify and determine the impacts risks and opportunities of ESG topics in the short
term (within 1 year) medium term (1 year to 5 years) and long term (more than 5 years) so as to facilitate targeted
response measures.Hua Hong Semiconductor 2025 Topics Impacts Risks and Opportunities Analysis
No. Topics Timeframe Key Risks and Opportunities Value Chain Scope
Upstream Operations Downstream
1 Climate Change Short Risk: Increasing compliance costs √ √ √
Mitigation and Medium and low-carbon technology upgrade
Adaptation Long-term requirements due to stricter global
climate and environmental policies and
carbon emission control measures
Opportunity: Investments in climate –
friendly technologies and development
of more efficient eco-friendly products
can enhance market competitiveness
and brand reputation
2 Energy Short Risk: Optimizing energy management √ √ √
Management Medium systems may incur additional costs and
Long-term raise concerns from energy-efficiency –
focused customers and investors
Opportunity: As technology advances
declining costs of renewable energy
(e.g. solar wind) provide stable low-
cost energy options reducing reliance
on fossil fuels
3 Water Resources Medium Risk: Water shortages in production √
Management Long-term operations may lead to disruptions
unstable water quality and reduced
capacity and product yield increasing
costs and revenue losses
Opportunity: Improved water resources
m a n a g e m e n t s y s t e m s e n h a n c e
efficiency and reduce operational costs
4 Emissions Medium Risk: Stricter emissions regulations may √ √
and Waste Long-term invest funds to ensure that its production
Management processes and waste management
meet new regulatory requirements
including upgrading treatment facilities
or introducing new emission treatment
technologies
Opportunity: Higher waste recycling
rates can transform waste into reusable
resources lowering raw material costs84 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 85
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
No. Topics Timeframe Key Risks and Opportunities Value Chain Scope
Upstream Operations Downstream
5 Environmental Medium R i s k : E v o l v i n g e n v i r o n m e n t a l √ √ √
management Long-term regulations require dil igence and
monitoring to ensure the operations
comply with all relevant laws and
standards. Non-compliance may result
in fines sanctions or production
restrictions
Opportunity: Strong environmental
practices can attract ESG-focused
investors and customers enhancing
capital market image and market
reputation
6 Green Products Short Risk: In a rapidly evolving technological √ √
Medium environment failure to update product
Long-term designs and production processes may
result in falling behind competitors and
losing market share
Opportunity: Effective product lifecycle
management enables rapid response
to market demands and technological
advancemen ts d r i v i ng p roduc t
innovation and diversification
7 Circular Economy Medium Risk: Without proper management and √ √ √
Long-term operational mechanisms for recycling
raw materials and waste product quality
may be compromised
Opportunity: Improved resource
efficiency can reduce raw material
procurement costs and waste disposal
expenses enhancing overall operational
efficiency
8 Clean Technology Medium Risk: Rapid advancements in clean √ √
Opportunities Long-term technology may render the products
less competitive if they fail to keep pace
Opportunity: Growing global demand
for green and clean technologies and
products presents opportunities to
expand market share and create new
revenue streams through innovation86 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 87
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
No. Topics Timeframe Key Risks and Opportunities Value Chain Scope
Upstream Operations Downstream
9 Employee Health Medium Risk: In high-intensity production √ √
and Safety Long-term environments accidents and injuries
may occur if safety measures are not
effectively managed potentially leading
to employee injuries or even more
severe accidents
Opportunity: Strengthening occupational
health and safety management can
improve safety standards reduce
accidents and mitigate legal and financial
risks creating a safer work environment
10 Employee Rights Medium Risk: The departure of key employees √
and Benefits Long-term may result in the loss of critical industry
knowledge and skills impacting project
progress and execution efficiency
Opportunity: Standardized employment
policies and a positive work environment
can enhance talent retention supporting
sustainable operations and business
growth
11 Employee Medium Risk: Failure to provide high-quality √
Development and Long-term training may lead to gaps in employees’
Training professional knowledge and management
capabilities affecting product quality and
managerial effectiveness
Opportunity: High-quality training
fosters innovative thinking and problem-
solving skills enabling the Company
to adapt to market changes and
technological advancements thereby
enhancing competitive advantage
12 Product and Short Risk: Inadequate product quality √ √ √
Service Safety Medium and customer service may increase
and Quality Long-term after-sales and maintenance costs
including additional labor costs and
recall expenses potentially leading to
customer loss and revenue decline
Opportunity: Robust product quality
management systems and customer
relationship management systems can
enhance product competitiveness
improve customer satisfaction and
drive revenue growth through increased
loyalty86 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 87
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
No. Topics Timeframe Key Risks and Opportunities Value Chain Scope
Upstream Operations Downstream
13 Information Medium Risk: Strengthening cybersecurity √ √
Security and Long-term infrastructure requires continuous
Privacy Protection financial and resource investments
including firewalls intrusion detection
s y s t e m s a n d d a t a e n c r y p t i o n
technologies to mitigate the risk of
cyberattacks
Opportunity: Effective information
security management can attract
privacy-conscious customers enhance
brand image increase market share
and drive sales growth
14 Sustainable Medium Risk: Ensuring supply chain stability √ √
Supply Chain Long-term and sus ta i nab i l i t y may requ i r e
Management diversifying suppliers and incurring
higher procurement costs to meet
environmental and social responsibility
s tandards potent ia l ly impact ing
profitability and competitive advantage
Opportunity: Building a sustainable
supply chain enhances the Company’s
ab i l i t y t o i den t i f y and manage
env i ronmenta l and soc ia l r i sks
improving operational resilience and
reducing potential business risks
15 R&D Innovation Short Risk: Market acceptance of new √ √ √
and Intellectual Medium technologies or products may fall short
Property Long-term of expectations affecting sales and
Protection reducing revenue and profitability
Opportunity: Success in technological
innovation can attract investor attention
and R&D achievements can create
financing opportunities and open new
business prospects88 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 89
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
No. Topics Timeframe Key Risks and Opportunities Value Chain Scope
Upstream Operations Downstream
16 Community and Short Risk: If the Company’s performance √
Public Welfare Medium in public benefit activities or social
Long-term responsibility fails to meet public
expectations it may harm brand image
and reputation
O p p o r t u n i t y : I n v o l v e m e n t a n d
investment in targeted communities can
help the Company better understand
local market needs seize expansion
o p p o r t u n i t i e s a n d s t r e n g t h e n
competitive advantage
17 Corporate Medium Risk : Non-comp l i an t co rpo ra te √ √ √
Governance Long-term governance may lead to regulatory
investigations and fines impacting
financial health
Oppor tun i ty : S t rong co rpo ra te
governance can attract more investors
enhance risk management capabilities
and foster trust driving high-quality
development
18 Business Ethics Medium Risk: Violations of business ethics may √ √ √
Long-term result in legal disputes hefty fines and
increased financial burdens
Opportunity: Improving governance
structures and transparency can
strengthen internal controls and risk
management reducing the likelihood of
violations
19 Risk and Medium Risk: Failure to comply with relevant √ √ √
Compliance Long-term laws and regulations may lead to legal
Management disputes fines or sanctions damaging
the Company’s reputation and market
trust
Opportunity: Optimizing internal
processes and systems can improve
o p e r a t i o n a l e f f i c i e n c y r e d u c e
compliance risks and support long-term
business development while minimizing
compliance costs88 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 89
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
1.4 Business Ethics and Integrity Operations
Anti-commercial Bribery and Anti-corruption
Governance
The Company strictly adheres to business ethics and relevant laws and regulations and is committed to fosteringa transparent and fair corporate culture. In terms of anti-fraud in 2025 we revised the “Work Regulations of theDisciplinary Inspection Commission of the Communist Party of China Shanghai Huahong Grace SemiconductorManufacturing Corporation” and the “Undertaking System on Anti-Corruption and Business Ethics of HHGrace” and
clearly stipulated the reporting handling process and protection measures for reporters to ensure that the rights and
interests of reporters are not infringed and encourage employees to actively supervise and report violations. We
regularly update and improve relevant systems publish the latest versions on the intranet and send group emails to
all employees to ensure that all employees are promptly informed of system content and updates.Strategy
We continuously consolidate the achievements of anti-corruption work strive to create a clean and upright corporate
cultural atmosphere and provide a solid guarantee for the sustainable development of the enterprise.The Company encourages all employees to actively participate in business ethics supervision and reporting of
violations. Employees can choose to report in their real name or anonymously. The Company adheres to the principles
of open acceptance and rapid disposal of all reporting information to ensure early detection and resolution of problems
and effectively prevent and mitigate integrity risks.The Company has established multiple reporting channels to protect employees’ right to report including:
1. A dedicated reporting email box which is regularly checked and processed by the Disciplinary Inspection
Commission clerk;
2. A dedicated direct reporting telephone answered directly by the Secretary of the Disciplinary Inspection
Commission and the number will be announced through online channels later;
3. Physical reporting mailboxes in the factory areas available in each factory area with no camera monitoring
around the mailboxes supporting anonymous submission and checked regularly by Disciplinary Inspection
Commission staff every week.Whistleblower Protection Mechanism
The Company has established a sound business ethics supervision and reporting disposal mechanism. All reporting
clues initiate a comprehensive verification process and the investigation conclusions are fed back to the whistleblower
after deliberation. Regarding the protection of whistleblower rights the Company strictly implements an information
confidentiality system and resolutely prohibits retaliation against whistleblowers in any form such as dismissal
demotion or suspension for exercising their right to report in accordance with the law.The investigation of reports is limited to members of the Disciplinary Inspection Commission and heads of relevant
business departments. The investigation progress is only reported to the Secretary of the Party Committee and the
reporting information is strictly controlled throughout the process to prevent information leakage and retaliation.90 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 91
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Reporting Clue Handling Mechanism
1. Full registration and filing: All real-name and anonymous reporting clues are registered and filed to ensure no
omissions and traceability;
2. Classified verification and handling: Real-name reports will verify specific circumstances with the whistleblower
and anonymous reports will be jointly investigated with relevant business departments; regardless of whether the
clues are suspected of violations they will be handled in accordance with regulations; if the clues involve legal
issues the Disciplinary Inspection Commission will conduct a joint investigation with the Compliance Department;
3. Efficient promotion and feedback: The Company attaches great importance to reported cases. There is no clear
time limit for handling. Special discussions are organized immediately after receiving the clues to quickly promote
verification and handling and progress is promptly fed back to relevant parties.To thoroughly implement the spirit of the Central Eight-Point Regulation and conduct study and education the
Company organized a warning education conference on 12 July attended by the Company’s party member leading
cadres party branch secretaries newly promoted cadres young cadres and key position personnel. The meeting
first reported the progress of the centralized rectification work of the Company’s Party Committee leadership team
in identifying problems focused on watching a warning education film on state-owned enterprises and engineering
construction fields and conveyed and studied recent the important spirit and work requirements of the Shanghai
Municipal Party Committee the State-owned Assets Supervision and Administration Commission and the Group Party
Committee on warning education.Impacts Risks and Opportunities Management
The Company has established a systematic management system for business ethics fully integrating high-standard
business ethics into all aspects of production and operation to ensure that all operational activities are conducted
in compliance with ethics and regulations. For all business operation points the Company regularly organizes
comprehensive assessments of business ethics and anti-corruption work on the one hand to verify the actual
operational effectiveness of the anti-corruption management mechanism and on the other hand to accurately identify
potential integrity risks in all aspects of operations and simultaneously formulate and implement targeted improvement
measures forming a closed-loop management of “assessment-identification-improvement”.At the same time the Company has established a regular review mechanism for business ethics. Combining with the
dynamics of business development and updates to industry norms it continuously optimizes policies and systems
related to business ethics to ensure that policy requirements are dynamically adapted and highly consistent with
enterprise development and industry standards. In terms of anti-corruption among suppliers the purchasing and
logistics department requires relevant suppliers to sign the “Anti-Commercial Bribery Commitment Letter”. Through
the implementation of the “two responsibilities and three commitments” the project has formed a relatively complete
system for the prevention and control of clean governance responsibilities and the cultivation of integrity awareness.90 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 91
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Hua Hong Semiconductor’s Business Ethics Supervision and Whistle-blowing Case Handling Procedures
Complete the
investigation
and evidence
Immediately record collection within the
any individual specified time limit Give feedback to
whistleblowing case draw preliminary the whistleblower
received conclusions and report
to management
Arrange special
personnel or establish Hold a special meeting
a special team to to review the contents
understand the of the whistleblowing
situation carry out case and investigation
an investigation and results and come up
obtain evidence with a solution
Metrics and Targets
As of the end of the reporting period the anti-fraud electronic reporting email of the internal audit department of the
Company had not received any reporting information. No litigation cases related to reports occurred in the Company in
2025.
Hua Hong Semiconductor’s 2025 Business Ethics Metrics and Targets
2025 Target Achievement of 2025 Target
All suppliers have signed the Anti-Commercial Bribery Commitment Letter 100%
All employees in critical positions have signed the Integrity Commitment Letter 100%
Risk and Compliance Management
The Company places great importance on risk and compliance management. It strictly abides by the laws and
regulations of the jurisdictions where it operates and keeps close track of the promulgation changes and revisions of
relevant laws and regulations. The Company accurately identifies the regulatory provisions relevant to its production
and operation and timely improves its internal management systems to ensure effective alignment and high
consistency between internal control systems and external regulations.The Company has formulated and implemented the Rules about Comprehensive Control of Risks that covers all
business processes. Through regular risk identification and analysis of risk lists it has established a long-term risk
management mechanism. Risk prevention efforts are promoted by levels and business lines with targeted and
effective risk control measures developed and implemented for key areas.Drawing on the “Three-Line Model” by the Institute of Internal Auditors (IIA) the Company under the authorization of
the Audit Committee and management has established a risk management system tailored to its actual development.It clearly defines the division of responsibilities for addressing major risks including the responsible leaders leading
departments and their respective roles so as to achieve closed-loop risk management.92 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 93
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Hua Hong Semiconductor’s Three Lines of Defence for Risk Management in the Economic Sector
Organisation Governing Body (accountable to stakeholders with supervisory responsibilities)
Board of Directors
Audit Committee
President/The Management
* Assigned by the leading Third Line
Risk
Management executives in charge of each line
Representative * Familiar with the business and Internal Audit Department
sensitive to risk information
Second Human Resources Finance Information
Functions of the First Line: to
Technology Compliance Office of the provide products/services to Line Department Department Department Department Board of Directors customers and manage risks
First China Sales International Sales Customer Market Functions of the Second Line:
Line Factory Department Department Engineering Development Department Department to provide expertise support
monitoring and reasonable
Business challenge on risk-related matters
Development Sales Service Technical Research
Testing and
Outsourcing Planning
Department Department and Development Services Department Functions of the Third Line: to
provide independent and objective
Procurement Quality Assurance Administration Power Safety and Security confirmation and advice on all and Logistics
Department Department Department Department Department matters related to the achievement
of objectives
Based on the “Three-Line Model” of risk management the Company adheres to the principle of combining
comprehensiveness and importance continuously optimizes its risk map integrates and categorizes certain similar
risk factors covering strategic compliance operational and financial risks revises and supplements examples of risks.This enables comprehensive prevention and effective supervision of both internal and external risks of the company.92 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 93
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Risk Management System of Hua Hong Semiconductor
Management Process Management Measures
Risk assessment * We identify and analyze risk areas through methods such as questionnaires
one-on-one interviews and multi-department seminars and score the risk
areas to generate an annual risk management report.Risk reporting * We implement a quarterly risk communication and reporting mechanism
where each business unit collects and reports risk events within their
respective areas on a quarterly basis or as needed.Communication and training * From time to time we organize risk line management meetings conduct
risk training and communicate risk issues across business units and at the
company level.Anti-Unfair Competition
Hua Hong Semiconductor has always regarded compliant operation as a core operational principle. The Company
strictly complies with the Anti-Unfair Competition Law of the People’s Republic of China and other relevant laws
regulations and regulatory requirements and firmly resists all types of unfair competition behaviours including
false advertising trade secret infringement and abuse of market dominance. Through establishing a full-process
compliance management system the Company safeguards the legality and fairness of its market operations.The Company has established and improved its anti-unfair competition governance structure and internal supervision
and management procedures. Through regular risk assessments and dedicated compliance review processes it
conducts comprehensive inspections on all aspects of market operations to ensure the timely identification early
warning and rectification of potential unfair competition risks. Meanwhile the Company continuously strengthens
dynamic analysis of the market competition environment regularly assesses risks and opportunities arising from
changes in the industry competition landscape and optimizes its compliance management strategies in a targeted
manner to enhance the forward-looking and effectiveness of risk response. To prevent unfair competition behaviours
at the source the Company has established a regular compliance training mechanism to provide all employees with
dedicated training on anti-unfair competition laws and regulations industry regulatory requirements and internal
policies.As of the end of the Reporting Period the Company strictly complied with the laws and regulations relating to anti-
unfair competition as well as its internal management systems and conducted its market operations in a standardized
manner. No lawsuit cases or administrative penalties relating to unfair competition had occurred. In key areas including
the use of product labelling and marketing and promotion activities the Company strictly implemented compliance
review procedures and no violations of laws or regulations were identified. The Company has achieved sound
interaction between compliant operation and business development.94 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 95
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
1.5 Safeguarding Data Security and Protecting Customer Privacy
Governance
The Company strictly complies with the Cyber Security Law of the People’s Republic of China the Data Security Law
of the People’s Republic of China the Personal Information Protection Law of the People’s Republic of China and
other national laws and regulations and has always regarded information security and compliance management as
a fundamental cornerstone of corporate operations. The Company has formulated a series of systematic policies
and procedures including the Information Technology Department Business Continuity Management Procedure
the Information Technology Department Emergency Response Management Procedure the Cyber Security Incident
Emergency Plan and the Business Continuity Plan providing solid institutional support for emergency disposal.Meanwhile the Company continuously improves its Information Security Management System (ISMS) and hasenhanced the management structure of “President-Information Security Committee-Information Security WorkingGroup” to ensure the effective implementation and efficient operation of information security strategies. The Company
has obtained ISO/IEC 27001:2022 Information Security Management System certification.To build a comprehensive and multi-level information security protection system the Company has established athree-tiered collaborative information security management structure consisting of “decision-making supervisionand execution” with clearly defined responsibilities and coordination mechanisms at all levels to ensure the orderly
advancement and closed-loop management of information security work.? The Information Security Committee as the core decision-making body for the Company’s information security
affairs oversees overall information security matters. It reaches consensus on the work directions and
implementation approaches in key areas including cybersecurity data security and privacy protection and
provides adequate resource support. Meanwhile it enhances the emphasis and coordination on information
security across the organisation. It makes emergency response decisions for extremely significant and significant
information security incidents and conducts regular reviews of the information security management system to
ensure the system remains aligned with business development and regulatory requirements and maintains long-
term effectiveness.? The top manager for information security is the President and the Chairman of the Information Security Committee
is the Executive Vice President in charge of Information Technology. The representative of information security
manager is concurrently held by the Vice President of Quality Assurance. This role is responsible for spearheading
the establishment and implementation of procedures relating to the information security management system to
ensure the effective operation of the system throughout its life cycle. They also regularly report to the Information
Security Committee or the top manager on the operation of the system propose targeted optimisation and
improvement measures and drive the continuous advancement of information security management capabilities.? The Information Working Group serves as the specific implementation body. It fully implements the various tasks
deployed by the Information Security Committee strictly implements all information security control measures
and conducts regular risk assessments. It is responsible for the emergency response and decision-making of
major and ordinary information security incidents. It regularly reports work progress risk status and improvementproposals to the Information Security Committee forming a closed-loop management mechanism of “decision-making – implementation – feedback – optimisation”.94 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 95
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Strategy
With respect to information access control the Company adopts an identity and access lifecycle management
mechanism to accurately assign system access rights based on employees’ job responsibilities and conducts regular
review and cleanup of access rights. Meanwhile the Company has standardized visitor management procedures:
all visitors are required to complete registration before entering the Company premises with their access scope and
duration clearly defined. For critical areas physical access control is implemented through access control systems
and 24-hour video surveillance so as to comprehensively safeguard information and area security. Regarding the
reporting mechanism for suspicious information security incidents employees must immediately report any detected
information security incidents to the relevant responsible departments. The receiving department will assess the nature
and severity of the incident and the relevant responsible departments will follow up on the handling. As of the end of
the reporting period no information or customer privacy breaches occurred within the Company.In 2025 the Company organised systematic information security training on a quarterly basis covering topics including
system certification information confidentiality trade secret protection and prevention against cyberattacks.In 2025 the Company participated in a number of key information security drills all of which achieved satisfactory
results:
? Participated in the “Silicon Shield & Cyber Forge (芯盾礪網)” cybersecurity attack-defense drill organized by HuaHong Group in both Shanghai and Wuxi with a total of 220 participants and achieving a perfect score of “zeropoints deducted”;
? In September a cybersecurity incident emergency drill (focusing on the official website of Hua Hong
Semiconductor) was conducted in Shanghai with 12 relevant personnel participating.In terms of IT resource optimization and innovative applications in 2025 the Company released and reused 23
servers through the Virtualization Integration Project directly saving costs on server hardware maintenance server
power consumption and associated cooling expenses while also freeing up data centre space. The recycling
and monetization of legacy servers further generated asset reuse benefits. The project has generated benefits of
approximately RMB800000 in total.In terms of intelligent upgrading the Company has promoted the localized deployment of AI and launched pilots in
three types of office scenarios focusing on the three core needs of employee learning work efficiency improvement
and effective communication.
1) By establishing a local domain knowledge base to accumulate experience and knowledge the Company helps
new employees accelerate their learning curve and achieve rapid growth;
2) By building agent services for engineering analysis and report generation the Company reduces workloads from
basic analysis and text processing enabling employees to focus on high-value work;
3) An intelligent meeting system has been established to enable information query and interaction during meetings
automatic meeting minutes generation and closed-loop management of outstanding items which has significantly
enhanced meeting and management efficiency. With the rollout of pilots and the progress of training the
effectiveness is continuing to emerge.96 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 97
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Impacts Risks and Opportunities Management
The Company conducts asset identification threat identification vulnerability identification likelihood and impact
analysis as well as risk calculation and evaluation in sequence in accordance with standardized procedures and
ultimately formulates targeted risk disposal plans to achieve hierarchical management and control and precise
response to risks. The core objective of the risk assessment and management module is to comprehensively identify
and analyze security risks associated with information (data) assets clarify risk levels and disposal priorities and
provide a scientific basis for risk prevention and control.The Risk Self-Inspection Mechanism focuses on verifying the implementation status and actual effectiveness of
information security control measures through systematic internal audits ensuring that all measures comply with the
Company’s strategies internal standards and applicable laws and regulations. The Company regularly conducts
comprehensive information security internal audits with a focus on reviewing the compliance and effectiveness of
control measures. Detailed audit reports are issued and the rectification of identified issues is followed up to drive the
continuous optimization and improvement of the management system.The core objective of the practice drill system is to simulate real network and data security incidents verify the
feasibility of emergency response plans and the smoothness of cross-departmental collaboration processes and
enhance the risk prevention awareness and emergency response capabilities of relevant personnel.Metrics and Targets
The Company conducts quarterly training sessions on information security and privacy protection monitors participant
numbers and reviews training outcomes. Training topics include system certification information confidentiality trade
secret protection and strategies to counter cyberattacks.Information Security and Privacy Protection Training of Hua Hong Semiconductor in 2025
Metrics Unit Participants Participants
In 2024 In 2025
ISMS Training – Q1 Persons 6683 7331
ISMS Training – Q2 Persons 6117 7250
Introduction to the New Version of ISO 27001 System Persons 7346 7535
Standards and Information Security Awareness
Training – Q3
Introduction to the New Version of ISO 27001 System Persons 7491 7461
Standards and Information Security Awareness
Training – Q4
Confidentiality and Information Security Compliance Persons 7314 7535
Training
ISO 27001 Standards and Audit Skills Training Persons 99 113
Information Security Metrics of Hua Hong Semiconductor in 2025
Metrics Unit 2024 2025
Number of confirmed incidents of leakage theft or Case 0 0
loss of customer information
Amount involved in data security incidents RMB ten thousand 0 0
Amount involved in customer privacy leakage RMB ten thousand 0 0
incidents96 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 97
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
2. Green Development Fulfilling Ecological Responsibilities
2.1 Address Climate Change
Hua Hong Semiconductor profoundly recognises the profound impact of climate change on industrial development
ecological environment and social sustainability. The Company fully integrates climate change response into its
strategic planning and the entire process of operation and management and actively responds to the national
goals of “carbon peaking and carbon neutrality”. By improving the governance structure optimising strategic layout
strengthening risk management and control and implementing emission reduction measures the Company steadily
enhances its climate resilience and low-carbon development capabilities and fulfils its corporate environmental
responsibility through practical actions.Governance
In the operational process of Hua Hong Semiconductor the direct sources of GHG emissions are the burning of
natural gas gasoline diesel and the fugitive emissions of the production process and the indirect sources of GHG
emissions are purchased heat and electricity. With reference to the International Sustainability Standards Board (ISSB)’s
Sustainability Disclosure Standards of IFRS 2 – Climate-Related Disclosures (“IFRS S2”) the Company has established
a top-down climate governance system and formulated a carbon reduction development strategy enhanced its climate
resilience and gradually reduced the impact of its operations on the environment.* At the governance level we have integrated climate change governance into the ESG governance framework
and established an ESG governance structure with the Board of Directors as the ultimate decision-making body:
The Board reviews climate-related risks and opportunities as well as climate change response strategies and
management targets on a regular basis each year and regularly monitors progress towards achieving energy-
and climate-related targets.* At the management level the ESG Working Group takes responsibility for formulating climate change response
strategies and management targets. According to the external regulatory requirements and market demands
the ESG Working Group makes timely adjustments to the timeliness of management policies supervises the
implementation of related initiatives at each plant and regularly reports the work progress to the Board.Each plant is responsible for executing specific tasks such as verifying GHG emissions reducing GHG emissions
through practical actions regularly collecting and summarizing GHG emission data and performing self-assessments
on the achievement of targets.Strategy
At the strategic level based on the energy-intensive and water-intensive characteristics of the semiconductor industry
and in conjunction with its own process upgrading and capacity expansion plans the Company has formulateda medium-to-long-term climate change response strategy and defined three core directions: “carbon reductionefficiency improvement and collaboration” so as to ensure that the strategy is aligned with climate-related risks and
opportunities.? Carbon Reduction through Process Upgrading: We focus on the R&D of specialty processes and reduce
GHG emissions in the production process from the source and lower energy consumption per unit of output by
optimising wafer manufacturing processes introducing low-energy-consumption production equipment improving
process yield and other means;
? Energy Structure Optimization: We will gradually increase the proportion of renewable energy used explore
cooperation models including photovoltaic development and green electricity procurement reduce our reliance
on traditional fossil fuels and drive the transition of energy consumption toward clean and low-carbon sources;98 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 99
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
? Energy Efficiency Improvement Initiative: We implement energy-saving renovation of production systems
strengthen refined energy consumption management for auxiliary systems including workshop lighting and air
conditioning and continuously enhance energy efficiency.We will integrate the management of climate-related risks and opportunities into the environmental risk management
system and formulate response strategies and implementing management measures for significant climate-related
risks and opportunities. Conducting ISO 14064 verification and certification to systematically identify the GHG emission
sources and verify the GHG emissions. In 2025 Fab 2 under the Shanghai Production Base was awarded the title of
“Green Factory” of Shanghai.The Company’s Shanghai Production Base (Fab 1 Fab 2 and Fab 3) is a carbon emission quota management unit
in Shanghai. Its annual GHG emissions are verified by a third party and the compliance and settlement work are
completed on schedule in the first half of each year. The total data control plan for the subsequent year is finalized at
the end of each year. Also it completes the total data control plan for the next year at the end of each year. The total
payment quota in 2025 was 254338.00 tons.Impacts Risks and Opportunities Management
The Company has improved its sustainable development strategy based on the results of stakeholder researchregulatory requirements and industry practices. “Addressing Climate Change and Energy Conservation & CarbonReduction” has received high attention as an important pillar. The Company identifies climate change-related risks
including transition risks and physical risks and assesses the financial impacts arising from climate change risks
through scenario analysis.a) Regarding transition risks: Actively responding to a series of measures under the emission control policies to
continuously reduce GHG emissions through various initiatives such as lean production green procurement
improvement of production processes and replacement of non-essential energy-intensive equipment.b) Regarding market opportunities: Capitalizing on the growth opportunities of product application in photovoltaic
power generation white goods and automotive electronics industries details of which are available in the section
headed “Opportunities in Clean Technology Innovation and Commercialisation”.The Company has established a regular identification mechanism for climate-related risks and opportunities
systematically assesses the potential impacts of climate change on business development and business models and
conducts in-depth analysis of their possible financial effects. Based on the above the Company optimises its strategic
planning and management system and continuously improves its climate change response plan.In terms of energy consumption control affected by persistent high temperatures in 2025 the operating load of water
chillers increased resulting in the overall electricity consumption remaining at a high level. Thanks to the Company’s
precise temperature and humidity control over the operating environment of facilities and equipment their operating
conditions were less affected by external climate fluctuations. Meanwhile the Company has implemented a series of
optimization and upgrading measures for production equipment further enhancing their environmental adaptability.The Company’s carbon inventory data are strictly calculated and compiled in accordance with the ISO 14064
standard. Currently the temperature and humidity control system for relevant facilities and equipment operates stably.Extreme weather only causes a phased increase in energy consumption and has no material impact on the service life
of the equipment.98 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 99
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Potential Financial Impacts on and Response Measures Taken by Hua Hong
Semiconductor Towards Climate-related Risks and Opportunities
Types and Descriptions of Climate-related Risks and Opportunities Likelihood Scope of Potential Response Measures
Impact Financial
Events Impacts
Reputation Risks Low Medium to Decreased – Publicly disclosing the GHG
Transitioning to a low-carbon economy Long Term Revenue emissions and reporting
various stakeholders expect companies the target progress of GHG
to take active actions in response emissions per unit product
to climate change and to enhance annually.the transparency of information – Disclosing climate change
disclosure. As a result any company mitigation and adaptation efforts
that fails to respond effectively to these in accordance with IFRS S2
propositions from the stakeholders and reporting the progress to
would be exposed to negative impacts stakeholders.on its own reputation.Policy and Legal Risks Low Medium to Increased – Conducting carbon accounting
China has set a “Dual Carbon” target Long Term Operating Costs work annually and completing
and regulatory scrutiny on corporate the compliance and achievement
carbon emissions will continue to of carbon emission quota limits
intensify in the future. Companies required by relevant ministries
whose carbon emissions do not meet and commissions in a timely
the regulatory requirements shall manner.purchase carbon emission allowances – The Company’s annual carbon
or China Certified Emission Reductions emissions do not exceed the
(CCERs) which will incur additional carbon quota limits therefore no
operating costs; companies that fail to additional costs are incurred.Risks Transition Risks
achieve their carbon emission quota
in full and on time may be subject
to penalties such as rectification
within prescribed period by relevant
government departments.Market Risks Low Medium to Decreased – Reducing GHG emissions
Customers and consumers are Long Term Revenue through various measures
increasingly concerned about the such as upgrading process
sustainability of products and are technologies and enhancing
demanding higher standards for production equipment
product carbon footprint and energy performance. For example
consumption. If the Company fails use of NF3 with high cleaning
to meet the market demands for its efficiency instead of C2F6 helps
products and services in a timely and to reduce use of fluorocarbons
effective manner the Company will lose thus reducing GHG emissions
its market advantage. annually.– Developing products with lower
power consumption and higher
efficiency to help downstream
industries improve energy
efficiency and reduce GHG
emissions across the value chain.100 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 101
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Types and Descriptions of Climate-related Risks and Opportunities Likelihood Scope of Potential Response Measures
Impact Financial
Events Impacts
Acute Physical Risks Medium Short to Reduced Value of – Formulating emergency response
The Company operates in coastal Medium Term Fixed Assets plans for extreme weather
regions such as Shanghai and Wuxi events.and may be exposed to climate-
related disasters such as typhoons
and rainstorms which may damage
Physical Risks fixed assets including infrastructure
resulting in economic losses.Chronic Physical Risks Medium Short Medium Decreased – Regularly conducting emergency
Persistent high-temperature weather and Long Revenue drills and training for natural
caused by climate change may disrupt Term disaster incidents.the Company’s business operations
resulting in lower business revenue.Resource Use Efficiency Low Short to Decreased – The 12-inch production line
Resource use efficiency shall be Medium Term Operating Costs in Fab 7 (Wuxi) was awardedimproved including the efficiency of Leadership in “Energy andenergy and water resources which can Environmental Design (LEED)”
help the Company reduce operating Gold certification from the United
costs during operations. States Green Building Council
(USGBC).Energy Sources Low Short to Decreased – Using renewable energy instead
A higher utilization rate of clean Medium Term Operating Costs of non-renewable energy to
energy in production activities can increase the proportion of green
help reduce reliance on fossil energy electricity.and in the long term reduce the cost
Opportunities
of purchasing municipal electricity.Products and Services High Short Medium Increased – The Company possesses non-
The Company’s products are and Long Revenue volatile memory (eNVM) high-
widely used in energy solutions for Term performance microcontroller
household appliances and across all (MCU) and single-chip
stages of the photovoltaic and energy integration (BCD) processes and
storage industries from electricity has accumulated rich technology
generation to consumption. The and experience in the new
growing demand for chips in these energy power generation industry
sectors is driving an increase in the and the manufacturing processes
Company’s business revenue. in the field of home appliance
applications.100 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 101
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Metrics and Targets
The Company has formulated clear climate-related quantitative indicators and phased targets based on its business
development reality and industry benchmarking analysis. This ensures that carbon reduction work is measurable
assessable and implementable. We regularly disclose the progress of target achievement and publicly disclose
greenhouse gas emissions data annually through the ESG report. The achievement status of the reported targets is
detailed in the “ESG Management Objectives and Achievements” section.Metric Unit 2024 Performance 2025 Performance
GHG emissions tCO2e 562487 812915
Of which: Direct GHG emissions (Scope 1) tCO2e 25331 17458
Indirect GHG emissions (Scope 2) tCO2e 537156 795457
GHG emissions per unit product tCO2e/8-inch wafer 0.12 0.15
2.2 Environmental Compliance Management
Governance
Hua Hong Semiconductor has always regarded environmental compliance as the core cornerstone of sustainable
development. We strictly adhere to national regulations such as the Environmental Protection Law of the People’s
Republic of China and industry standards. From the four dimensions of governance structure strategic planning
risk management and quantitative targets we have built a comprehensive closed-loop environmental compliance
management system to ensure the coordinated development of production operations and ecological protection
practising corporate environmental responsibility with high standards of compliance.Focusing on the entire lifecycle of wafer manufacturing we have constructed a compliance system covering key
areas such as waste gas wastewater solid waste chemicals noise and new pollutants. We have formulated internal
policies such as the Standard Operating Procedures for Industrial Water Supply System Internal Control Standards
for Pollutants and Operating Norms for Industrial Waste Management clarifying the compliance standards operating
procedures and responsible entities for each link. We have established a dynamic update mechanism for our systems
to closely monitor policy developments including the national action plan for emerging pollutant control and revisions
to industrial emission standards and refined the relevant institutional provisions in a timely fashion thereby ensuring
full alignment between the Company’s institutional frameworks and regulatory requirements. At the same time we
achieve standardised and systematic compliance management through the standardised management processes of
the ISO 14001 environmental management system certification.The ESG Working Group is responsible for formulating environmental management strategies and objectives
promptly tracking regulatory requirements from local governments and industry standards identifying environmental
management risks within the Company overseeing environmental compliance in the daily operations of each fab and
reporting on key matters to the management team.The EHS Department is responsible for coordinating establishment of the Company’s environmental management
system including formulation of management regulations performance analysis and evaluation with respect to
energy and resource use emissions management etc. It also assists external agencies in the audit and testing of the
Company’s environmental management system.102 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 103
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Strategy
During the Reporting Period guided by the newly formulated ESG management objectives the Company deeply
responded to the national “Dual Carbon” strategy and built a full-cycle green operation system. Through data-driven
governance empowerment we have systematically improved the efficiency of energy management water resource
recycling greenhouse gas emission control and waste resource utilisation. In the construction of the Wuxi 12-inch
production line we practised the concept of “industrial chain land supply” achieving shared environmental protection
and logistics facilities and creating a benchmark for economical and intensive development. Given the industry
characteristics of “high energy consumption high water consumption and complex pollutant types” in semiconductor
manufacturing the Company focuses on core links to achieve full-chain environmental compliance management.In the project planning and process design stages we strictly follow the requirements of ecological environment
zoning control prioritising the selection of low-energy low-pollution production technologies and equipment to reduce
pollutant generation at the source.In the production process we implement refined compliance management. In waste gas treatment we classify and
collect different types of waste gas such as acidic alkaline and VOCs and use targeted treatment technologies like
adsorption and combustion to ensure that emission concentrations comply with the Integrated Emission Standard ofAir Pollutants 《( 大氣污染物綜合排放標準》). In wastewater treatment we implement “classified collection quality-basedtreatment.”
We continue to increase investment in environmental protection upgrading and renovating pollution control facilities
to enhance end-of-pipe treatment capabilities. Each production base is equipped with advanced waste gas treatment
devices deep wastewater treatment systems and hazardous waste storage facilities to ensure that all end-of-pipeemissions meet standards. At the same time we have built a dual monitoring system of “online monitoring + third-partytesting.” Online monitoring equipment is installed at waste gas outlets and main wastewater outlets to monitor pollutant
emission data in real-time and upload it to the environmental regulatory platform. We entrust authoritative third-party
organisations to conduct regular environmental quality testing and generate test reports to ensure that end-of-pipe
emissions can be effectively monitored and verified.We promote the synergistic efficiency of environmental compliance and green development combining compliance
management with energy conservation carbon reduction and resource recycling. We strengthen environmental
compliance collaboration with stakeholders such as suppliers and customers promote full-chain compliance
management in the supply chain and build a green compliance ecosystem for the industry.Impacts Risks and Opportunities Management
We systematically identify environmental compliance risks through various methods such as policy tracking industry
benchmarking internal investigations and third-party assessments. We focus on four major types of risks namely
policy compliance risk (e.g. stricter environmental standards new pollutant control requirements) operational
compliance risk (e.g. failure of pollution control facilities exceeding pollutant emission standards) supply chain
compliance risk (e.g. suppliers’ environmental non-compliance) and emergency compliance risk (e.g. chemical
spills sudden environmental incidents). We have established a risk inventory clarifying the source and impact scope
of risks.We use a combination of qualitative and quantitative methods to assess the identified compliance risks analysing the
likelihood of risk occurrence and the degree of impact and classifying them into high medium and low risk levels
based on priority.? For high-priority risks (e.g. increased compliance costs due to policy changes risk of major pollutant emissions
exceeding standards) we conduct special assessments and formulate targeted response plans;
? For medium and low-priority risks we incorporate them into routine management and regularly track changes in
risk status.102 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 103
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
We have formulated differentiated response strategies for different levels of compliance risk. For policy compliance
risks we have established a policy warning mechanism to plan for compliance transformation in advance and ensure
timely adaptation to regulatory requirements. For operational compliance risks we strengthen equipment operation
and maintenance management conduct regular facility inspections and calibrations and enhance the professional
skills of operators to reduce the risk of non-compliance due to human error. For supply chain compliance risks we
strengthen supplier compliance audits and dynamic monitoring and establish a mechanism for phasing out non-compliant suppliers. For emergency compliance risks we formulate the Environmental Emergency Response Plan 《( 環境突發事件應急預案》) provide emergency response facilities and materials and regularly organise emergency drills to
enhance our rapid response and handling capabilities for sudden environmental incidents.A dynamic monitoring mechanism for compliance risks has been established under which real-time tracking of
pollutant discharge is conducted through online monitoring data regular risk inspections and assessments are carried
out and the risk inventory and response plans are updated in a timely manner. Led by the ESG Working Group we
track and verify the effectiveness of risk response measures to ensure that risks are effectively controlled. At the
same time we strengthen communication with environmental regulatory authorities to stay informed of regulatory
developments proactively accept supervision and inspection and mitigate potential compliance risks.Metrics and Targets
The Company has set overall environmental management targets which are monitored and evaluated periodically
by the EHS department to review the progress of target achievement and the actual effectiveness of control
measures. In 2025 the Company invested a total of RMB112.89 million in environmental protection carrying out
safety environmental protection and technological transformation projects to continuously improve environmental
management facilities. In 2025 we had no environmental violation incidents.
2.3 Energy Consumption Management
Governance
The Company has established a hierarchical and clearly defined energy governance system in strict compliance
with the laws and regulations such as the Energy Law of the People’s Republic of China and the Law of the People’s
Republic of China on Conserving Energy. At the institutional level based on the ISO 50001 Energy Management
System standard the Company has established a three-level document management system for energy management
under which it continuously reviews and updates the institutional framework to achieve standardized and normalized
operation of energy management. At the organisational level we have established a three-tier management structure of
“Board of Directors – Management – ESG Working Group”: the Board of Directors is responsible for reviewing energy
management strategies and supervising the achievement of targets; the management is responsible for formulating
strategies and targets coordinating and promoting implementation across all production bases and departments
while also performing supervision and reporting duties to the Board; the ESG Working Group leads and coordinates
the EHS utilities production and other departments of each production base to detail action plans and ensure the
effective implementation of the management strategy.Strategy
In terms of energy conservation and carbon reduction we continuously reduce total energy consumption by promoting
energy-saving technological transformations proactively responding to government energy consumption assessment
requirements and consolidating the foundation for sustainable development. In terms of value creation we deeply
integrate the concepts of clean production and low-carbon energy into the entire production and operation process.Leveraging energy-saving achievements to empower the upgrading of products and services we have built an
environment-friendly green factory and cultivated differentiated competitive advantages through such measures as
ecological product design waste heat recovery and utilization and full-process energy-saving transformation. In
2025 the Wuxi Base achieved significant results by implementing a series of energy-saving renovation projects and
continuously promoting energy conservation and emission reduction.104 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 105
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Project Unit Quantity
Photovoltaic power generation used in parking buildings and sheds kWh 859170
220kV GIS heaters decommissioned kWh 36231
Four-season energy-saving operation of diesel generator water jacket heaters kWh 158760
at Fab 7
Four-season energy-saving operation of diesel generator water jacket heaters kWh 226800
at Fab 9
Central utility energy-saving project at Fab7 kWh 30773000
Impacts Risks and Opportunities Management
The Company has established a comprehensive energy risk prevention and control mechanism forming a closed-loop
management for key risk points. To address risks related to energy supply interruptions we have formulated special
operating procedures such as the Emergency Plan for Emergency Unloading the Emergency Plan for Emergency
Power Cut the On-site Treatment Plan of the Power Department for Power Cut and the Emergency Plan for Power
Circuit Breaker Tripping. We regularly organise emergency response training and practical drills to enhance the
emergency response and handling capabilities of our staff and ensure the continuity of production and operations.In response to the risk of tightening policy regulations the Company adheres to the principle of “internal controlstandards being stricter than regulatory requirements” setting strict internal energy management targets to proactively
mitigate the potential impact of policy changes. We actively respond to the “Hundred One” Energy Conservation andCarbon Reduction Initiative in the Shanghai Industrial and Communication Industry (2022-2025) 《( 上海市工業和通信業節能降碳“百一”行動計劃(2022-2025)》) implementing a “3000-tonne standard coal energy-saving project plan.”
In 2025 we advanced 9 key projects according to the 3-year action plan for energy saving and carbon reduction
achieving a cumulative energy saving of over 1300 tonnes of standard coal strengthening our ability to respond
to policy risks with practical actions. In June 2025 Fab 1 of the Shanghai Base conducted a desktop drill for load
management during the summer peak adjusting the power supply of two air conditioning units in the air conditioning
room to further reduce production energy consumption.Metrics and Targets
The Company has formulated overall energy management targets which are disaggregated and allocated to each
production base for execution. The energy consumption of each production link is monitored daily and the progress
of target achievement is regularly reviewed. In 2025 the Shanghai Base purchased 98279 MWh of green electricity
further optimising its energy structure and effectively reducing carbon emissions. For other detailed energy data
please refer to the Summary of Sustainability Metrics.
2.4 Water Resources Management
Governance
The Company strictly adheres to national laws and regulations such as the Water Law of the People’s Republic of
China and the Law of the People’s Republic of China on Conserving Energy. We have established a systematic
water resource management system formulating special regulations such as the Standard Operating Procedures for
Industrial Water Supply System 《( 工業用水供水系統標準作業程序》) and the Tap Water Anomaly Handling Procedure
《( 自來水異常處置流程》) which clarify the management requirements for the entire process of water supply quality
testing and abnormal situation disposal.At the same time we have established a three-tier water-saving management structure of “Fab Manager – WaterConservation Leadership Group – Water-Saving Management Group”. The Fab Manager serves as the head of the
Water Conservation Leadership Group coordinating the establishment of water resource management goals and
formulating water use management regulations. Each department implements control requirements at different levels
and the Water Conservation Leadership Group of each fab is responsible for daily execution water use supervision
and data collection and reporting forming a closed-loop management system with clear responsibilities at every level.104 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 105
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Strategy
Based on industry characteristics and production realities the Company has made efficient water use a core
management strategy. By increasing investment in reclaimed water utilisation and implementing special improvement
measures we continuously improve water use efficiency. At the same time we proactively respond to external risks
such as fluctuations in water prices and shortages optimising water use plans throughout the entire production and
operation chain to ensure a stable water supply and prevent production impacts from issues like water stoppages and
unstable water quality from the source.To reduce the operational risks that may be brought by water resources the Company regularly identifies and monitors
water risks during its operations assesses the likelihood and impact of physical and policy risks and establishes
corresponding management policies and response strategies.The Company implements comprehensive water resource control measures centred on “reduction reuse andpromotion.”
* Production end: We promote the use of recycled water implement water-saving technology transformations
and carry out special projects for production wastewater reuse. We produce ultra-pure water through RO reverse
osmosis membranes realizing water recycling and reuse in multiple production processes and further tapping
water-saving potential;
* Management end: We conduct regular testing of water supply and quality in our operational areas;
* Awareness end: We regularly organise water-saving promotional activities from guiding thoughts to implementing
actions to comprehensively reduce water waste.Impacts Risks and Opportunities Management
The Company has established a multi-dimensional water resource risk management and control mechanism. We
regularly conduct systematic identification and monitoring of water risks during operations accurately assessing the
likelihood and impact of various risks such as physical and policy risks and formulate targeted management policies
and response strategies. At the same time we leverage professional external tools using the World Resources
Institute’s (WRI) “Aqueduct Water Risk Atlas” to scientifically analyse the rationality of the factories’ water intake and
the potential impact of their water intake behaviour. This analysis combined with special energy-saving and emission-
reduction measures enables us to continuously improve the efficiency of reclaimed water utilisation reducing
reliance on purchased ultra-pure water and municipal water thereby lowering water-related operational risks from
the source and ensuring the sustainability of water resource management. In 2025 we completed water balance
testing in accordance with the Shanghai Water Balance Test Management Regulations 《( 上海市水平衡測試管理規定》)
introduced smart remote metering water meters and built an online water balance testing system to achieve data-
driven real-time and dynamic management of water use.Metrics and TargetsWe publicly disclose water consumption data annually through ESG Report. Please refer to the section “ESGManagement Objectives and Achievements” for details of the achievement of the reporting target of water consumption
per unit product.106 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 107
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
2025 Water Resource Management Metrics and Targets of Hua Hong Semiconductor
Metric Unit 2024 2025
Total water consumption m3 21295153 29684416
Water consumption per unit product m3 per 8-inch wafer 2.76 2.99
2.5 Emissions and Waste Management
Pollutant Emissions
The Company strictly complies with relevant laws and regulations on environmental protection and pollution prevention
in the locations where it operates including but not limited to the Law of the People’s Republic of China on Prevention
and Control of Atmospheric Pollution the Law of the People’s Republic of China on the Prevention and Control of
Environmental Pollution by Solid Wastes the Law of the People’s Republic of China on the Prevention and Control of
Water Pollution and the Environmental Noise Pollution Prevention and Control Law of the People’s Republic of China
and formulates internal systems which are revised in accordance with the latest laws regulations and regulatory
requirements to continuously improve the system framework.Since its establishment the Company has defined green environmental protection and compliant operation as its core
development principles achieving excellent environmental performance. We have made outstanding achievements in
waste management implementing internal control standards for water and air pollutants that are stricter than national
standards and are supported by a comprehensive monitoring system.Exhaust Gas Management:
Hua Hong Semiconductor strictly adheres to the Law of the People’s Republic of China on the Prevention and Control
of Atmospheric Pollution the Discharge Standards of Pollutants for the Semiconductor Industry set by the relevant
industry association of Shanghai and other applicable laws regulations and requirements.For pollutants such as nitrogen oxides and VOCs we use the mature and stable traditional process of activated carbon
adsorption while also innovatively applying advanced VOCs removal technologies like zeolite rotors. The national
standard requires VOCs≤50mg/m3; after treatment with activated carbon the level is stably below 20mg/m3 and with
zeolite rotor technology it is controlled to single digits.The Company has established a regular air pollution control mechanism formulating special testing plans annually
introducing online monitoring facilities for waste gas and regularly maintaining waste gas treatment facilities to ensure
their efficiency. At the same time we actively respond to regulatory requirements gradually promoting the use of low-
VOCs content cleaning agents to reduce fugitive emissions from cleaning processes at the source. In 2025 all types
of air pollutants emitted by the Company met the discharge standards.The Company adheres to the requirements of its pollutant discharge permit strengthening the daily operational control
of environmental treatment facilities to meet the total control targets for wastewater and waste gas pollutants. At the
same time by paying pollution discharge taxes on time and purchasing environmental pollution liability insurance we
conscientiously fulfil our corporate environmental responsibilities. In response to the Measures for the Management of
Compensated Use and Trading of Sewage Discharge Rights (Draft for Comments) issued by Shanghai Municipality
in 2025 the Company immediately conducted a policy impact assessment communicated the relevant work
requirements to all factory areas and collaborated with the finance department to complete cost calculations preparing
in advance for the policy’s implementation. As a key pollutant-discharging unit the Company strictly implements
government regulatory requirements and has fully deployed 24-hour online monitoring equipment for wastewater and
waste gas achieving real-time monitoring and precise control of pollutant emissions ensuring the normalization and
refinement of environmental management.106 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 107
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Types and Treatment Methods of Air Pollutant of Hua Hong Semiconductor
Type Treatment Method
Acid air emission Up-to-standard discharge after removing most of the
components through pretreatment and centralized
treatment of the washing tower.Alkaline air emission (mainly ammonia gas) Purification through a washing tower.Air emission
Organic air emission Purification through activated carbon adsorption or
combustion after concentration.Air Emissions containing dust Removal through a dust-extraction unit.(mainly small particulates of silicon dioxide)
As a key pollutant-discharging unit the Company strictly implements government regulatory requirements and has
installed online monitoring equipment for key indicators achieving real-time monitoring and precise control of pollutant
emissions ensuring the normalization and refinement of environmental management.Wastewater Management:
The Company strictly complies with the Law of the People’s Republic of China on the Prevention and Control of
Water Pollution and the Integrated Wastewater Discharge Standard. The Shanghai Production Base also implements
the Discharge Standard of Water Pollutants for the Electronic Industry while the Wuxi Production Base follows the
Jiangsu Discharge Standards for the Semiconductor Industry. The Company has formulated internal management
systems such as the Operation Manual for Wastewater and Drainage Discharge and the Internal Control Standards
for Pollutants establishing a compliant and stricter-than-national-standard water pollution prevention and control
management system.Through enhancements in wastewater treatment processes and the expansion of wastewater reuse initiatives the
Company has minimized the generation of wastewater pollutants at the source. Both the Shanghai Production Base
and the Wuxi Production Base are equipped with online monitoring systems for wastewater pollutants with discharge
concentrations transmitted in real-time to the environmental regulatory authorities’ public information platform ensuring
reliable transparent and traceable environmental information.Types and Treatment Methods of Water Pollutants at Hua Hong Semiconductor
Type Treatment Method
Wastewater pH COD ammonia nitrogen fluoride Discharged into the municipal sewage network upon
ion etc. meeting the discharge standards after being treated
through a wastewater treatment system utilizing
processes such as coagulation sedimentation air
stripping acid washing absorption aerobic biological
contact acid-base neutralization MBR etc. and then
further treated by urban sewage treatment plants before
being released into natural water bodies
We publicly disclose water pollution management data annually through our ESG report. The achievement of the water
pollutant management target is detailed in the “ESG Management Objectives and Achievements” section.108 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 109
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Water Pollutant Management Metrics of Hua Hong Semiconductor in 2025
Metric Unit Base 2024 Performance 2025 Performance
Annual COD discharge concentration mg/L Shanghai Production Base 65.7 22.92
Wuxi Production Base 29.9 28.00
Note: The COD discharge concentration for 2025 is calculated based on online monitoring data.Waste Management
The Company strictly follows the Law of the People’s Republic of China on the Prevention and Control of Environmental
Pollution by Solid Wastes and other laws regulations and relevant standards. We have established a regular
inspection and evaluation mechanism and through a standardised and regulated management system to ensure that
the entire process of handling various types of waste is legal and compliant. Each factory area regularly implements
special energy-saving and emission-reduction projects each year to promote solid waste reduction at the source.For solid waste management the Company implements classified management for hazardous waste and general
industrial solid waste. We have built a full-process hazardous waste management system with key data synchronised
to the government regulatory platform for real-time online monitoring. For other waste such as domestic garbage we
have signed cooperation agreements with qualified professional organisations to ensure standardised disposal and
professional treatment.Types and Treatment Methods of Wastes at Hua Hong Semiconductor
Type Treatment Method
Domestic waste and kitchen garbage Entrusting the environmental sanitation
departments in the places where we operate
for unified disposal on a regular basis
Raw materials for production and office Segregated on-site for recycling and reuse;
Non-hazardous waste supplies the proportion of materials recovered is
tracked while the non-reusable portion is
disposed of in a non-hazardous manner in
accordance with regulations.Sludge etc. Landfilling and brick manufacturing
Waste acid waste isopropanol waste Entrusted to licensed hazardous waste
phosphoric acid and organic waste liquid vendors for professional resource recovery.etc. Packaging that cannot be recycled
undergoes safe treatment to achieve volume
reduction.Hazardous waste
Waste glass bottles 200L chemical barrels Entrusted to licensed hazardous waste
and waste liquid from laboratory etc. vendors for compliant incineration or secure
Cleaning cloths plastic bottles waste landfilling.activated carbon waste resin and arsenic-
containing waste etc.The Company identifies and categorizes wastes as well as adopts appropriate management measures and reuse
methods to strive in maximizing the recycling rate of wastes.108 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 109
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Handling of Hazardous Chemicals
Many processes in the Company’s manufacturing involve the use of chemicals some of which are hazardous toxic
or harmful and require special control. To build a systematic and full-chain chemical safety management system
the Company has established several systems including the Chemicals Management Procedure the Hazardous
Chemical Safety Management Regulations and the Management Measures for Hazardous Chemicals aiming at
reducing the risks associated with chemical operations at the process level through standardised operations such as
chemical labelling and strict verification and registration for storage in and out of the warehouse. Multiple steps in the
Company’s manufacturing process involve the use of chemicals some of which are hazardous toxic or harmful and
require special management.Types of Hazardous Chemicals at Hua Hong Semiconductor
Category Name
Flammable Liquids Isopropyl alcohol Photoresist Diesel
Oxidising Agents and Organic Peroxides Hydrogen peroxide
Toxic Substances Phosphine Fluorine
Corrosive Substances Sulphuric acid Hydrochloric acid Hydrofluoric acid
Phosphoric acid Mixed acid Ammonia water Sodium
hydroxide
Compressed Gases and Liquefied Gases Hydrogen Methane Silane Nitrogen Oxygen Argon
Helium Ammonia Chlorine
In terms of management mechanism the Company has established a Factory Chemical Review Committee andformulated the Chemical Substance Review Procedure building a closed-loop management model of “pre-assessment– in-process control – post-event traceability.” Prior to use we conduct a comprehensive assessment of the
environmental protection and safety qualifications as well as the risk prevention and control capabilities of chemical
suppliers to control risks at the source. During use we use a chemical substance management system for dynamic
control over the entire lifecycle of chemical use storage and disposal setting standards for maximum storage
quantities and monitoring consumption in real-time to prevent issues like excessive storage and non-compliant use.After use through system traceability and ledger management we promptly investigate potential hazards to prevent
environmental pollution risks.At the same time the Company places great emphasis on practical operational capability building. Each factory
area develops and regularly implements special drill plans for sudden safety incidents such as chemical leaks gas
leaks and fires. Concurrently we conduct comprehensive and frequent safety training to strengthen employees’
risk prevention awareness and emergency response capabilities building a solid line of defense for chemical safety
control from the personnel capability level.110 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 111
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2.6 Circular Economy and Green Products
The core raw materials for the Company’s production and operation include silicon slices quartz target materials
chemicals etc. To achieve standardised management of raw materials we have established a comprehensive material
control system formulating policy documents such as the Raw Materials Shelf Life Control Policy the Risk Identification
and Response Measures for Key Materials and the Key Materials Risk Analysis Table. We strictly control the shelf
lives of raw materials and strengthen the quality and safety risk investigation of key materials to ensure no abnormal
issues occur. For production auxiliaries such as chemicals and gases we have specifically formulated the Materials
Management Department’s Management Standards for Chemical Storage and Gas-based Operations clarifying and
promoting standardised storage and retrieval operating procedures to build a solid safety line for material use.On the basis of standardised management the Company upholds the concepts of source reduction and circular
economy strictly following the requirements of the Law of the People’s Republic of China on the Promotion of Circular
Economy. Through measures such as improving production processes optimising resource allocation and recycling
we continuously reduce the overall use of raw materials with a focus on reducing the scale of chemical use thereby
reducing resource waste and further lowering production safety risks.Since November 2020 the Company has officially launched the point-to-point resource utilization of waste sulfuric
acid. By transforming waste sulfuric acid from end-of-pipe disposal to resource reuse we have effectively reduced
environmental risks and significantly alleviated regional ecological pressure.The Company deeply integrates the ESG development concept into the entire R&D process accurately conveying
the ESG competitive advantages of its products to customers in core fields such as automotive electronics and
new energy. Through continuous technological iteration and innovative R&D we aim to achieve development goals
of energy saving carbon reduction and material reduction comprehensively supporting the green and intelligent
transformation of downstream industries.In the power semiconductor field the Company continues to promote IGBT technology iteration developing small
pitch size processes. By reducing chip area and increasing power density we effectively reduce the use of supporting
materials for products. We have achieved mass production of 1.6um pitch size IGBT products which are widely used
in new energy fields such as smart electric vehicles and wind/solar/storage and we continue to develop and iterate
on the process. We are actively laying out the R&D of Power GaN processes leveraging device advantages to reduce
energy consumption and helping customers achieve system miniaturization and energy-saving development goals.In the logic and embedded memory fields the Company promotes process technology iteration. Through process
upgrades we significantly improve product operating speed and computing performance while further reducing
operating power consumption meeting the development needs of terminal devices for low power consumption and
long battery life.110 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 111
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
We continuously promote the technological iteration of the BCD platform effectively reducing the product’s full-
lifecycle energy consumption. We are developing higher voltage BCD process platforms that can support 48V power
system applications further helping downstream terminals improve energy efficiency and reduce energy consumption.To meet the stringent requirements of intelligent application scenarios such as smart cars for product integration
and reliability we have developed a “Flash+BCD” integrated process platform. This integrates traditional multi-chip
solutions into a single-chip solution not only greatly improving product integration and operational stability but also
reducing costs and carbon emissions in production and application links by simplifying the supply chain and reducing
material usage. This solution has been widely used in smart automotive electronics providing support for the intelligent
development of downstream industries.The Company has established a regular assessment mechanism for energy conservation and carbon reduction work.Each year we systematically review the completion of energy consumption indicators the progress of management
work in key energy-consuming units and the implementation of special energy-saving and carbon reduction initiatives
like the “Three-Year Action for Green and Low-Carbon Transformation Development.” We use assessments to drive
implementation and continuously promote the Company’s green and low-carbon transformation.Environmental Management for the Full Life Cycle of Products of Hua Hong Semiconductor
Warehousing Product Production Product End-use Products Disposal
of Raw Materials Transportation
* Carry out hazardous * Choose low energy * Use environmentally * Develop * All wafers are
substance and high efficiency friendly packaging lowpower and tested for harmful
examination and production materials whenever high performance substances to
systematic control equipment to possible chips to minimize reduce their
on raw materials reduce the use of * Recycle and reuse environmental environmental
* Review the raw materials and packaging materials impact impact when
qualification and energy * Optimize * Develop new discarded
environmental * Treat production transportation products that * End-of-life products
compliance of wastewater to routes to reduce are smaller in are disposed of as
suppliers and meet standards repeated and no- size but more electronic waste by
require suppliers and reuse it in load transportation efficient to reduce consumers through
to sign the production to environmental qualified institutions
Environmental increase the pollution for harmless
Protection wastewater reuse disposal with some
Undertaking Letter rate parts or metals being
* Optimize production dismantled refined
technologies and and recycled
pollution treatment
processes to reduce
the generation of
wastewater and
waste gas112 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED PB
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Measures and Achievements in Saving Raw Materials at Hua Hong Semiconductor in 2025
Entity Specific Measures Achievements
Project raw material saving – annual saving 85000 liters saved
of sulfuric acid
Wuxi Production Base
Project raw material saving – annual saving 15000 liters saved
of hydrogen peroxide
Opportunities in Clean Technology Innovation and Industrialization
Clean technology innovation brings multiple industrial development opportunities to the Company. The Company
focuses on the R&D and implementation of clean technologies throughout the entire semiconductor manufacturing
process forming innovative achievements in multiple dimensions including process materials and governance. The
effectiveness of technology implementation and industrial layout have been authoritatively verified and supported
by policies. Relying on the accumulation of multiple domestic and international authorised patents the Company
continues to make efforts in the application of clean production technologies and the layout of the green industrial
chain. Technological breakthroughs such as the 12-inch expanded platinum process and new-generation power
device platforms provide high-performance support for the green energy field. We explore green economic
opportunities through technological innovation demonstrating our strategic commitment to sustainable development.At the policy level leveraging the dual carbon goals and the policy dividend of semiconductor self-reliance the
Company has received subsidies for green manufacturing. The third phase of the National Integrated Circuit
Industry Investment Fund has focused on investing in the Company’s wafer manufacturing and specialty process
R&D providing financial guarantees for capacity expansion. Priority access has also been granted for supply chain
localization verification channels. In the future the Company will continue to deepen its efforts in high aspect ratio
structure cleaning and at the same time relying on clean technology innovation and diversified layout further enhance
its green manufacturing level continuously meet ESG regulatory and customer sustainability needs and solidify its
industrial competitiveness through technological innovation.PB HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 113
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
3. Harmonious Coexistence: Empowering Stakeholders
3.1 Caring for Employees’ Career Growth
Compliance Assurance: Laying a Solid Foundation for Employee Rights and Interests
Lawful and Compliant Operations
The Company strictly implements national laws and regulations such as Labor Law of the People’s Republic of China
and the Labor Contract Law of the People’s Republic of China. We have made legal compliance a core principle of
our operations and management firmly safeguarding the legitimate rights and interests of our employees. We are
dedicated to building a harmonious and stable labour relationship and fostering a workplace environment that is lawful
compliant fair just and mutually supportive.We have solidified the foundation for rights and interests protection through system development formulating a
series of internal policies such as the Employment Procedures the Management Procedures for Trainees the
Resignation Management Regulations Promotion Procedures and the Employee Communication Rules. This forms a
comprehensive full-process system for safeguarding rights and interests. We actively advocate for a corporate culture
of respect equality and justice and widely attract talent with diverse backgrounds skills and experiences. We
provide a fair and just career development platform and remuneration for all employees and are always committed to
enhancing their sense of happiness gain and satisfaction helping employees grow together with the Company.Standardised Employment Management
The Company strictly adheres to the principle of “equality voluntariness and mutual agreement” in signing written
labour contracts with all employees by law. The contracts comprehensively cover legally required clauses such as the
term of the labour contract job content and location working hours and rest/leave as well as labour protection and
occupational hazard prevention.? We strictly enforce the prohibition of child labour and forced labour. During the recruitment process we
meticulously verify the identity of applicants to resolutely prevent the employment of minors;
? We uphold a policy of equality and diversity in recruitment explicitly prohibiting any form of discrimination based
on gender age race religion etc. and have clearly defined this in relevant policy documents;
? We provide accessible channels for employee grievances and complaints ensuring that employee concerns are
responded to in a timely and just manner leaving no gaps in the protection of their rights and interests;
? We standardize the resignation process to ensure it is handled in a legal compliant and orderly manner thereby
safeguarding the legitimate rights and interests of both the Company and its employees;
? If any employment-related non-compliance incident is identified we will investigate and verify the facts take
corresponding corrective and remedial actions to eliminate the situation and remain committed to improving
control mechanisms to prevent any illegal or non-compliant activities.114 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 115
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
During the Reporting Period the Company had no major labour disputes no major penalties for violating labour laws
and no incidents of child labour or forced labour.Practices of Employee Diversity of Hua Hong Semiconductor
Gender Diversity
* Upholding the principle of “gender equality” in recruitment employment and promotion the Company incorporates
employee aptitude and performance assessments into the standards of employment and promotion.Age Diversity
* Upholding the principle of “age equality” the Company provides job and promotion opportunities for employees of
different age groups.Functional Diversity
* The Company offers various positions and levels in management technology and functional support allowing
employees to choose based on their own development plans.Employee Composition of Hua Hong Semiconductor in 2025
Gender Distribution
26%74%
Female Male
Age Distribution
39%59%2%
<30 years old 30-50 years old > 50 years old
Over 600 Persons Recruited During the Year Including
19%46%13%22%
Front-line production Engineering and technical R&D personnel Other personnel
personnel personnel114 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 115
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Employee CareThe Company has established a comprehensive welfare and benefits system. We pay “five social insurances and onehousing fund” for our employees in full and in accordance with the law with a coverage rate of 100%. We also provide
supplementary medical insurance for members of our Shanghai trade union. We offer universal benefits including
annual health check-ups for all employees provision of meal subsidies paid leave and festival benefits. Furthermore
we provide convenient services such as eyeglass services the “Happiness Express” (a corporate branding event
hosted by the Municipal Federation of Trade Unions) promotion of personal pension policies and guidance on tax
declaration. At the same time，we also offer mental health training for front-line employees in the manufacturingdepartments and have repaired the lighting facilities of the Company’s football field.Comfortable * All office areas are equipped with fresh air systems and air purification devices to optimize
Office air quality; soft furnishings and equipment in employee lounges have been updated;
Environment * More greenery has been added along with a fountain/ornamental fish pond with regular
landscape maintenance and proper water changes to ensure water quality;
* Regular office maintenance was carried out including the replacement of office furniture
such as desks chairs and counter areas. Renovation plans were determined with a
high level of employee participation to cater to the aesthetic preferences of our modern
workforce.Healthy Diet * Staff canteens and cafes are available. In 2025 the coffee lounge upgrade was completed
concurrently with its name determined by employee vote;
* A centralized food procurement model and a compliant supply chain management system
was established. Employees and department representatives are invited to participate in
oversight and the Procurement Review Committee regularly reviews the qualification status
of food suppliers. Food samples are retained for inspection in accordance with regulations;
* Culinary exchanges between Shanghai and Wuxi were organized along with New Year
Food Week activities.Caring * Employee dormitories are available equipped with private bathrooms 24-hour hot water
Accommodation supply and Wi-Fi network access;
* Residential areas feature facilities such as a library a yoga room a table tennis room a
laundry room a fitness center and parcel lockers.116 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 117
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Shanghai Base Chip & Chill Lounge Shanghai Base Fountain Wuxi Base Gym
(I) Fixed Festival Activities
The labor union takes the lead in coordinating activities for traditional fixed festivals including the Spring Festival
Women’s Day Dragon Boat Festival Mid-Autumn Festival and National Day ensuring employees feel the
organization’s care during important occasions.Case: Walking Along the Grand Canal – 2025 New Year’s “Walk for Good Fortune” Activity
In January 2025 the Company organized employees to participate in the New Year’s hike along the Grand Canal.Through hiking participants started from the origin of the Grand Canal – Wuxi’s Bodu River – to explore the birthplace
of Wu culture (吳文化) experience the profound cultural heritage of Meili Ancient Town and its high-quality innovation
and development achievements and gain a deeper appreciation for the continuity and transmission of Chinese cultural
heritage.(II) Special Care Activities
We strictly implement various care and condolence activities in accordance with the Trade Union Expenditure
Management Measures 《( 工會支出管理辦法》) . Visits and condolences are mandatory for employees in cases of illness
childbirth and retirement. We also carry out regular special care activities such as “Delivering Cool in Summer”
“Bringing Warmth in Winter” and commencement condolences to ensure that our care work is standardized and
orderly. Condolence activities are carried out around key festivals and special situations. Before major holidays
including the Spring Festival Labor Day Dragon Boat Festival Mid-Autumn Festival and National Day we
comprehensively assess employees’ actual conditions and provide targeted care covering all active employees.During the 2025 Spring Festival we organized a special dumpling-making activity for employees who stayed behind.On Chinese New Year’s Eve the canteen specially provided “One-Cent Love Meal (一分錢愛心餐食)” to convey
festive warmth. For the Dragon Boat Festival and Mid-Autumn Festival care was provided mainly in the form of festival
benefits.Case: Celebrating Children’s Day with Chip Science Education amidst the Aroma of Zongzi (古韻粽香裡 童芯慶
六一)
On 24 May 2025 the Company concurrently organized a Children’s Day Family Open Day in Shanghai and Wuxi with
participation from over 60 employee families. At the Shanghai Base a Chip Little Classroom led by a model worker
was held accompanied by talent shows parent-child zongzi making activities and fun games;
At the Wuxi Base popular science on the company and chip knowledge was carried out through exhibition hall visits.Eight traditional Chinese-style parent-child sports events were set up including pitch-pot and stilt-walking. Talent
shows were also held and festival packages were provided. The activity integrated technology and traditional culture
conveying the charm of technology and the warmth of the Dragon Boat Festival through warm parent-child interactions.116 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 117
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
(III) Special Condolences & Autumn Student AidSpecial condolences were offered to the cybersecurity staff who stuck to their posts 7/24 during the “Silicon Shield &Cyber Forge (芯盾礪網)” Live-Fire Exercise in recognition of their hard work. During power maintenance at each plant
key condolences were provided to frontline employees to ensure the smooth progress of maintenance work.We continued to carry out the Autumn Student Aid program. We accurately assessed the family conditions of
employees in need and provided support focused on the needs of school-age children. The program was implemented
in both Shanghai and Wuxi to achieve full coverage of assistance.(IV) Diverse Association Activities
We manage a variety of staff associations including basketball football fitness image design and others. Employees
may freely join group branches or company’s own associations according to their personal interests fully satisfying
their spiritual and cultural needs.These associations actively organize a diverse array of special activities. Notably the Fitness Association engages
external professional coaches to conduct systematic training enhancing the professionalism and participation rate
of its activities. Besides organizing various competitions for all employees our company’s associations actively form
teams to participate in group-level and municipal-level competitions earning multiple honors. For instance in 2025 we
participated in the Wuxi Corporate Football Super League and secured second place in the 5th Wuxi High-tech Zone
Dragon Boat Race and third place in the Kayaking Race. These achievements showcase the excellent spirit and team
cohesion of our employees.Employee Communication
1. Two-Way Drive to Expand Employee Communication Channels
The Company has formulated the Employee Communication Procedure 《( 員工溝通規程》) which defines the
requirements for multi-directional communication between the Company and employees between supervisors
and subordinates and among employees providing institutional support for various communication activities. The
Company has established and continuously improved a transparent open and multi-directional regular employee
communication mechanism. Through institutional norms the establishment of multi-level channels and the closed-loop
management of demands the Company ensures that employees can fully express their opinions and participate in
the Company’s operations and management. It effectively safeguards the legitimate rights and interests of employees
fosters a harmonious and win-win working atmosphere and continuously enhances employees’ sense of responsibility
identity and belonging.118 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 119
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Employee communication is an important part of sustainable enterprise development:
? In 2025 the Company introduced new quarterly employee communication meetings. Organised quarterly by the
Company’s administration department and led by senior management these meetings adopt a hybrid format
combining in-person and online sessions across multiple locations to cover employees in various regions. The
meetings are open to all employees for registration serving as a platform to share business updates address
employee concerns and recognise outstanding teams and individuals. Throughout the year the meetings
attracted a cumulative attendance of over 1000 participants effectively establishing a direct communication
channel between senior management and employees strengthening internal communication and cohesion and
demonstrating the Company’s governance philosophy of openness transparency and valuing employee voices.? We hold regular Employee Representative Congress meetings. These meetings are convened at least once
a year with three meetings held in 2025. The main purpose is to report to employees on matters such as the
Company’s annual training plan the remuneration benefits and business-related expenditures of the Company’s
management personnel and the annual safety work report. This provides a formal channel to diligently listen to
employee feedback and promptly respond to their concerns.? The Company’s administration department organises quarterly communication meetings for departmental
assistants. Employee representatives are invited to exchange views on logistical support issues related to
property management and office facilities the clinic canteens dormitories and other areas. Solvable questions
are answered on the spot; unresolved issues are recorded in a tracking list and followed up with closed-loop
management after the meeting.
2. Diversified Surveys to Accurate Understand Employee Needs
The Company places great emphasis on employee opinions and experiences and has established a regular employee
satisfaction survey mechanism. The Company adopts an anonymous and randomly sampled questionnaire survey
method. The Company conducts employee satisfaction surveys periodically throughout the year systematically
collecting genuine employee feedback and suggestions for improvement on core topics such as corporate
development and culture working environment and support compensation and benefits learning and development
and information exchange and sharing. At the same time the Company extensively gathers the opinions and needs
of different employee groups through various channels including a rationalization suggestion platform. Nearly 95%
of employees hold a highly positive view of the Company’s production or working environment and labour protection
status. The Company will continuously optimize relevant management measures based on the survey results to
constantly enhance employee experience and organizational cohesion.
3. Closed-Loop Management of Appeals to Solve Employee Issues Effectively
We consistently adhere to the principle of open and transparent communication and are committed to providing
employees with fair and equitable grievance and reporting procedures. In accordance with the Employee
Communication Rules the Company has established a comprehensive employee grievance and communication
mechanism. Employees are encouraged when encountering misunderstandings doubts or disagreements with
Company policies at work to first engage in open communication with their immediate supervisor. If an employee
has concerns about being treated fairly or if the issue remains unresolved after communicating with their immediate
supervisor the employee may further seek assistance from their superior or the head of the Human Resources
department. The Human Resources department will act as an advocate for employee interests and ensure all
communication content is kept confidential unless consultation with relevant personnel is necessary to resolve the
issue. If an employee believes that the matter has not been properly resolved through the above channels they may
also submit a written complaint report through the formal complaint channel to seek higher-level assistance. We firmly
believe that this mechanism can effectively safeguard the legitimate rights and interests of employees and provide
them with a fair and open channel for appeal.118 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 119
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
In response to employee opinions and demands collected through communication the Company has established
a rapid response and follow-up mechanism to actively implement and resolve reasonable appeals. This year by
advancing the “I Do Practical Work for the Masses (我為群眾辦實事)” initiative the Company has steadily promoted
comprehensive supporting projects in Shanghai and Wuxi effectively addressing the practical needs of employees
in work and life. At the same time logistics-related opinions also achieved on-the-spot response through department
assistant communication meetings and unresolved issues were followed up after meetings under closed-loop
management further enhancing employee well-being.Employee Development and Training
Employee Empowerment Training
The Company places great emphasis on employee training and talent development actively refining its training
management system. It has formulated and optimized specific policies including the Education and Training
Procedures 《( 教育培訓規程》) and the External Training Management Procedures 《( 境外培訓管理規程》) conducting
training activities in strict accordance with relevant regulations. Leveraging the Company’s strategic development
goals and the individualized growth needs of employees we have established and continuously iteratively improved
an employee education and training system that comprehensively addresses the all-around multi-level training
requirements of employees across different positions.To ensure the efficient implementation of training activities the Company has equipped dedicated training classrooms
and professional training equipment to provide favorable conditions for centralized offline training. Simultaneously
it has built an integrated online learning and sharing platform incorporating multi-functional modules such as online
training enrollment management training materials access job question bank practice and on-demand multimedia
learning courseware playback to meet employees’ fragmented and self-directed learning needs. When necessary
the Company also proactively integrates external high-quality training resources to provide solid resource support for
employee learning and development.In terms of training management the statistics of training hours comprehensively cover various training scenarios
including onboarding training for new employees external training and internal intensive training ensuring no
omissions in training management. Additionally for academic education related to professional and technical
positions the Company provides special subsidies and expense reimbursement support to encourage employees to
continuously enhance their professional qualifications.In terms of talent cultivation the Company has developed a diversified special training system. The Company
assigns a dedicated mentor to each new graduate recruit providing “one-on-one” guidance covering the transfer
of professional knowledge sharing of practical experience and career development planning. This initiative helps
new employees quickly integrate into the work environment master job-specific skills and progressively meet job
requirements with confidence. The Company has also established a multi-dimensional training system encompassing
job skills professional expertise and management capabilities. Committed to building a knowledge-based skilled
and innovative workforce we encourage employees to engage in research and innovation activities grounded in their
roles thereby strengthening the Company’s core competitiveness through talent development.120 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 121
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Employee Grading Training System of Hua Hong Semiconductor
Trainees Training Contents 2025 Performance
Grassroots Role recognition self-management * Average training hours per capita 141.5 hours
managers managing others work management * Employee training coverage 100%
Front-line Develop management skills of front-
managers line shift and team leaders cultivate a
front-line management team with high
quality and high business ability and
lay a solid foundation for the Company’s
management
Newly-employed Career quality corporate culture
university students introduction to special skills and other
courses
Front-line Courses about theory and practical
employees training of the semiconductor
manufacturing module
The Company is actively deepening its industry-university-research collaborative training mechanism. Leveraging
its joint university-enterprise training program for master’s and doctoral students in engineering the Company has
established cooperative training partnerships with seven universities including Fudan University and Zhejiang
University with plans to jointly train over 50 students. The program adopts a joint training model that combines cutting-
edge theoretical instruction at the universities with in-depth practical experience at the Company. This approach
integrates advanced theory with real-world R&D and manufacturing scenarios strengthening the development
of students’ practical engineering and innovation capabilities. Through this systematic university-enterprise joint
training the Company continuously broadens its channels for sourcing high-level professional and technical talent
and enhances the professional capabilities and technical depth of its employees. At the same time this initiative
continuously supplies the industry with engineering talent equipped with both theoretical knowledge and practical
skills. Going forward the Company will continue to advance and deepen these collaborative projects.Employee Growth
The Company is committed to building a clear and transparent career development path for employees conducting
regular performance evaluations and giving feedback. In terms of employee promotion we have set up three
professional development paths based on the standard practice of the industry including management technology
and function which not only support employees to develop in a single sequence but also encourages conversion from
the technical path to the management path to leverage personal capabilities and promote professional aspirations.The Company also helps employees accumulate comprehensive experience and enhance their core competencies
through diversified development paths including intra-departmental rotation cross-departmental or cross-regional
rotation secondment and role enrichment. These initiatives continuously strengthen the foundation of our talent
pipeline.To ensure a high-quality talent pool the Company enhances employees’ comprehensive capabilities through various
initiatives including specialized training technical exchanges and thematic seminars to constantly optimize the
talent cultivation mechanism and strengthen the Company’s overall competitiveness. The Company has formulated the
Implementation Measures for Educational Subsidies to provide financial support for employees pursuing master’s or
doctoral degrees in semiconductor-related engineering fields thereby enriching their professional knowledge. Through
educational subsidies professional certifications and skills training the Company not only promotes individual
employee development but also strengthens the innovative capabilities and competitiveness of the entire team laying
a solid foundation for the Company’s long-term development and technological leadership. In 2025 one employee
received a master’s degree subsidy and five employees registered their plans for master’s degree studies.120 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 121
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Employee Compensation Mechanism and Regular Performance Appraisal and Feedback Process
The employee compensation management is aligned with the Company’s development strategy operational
performance and profitability. The Company offers competitive remuneration based on factors such as employees’
performance position and competencies ensuring relative fairness in compensation distribution within the Company.Adhering to a value creation-oriented approach Hua Hong Semiconductor has established a standardised
transparent and tiered and classified performance appraisal and feedback mechanism. This ensures the effective
decomposition and implementation of the Company’s strategic goals while supporting employees’ competency
enhancement and career development. To ensure the standardisation and transparency of employee performance
management the Company has formulated the Employee Performance Management Regulations. These regulations
detail the principles methods and procedures for performance appraisals aiming to motivate employees and promote
the Company’s development through a scientific and impartial appraisal system.
3.2 Employee Health and Safety
Governance
The Company strictly complies with laws and regulations such as the Occupational Disease Prevention and Control
Law of the People’s Republic of China the Work Safety Law of the People’s Republic of China and the Work Injury
Insurance Regulations. Aligning with the requirements of the ISO 45001:2018 Occupational Health and Safety
Management System the Company has established a management system covering the entire process. The core
policies include the Implementation Measures for the Safety Production Responsibility System of the Safety Production
Committee the Environmental Occupational Health and Safety Management Manual the Safety Production Expense
Management Procedure and the Work-Related Injury Management Method laying the institutional foundation for work
safety and occupational health protection.We have established a primary responsibility system for work safety with “one position with one responsibility” and
improved the work safety responsibility system for all employees. A Safety Production Committee has been set upclarifying the management principles of “strictly implementing primary responsibilities strengthening direct supervisionby departments consolidating on-site supervision within the factory area and reinforcing comprehensive safetysupervision” continuously promoting the standardization systematization and intelligent implementation of safety
work. In 2025 the organizational structure of the Work Safety Committee has been optimized. Strictly following the
requirements of “Three Musts for Three Management Aspects” and “Three Responsibilities” a total of 5027 work
safety responsibility letters were signed (243 for management positions 4721 for all employees and 63 for resident
manufacturers) achieving a 100% signing rate. The Safety Production Committee has formulated clear management
objectives for work safety and occupational disease prevention directly linking the achievement of these objectives with
the work safety responsibility system and tracking implementation effectiveness through a regular review mechanism.During the 2025 reporting period 4 Safety Production Committee meetings were held focusing on promoting: * the
special work safety rectification and the three-year action for fundamentally improving safety production * the
implementation progress of safety technological improvements projects * work safety guarantees for major overhauls
and * work safety guarantees for extreme weather conditions such as flood control and typhoon prevention.122 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 123
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Strategy
We formulate an occupational health and safety management policy strictly comply with safety health and
environmental laws and regulations create a safe healthy and comfortable working environment for its employees
and relentlessly pursue the ultimate goals of “zero disaster” and sustainable operation aiming to become a model
global corporate citizen. The Company continuously promotes special rectification actions for safer production.The management review meeting annually reviews the implementation of the occupational health and safety policy
updates legal and regulatory requirements and deploys implementation plans.Occupational Health Protection
We have established a full-cycle employee health management system providing free health check-ups for
employees who have completed one year of service. In strict accordance with legal and regulatory requirements we
comprehensively implement occupational health check-ups achieving full coverage of occupational health protection.In 2025 we advanced the upgrade of employee medical services. From January 1 we fully implemented outpatient
electronic medical records and electronic prescriptions balancing service efficiency with green and low-carbon
practices. In March we inaugurated a new clinic and optimized the functional area layout to provide convenient and
high-quality medical consultation services.Occupational Health and Employee Care and Empowerment
We have strengthened humanistic care initiatives. On December 16 2025 we invited hospital experts to the Company
to provide medical health consultations and on-site Q&A which received widespread praise from employees.A comprehensive safety education and training system has been established. In 2025 a total of 611 safety training
sessions were conducted covering 28675 employee attendances and 12966 contractor attendances. Among
these the Wuxi Production Base conducted 70 special training sessions for external contractors covering 12714
attendances achieving a 100% participation rate in safety education and training and a 100% certification rate for key
position personnel.Special Rectification and Normalized Management
Regarding production processes we continue to promote special rectification actions for safer production covering
key areas such as hazardous chemicals construction fire protection gas electricity and special equipment
achieving precise control of safety risks. For special equipment such as boilers pressure vessels and forklifts
we implement a dual mechanism of “certified personnel operation + intelligent supervision” and develop a special
equipment management system that uses advance warning functions to ensure equipment undergoes timely
inspection guaranteeing the safe operation of special equipment.Emergency Response Capability Building
The Company has completed expert review and filing of production safety emergency response plans established
normative documents for rapid emergency response procedures against abnormalities at the production base and
formed a normalized emergency drill mechanism of “weekly training quarterly drills and annual competitions”. In
2025 we organized 179 various plan drills 794 random ERT (emergency rescue teams) drills and conducted over
16191 person-times of skill training. Using “Fire Prevention Month” as a platform through fire safety knowledge display
boards fire safety skills training for all staff and evacuation drills we comprehensively enhanced safety awareness
and emergency response capabilities for all staff.Safety Technical Improvement Innovation
The Company has built a safety technology innovation incentive platform implementing an evaluation activity for
excellent safety technical improvements projects covering six dimensions to empower safety management through
technological upgrades. In 2025 a total of 49 safety technical improvements projects were implemented and 10
outstanding safety technical improvements projects in the previous year were selected continuously optimizing the
safety protection system through technological innovation.122 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 123
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Impacts Risks and Opportunities Management
The Company has formulated the Safety Production Expense Management Procedure determines the budget at
the beginning of the year reduces risks and hazards in key areas and critical facilities actively carries out safety
technology improvement programs and reports the progress of these programs on a weekly basis. The Company
routinely identifies safety hazards establishes emergency response infrastructure and teams adopts a digital safety
management system clarifies work injury identification and handling methods and establishes a complete safety
production management system including hazard identification digital management of emergency response and
work injury management.We have built a full-chain risk prevention and control mechanism with the core goal of “zero incidents “ embeddingrisk management into all aspects of production and operation. By improving the safety production responsibility
system refining systems and processes and strengthening special rectifications we achieve closed-loop management
of key risk points such as special equipment safety external construction safety and fire safety preventing safety
accidents at the source.We strengthen standardized training and practical drills for the Emergency Response Team (ERT) to enhance the rapid
response capability for sudden accidents; through comprehensive safety training for all employees skills training
and emergency drills we consolidate the personnel foundation for risk response. We have established a dynamic risk
monitoring mechanism relying on intelligent tools such as the special equipment management system to achieve
early detection early warning and early handling of potential risks ensuring the sustained stability of the Company’s
production and operation and contributing to the goal of sustainable operation.Regarding occupational disease hazards the Company has established a robust occupational disease hazard
prevention and control system to further reduce the risk of occupational diseases.Occupational Disease Hazard Prevention and Control System of Hua Hong Semiconductor
Job Positions with Occupational Hazard Countermeasures Occupational Health
Occupational Hazards Factors Monitoring
* Ion implantation * Fluorine and its * The equipment in * Annual occupational
diffusion etching inorganic compounds the clean room is health monitoring and
chemical mechanical hydrofluoric acid automatically operated assessment of current
grinding power hydrochloric acid in a closed space occupational hazards;
gasification and other nitric acid sulfuric and is equipped with * Strict pre-employment
positions involving acid phosphoric a closed process on-the-job and
equipment operation. acid ammonia exhaust system; postemployment
water hydrogen * Provide employees medical examinations
peroxide arsenic with personal for 100% employees at
and its compounds protective articles and positions exposed to
phosphorus and emergency response occupational disease
its compounds devices regularly hazards.isopropanol etc. checking such articles
and devices to ensure
their effectiveness.124 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 125
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Metrics and Targets
The Company places high importance on the development of its occupational safety indicator system. It has
been fully certified under the ISO 45001:2018 Occupational Health and Safety Management System achieving a
100% certification coverage rate. The Company has established a full-chain responsibility mechanism involving all
employees with 100% of employees signing the Safety Responsibility Letter and 100% of contractors signing the
Letter of Commitment on Safety and Environmental Protection. This forms a closed-loop safety responsibility structure
characterized by “accountability at every level responsibility for everyone and each bearing their own responsibility”.In 2025 the Company achieved its core safety targets of zero work-related fatalities and zero occupational disease
cases. During the year three safety incidents resulting in minor injuries or above occurred with 143 lost days due to
work-related injuries. In response to this situation the Company promptly implemented corrective actions including
organizing targeted safety training and education for all employees in the affected departments and optimizing on-site
engineering control measures continuously strengthening its safety defense lines. In 2025 the Company cumulatively
invested RMB31.95 million in safety production expenses providing solid support for the effective operation of the
occupational safety management system and the implementation of risk prevention and control measures.Occupational Health and Safety Metrics and Targets of Hua Hong Semiconductor in 2025
Metric Unit 2024 2025 Achievement 2026 Target
Performance Performance of 2025
Target
ISO 45001 certification coverage % 100 100 Achieved 100
Employee signing rate of the % 100 100 Achieved 100
Safety Responsibility Letter
Contractor signing rate of the % 100 100 Achieved 100
Letter of Commitment on Safety
and Environmental Protection
Annual number of work-related Times 0 0 Achieved 0
fatal accidents
Annual number of occupational Times 0 0 Achieved 0
disease cases
3.3 Public Welfare and Community Involvement
Social Contribution and Rural Revitalization
In 2025 we continued to deepen the creation of social value fulfilling our social responsibility through actions such as
targeted assistance public welfare investment and science education empowerment supporting the implementation
of the rural revitalization strategy. Simultaneously we deeply integrated the fulfillment of social responsibility with the
Company’s business development achieving synergy between social benefits and corporate growth.I. Rural Revitalization: Targeted Assistance Continuously Empowering Rural Development
Pairing Assistance for Poverty Alleviation through Consumption Building a Long-term Mechanism for Income Growth:
Since 2019 we have continuously carried out pairing assistance with counterpart counties and cities in Yunnan
Province. In 2025 we continued the diversified consumption-based poverty alleviation model. We deepened precise
connections between production and marketing helping the assisted areas build stable income growth paths and
consolidate the economic foundation for rural revitalization. In 2025 we purchased agricultural products including
walnuts and mushroom sauce from Yangbi County Yunnan.124 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 125
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II. Social Contribution: Multi-faceted Efforts Fulfilling Corporate Social Responsibility
We adhere to our original development aspirations deepening the steady and orderly progress of public welfare
activities. We treat social welfare investment as a regular part of the Company’s operations. In 2025 we continued
to increase resource investment in various social welfare causes. In addition to carrying out routine blood donation
activities we also leveraged the Company’s own business characteristics to convey corporate value through diverse
public welfare actions effectively fulfilling our responsibility to people’s livelihoods and demonstrating the Company’s
social commitment.Case: Deepening Science Education Empowerment Helping to Improve Scientific Literacy
The Company’s Academician and Expert Workstation and the Corporate Association for Science and Technology
in close collaboration with the Zhangjiang Science Hall have been deeply involved in creating a signature science
popularization event for the integrated circuit industry for three consecutive years starting from the first Zhangjiang
Science Hall Science Festival’s IC session. We persist in conducting face-to-face science activities with young people
and continuously innovate their format providing them with high-quality scientific and technological experiences.Through professional explanations of the entire chip manufacturing process designing fun hands-on assembly
activities and interactive experience sessions the event allows young people to intuitively understand the command
and control principles of MCUs within chips and immersively experience the charm of scientific exploration. To date
these activities have served over 500 children.In 2025 building on this foundation the Company upgraded this initiative by creating a chip science popularisation
interactive experience zone. We held a special lecture on “The Ubiquitous Chip” for integrated circuits paired with an
interactive exhibition booth for immersive popularisation. Using a “lecture + hands-on” format we disseminated core
semiconductor knowledge to young people helping to enhance their scientific literacy and promoting the regular and
engaging spread of science popularisation in the integrated circuit industry.
4. Responsibility Focus Deepening Quality and Efficiency Improvement
4.1 Product Quality and Safety
Governance
The Company complies with ISO 9001 IATF 16949 quality management system and related requirements. It has
established internal management systems including the Quality Manual Code of Practice for Quality Objective
Management Non-conforming Product Control Procedure and Supplier Management Regulations. These systems
specify the responsibilities of quality assurance in ensuring product quality and safety.Strategy
The Company regards quality as a core element of its corporate strategy places high importance on the profound
value of quality management for product iteration and business development and has established a rigorous
quality management system to accurately identify and effectively prevent and control product quality-related risks
continuously improving the Company’s adaptability to changes in the external environment.The Company deepens quality management throughout the entire process implementing refined controls across R&D
production and testing stages:
? The R&D stage focuses on technological innovation strengthening the robustness of process platforms and
enhancing core process capabilities;
? The production stage strictly adheres to quality standards ensuring the safe mass production of products. The
testing stage establishes a standardised program certification mechanism to achieve early intervention and
detection continuously delivering high-performance products to customers.126 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 127
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Simultaneously the Company drives continuous improvement in quality management and effectively reduces the
incidence of abnormal events in production and operations through multiple initiatives including conducting quality
awareness training for all employees tightening online monitoring during the ramp-up phase of automotive-grade
products establishing an equipment health scoring system and optimizing system error-proofing mechanisms. In
2025 Fab 2 under our Shanghai Base was honored with the Nomination Award of the 5th China Quality Award.
The Company conducts its annual National Quality Month activities on a regular basis. In September 2025 ourShanghai and Wuxi bases concurrently held the 12th Hua Hong Hongli Quality Month event under the theme “Forginga Benchmark for Automotive Chips with Zero Defects Building a High-Quality Specialty Brand”. Through a series of
special initiatives we strengthened the quality awareness of all employees and enhanced professional capabilities for
quality improvement.Regarding customer service we conduct an annual customer satisfaction survey mid-year selecting survey subjects
based on dimensions such as sales volume geographical coverage cooperation depth and development potential.During the Reporting Period through multi-dimensional questionnaire surveys and the systematic collection and
analysis of customer feedback we formulated targeted improvement plans and reported them to management
promoting the implementation of corrective measures. At the same time we continuously tracked the effectiveness and
communicated progress to customers ensuring that customer needs are fully understood and responded to thereby
achieving a closed-loop process for the continuous improvement of product and service quality.Scope: three survey types (scoring rating evaluation)
Product
Quality
Hazardous Delivery
Substances 6 Time
Customer Scoring Improvement
Service Item Measures
Technical
Capability Expectations
Supplier 2 Competitiveness
Rating 3
Rating Challenges Evaluation Description
Item Item126 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 127
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Hua Hong Semiconductor 2025 Customer Satisfaction Survey Scores
2024 2025 Score Change
8.89 point 8.98 point ↑0.09 point
Impacts Risks and Opportunities Management
The Company ensures product quality from the design and production stages by establishing management
procedures such as the APQP Product Quality Advanced Planning Management Procedure the FMEA Failure Mode
and Effects Analysis Management Procedure and the Non-Conforming Product Control Management Procedure
pursuing “zero defects”. It has also established a product lifecycle traceability process to ensure traceability from
wafer lot to production steps meeting the “full process traceability” requirements of automotive electronics customers.We promote high-quality continuous improvement through a system monthly report mechanism regularly analysing
quality environmental safety and automotive electronics specific indicators. Continuous improvement is driven
through internal audits management reviews and customer feedback in pursuit of high quality.The Customer Complaint Management Procedure established by the Company details the standard process and
response strategies for handling customer complaints. This ranges from providing diverse and convenient customer
complaint channels to ensuring rapid complaint response and handling (acknowledging receipt of customer
complaints within 24 hours providing a 3D report within 48 hours and submitting an 8D report within 10 calendar days
for automotive-grade products and 14 calendar days for non-automotive-grade products) and finally confirming the
effectiveness of corrective actions to close the loop. This process drives the Company’s sustainable development with
data. In 2025 there were 0 complaints.Customer Complaint Handling Procedure of Hua Hong Semiconductor
Occurrence of a Complaint Investigation into Failure Causes Prevention and Correction
Normally communicate and C o m p l a i n t c a s e s Implement corrective and
confirm with the customer requiring failure analysis preventive measures sort
within 24 hours after the shal l be transferred to out and analyse relevant
occurrence of a complaint relevant departments for information feedback by
and give a preliminary reply handling corrective and customers regularly and
preventive measures will review the recti f ication
be proposed according effect
to the investigation results
and a reply will be given to
customers128 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 129
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Metrics and Targets
During the Reporting Period the Company implemented multiple measures to drive quality improvement strengthen
quality reviews standardize supplier management and conduct quality training aiming to comprehensively enhance
product quality and customer satisfaction. The Company consistently conducts customer satisfaction surveys. During
the Reporting Period in accordance with the Customer Satisfaction Evaluation and Improvement Procedures the
Company continued to enhance customer satisfaction by conducting customer satisfaction surveys and promoting
quality improvement of its products and services.Metric Unit 2024 2025 Target Progress
Performance Performance
Product Recalls Times 0 0 Maintain at 0 Achieved
Company-level % 84 94.2 ≥80% Achieved
quality objective
achievement rate
Hazardous Substances and Conflict Minerals Management
I. Product Hazardous Substances Compliance Management
The Company strictly complies with international regulations and standards such as REACH WEEE and RoHS. It
has formulated specific systems including the Hazardous Substances Management Procedure and the Hazardous
Substances Management Standard establishing a full-process closed-loop management system. The Company
integrates control concepts into the product R&D stage to reduce the risk of using hazardous substances at the
source.
1 Comprehensive Control Measures: In source control we require suppliers to provide test reports and sign an
environmental commitment letter incorporating hazardous substance compliance into supplier audits; In process
control we regularly conduct sample testing of raw materials; For finished product control we commission
third-party institutions for product testing and certification to ensure full-chain compliance with regulatory
requirements.
2. Special Compliance Promotion: In 2025 we conducted a special investigation into the use of per – and
polyfluoroalkyl substances (PFAS) and collaborated with customers to evaluate alternative materials ensuring that
our products meet the relevant legal requirements of overseas regions.II. Conflict Minerals Management
Conflict Minerals refer to minerals sourced from conflict-affected and high-risk areas whose illicit trade finances armed
groups. Their extraction is often accompanied by the violent coercion of labourers use of child labour and ecological
damage easily leading to human rights violations and social instability. According to the Dodd-Frank Wall Street
Reform and Consumer Protection Act and research by international non-governmental organizations such minerals
may enter the ICT industry and be used in the production of electronic and electrical products.The Company’s production involves minerals such as gold (Au) tantalum (Ta) tungsten (W) tin (Sn) and cobalt (Co).To eliminate the procurement of non-compliant minerals the Company has established the Hua Hong Hongli Conflict
Minerals Management Procedure and supporting policies issued the CMRT/EMRT survey report template and the
Undertaking on Non-Use of Conflict Minerals and clearly defined control standards. Regarding the source distribution
over 71% of the gold tin tantalum and tungsten used originates from Asia over 20% from Europe and the remainder
from the Americas. Two-thirds of the cobalt used comes from Asia and one-third from Europe. As of the end of the
Reporting Period none of the gold tantalum tungsten or tin originated from armed conflict or high-risk regions.128 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 129
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Hua Hong Semiconductor Conflict Minerals Management Policy
2. Requi re suppl iers to prov ide a
1. Require suppliers whose raw materials Taking global social and declaration that metals including gold
contain gold (Au) tantalum (Ta) tungsten environmental responsibility as the (Au) tantalum (Ta) tungsten (W) tin (Sn)(W) and tin (Sn) to procure in accordance Company’s goal implementing and cobalt (Co) do not involve “conflictwith the responsible minerals policy and green procurement principles and minerals” and issue the Conflict Minerals
require suppliers whose raw materials committing to undertaking social and Reporting Template (CMRT) and the
contain cobalt (Co) to disclose the source environmental responsibility in the Extended Minerals Reporting Template
smelters of the cobalt metal supply chain (EMRT) to suppliers
We ensure that the Company does not use conflict minerals through full-chain compliance control measures:
1. Full Supply Chain Verification: Conduct 100% special investigations on conflict minerals (including CMRT/EMRT)
for all cooperative suppliers requiring them to sign an undertaking letter. This covers both newly introduced and
existing suppliers achieving 100% coverage rate for questionnaire surveys of metal target material suppliers.
2. Alignment with International Standards: Follow the relevant due diligence guidelines of the RMI and OECD
closely track updates to the RMI’s CMRT/EMRT standards optimize the investigation process and report
templates in a timely manner and deepen the concept of green and sustainable procurement.
3. Full Lifecycle Traceability Management: Establish a traceability mechanism for mineral raw materials with the
traceability scope covering mines smelters and the entire supply chain ensuring that the origin information of
each batch of minerals is clear and verifiable.During the Reporting Period through comprehensive verification and traceability the proportion of the Company’s
suppliers that do not use conflict minerals reached 100% and the sources of minerals in the supply chain fully
complied with compliance and ethical requirements.
4.2 R&D Innovation
GovernanceThe Company has established a three-tier collaborative R&D governance structure comprising the “Board of Directors– Management – R&D Department” forming an innovation management mechanism with clear authority responsibility
and efficient linkage. The Board as the core of strategic decision-making leads the formulation of the Company’s
overall R&D strategy ensuring alignment of R&D direction with the Company’s long-term development goals and
laying a solid top-level design foundation for innovation work. Management undertakes the decisions and deployments
of the Board taking the lead in formulating specific R&D plans technology roadmaps and resource allocation plans
coordinating internal and external resources breaking down collaboration barriers in the innovation process and
ensuring the implementation and effectiveness of the R&D strategy. The R&D Department as the core execution unit
focuses on daily technology research product development and innovation practices consolidating the Company’s
core innovation competitiveness through continuous technological breakthroughs and product iterations.130 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 131
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Strategy
The Company regards R&D innovation as the core driving force for refining manufacturing processes and upgrading
products and services. Centered on the core goal of “we empower our customers through continuous innovation”
it formulates forward-looking and robust R&D innovation strategies. In the strategic decision-making stage the
Company fully assesses industry development trends (such as the supply chain linkage and transformation between
automotive OEMs and chip design companies under the digital wave) and comprehensively evaluates the market
opportunities technical risks and business value brought by R&D innovation ensuring that the strategic direction
resonates with market demands. At the implementation and execution level through measures such as accurately
perceiving market dynamics optimizing resource allocation efficiency and strengthening cross-domain collaboration
the Company continuously enhances its core resilience in addressing risks such as technological iterations and market
fluctuations providing assurance for the sustainable advancement of R&D innovation. At the same time the Company
deeply integrates ESG concepts into its innovation strategy using technological iteration as a lever to continuously
develop production processes with higher power density and higher energy efficiency contributing to the green
and low-carbon transformation of the industry and achieving the synergy and unity of innovation value and social
responsibility.Innovation Practice: Focusing on Core Areas Strengthening Industrial Chain Collaboration and Efficiency Improvement
The Company focuses on core application areas such as industry automotive electronics consumption and
communications building a precise and differentiated innovation layout. In the field of automotive electronics the
Company focuses on addressing key processes such as BCD embedded/standalone flash memory and power
devices forming a product matrix covering automotive electronic chips for electric vehicle inverters on-board
chargers microcontrollers analog and power management etc. continuously driving the iteration and upgrade of
core technologies. At the level of industrial chain collaboration the Company deeply connects with end-customer
needs proactively assists customers in product planning uses market demand to drive the R&D of core processes
such as NVM BCD and power devices promotes the deep integration of upstream and downstream in the industrial
chain and achieves the precise alignment of innovation achievements with end-user needs. In terms of R&D efficiency
improvement through methods such as purchasing third-party basic IP and conducting industry-university-research
R&D cooperation the Company effectively shortens product R&D cycles accelerates the market promotion of
technology platforms and the mass production process of products building an efficient innovation closed loop of
“demand – R&D – transformation”.Impacts Risks and Opportunities ManagementThe Company adopts a risk management strategy of “diversified technology platforms + broad coverage of endapplications” to effectively mitigate technical risks and market risks in the R&D innovation process. At the technical
level the Company builds extensive product lines across multiple key technology platforms forming a pattern where
multiple technology paths run in parallel and multiple product forms complement each other reducing the impact of
iterations in any single technology route. At the market level end applications cover multiple fields such as consumer
electronics industrial control automotive electronics Internet of Things and computers. Through the diversification
of the demand structure the Company resists the impact of fluctuations in a single industry on the realization of R&D
achievements ensuring sustained returns on R&D investment and the stable development of innovation businesses.130 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 131
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R&D Innovation Management System of Hua Hong Semiconductor
Management Process Management Measures
Identification and * Continuously monitor market changes and technological trends to ensure the
Assessment technology platform adapts to evolving needs.* Regularly review internal resources and technical capabilities to ensure support
for new product R&D and production.* Identify potential risk points such as technical barriers market acceptance and
regulatory changes and assess their likelihood and financial impact.Management and * Reduce risk levels by improving processes and increasing R&D investment.Optimization * Increase investment in potential chip technology and promote research and
development of relevant technologies.* Establish a flexible and efficient decision-making process to quickly respond to
opportunities arising from market changes and technological advancements.Metrics and Targets
R&D Innovation Metrics of Hua Hong Semiconductor in 2025
Metrics Unit 2024 2025
Performance Performance
R&D Investment RMB10000 164322 199431
R&D Investment as % of Operating Revenue % 11.42 11.53
Number of R&D Personnel Person 1427 1395
R&D Personnel as % of Total Employees % 19.06 18.29
4.3 Intellectual Property Protection
We regard intellectual property management as the core support for technological innovation and compliant
operations. We strictly adhere to relevant laws and regulations such as the Patent Law of the People’s Republic of
China the Copyright Law of the People’s Republic of China and the Trademark Law of the People’s Republic of
China and have established an intellectual property protection framework covering system construction organizational
guarantees and full-process control which effectively promotes the improvement of the Company’s technological
R&D capabilities and market competitiveness. To standardize the full-lifecycle management of intellectual property
in 2025 the Company revised and updated three core systems in conjunction with business development and
regulatory requirements. Specifically these include the Internal Approval Specifications for Paper Publication of
Shanghai Huahong Grace Semiconductor Manufacturing Corporation further enhancing the system’s applicability and
enforcement effectiveness.132 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 133
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The Company has established a Patent and Trade Secret Review Committee as the core decision-making and
supervisory body for intellectual property management. The Company integrates the concept of intellectual property
protection into all business links including research and development production and supply chain formulates clear
annual patent application objectives and strengthens the creation and protection of independent intellectual property
rights. Meanwhile the Company abides by its commitment to intellectual property protection respects and safeguards
the intellectual property rights and interests of internal and external entities and individuals and implements strict
confidentiality management for the product and technical information of upstream and downstream partners. To
effectively prevent intellectual property infringement risks the Company has established an evaluation mechanism
for customers’ credibility and potential legal risks conducting comprehensive compliance screenings on partners.In addition the Company has established stable technology licensing cooperation relationships with several key
technology providers ensuring that Company’s product R&D and market launches are based on a legal and compliant
foundation.With respect to intellectual property risk management we have established a pre-review mechanism for patent
applications and paper publications. Prior to publishing academic papers or submitting patent applications employees
must submit them to the Patent and Trade Secret Review Committee for review. Through dual assessments of technical
compliance and trade secret protection the risk of intellectual property leakage is mitigated at the source.(I) Pre-R&D Patent Screening
The Company procures professional patent databases and provides R&D personnel with patent information inquiry
and comparison tools. These tools assist the R&D team in fully grasping the status of industry technologies during the
project initiation phase avoiding redundant R&D and enhancing R&D efficiency and innovation.(II) Patent Review and Application Management
1. Regular Review Mechanism: The Company has established a monthly patent review meeting system convening
4 to 6 patent review meetings each month. At the end of the year the review frequency may be appropriately
increased based on the output of R&D achievements ensuring the timeliness and quality of patent applications.
2. Assessment and Tracking Management: The number of filed invention patent applications is incorporated into the
Company-level KPI assessment indicators to strengthen the R&D team’s enthusiasm for patent applications. The
Compliance Department takes the lead in tracking the entire process of patent applications paying annual fees
safeguarding rights and statistical work on authorization information. The patent data disclosed to the outside
world shall be based on the final authorized quantity.Intellectual Property Protection Metrics of Hua Hong Semiconductor in 2025
Metrics Unit 2024 2025
Performance Performance
Cumulative Number of Patent Applications Case 9649 10360
Cumulative Number of Patents Granted Case 4644 4913
Actual Number of Patent Applications Completed Case 680 711
Actual Number of Patents Approved Case 230 306132 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 133
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4.4 Setting Industry Benchmark
As one of the first ten academician expert workstations listed in Shanghai and the first academician expert
workstation established in Shanghai Integrated Circuit Industry the Company’s Academician Workstation has since
its establishment focused on the core needs of the Company’s innovative development and taken serving the
Company’s central work as its core mission. It has continuously deepened efforts in key areas such as independent
cultivation of high-end talents deepening of industry-university-research cooperation and fostering of a technological
innovation atmosphere. Through professional layout and solid actions the Company has set a benchmark for industry
development.Adhering to the original aspiration of Academician Shichang Zou that “talents must be cultivated by ourselves” the
Workstation has regarded the cultivation of high-end interdisciplinary talents as a key development task. Its joint
doctoral training program serves as the core carrier for talent cultivation. This program was pioneered as early as
2003. After the official establishment of the workstation in 2014 this talent cultivation plan was continuously continued
and deepened. After more than two decades of accumulation it has achieved fruitful results in talent cultivation
with a total of 2 postdoctoral fellows successfully completing their terms and 38 doctoral students graduating. These
professional talents have now become young backbones in leading enterprises across various fields of the integrated
circuit industry chain including EDA design and manufacturing injecting strong momentum into the construction
of the industry’s talent echelon. In 2025 the joint doctoral students training program is progressing steadily with 4
joint-training doctoral students currently in residence continuously reserving high-end professional talents for the
Company and the industry.We actively participate in industry trend summits such as the Automotive Electronics 48V Industry Summit the “ChinaChip” Industrial Chain Ecosystem Summit the 2025 Automotive Chip Industry Innovation Ecosystem Conference and
the China Home Appliance Technology Annual Conference hosted by the China Household Electrical Appliances
Research Institute. We track industry dynamics and assess emerging application trends and provide support for the
integrated development of the industry. In terms of deepening industry-university-research exchanges and assisting
technological innovation and upgrading the Workstation has meticulously planned the 2025 seminar schedule in
alignment with industry development trends and corporate technological needs. With precisely tailored themes it has
established a communication platform bridging the academic and industrial sectors.? In June the Workstation hosted a seminar themed “Pooling Wisdom through Joint Cultivation Innovating for ChainChip”. It gathered on-site experts enterprise and institute mentors and representatives of joint-training doctoral
students to conduct in-depth discussions and exchanges around technical hotspots in the integrated circuit
industry. The seminar not only comprehensively reviewed and summarized the phased achievements of the
joint doctoral student training program but also conducted forward-looking discussions on further enhancing the
overall technical level of the Company and the industry;? In November focusing on the field of memory technology a themed seminar “Taking Memory as the FoundationCreating the Future with Intelligence” was held. Senior experts from the academic and industrial sectors were
invited to jointly explore the development trends and diverse application scenarios of memory technology
providing strong technical support and directional guidance for the Company to build core technological
advantages in the memory field and seize market development opportunities.
4.5 Sustainable Supply Chain Management
Governance
The Company primarily relies on suppliers of silicon wafers chemicals and gases. Centered on the Responsible
Business Alliance (RBA) industry standards and on the basis of having obtained the RBA “Platinum Award”
certification the Company has established a hierarchical governance + standardized system sustainable supply chain
management system ensuring scientific and rigorous management processes and clear assignment of responsibilities.134 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 135
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At the system construction level building on our existing core systems such as the Supplier Risk Identification
Planning and Control Management Procedure and the Social Responsibility Management Manual we have revised
documents including the Supplier Management Regulations and the Logistics Service Supplier Management
Measures. These revisions clarify the requirements for entire supply chain management covering the full-lifecycle of
suppliers from selection admission evaluation and exit.In terms of organizational structure we have established a supply chain task force composed of engineering
departments from various bases the Quality and Reliability Assurance Department and the Procurement Department
which is fully responsible for supplier evaluation regular audits and performance management. The management
team is responsible for setting strategic directions and overseeing execution with regular reporting to the Board to
ensure that supply chain policies are highly aligned with the Company’s overall development objectives. With the
Board of Directors providing overall supervision the management exercising strategic control and the Supply Chain
Task Force responsible for on-the-ground execution we have formed a three-tier authority and responsibility system of
“decision-making – supervision – execution” ensuring the orderly advancement of supply chain management work.Strategy
Centred on the two core pillars of data security and privacy protection as well as business ethics and integrity
compliance the Company has established a control mechanism covering the full-lifecycle of cooperation. It extends
compliance requirements to all suppliers and business partners consolidating a solid compliance defence line for the
supply chain.(I) Comprehensive Protection of Suppliers’ Data Security and Privacy
We have formulated a series of systems including the Procurement Regulations the Supplier Information Security/
Data Security Management Requirements and the Personal Information Management Procedures which clarify
the security management standards for all stages of supplier cooperation. Meanwhile we extend data protection
requirements for partners to all employees achieving the integration of internal and external control. All cooperating
suppliers are required to sign a Non-Disclosure Agreement (NDA) to define data security responsibilities in legal
form. We conduct special information security evaluations on service suppliers annually to dynamically assess their
compliance capabilities and we issue annual information security promotion documents to Class A qualified suppliers
to strengthen their compliance awareness.In terms of the full-lifecycle management of suppliers’ information security we require suppliers to adhere to the core
principles of legality and compliance minimum necessity informed consent and clear accountability. We implement
entire chain security control over partners’ data (including trade secrets and personal information) from collection
storage use transmission to destruction ensuring the confidentiality integrity and availability of data.(II) Business Ethics and Integrity Compliance Management
In principle we sign integrity and anti-commercial bribery agreements with all suppliers incorporating integrity and
compliance into the basic requirements for supplier cooperation to eradicate commercial bribery improper benefit
transfer and other irregularities at the source. For the special circumstances of certain leading and influential suppliers
the Company completes the agreement confirmation for all on-boarding suppliers through the B2B bulletin board
achieving full coverage of compliance constraints.(III) Differentiated Supplier Audits
The Company has established a supplier management mechanism integrating standardized audit processes
differentiated performance evaluation and industry-specific environmental control. This mechanism balances supply
chain quality efficiency and environmental sustainability aligning with the resource and environmental characteristics
of the semiconductor silicon wafers manufacturing industry.134 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 135
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1. Initiation of Audits: On-site supplier audits are jointly initiated by the Engineering Department and the Quality
Control Department to ensure professional and comprehensive assessments.
2. Annual Performance Evaluation: At the end of each year the Quality Control Department takes the lead
collaborating with relevant departments to conduct comprehensive scoring of suppliers with large procurement
volumes of equipment spare parts etc. realizing dynamic management of supplier performance.
3. Multi-dimensional Evaluation Indicators: A supplier evaluation system is constructed covering four dimensions
from quality cost delivery and service. Each dimension is overseen by a dedicated responsible department
ensuring objective evaluation results and clear division of responsibilities.(IV) Special Environmental Control on Water Resources for Silicon Wafer Suppliers
In response to the industry characteristics of semiconductor silicon wafer manufacturing such as high water
resource consumption and significant pollution emission risks the Company has launched a special water resource
management initiative targeting core silicon wafer suppliers to reduce the overall environmental impact of the supply
chain:
We conducted a special survey on the water resource performance of silicon wafer suppliers covering core
dimensions including water-saving goals actual water consumption and water-saving measures. All relevant suppliers
comply with national requirements and regulations.Impacts Risks and Opportunities Management
Based on the RBA’s social responsibility audit standards for the electronics industry the Company has an established
a full-process risk prevention and control system covering the entire lifecycle from supplier onboarding to the
continuation of cooperation. This system effectively manages multi-dimensional risks including quality supply labor
environmental and business ethics risks.Sustainable Supply Chain Management Process of Hua Hong Semiconductor
? Full-Lifecycle Control: We have established a three-level supplier management system encompassing pre-
onboarding preliminary review annual regular assessment and normalized compliance advocacy enabling
proactive risk identification dynamic in-process control and continuous post-event optimization. For instance
during the supplier access phase we conduct initial reviews of performance in areas such as quality
requirements stable supply labor management environmental protection and business ethics. We screen out
suppliers with negative information or those that fail to meet requirements and key suppliers must pass the initial
review before being registered on the Approved Supplier List (ASL) to mitigate risks at the initial stage of the
supply chain.? Multi-dimensional Risk Requirements: We define basic compliance requirements for suppliers across areas
including product quality supply stability labor rights protection environmental protection and business ethics
integrating ESG requirements into the core thresholds for supplier cooperation. We conduct comprehensive risk
assessments annually. In accordance with the Supplier Risk Identification Planning and Control Management
Procedure we identify potential risk points in suppliers through third-party audits or audit questionnaires and
propose corrective actions for identified risks. If a supplier fails to implement effective corrections or commits
major violations the cooperative relationship will be terminated to ensure supply chain stability and compliance.136 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 137
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
? Cooperation Mechanism: We maintain long-term and stable cooperative relationships with suppliers that
demonstrate excellent performance and compliance with standards. For non-compliant suppliers it initiates
rectification or exit mechanisms to ensure the overall stability and sustainability of the supply chain. Strictly control
key performance such as raw material quality and compliance with hazardous substance contents. Conduct
annual supplier performance evaluations and recognize outstanding suppliers with awards to incentivize high-
performing suppliers.? Anti-Corruption Enhancement: We continuously monitor suppliers’ business practices and ensure their
compliance with the Company’s integrity and compliance standards through a combination of anti-bribery
agreements business ethics commitment letters regular audits and performance evaluations. We conduct
regular dissemination and training covering multiple categories of suppliers. Align suppliers with environmental
ethical and quality standards provide technical support and jointly explore potential opportunities for supply
chain optimization and improvement.Metrics and Targets
During the Reporting Period the Company continuously optimized its supply chain management system. Through
regular research and supplier development it further enhanced the stability efficiency and sustainability of the supply
chain providing solid support for the Company’s business development:
1. During the Reporting Period we conducted more than ten surveys on supply chain-related enterprises on a
cumulative basis;
2. We established cooperative relationships with over a hundred high-quality domestic suppliers continuously
enriching the supply chain resource pool.Metric 2024 2025 2025 Target Target
achievement
Coverage Rate of Social Responsibility Review 100% 100% 100% Achieved
for Key Supplier
Number of Training Programs for Key Suppliers 20 20 20 Achieved
Number of Newly Introduced Domestic 18 6 6 Achieved
Suppliers
Diversification rate of “8-inch” target materials 98% 100% 100% Achieved
and silicon wafers suppliers136 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 137
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Appendix
Summary of Sustainability Metrics
Performance Metric Unit 2023 2024 2025
Emissions
Total exhaust air emissions 10000 m3 2747929 2478838 3334768
Nitrogen oxide (NOx) emissions Kg 33719 35333 41355
Sulfur dioxide (SO2) emissions Kg 5252 4013 5022
Total wastewater discharge 10000 m3 898 970 1175
Hazardous waste produced2 Ton 20797 27601 34717
Hazardous waste produced per unit product Kg/8-inch wafer 5.29 6.07 6.45
Non-hazardous waste produced2 Ton 9269 10134 19800
Non-hazardous waste produced Kg/8-inch wafer 2.36 2.23 3.68
per unit product
Use of Resources
Integrated energy consumed3 MWh 1168170 1272331 1576404
Integrated energy consumed MWh/8-inch wafer 0.30 0.28 0.29
per unit product
Of which: Electricity purchased1 MWh 1030352 1104829 1452571
Natural gas consumed1 m3 11048312 11630543 8049312
Gasoline consumed1 L 43949 43923 7832
Diesel consumed1 L 15911 21244 5342
Heat purchased1 GJ 134940 141125 130249
Green power purchased8 MWh – – 98279
Proportion of clean energy 9 % – – 11.76%
Total water consumed 4 m3 19076734 21295153 29684416
Of which: Water from municipal water supply m3 11127266 12560168 16112472
Wastewater reused m3 7949468 8734985 10563452
Water consumed per unit product5 m3/8-inch wafer 2.83 2.76 2.99
Recycled/reused water m3 126544660 148470458 185481468
Total packaging materials used for the Ton 336.92 420.32 388.09
shipment of finished products
Packaging materials used for the shipment Kg/8-inch wafer 0.09 0.09 0.07
of per unit finished product
Recycled packaging materials used for Ton 66.33 84.71 111
the shipment of finished products
GHG Emission
GHG emissions 6 tCO2e 537070 562487 812915
Of which: Direct GHG emissions tCO2e 22881 25331 17458
Indirect GHG emissions7 tCO2e 514189 537156 795457
GHG emissions per unit product tCO2e/8-inch wafer 0.14 0.12 0.15
GHG emission Scope III – Category 6 tCO2e – – 222
Business Travel10
Notes:
1 The expansion project of the Wuxi Production Base was put into operation in 2025 and the production capacity was expanded
in 2025. Therefore integrated energy consumed total wastewater discharge waste produced increased in 2025.
2 Hazardous waste mainly includes waste isopropanol waste acid waste oil waste packaging materials etc. Non-hazardous
waste mainly includes waste sludge and domestic garbage.
3 Integrated energy consumption included electricity purchased natural gas gasoline diesel and heat purchased.138 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 139
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
4 Total water consumption = water consumption from municipal water supply + wastewater reuse.
5 In calculation water consumed per unit product only includes water from the municipal water supply.
6 GHG emissions are calculated in accordance with the GB/T 32150 General Guideline for Calculation and Reporting of GHG
Emissions from Industrial Enterprises and the GB/T 32151 Requirements on Calculation and Reporting of GHG Emissions
published by the Standardization Administration of China. The total emissions in this section represent the sum of direct GHG
emissions Scope 1 and indirect GHG emissions Scope 2.
7. The indirect greenhouse gas emissions for the Shanghai and Wuxi bases were calculated based on the Notice on Adjusting
the Emission Factor Values in the Municipal Greenhouse Gas Emissions Accounting Guidelines issued by the Shanghai
Municipal Ecology and Environment Bureau and the Announcement on the Release of 2022 CO2 Emission Factors for Electricity
(December 2024) issued by China’s Ministry of Ecology and Environment respectively. Shanghai base used a default value of
electricity emission factor of 0.42 tCO2/MWh and Wuxi base used the national average grid emission factor of 0.5366 tCO2/MWh
when calculating.
8. The Shanghai base purchased green electricity in 2025.
9. The proportion of clean energy = (natural gas + purchased green electricity)/comprehensive energy consumption.
10. Scope III Category 6 Business Travel includes flights booked through the Company’s platform. The expenditure-based method
is applied with factors data sourced from the China Products Carbon Footprint Factors Database.Employment and Labor Practice
Performance Indicators Unit 2023 2024 2025
Employment
Total number of full-time Person 6863 7487 7628
employees
By Gender Male employees Person 5039 5525 5633
Female employees Person 1824 1962 1995
By Type of Employment Employees working under a labor Person 6863 7487 7628
contract with the employer
Employees working under a labor Person 53 49 41
contract with a labor dispatch (not
included in the total number of full-
time employees)
Part-time employees Person 0 0 0
By Age Employees aged under 30 Person 2894 3228 2969
Employees aged between 30 and 50 Person 3811 4091 4468
Employees aged above 50 Person 158 168 191
By Level Non-management employees Person / 7361 7507
Management employees Person / 126 121
By Educational Level Employees with graduate degree or Person / 1987 2095
above
Employees with undergraduate Person / 2662 2745
degrees
Employees with less than Person / 2838 2788
undergraduate degrees
By Region Employees working in Chinese Person 6855 7479 7623
Mainland
Employees working in Hong Kong Person 8 8 5
Macao Taiwan and overseas
Employee turnover rate1 % 12.0 11.2 6.0
By Gender Female employees % 7.1 6.3 3.5
Male employees % 11.3 12.5 6.8
By Age Employees aged under 30 % 14.0 17.2 8.8
Employees aged between 30 and 50 % 7.5 6.3 4.0
Employees aged above 50 % 1.9 1.2 1.7
By Region Employees working in Chinese % 10.0 11.2 6.0
Mainland
Employees working in Hong Kong % 9.7 0.0 0.0
Macao Taiwan and overseas138 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 139
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Performance Indicators Unit 2023 2024 2025
Health and Safety2
Occupational disease incidence % 0 0 0
Coverage of employees attending % 100 100 100
occupational disease medical
examinations
Number of work-related fatalities Person 0 0 0
Percentage of work-related fatalities % 0 0 0
Lost days due to work injury Day 61 126 143
Employee Training
Average training hours completed Hour 133.7 137.3 139.8
per full-time employee3
By Level Average training hours completed per Hour 135.6 139.1 141.5
non-management
Average training hours completed per Hour 31.6 29.3 31.4
management
By Gender Average training hours completed per Hour 125.1 119.6 130.5
female
Average training hours completed per Hour 136.8 143.6 143.0
male
Percentage of full-time % 100 100 100
employees trained4
By Level Percentage of non-management % 100 100 100
employees trained
Percentage of management % 100 100 100
employees trained
By Gender Percentage of female employees % 100 100 100
trained
Percentage of male employees % 100 100 100
trained
Total employee training RMB ten / 195 102
expenditure thousand
Employee Rights
Employee labor contract signing % 100 100 100
rate
Employee social insurance % 100 100 100
coverage rate
Number of employee Case 0 0 0
discrimination incidents
Amount of employee work injury RMB ten / 963 1161
insurance input thousand
Employee work injury insurance % 100 100 100
coverage rate
Notes:
1 Employee turnover rate for each category = number of employees in that category turned over during the year/number of
employees in that category at the end of the year.
2 Coverage rate for employee occupational disease physical examinations is calculated based on employees in occupational risk
positions at the end of the Reporting Period. During the Reporting Period the Company incurred 3 work-related injuries and has
strengthened protection education including safety training and education for all employees of the departments involved onsite
engineering control measures etc.
3 Average training hours for each category of employees = total hours of training received by each category of employees/
number of employees in that category at the end of the year.
4 Coverage rate of training for each category of employees = number of employees of that category receiving training/number of
employees of that category at the end of the year.140 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 141
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Product Responsibility and Customer Service
Performance Indicators Unit 2023 2024 2025
Product Responsibility and Customer Service
Number of incidents of non-compliance with relevant Case 0 0 0
laws and regulations on products and services during
the Reporting Period
Product return rate % 0.087 0.037 0.029
Percentage of products sold subject to recalls for safety % 0 0 0
and health reasons
Customer Service
Number of complaints received in relation to Case 4 2 0
products and services
Percentage of customer complaints resolved1 % 100 100 100
Note:
1 Percentage of customer complaints resolved = number of customer complaints resolved/number of complaints received about
products and services *100%.Information security and privacy protection
Indicator Name Unit 2023 2024 2025
Number of confirmed incidents of leakage Case 0 0 0
theft or loss of customer information
Amount involved in data security incidents RMB ten 0 0 0
thousand
Amount involved in customer privacy leakage incidents RMB ten 0 0 0
thousand
Supply Chain Management
Performance Indicators Unit 2023 2024 2025
Total number of suppliers Supplier 561 581 593
By region Total number of suppliers in Supplier 420 436 446
Chinese Mainland
Total number of suppliers Supplier 141 145 147
from Hong Kong Macao
Taiwan and overseas
Number of suppliers Supplier 114 139 146
assessed1
Number of suppliers subject Supplier 0 0 0
to rectification
Percentage of raw and % 100 100 100
auxiliary material suppliers
signing the Environmental
Protection Undertaking
Percentage of raw materials % 32 36 40
purchased from local
suppliers2
Notes:
1 Refers to the number of suppliers for which the Company has conducted assessments in respect of labor health environment
and ethics.
2 Raw material procurement includes: silicon wafers quartz target materials gases chemicals and other raw materials for
production.140 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 141
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Anti-corruption
Performance Indicators Unit 2023 2024 2025
Number of concluded legal cases regarding corrupt Case 0 0 0
practices brought against the issuer or its employees
during the Reporting Period
Cumulative hours of anti-corruption training Hour 2542 2245 2119.5
received by employees
Average training hours per employee on anti-corruption1 Hour / 1.2 1
Note:
1 Employees who have received anti-corruption training include all new employees and employees in key positions. Average
training hours per employee on anti-corruption = training hours for new employees and employees in key positions/number of
new employees and employees in key positions.Community Investment
Performance Indicators Unit 2023 2024 2025
Number of employees participating in volunteer services Person 1108 1100 1200
Cumulative hours of volunteer activities Hour 1364 1212 1277
Community investment RMB 50000 50000 50000
Economic Performance
Performance Indicators Unit 2023 2024 2025
Social contribution per share1 RMB 3.59 1.87 2.12
Note:
1 Social contribution per share = (net profit of the Company + tax paid to the state during the year + salaries paid to employees
+ interest on borrowings paid to banks and other creditors + value created for other stakeholders e.g. donations – other social
costs due to environmental pollution)/total number of shares of the Company.Index Table of Shanghai Stock Exchange’s Sustainability Report (For Trial Implementation)
Disclosure Requirement Corresponding Sections of the Report
Coping with Climate Change Address Climate Change
Pollutant Emissions Emissions and Waste Management
Waste Disposal Emissions and Waste Management
Ecosystem and Biodiversity In terms of biodiversity conservation all five factories
Conservation of the Company are located in industrial plots and do
not involve control requirements such as ecological
protection red lines and water source protection areas.Environmental Compliance Management Environmental Compliance Management
Energy Utilization Energy Consumption Management
Water Resource Utilization Water Resources Management
Circular Economy and Green Products Circular Economy and Green Products142 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 143
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Disclosure Requirement Corresponding Sections of the Report
Rural Revitalization Public Welfare and Community Involvement
Social Contribution Public Welfare and Community Involvement
Innovation-Driven R&D Innovation
Technology Ethics The Company’s core business focuses on the
production and manufacturing of semiconductor wafers
and does not involve this topic.Supply Chain Security Sustainable Supply Chain Management
Equal Treatment for SMEs As of the end of 2025 the balance of the Company’s
accounts payable (including notes payable) will not
exceed RMB30 billion or account for more than 50% of
total assets.Product and Service Safety and Quality Product Quality and Safety
Data Security and Customer Safeguarding Data Security and Protecting Customer
Privacy Protection Privacy
Employee Caring for Employees’ Career Growth Employee Health
and Safety
Due Diligence Leading through Sustainable Development
Stakeholder Communication Leading through Sustainable Development
Anti-Commercial Bribery and Business Ethics and Integrity Operation
Anti-Corruption
Anti-Unfair Competition Business Ethics and Integrity Operation
Self-disclosure topics Green Products Circular Economy and Green Products
Clean Technology Circular Economy and Green Products
Opportunities
Risk Compliance Business Ethics and Integrity Operation
Management
Corporate Enhancing Corporate Governance
Governance
The Hong Kong Stock Exchange’s Environmental Social and Governance Reporting Code (effective from 1
January 2025)
PART B: Mandatory Disclosure Requirements
Mandatory Disclosure Items Section in the Report
Board Statement Board Statement on ESG
Reporting Principles About This Report
Reporting Boundary About This Report142 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 143
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
PART C: “Comply or explain” Provisions
Aspects General Disclosures and KPIs Section in the Report
Subject Area A. Environmental
Aspect A1. Emissions
General Disclosure A1 Emissions and Waste Management
KPI A1.1 Emissions and Waste Management
Summary Table of Sustainable Development Indicators
KPI A1.3 Summary Table of Sustainable Development Indicators
KPI A1.4 Summary Table of Sustainable Development Indicators
KPI A1.5 Emissions and Waste Management
Development of the ESG Management System
KPI A1.6 Emissions and Waste Management
Development of the ESG Management System
Aspect A2. Use of Resources
General Disclosure A2 Energy Management
Water Resources Management
KPI A2.1 Summary Table of Sustainable Development Indicators
KPI A2.2 Summary Table of Sustainable Development Indicators
KPI A2.3 Energy Management
Development of the ESG Management System
KPI A2.4 Water Resources Management
Development of the ESG Management System
KPI A2.5 Summary Table of Sustainable Development Indicators
Aspect A3. Environment and Natural Resources
General Disclosure A3 Environmental Management
Water Resources Management
Circular Economy and Green Products
KPI A3.1 Water Resources Management
Circular Economy and Green Products
Subject Area B. Social Employment and Labour Practices
Aspect B1. Employment
General Disclosure B1 Caring for Employees’ Career Growth
KPI B1.1 Summary Table of Sustainable Development Indicators
KPI B1.2 Summary Table of Sustainable Development Indicators
Aspect B2. Health and Safety
General Disclosure B2 Employee Health and Safety
KPI B2.1 Summary Table of Sustainable Development Indicators
KPI B2.2 Summary Table of Sustainable Development Indicators
KPI B2.3 Employee Health and Safety144 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 145
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Aspects General Disclosures and KPIs Section in the Report
Aspect B3. Development and Training
General Disclosure B3 Caring for Employees’ Career Growth
KPI B3.1 Summary Table of Sustainable Development Indicators
KPI B3.2 Summary Table of Sustainable Development Indicators
Aspect B4. Labor Standards
General Disclosure B4 Caring for Employees’ Career Growth
KPI B4.1 Caring for Employees’ Career Growth
KPI B4.2 Caring for Employees’ Career Growth
Subject Area B. Social Operating Practices
Aspect B5. Supply Chain Management
General Disclosure B5 Sustainable Supply Chain Management
KPI B5.1 Summary Table of Sustainable Development Indicators
KPI B5.2 Sustainable Supply Chain Management
KPI B5.3 Sustainable Supply Chain Management
KPI B5.4 Sustainable Supply Chain Management
Aspect B6. Product Responsibility
General Disclosure B6 Product Quality and Safety
KPI B6.1 Product Quality and Safety
KPI B6.2 Product Quality and Safety
Summary Table of Sustainable Development Indicators
KPI B6.3 Intellectual Property Protection
KPI B6.4 Product Quality and Safety
KPI B6.5 Safeguarding Data Security and Protecting Customer Privacy
Aspect B7. Anti-corruption
General Disclosure B7 Business Ethics and Integrity Operation
KPI B7.1 Summary Table of Sustainable Development Indicators
KPI B7.2 Business Ethics and Integrity Operation
KPI B7.3 Business Ethics and Integrity Operation
Aspect B8. Community Investment
General Disclosure B8 Public Welfare and Community Involvement
KPI B8.1 Public Welfare and Community Involvement
KPI B8.2 Summary Table of Sustainable Development Indicators144 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 145
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Part D: Climate-Related Disclosures
Aspects General
Disclosures and KPIs Section in the Report
D-I Governance Governance body responsible for Address Climate Change
oversight of climate-related risks and
opportunities
The role of management in the processes Address Climate Change
controls and procedures used to monitor
manage and oversee climate-related
risks and opportunities
D-II Strategy Climate-related risks and opportunities Address Climate Change
Business model and value chain Address Climate Change
Strategy and decision-making Note 1
Financial position financial performance Note 1
and cash flows
Climate resilience Note 1
D-III Risk Management The processes and related policies it Address Climate Change
uses to identify assess prioritise and
monitor climate-related risks
The processes and related policies it Address Climate Change
uses to identify assess prioritise and
monitor climate-related opportunities
The integration of processes for Address Climate Change
identifying assessing prioritising and
monitoring climate-related risks and
opportunities with the issuer’s overall risk
management process and the extent of
such integration.D-IV Metrics and Targets GHG emission Address Climate Change
Climate-related transition risks Note 1
Climate-related physical risks Note 1
Climate-related opportunities Note 1
Capital utilization Note 2
Internal carbon pricing Note 2
Remuneration Note 2
Climate-related targets ESG Management Strategies and Targets
Note 1: The Company has conducted a preliminary assessment of the qualitative financial impacts of climate change and the Group’s
climate resilience. However it has not yet developed a transition plan or quantified the corresponding current and anticipated
financial impacts to address climate change and the Group’s climate resilience. The Company will undertake such work when
conditions are appropriate and will make relevant disclosures in its reports accordingly.Note 2: The Company has not yet established procedures for capital allocation related to climate-related risks and opportunities
internal carbon pricing or the incorporation of climate-related factors into its remuneration policies. The Company will
undertake such work when conditions are appropriate and will make relevant disclosures in its reports accordingly.146 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 147
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
Index Table of Environmental Social and Governance (ESG) Indicator System for State-owned Listed
Companies in Shanghai (Version 1.0)
KPIs Section in the Report
E Environment
E1 Environmental Management
E1.1 Environmental Management Objectives Development of the ESG Management
and Systems System
Environmental Compliance Management
E1.2 Passing Environmental Management Environmental Compliance Management
System Certification
E1.3 Research and Development of Green Circular Economy and Green Products
Products and Use of Environmental
Protection Technologies
E1.4 Total Investment in Environmental Environmental Compliance Management
Protection
E1.5 Environmental Protection Training Environmental Compliance Management
Performance
E2 Energy
E2.1 Energy Management Goals and Planning Development of the ESG Management
System
Energy Consumption Management
E2.2 Energy Saving Measures Energy Consumption Management
E2.3 Renewable Energy Development and Energy Consumption Management
Application
E2.4 Total Energy Consumption Summary Table of Sustainable Development
Indicators146 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 147
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
KPIs Section in the Report
E3 Resources
E3.1 Resource Management System and Water Resources Management
Planning Circular Economy and Green Products
E3.2 Water Resource Goals and Planning Water Resources Management
E3.3 Water Conservation Measures Water Resources Management
E3.4 Total Annual Water Consumption Summary Table of Sustainable Development
Indicators
E3.5 Other Resource Usage Management Circular Economy and Green Products
E4 Pollutants
E4.1 Sewage Management Goals and Planning Development of the ESG Management
System
Emissions and Waste Management
E4.2 Measures to Reduce Sewage Discharge Emissions and Waste Management
E4.3 Sewage Recycling Usage Summary Table of Sustainable Development
Indicators
E4.4 Sewage Pollutant Discharge Summary Table of Sustainable Development
Indicators
E4.5 Waste Gas Management Goals and Development of the ESG Management
Planning System
Emissions and Waste Management
E4.6 Measures to Reduce Waste Gas Emissions and Waste Management
Discharge
E47 Waste Gas Pollutant Emissions Summary Table of Sustainable Development
Indicators
E4.8 Solid Waste Management Goals and Development of the ESG Management
Planning System
Emissions and Waste Management
E4.9 Solid Waste Treatment Measures Emissions and Waste Management
E4.10 Solid Waste Emissions Summary Table of Sustainable Development
Indicators
E4.11 Solid Waste Recycling Utilization and Summary Table of Sustainable Development
Disposal Volume Indicators
E4.12 Other Pollutants Management The Company adopts noise prevention and
control measures such as building noise
insulation installation of vibration-damping
devices for equipment etc.E5 Climate Change
E5.1 Identify Climate Change Risks and Development of the ESG Management
Establish Goals and Strategies to Address System
Climate Change Coping with Climate ChangeE5.2 Measures to Support the “Emission Peak Coping with Climate Changeand Carbon Neutrality” Goal
E5.3 Carbon Verification/Review Measures Coping with Climate Change
E5.4 GHG emissions Summary Table of Sustainable Development
Indicators148 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 149
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
KPIs Section in the Report
E6 Biodiversity
E6.1 Biodiversity Conservation System In terms of biodiversity conservation all
five factories of the Company are located
in industrial plots and do not involve control
requirements such as ecological protection
red lines and water source protection areas.E6.2 Biodiversity Conservation Measures
S Social
S1 Products and Services
S1.1 Product Safety and Quality Management Product Quality and Safety
System
S1.2 Passing Product Quality Management Product Quality and Safety
System Certification
S1.3 Product Research and Development R&D Innovation
Innovation
S1.4 Intellectual Property Protection Intellectual Property Protection
S1.5 Customer Information Protection and Safeguarding Data Security and Protecting
Privacy Customer Privacy
S1.6 Customer Service Management System Product Quality and Safety
S1.7 Responsible Publicity Product Quality and Safety
S1.8 Number of Customer Complaints/ Product Quality and Safety
Complaint Resolution rate
S1.9 Customer Satisfaction Product Quality and Safety
S2 Employee Responsibility
S2.1 Staff Employment and Staff Composition Caring for Employees’ Career Growth
S2.2 Employee turnover rate Summary Table of Sustainable Development
Indicators
S2.3 Democratic Management of Employees Caring for Employees’ Career Growth
S2.4 Salary and Benefits System Caring for Employees’ Career Growth
S2.5 Employee Care Caring for Employees’ Career Growth
S2.6 Employee Satisfaction Caring for Employees’ Career Growth
S2.7 Employee Occupational Health and Employee Health and Safety
Safety Management
S2.8 Passing Occupational Health and Safety Employee Health and Safety
Management System Certification
S2.9 Safety Emergency Management Employee Health and Safety
Measures148 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED 149
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
KPIs Section in the Report
S2.10 Total Investment in Production Safety Employee Health and Safety
S2.11 Production Safety Training Performance Employee Health and Safety
S2.12 Work-related Injuries and Deaths Summary Table of Sustainable Development
Indicators
S2.13 Employee Physical Examination Coverage Summary Table of Sustainable Development
Indicators
S2.14 Employee Career Development System Employee Development and Training
S2.15 Employee Training and Practical Employee Development and Training
Measures
S2.16 Employee Development Performance Employee Development and Training
S3 Supply Chain Responsibility
S3.1 Supplier Management System Sustainable Supply Chain Management
S3.2 Supplier ESG Review Sustainable Supply Chain Management
S4 Community Responsibility
S4.1 Carrying out Public Welfare and Charity Public Welfare and Community Involvement
Activities
S4.2 Public Welfare and Charity Investment Summary Table of Sustainable Development
Indicators
S4.3 Volunteer Service Performance Summary Table of Sustainable Development
Indicators
S5 Corporate Responsibility
S5.1 Serving National Strategy or Shanghai R&D Innovation
Strategy Clean Technology Innovation and
Industrialization Opportunities
Public Welfare and Community Involvement
S5.2 Responding to Public Crises Coping with Climate Change
S5.3 Information Security Information Security and Privacy Protection
S5.4 Public Services Public Welfare and Community Involvement
S5.5 Tax Contribution Financial Statements Section of Hua Hong
Semiconductor Limited 2025 Annual Report
(A Share)
G Governance
G1 Corporate Governance
G1.1 Party Leadership Environmental Social Responsibility and
Other Corporate Governance Section of
Hua Hong Semiconductor Limited 2025
Annual Report (A Share)
G1.2 Separation of Chairman/General Manager Enhancing Corporate Governance
G1.3 Percentage of Directors Enhancing Corporate Governance
G1.4 Compliance Management System Business Ethics and Integrity Operation150 HUA HONG SEMICONDUCTOR LIMITED ● 2025 ANNUAL REPORT 2025 ANNUAL REPORT ● HUA HONG SEMICONDUCTOR LIMITED PB
2025 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT
KPIs Section in the Report
G1.5 Risk Management System Business Ethics and Integrity Operation
G1.6 Audit System Business Ethics and Integrity Operation
G1.7 Measures to Avoid Violating Business Business Ethics and Integrity Operation
Ethics
G1.8 Anti-monopoly and Fair Competition Business Ethics and Integrity Operation
G2 ESG Governance
G2.1 Board Involvement in ESG Management Board of Directors ESG Management
Statement
ESG Management System Construction
G2.2 ESG Organizational Structure ESG Management System Construction
G2.3 ESG Strategy/Objectives ESG Management System Construction
G2.4 ESG Stakeholder Identification Leading through Sustainable Development
G2.5 Identification of Material Topics Leading through Sustainable Development
G2.6 ESG-related System ESG Management Framework
G2.7 Carrying out Stakeholder Communication Stakeholder Communication
Activities
G2.8 Management Remuneration Linked to Environmental safety R&D and other goals
ESG Performance linked to management compensation
G2.9 Specific ESG Factors for Business Circular Economy and Green Products
Sustainable Supply Chain Management
G3 Data Governance
G3.1 Basic Platform Construction Employee Health and Safety
R&D Innovation
G3.2 Data Convergence and Interoperability Production environment and procurement
data are kept in the Company’s intranet
which is physically isolated from the
extranet by setting access rights for reasons
of commercial confidentiality.G3.3 Data Governance System Not Involved目錄釋義152主要財務指標155致股東的信156公司資料157董事及高級管理層160企業管治報告172董事會報告184
2025年度環境、社會及管治報告215
獨立核數師報告301綜合損益表310綜合全面收益表311綜合財務狀況表312綜合權益變動表314綜合現金流量表316財務報表附註318
五年財務概覽432152華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司153釋義
於本年報內，除非文義另有所指，否則下列詞彙具有下文所載涵義。
「股東週年大會」本公司擬於二零二六年五月十四日舉行的股東週年大會；
「章程」本公司的組織章程細則（不時修訂）；
「董事會」本公司董事會；
「國家集成電路產業基金」國家集成電路產業投資基金股份有限公司，一家於二零一四年九月在中國註冊成立的公司。公司股東包括中國財政部等15名基金投資者。公司重點投向半導體晶圓製造，兼顧芯片設計、封裝測試、設備及材料等上下游環節；
「國家集成電路產業基金II」 國家集成電路產業投資基金二期股份有限公司，一家於二零一九年十月在中國成立的公司。公司股東包括中國財政部等27名基金投資者。其主要透過股權投資於集成電路產業價值鏈進行投資，其中以集成電路芯片生產及芯片設計、封裝測試以及設備及材料為主。據董事作出一切合理查詢後所深知、全悉及確信，根據上市規則第十四A章，國家集成電路產業基金II並非國家集成電路產業基金的聯繫人；
「本公司」或「華虹半導體」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；
「EPS」 每股盈利；
「股東特別大會」本公司股東特別大會；
「Grace Cayman」 Grace Semiconductor Manufacturing Corporation，一家於一九九九年十月在開曼群島註冊成立的公司，為本公司的全資子公司；
「本集團」本公司及其附屬子公司；
「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在中國註冊成立的公司，為本公司的全資子公司；
「香港聯交所」香港聯合交易所有限公司；152華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司153釋義
「華虹集團」上海華虹（集團）有限公司，一家於一九九六年四月在中國註冊成立的公司，為本公司主要股東；
「華虹集團框架協議」本公司與華虹集團訂立日期為二零二四年十二月三十日之框架協議，旨在規範本集團與華虹集團、其子公司或聯營公司（定義見上市規則第十四A章）之間截至二零二五年十二月三十一日止年度的銷售及採購交易以及提供服務；
「華虹置業」上海華虹置業有限公司，一家於二零一一年十月在中國註冊成立的公司，為華虹科技發展的全資子公司；
「華虹科技發展」上海華虹科技發展有限公司，一家於二零一零年五月在中國註冊成立的公司，一家由華虹集團持有50%並與其合併報表及由華虹宏力持有50%的公司，為本公司關連人士；
「華錦物業管理」上海華錦物業管理有限公司，一家於二零一二年六月在中國註冊成立的公司，為華虹科技發展的全資子公司，為本公司關連人士；
「華力微」上海華力微電子有限公司，一家於二零一零年一月在中國註冊成立的公司，並於二零二五年八月完成公司分立，為本公司關連人士；
「華虹無錫」華虹半導體（無錫）有限公司，一家於二零一七年十月在中國註冊成立的公司，為本公司非全資子公司，由本公司、華虹宏力、無錫錫虹國芯、國家集成電路產業基金及國家集成電路產業基金II分別持有約22.22%、28.78%、20.00%、20.58%及8.42%；
「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註冊成立的公司，且為本公司非全資子公司，由本公司、華虹宏力、無錫錫虹聯芯及國家集成電路產業基金II分別持有約21.90%、29.10%、20.00%及29.00%；
「華虹宏力無錫」華虹宏力半導體（無錫）有限公司，一家於二零二五年十月在中國成立的有限公司，截至本公告日，其為公司全資子公司；
「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）；154 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 PB釋義
「建議收購事項」建議收購華力微97.4988%股權，其進一步詳情已於本公司日期為二零二五年八月三十一日及二零二五年十二月三十一日的公告，以及日期為二零二六年一月二十二日的通函中披露
「建議非公開發行人民幣股份」建議向不超過35名特定目標認購人非公開發行人民幣股份，其進一步詳情已於本公司日期為二零二五年八月三十一日及二零二五年十二月三十一日的公告，以及日期為二零二六年一月二十二日的通函中披露
「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
「人民幣股份首次公開發行」本公司於二零二三年八月七日發行407750000股人民幣股份，其在科創板上市且可供買賣；
「上海聯和」上海聯和投資有限公司，一家於一九九四年九月在中國註冊成立的公司，為本公司主要股東；
「香港證監會」香港證券及期貨事務監察委員會；
「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）；
「科創板」上海證券交易所科創板；
「無錫錫虹國芯」無錫錫虹國芯投資有限公司，一家於二零二三年一月在中國註冊成立的公司，係由市屬及區級國企聯合控制的專業投資公司，持有本公司非全資子公司華虹無錫20.00%股份；
「無錫錫虹聯芯」無錫錫虹聯芯投資有限公司，一家於二零一七年十二月十九日在中國註冊成立的公司，係由市屬及區級國企聯合設立的專業投資公司，持有本公司非全資子公司華虹製造20.00%股份。PB 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 155主要財務指標銷售收入毛利率
百萬美元%
250024.0%
2402.121.3%
2400
18.0%
23002286.1
2200
12.0%
11.8%
210010.2%
2004.0
2000
6.0%
1900
18000.0%
二零二三年二零二四年二零二五年二零二三年二零二四年二零二五年母公司擁有人應佔溢利每股盈利百萬美元美元
0.2000.189
300280.00.180
0.160
0.140
0.120
200
0.100
0.080
1000.060
58.10.0400.034
54.90.032
0.020
00.000
二零二三年 二零二四年 二零二五年 二零二三年 二零二四年 二零二五年156 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 PB致股東的信
尊敬的各位股東：
2025年，對華虹半導體而言意義非凡。在中國及全球半導體行業格局急速演變、市場加速分化之際，華虹半導體以卓越的
技術與管理為引領，積極推進產能增長計劃，踏上轉型跨越的新徵程。公司克服重重挑戰，取得重大突破，成效斐然。
多重市場因素，合力促成佳績。這一年，人工智能與周邊應用驅動全球半導體市場加速進階，成熟制程芯片市場亦迎來穩健復甦。中國宏觀經濟穩中求進，為產業發展築牢根基、注入動能。華虹半導體聚焦「特色工藝」核心戰略，全年實現銷售收入24.021億美元，毛利率為11.8%，同比均實現增長，交出了一份令人滿意的年度答卷。
堅持匠心深耕，聚力守正創新。這一年，受益於人工智能及周邊領域的旺盛需求，消費電子、汽車電子等下游市場穩步回升，公司五大特色工藝平台齊頭並進、屢創佳績。我們堅持技術迭代不止、研發創新不息，致力於打造世界級特色工藝技術平台，向着更全面、更領先的行業地位踏實前進。
聚焦實幹篤行，築牢運營根基。營收穩步增長、結構持續優化，背後是產能建設與運營提效的久久為功。2025年，公司8寸和12寸產線平均產能利用率均始終保持在100%以上，華虹宏力半導體（無錫）二期項目(FAB9)產能快速爬坡，全力承接市場與客戶的強勁需求。運營層面，我們深耕成本優化、保障供應鏈安全、推進數字化升級，為企業長期發展夯實根基。
錨定長遠目標，勇立時代潮頭。展望2026年，全球半導體市場有望繼續保持增長，中國作為全球科技創新與產業集聚的核心陣地，必將持續迸發澎湃活力。面對新機遇，我們將持續強化工藝能力與產能兩大核心競爭力，堅持研發投入、深耕市場拓展、深化客戶合作、共築產業生態。
常懷感恩之心，共赴長遠未來。在此，我謹向拼搏奮進的全體員工、信任相隨的廣大客戶、鼎力相助的合作夥伴，以及堅定支持的各位股東，致以最誠摯的謝意。舊歲已展千重錦，新年再進百尺竿。未來，華虹半導體將繼續腳踏實地、行穩致遠，以持續創新與穩健經營，為股東、為社會創造長久可持續的價值。
白鵬
董事會主席、總裁兼執行董事中國上海
二零二六年三月二十六日PB 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 157公司資料企業文化企業精神
知難而進 奮發圖強願景
持續創新，為全球客戶製造「芯」夢想使命
通過協作、創新和優秀的企業公民性，為股東、客戶和員工創造價值核心價值觀
誠信、團隊、進取、革新158華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司159公司資料董事會核數師執行董事安永會計師事務所白鵬（主席及總裁）（於二零二五年一月一日獲委任為總執業會計師裁，並於二零二五年十月三十一日獲委任為董事會主席）中國香港唐均君（於二零二五年十月三十一日辭任執行董事及董事鰂魚涌英皇道979號會主席）太古坊一座27樓非執行董事香港法律顧問葉峻孫國棟史密夫斐爾律師事務所陳博（於二零二五年三月七日獲委任）中國香港熊承艷皇后大道中15號
周利民（於二零二五年三月七日辭任）告羅士打大廈23樓獨立非執行董事主要往來銀行張祖同王桂壎，太平紳士中國建設銀行上海市分行封松林中國上海市公司秘書浦東新區陸家嘴環路900號李瑞霞授權代表國家開發銀行上海分行中國上海市白鵬浦東新區李瑞霞浦明路68號審核委員會
（）招商銀行股份有限公司上海分行營業部張祖同主席中國上海市熊承艷浦東新區封松林陸家嘴環路1088號薪酬委員會中國建設銀行股份有限公司香港分行王桂壎，太平紳士（主席）中國香港中環葉峻干諾道中3號中國建設銀行大廈28樓封松林提名委員會交通銀行股份有限公司香港分行白鵬（主席）（中國香港中環於二零二五年十月三十一日獲委任），畢打街20號王桂壎太平紳士封松林國家開發銀行江蘇分行
唐均君（於二零二五年十月三十一日辭任）中國江蘇省南京市網址江東中路232號中國農業銀行無錫新吳支行
www.huahonggrace.com中國江蘇省無錫市新吳區和風路26號中國建設銀行無錫高新技術產業開發區支行中國江蘇省無錫市
新吳區和風路26號158華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司159公司資料中信銀行無錫新區支行中國江蘇省無錫市新吳區和風路26號中國銀行無錫高新技術產業開發區支行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、新洲路30-1號、新洲路30-2號
郵編：214028股份代號
香港聯交所：01347
上交所：688347160華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司161董事及高級管理層
白鵬博士，63歲，於二零二五年一月一日起獲委任為本公司總裁兼執行董事，後於二零二五年十月三十一日起轉任為董事會主席、總裁兼執行董事。白先生亦為華虹宏力、華虹無錫、華虹製造董事長及總裁。白先生在集成電路製造領域擁有逾30年經驗。在加入本公司之前，白先生自二零二二年起擔任榮芯半導體有限公司首席執行官。在此之前，他曾先後擔任英特爾公司工藝整合工程師、工藝整合經理、良率工程總監、研發總監兼副總裁以及公司副總裁。白先生曾就讀於北京大學，後於一九八五年畢業於布加勒斯特大學，獲得物理學學士學位，並於一九九一年獲得倫斯勒理工學院物理學博士學位。160華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司161董事及高級管理層
葉峻先生，53歲，自二零一二年二月起為本公司非執行董事及華虹宏力董事。葉先生於金融投資領域擁有二十多年經驗。自一九九六年起，葉先生歷任上海聯和投資銀行部經理、業務發展部經理、總經理助理、副總經理及總經理等職位，並於二零二五年三月起擔任上海聯和董事長。葉先生亦為上海銀行的董事，上海兆芯集成電路股份有限公司、上海宣泰醫藥科技股份有限公司及中美聯泰大都會人
壽保險有限公司的董事長。葉先生畢業於上海交通大學，獲工業外貿學士及工商管理碩士學位。
孫國棟先生，48歲，自二零二零年十二月十日起獲委任為本公司非執行董事。孫先生亦為華虹無錫、華虹製造董事。孫先生於二零零零年加入國家開發銀行，二零零零年至二零一四年，孫先生在國家開發銀行擔任多項職務，包括人事局系統幹部處副處長、湖北省分行人事處副處長及處長等。二零一四年十二月至二零一六年七月擔任華芯投資管理有限責任公司的人力資源部總經理，二零一六年七月起至今擔任華芯投資管理有限責任公司的總監，二零二四年五月起至今擔任華芯投資管理有限公司上海分公司總經理。孫先生畢業於中國北京理工大學，獲得計算機應用學士學位，並畢業於中國中央財經大學，獲得工商管理碩士學位。162華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司163董事及高級管理層
陳博先生，49歲，於二零二五年三月七日獲委任為本公司非執行董事。陳先生亦為華虹宏力、華虹無錫、華虹製造董事。陳先生現任上海華虹（集團）有限公司副總裁、上海華虹虹日電子有限公司董事長。陳先生擁有豐富的高新技術產業戰略發展和固定資產投資經驗。加入本公司之前，陳先生於二零零一年至二零二三年期間曾任上海市發展和改革委員會副主任科員、主任科員、處長助理、副處
長、處長、一級調研員等職務。陳先生畢業於復旦大學，獲理學碩士學位。
熊承艷女士，46歲，於二零二四年三月二十八日獲委任為本公司及上海華虹宏力非執行董事。熊女士於金融及會計領域擁有近二十年工作經驗。於加入本公司之前，熊女士曾任上海市國有資產監督管理委員會預算處副主任科員、主任科員，之後於華虹集團旗下公司擔任多個部門副主管及部門主管職位。熊女士現為華虹集團資金財務部總監，並於華虹集團多間子公司擔任董事或監事職務。熊女士畢業於上海財經大學，獲管理學碩士學位。熊女士亦為高級會計師及中國註冊會計師（非執業）。162華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司163董事及高級管理層
唐均君先生，於二零二五年十月三十一日辭任本公司主席、執行董事及提名委員會主席。
周利民先生，於二零二五年三月七日辭任本公司非執行董事。164華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司165董事及高級管理層
張祖同先生，77歲，為本公司獨立非執行董事及華虹宏力董事。張先生曾為香港執業會計師，並自一九七八年至二零零三年底為香港會計師公會會員，自一九八三年一月起為英格蘭及威爾士特許會計師公會資深會員，在會計、核數及財務管理方面具有豐富經驗。張先生自一九七六年起於安永會計師事務所擔任多個職位，並於一九八九年成為安永會計師事務所管理委員會成員。他積極參與制定和監督公司內部控制和風險管理政策和程序。他亦曾擔任安永審計和諮詢業務服務的主席四年。之後，他被晉升為專業服務部門的管理合夥人。於二零零三年退休前，張先生為安永會計師事務所合夥人暨中國及香港區主席。張先生為上海復旦大學教育發展基金會及復旦大學教育發展基金會（海外）投資委員會成員。張先生亦為中國國際貿易中心股份有限公司（股票代碼：600007.SH）的獨立非執行董事。張先生曾任中國信達資產管理股份有限公司（股票代碼：1359.HK）、嘉里建設有限公司（股票代碼：683.HK）以及中國人壽保險股份有限公司（股票代碼：2628.HK）的獨立非執行董事。張先生畢業於倫敦大學，獲食品科學及化學理學學士學位。
王桂壎先生，74歲，銀紫荊星章、銅紫荊星章獲得者，太平紳士，為本公司獨立非執行董事及華虹宏力董事。王先生曾於兩所國際律師事務所擔任中國主理合夥人達十五年。在此之前，王先生曾任職於香港特區政府的地政總署、律政司及立法會共達十年。王先生於二零一一年至二零一八年間分別獲委任為香港機場管理局、醫院管理局及競爭事務委員會的成員。王先生為前任香港國際仲裁中心主席，香港律師會及環太平洋律師協會前會長，以及香港版權審裁處前主席。王先生現時為香港稅務上訴委員會主席，香港中醫醫院董事局主席，維達國際控股有限公司（已退市，股票代碼：3331.HK）、周大福創建有限公司（股票代碼：659.HK）的獨立非執行董事；王桂壎先生曾任香港按揭證券有限公司董事及中海油田
服務股份有限公司的獨立非執行董事；並於香港大學、香港中文大學、香港城市
大學、香港浸會大學及香港樹仁大學擔任名譽講師、校外評核委員、諮議委員及教授。王先生持有香港中文大學文學學士學位及倫敦大學法律學士學位。164華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司165董事及高級管理層
封松林先生，61歲，自二零二四年三月二十八日起擔任本公司的獨立非執行董事及華虹宏力董事。彼於集成電路及半導體等科學技術領域擁有超過32年的學術研究經驗。彼於一九九二年二月至二零零零年十二月歷任中國科學院半導體研究所副研究員、研究員、副主任、主任、所長助理及所長。二零零一年一月至二零一零年八月，彼歷任中國科學院上海微系統與信息技術研究所研究員、副所長及所長。二零零九年三月至二零一七年五月，彼歷任中國科學院上海高等研究院研究員、籌備工作組組長及院長，其後擔任該院研究員，於二零二四年五月退休。封先生為雲賽智聯股份有限公司（一間於上海證券交易所上市的公司（股票代碼：600602））及上海兆芯集成電路股份有限公司的獨立董事。此外，封先生為上海中研宏瓴信息科技有限公司、嘉興中科無線傳感網科技有限公司及上海增
維安信科技發展有限公司的董事。封先生畢業於武漢大學，獲得半導體物理系學士學位，並在巴黎第七大學獲得碩士及博士學位。166華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司167董事及高級管理層
王鼎先生，63歲，於二零一二年二月起獲委任為公司董事會秘書。王先生亦擔任本公司、華虹宏力、華虹無錫及華虹製造的執行副總裁，負責財務、資訊技術、行政與合規、董辦及外籍人事。王先生於二零零一年四月加入上海宏力半導體製造有限公司，並在其成長發展的各個階段起到了核心領導作用。他的職責包括主導合併的籌備與實施，以及本公司成功在香港聯合證券交易所和上海證券交易所科創板上市。在加入上海宏力半導體製造有限公司之前，王先生於一九九五年八月至二零零一年三月在美國加利福尼亞矽谷聖荷西的LSI Logic Corporation
擔任寬帶娛樂部的部門總監。於加入LSI Logic Corporation之前，王先生任職於美國Franklin Templeton Investments。王先生畢業於美國加州大學伯克利分校工程學院，獲工業工程及營運研究學士學位；後於美國舊金山大學獲工商管理碩士學位，主修財務及銀行專業。王先生在國際權威財經雜誌Institutional Investor《機構投資者》所發佈的「亞洲（除日本外）執行團隊榜單」中多次榮獲科技╱半導
體行業最佳首席財務官。166華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司167董事及高級管理層高級管理層
截至本報告日期的高級管理層成員列示如下：
白鵬博士，63歲，為本公司主席、總裁兼執行董事。有關白先生履歷及學術背景的更多資料，請參閱「董事及高級管理層－董事會」一節。
王鼎先生，63歲，為本公司、華虹宏力、華虹無錫及華虹製造執行副總裁，負責財務、信息科技、行政與合規、董辦及外籍人事。有關王先生履歷及學術背景的更多資料，請參閱「董事及高級管理層－董事會」一節。
陳一敏女士，44歲，為本公司、華虹宏力、華虹無錫及華虹製造執行副總裁。
陳女士於二零二二年一月加入本公司，擁有近20年半導體行業工作經驗。此前，陳一敏女士曾在華虹國際管理（上海）有限公司、華虹集團等公司任職。陳一敏女士畢業於上海外國語大學，獲新聞學專業文學學士學位。168華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司169董事及高級管理層
周衛平先生，59歲，為本公司、華虹宏力、華虹無錫及華虹製造執行副總裁。
周先生於二零一八年初加入本公司，其在中國集成電路行業有超過35年的工作經驗。此前，周先生曾任上海貝嶺股份有限公司執行副總裁；寧波杉杉尤利卡太陽能科技發展有限公司總經理；上海貝嶺微電子製造有限公司總經理；上海先進
半導體製造股份有限公司黨委副書記、總裁、首席執行官，黨委書記、副總裁等職務。周先生畢業於華東師範大學，獲固態電子技術專業學士學位；後於復旦大學獲工商管理碩士學位；教授級高級工程師職稱。
華光平先生，58歲，為本公司、華虹宏力、華虹無錫及華虹製造執行副總裁。
華先生擁有進30年半導體行業經驗。此前，曾先後效力於清華大學微電子所、新加坡特許半導體製造有限公司、上海先進半導體製造股份有限公司、上海華虹
NEC電子有限公司。華先生畢業於清華大學，獲微電子工學碩士學位；助理研究員職稱。168華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司169董事及高級管理層
葛茂暉先生，男，61歲。為本公司及華虹宏力執行副總裁，分管質量與測試相關業務。葛先生於二零二六年一月加入本公司，擁有超過30年的半導體行業相關工作經驗，曾歷任美國英特爾公司主任工程師與良率項目經理、MIRADIA科技良率與可靠性總監、iUSE運營總經理、PACIFIC BIOSCIENCES質量總監、
CYPRESS半導體全球客戶與產品線質量總監、長江存儲科技質量與可靠性高級
總監及武漢新芯質量與可靠性負責人、MARVELL半導體質量與可靠性副總裁等職務。葛先生畢業於復旦大學，獲物理學學士學位，後取得美國夏威夷大學固態物理學博士學位，並順利完成美國伊利諾伊大學厄巴納－香檳分校博士後研究工作。
林俊毅先生，57歲，為本公司高級副總裁，負責無錫基地運營。林先生於半導體行業擁有近30年工作經驗，於二零零零年八月加入公司。此前，林先生自一九九五年至二零零零年八月效力於台灣德碁半導體製造有限公司（後與台灣集成電路製造股份有限公司合併）。林先生畢業於國立台灣科技大學（前稱國立台灣工業技術學院），獲化學工程學碩士學位；高級工程師職稱。170華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司171董事及高級管理層
王雷先生，48歲，為本公司、華虹宏力、華虹無錫及華虹製造高級副總裁，分管市場與銷售業務條線相關工作。王雷先生於二零零一年七月加入公司，擁有25年半導體行業工作經驗，歷任三廠薄膜工程部部長、三廠副廠長、品質暨可靠性保證副總裁等管理職務。王雷先生畢業於復旦大學，獲應用化學專業的學士學位與高分子化學與物理專業的碩士學位。高級工程師，上海市五一勞動獎章獲得者。
陳廣龍先生，45歲，為本公司、華虹宏力、華虹無錫及華虹製造高級副總裁，分管技術研發相關工作。陳先生於二零一八年九月加入本公司，擁有逾20年半導體行業工作經驗，歷任華虹無錫工藝整合部部長、集成三部總監、副總裁兼七廠常務副廠長。此前，陳廣龍先生曾在上海新進半導體製造有限公司、上海華虹NEC電子有限公司、上海華力微電子有限公司任職。陳先生畢業於電子科技大學，獲電子科學與技術專業工學學士學位。170華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司171董事及高級管理層公司秘書
李瑞霞女士，48歲，自二零一九年十一月起擔任本公司公司秘書。於二零二六年三月加入梁邦媛律師事務所擔任合夥人，在此之前她為君合律師事務所合夥人。
彼於一般收購合併及企業融資交易領域上（如協助企業股份於香港聯交所上市、併購、資本重組及香港聯交所上市規則相關合規及監管事務）擁有約16年的經驗。李女士於二零零五年取得香港高等法院律師資格。李女士畢業於香港城市大學，獲法學學士學位，後於英國倫敦大學學院取得法學碩士學位。172華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司173企業管治報告董事會欣然匯報截至二零二五年十二月三十一日止年度的企業管治報告。
企業管治常規本公司致力於提倡良好企業管治，並已就企業管治制定程序，該等程序符合上市規則附錄C1所載的企業管治守則（「該守則」）。
本公司深諳完善的企業管治常規的重要性，並認識到監管環境的變化多端。因此，從實行守則及評估其常規的有效性到回應監管環境的持續發展，本公司持續監控及更新其企業管治常規。
遵守守則條文
截至二零二五年十二月三十一日止年度，除該守則第二部分第C.2.1條以外，本公司一直遵守該守則。
自二零二五年十月三十一日起，董事會主席及總裁職位均由白鵬博士擔任。鑒於白先生的背景、豐富的相關行業知識及跨國企業工作經驗，董事會確信，將主席及總裁之職責同時授予白先生，有利於提升本公司執行戰略的效率及凝聚高級管理層團隊的共識。因此，董事會認為偏離守則的守則條文第C.2.1條的情況並無不當。此外，除執行董事白先生外，於二零二五年十二月三十一日及本報告日期，董事會另由四名非執行董事及三名獨立非執行董事組成。本公司認為，董事會結構適當，權力平衡，足以為本公司及其股東的權益提供充分保障。同時，董事會將確保其自身有效運作，包括所有適當事宜由董事會及時討論、全體董事獲適當知悉董事會會議上提出的議題，以及全體董事均獲得充分、完整及可靠的資料。董事會主席高度重視與獨立非執行董事的溝通，並將每年與彼等至少舉行一次無其他董事出席的會議。
董事的證券交易
本公司已採納上市規則附錄C3所載的上市發行人董事進行證券交易的標準守則（「標準守則」）作為本公司關於董事進行證券交易的守則。本公司已向所有董事作特定查詢，每位董事均已確認其於截至二零二五年十二月三十一日止年度全年遵守當中所載的必守標準。
董事會
董事會總體上負責本公司的業務及事務管理，並對轉授予主席及管理層負責的本公司日常管理承擔最終責任。
董事會現時共有八名董事，當中包括一名執行董事白鵬博士（主席兼總裁）（於二零二五年一月一日獲委任），四名非執行董事葉峻先生、孫國棟先生、陳博先生（於二零二五年三月七日獲委任）及熊承艷女士，以及三名獨立非執行董事張祖同先生、王桂壎先生，太平紳士及封松林先生。唐均君先生及周利民先生分別於二零二五年十月三十一日及二零二五年三月七日辭任執行董事及非執行董事。有關各董事的更多詳情在本年度報告第160至165頁披露。本公司已於本公司網頁及香港聯交所網頁刊載經更新的董事名單，列明其角色和職能。
本公司各非執行董事皆以三年的特定任期委任，除非根據相關委任書或董事服務合約上的條款及條件被終止委任，彼等須於股東大會上接受本公司重新提名及重選。172華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司173企業管治報告
於本年度，董事會定期舉行會議。全體董事皆有機會提出商討事項列入董事會定期會議議程。全體董事皆可直接接觸公司秘書，確保董事會議事程序及規則及規例均獲得遵守。董事會會議的完整會議記錄由公司秘書保管，並應在獲得合理通知時，公開有關會議記錄以供查閱。如有需要，各董事可尋求獨立專業意見以履行其責任，費用由本公司支付。
董事會負責制定本集團的策略性方向及政策，並監督管理層。董事會保留的部份職能包括（但不限於）監察及批准重大交易、涉及本公司主要股東或董事利益衝突的事宜、批准季度、中期及全年業績、向公眾或監管機構進行其他披露及內部監控系統，另與前述事項相關的決定亦須由董事會決定。董事會並無具體保留、本公司日常運作所需的事宜則轉授予管理層，管理層由相應董事監督並由主席領導。
本公司已實施多項機制，確保董事會可獲得獨立的觀點和意見：
* 董事會的組成：截至二零二五年十二月三十一日止年度，董事會無論何時均遵守上市規則第3.10及3.10A條。本公司有三名獨立非執行董事，佔董事會成員三分之一以上。至少一名獨立非執行董事具備適當專業資格或具備適當的會計或相關財務管理專長。
*獨立性評估：各獨立非執行董事已根據上市規則第3.13條作出年度獨立性確認書。本公司認為，全體獨立非執行董事根據上市規則第3.13條所載指引屬獨立人士。
*董事會決策：倘董事於任何交易、合約或安排中擁有重大權益，則其不可就通過相同事宜的任何董事會決議進行表決，亦不應被計入法定人數。倘主要股東或董事於董事會審議的事宜中擁有利益衝突，且董事會已確定該利益衝突屬重大時，應召開董事會會議而非通過書面決議處理該事宜。
*主席與獨立非執行董事之間的溝通：董事會主席高度重視與獨立非執行董事之間的溝通，每年至少與其舉行一次沒有其他董事出席的會議。
*獨立非執行董事的薪酬：獨立非執行董事就其董事會及董事會委員會成員的職位收取固定費用。不授予獨立非執行董事與業績掛鈎的股權報酬，以避免其決策時出現潛在偏見或損害其客觀性及獨立性。
*董事會評估：董事會評估及審議各獨立非執行董事投入的時間以及董事會及董事會委員會會議參與情況，以確保每名獨立非執行董事於董事會投入足夠時間，履行其作為本公司董事的職責。
每年會對上述機制的執行情況及有效性進行審閱。董事會認為，該等機制於截至二零二五年十二月三十一日止年度得到妥善有效執行。174華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司175企業管治報告董事和高級人員的責任保險
本公司已為本公司及其子公司的全體董事和高級人員安排適當的保險，以就因本公司的企業行動而可能面對的法律訴訟給予保障。
董事會的運作
截至二零二五年十二月三十一日止年度，董事會曾舉行9次董事會會議。董事會各成員出席董事會會議、審核委員會會議、提名委員會會議及薪酬委員會會議以及股東週年╱特別大會的記錄如下：
董事會會議審核委員會會議提名委員會會議薪酬委員會會議股東週年大會股東特別大會執行董事白鵬（附註）9不適用1不適用1不適用
唐均君（附註）6不適用2不適用1不適用非執行董事葉峻9不適用不適用31不適用孫國棟9不適用不適用不適用1不適用陳博（附註）8不適用不適用不適用1不適用熊承艷98不適用不適用1不適用
周利民（附註）1不適用不適用不適用–不適用獨立非執行董事張祖同98不適用不適用1不適用王桂壎，太平紳士9不適用331不適用封松林98331不適用
附註：白鵬於二零二五年一月一日起獲委任為總裁兼執行董事，於二零二五年十月三十一日進一步獲委任為主席、總裁兼執行董事及提名委員會主席，陳博於二零二五年三月七日起獲委任為非執行董事。白鵬、陳博均已獲得上市規則第3.09D條所述的法律意見，而彼等各自已確認彼等了解其作為上市發行人董事的責任。
唐均君於二零二五年十月三十一日起辭任執行董事、主席及提名委員會主席，周利民於二零二五年三月七日起辭任非執行董事。174華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司175企業管治報告
董事會亦傳閱書面決議案，取得董事會相關成員批准，以代替有形的會議。惟若有主要股東或董事在事項中存有董事會認為重大的利益衝突，有關事項則以舉行董事會會議（而非書面決議案）方式處理，以遵守該守則第C.5.7條。
董事會認為各董事的出席記錄令人滿意，每位董事皆付出足夠時間來履行其董事職責。
持續專業發展
董事應跟進其作為本公司董事的責任，並跟進本公司的行為、業務活動及發展。
根據守則條文第C.1條，董事應參與適當的持續專業發展計劃，以建立並更新其知識及技能，確保其對董事會的貢獻是有根據及相關。截至二零二五年十二月三十一日止年度，全體董事獲及時提供有關本公司表現、財務狀況、前景的最新資料以及適用於本集團的法律及法規新的或顯著變化的材料，以便董事會整體及各董事單獨履行其職責。各董事將於下一個財政年度獲安排參與內部舉辦的簡報會，以及在適當時間獲發放相關議題的閱讀資料。本公司鼓勵所有董事參與相關培訓課程，課程費用由本公司負責。
截至二零二五年十二月三十一日止年度及本報告日期，各董事所參與之持續專業發展載列如下：
閱讀有關規則及相關
董事姓名材料及╱或出席培訓白鵬（主席兼總裁）?
葉峻?
孫國棟?
陳博?
熊承艷?
張祖同?王桂壎，太平紳士?封松林?
唐均君?
周利民?176華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司177企業管治報告薪酬委員會
薪酬委員會現時成員包括兩名獨立非執行董事王桂壎先生，太平紳士、封松林先生及一名非執行董事葉峻先生。薪酬委員會主席為王桂壎先生，太平紳士。各成員在釐定公眾公司行政人員薪酬上經驗豐富，並具備適當之技能。董事會認為，委員會成員於處理委員會事務時均能作出獨立判斷。薪酬委員會的角色及功能包括為所有執行董事及高級管理層制定特定薪酬待遇，包括實物利益、退休金權利及報酬，並就非執行董事的薪酬待遇，向董事會提出建議。薪酬委員會應考慮同類公司支付的薪酬及集團內其他職位的僱用條件等因素，以及與工作表現掛鈎的薪酬安排的可取性。薪酬委員會已在本公司網站及香港聯交所網站上公開其職權範圍。薪酬委員會每年最少須舉行一次會議。
截至二零二五年十二月三十一日止年度，薪酬委員會召開了三次會議，討論了根據本公司購股權計劃已授出的若干購股權的歸屬情況，並決議通過了向董事會提交有關該等購股權的歸屬安排建議，及各位新任董事會成員的薪酬方案。
各董事的薪酬詳情已列於財務報表附註8。
提名委員會
提名委員會現時成員包括一名執行董事白鵬博士（於二零二五年十月三十一日獲委任）及兩名獨立非執行董事王桂壎先生，太平紳士及封松林先生。唐均君先生於二零二五年十月三十一日辭任提名委員會主席。提名委員會主席為白鵬博士。各成員在釐定董事會董事提名上經驗豐富，並具備適當之技能。本公司已為提名委員會提供充足資源以履行其職責。提名委員會或會尋求獨立專業意見以履行其職責，費用由本公司承擔。提名委員會的角色及功能包括檢討董事會的架構、人數及組成，並就任何為補足本公司的公司策略而擬對董事會作出的任何建議變動提出建議；並遵從董事會成員多元化政策，物色具備合適資格可擔任董事的人士，並挑選提名董事人選或就此向董事會提供意見；評估獨立非執行董事的獨立性；就董事委任或重新委任以及董事（尤其是主席及總裁）繼任計劃向董事會提出建議，並監察落實董事會成員多元化政策的情況及適當檢討有關政策，以確保政策有效。提名委員會已書面訂明提名委員會的具體職權範圍，清楚說明其職權和責任。提名委員會已在本公司網站及香港聯交所網站上公開其職權範圍。提名委員會每年最少須舉行一次會議。
截至二零二五年十二月三十一日止年度，提名委員會召開了三次會議，向董事會推薦各位新董事委任，討論了本公司的薪酬政策及本公司薪酬水平的競爭力等議題。
根據本公司章程的細則，任何獲委任為董事以填補董事會臨時空缺的人士應留任至本公司下次股東週年大會為止，屆時將符合資格於相關股東大會上膺選連任，而任何獲委任為現有董事會新增成員的董事則應留任至本公司下屆股東週年大會為止，屆時將符合資格於相關股東大會上膺選連任。各董事最少每三年輪席退任一次，屆時應按細則規定膺選連任。細則亦允許以普通決議案罷免董事。176華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司177企業管治報告審核委員會
審核委員會中，最少一名成員具備上市規則所要求的適當專業資格，或具備適當的會計或相關的財務管理專長。審核委員會並無成員於緊接各自委任日期前一年內擔任本公司現任外聘核數師的前任合夥人。所有成員皆具備適當的能力和經驗去審閱財務報表，以及解決本公司的重大監控及財務問題。董事會期望審核委員會成員能作出獨立判斷，並將企業管治功能的責任轉授予審核委員會，以遵守該守則的要求。
審核委員會現時成員包括一名非執行董事熊承艷女士及兩名獨立非執行董事張祖同先生及封松林先生。審核委員會主席為張祖同先生。審核委員會的主要職責包括檢討本公司的財務報告系統、審計的性質及範疇，以及內部監控與風險管理系統是否有效。審核委員會同時負責就外聘核數師的委任、重新委任及罷免提供建議，以及檢討及監察外聘核數師是否獨立客觀。另外，審核委員會會就任何因外聘核數師及監管機構所引起的事宜進行討論，以確保適當的建議已予落實。審核委員會已在本公司網站及香港聯交所網站上公開其職權範圍。審核委員會每年最少須舉行兩次會議。
截至二零二五年十二月三十一日止年度，審核委員會已舉行八次會議，成員均出席會議。審核委員會於截至二零二五年十二月三十一日止年度進行的主要工作包括檢討及建議續聘外聘核數師、批准外聘核數師的聘用條款（包括薪酬）及審核計
劃、審查未經審核季度業績公告、審查截至二零二五年六月三十日止六個月的未經審核中期報告及中期業績公告、審查截
至二零二五年十二月三十一日止年度的經審核財務報表及末期業績公告、檢討本集團審計部門的工作及評估本集團風險管
理及內部控制系統的有效性，及審查與收購華力微有關的關聯交易審核委員會亦與管理層進行討論，以確保本公司會計及財務匯報職能方面之資源、員工資歷及經驗、培訓課程及預算之足夠性。
核數師的薪酬
截至二零二五年十二月三十一日止年度，就向本公司提供的核數服務及與核數無關的服務已付或應付本公司核數師安永會計師事務所的薪酬分別為72.4萬美元及1.5萬美元（不包含為提供與發行股份購買資產並募集配套資金相關事項而支付的專項服務薪酬）。與核數無關的服務主要包括稅務諮詢和風險管理諮詢服務。178華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司179企業管治報告董事會成員多元化
董事會採納董事會成員多元化政策（該「政策」），以遵守上市規則第13.92條。
本公司視董事會層面日益多元化為維持其競爭優勢的關鍵元素。本公司在設定董事會成員組合時，將從多個方面考慮董事會成員多元化，包括但不限於天賦、技能、地區及行業經驗、背景、性別、年齡及董事會成員的其他素質，令董事會上各種天賦、技能、經驗及背景維持適當的範疇及平衡。向董事會建議選擇董事候選人時，提名委員會將按照客觀標準考慮候選人的功績，並充分顧及董事會成員在多元化方面的益處。提名委員會就達致董事會成員多元化的可計量目標，作出討論及達成一致，並向董事會作出建議，由董事會採用。在任何特定時間，董事會可在一個或多個方面改善其多元化，並相應檢討其進展。
董事會認為性別多元化屬董事會多元化的重要元素。於截至二零二四年三月二十八日委任熊承艷女士為非執行董事後，本公司符合上市規則第13.92條的規定。除性別多元化外，於截至二零二五年十二月三十一日止年度，薪酬委員會認為在相當程度上已達致董事會成員多元化的可計量目標。提名委員會專注董事會成員文化及教育背景、專業及技能專長以及本領，並審閱執行董事及獨立非執行董事之組成，以確保董事會內適當之獨立性。
本公司將繼續在適合併有利於本公司發展的董事會多元化範疇保持平衡性。
員工多元化
於二零二五年十二月三十一日，本集團員工（包括本公司高級管理層）的男女性別比例約為74%：26%。本公司以用人唯才及非歧視為原則進行招聘。董事會信納，本公司的員工已滿足性別多元化。
企業管治職能
董事會負責執行該守則內第A.2.1條所列明的職能。
董事會已檢討本公司的企業管治政策及常規、董事及高級管理人員的培訓及持續專業發展、本公司在遵守法律和監管規定
方面的政策及常規、遵守標準守則、以及本公司遵守該守則的情況及在企業管治報告內的披露。178華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司179企業管治報告投資者關係股東通訊政策
本公司已採納股東通訊政策，該政策需每年進行檢討，以確保其執行情況及有效性。該政策旨在確保股東能夠平等及時地獲取有關本公司的資料，以使股東能夠以知情方式行使其權利，同時積極參與本公司事務。
本公司股東通訊政策的概要載列如下。
本公司透過其向香港聯交所及上海證券交易所提交發佈的財務報告（包括季度、中期及年度報告）、通函、公告等披露資料向股東提供資料。
為進一步推動有效之溝通，本公司設有網站 www.huahonggrace.com 以刊登本公司業務發展及營運的最新資訊、董事名單及其角色與職能、組織章程文件、董事會及其轄下委員會的職權範圍、提名董事候選人的程序、企業管治常規、財務報
告、通函、公告，以及其他資訊。
股東大會是董事會與股東之間的主要溝通渠道。本公司鼓勵股東出席及參與股東大會，以確保高問責水平，以及使其保持對本公司的目標及策略的了解。董事會主席、其他董事會成員及各董事會委員會主席（若主席未能出席，則由委員會其他成員出席）將在場為股東解答任何問題。股東會獲提供大會的充分通知，且載有詳細表決程序的通函將連同大會通告一起寄發予股東。
除上述外，本公司亦透過其微信公眾號發佈通訊。股東可訂閱該帳號以獲取本公司最新資訊。
為促進投資者對本公司業務的了解，本公司為投資者組織路演及現場參觀無塵室及展覽廳。本公司亦參加大量投資論壇並通過各種方式與證券分析師、基金管理公司及個人投資者進行多次交流。
為使本公司徵詢及了解股東及利益相關者的意見，股東及利益相關者可透過投資者關係聯繫人（郵箱：IR@ hhgrace.com ）向本公司提出問詢。
截至二零二五年十二月三十一日止年度，本公司已對其股東通訊政策的執行情況及有效性進行審閱，包括於股東大會採取的行動、對所接收問詢的處理以及現有的多種溝通渠道。本公司認為該項政策具有有效性且已妥善實施。180華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司181企業管治報告公司秘書
公司秘書李瑞霞女士向董事會負責，以確保董事會程序獲得遵守，董事會活動亦獲有效率地進行。她亦負責確保董事會已全面評估與本公司有關的相應法律、法規及企業管治發展，協助董事的入職及專業發展。
公司秘書向董事會主席及總裁匯報，在本公司與其股東的關係中擔當重要角色，協助董事會向股東履行其責任，以遵守上市規則。
截至二零二五年十二月三十一日止年度期間，李瑞霞女士已出席相關專業講座以更新其技能及知識，並遵守上市規則第
3.29條的規定。
股東召開股東特別大會的程序
一名或多名持有本公司繳足股本不少於二十分之一的股東可請求董事，或根據香港法例第622章公司條例（「公司條例」）第566至568條提出請求的股東（「請求方」）（視情況而定）可提出召開股東特別大會的請求。請求書須列明召開大會的目的，
由請求方簽署，並送至本公司的註冊辦事處。股東召開股東特別大會時須遵守公司條例第580至583條所列明的要求及程序。
於股東大會上提出要求及將股東查詢轉達董事會的程序
股東可於任何時間以書面形式向本公司提出其要求、計劃、查詢及想法，信件抬頭請註明董事會主席或公司秘書，其聯絡地址為：
中國上海張江高科技園區哈雷路288號，郵編：201203電話：(86)2138829909
傳真：(86)2150809999
電子郵箱：IR@ hhgrace.com180 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 181企業管治報告以投票方式表決
根據上市規則第13.39(4)條，股東於股東大會上的任何表決均須以投票方式進行。
風險管理和內部監控風險管理及內部監控目標風險管理目標
在合規層面上，本公司嚴格遵守香港聯交所《公司管治守則》的相關規定，確保各項合規要求得到及時、準確的落實。
在營運層面上，本公司管理層深知公司未來發展過程中所面臨的風險。因此，本公司的風險管理目標是要識別、評估這些風險，並採取降低、轉移、規避或接受等風險應對策略管理這些風險。本公司持續開展風險監控體系建設，搭建風險管理險監平台，明確風險管理機制，完善風險地圖，實行年度風險評估，旨在建立一套符合《公司管治守則》要求、並切合本公司實際情況的簡潔、科學、務實且高效的風險管控模式。
內部控制體系目標
本公司內部控制體系充分吸收COSO（反虛假財務報告委員會的發起人組織委員會）的風險管理框架要求和香港會計師公會
關於風險管理的指南，兼顧本公司實際情況和業務特點，將公司風險地圖的三級風險細化下沉到流程層面，形成風險導向的內部控制評價體系，目標是評價內部監控系統的有效性和適用性，從而為確保本公司經營活動的有效性、其財務報告的可靠性和法律法規的遵循性提供合理保證。182華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司183企業管治報告風險管理及內部監控體系
為保障風險管理工作有效開展並形成長效機制，本公司已建立風險管理「三線模型」的監控體系。它包含下列多個不同層面的角色和責任：
第一線業務部門
*建立與維護本部門風險管理的各項機制；
*於日常工作中持續收集風險原始信息；
*持續開展本部門風險監控與預警工作；
*協助落實公司風險管理工作，包括提供必要的資料與樣本，確定與本部門相關的重大風險，並確定重大風險應對措施；
第二線業務監督管理部門
*提供補充專業性知識，發揮支持和監督作用，幫助持續實施、改善風險管理工作；對風險管理的準確性和有效性進行分析和報告；
第三線內部審計條線
*對各業務部門和風險管理條線的風險管理工作開展情況進行獨立的監督檢查，評價公司風險管理機制是否有效落實；
*開展年度全面風險評估工作，基於風險評估結果，界定重大風險應對責任主體，組織並指導相關部門制定重大風險應對方案，並對方案的實施進行跟蹤；
*對於審計及風險評估過程中的發現點，督促相關部門或機構進行整改，並持續跟蹤整改情況；
*向公司審核委員會匯報各項審計及風險評估結果。182華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司183企業管治報告風險管理及內部監控聲明
董事會負責本公司的風險管理及內部監控系統，以及確保檢討該系統的有效性。董事會已設立內部審計部門，賦予其足夠的權威性及獨立性，以履行內部審計職能。內部審計師已根據經批准的檢查範圍並依照《企業管治守則》守則條文D.2的規定，每年對本集團的風險管理及內部監控系統進行檢討。截至本報告日，內部審計並無發現任何重大缺失或重大不合規事宜。
根據內部審計部門的工作成果，本公司董事會認為，本公司已維持一套充分、有效且具公信力的風險管理及內部監控系統。但我們也必須承認，該等系統旨在管理、而非完全消除影響本公司達致業務目標能力的風險，僅可對重大錯誤的陳述或損失提供合理而非絕對的保證。
為根據證券及期貨條例識別、處理及傳播內幕消息，本集團已實施若干程序，包括管理層指定人員進行本公司證券交易須獲得事先批准、告知相關董事及僱員常規禁售期及證券交易限制、通過代號識別項目以及按既定目的及按須知基準傳播信息，以防範本集團內部可能出現的內幕消息處理失誤。
一般資料
董事負責編製本公司每個財政期間的財務報表，使這些財務報表能真實和公平地反映本公司的業務狀況，並符合法定要求及適用會計準則。在編製截至二零二五年十二月三十一日止年度的財務報表時，董事已挑選並貫徹地應用適當的會計政策、作出審慎、公平及合理的判斷及估計，並按持續經營基準編製財務報表。
核數師的財政申報責任聲明載於本年度報告中第301至309頁的獨立核數師報告內。
代表董事會白鵬博士
主席兼總裁184華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司185董事會報告董事會謹提呈本公司二零二五年年度報告和二零二五年一月一日至二零二五年十二月三十一日經審核的財務報表（「財務報表」）。
主要業務
截止二零二五年底，華虹半導體是一家長期專注於特色工藝技術，兼具8英寸及12英寸生產線的純晶圓代工企業，主要開發與應用嵌入式╱獨立式非易失性存儲器、功率器件、模擬及電源管理和邏輯及射頻等先進「特色IC + Power Discrete」工藝技術，為客戶提供多元化的特色工藝晶圓製造服務。華虹半導體主要子公司的業務說明請參考財務報表附註41（第427至429頁）。
業務回顧營收分析
華虹半導體二零二五年度銷售收入約為24.021億美元，較上一年度增長19.9%，全年營收穩步增長。受益於人工智能及邊緣應用快速發展，全球半導體市場特別是高性能計算芯片及存儲芯片市場增長較快，成熟制程芯片市場亦平穩復甦。公司全年8英寸和12英寸產能利用率均保持在100%以上，其中華虹製造項目(FAB9)產能快速爬坡，使得公司12英寸營收佔比快速提升，主要工藝平台均取得了令人滿意的成績。
按服務劃分營業收入二零二五年二零二五年二零二四年二零二四年同比變化同比變化
千美元%千美元%千美元%
半導體晶圓230189195.8%190092994.9%40096221.1%
其他1001734.2%1030645.1%(2891)(2.8)%
合計2402064100.0%2003993100.0%39807119.9%
*二零二五年，公司95.8%的營業收入來自半導體晶圓的銷售收入。
按客戶類型劃分營業收入二零二五年二零二五年二零二四年二零二四年同比變化同比變化
千美元%千美元%千美元%
系統公司和無廠晶片設計公司232372096.7%191900095.8%40472021.1%
整合器件製造商(IDMs) 78344 3.3% 84993 4.2% (6649) (7.8)%
合計2402064100.0%2003993100.0%39807119.9%
*公司來自系統公司和無廠晶片設計公司客戶類型的營業收入佔比96.7%。184華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司185董事會報告按區域劃分營業收入二零二五年二零二五年二零二四年二零二四年同比變化同比變化
千美元%千美元%千美元%
中國197409882.2%163652881.6%33757020.6%
北美區24609110.2%1878999.4%5819231.0%
亞洲其他區域1141514.8%1100385.5%41133.7%
歐洲區677242.8%695283.5%(1804)(2.6)%
合計2402064100.0%2003993100.0%39807119.9%
*二零二五年，公司中國區營業收入佔比達到82.2%。
按技術類型劃分營業收入二零二五年二零二五年二零二四年二零二四年同比變化同比變化
千美元%千美元%千美元%
嵌入式非易失性存儲器(eNVM) 611293 25.4% 526122 26.3% 85171 16.2%
獨立式非易失性存儲器(sNVM) 187686 7.8% 130137 6.5% 57549 44.2%
功率器件66735927.8%62392231.0%434377.0%
邏輯與射頻29692712.4%27220113.6%247269.1%
模擬(Analog)與電源管理(PM) 638799 26.6% 451611 22.5% 187188 41.4%
合計2402064100.0%2003993100.0%39807119.9%
* 二零二五年，模擬與電源管理、嵌入式與獨立式閃存營業收入增長較快，主要由於AI相關需求的強勁需求以及消費、工業等領域的復甦驅動。186華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司187董事會報告按工藝節點劃分營業收入二零二五年二零二五年二零二四年二零二四年同比變化同比變化
千美元%千美元%千美元%
65納米及以下60870125.3%43865621.9%17004538.8%
90納米及95納米58263624.3%38918119.4%19345549.7%
0.11微米及0.13微米26106810.9%27859713.9%(17529)(6.3)%
0.15微米及0.18微米1290325.4%1296456.5%(613)(0.5)%
0.25微米97060.4%169320.8%(7226)(42.7)%
≥0.35微米81092133.7%75098237.5%599398.0%
合計2402064100.0%2003993100.0%39807119.9%
*二零二五年，65納米及以下與90納米及95納米平台收入由於模擬與電源管理、嵌入式與獨立式閃存等平台的需求而保持較強增長。
按終端市場劃分營業收入二零二五年二零二五年二零二四年二零二四年同比變化同比變化
千美元%千美元%千美元%
消費電子153264963.8%126170563.0%27094421.5%
工業和汽車電子53361022.2%46125623.0%7235415.7%
通信30019912.5%25126112.5%4893819.5%
計算356061.5%297711.5%583519.6%
合計2402064100.0%2003993100.0%39807119.9%
*二零二五年，消費電子市場需求仍相對平穩，該終端營業收入佔比達63.8%。186華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司187董事會報告產能及產能利用率
晶圓廠（千片晶圓每月）二零二五年二零二四年同比變化
總產能（折合8英寸晶圓）48639124.4%
總體產能利用率106.1%99.5%6.6個百分點
*二零二五年度折合8英寸晶圓產能利用率上升6.6個百分點。
付運晶圓千片晶圓二零二五年二零二四年同比變化
付運晶圓（折合8英寸晶圓）5384454518.5%
*二零二五年公司付運晶圓同比上升18.5%。
工藝平台、技術開發與運營分析
面對複雜多變的全球行業環境以及激烈的市場競爭，公司一方面堅持致力於差異化技術的研發和創新，一方面密切關注終端市場和客戶發展情況，不斷加大業務拓展、提升技術競爭力並持續優化產品組合滿足客戶和市場需求。在全體員工、客戶、供應商等合作夥伴的共同努力下，2025年，各主要工藝平台均取得了優異的成績。188華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司189董事會報告
嵌入式非易失性存儲器平台，受益於消費類與汽車電子需求回升，MCU整體市場需求增多。其中高性能MCU方面，40nmeFlash客制化產品風險量產，55nm eFlash工藝平台大規模量產，同時多個相關工藝平台實現車規產品大量供貨。整體嵌入式非易失性存儲器平台出貨量與銷售額均呈兩位數增長。獨立式非易失性存儲器平台方面，持續推進NORD閃存與ETOX閃存工藝的技術迭代，銷售收入同比增長44.2%，其中48nm NOR Flash產品出貨佔比大幅度提升。
模擬與電源管理平台，2025年銷售收入同比增長41.4%，主要得益於AI周邊電源應用和手機領域的強勁需求，公司協同頭部客戶深耕汽車、工業及消費等領域，不斷拓展市場並提升滲透率。技術方面，0.18um BCD 120V平台開發成功滿足了汽車電子48V系統對基礎電源芯片的高壓要求，90nm BCD工藝穩定量產並持續進行技術迭代。在多個工藝節點推出「BCD+」集成方案，BCD+eFlash工藝產品大規模出貨並在汽車電子領域廣泛應用，全力打造多元化特色工藝平台。
邏輯與射頻平台，40nm超低功耗特色工藝成功進入量產，該工藝能夠顯著延長物聯網、可穿戴設備等產品的續航時間，助力公司向低功耗細分市場滲透；與此同時，55/40nm特色工藝及RFCMOS工藝持續穩定量產，65nm RF SOI工藝平台營收持續增長。在圖像傳感器領域，應用於智能手機主攝像頭的CIS芯片製造工藝具有出色的感光性能、低噪點和高動態範圍等優勢，為公司未來在移動影像、車載視覺等市場的發展建立了堅實基礎。
功率器件平台，公司持續深耕功率器件平台，積極推動技術創新。其中，1.6um IGBT工藝產品投入佔所有IGBT產品的比例快速提升，工藝對標國際領先水平，成為本土供應鏈進步的核心支撐，廣泛應用於電動車主驅逆變器、風光儲充等新能源領域；化合物半導體方面，公司積極開發功率氮化鎵工藝，支持高性能電機驅動及高壓直流系統等市場需求。
二零二五年，公司依託產能建設不斷帶動技術研發與特色工藝平台的迭代。華虹製造項目(FAB9)產能建設繼續順利推進，截至2025年底，第一階段產能建立已達成目標，第二階段產能擴展設備持續搬入中，計劃於2026年三季度達成規劃產能目標。188華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司189董事會報告展望
展望二零二六年，人工智能及邊緣應用蓬勃發展，終端產品的智能化和豐富需求將推動芯片使用量快速上升，全球半導體市場有望繼續保持高速增長。作為全球重要的科技創新產業聚集地，中國半導體市場將持續迸發活力。在全體管理層的帶領下，公司將繼續聚焦產能與工藝能力兩大核心競爭力主線，依託華虹製造等12英寸產線，進一步加大研發投入、加快工藝平台迭代與多元化，豐富產品組合，實現產能的靈活配置與高效利用，全方位提升管理及營運效能。市場方面，加大與海內外客戶的合作，聚焦客戶與市場需求，推動產業生態鏈建設，將製造優勢輻射至全球市場，錨定公司長期發展目標，為公司、股東及全體合作夥伴創造價值。190華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司191董事會報告管理層討論及分析財務表現二零二五年二零二四年變動千美元千美元
銷售收入2402064200399319.9%
銷售成本(2119138)(1798865)17.8%
毛利28292620512837.9%
其他收入及收益127408149072(14.5)%
投資物業的公平值虧損(2844)(39)7192.3%
銷售及分銷費用(10967)(9628)13.9%
管理費用(414658)(351276)18.0%
其他費用(6527)(33395)(80.5)%
財務費用(68214)(97113)(29.8)%
分佔聯營公司溢利4347345925.7%
稅前虧損(88529)(133792)(33.8)%
所得稅開支(22284)(6593)238.0%
年內虧損(110813)(140385)(21.1)%
下列人士應佔：
母公司擁有人5488158108(5.6)%
非控股權益(165694)(198493)(16.5)%190華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司191董事會報告銷售收入
銷售收入達24.021億美元，較二零二四年增長19.9%，主要得益於付運晶圓數量增加。
銷售成本
銷售成本為21.191億美元，較二零二四年上升17.8%，主要得益於付運晶圓數量增加。
毛利
毛利為2.829億美元，較二零二四年上升37.9%，主要得益於平均售價提升及降低成本措施，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1.274億美元，較二零二四年減少14.5%，主要由於利息收入減少，部分被政府補貼增加所抵銷。
銷售及分銷費用
銷售及分銷費用為1100萬美元，較二零二四年上升13.9%，主要由於勞務費用增加所致。
管理費用
管理費用為4.147億美元，較二零二四年上升18.0%，主要由於研發費用增加所致。
其他費用
其他費用為650萬美元，較二零二四年下降80.5%，主要由於外匯匯兌虧損減少所致。
財務費用
財務費用為6820萬美元，較二零二四年減少29.8%，主要由於銀行借款利率下降所致。
分佔聯營公司溢利
分佔聯營公司溢利為430萬美元，較二零二四年增加25.7%，乃由於聯營公司實現溢利增加所致。
所得稅開支
所得稅開支為2230萬美元，較二零二四年增長238.0%，主要由於轉回代扣代繳的股息稅金減少所致。
年內虧損
在上述因素的累計影響下，年內虧損為1.108億美元，較二零二四年收窄21.1%。192華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司193董事會報告財務狀況二零二五年二零二四年十二月三十一日十二月三十一日變動千美元千美元非流動資產
物業、廠房及設備6676442585911713.9%
投資物業21977216415333.9%
使用權資產1502221397997.5%於聯營公司的投資
指定按公平值計入其他全面收益的權益工具47879928931165.5%
其他非流動資產321840130225147.1%
非流動資產總額7847075658260519.2%流動資產
存貨54436846706016.6%
貿易應收款項及應收票據2820532704614.3%
其他流動資產78697460422630.2%
定期及已抵押存款9949431624214.6%
現金及現金等價物489380844591329.7%
流動資產總額6606697583250313.3%流動負債
貿易應付款項33037029837210.7%
計息銀行借款40374828070443.8%
政府補助890495756354.7%
其他流動負債103305492559911.6%
流動負債總額1856221156223818.8%
流動資產淨額4750476427026511.2%非流動負債
計息銀行借款2787096191723545.4%
其他非流動負債646224290162127.1%
非流動負債總額3433320194625176.4%
資產淨額916423189066192.9%192華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司193董事會報告
就二零二四年十二月三十一日至二零二五年十二月三十一日變動超過10%的項目的闡釋
物業、廠房及設備
物業、廠房及設備由58.591億美元增至66.764億美元，是由於新生產線產能擴張所致。
投資物業
投資物業由1.642億美元增至2.198億美元，主要由於投資物業增加所致。
指定按公平值計入其他全面收益的權益工具
指定按公平值計入其他全面收益的權益工具由2.893億美元增至4.788億美元，主要由於權益工具的公平值增加所致。
其他非流動資產
其他非流動資產由1.302億美元增加至3.218億美元，主要是由於設備預付款項增加所致。
存貨
存貨由4.671億美元增至5.444億美元，主要由於在製品及製成品增加所致。
其他流動資產
其他流動資產由6.042億美元增至7.870億美元，主要由於增值稅留抵稅額增加所致。
定期及已抵押存款
定期及已抵押存款由3160萬美元增至9950萬美元，主要由於定期存款增加所致。
貿易應付款項
貿易應付款項由2.984億美元增至3.304億美元，主要由於材料採購增加所致。
政府補助
政府補助由5760萬美元增至8900萬美元，主要由於收到政府補助資金增加所致。
其他流動負債
其他流動負債由9.256億美元增至10.331億美元，主要由於資本開支的應付款項增加所致。
計息銀行借款
計息銀行借款總額由21.979億美元增至31.908億美元，主要由於提取銀行借款增加所致。
其他非流動負債
其他非流動負債由2900萬美元增至6.462億美元，主要由於收取其他融資活動款項所致。194華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司195董事會報告現金流量二零二五年二零二四年變動千美元千美元
經營活動所得現金流量淨額64999245949541.5%
投資活動所用現金流量淨額(1785954)(2671532)(33.1)%
融資活動所得現金流量淨額1499216115012530.4%
現金及現金等價物增加╱（減少）淨額363254(1061912)(134.2)%
年初現金及現金等價物44591325585181(20.2)%
外匯匯率變動影響，淨額71422(64137)(211.4)%年末現金及現金等價物489380844591329.7%經營活動所得現金流量淨額
經營活動所得現金流量淨額為6.500億美元，較二零二四年增加41.5%，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17.860億美元，主要歸因於資本投資18.140億美元、存放定期存款6720萬美元、一項權益工具1760萬美元及一間聯營公司280萬美元，部分被收取利息收入6510萬美元、政府補助4920萬美元及出售設備項目
130萬美元所抵銷。
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14.992億美元，包括(i)銀行借款所得款項20.180億美元、(ii)其他融資活動收入5.946億美元、(iii)購股權行使所得3440萬美元及(iv)利息開支的政府補助1210萬美元，部分被(i)償還銀行借款10.762億美元，(ii)利息付款7970萬美元，及(iii)支付租賃付款的本金部分400萬美元所抵銷。
現金及現金等價物增加淨額
由於上述因素的累積影響，現金及現金等價物由截至二零二四年十二月三十一日的44.591億美元增加至截至二零二五年十二月三十一日的49.610億美元。194華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司195董事會報告財務風險利率風險
我們面臨市場利率變動的風險，主要與本集團浮動利率長期債務責任有關。我們的政策為運用固定及浮動利率債務組合管理利率風險。
於二零二五年十二月三十一日，倘利率增加╱減少100基點，而所有其他變量維持不變，年內稅前溢利將減少╱增加
30596000美元，乃主要由於浮息債務的利息開支增加╱減少所致。
外幣風險
我們面臨交易性貨幣風險，該等風險主要產生自我們於中國內地營運的主要子公司以美元而非以該子公司的功能貨幣人民幣進行的買賣。於年內，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，與此同時，銷售成本中56%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。於二零二五年十二月三十一日，賬面值為622783000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。
信貸風險
我們僅與獲認可及信譽良好的第三方及關聯方交易。根據我們的政策，所有擬按信用條款交易的客戶均須通過信用核實程序。此外，由於持續對應收款項結餘進行監控，故我們的壞賬風險並不重大。
我們的金融資產中面臨最大信用風險的項目為：綜合財務狀況表內現金及現金等價物、貿易應收款項及應收票據、計入預
付款項、其他應收款項及其他資產的金融資產、應收關聯方款項以及定期及已抵押存款的賬面值。我們並無其他存在重大信用風險的金融資產。
流動資金風險
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，以應對短期及長期流動資金需要。
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。年內，管理資本的目標、政策或程序概無任何變動。196華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司197董事會報告資產負債比率資產負債比率的詳情載於財務報表附註39。
業績本集團截至二零二五年十二月三十一日止年度的業績及於該日的事務狀況載於本報告第310至313頁的財務報表。
末期股息
考慮到半導體行業的資本密集性質，結合本集團目前的發展及業務模式，本集團必須保留充足資金以滿足其運營需求，並推動其持續擴大產能、研發創新及提高市場份額，這有利於維持本集團的運營穩定性，並促進其長期發展計劃。因此，董事會不建議派付截至二零二五年十二月三十一日止年度的股息（二零二四年：無），惟須待股東週年大會批准。
股息政策
本公司決定自二零一五年度起，在本集團實現利潤、經營環境趨勢穩定且無重大投資行為的情況下，於本公司股東同意及合乎法例要求下，將對股東派發股息。計劃連續三年所派股息的平均額將不低於該三年平均可分配淨利潤的30%；其餘部份將用於本集團發展與經營。
有關股息政策仍會不時檢討，不保證會在任何指定期間派付任何特定金額的股息。如董事會建議派付股息，股息形式及金額將視乎董事評估不時影響本集團的因素而定。
可供分派儲備
於二零二五年十二月三十一日，本公司擁有284796000美元的可供分派儲備可供分派予股東。196華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司197董事會報告銀行貸款本集團於二零二五年十二月三十一日的銀行貸款的詳情載於財務報表附註26。
於二零二五年十二月三十一日，本集團若干銀行貸款由本集團資產作抵押。有關進一步詳情，請參閱財務報表附註26。
財務摘要本集團於過往五個財政年度的已公佈業績及資產以及負債摘要載於第432頁。本摘要並不構成經審核財務報表之一部分。
物業、廠房及設備
本集團旗下物業、廠房及設備和投資物業於截至二零二五年十二月三十一日止年度的添置及其他變動詳情載於財務報表附註13和14。
此外，投資物業詳情載列如下：
建築樓面面積
位置用途類別租期本集團權益（平方米）
中國上海工業用途按於二零五一年三月八日屆100%91563.11浦東新區滿的土地使用權持有張江高科技園區郭守敬路818號
9幢樓宇的一部分
江蘇省無錫市新吳區商業土地使用權有效期至51%39429.49弘毅路180號二零六一年一月六日止報告期後重大事項
截至本報告日期，本公司無報告期後重大事項。
股本本公司截至二零二五年十二月三十一日止年度的股本變動詳情載於財務報表附註31。由二零一四年三月三日起按新公司條
例（第622章）附表11第37條，這些變動包括自動將股份溢價賬的進賬額列入股本中，為過渡至無面值股份制度的一部分。198華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司199董事會報告購股權計劃
購股權計劃（「購股權計劃」）已經於二零一五年九月一日舉行的本公司股東特別大會批准。購股權計劃的概要如下：
購股權計劃的目的：購股權計劃的目的是吸引、挽留參與者（定義見下文）及對其提供獎勵，以讓其有機會獲得本公司股份及將其利益與本公司的經營業績及股價表現密切相連，旨在提升本公司價值。
參與者：購股權計劃參與者（「參與者」）包括(1)本集團任何成員公司的現時執行
及非執行董事；或(2)對本集團任何成員公司的經營業績及可持續發展有直接影響的高級管理層以及主要管理及技術人員之人士（視乎購股權計劃列明的任何限制及約束而定），惟不包括任何獨立非執行董事。
各參與者的最高配額：倘在任何12個月期間內所配發及因授出及將予授出的全部購股權（「購股權」，包括已行權、已註銷及尚未行使的購股權）獲行使而向參與者配發的股份總數超過本公司當時已發行股本的1%，則不得向該參與者進一步授出購股權。經股東於股東大會上批准，可在任何12個月期間內向任何參與者授予超出1%個人限額的購股權。在授出日期（定義見購股權計劃），任何持有本公司5%以上附有表決權股份的人員，未經股東於股東大會上批准，不得被授予購股權。
購股權可予行使前須持有的最短期間（如有）：2年（除非購股權授予通知另有規定）。
申請或接納購股權所應付的款項及1.00港元乃由各被授予人自建議授出日期起計28日內支付，作為授出須予付款或催繳或就此須支付貸款的期間：購股權的代價。
於二零二五年初及末可供授出的購股權計劃有效期間為採納日期起計七(7)年。因此其已於二零二二年購股權計劃數目及購股權計劃的餘下期限：九月一日屆滿。自該日起，購股權計劃項下將不再授出購股權且概無授出購股權。
於二零二五年十二月三十一日及本報告日期，購股權計劃項下可供發行的股份總數為179209股，佔已發行股份總數的約
0.01%（佔上市公司已發行所有股份含A股）。198 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 199
董事會報告根據購股權計劃授出的購股權
於二零一五年九月四日，本公司根據購股權計劃向若干個人授出30250000份購股權（「二零一五年購股權」），以認購合共
30250000股本公司普通股。二零一五年購股權的詳情如下：
授出日期：二零一五年九月四日
所授出購股權的行使價：6.912港元所授出購股權的數目：30250000份（佔本公司截至二零二五年十二月三十一日止已發行股份的1.74%）
購股權的有效期間：自二零一五年九月四日起至二零二二年九月三日（七(7)年）止（包括首尾兩日）
購股權的歸屬期間：購股權的三分之一應分別於二零一七年九月四日、二零一八年九月四日及二零一九年九月四日歸屬
每股行使價6.912港元較以下較高者溢價0%：(i)於授出日期香港聯交所每日報價表所報每股收市價6.87港元；(ii)於緊接授
出日期前五個交易日香港聯交所每日報價表所報平均每股收市價6.912港元；及(iii)於緊接授出日期前一天香港聯交所每日
報價表所報每股收市價6.800港元。
於二零一八年十二月二十四日，本公司根據購股權計劃向若干個人授出34500000份購股權（「二零一八年購股權」），以認購合共34500000股本公司普通股。二零一八年購股權的詳情如下：
授出日期：二零一八年十二月二十四日
所授出購股權的行使價：15.056港元所授出購股權的數目：34500000份（佔本公司截至二零二五年十二月三十一日止已發行股份的1.99%）購股權的有效期間：自二零一八年十二月二十四日起至二零二五年十二月二十三日（七(7)年）止（包括首尾兩日）
購股權的歸屬期間：就本公司副總裁（及董事）或以上級別的僱員而言，二零一八年購股權的四分之一應分別於二零二零年十二月二十四日、二零二一年十二月二
十四日、二零二二年十二月二十四日及二零二三年十二月二十四日歸屬；就本公司其他僱員而言，二零一八年購股權的三分之一應分別於二零二零年十二月二十四日、二零二一年十二月二十四日及二零二二年十
二月二十四日歸屬200華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司201董事會報告
每股行使價15.056港元為以下各項的較高者：(i)於授出日期香港聯交所每日報價表所報每股收市價14.440港元；(ii)於緊接
授出日期前五個營業日香港聯交所每日報價表所報平均每股收市價15.056港元；(iii)於緊接授出日期前一天香港聯交所每日
報價表所報每股收市價14.380港元；及(iv)股份的面值。
於二零一九年三月二十九日，本公司根據購股權計劃向一人授出500000份購股權（「二零一九年三月購股權」），以認購合共500000股本公司普通股。二零一九年三月購股權的詳情如下：
授出日期：二零一九年三月二十九日
所授出購股權的行使價：18.400港元所授出購股權的數目：500000份（佔本公司截至二零二五年十二月三十一日止已發行股份的
0.03%）
購股權的有效期間：自二零一九年三月二十九日至二零二六年三月二十八日（七(7)年）止（包括首尾兩日）
購股權的歸屬期間：購股權的四分之一將分別於二零二一年十二月二十三日、二零二二年八
月十二日、二零二三年八月十一日及二零二四年八月九日歸屬
每股行使價18.400港元為以下各項的較高者：(i)於授出日期香港聯交所每日報價表所報每股收市價18.400港元；(ii)於緊接
授出日期前五個營業日香港聯交所每日報價表所報平均每股收市價18.176港元；(iii)於緊接授出日期前一天香港聯交所每日
報價表所報每股收市價18.220港元；及(iv)股份的面值。
於二零一九年十二月二十三日，本公司根據購股權計劃向若干個人授出2482000份購股權（「二零一九年十二月購股權」），以認購合共2482000股本公司普通股。二零一九年十二月購股權的詳情如下：
授出日期：二零一九年十二月二十三日
所授出購股權的行使價：17.952港元所授出購股權的數目：2482000份（佔本公司截至二零二五年十二月三十一日止已發行股份的
0.14%）
購股權的有效期間：自二零一九年十二月二十三日至二零二六年十二月二十二日（七(7)年）止（包括首尾兩日）
購股權的歸屬期間：就華虹無錫副總裁或以上級別的僱員而言，購股權的四分之一將分別於二零二一年十二月二十三日、二零二二年十二月二十三日、二零二三年十二月二十三日及二零二四年十二月二十三日歸屬；就華虹無錫其他僱員而言，購股權的三分之一將分別於二零二一年十二月二十三日、二零二二年十二月二十三日及二零二三年十二月二十三日歸屬200華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司201董事會報告
每股行使價17.952港元為以下各項的較高者：(i)於授出日期香港聯交所每日報價表所報每股收市價17.260港元；(ii)於緊接
授出日期前五個營業日香港聯交所每日報價表所報平均每股收市價17.952港元；(iii)於緊接授出日期前一天香港聯交所每日
報價表所報每股收市價17.200港元；及(iv)股份的面值。
購股權於截至二零二五年十二月三十一日止年度的變動詳情如下：
參與者姓名或類別辭任董事購股權數目已離任董事唐均君先生1其他僱員總數
於二零一五年九月四日授出988000––29262000––30250000
於二零一八年十二月二十四日授出–680000––33820000–34500000
於二零一九年三月二十九日授出––500000–––500000
於二零一九年十二月二十三日授出–––––24820002482000
於二零一五年註銷╱失效–––-130000––-130000
於二零一六年註銷╱失效–––-1458000––-1458000
於二零一七年註銷╱失效–––-1353399––-1353399
於二零一八年註銷╱失效–––-754595––-754595
於二零一九年註銷╱失效–-600000–-58000-1035000-36000-1729000
於二零二零年註銷╱失效-119000-80000––-993904-84000-1276904
於二零二一年註銷╱失效––-62500–-5751868-592993-6407361
於二零二二年註銷╱失效––––-543728-73983-617711
於二零二三年註銷╱失效––––-8168-6900-15068
於二零二四年註銷╱失效–––––-87758-116668-204426
期內行使––437500–17627582108029619145378
期內註銷–––––––
期內失效––––-12715–-12715
於二零二五年一月一日尚未行使––437500–17640297125950519337302於二零二五年十二月三十一日
尚未行使–––––179209179209購股權之歸屬期二零一五年二零一八年二零一九年二零一五年二零一八年二零一九年九月四日至十二月二十四日至三月二十九日至九月四日至十二月二十四日至十二月二十三日至二零二二年二零二五年二零二六年二零二二年二零二五年二零二六年九月三日十二月二十三日三月二十八日九月三日十二月二十三日十二月二十二日購股權之行使期二零一七年二零二零年二零二一年二零一七年二零二零年二零二一年九月四日至十二月二十四日至三月二十九日至九月四日至十二月二十四日至十二月二十三日至二零二二年二零二五年二零二六年二零二二年二零二五年二零二六年九月三日十二月二十三日三月二十八日九月三日十二月二十三日十二月二十二日
購股權之行使價6.912港元15.056港元18.400港元6.912港元15.056港元17.952港元股份於緊接購股權獲行使日期
之前的加權平均收市價67.25港元48.31港元49.03港元
除上文披露者外，本公司於截至二零二五年十二月三十一日止年度並未採納任何其他購股權計劃。
1唐均君先生於二零二五年十月三十一日辭任本公司執行董事202華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司203
董事會報告儲備本集團截至二零二五年十二月三十一日止年度的儲備變動詳情載於本報告第314至315頁之綜合權益變動表。
證券發行與上市股票及其衍生證券的種類發行價格發行數量上市日期截至報告期末獲准上市交易數量普通股人民幣52.00元407750000股2023年8月7日407750000股（無限售條件的流通股）；
於二零二三年八月七日，本公司在上海證券交易所科創板掛牌上市，證券簡稱「華虹公司」，證券代碼「688347」。
通過在上海證券交易所科創板進行人民幣股份發行，本公司407750000股普通股已被認購，認購人包括符合資格的網下投資者及已於上海證券交易所開立賬戶並符合條件的自然人、法人、其他機構投資者（中國法律、法規及監管文件禁止購買者除外）或符合中國證券監督管理委員會、上海證券交易所相關資格規定的其他目標認購人。202華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司203董事會報告
此次發行募集資金總額為人民幣21203000000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20920677000元，每股普通股的發行價為人民幣52.00元（於本公司公告人民幣股份發行條款當天（即二零二三年八月四日），本公司股份於香港聯交所的收市價為港幣26.35元）。募集資金到賬後，已全部存放於經公司董事會批准開設的募集資金專項賬戶內。截至二零二五年十二月三十一日，所得款項淨額約人民幣14839695899元已動用，因此約人民幣6080981101元結轉至報告期初。募集所得款項是按照先前披露的所得款項計劃用途來使用的，詳情如下：
單位：人民幣元報告期末未動用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所得款項累計預計使用時間
華虹製造（無錫）項目12500000000.00133482934.322026年底前
8英寸廠優化升級項目2000000000.001503337890.942026年底前
特色工藝技術創新研發項目2500000000.001523936298.562026年底前
補充流動資金1000000000.00–不適用建議收購事項及建議非公開發行人民幣股份誠如本公司日期為二零二五年八月三十一日及二零二五年十二月三十一日的公告以及本公司日期為二零二六年一月二十二
日的通函所披露，本公司建議透過發行代價人民幣股份的方式收購華力微97.4988%的股權。華力微100%股權的評估值為人民幣8480百萬元，而其97.4988%股權的總代價約為人民幣8268百萬元。根據中國有關法律法規的規定，本次收購代價股份的發行價為每股代價股份人民幣43.34元，發行數量為190768392。本次收購完成後，公司將持有華力微100%股份。
經考慮本公司未來資金需求，除收購事項外，董事會進一步批准及建議配套募集資金75.5629億元，即(i)不超過建議收購事項最終總代價的100%，及(ii)將予發行的人民幣股份數目不得超過本公司於完成時已發行股本總額的30%。募集資金將用於華力微項目產線升級改造、研發及產業化，及補充本公司流動資金之用途。建議非公開發行人民幣股份的發行期、定價日及具體發行時間將由本公司及中國獨立財務顧問經充分考慮市況及募集資金擬定用途後確定，且須經上海證券交易所及中國證監會批准。
建議收購事項、建議非公開發行人民幣股份及其項下擬進行的交易已於二零二六年二月十日舉行的股東特別大會上獲獨立股東批准。204華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司205董事會報告持續關連交易及關連交易持續關連交易
本集團已於二零一四年十月三日發佈的招股章程中披露有關與（其中包括）華力微、華虹置業及華錦物業管理之間的持續關連交易。具體交易詳情概要載於下表。本公司已申請並獲香港聯交所豁免（其中包括）就有關交易嚴格遵守公告及獨立股東批准之規定（視情況而定）。本集團持續關連交易以及二零二五年期間執行的其他持續關聯交易詳情載列如下：
二零二五年二零二五年交易交易日期交易雙方關連關係交易實際交易金額建議年度上限
(1)二零二五年一月一日華虹集團（作為買方）華虹集團為本公司的主要股東。本公司根據華虹集團框架協議向華虹集團、11716000美元30790000美元其子公司及聯營公司（包括虹日及華虹摯本公司（作為賣方）虹日及華虹摯芯分別由華虹集團擁有51%芯）銷售半導體產品。
及93.02%。
(2)二零二五年一月一日華虹集團（作為賣方）華虹集團為本公司的主要股東。本公司根據華虹集團框架協議自華虹集團、36292000美元55050000美元其子公司及聯營公司（包括虹日及華虹摯本公司（作為買方）虹日及華虹摯芯分別由華虹集團擁有51%芯）購買晶圓及化學品。
及93.02%。
(3)二零一零年二月二十華力微（作為承租人）華力微由本公司主要股東華虹集團擁有華力微（作為承租人）與本公司（作為出租人民幣99616000元人民幣107000000元五日（連同日期為63.54%。人）訂立的租賃協議，內容有關本公司將位（約13950000美元）（約15165000美元）二零一一年六月十日本公司（作為出租人）於中國上海浦東新區張江高科技園區13街
及二零一四年坊2丘晶園廠的物業出租予華力微，供其設七月二十五日的 置300mm晶圓生產線。總出租建築面積為補充協議）96048.2平方米。204華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司205董事會報告二零二五年二零二五年交易交易日期交易雙方關連關係交易實際交易金額建議年度上限
(4)二零二五年一月一日華力微（作為承租人）華力微由本公司主要股東華虹集團擁有華力微（作為承租人）與華虹宏力（作為出租人民幣1402000元人民幣5000000元63.54%。人）訂立的租賃協議，內容有關華虹宏力將（約196000美元）（約709000美元）
華虹宏力（作為出租人）位於其廠房內的若干清潔室出租予華力微。
總出租建築面積為192平方米。
(5)二零一三年一月十日華虹置業（作為出租人）華虹置業為華虹科技發展的全資子公司，華華虹置業（作為出租人）與本公司（作為承租人民幣11504000元人民幣12700000元（連同日期為虹科技發展為由本公司主要股東華虹集團持人）訂立的租賃協議，內容有關本公司向華（約1610000美元）(1)（約1800000美元）二零一四年六月十日本公司（作為承租人）有50%並與其綜合入賬及由本公司全資子公虹置業租賃位於中國上海浦東新區錦綉東的補充協議）司華虹宏力持有50%的公司。路2777弄華虹創新園的宿舍物業（「宿舍物業」）以用作本公司僱員的員工宿舍。租賃總建築面積為17412.87平方米。
(6)二零二五年一月一日華錦物業管理（作為物業華錦物業管理為華虹科技發展的全資子公華錦物業管理（作為物業管理公司）與本公人民幣4134000元人民幣5700000元管理公司）司，華虹科技發展為由本公司主要股東華虹司（作為承租人）訂立的物業管理協議，內（約579000美元）（約808000美元）集團持有50%並與其綜合入賬及由本公司全容有關本集團委聘華錦物業管理就宿舍物業
本公司（作為承租人）資子公司華虹宏力持有50%的公司。提供物業管理服務。
(7)二零二五年一月一日華虹置業（作為出租人）華虹置業為華虹科技發展的全資子公司，華華虹置業（作為出租人）與華虹宏力（作為承人民幣6586000元人民幣7300000元虹科技發展為由本公司主要股東華虹集團持租人）訂立的租賃協議，內容有關本公司向（約922000美元）(2)（約1035000美元）華虹宏力（作為承租人）有50%並與其綜合入賬及由本公司全資子公華虹置業租賃位於中國上海浦東新區錦綉東司華虹宏力持有50%的公司。路2777弄華虹創新園的宿舍物業（「新增宿舍物業」）以用作本公司僱員的員工宿舍。租賃總建築面積為9977.17平方米。206華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司207董事會報告
附註：
(1)本集團在採納香港財務報告準則第16號之前就華虹置業的若干宿舍物業訂立一項為期二十年的租約。因此，本集團毋須重新遵守須
予公佈或關連交易規則。本集團根據該項租約應付的租金為每年1610000美元。於二零二五年十二月三十一日，該等使用權資產及租賃負債的結餘分別為8813000美元及11375000美元。
(2)本集團就華虹置業的宿舍物業訂立另一項租約。本集團根據該項租約應付的租金為每年922000美元。於二零二五年十二月三十一日，該等使用權資產及租賃負債的結餘分別為5765000美元及6145000美元。
如上所述持續關連交易的價格及條款乃根據本公司相關公告所載的定價政策及指引釐定。董事會（包括獨立非執行董事）已審閱以上持續關連交易，並確認所訂立之該等交易實則上於二零二五年持續進行：
(i) 於本公司日常業務過程中進行；
(ii) 按照一般商務條款進行，或如可供比較的交易不足以判斷該等交易的條款是否為一般商務條款，對本公司而言，該等交易的條款不遜於獨立第三方可取得或提供（視屬何情況而定）的條款；及
(iii) 根據有關的協議條款進行，而交易條款公平合理，並且符合本公司股東的整體利益。
本公司核數師已致函董事會，認為就上文所述於二零二五年訂立之持續關連交易：
(i) 核數師並不知悉任何事項使核數師相信，已披露的持續關連交易尚未得到本公司董事會的批准；
(ii) 就涉及本集團提供商品或服務的交易而言，核數師並不知悉任何事項使核數師相信，這些交易未能在所有重大方面符合本集團的定價政策；
(iii) 核數師並不知悉任何事項使核數師相信，這些交易的訂立未能在所有重大方面符合關於這些交易的相關協議的規定；及(iv) 就各持續關連交易之總額而言，核數師並不知悉任何事項使核數師相信，對於各項已披露的持續關連交易，其交易金額已超過相關公告所披露的年度上限。
關連交易建議收購事項
於二零二五年八月二十九日，本公司與華虹集團、上海集成電路產業投資基金股份有限公司、國家集成電路產業基金II及上海國投先導集成電路私募投資基金合夥企業（有限合夥）（統稱「賣方」）訂立收購協議（「收購協議」），據此，本公司有條件同意購買而賣方有條件同意出售華力微總計97.4988%的股本（「標的資產」），代價為(i)部分以每股人民幣股份人民幣
43.34元的價格配發及發行新人民幣股份（「代價股份」）及(ii)部分由本公司向賣方支付現金代價。於二零二五年十二月三十一日，本公司與賣方訂立補充協議（「補充協議」），據此（其中包括），考慮到華力微的評估值人民幣8480百萬元，訂約方已同意，最終總代價應包括190768392股代價股份（連同代替零碎股份的現金代價）。206華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司207董事會報告此外，於二零二五年十二月三十一日，本公司與華虹集團訂立補償協議（「補償協議」），據此，於三個財政年度期間（包括建議收購事項完成當年），本公司將根據中國證券法規下由合資格評估師按待釐定之估值方法進行的估值，對標的資產的資產總值進行減值測試。
於收購協議、補充協議及補償協議各日期，(i) 華虹集團（其中一名賣方）為本公司的主要股東，並根據上市規則第14A章為本公司的關連人士；及(ii) 國家集成電路產業基金I（I 其中一名賣方）持有本公司附屬公司華虹製造29%的股權。國家集成電路產業基金II亦持有
48334249股人民幣股份。因此，根據上市規則第14A章，國家集成電路產業基金II為本公司附屬公司層面的關連人士。
建議收購事項、收購協議、補充協議及補償協議及其項下擬進行的交易已於二零二六年二月十日舉行的股東特別大會上獲獨立股東批准。
有關進一步詳情，請參閱本公司日期為二零二五年八月三十一日及二零二五年十二月三十一日的公告以及本公司日期為二零二六年一月二十二日的通函。
關聯方交易
於截至二零二五年十二月三十一日止年度，本集團根據適用會計準則與被視為「關聯方」的人士進行若干交易。本集團於截至二零二五年十二月三十一日止年度訂立的關聯方交易的詳情於財務報表附註36披露。本公司已遵守上市規則第十四A章所載之披露規定。除本年報「持續關連交易及關連交易」一節所披露者外，於附註36披露的其他關聯方交易並不被視為關連交易，或根據上市規則獲豁免申報、公佈及獲股東批准之規定。
重大投資
於二零二五年十二月三十一日，本集團並無持有任何重大投資（價值為本集團總資產5%或以上）。
重大投資及資本資產的未來計劃
除本報告所披露者外，截至二零二五年十二月三十一日，本集團並無重大投資或資本資產的其他具體計劃。
股東週年大會
股東週年大會將於二零二六年五月十四日（星期四）舉行。208華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司209董事會報告暫停辦理股份過戶登記手續為釐定股東出席股東週年大會並於會上投票的資格
交回股份過戶文件以作登記的最後時限二零二六年五月八日（星期五）下午四時三十分
暫停辦理股份過戶登記手續二零二六年五月十一日（星期一）至
二零二六年五月十四日（星期四）（包括首尾兩日）記錄日期二零二六年五月十四日
為確保符合資格出席股東週年大會並於會上投票，尚未登記的股份持有人要確保將全部股份過戶文件連同有關股票於上述最後時限前送達本公司的股份過戶登記分處卓佳證券登記有限公司辦理股份過戶登記手續，地址為香港夏愨道16號遠東金融中心17樓。
董事及董事服務合約
年內及截至本報告日期，本公司的董事如下：
執行董事：
白鵬博士（主席及總裁）（於二零二五年一月一日獲委任為總裁，於二零二五年十月三十一日進一步獲委任為主席）唐均君先生（於二零二五年十月三十一日辭任）
非執行董事：
葉峻先生孫國棟先生
陳博先生（於二零二五年三月七日獲委任）熊承艷女士
周利民先生（二零二五年三月七日辭任）
獨立非執行董事：
張祖同先生
王桂壎先生，太平紳士封松林先生
本公司各董事以三年特定任期獲委任，並須於股東大會上由本公司再次提名及重選，除非其委任已按照相關委任函或董事服務合約的條款及條件提早終止。
根據章程細則第117條及118條，熊承艷女士、王桂壎先生，太平紳士及封松林先生將於股東週年大會上輪席退任董事職務。彼等均符合資格並願按照章程膺選連任。
概無擬於股東大會上膺選連任的董事已訂立本集團可於一年內終止而無須補償（法定補償除外）的服務合約。
本公司已接獲現任各獨立非執行董事按照上市規則第3.13條發出的年度獨立性確認書。本公司認為根據上市規則，所有上述現任獨立非執行董事均為獨立人士。208華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司209董事會報告董事及高級管理層履歷本公司董事及高級管理層的履歷載於本報告第160至171頁。
最高薪人士及董事及高級管理層的薪酬董事及5名最高薪人士的薪酬詳情分別載於本年報綜合財務報表附註9。
董事及最高行政人員於本公司股份及相關股份的權益
於二零二五年十二月三十一日，概無本公司董事及最高行政人員於本公司或任何相聯法團（定義見證券及期貨條例第XV部）的股份、相關股份或債權證中擁有載入根據證券及期貨條例第352條須予存置的登記冊內的任何權益或淡倉，或須按照上市規則所載上市的標準守則須知會本公司及香港聯交所的任何權益或淡倉。
董事於競爭業務的權益
於本年度，概無本集團董事於與本公司或本集團業務直接或間接競爭的業務中擁有任何權益。
董事於重大交易、安排或合約的權益
本公司或其任何子公司或聯營公司並無訂立於截至二零二五年十二月三十一日止年度完結時或年內任何時間仍然生效，且有董事或與董事相關之實體直接或間接擁有重大權益的重大交易、安排或合約。
董事的證券交易
本公司已自行頒佈董事買賣本公司證券的行為守則（「公司守則」），條款不比標準守則寬鬆。經向全體董事進行具體查詢，董事確認他們於二零二五年整個年度一直遵守公司守則及標準守則。
彌償保證及保險
本公司為董事及高級職員提供D&O保險。D&O保險承保日常管理責任及每年續保。210 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 211董事會報告子公司的董事
於截至二零二五年十二月三十一日止年度或於二零二五年末起至本報告日期期間，在本公司子公司董事會任職的董事姓名如下：
子公司名稱註冊成立地點董事姓名
華虹宏力中國上海白鵬博士(1)葉峻先生
陳博先生(1)熊承艷女士張祖同先生
王桂壎先生，太平紳士封松林先生
唐均君先生(2)
周利民先生(2)華虹無錫中國無錫白鵬博士陳博先生韋俊先生孫國棟先生吳衛華先生金新先生
唐均君先生(3)
周利民先生(3)華虹製造中國無錫白鵬博士陳博先生陳一敏女士孫國棟先生夏岩先生吳衛華先生金新先生
張素心先生(4)
周利民先生(4)
華虹宏力半導體（無錫）有限公司中國無錫白鵬博士
華宏置業（無錫）有限公司中國無錫周衛平先生力鴻科技有限公司中國香港王鼎先生傅城先生
Grace Cayman 開曼群島 王鼎先生葉峻先生
HHGrace Semiconductor USA Inc. 美國加州 王鼎先生傅城先生
HHGrace Semiconductor Japan Co. Ltd. 日本東京 中村真紀女士王鼎先生
傅城先生210華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司211董事會報告
附註：
(1)白鵬博士、陳博先生分別於二零二五年一月及二零二五年三月獲委任為華虹宏力董事，已在相關市場監督管理部門登記。
(2)唐均君先生及周利民先生辭任華虹宏力董事，已在相關市場監督管理部門登記。
(3)白鵬博士、陳博先生及陳一敏女士分別於二零二五年一月、二零二五年三月及二零二六年三月獲委任為華虹無錫董事。唐均君先
生、周利民先生辭任華虹無錫董事，已在相關市場監督管理部門登記。
(4)白鵬博士、陳博先生及夏岩先生分別於二零二五年一月、二零二五年三月及二零二六年三月獲委任為華虹製造董事。唐均君先生、周利民先生辭任華虹無錫董事，已在相關市場監督管理部門登記。
主要股東及其他人士於本公司股份和相關股份的權益
於二零二五年十二月三十一日，除本公司董事或最高行政人員外，於本集團股份及相關股份中擁有5%或以上權益或淡倉的人士如下：
佔已發行股本權益
主要股東身份及權益性質持有股份數目總額的概約百分比*
上海華虹國際有限公司（「華虹國際」）(2)法定及實益擁有人347605650(1)20.00%
華虹集團(2)受控制法團權益347605650(1)20.00%
法定及實益擁有人1198517(3)0.07%
Sino-Alliance International Ltd. 法定及實益擁有人 160545541(1)(4) 9.24%（「Sino-Alliance International」）
Sino-Alliance International 受控制法團權益 28415606(1) 1.64%
上海聯和受控制法團權益188961147(1)(5)10.87%
附註：
(1)於本公司股份中的好倉。
(2)華虹國際為華虹集團的全資子公司。
(3) 華虹集團直接持有合共1198517股A股股份。
(4) 包括Sino-Alliance International根據一項託管安排，以託管方式持有的3084股股份。
(5) 上海聯和透過兩家全資子公司包括Sino-Alliance International間接持有本公司權益。
*百分比乃按本公司於二零二五年十二月三十一日已發行的股份總數（即1737614193股股份）計算。212華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司213董事會報告
除上文披露者外，就本公司董事及最高行政人員所知，於二零二五年十二月三十一日，概無本公司董事或最高行政人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有任何權益或淡倉並已記入根據證券及期貨條例第336條本公司須予存置的記錄冊內。
購買股份或債權證的安排
於截至二零二五年十二月三十一日止年度任何時間，概無向任何董事或彼等各自之配偶或未成年子女授出任何權利以收購本公司股份或債權證方式得到利益，亦無上述人士曾行使上述權益；再者，本公司或其任何控股公司、子公司或同系子公司亦無訂立任何安排，使董事或彼等各自之配偶或未成年子女可購買任何其他法人團體之上述權利。
主要客戶及供應商
於報告期間，本集團最大供應商及前五名供應商合共應佔的採購額分別佔本集團總採購額的約11.0%及31.3%。
於報告期間，本集團最大客戶及前五名客戶合共應佔的銷售收入分別佔本集團總銷售收入的約8.6%及34.2%。
於報告期間，概無董事或其任何緊密聯繫人（定義見上市規則）或任何股東（據董事所深知，擁有本公司已發行股份總數5%以上者）於本集團前五名客戶及供應商中擁有重大權益。
薪酬政策
截至二零二五年十二月三十一日，本集團僱用合共7628名員工。本集團按其優點及發展潛能招聘及擢升人員。本集團僱員的薪酬政策由薪酬委員會按其優點、資質及勝任程度設立。
董事薪酬由薪酬委員會決定，並會考慮到本集團的經營業績及個人表現。董事薪酬按姓名載列於截至二零二五年十二月三十一日止年度的財務報表附註8。
買賣、銷售或贖回證券
截至二零二五年十二月三十一日止年度，本公司或其任何子公司概無買賣、銷售或贖回本公司任何上市證券。
優先購買權
本公司章程的細則或香港法律概無優先購買權條文，規定本公司須按比例向現有股東提呈新股份發售。212華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司213董事會報告企業管治
本公司致力保持企業管治在高水平，以保障股東權益及提升企業價值及問責性。
本公司所採納的企業管治常規資料載於本年報企業管治報告內。
遵守相關法律法規
據董事會所知，本公司在各重大方面均已遵守對本公司業務及營運具有重大影響的相關法律法規。
環境及社會責任
本公司堅信穩健有效的環境、社會及管治(ESG)管理是企業可持續高品質發展的基礎，公司將ESG理念深刻融入到戰略、管理和長期發展目標中，貫穿企業運營全過程，推動業務不斷發展，並為所有的利益相關方創造和分享價值。
報告期內，公司更新制定了ESG管理目標，以更高的標準促進自身在能源、溫室氣體排放、水資源、廢棄物等方面的管理水平持續提升，順應時代發展，把握市場機遇，堅定了公司在可持續發展道路上持續奮進的決心。公司亦通過了責任商業聯盟(Responsible Business Alliance)的鉑金級(Platinum Award)的審核認證。
遵守不競爭契據及優先購買權契據
華虹集團、上海聯和及上海儀電（集團）有限公司（作為本公司當時的控股股東）訂立日期為二零一四年九月二十三日的不
競爭契據（「不競爭契據」），詳情載於日期為二零一四年十月三日的本公司招股章程（「招股章程」）「與控股股東的關係」一節中「不競爭承諾」一段。另外，華虹集團和上海聯和亦訂立日期為二零一四年六月十日的優先購買權契據（「優先購買權契據」），詳情載於招股章程「與控股股東的關係」一節中「優先購買權」一段。本公司於截至二零二五年十二月三十一日止年度已覆核上述各控股股東有關他們遵守不競爭契據及優先購買權契據（視情況而定）內承諾的書面聲明。獨立非執行董事已覆核遵守情況，並確認不競爭契據及優先購買權契據（視情況而定）下的全部承諾均獲有關訂約方遵守。214 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 PB董事會報告足夠公眾持股量
按本公司可公開取閱的資料，就董事於本報告日期所知，董事信納本公司已維持上市規則下的指定最低公眾持股量。
代表董事會白鵬主席兼總裁
二零二六年三月二十六日PB 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 215
2025年度環境、社會及管治報告
關於本報告華虹半導體有限公司（以下簡稱「華虹半導體」、「公司」、「我們」等，其中，華虹一廠、二廠、三廠統稱「上海基地」，華虹七廠和九廠統稱「無錫基地」）向各利益相關方披露公司在經營中對於ESG議題所秉持的運營理念、建立的管理辦法、推行的工作與達到的成效。
報告範圍
本報告與本公司2025年年報相輔相成，披露本公司從2025年1月1日起至2025年12月31日止（「本年度」）於環境、社會和管治方面的管理方法、舉措及績效表現。華虹半導體涉及生產製造的工廠包括上海基地及無錫基地，上海基地涵蓋華虹一廠、華虹二廠、華虹三廠；無錫基地涵蓋華虹七廠及華虹九廠。
編制流程
開展啟動會議、利益相關方調研、報告編制、內部研討和修訂、報告設計、管理層評審、董事會批准、報告發佈。
報告標準及數據說明
本報告依據香港交易所刊發的《上市規則》附錄C2《環境、社會及管治報告守則》（2025年1月1日起生效版）、上海證券交
易所刊發的《上海證券交易所上市公司自律監管指引第14號—可持續發展報告（試行）》（2024年4月）、上海市國有資產
監督管理委員會（「上海市國資委」）印發的《上海市國有控股上市公司環境、社會和治理(ESG)指標體系（1.0版）》，參考國際可持續準則理事會(ISSB《) 國際財務報告可持續披露準則第2號—氣候相關披露》(IFRS S2)、聯合國可持續發展目標
(Sustainable Development Goals)進行編制。報告中數據和案例來自公司實際運行的正式記錄。報告中的財務數據均以人民幣為單位。財務數據與公司年度財務報告不符的，以年度財務報告為準。
報告編制原則重要性
公司識別出各利益相關方關注的與經營相關的重要性議題，作為本報告匯報重點。本報告中對重要性議題匯報的同時，關注公司所處行業和經營業務的特點。議題重要性分析過程及結果詳見本報告「議題雙重重要性分析」章節。
準確性
本報告盡可能確保信息準確。其中，定量信息的測算已說明數據口徑、計算依據與假定條件，以保證計算誤差範圍不會對信息使用者造成誤導性影響。定量信息及附註信息詳見本報告「可持續發展指標匯總表」章節。216華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司217
2025年度環境、社會及管治報告
平衡性
本報告內容反映客觀、真實的事實，對涉及公司正面、負面的信息均予以不偏不倚地披露。在報告期間內未發現應當披露而未披露的負面事件。
清晰性
本報告中包含表格、模型圖以及公司遵守的法律法規及相關政策列表等信息，作為本報告中文字內容的輔助，便於利益相關方更好地理解報告中文字內容。為便於利益相關方更快獲取信息，本報告提供目錄及ESG標準的對標索引表。
量化性
本報告披露關鍵定量披露項，並盡可能披露歷史數據。
可比性
本報告對同一定量披露項在不同報告期內的統計及披露方式保持一致；若數據的採集、測量與計算方法有更改，對相關數據進行追溯調整，並在報告附註中說明調整的情況和原因，以便利益相關方進行有意義的分析，評估公司ESG數據水平發展趨勢。
可驗證性
本報告披露的可持續信息具有可驗證性，能夠通過該信息本身或者生成該信息的輸入值加以證實。
可理解性
本報告披露的可持續信息具有可理解性，內容清晰明瞭，便於信息使用者理解和使用。如有必要，可在現有基礎上補充相關內容。
發佈形式
本報告分別以繁體中文，簡體中文及英文版本發佈，如中文版與英文譯本存在歧義，概以中文版本為準。本報告通過電子版形式發佈，發佈平台包括證券交易所指定的信息披露平台，亦可於公司官方網站(https://www.huahonggrace.com)在線瀏覽或下載。
聯繫方式
地址：中國上海市張江高科技園區哈雷路288號
電話：021-38829909
郵編：201203
電郵：IR@hhgrace.com216 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 217
2025年度環境、社會及管治報告
董事會ESG聲明
本公司秉持「知難而進、奮發圖強」的企業精神，以持續創新為核心驅動力，懷揣「為全球客戶製造『芯』夢想」的願景，堅定踐行「8英寸+12英寸」協同發展、先進「特色IC+功率器件」雙輪驅動的核心戰略。作為全球領先的特色工藝晶圓代工企業，公司為全球客戶提供多元化晶圓代工及配套服務，深度賦能新能源汽車、綠色能源、物聯網、人工智能等新興領域，憑藉卓越的質量管理體系滿足車規級芯片的嚴苛要求，以技術實力與行業影響力推動產業鏈高質量發展。
公司董事會將環境、社會及管治(ESG)視為企業可持續發展的戰略基石與核心競爭力，全面主導ESG管理方針與發展戰略的制定，牽頭識別判定關鍵ESG議題，董事及高級管理人員定期監督審閱ESG目標落地進展，確保公司在環境保護、社會責任履行與公司治理優化方面持續迭代升級。
本報告所披露的全部ESG管理實踐與進展，均已通過公司董事會會議正式審議，是公司踐行可持續發展承諾的真實呈現。
可持續發展整體表現、亮點績效與榮譽
表1：2025年度可持續發展整體表現評級名稱評級結果
MSCI BB標普32路孚特69
萬得ESG AA
恒生指數 A+
註：評級結果查詢截止至2025年12月31日。
表2：2025年度可持續發展亮點績效
維度績效指標定性╱定量指標表現
環境單位產品綜合能源消耗量定量0.29兆瓦時╱
8英寸晶圓
環境綠電使用量定量98279兆瓦時社會員工總數定量7628人
社會員工培訓覆蓋率定量100%
社會全職員工人均接受培訓時長定量139.8小時218華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司219
2025年度環境、社會及管治報告
全國
1、第十八屆全國職工職業道德建設標兵單位
2、第五屆中國質量獎提名獎（華虹二廠）
上海市
1、2025上海硬核科技企業知識產權榜TOP 50
2、第三十六屆上海市優秀發明金獎（高壓大功率深溝槽超陡結MOSFET工藝平台研發）
3、第三十六屆上海市優秀發明金獎（90nm BCD高端模擬電源管理芯片的工藝平台開發與量產）
4、「上海市模範集體」（華虹三廠）
5、2025年度上海市綠色製造名單（華虹二廠）
6、2025年度上海市重點產品質量攻關項目成果二等獎（PMIC與MCU系統集成芯片車規級可靠性質量攻關）
7、2024年度「建功‘十四五’奮進新征程」上海職工勞動和技能競賽一等獎
8、2024年度上海市市國資委系統「青年突擊隊」、「青年文明號」稱號
9、2024年度浦東新區先進製造業突出貢獻獎
10、2024年度浦東新區優秀院士工作站
11、2024年度浦東新區青年文明號
表3：體系證書序號獲得的體系證書獲得單位
1 ISO 9001質量管理體系
2 ISO 14001環境管理體系
3 ISO 45001職業健康安全管理體系
上海基地&無錫基地
4 ISO 27001信息安全管理體系
5 IATF 16949汽車質量管理體系
6 QC 080000有害物質過程管理體系218 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 219
2025年度環境、社會及管治報告
關於我們公司概況
華虹半導體（A股：華虹公司688347；港股：華虹半導體01347）是全球領先的特色工藝純晶圓代工企業，全球功率器件代工龍頭。公司於2005年香港註冊，2014年聯交所上市，2023年科創板上市，形成A+H雙融資平台。
* 核心戰略：「8英寸+12英寸」雙輪驅動，聚焦先進「特色IC+功率器件」特色工藝。
* 主營業務：嵌入式╱獨立式非易失性存儲器(eNVM)、功率器件、模擬與電源管理、邏輯與射頻等晶圓代工及配套服務，支撐新能源汽車、綠色能源、物聯網等應用。
企業文化
一、核心企業文化
*企業精神：知難而進、奮發圖強。
*願景：持續創新，為全球客戶製造『芯』夢想。
*使命：通過協作、創新和優秀的企業公民性，為股東、客戶和員工創造價值。
*核心價值觀：誠信、團隊、進取、革新。
二、戰略與文化協同
公司堅持「8英寸+12英寸」、先進「特色IC+功率器件」戰略，以價值觀與精神為驅動，深耕綠色能源、新能源汽車等領域，踐行ESG與可持續發展，推動企業與產業高質量發展。
華虹半導體以「高端化、一體化、市場化、國際化」為戰略指引，深耕特色工藝賽道，在功率器件、車規級芯片等領域構築核心壁壘，既服務國家戰略，也在全球半導體格局中彰顯中國智造的韌性與力量。220華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司221
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專題：致力創新面向產業，深入推進產業人才隊伍建設華虹半導體秉持「致力創新、面向產業」的發展理念，以分層育才、創新驅動和暖心聚力三大維度為核心抓手，構建系統化、全週期的人才發展體系，著力打造一支適配集成電路產業高質量發展需求的知識型、技能型、創新型產業人才隊伍，為企業核心競爭力提升與行業自主創新發展築牢人才根基。
一、分層育才*構建階梯式人才培養體系
公司錨定「青年新銳－中堅骨幹－領軍人才」的梯隊建設目標，建立覆蓋員工全職業生命週期的階梯式培育機制，保障人才供給的穩定性與層次性。
1.應屆生育苗工程：構建「理論賦能+車間實訓+導師帶徒」三位一體的培養模式，將半導體基礎原理、晶圓製造操作規
範與崗位實戰技能深度融合，幫助應屆畢業生快速完成校園到職場的角色轉變，夯實產業人才儲備基礎。對於經典的新進大學生特訓營項目，2025年持續精簡優化課程結構，創新激勵形式，激發滬錫兩地300餘名新進大學生的學習主動性，快速融入企業文化，促進校園到職場的轉變，為未來工作奠定堅實基礎。
公司持續推進強基班項目，重點夯實新進應屆畢業工程師的半導體理論基礎。該項目已連續開展三年，2025年度進一步通過優化課程內容與教學方式、設置測試及評選等激勵機制，強化學習效果與成果檢驗。通過「特訓營+強基班」的遞進式培養體系，公司為畢業生及新進工程師提供了結構化、系統化的職業起步支持，體現了公司在青年人才培養與長期技術能力建設方面的持續投入與制度化實踐。220華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司221
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2.中層骨幹賦能計劃：落地中層後備幹部專項培養方案，通過「崗位歷練+專項培訓+項目實踐」的多元培養路徑，錘煉
骨幹人員的戰略解碼能力、團隊管理能力與跨部門協同能力，築牢企業中堅力量。
3.產業工匠鍛造行動：以工匠、勞模培育為核心抓手，深度推進產業人才隊伍建設改革，通過「師帶徒」技能傳承、關鍵
工藝專項攻關等方式，選拔培養一批技藝精湛、經驗豐富的崗位能手；建立工匠人才遴選標準與成長通道，樹立技能人才職業發展標桿。
二、創新驅動*完善人才激勵與技能提升機制
公司以多維激勵體系激活創新內生動力，以技能競賽與平台建設夯實人才能力底座，構建「激勵－提升－轉化」的閉環管理機制。
1.專項激勵機制落地：設立論文獎、創新成果獎等專項榮譽，對員工在技術研發、工藝優化、學術研究等領域的突破性
成果給予表彰獎勵；建立創新成果轉化激勵機制，實現「創新有回報、攻關有動力」的正向循環。
2.技能提升平台搭建：2025年統籌組織全員技能大賽、工匠評選等專項活動，以賽促學、以評促優，營造「比學趕超」
的技能提升氛圍；高標準推進創新工作室、技能大師工作室建設，聚焦生產一線工藝痛點、設備改良難點開展專項攻關，打造技能傳承與技術革新的核心陣地。
3.高端榮譽申報通道：建立「上海工匠」等市級以上榮譽的遴選與推薦機制，為優秀技能人才搭建職業榮譽上升通道，提
升技能人才的社會認可度與職業榮譽感，拓寬技能人才發展空間。
三、暖心聚力*強化科技工作者關心關愛保障
聚焦科技工作者的職業發展與生活需求，構建全方位、精準化的保障體系，增強人才歸屬感與幸福感，實現「引才、育才、用才、留才」的良性循環。
1.職業發展保障：打通技術序列與管理序列並行的雙通道晉升機制，打破技能人才職業成長「天花板」；建立基於能力與
貢獻的差異化薪酬體系，落實「技高者多得、績優者晉升」的分配原則，保障人才發展路徑清晰通暢。222華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司223
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2.工作支持保障：賦予科技工作者充分的科研自主權，配套充足的研發經費與設備資源支持；建立產學研協同創新機制，支持科技工作者參與行業高端學術交流與技術研討活動，助力科研成果快速轉化落地。
3.生活關懷保障：針對性解決科技工作者住房、子女教育、醫療保障等實際需求，完善福利保障體系；組織常態化心理
健康疏導、團隊建設等關懷活動，緩解科研工作壓力，營造「安心工作、舒心發展」的良好氛圍。
1.合規誠信，築牢穩健根基
1.1深化公司治理
公司治理
本公司嚴格遵守相關法律法規和商業道德準則，通過構建關鍵業務的管控策略及關鍵舉措，持續完善內控、審計和監察體系，建立多層次的風險防控機制，確保公司在運營過程中遵循合規要求，維護投資者、員工、客戶及供應商等利益相關方的合法權益。我們嚴格按照各項法律法規的要求，建立健全公司內部控制制度，進一步規範公司運作，提高公司治理水平。
作為香港聯合交易所主板和上海證券交易所科創板上市公司，公司嚴格遵守香港《公司條例》《聯交所上市規則》《中華人民共和國證券法》以及上海證券交易所《科創板上市規則》等註冊地、境外上市地、中國境內適用法律法規，制定《組織章程細則》《股東大會議事規則》《董事會議事規則》等規章制度，構建了股東大會、董事會及其專門委員會相互配合的公司治理結構和運作機制，推動公司治理體系的科學決策、規範運作及經營管理水平進一步提升。
公司董事會下設審核委員會、薪酬委員會、提名委員會等專門委員會，各專門委員會各司其職，監督董事會職責履行並助力其科學決策。公司設置3位獨立非執行董事，參與決策和監督，增強董事會決策的客觀性、科學性。222華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司223
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華虹半導體公司治理架構股東大會審核委員會董事會薪酬委員會提名委員會管理層
截至報告期末，公司董事會有8名成員，其中女性董事有1名。報告期內，公司召開董事會會議21次。
信息披露
公司嚴格遵循中國證券監督管理委員會《上市公司信息披露管理辦法》等適用法律法規及相關要求，制定《信息披露管理制度》等相關文件，嚴格履行上市公司信息披露義務，致力於確保信息披露的真實性、準確性、及時性、公平性和完整性，滿足利益相關方的信息需求。報告期內，公司嚴格遵守信息披露的相關規定，及時報告重要事項，並持續優化信息披露的質量和合規性。本公司董事會、管理層通過持續強化信息披露內部管理要求，更好應用監管新形勢新要求，正向引領上市公司提質增效。
投資者關係
我們嚴格遵守信息披露的合規要求，確保信息的透明度和及時性，確保所有投資者尤其是中小股東能夠公平、及時地獲取公司重大信息，切實維護其知情權和決策權。同時，本公司通過多元化渠道與投資者保持高效溝通。公司高度重視股東權益保障，通過制定合理的利潤分配政策和分紅方案，積極回饋股東，致力於為投資者創造穩定的長期回報。公司設立投資者關係管理部門，與利益相關方保持積極溝通，主動回應投資者關注的重點問題，確保投資者的合理訴求得到妥善處理。
公司秉持「平等對待所有投資者」的原則，遵循「合規信息披露」的要求，以「誠信守則、互動溝通」為指引，通過多種渠道向資本市場傳遞公司經營、財務、產品技術及重大事項等信息，如股東大會、定期報告、投資者直線電話、上證e互動、投資人專用郵箱、線上線下交流會議、公司官網、微信公眾平台等。
報告期內，公司共召開1次股東大會，共審計13項決議案。所有會議均面向全體股東開放，包括中小投資者，切實保障其參與權和知情權。此外，公司組織了4次業績交流會，與投資者進行深入溝通，增強透明度和信任度。224華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司225
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市值管理
本公司高度重視市值管理工作，將其納入企業治理體系核心範疇，以價值創造為根基、價值傳遞為橋樑、價值實現為目標，嚴格遵循上海證券交易所、香港聯合交易所兩地上市規則及監管要求，結合半導體行業發展特性與公司經營發展戰略，建立健全規範化、系統化、長效化的市值管理體系，切實維護全體股東合法權益，提升投資者長期獲得感，推動公司價值與資本市場估值的良性匹配。在資本運作層面，公司依託A+H雙上市平台優勢，在遵守監管規則與保障公司穩健發展的前提下，完善股東回報機制，積極踐行對股東的投資回報承諾；同時結合公司發展階段與行業趨勢，穩步推進外延式發展，進一步提升公司行業地位與市場競爭力，實現公司價值與股東價值的同步提升。
1.2 ESG管理體系建設
ESG管理架構
錨定「持續創新，為全球客戶製造『芯』夢想」的核心願景，公司建立自上而下的ESG管理架構並持續迭代體系建設。通過創新驅動發展、培育核心人才梯隊，嚴控運營環境足跡，深化供應鏈多元化戰略，公司穩步推動商業價值與社會價值的深度融合。
董事會是公司ESG管理的最高決策╱管理機構，承擔以下職責：
* 指導公司ESG管理方針及策略的制定，確保其與時並進、切合所需，並符合適用的法律及監管要求；
* 指導公司重要ESG議題的識別和重要性程度判定；
* 監督公司ESG目標的制定和實施，包括：制定公司ESG管理績效目標；監督目標實現的進度，並就實現目標所需採取的行動提供建議；
* 審閱並批准公司年度的《環境、社會及管治報告》及其他ESG相關披露信息。
經營管理層根據制定的ESG目標，負責監督總體落實情況；ESG工作組負責識別ESG議題的影響、風險和機遇，制定ESG策略和管理方針，協助各相關部門落實ESG管理工作，並定期向經營管理層及董事會報告ESG關鍵績效指標的進度，推進公司ESG管理目標的實現。224 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 225
2025年度環境、社會及管治報告
ESG管理架構決策層董事會經營管理層實施層
ESG工作組
辦公室 綜合管理部 合規部 內審部 採購部 EHS品保部計劃部人力資源部財務部市場部工會
ESG管理策略和目標本年度，公司將ESG管理深度融入產品研發、業務運營及企業戰略發展全流程，圍繞「持續創新，為全球客戶製造『芯』夢想」的核心願景，構建起「員工責任、產業責任、民生責任、投資人責任、環境責任」五大維度的ESG管理策略體系（簡稱「五芯戰略」）。
ESG管理策略員工責任
為員工實現「心」價值，通過尊重員工價值、關愛員工成長、保障職業健康，打造有溫度的僱主品牌。
解讀：作為技術密集型企業，華虹半導體尊重每一位工程師與技術人才的價值，通過技能培訓、職業發展通道與創新激勵計劃關愛員工成長，並建立完善的職業健康保障體系，為產線與研發人員提供安全的工作環境，打造有溫度的僱主品牌。226華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司227
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產業責任
為客戶創造「芯」夢想，以品質產品服務、客戶權益保障、繁榮產業經濟為導向，賦能產業鏈協同發展。
解讀：以「品質產品服務、客戶權益保障、繁榮產業經濟」為導向，華虹半導體聚焦特色工藝晶圓製造，為全球客戶提供穩定、高性能的芯片製造服務，保障供應鏈安全，同時通過技術賦能與生態合作，助力國內半導體產業鏈協同發展。
民生責任
為社會構建「欣」生態，推動綠色發展、資源高效利用、共促社會和諧，積極踐行社會責任。
解讀：積極踐行科技企業社會責任，推動綠色製造技術普及，助力下游應用企業實現低碳轉型；通過產學研合作、人才培養計劃支持半導體產業人才儲備，共促產業與社會和諧發展。
投資人責任
為股東創造「新」利潤，堅持創新驅動發展、夯實誠信經營、共享中國發展，保障股東長期價值。
解讀：堅持特色工藝創新驅動發展，夯實誠信經營與信息披露機制，依託成熟的晶圓製造產能與技術優勢，持續提升盈利水平，與股東共享中國半導體產業高速發展紅利。
環境責任
為地球守護「馨」家園，以提升用水效益、優化能源使用效率、減少溫室氣體排放、管控污染物與廢棄物為核心目標，持續降低運營對環境的影響。
解讀：針對晶圓製造高耗能、高用水的行業特點，華虹半導體以提升用水效益、優化能源使用效率、減少溫室氣體排放、管控污染物與廢棄物為核心目標，通過工藝節水、餘熱回收、危廢資源化等舉措，持續降低運營對環境的影響。
結合自身業務發展態勢與運營過程中的ESG表現，公司制定了涵蓋用水效益提升、能源利用效率優化、溫室氣體減排、污染物管控、廢棄物減量、衝突礦產盡職調查等在內的ESG管理目標。經營管理層及董事會每年對公司上一年度ESG績效及目標達成情況進行全面審視，並通過ESG報告詳實披露進展，以此驅動ESG管理目標穩步落地，實現商業價值與社會價值的協同共創。226華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司227
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ESG管理目標與成果類別可持續發展目標層面目標2025年度成果進展環境水資源管理2030年單位產品耗水單位產品耗水量為進行中
量（1立方米╱8英寸2.99立方米╱8英寸晶圓）較2023年減少晶圓
5%
環境能源使用管理2030年單位產品綜單位產品綜合能源進行中合能源消耗量（兆瓦消耗量為0.29兆瓦時╱8英寸晶圓）較時╱8英寸晶圓
2023年減少10%
環境溫室氣體排放管理2030年單位產品溫2025年單位產品溫室進行中室氣體排放量（噸二氣體排放量為0.15噸氧化碳當量╱8英寸二氧化碳當量╱8英
晶圓）較2023年減少寸晶圓
10%
環境廢棄物排放管理2030年單位產品廢棄單位產品廢棄物產生進行中物產生量（千克╱8英量為10.13千克╱8英寸晶圓數）較2023年寸晶圓
下降4%
環境 廢水排放管理 COD廢水污染物排 上海基地：COD平均 進行中
放濃度優於排放標準排放濃度為22.92毫
30%以上克╱升，排放標準為
500毫克╱升，優於
排放標準30%以上
無錫基地：COD平均
排放濃度為28毫克╱升，排放標準為50毫克╱升，優於排放標準30%以上
1單位產品耗水量=市政供水的用水量╱年產量，不含循環用水等其他用水來源。228華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司229
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類別可持續發展目標層面目標2025年度成果進展
環境 廢氣排放管理 VOCs廢氣污染物排 上海基地：VOCs平 進行中
放濃度優於排放標準均排放濃度為5.39毫
30%以上克╱立方米，排放
標準為50毫克╱立方米，優於排放標準
30%以上
無錫基地：VOCs平
均排放濃度為0.58毫
克╱立方米，排放標準為100毫克╱立方米，優於排放標準
30%以上
社會可持續供應鏈管理開展供應商衝突礦對供應商進行盡職進行中
產盡職調查率達調查，覆蓋率達
100%，且合規礦產100%，並完成最新
使用率達100%版衝突礦產和擴展礦物調查報告供應商全部使用合規原物料，合規礦產使用率達100%228華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司229
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1.3可持續發展引領
利益相關方溝通
本公司高度重視與各利益相關方的溝通與協作，致力於搭建高效、開放的內外部溝通橋樑，確保與各方建立透明、互信的交流機制。通過傾聽利益相關方的意見與建議，我們將這些反饋作為企業決策的重要參考依據，以更好地履行社會責任，推動可持續發展。
溝通機制華虹半導體利益相關方關注議題及溝通方式關鍵利益相關方相關方說明關注的議題溝通與回應方式
股東及高級管理層對公司進行股權、債權投資*公司治理*財務報告、業績報告、上
的國內外投資人及公司高級 * 風險合規管理 證e互動、郵件、路演
管理層員工*商業道德*風險管理體系
*產品和服務安全與質量*反腐敗機制
*全方位審計
*質量評審
客戶集成器件製造商及無廠半導*信息安全與隱私保護*信息安全管理體系
體公司 * 產品和服務安全與質量 (ISMS)
* 研發創新與知識產權保護 * ISO 9001等質量管理體
*綠色產品系認證
*清潔技術機遇*客戶滿意度調查
*循環經濟*技術研討會、行業交流會
*產品全生命週期管理
員工公司員工，以及常年服務於*員工權益及福利*員工權益保障體系公司業務的人員*員工健康與安全*安全風險分級管控與隱患
*員工發展與培訓排查治理雙重預防機制
*覆蓋全層級的員工培訓課
程230華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司231
2025年度環境、社會及管治報告
關鍵利益相關方相關方說明關注的議題溝通與回應方式
政府及監管機構稅務、環保、安全等部門，*合規經營*合規內控體系地方政府以及監管機構（如*排放物與廢棄物管理*碳盤查報告證監會等）*能源使用管理*工廠運營區域水資源風險
*水資源管理評估
*氣候變化減緩與適應*環境信息公示
合作夥伴供應商、研究院校、行業協*研發創新與知識產權保護*行業交流
會等 * 可持續供應鏈管理 * 責任商業聯盟(RBA)認證
*循環經濟與綠色產品*本土供應商多元化
*供應商社會責任審核機制
社區及公眾運營所在地社區、社會公*社區與公益*社區活動、志願者活動、
眾、媒體等*排放物與廢棄物管理公益活動、社會事業支持項目等
*環境信息公示議題雙重重要性分析
公司在遵循香港聯合交易所《環境、社會及管治報告守則》、上海證券交易所《上市公司自律監管指引第14號——可持續發展報告（試行）》的基礎上，並結合資本市場評級機構、同行業企業的重點關注方向，立足自身特色工藝研發與晶圓製造的業務特徵，充分納入利益相關方關切，從公司治理、環境、社會三大維度系統性識別對公司及利益相關方具有重要影響的實質性議題。通過「影響重要性」與「財務重要性」的雙重視角對各議題進行評估分析，最終確定年度重要性議題清單，既為ESG報告編制提供嚴謹的依據，也為公司ESG管理實踐、業務運營優化提供明確的行動指引。230 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 231
2025年度環境、社會及管治報告
重要性評估流程流程具體內容
步驟一*了解公司的戰略規劃。
業務背景與價值鏈全景梳理*了解公司所處的外部市場環境。
*了解產生影響的價值鏈環節及關鍵利益相關方。
步驟二*與關鍵利益相關方進行溝通，結合行業背景和公司實踐，開展利益相關方溝通、議題識別和盡職調查識別並確定與公司相關的議題。
*通過溝通、調研、訪談等形式，面向各利益相關方開展盡職調查，分析並確定議題影響、風險和機遇。
步驟三*通過科學有效的評價方式設定關鍵指標及判斷標準。
議題重要性評估*邀請公司高管及財務負責人對議題的財務重要性進行評估，邀請員工、供應商、客戶等利益相關方對議題的影響重要性進行評估，確定議題重要性排序。
步驟四*經公司董事會審核確認，就2025年度重要性較高的議題在議題確認與披露報告中進行重點披露。232華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司233
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我們廣泛收集了不同利益相關方對各項ESG議題重要性的評價以及對公司可持續發展的看法和建議，為公司未來的決策提供參考。因公司在2025年內業務沒有發生重大變化，故雙重重要性議題分析仍參考2024年的分析結果。我們篩選出的19項議題中，共有8項議題具有雙重重要性議題，2項議題僅具有財務重要性議題，8項議題僅具有影響重要性議題及1項既不具有財務重要性、又不具有影響重要性的議題，具體包括：
所屬類別議題名稱回應章節具有雙重重要性的議題社會研發創新與知識產權保護研發創新環境氣候變化減緩與適應應對氣候變化社會產品和服務安全與質量產品質量與安全環境水資源管理水資源管理環境能源使用管理能源使用管理社會可持續供應鏈管理可持續供應鏈管理環境環境管理環境合規管理社會員工健康與安全員工健康與安全僅具有財務重要性的議題社會商業道德商業道德與廉潔運營社會信息安全與隱私保護守護數據安全與客戶隱私保護僅具有影響重要性的議題社會綠色產品循環經濟與綠色產品社會清潔技術機遇循環經濟與綠色產品社會循環經濟循環經濟與綠色產品社會員工發展與培訓關愛員工職業健康成長環境排放物與廢棄物管理排放管理治理風險合規管理風險合規管理社會員工權益與福利關愛員工職業健康成長治理公司治理深化公司治理
既不具有財務重要性、又不具有影響重要性的議題
社會社區與公益公益及社區參與232華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司233
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華虹半導體2025年議題重要性矩陣圖非常重要綠色產品研發創新與知識產權保護清潔技術機遇氣候變化減緩與適應循環經濟產品和服務安全與質量員工發展與培訓水資源管理同時具有財務重要性能源使用管理排放物與廢棄物管理與影響重要性環境管理可持續供應鏈管理風險合規管理員工權益與福利員工健康與安全具有財務重要性公司治理但不具有影響重要性信息安全與隱私保護商業道德具有影響重要性但不具有財務重要性社區與公益既不具有財務重要性也不具有影響重要性非常重要不重要對公司財務的重要性
註：上交所《指引》所設置的21項議題中，公司不涉及「生態系統和生物多樣性保護」「科技倫理」議題；「盡職調查」「利益相關方溝通」作為ESG議題識別、評估與管理的流程，於「議題重要性」評估章節進行響應，不作為ESG議題納入矩陣，其餘《指引》議題均在報告正文或索引表進行響應，具體章節對應及解釋說明請見「對標索引表《上海證券交易所上市公司自律監管指引第14號——可持續發展報告（試行）》」。此外，公司自主識別「綠色產品」「清潔技術機遇」「風險合規管理」「公司治理」議題，均於報告正文進行回應。
對經濟、社會和環境影響的重要性234華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司235
2025年度環境、社會及管治報告
重要性評估結果本年度，我們通過對識別出影響重要性和財務重要性水平較高的ESG重要性議題進行聚焦，公司建立並逐步完善盡職調查機制，委任ESG工作組牽頭，協調各部門開展利益相關方溝通、訪談、調研等盡職調查工作，以分析、識別和確定ESG議題在短期（1年以內）、中期（1年至5年）和長期（5年以上）的影響、風險和機遇，便於針對性開展應對措施。
華虹半導體2025年議題影響、風險和機遇分析序號議題時間範圍主要風險與機遇類型價值鏈範圍價值鏈上游自身運營價值鏈下游
1氣候變化減短、中、長風險：隨著全球持續加強氣候和環保政√√√
緩與適應期策及碳排放管控措施，可能面臨不斷增加的合規運營成本和低碳技術升級需求
機遇：公司在氣候友好型技術方面的創新投入，研發更高效、更環保的產品，能夠提升市場競爭力和品牌聲譽
2能源使用管短、中、長風險：能源管理體系優化，可能造成額√√√
理期外的成本支出，也可能導致重視能效管理表現的客戶和投資者對公司表現提出質疑
機遇：隨著技術進步，太陽能、風能等可再生能源的發電成本持續下降，長期來看能夠為公司提供穩定且低成本的能源選擇，降低對傳統化石能源的依賴
3水資源管理中、長期風險：若公司生產運營出現水資源短√缺，導致生產停水、水質不穩定等問題發生，可能影響產能及產品合格率，造成成本投入和營收損失
機遇：完善的水資源管理體系有助於提
高資源使用效率，降低運營成本
4排放物與廢中、長期風險：隨著合規排放監管趨嚴，公司可√√
棄物管理能需要投入資金以確保生產過程和廢棄
物管理符合新的法規要求，例如升級處理設施或引入新的排放處理技術
機遇：通過提高廢棄物的回收率，有助於將廢棄物轉化為可再利用的資源，降低原材料採購成本234華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司235
2025年度環境、社會及管治報告
序號議題時間範圍主要風險與機遇類型價值鏈範圍價值鏈上游自身運營價值鏈下游
5環境管理中、長期風險：隨著環保相關法規的出臺及迭√√√代，公司需持續關注並進行監測，確保其運營符合所有相關環境法律法規，如不合規可能導致罰款、制裁或生產限制
機遇：良好的環境管理實踐可能吸引更
多關注ESG風險的投資者和客戶，從而加強公司的資本市場形象和市場聲譽
6綠色產品短、中、長風險：在技術快速發展的環境中，如果√√
期公司未能及時更新產品設計和生產工藝，可能會落後於競爭對手，影響市場份額
機遇：通過有效的產品生命週期管理，公司能夠快速響應市場需求和技術進步，推動產品創新和多樣化
7循環經濟中、長期風險：對原材料和廢棄物的循環利用，√√√
如若未形成配套的管理和運營機制，產品質量可能會受到影響
機遇：通過提高資源效率，公司能夠降低原材料採購成本和廢棄物處理費用，進而提高整體運營效率
8清潔技術機中、長期風險：清潔技術領域的快速發展，若公√√
遇司未能及時跟上技術進步，可能會面臨產品競爭力下降的風險
機遇：隨著全球對綠色清潔技術及產品
的需求日益增加，通過創新清潔技術來有利於拓展市場份額和創造新的營收增
長點236華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司237
2025年度環境、社會及管治報告
序號議題時間範圍主要風險與機遇類型價值鏈範圍價值鏈上游自身運營價值鏈下游
9員工健康與中、長期風險：在高強度的生產環境中，事故和√√
安全傷害的風險始終存在，若未能有效管理安全措施可能導致員工受傷或甚至出現更嚴重的事故
機遇：通過加強職業健康與安全管理，有助於提高安全標準，減少事故發生，降低潛在的法律和財務風險，創造一個更安全的工作環境
10員工權益與中、長期風險：關鍵員工的離職可能導致公司失√
福利去重要的行業和技能知識，影響項目的推進和執行效率
機遇：規範的員工僱傭政策和良好的工
作環境有助於保證人才的穩定性，助力公司運營及業務端的可持續發展
11員工發展與中、長期風險：若未能開展高質量的培訓，可能√
培訓導致員工專業知識和管理能力無法符合
公司經營的需要，影響產品質量以及人員管理的有效性
機遇：高質量的培訓有助於培養員工的
創新思維和解決問題的能力，使公司能夠更好地適應市場變化和技術進步，提升競爭優勢
12產品和服務短、中、長風險：產品質量和客戶服務不到位可能√√√
安全與質量期會增加售後服務和維護的成本，從而導致額外的人力成本和召回處理的費用，也可能導致客戶流失和營收下降
機遇：通過完善的產品質量管理體系和
客戶關係管理體系，有利於提高公司的產品競爭力，提升客戶滿意度，從而增強客戶忠誠度，進而推動營收增長236華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司237
2025年度環境、社會及管治報告
序號議題時間範圍主要風險與機遇類型價值鏈範圍價值鏈上游自身運營價值鏈下游
13信息安全與中、長期風險：不斷加強網絡安全基礎設施建√√
隱私保護設，需要持續投入資金和資源，包括防火牆、入侵檢測系統和數據加密技術等，以降低網絡攻擊的風險機遇：有效的信息安全管理不僅能吸引
更多注重隱私保護的客戶，還能提升公司的品牌形象，提高市場份額，促進銷售增長
14可持續供應中、長期風險：為確保供應鏈的穩定性和可持續√√
鏈管理性，公司可能需要尋找更多元化的供應商，也可能需要支付更多的成本實施採購，以滿足環境和社會責任的標準，因此可能影響利潤率、降低競爭優勢
機遇：建立可持續供應鏈可以增強公司
對環境和社會風險的識別和管理能力，提高整體運營的韌性，降低潛在的業務風險
15研發創新與短、中、長風險：新技術或新產品的市場認可度和√√√
知識產權保期接受度可能達不到預期，從而影響銷售護額、降低公司的收入和盈利能力
機遇：在技術創新領域取得成功的公司
往往更能吸引投資者的關注，研發成就可能為公司帶來更多的融資機會，創造新的業務機遇238華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司239
2025年度環境、社會及管治報告
序號議題時間範圍主要風險與機遇類型價值鏈範圍價值鏈上游自身運營價值鏈下游
16社區與公益短、中、長風險：如果公司開展公益活動或履行社√
期會責任的表現未滿足公眾期待，可能損害公司的品牌形象和聲譽
機遇：在特定社區的參與和投資可以幫
助公司更好地理解當地市場需求，抓住市場拓展機會，增強競爭優勢
17公司治理中、長期風險：不合規的公司治理可能引發監管√√√
機構的調查和罰款，影響公司的財務健康
機遇：良好的治理實踐可以吸引更多的投資者，加強風控能力，有助於獲得投資者信任及推動公司高質量發展
18商業道德中、長期風險：違反商業道德的行為可能引發法√√√律訴訟，導致高額的賠償和罰款，增加公司的財務負擔
機遇：通過改善治理結構和提升透明度
來增強內部控制及風險管控水平，有助於減少違規風險
19風險合規管中、長期風險：若未能遵循相關法律法規，可能√√√
理面臨法律訴訟、罰款或制裁，導致公司聲譽受損，影響市場信任機遇：通過優化內部流程和系統來提高
運營效率，降低潛在的合規風險，有助於企業長期發展並減少合規成本支出238華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司239
2025年度環境、社會及管治報告
1.4商業道德與廉潔運營
反商業賄賂及反貪污治理本公司嚴格遵循商業道德和相關法律法規，致力於營造透明、公正的企業文化。在反舞弊方面，2025年，我們修訂了《中共上海華虹宏力半導體製造有限公司紀律檢查委員會工作條例》以及《華虹宏力反腐倡廉廉潔從業承諾制度》，並明確規定了舉報處理流程及舉報者的保護措施，確保舉報人權益不受侵害，鼓勵員工積極監督和舉報違規行為。我們定期對相關制度進行更新和完善，並通過內網發佈最新版本，同時群發郵件通知全體員工，確保所有員工及時了解制度內容和更新信息。
戰略
我們不斷鞏固反腐敗工作成果，努力營造風清氣正的企業文化氛圍，為企業的可持續發展提供堅實保障。
公司鼓勵全體員工主動參與商業道德監督與違規行為舉報。員工可自主選擇實名或匿名方式進行舉報。公司對各類舉報信息秉持開放受理、快速處置的原則，確保問題早發現、早解決，切實防範化解廉潔風險。
公司設立多渠道舉報途徑，保障員工舉報權利，具體包括：
1.專用舉報郵箱，由紀委幹事定期查收並處理；
2.專用舉報直線電話，由紀委書記直接接聽，號碼後續將通過線上渠道公佈；
3.廠區實體舉報信箱，各廠區均有設置，信箱周邊無攝像頭監控，支持匿名投遞，由紀委工作人員每週定期前往查看。
舉報人保護機制
公司搭建起完善的商業道德監督與舉報處置機制，所有舉報線索均啟動全面核查程序，調查結論經審議後定向向舉報人反饋處理結果。針對舉報人權益保護，公司嚴格落實信息保密制度，堅決杜絕舉報人因依法行使舉報權利，遭遇解僱、降職、停職等各類形式的報復行為。
舉報調查工作僅限紀委成員、相關業務部門負責人參與，調查進展僅向黨委書記專項匯報，全程嚴格管控舉報信息，杜絕信息外泄與打擊報復行為。240華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司241
2025年度環境、社會及管治報告
舉報線索處理機制
1.全量登記備案：所有實名、匿名舉報線索均完成登記備案，確保無遺漏、可追溯；
2.分類核實處理：實名舉報將與舉報人核實具體情況，匿名舉報聯動相關業務部門開展排查核實；無論線索是否存在違規嫌疑，均依規推進處理；若線索涉及法律問題，由紀委會同合規部聯合開展調查；
3.高效推進反饋：對舉報案件高度重視，無明確處理時限要求，線索收到後第一時間組織專題研討，快速推進核查處理，並及時向相關方反饋進展。
為深入貫徹中央八項規定精神學習教育，公司於7月12日組織召開了警示教育大會，公司黨員領導幹部，黨支部書記，新提拔幹部，年輕幹部以及關鍵崗位人員等參會。會議首先通報了公司黨委領導班子查擺問題集中整治工作的進展，集中觀看了國企和工程建設領域的警示教育專題片，並傳達學習了近期上海市委、市國資委黨委和集團黨委關於警示教育的重要精神和工作要求。
影響、風險和機遇管理
公司建立商業道德系統化管理體系，將高標準商業道德準則全面融入生產經營各環節，確保各項運營活動合規守德、規範開展。針對所有業務運營點，公司定期組織商業道德與反腐敗工作全面評估，一方面驗證反腐敗管理機制的實際運行有效性，另一方面精準識別經營各環節潛在廉潔風險點，同步制定並落地針對性改進舉措，形成「評估－識別－改進」的閉環管理。
同時，公司設立商業道德定期核查機制，結合業務發展動態與行業規範更新，持續優化商業道德相關政策制度，保障政策要求與企業發展、行業標準的動態適配與高度契合。在供應商反貪污方面，採購物流部門均要求相關供應商完成簽署了《反商業賄賂承諾書》。項目通過「兩責任三承諾」的落實，形成較為完備的廉政廉潔責任防控和意識培育體系。240華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司241
2025年度環境、社會及管治報告
華虹半導體商業道德監督及舉報處理程序在規定期限內完成調查
對收到的舉報個案，立取證工作，得出初步結反饋舉報人即登記在案論，並向管理層匯報召開專題會議，審議舉安排專人或成立專項小
報內容及調查結果，得組了解情況、調查取證出處理方案指標與目標
截至報告期末，本公司內部審計部的反舞弊電子舉報郵件未接收到任何舉報信息。2025年度公司未發生與舉報相關的訴訟案件。
華虹半導體2025年商業道德指標與目標
2025年目標2025年目標達成情況
所有供應商簽訂《反商業賄賂承諾書》100%
全體關鍵崗位員工簽署《廉潔從業承諾書》100%風險合規管理
公司高度重視風險合規管理工作，嚴格恪守運營屬地各項法律法規要求，持續密切跟蹤相關法律法規的出臺、變更與修訂動態，精準識別與公司生產運營相關的法規條例，及時完善內部管理制度，確保內控制度與外部法規的有效銜接、高度契合。
公司制定並推行覆蓋全業務流程的《全面風險管理制度》，通過定期開展風險識別、梳理分析風險清單，構建風險管理長效機制；按層級、分業務線推進風險防範工作，針對重點領域制定並落地高效的風險管控舉措。
公司借鑒國際內審協會(IIA「) 三線模型」理念，在審核委員會與管理層授權下，搭建貼合公司發展實際的風險管理體系，明確重大風險的分管領導、牽頭責任部門及具體職責分工，實現風險閉環管理。242華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司243
2025年度環境、社會及管治報告
華虹半導體經濟領域風險管理三道防線
組織治理機構(對利益相關方負責，承擔監督職責)董事會審核委員會
總裁/管理層
第三道線
*各條線分管領導指派風險管理代表
*熟悉業務，對風險信息敏感內部審計部門
第一道線職能:為顧客提供產品/服務管
第二道線人力資源部財務部信息技術部合規部董辦理風險
第二道線職能:為與風險相關的事務提供
專業知識、支持、監督並提出合理質疑
第一道線工廠中國區銷售國際銷售部客戶工程部市場發展部
第三道線職能:對所有與實現目標相關的事務提供獨立和客觀的確認和建議測試與外包業務發展部銷售服務部技術研發計劃部服務採購物流部品質保證部行政管理動力部安全保衛部
基於風險管理「三線模型」，公司堅持全面性與重要性相結合的原則，持續優化風險地圖，我們將部分同類風險因素整合歸類，涵蓋戰略、合規、運營及財務風險，修改並補充部分風險舉例，實現對公司內外部風險的全面防範與有效監督。242華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司243
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華虹半導體風險管理體系管理流程管理措施
風險評估*通過發放問卷、一對一訪談、多部門座談會等方式識別和樹立風險領域，對風險領域進行打分，形成年度風險管理報告。
風險上報*實行季度風險溝通上報機制，各業務條線每季度或不定期搜集並上報條線內風險事件。
溝通與培訓*不定期召開風險條線管理會議，開展風險培訓，溝通各業務條線及公司層面風險問題。
反不正當競爭
華虹半導體始終將合規經營作為核心運營準則，嚴格遵守《中華人民共和國反不正當競爭法》等相關法律法規及監管要求，堅決抵制虛假宣傳、商業秘密侵權、濫用市場優勢地位等各類不正當競爭行為，通過構建全流程合規管理體系，保障公司市場運營的合法性與公正性。
公司建立健全反不正當競爭治理結構與內部監督管理程序。通過實施常態化風險評估與專項合規審查流程，對市場運營各環節進行全面排查，確保及時識別、預警並糾正潛在不正當競爭風險。同時，公司持續加強對市場競爭環境的動態分析，定期評估行業競爭格局變化帶來的風險與機遇，針對性優化合規管理策略，提升風險應對的前瞻性與有效性。為從源頭防範不正當競爭行為，公司建立定期合規培訓機制，面向全體員工開展反不正當競爭法律法規、行業監管要求及內部制度的專項培訓。
截至報告期末，公司嚴格遵循反不正當競爭相關法律法規及內部管理制度，規範開展市場經營活動，未發生任何不正當競爭相關的訴訟案件或行政處罰事項；在產品標簽使用、市場宣傳推廣等關鍵環節，均嚴格執行合規審查流程，未出現任何違法違規情形，實現了合規運營與業務發展的良性互動。244華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司245
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1.5守護數據安全與客戶隱私保護
治理
本公司嚴格遵守《中華人民共和國網絡安全法》《中華人民共和國數據安全法》《中華人民共和國個人信息保護法》等國家法律法規，始終將信息安全與合規管理作為企業運營的重要基石。公司已制定《信息技術部業務持續性管理程序》《信息技術部應急響應管理程序》《網絡安全事件應急預案》和《業務持續性計劃》等一系列體系制度，為應急處置提供堅實制度支撐。
同時，公司持續優化信息安全管理體系(ISMS)，完善「總裁－信息安全委員會－信息安全工作小組」的管理架構，以確保信息安全策略的有效實施和高效運作。公司已通過ISO/IEC 27001:2022信息安全管理體系認證。
為構建全方位、多層次的信息安全防護體系，公司建立了「決策－監督－執行」三級聯動的信息安全管理架構，明確各層級職責邊界與協同機制，確保信息安全工作有序推進、閉環管理。
?信息安全委員會作為公司信息安全工作的核心決策機構，統籌全域信息安全事務，就網絡安全、數據安全、隱私保護等關鍵領域的工作方向與實施路徑達成共識，並提供充分的資源支持，同時強化全組織對信息安全工作的重視程度與協同力度，針對特別重大及重大信息安全事件進行應急響應決策，定期開展信息安全管理體系評審，確保體系始終適配業務發展與監管要求，維持長效有效性。
?信息安全最高管理者由總裁擔任，信息安全委員會主席由信息技術分管執行副總裁擔任；信息安全管理者代表由品質保證副總裁兼任，牽頭建立並實施信息安全管理體系相關程序，保障體系全週期有效運行，同時定期向信息安全管理委員會或最高管理者匯報體系運行狀況，提出針對性優化改善措施，推動信息安全管理水平持續進階。
?信息工作小組作為具體執行機構，全面落實信息安全委員會部署的各項工作任務，嚴格執行各項信息安全管控措施，開展常態化風險評估，負責較大及普通信息安全事件的應急響應與決策，定期向信息安全委員會匯報工作進展、風險狀況及改進建議，形成「決策－執行－反饋－優化」的閉環管理機制。244華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司245
2025年度環境、社會及管治報告
戰略
在信息訪問管控方面，公司基於身份與訪問生命週期管理機制，根據員工崗位職責精準分配系統訪問權限，並開展定期權限審核與清理，同時規範訪客管理流程，所有訪客進入公司需履行登記手續，明確訪問範圍與時長，對重要區域則通過門禁系統與24小時監控覆蓋實施物理訪問控制，全方位保障信息與區域安全。針對信息安全方面的可疑事件的上報機制，員工發現信息安全事態，必須在第一時間向相關責任部門報告，由事態受理部門對事態的性質和嚴程度進行評估，相關責任部門進行跟蹤處理。截至報告期末，本公司沒有發生任何信息和客戶隱私洩露事件。
2025年，公司每季度組織開展系統性的信息安全培訓，培訓內容包括體系認證、信息保密、商業秘密保護、防範網絡攻擊等培訓課程。
在2025年，公司參與多項重點信息安全演練，均取得滿意結果：
?在上海和無錫兩地開展的「芯盾礪網」華虹集團網絡安全攻防演練，共有220人參與並取得「零失分」的滿分戰績；
?9月在上海組織網絡安全事件應急演練（聚焦華虹半導體官網），12名相關人員參與其中。
在IT資源優化與創新應用方面，2025年，公司通過《虛擬化整合項目》釋放23台服務器並實現再利用，直接節約服務器硬件維保費用、主機電力及關聯製冷成本，同時節省機房空間，舊服務器利舊變現進一步實現資產再利用收益，項目共計創造收益約80萬元。
在智能化升級方面，公司推進本地化AI部署，已在三類辦公場景開展試點，聚焦員工學習、工作效率提升與高效溝通三大核心需求。
1)通過建設本地領域知識庫，沉澱經驗知識，幫助新員工加速學習曲線、快速成長；
2)構建代理服務用於工程分析與報告生成，釋放基礎性分析工作負載和文本處理壓力，讓員工能夠聚焦高價值工作；
3)創建智能會議系統，實現會議過程中的信息查詢交互、會議紀要生成及待辦事項閉環管理，大幅提升會議與管理效率，隨著試點普及與培訓推進，各項成效正持續顯現。246華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司247
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影響、風險和機遇管理
公司按照標準化流程依次開展資產識別、威脅識別、脆弱性識別、可能性與影響分析、風險計算與評價，最終制定針對性風險處置計劃，實現風險的分級管控與精準應對。風險評估管理模塊的核心目標是全面識別、分析信息（數據）資產相關安全風險，明確風險等級與處置優先級，為風險防控提供科學依據。
風險自檢機制聚焦於通過系統性內部審核，驗證信息安全控制措施的執行落地情況與實際成效，確保各項措施符合公司策略、內部標準及相關法律法規要求。公司定期開展全範圍信息安全內部審核，重點核查管控措施的合規性、有效性，形成詳細審核報告並跟蹤問題整改，推動管理體系持續優化完善。
實踐演練體系的核心目標是通過模擬真實網絡及數據安全事件，檢驗應急預案的可行性、跨部門協作流程的順暢性，同時提升相關人員的風險防範意識與應急處置能力。
指標與目標
公司每季度開展信息安全及隱私保護培訓，統計培訓覆蓋人數，回顧培訓效果，培訓內容包括體系認證、信息保密、商業秘密保護、防範網絡攻擊等培訓課程。
華虹半導體2025年信息安全與隱私保護培訓情況指標單位2024年參與人數2025年參與人數
信息安全管理體系培訓－第一季度人數66837331
信息安全管理體系培訓－第二季度人數61177250
ISO 27001新版體系標準介紹及信息安全意識培訓－第三季度 人數 7346 7535
ISO 27001新版體系標準介紹及信息安全意識培訓－第四季度 人數 7491 7461
保密、信息安全合規性培訓人數73147535
ISO 27001標準及審核技巧培訓 人數 99 113華虹半導體2025年信息安全指標指標單位2024年2025年經證實的洩露、盜竊或丟失客戶資料的事件數件00數據安全事件涉及的金額萬元人民幣00
客戶隱私洩露事件涉及的金額萬元人民幣00246華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司247
2025年度環境、社會及管治報告
2.綠色發展，踐行生態責任
2.1應對氣候變化
華虹半導體深刻認識到氣候變化對行業發展、生態環境及社會可持續性的深遠影響，將應對氣候變化全面融入公司戰略規劃與經營管理全流程，積極響應國家「碳達峰、碳中和」目標，通過健全治理架構、優化戰略佈局、強化風險管控、落實減排舉措，穩步提升氣候適應性與低碳發展能力，以實際行動踐行企業環境責任。
治理
華虹半導體運營過程中直接溫室氣體排放來源為天然氣、汽油、柴油等能源燃燒及工藝過程的逸散排放，間接溫室氣體排放來源為外購熱力、外購電力。公司參考國際可持續準則理事會(ISSB《) 國際財務報告可持續披露準則第2號——氣候相關披露》(IFRS S2)，搭建自上而下的氣候治理體系，制定減碳發展戰略，增強氣候適應能力，逐步降低運營對環境的影響。
* 在治理層，我們將氣候變化管治納入ESG治理框架，建立了以董事會為最高決策層的ESG管治架構：董事會每年定期審議氣候相關的風險和機遇，以及氣候變化應對策略和管理目標，並定期檢視能源及氣候相關目標的完成進展。
* 在管理層，ESG工作組負責制定氣候變化應對策略和管理目標。根據外部監管和市場需求，及時調整管理方針的時效性，監督各工廠執行相關工作，定期向董事會匯報工作進展。
各工廠負責執行具體工作，如核查溫室氣體排放情況，通過實際行動減少溫室氣體排放，定期收集和匯總溫室氣體排放數據，自查目標達成情況。
戰略
在戰略層面，公司立足半導體行業高耗能、高用水的業務特性，結合自身工藝升級與產能擴張規劃，制定中長期氣候變化應對戰略，明確「降碳、提效、協同」三大核心方向，確保戰略與氣候相關風險和機遇相適配。
?工藝升級降碳：聚焦特色工藝研發，通過優化晶圓製造流程、引入低能耗生產設備、提升工藝良率等方式，從源頭減少生產過程中的溫室氣體排放，降低單位產出能耗；
?能源結構優化：逐步擴大可再生能源使用比例，探索光伏建設、綠電採購等合作模式，降低對傳統化石能源的依賴，推動能源消費向清潔低碳轉型；248華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司249
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?能效提升行動：開展生產系統節能改造，加強車間照明、空調等輔助系統的精細化能耗管理，持續提升能源利用效率。
我們將氣候相關風險和機遇的管理融入環境風險管理體系，針對具有重要性的氣候相關風險和機遇，制定應對策略並落實管理舉措。開展ISO 14064核查認證工作，系統性識別溫室氣體排放源，核查溫室氣體排放情況。2025年，上海基地旗下二廠榮獲上海市「綠色工廠」稱號。
公司上海基地（華虹一廠、二廠、三廠）是上海市碳排放配額納管單位，經第三方核查確定年度溫室氣體排放量，並於每年上半年按時完成履約清繳工作，每年年末完成下一年度數據總量控制計劃。2025年度清繳配額量為254338.00噸。
影響、風險和機遇管理
本公司結合利益相關方調研結果、監管要求及行業實踐完善可持續發展戰略，「應對氣候變化與節能減碳」作為重要支柱受到高度關注。識別氣候變化相關的風險，包括轉型風險和物理風險。通過情景分析，評估氣候變化風險帶來的財務影響。
a) 關於轉型風險：積極響應排放控制政策的系列措施，通過精益生產、綠色採購、改進生產工藝、更換非必要的高能耗設備等舉措持續降低溫室氣體排放量。
b) 關於市場機遇：擴展產品應用於光伏發電、白色家電、汽車電子產業的發展機會，詳見「清潔技術創新與產業化機遇」章節。
公司建立氣候相關風險與機遇的定期識別機制，系統評估氣候變化對業務發展及商業模式的潛在影響，深入分析其可能引發的財務層面效應，以此為依據優化戰略規劃與管理體系，持續完善氣候變化應對方案。
在能耗控制方面，2025年受持續高溫天氣影響，冷水機組運行負荷增加，導致整體用電量維持高位水平。得益於公司對設施設備運行環境的精準溫濕度管控，其運行狀態受外部氣候波動的影響較小；同時，公司已針對生產設備實施系列優化升級措施，進一步提升了環境適應性。
公司碳排查數據嚴格按照ISO 14064標準進行核算統計。目前，相關設施設備的溫濕度控制體系運行穩定，極端天氣僅會導致能耗階段性上升，並未對設備使用壽命造成實質性影響。248華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司249
2025年度環境、社會及管治報告
華虹半導體氣候相關風險和機遇的潛在財務影響及應對措施氣候相關風險與機遇類型及描述發生的影響潛在應對措施可能性事件範圍財務影響
聲譽風險小中長期營業收入減少–每年公開披露溫室氣體
隨著低碳經濟轉型，各利益相排放情況，匯報單位產關方期望企業在應對氣候行動品溫室氣體排放量目標方面採取積極的管理行動並提進展。
升信息披露透明性。如果公司 – 依據IFRS S2披露氣候變無法很好地回應這些利益相關化減緩與適應工作，與方的訴求，會對自身的聲譽產利益相關方匯報工作進生負面影響。展。
政策法律風險小中長期營運成本增加–每年開展碳核算工作，中國已制定「雙碳」目標，未按時完成相關部委的碳來對企業碳排放的監管力度也配額排放履約清繳工作。
將不斷提升。若公司碳排放量–公司年度碳排放量不超無法滿足監管要求，需要購買過碳配額限值，無需支碳配額或國家核證自願減排量付額外成本。
風險 轉型風險 (CCER)，帶來額外的營運成本；若未按時足額清繳碳排放配額的，將面臨政府部門的限期改正等處罰。
市場風險小中長期營業收入減少–通過工藝技術升級、生客戶以及消費者愈加關注產品產設備性能提升等措
的可持續性，對產品碳足跡、施，減少溫室氣體排產品能耗水平不斷提出更高的放，如採用高清洗效率要求。如果公司提供的產品與 NF3替代C2F6，減少氟碳服務無法及時有效地滿足市場化合物的使用，從而每需求，將會失去市場優勢。年減少溫室氣體排放。
–開發更低功耗與更高效
能的產品，助力下游產業能效提升，減少價值鏈上的溫室氣體排放。250華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司251
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氣候相關風險與機遇類型及描述發生的影響潛在應對措施可能性事件範圍財務影響
急性物理風險中短中期固定資產價值–制定極端天氣應對應急
公司經營位於上海、無錫等沿降低預案。
海地區，可能面臨颱風、暴雨等氣候災害，可能會破壞基礎設施等固定資產，造成經濟損物理風險失。
慢性物理風險中短中長期營業收入減少–定期開展自然災害事故氣候變化導致的持續性高溫天應急演練以及培訓。
氣等可能會導致公司業務營運中斷，造成營業收入降低。
資源使用效率小短中期營運成本降低–華虹七廠（無錫）12英寸
提高資源使用效率，包括能生產線獲美國綠色建築源、水資源等，能夠幫助公司 委員會(USGBC)認證的降低運營過程中的營運成本。 LEED「能源與環境設計先鋒」金獎。
能源來源小短中期營運成本降低–使用可再生能源代替不
在生產活動中提高清潔能源的可再生能源，提高綠色使用，減少對化石能源的依電力佔比。
賴，從長期來看，減少購買市機遇政電力的成本。
產品與服務大短中長期營業收入增加–公司擁有非易失性存儲
公司產品廣泛應用於家用電器 器(eNVM)、高性能微控
的能源解決方案、光伏儲能產 制器(MCU)、單芯片集
業從發電到用電各環節，相關 成工藝(BCD)，在新能源產業對於芯片的需求也不斷擴發電產業、家用電器應大，為公司帶來營業收入的增用領域的製造工藝方面長。積累了豐富的技術與經驗。250華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司251
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指標與目標
公司結合業務發展實際與行業對標分析，制定清晰的氣候相關量化指標與階段性目標，確保減碳工作可衡量、可考核、可落地，並定期披露目標達成進度，通過ESG報告每年公開披露溫室氣體排放數據。匯報目標達成情況詳見「ESG管理目標與成果」章節。
指標單位2024年績效2025年績效溫室氣體排放量噸二氧化碳當量562487812915其中，直接溫室氣體排放量（範圍一）噸二氧化碳當量2533117458間接溫室氣體排放量（範圍二）噸二氧化碳當量537156795457
單位產品溫室氣體排放量噸二氧化碳當量╱8英寸晶圓0.120.15
2.2環境合規管理
治理
華虹半導體始終將環境合規視為可持續發展的核心基石，嚴格遵循《中華人民共和國環境保護法》等國家法規及行業標準，從治理架構、戰略規劃、風險管控、量化目標四大維度，構建全流程、閉環式環境合規管理體系，確保生產運營與生態保護協同發展，以高標準合規踐行企業環境責任。
圍繞晶圓製造全生命週期，構建覆蓋廢氣、廢水、固廢、化學品、噪聲、新污染物等關鍵領域的合規制度體系，制定《工業用水供水系統標準作業程序》《污染物內控標準》《工業廢棄物管理作業規範》等內部制度，明確各環節合規標準、操作流程及責任主體。建立制度動態更新機制，密切跟蹤國家新污染物治理行動方案、行業排放標準修訂等政策變化，及時優化制度條款，確保制度與監管要求保持一致。同時，通過ISO 14001環境管理體系認證標準化管理流程，實現合規管理的規範化、系統化。
ESG工作組負責制定環境管理策略和管理目標，及時跟進所在地政府、行業標準監管要求，識別公司環境管理風險，監督各工廠在日常工作中環保合規，就重點事項向經管層匯報。
EHS部門負責統籌公司環境管理體系的建設事宜，涵蓋對能源與資源使用、排放物管理等方面的管理制度制定、績效分析及評估，協助外部機構對公司的環境管理體系開展的審核及檢測工作。252華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司253
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戰略
報告期內，公司以重新制定的ESG管理目標為牽引，深度響應國家「雙碳」戰略，構建全週期綠色運營體系。通過數據化治理賦能，系統化提升能源管控、水資源循環利用、溫室氣體排放治理及廢棄物資源化效率，在無錫12英寸產線建設中踐行「產業鏈供地」理念，實現環保與物流設施共享，打造節約集約發展標杆。針對半導體製造「高耗能、高用水、污染物種類複雜」的行業特性，公司聚焦核心環節，實現全鏈條環境合規管理。在項目規劃與工藝設計階段，嚴格遵循生態環境分區管控要求，優先選擇低能耗、低污染的生產技術與設備，從源頭減少污染物產生。
在生產過程中，我們推行精細化合規管理。在廢氣治理方面，對酸性、鹼性、VOCs等不同類型廢氣進行分類收集，採用吸附、燃燒等針對性處理技術，確保排放濃度符合《大氣污染物綜合排放標準》；廢水處理方面，實施「分類收集、分質處理」。
我們持續加大環保投入，升級改造污染治理設施，提升末端治理能力。各生產基地配備先進的廢氣處理裝置、廢水深度處理系統、危險廢物存儲設施等，確保末端排放全面達標。同時，構建「在線監測+第三方檢測」雙重監測體系，在廢氣排放口、廢水總排口安裝在線監測設備，實時監控污染物排放數據並同步上傳至環保監管平台；委託第三方權威機構定期開展環境質量檢測，形成檢測報告，確保末端排放可監測、可驗證。
我們推動環境合規與綠色發展協同增效，將合規管理與節能降碳、資源循環利用相結合。加強與供應商、客戶等利益相關方的環境合規協同，推動供應鏈全鏈條合規管理，構建行業綠色合規生態。
影響、風險和機遇管理通過政策跟蹤、行業對標、內部排查、第三方評估等多種方式，系統識別環境合規風險。重點關注政策合規風險（如環保標準提升、新污染物管控要求加強）、運營合規風險（如污染治理設施故障、污染物排放超標）、供應鏈合規風險（如供應商環保不達標）、應急合規風險（如化學品洩漏、突發環境事件）等四大類風險，建立風險清單，明確風險來源與影響範圍。
我們採用定性與定量相結合的方法，對識別的合規風險進行評估，分析風險發生的可能性與影響程度，按優先級劃分高、中、低風險等級。
?針對高優先級風險（如政策變動導致的合規成本增加、重大污染物排放超標風險），開展專項評估，制定針對性應對方案；
?對中低優先級風險，納入常態化管控，定期跟蹤風險變化情況。252華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司253
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針對不同等級的合規風險，制定差異化應對策略：對於政策合規風險，建立政策預警機制，提前佈局合規改造，確保及時適應監管要求；對於運營合規風險，加強設備運維管理，定期開展設施檢修與校準，提升操作人員專業技能，降低人為失誤導致的違規風險；對於供應鏈合規風險，強化供應商合規審核與動態監控，建立不合格供應商淘汰機制；對於應急合規風險，制定《環境突發事件應急預案》，配備應急處置設施與物資，定期組織應急演練，提升突發環境事件的快速響應與處置能力。
建立合規風險動態監控機制，通過在線監測數據實時跟蹤污染物排放情況，定期開展風險排查與評估，及時更新風險清單與應對方案。由ESG工作組牽頭，對風險應對措施的執行效果進行跟蹤驗證，確保風險得到有效控制。同時，加強與環保監管部門的溝通對接，及時了解監管動態，主動接受監督檢查，化解潛在合規風險。
指標與目標
公司設立了環境管理方面的整體目標，並由EHS部門牽頭定期的監測和評估，以檢視目標達成進展及管控措施的實際成效。2025年，公司共在環保方面投入11289萬元，開展安全環保與技術改造項目，持續完善環境管理設施。2025年我們未發生環境違規事件。
2.3能源使用管理
治理
公司嚴格恪守《中華人民共和國能源法》《中華人民共和國節約能源法》等法律法規要求，構建了層次分明、權責清晰的能源使用治理體系。制度層面，依託ISO 50001能源管理體系標準，建立能源管理三級文件管理制度，持續梳理、更新制度體系，實現能源使用管理的規範化、標準化運作。組織層面，建立「董事會－管理層－ESG工作組」三級管理架構：董事會承擔能源使用管理策略審議、目標達成監督職責；管理層負責策略與目標制定，統籌推動各生產基地、部門落地執行，同步履行監督與向董事會匯報職責；ESG工作組牽頭協調各生產基地EHS、動力、生產等部門，細化行動路徑，保障管理策略的有效落地。
戰略
在節能降碳方面，我們通過推進節能技術改造，持續降低能源消耗總量，主動響應政府能耗考核要求，夯實可持續發展基礎；在價值創造方面，將生產潔淨化、能源低碳化理念深度融入生產運營全流程，以節能成效賦能產品與服務升級，通過產品生態設計、餘熱回收利用、全流程節能改造等舉措，打造環境友好型綠色工廠，培育差異化競爭優勢。2025年，無錫基地通過實施一系列節能改造項目，持續推進節能減排工作，成效顯著。254華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司255
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項目單位數量停車樓及停車棚使用光伏發電千瓦時859170
220kV GIS加熱器退出運行 千瓦時 36231
華虹地七廠柴發水套加熱器四季節能運行千瓦時158760華虹九廠柴發水套加熱器四季節能運行千瓦時226800華虹七廠中央動力節能項目千瓦時30773000
影響、風險和機遇管理
公司建立全方位能源風險防控機制，針對核心風險點形成閉環管理。針對能源供應中斷風險，制定《緊急卸載應急預案》《緊急停電應急預案》《供電停止情況時動力部現場處置方案》《供電回路開關跳閘應急預案》等專項操作規程，定期組織應急處置培訓與實戰演練，提升工作人員應急響應與處置能力，保障生產運營連續性。
針對政策監管收緊風險，公司秉持「內控標準高於監管要求」的原則，設定嚴格的內部能源管理目標，主動減緩政策變動帶來的潛在影響；積極響應《上海市工業和通信業節能降碳「百一」行動計劃(2022-2025)》，落地「3000噸標煤節能項目規劃」，2025年按節能降碳3年行動計劃推進9個重點項目，累計實現節能量超1300噸標煤，以實際行動強化政策風險應對能力。2025年6月，上海基地旗下一廠開展迎峰度夏負荷管理桌面演練，調節空調機房兩台空調箱電源，進一步降低生產能耗。
指標與目標
公司制定了整體能源使用管理目標，並拆分下達給各生產基地執行，日常監控各生產環節用能情況，定期檢視目標達成進展。2025年，上海基地通過採購綠電98279兆瓦時，進一步優化能源結構，切實降低碳排放，其它具體能源數據，詳見可持續發展指標匯總表。
2.4水資源管理
治理
公司嚴格恪守《中華人民共和國水法》《中華人民共和國節約能源法》等國家法律法規，構建系統化水資源管理制度體系，制定《工業用水供水系統標準作業程序》《自來水異常處置流程》等專項規章，明確水資源供給、質量檢測、異常處置全流程管理要求。
同時建立「廠長－節水領導小組－節水管理小組」三級節水管理架構，由廠長擔任節水領導小組組長，統籌確立水資源管理目標、制定用水管理條例，各部門分層落實管控要求，各廠節水管理小組負責日常執行、用水監督及數據收集匯報，形成權責清晰、層層落地的管理閉環。254華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司255
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戰略
公司立足行業特性與生產實際，將水資源高效利用作為核心管理策略，通過加大回水利用相關投入、落地專項改進舉措，持續提升水資源使用效率；同時主動應對水資源價格波動、短缺等外部風險，從生產運營全鏈路優化用水方案，保障水資源穩定供給，從源頭規避停水、水質不穩定等問題對生產的影響。
為減少水資源可能帶來的運營風險，公司定期識別和監測運營過程中的水風險，評估物理風險、政策風險等發生的可能性與影響程度，建立相應的管理方針和應對策略。
公司以「降耗、回用、宣貫」為核心，全方位落地水資源管控舉措。
* 生產端：推進循環水利用，實施節水技術改造、生產廢水回用等專項工程，通過RO反滲透膜製備超純水，在多個生產環節實現水資源回收再利用，深度挖掘節水潛力；
*管理端：開展運營區域水資源供給及質量常態化檢測；
*意識端：常態化組織節水宣貫活動，從思想引導到行動落地，全面減少水資源浪費。
影響、風險和機遇管理
公司建立全維度水資源風險管控機制，定期對運營過程中的水風險開展系統性識別與監測，精準評估物理風險、政策風險等各類風險的發生可能性與影響程度，針對性制定管理方針和應對策略。同時借力專業外部工具，運用世界資源研究所(WRI「) 輸水道水源風險地圖」(Aqueduct Water Risk Atlas)，科學分析工廠取水合理性及取水行為潛在影響，結合節能減排專項舉措持續提升回水利用效能，減少對外購超純水、市政用水的依賴，從源頭降低水資源相關運營風險，保障水資源管理的可持續性。2025年依據《上海市水平衡測試管理規定》完成水平衡測試工作，引入智能遠傳計量水錶，搭建在線水平衡測試體系，實現用水情況數據化、實時化、動態化管理。
指標與目標
我們通過ESG報告每年公開披露用水情況數據。單位產品用水量匯報目標達成情況詳見「ESG管理目標與成果」章節。256 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 257
2025年度環境、社會及管治報告
華虹半導體2025年水資源管理指標與目標指標單位2024年2025年用水總量立方米2129515329684416
單位產品用水量立方米╱8英寸晶圓2.762.99
2.5排放與廢棄物管理
污染物排放
本公司嚴格遵守運營所在地環境保護和污染防治相關法律法規，包括但不限於《中華人民共和國大氣污染防治法》《中華人民共和國固體廢物污染環境防治法》《中華人民共和國水污染防治法》《中華人民共和國環境噪聲污染防治法》等，制定內部制度，並依照最新的法律法規和監管要求進行修訂，不斷完善制度體系。
公司自建廠之初便將綠色環保、合規經營確立為核心發展方針，環保績效表現優異。在廢棄物治理領域成效突出，針對水、氣污染物管控均實施嚴於國標的內控標準，且配套完善的監測體系。
廢氣管理：
華虹半導體嚴格遵守《中華人民共和國大氣污染防治法》、上海市行業標準《半導體行業污染物排放標準》等法律法規及相關要求。
針對氮氧化物、VOCs等污染物，採用活性炭吸附這一成熟穩定的傳統工藝，同時創新應用沸石轉輪等VOCs深度去除技術；國標要求VOCs≤50mg/m3，經活性炭處理後指標穩定在20mg/m3以內，沸石轉輪技術處理後更控制在個位數。
公司建立常態化大氣污染管控機制，每年制定專項檢測方案，導入廢氣在線監測設施，定期檢修廢氣處理設施以保障處理效率；同時積極響應監管要求，逐步推廣低VOCs含量清洗劑使用，從源頭減少清洗工序無組織廢氣排放，2025年公司各類大氣污染物均實現達標排放。
公司以排污許可證要求為準則，圍繞廢水、廢氣污染物總量控制目標，強化環境處理設施日常運行管控，同時通過按時繳納排污稅、投保環境污染責任險等方式，切實履行企業環保主體責任。針對2025年上海市發佈的《排污權有償使用和交易管理辦法》（徵求意見稿），公司第一時間開展政策影響評估，向各廠區宣導相關工作要求，並協同財務部門完成費用測算，提前做好政策落地應對準備。作為重點排污單位，公司嚴格落實政府監管要求，已全面部署廢水、廢氣24小時在線檢測設備，實現污染物排放的實時監控、精準管控，確保環保管控工作的常態化、精細化。256華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司257
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華虹半導體廢氣污染物類型及處理方式類型處理方式
酸性廢氣通過預處理和洗滌塔集中處理，去除絕大部分成分後達標排放。
廢氣鹼性廢氣（主要為氨氣）通過洗滌塔進行淨化。
有機廢氣通過活性炭吸附或濃縮後燃燒處理進行淨化。
粉塵廢氣（主要為二氧化硅的細小顆粒物）通過除塵裝置去除。
作為重點排污單位，公司嚴格落實政府監管要求，已對主要指標安裝在線監測設備，實現污染物排放的實時監控、精準管控，確保環保管控工作的常態化、精細化。
廢水管理：
公司嚴格遵循《中華人民共和國水污染防治法》《污水綜合排放標準》，上海基地同步執行《電子工業水污染物排放標準》，無錫基地對標《江蘇省半導體行業排放標準》，並制定《造排水廢棄物出料操作手冊》《污染物內控標準》等內部管理制度，構建合規且嚴於國標的水污染防治管理體系。
公司通過改進廢水處理工藝、拓展廢水回用環節等舉措，從源頭減少廢水污染物產生量；上海、無錫兩大基地均裝設廢水污染物在線檢測設備，排放濃度實時上傳至環境監管部門信息公開平台，實現環境信息的可靠、透明與可追溯。
華虹半導體廢水污染物類型及處理方式類型處理方式
廢水 pH，COD，氨氮，氟離子等 經廢水處理系統，混凝沉澱、空氣吹脫、酸洗吸收、好氧生物接觸、酸鹼綜合、MBR等工藝處理，處理達標後排入市政污水管網，再經城鎮污水處理廠處置後排入自然水域
我們通過ESG報告每年公開披露水污染管理數據。水污染物管理匯報目標達成情況詳見「ESG管理目標與成果」章節。258 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 259
2025年度環境、社會及管治報告
華虹半導體2025年水污染物管理指標指標單位基地2024年績效2025年績效
上海基地65.722.92年度COD排放濃度 毫克╱升
無錫基地29.928.00
註：2025年的COD排放濃度按照在線監測數據進行統計。
廢棄物處理
公司嚴格遵循《中華人民共和國固體廢物污染環境防治法》等法律法規及相關標準，建立常態化檢查評估機制，通過標準化、規範化管理體系，確保各類廢棄物處理全流程合法合規，各廠區每年常態化落地節能減排專項項目，從源頭推進固廢減量。
針對固體廢物管理，公司實現危險廢棄物、一般工業固體廢物分類管控，搭建全流程危廢管理體系，關鍵數據同步接入政府監管平台，接受實時在線監測；生活垃圾等其他廢棄物，均與具備資質的專業機構簽訂合作協議，實現規範化清運、專業化處理。
華虹半導體廢棄物類型及處理方式類型處理方式
生活垃圾、廚餘垃圾交由營運所在地環衛部門定期進行統一清運
生產原料、辦公類用品實施廠內分類回收與循環利用，按實際可回用無害廢棄物
比例統計，未回用部分依規進行無害化處置。
污泥等填埋、制磚
廢酸液、異丙醇、廢磷酸、有機廢液等委託具備資質的危廢經營單位進行專業資源化
再利用；無法再生的包裝，經安全處置後實現減量化。
有害廢棄物
廢玻璃瓶、200L化學桶、實驗室廢液等 委託具備資質的危廢經營單位進行合規焚燒或安全填埋處置。
抹布、塑料瓶、廢活性炭、廢樹脂、含砷廢物等
公司通過對廢棄物進行識別及歸類，採取相應合適的管理和重複利用方式，盡可能提升廢棄物的循環利用率。258華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司259
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危險化學品處理
公司生產製造多道工序涉及化學品使用，其中部分危險、有毒有害化學品需實施專項管控。為構建系統化、全鏈條的化學品安全管理體系，公司建立《化學品管理程序》《危險化學品安全管理規定》《危害性化學品管理辦法》等多項制度，通過規範化學品標簽標識、嚴格出入庫核查登記等標準化操作，從流程層面降低化學品操作風險。公司生產製造過程中多道工序需要使用化學品，其中部分危險、有毒有害化學品需要特殊管理。
華虹半導體危險化學品類型類型名稱
易燃液體異丙醇、光刻膠、柴油氧化劑和有機過氧化物過氧化氫
有毒品磷化氫、氟
腐蝕品硫酸、鹽酸、氫氟酸、磷酸、混酸、氨水、氫氧化鈉
壓縮氣體和液化氣體氫氣、甲烷、硅烷、氮氣、氧氣、氬氣、氦氣、氨、氯
在管理機制上，公司設立工廠化學品審查委員會，制定《化學物質審查規程》，構建「事前評估－事中管控－事後追溯」的閉環管理模式。事前對化學品供應商的環保安全資質、風險防控能力進行綜合評估，從源頭把控風險；事中運用化學物質管理系統，對化學品的使用、保管、廢棄全環節實施動態管控，明確最大保管量標準，實時監控使用消耗情況，杜絕超量存儲、違規使用等問題；事後通過系統追溯與台賬管理，及時排查潛在隱患，防範環境污染風險。
同時，公司高度重視實操能力建設，各廠區針對性制定化學品洩漏、氣體洩漏、火災等突發安全事件專項演練計劃並常態化落地，同步開展全覆蓋、多頻次的安全培訓，強化員工風險防範意識與應急處置能力，從人員能力層面築牢化學品安全管控防線。260華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司261
2025年度環境、社會及管治報告
2.6循環經濟與綠色產品
公司生產經營核心原材料涵蓋硅片、石英、靶材、化學品等品類，為實現原材料規範化管理，建立了完善的物料管控體系，制定《原物料有效期管控方針》《關鍵物料的風險識別及應對措施》《關鍵物料風險分析表》等制度文件，嚴格管控原材料有效期，強化關鍵物料質量與安全風險排查，確保無異常問題發生；針對化學品、氣體等生產輔料，專項制定《物料管理科儲存化學品及氣體作業管理規範》，明確並宣導標準化儲存、取用操作流程，築牢物料使用安全防線。
在規範管理基礎上，公司秉持源頭減量與循環經濟理念，嚴格遵循《中華人民共和國循環經濟促進法》要求，通過改進生產工藝、優化資源配置與循環利用等舉措，持續減少原材料整體使用量，重點降低化學品使用規模，在減少資源浪費的同時進一步降低生產安全風險。
自2020年11月起，公司正式啟動廢硫酸點對點資源化利用，通過將廢硫酸由末端處置轉變為資源再利用，有效降低了環境風險，顯著減輕了區域生態環境壓力。
公司將ESG發展理念深度融入技術研發全流程，針對汽車電子、新能源等核心領域客戶精準傳遞產品ESG競爭優勢，通過持續的技術迭代與創新研發，實現節能降碳、物料減量的發展目標，全方位助力下游產業綠色化、智能化轉型。
在功率半導體領域，公司持續推進IGBT技術迭代，開發小Pitch Size工藝，通過縮小芯片面積和提升功率密度，有效減少產品配套物料使用量，已實現1.6um Pitch Size的IGBT產品規模化量產，廣泛應用於智能電動汽車、風光儲等新能源領域，並持續開發迭代工藝；積極佈局Power GaN工藝研發，依託器件優勢降低能耗，助力客戶產品達成系統小型化與節能化發展目標。
在邏輯與嵌入式存儲器領域，公司推進工藝技術迭代，通過制程升級，在顯著提升產品工作速度與運算性能的同時，進一步降低運行功耗，契合終端設備低功耗、長續航的發展需求。260華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司261
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我們持續推動BCD平台技術迭代，有效降低產品全生命週期能耗；開發更高電壓BCD工藝平台，可支持48V電源系統應用，進一步助力下游終端提升能效、降低能耗。針對智能汽車等智能化應用場景對產品集成度、可靠性的嚴苛要求，開發「Flash+BCD」集成工藝平台，將傳統多芯片方案整合為單芯片解決方案，不僅大幅提升產品集成度與運行穩定性，更通過簡化供應鏈以及減少物料使用量實現生產與應用環節的降本減碳，該方案已在智能汽車電子中廣泛應用，為下游產業智能化發展提供支撐。
公司建立節能降碳工作常態化考核機制，每年系統回顧能耗指標完成情況、重點用能單位管理工作推進成效，以及「綠色低碳轉型發展三年行動」等專項節能降碳工作的落地完成情況，以考核促落實，持續推動公司綠色低碳轉型。
華虹半導體產品全生命週期環境管理原材料入庫產品生產產品運輸終端產品使用產品廢棄
*對原材料進行有害*選擇低能耗高效能*盡可能採用環保材*研發低功耗、高性*晶圓均通過有害物
物質審查與系統管的生產設備，減少質的包裝能的芯片，減少對質檢測，在廢棄後控原材料和能源的使*對包裝材料進行回環境的影響能減少對環境的影
*對供應商開展資質用收與重複利用*研發面積更小更高響
和環境合規的審*生產廢水處理達標*優化運輸路線，減效能的新品，減少*終端產品由消費者查，並要求供應商後，回用於生產，少重複運輸及空載對環境的污染作為電子垃圾投簽署《環保承諾書》提升廢水回用率運輸放，經有資質的機*優化生產技術及污構無害化處置，部染處理工藝，減少分零部件或金屬拆廢水、廢氣產生解提煉後回收利用262華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司263
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華虹半導體2025年節約原材料措施及成果主體具體措施成果
項目節約原材料－年節省硫酸已節約85000升無錫基地
項目節約原材料－年節省雙氧水已節約15000升清潔技術創新與產業化機遇
清潔技術創新為公司帶來多重產業發展機遇，公司聚焦半導體製造全流程清潔技術研發與落地，形成工藝、材料、治理多維度創新成果，技術落地成效與產業佈局均獲權威驗證與政策支持。依託多項國內外授權專利技術積累，公司在清潔生產技術應用與綠色產業鏈佈局中持續發力，12英寸擴鉑工藝、新一代功率器件平台等技術突破為綠色能源領域提供高性能支撐，以技術創新挖掘綠色經濟機遇，彰顯可持續發展的戰略定力。
在政策層面，公司依託雙碳目標與半導體自主可控政策紅利，獲綠色製造補貼支持；國家集成電路產業基金三期重點投向公司晶圓製造與特色工藝研發，為擴產提供資金保障，供應鏈本土化驗證通道也實現優先開放。未來，公司將持續深耕高深寬比結構清洗，同時依託清潔技術創新與多元化佈局，進一步提升綠色製造水平，持續契合ESG監管與客戶可持續發展需求，以技術創新夯實產業競爭力。262華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司263
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3.和諧共生，賦能利益相關方
3.1關愛員工職業成長
合規保障：築牢員工權益基礎依法合規經營
本公司嚴格貫徹《中華人民共和國勞動法》《中華人民共和國勞動合同法》等國家法律法規，將合法合規作為經營管理的核心原則，堅定維護員工合法權益，著力構建和諧穩定的勞動關係，營造合法合規、公平公正、互助友愛的職場環境。
我們以制度建設夯實員工權益保障根基，制定《僱傭規程》《實習生管理規程》《離職管理規程》《晉升規程》《員工溝通規程》等一系列內部制度，形成全方位、全流程的員工權益保障體系。積極倡導尊重、平等、公正的企業文化，廣泛吸納不同背景、技能與經驗的人才加入，為全體員工提供公平公正的職業發展平台與薪酬待遇，始終致力於提升員工的幸福感、獲得感與滿足感，助力員工與公司共同成長。
規範用工管理
公司嚴格遵循「平等自願、協商一致」的原則，與全體員工依法簽訂書面勞動合同，合同內容全面涵蓋勞動合同期限、工作內容與工作地點、工作時間與休息休假、勞動保護與職業危害防護等法定必備條款。
?嚴格執行禁止使用童工及強制勞動的規定，招聘環節細緻核實應聘者身份，堅決杜絕僱傭未成年人；
?秉持平等與多元化招聘政策，明確禁止一切基於性別、年齡、種族、宗教等的歧視行為，並在相關制度文件中予以明確界定；
?暢通員工溝通及投訴渠道，確保員工訴求得到及時響應與公正處理，權益保障無死角；
?規範離職流程，確保離職事宜的處理合法、合規且有序，以維護公司與員工的合法權益；
?若發現僱傭相關違規事件，將通過調查核實、採取相應的糾正與整改措施以消除有關情況，並致力於完善管控機制，杜絕任何違法違規事件。264華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司265
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報告期內，公司未發生重大勞工糾紛事件，不存在違反勞動法律的重大處罰事件，亦未發生童工或強制勞動事件。
華虹半導體員工多元化實踐性別多元化
*在招聘、僱傭、晉升環節，秉承「性別平等」理念，將員工能力及績效表現等作為僱傭、晉升評定標準。
年齡多元化
*秉承「年齡平等」理念，為不同年齡層的員工提供工作、晉升機會。
職能多元化
*為員工提供管理、技術和職能支持等多個崗位序列，員工可基於自身發展規劃選擇。
華虹半導體2025年員工組成情況性別分佈
26%74%
女性男性年齡分佈
39%59%2%
<30歲30-50歲>50歲
年度招聘600餘人，其中
19%46%13%22%
生產一線人員工程技術人員研發人員其他人員264華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司265
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員工關愛
本公司構建了全面的福利保障體系，依法足額為員工繳納五險一金，覆蓋率達100%，並額外為上海工會會員提供補充醫療保障。我們還設有普惠福利，包括全員年度健康體檢、提供工作餐補貼、帶薪休假及節日福利等。此外，我們提供便民服務：如配鏡服務、幸福直通車（由市總工會主辦，展示企業品牌）、個人養老金政策宣傳、稅務申報指導等；同時，為製造部門的一線員工提供心理健康培訓，並修復公司足球場的照明設施。
舒適辦公*辦公區配新風系統+空氣淨化裝置，優化空氣質量；更新職工休息室軟裝及設備；
*增設綠化、設噴泉╱觀賞魚池，景觀設施常態化，通過合理換水保持水質；
*辦公室常規修繕，更換桌椅、吧台等辦公家具，改造方案經員工高參與率共同確定，貼合現代員工審美。
健康飲食*設有員工餐廳、咖啡廳。2025年，同步完成咖啡吧升級，通過員工投票確定名稱；
*建立食材集中採購及合格供應鏈管理模式，邀請員工、部門代表等進行監督，通過採購審核委員會定期審議食材供應商合格情況；菜品依規留樣；
*開展滬錫美食交流，舉辦迎新跨年美食周活動。
暖心住宿 * 建有員工宿舍，內含獨立衛生間、24小時熱水和WIFI網絡等；
*住宿區內設有圖書室、瑜伽房、桌球室、洗衣房、健身房、快遞櫃等設施；266華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司267
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上海基地Chip & Chill放鬆吧 上海基地噴水池 無錫基地健身房
（一）固定節日活動
工會牽頭統籌春節、婦女節、端午節、中秋節、國慶節等傳統固定節日活動，保障員工在重要節點感受組織關懷。
案例：行走大運河——2025元旦新年走大運活動
2025年1月，公司組織員工參加新年走大運河徒步活動，通過徒步的方式，讓參與者從大運河元點——無錫伯瀆河出發，
探源吳文化的發祥地，感受梅里古鎮深厚文化底蘊和創新高質量發展成果，更深刻體驗中華文脈的綿延與傳承。
（二）特色關懷活動
我們嚴格遵照《工會支出管理辦法》執行各項慰問工作，明確將員工生病、生育、退休等情形列為必訪項目，同時常態化開展「夏送清涼」「冬送溫暖」、開工慰問等專項關懷活動，確保慰問工作規範有序。慰問工作緊扣節點與特殊情況推進，春節、五一端午、中秋國慶等重要節日前，全面摸排員工實際情況並開展針對性慰問，慰問範圍覆蓋全體在職員工。2025年春節期間，組織留守員工參加包餃子特色活動，除夕當晚食堂特別提供「一分錢愛心餐食」，傳遞節日溫暖；端午節、中秋節以節日福利發放為主要形式。
案例：古韻粽香裡，童芯慶六一
2025年5月24日，公司在滬錫兩地同步開展六一兒童節家庭開放日，60餘員工家庭參與。上海基地開設勞模主講的芯片小課堂，搭配才藝表演、包粽子親子活動及趣味小遊戲；
無錫基地通過展廳參觀科普企業與芯片知識，設置投壺、踩高蹺等八項國風親子運動會，還舉辦才藝表演、提供節日套餐。活動融合科技與傳統文化，在溫馨的親子互動中傳遞科技魅力與端午溫情。266華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司267
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（三）專項慰問與金秋助學
針對「芯盾礪網」攻防實戰演練中7*24小時堅守崗位的網絡安全防守應對職工，開展專項慰問以表彰其辛勤付出；各廠區動力檢修期間，對駐守一線的員工進行重點慰問，保障檢修工作順利推進。
我們持續開展金秋助學專項活動，精準摸排困難員工家庭情況，聚焦適齡兒童的心願需求提供幫扶支持，該活動在上海、無錫兩地同步落地執行，確保幫扶覆蓋無死角。
（四）豐富多彩的協會活動
我們開展社團協會管理，協會涵蓋籃球、足球、健身、形象設計等多元品類，員工可根據個人興趣愛好自由選擇加入集團分會或公司自有協會，充分滿足員工精神文化需求。
各協會積極開展各類特色活動，其中健身協會專門聘請外部專業教練開展系統性培訓，提升活動專業度與參與度。公司協會在承辦面向公司全員的各類競賽活動外，積極組隊參與集團級、市級各類賽事並斬獲多項榮譽，如2025年我們參與無錫企業足球超級聯賽，榮獲第五屆無錫高新區龍舟賽亞軍、皮劃艇賽季軍等，展現了公司員工良好的精神風貌與團隊凝聚力。
員工溝通
1.雙向驅動，拓展員工溝通渠道
公司制定《員工溝通規程》，明確公司與員工、主管與下屬、員工間的多向溝通要求，為各類溝通活動開展提供制度支撐。
公司建立並完善透明、開放、多向的常態化員工溝通機制，通過制度規範、多層級渠道搭建、訴求閉環處理，保障員工充分表達意見、參與公司經營管理，切實維護員工合法權益，營造和諧共贏的工作氛圍，持續提升員工的責任感、認同感與歸屬感。268華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司269
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員工溝通是企業可持續發展的重要組成部分：
?2025年公司新增季度員工溝通會，由公司行政每季度組織，高層牽頭，採用線下+線上多會場聯動，覆蓋多地員工。
會議面向全員開放報名，同步經營動態、回應員工關切，並表彰優秀團隊與人才。全年多場會議累計參與超千人次，有效搭建高層與員工直通渠道，強化內部溝通與凝聚力，彰顯公司開放透明、重視員工聲音的治理理念。
?我們定期召開職工代表大會會議。每年至少召開1次，2025年已召開3次，主要向職工匯報公司年度培訓計劃、公司領導人員履職待遇和業務支出情況、公司安全工作年度報告等內容，用心傾聽員工聲音，及時回應員工關切。
?公司行政每季度組織各部門助理溝通會，邀請員工代表圍繞物業辦公、醫務室、食堂、宿舍等後勤保障問題交流意見，現場即時解答可響應問題，未解決問題建立台賬會後跟進閉環處理。
2.多元調研，精準了解員工需求
公司高度重視員工的意見與感受，建立了常態化的員工滿意度調研機制。公司採取不記名、隨機抽樣的問卷調查方式。公司每年度不定期開展員工滿意度調查，圍繞公司發展與文化、工作環境與支持、薪資與福利、學習與發展、信息交流與分享等核心議題，系統收集員工的真實反饋與改進建議。同時，公司通過合理化建議平台等多種形式，廣泛收集不同群體員工的心聲與需求；將近95%的職工對公司生產或工作環境、勞動保護狀態持高度肯定態度。公司將結合調查結果持續優化相關管理舉措，不斷提升員工體驗與組織凝聚力。
3.訴求閉環，落地解決員工問題
我們始終堅持開放和透明的溝通原則，致力於為員工提供公正、平等的申訴和上報程序。根據《員工溝通規程》，公司建立了完善的員工申訴與溝通機制，鼓勵員工在遇到工作中的誤解、疑慮或對公司政策的異議時，首先與直屬主管進行開放式溝通；若員工對是否得到公正對待存在疑慮，或在與直屬主管溝通後問題未能得到解決，員工可以進一步尋求上級主管或人力資源部負責人的幫助；人力資源部將充當員工利益的代言人，並確保所有溝通內容保密，除非需要與相關人員協商解決問題；如果員工認為通過以上途徑仍未得到妥善解決，還可以通過正式的投訴渠道遞交書面投訴報告，尋求更高層次的幫助。我們堅信這一機制能夠有效保障員工的正當權益，並為員工提供一個公平、公開的申訴通道。268華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司269
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針對溝通中收集的員工意見與訴求，公司建立快速響應與跟進處理機制，對合理訴求積極落實解決。本年度，公司通過推進「我為群眾辦實事」實踐，紮實落地滬錫兩地綜合配套項目，切實解決了員工工作生活中的實際需求。同時，後勤相關意見亦會通過部門助理溝通會實現現場即時響應、未解決問題會後跟進的閉環管理，進一步提升員工幸福感。
員工發展與培訓員工賦能培訓
公司高度重視員工培訓與人才發展，積極完善培訓管理體系，制定並優化《教育培訓規程》《赴外培訓管理規程》等專項制度，嚴格依照相關規定規範開展培訓工作。依托公司戰略發展目標與員工個性化成長需求，我們建立並持續迭代完善員工教育培訓體系，全面覆蓋不同崗位員工全方位、多層次的培訓訴求。
為保障培訓工作高效開展，公司配備了專用培訓教室、專業培訓設備，為線下集中培訓提供良好場地條件，同時搭建一體化學習分享線上平台，集成在線培訓報名管理、培訓教材查閱、崗位題庫練習、多媒體學習課件點播等多功能模塊，滿足員工碎片化、自主化學習需求，必要時還會主動整合外部優質培訓資源，為員工學習與發展提供堅實的資源保障。
在培訓管理上，培訓時長統計全面涵蓋新入職員工上崗培訓、外出培訓、內部集訓等各類培訓場景，確保培訓管理無遺漏，同時針對與專業技術崗位相關的學歷教育，提供專項補貼與費用報銷支持，鼓勵員工持續提升專業素養。
在人才培養方面，公司打造了多元化的專項培養體系。為新進應屆生配備成長導師，通過「一對一」的專業知識傾授、實戰經驗分享與職業規劃指導，幫助新員工快速融入工作環境、掌握崗位技能，穩步勝任工作要求。公司還構建了涵蓋崗位技能、專業技術、管理能力等多維度的培訓課程體系，致力於打造知識型、技能型、創新型員工隊伍，鼓勵員工立足崗位開展科研創新活動，以人才能力提升賦能公司核心競爭力升級。270華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司271
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華虹半導體員工分級培訓體系培訓對象培訓內容2025年績效
基層管理者角色認知、自我管理、管理他人、工作管理*人均培訓小時數141.5小時
一線主管一線班組長管理技能，培養高素質、高業務能力的一線*員工培訓覆蓋率100%管理隊伍，夯實公司管理基礎新進大學生職業素養、企業文化、專業入門等課程一線員工半導體製造工藝模塊的理論與實訓課程
公司積極深化產學研協同培養機制，依托工程碩博士校企合作聯培項目，與復旦大學、浙江大學等7所高校建立聯合培養合作關係，計劃聯合培養學生50餘人。項目採用高校授課與企業實踐深化的聯合培養模式，將前沿理論教學與企業真實研發、製造場景相結合，強化工程實踐能力與創新能力培養。通過系統化的校企聯合培養，公司不斷拓寬高層次專業技術人才來源渠道，提升員工專業能力與技術深度，同時為行業持續輸送具備理論素養與實戰能力兼備的工程人才，未來亦將持續推進和深化相關合作項目。
員工成長
公司致力於構建清晰、透明的員工職業發展路徑，定期進行績效評估並給予反饋。在員工晉升層面，我們根據行業特性設立了管理、技術、職能三大職業發展系列，既支持員工在單一序列內深入發展，也鼓勵從技術領域向管理崗位的轉換，以滿足個人特長和職業願望。
公司還通過部門內輪崗、跨部門或跨地域輪崗、掛職鍛煉、崗位拓展等多元化發展方式，幫助員工積累綜合經驗、提升核心能力，持續夯實公司的人才梯隊建設基礎。
為了確保高質量的人才儲備，公司通過專場培訓、技術交流會和專題座談等多種形式提升員工的綜合能力，持續優化人才培養機制，提高公司綜合競爭力。公司制定《學歷教育補貼實施辦法》，為員工進修半導體相關專業的工程碩士、博士學歷提供教育補貼，豐富專業知識，提高公司綜合競爭力。通過學歷補貼、職業認證和技能培訓，公司不僅促進員工個人發展，也增強整體團隊的創新能力和競爭力，為企業的長期發展和技術領先奠定堅實基礎。2025年，1名員工獲得碩士學歷補貼，5名員工備案碩士學歷進修計劃。270華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司271
2025年度環境、社會及管治報告
員工薪酬機制與定期績效評估和反饋流程
員工的薪酬管理與公司的發展戰略、經營績效、盈利能力相適配。公司基於員工的工作績效、職位、勝任技能等因素給予有市場競爭力的薪酬待遇，保證薪酬分配在公司內部的相對公平性。華虹半導體堅持以價值創造為導向，建立規範、透明、分層分類的績效評估與反饋機制，確保公司戰略目標有效分解落實，同時支持員工能力提升與職業發展。為確保員工績效管理的規範性和透明度，公司制定了《員工績效管理規程》。該規程詳細規定了績效考核的原則、方法和流程，旨在通過科學、公正的評估體系激勵員工、促進公司發展。
3.2員工健康與安全
治理
公司嚴格恪守《中華人民共和國職業病防治法》《中華人民共和國安全生產法》《工傷保險條例》等法律法規，對標 ISO45001:2018職業健康安全管理體系標準，構建了覆蓋全流程的管理體系，核心制度包括《安全生產委員會安全生產責任制實施辦法》《環境職業健康安全管理手冊》《安全生產費用管理程序》《工傷管理辦法》等，為安全生產與職業健康保障奠定制度基石。
我們建立「一崗一責」安全生產主體責任制，健全全員安全生產責任體系。設立安全生產委員會，明確「嚴格落實主體責任、強化部門直接監管、強化廠區屬地監管、強化安全綜合監管」的管理原則，持續推進安全工作標準化、系統化、智能化建設。2025年完成安全生產委員會組織架構優化，嚴格遵循「三管三必須」和「三責任」要求，簽訂安全生產責任書共計
5027份（管理崗位243份、全員4721份、常駐廠商63份），簽訂率100%。安全生產委員會制定明確的安全生產與職業病
防治管理目標，將目標達成情況與安全生產責任制直接掛鉤，通過定期審驗機制跟蹤落地成效。2025年報告期內累計召開
4次安委會，重點推進：*安全生產專項整治和治本攻堅三年行動、*安全技改項目實施進展、*大檢修安全保障工作、*防汛防颱極端天氣安全保障工作。272華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司273
2025年度環境、社會及管治報告
戰略
我們制定了職業健康與安全管理方針，嚴格遵循安全健康環保法律法規，為員工營造出安全健康舒適的工作環境，不懈追求「零災害」和永續經營的最高目標，成為模範全球企業公民。公司持續推進安全生產專項整治行動項目，管理評審會每年審查職業健康與安全方針的落實情況，更新法律法規要求，部署實施方案。
職業健康保障
我們建立全週期員工健康管理體系，為入職滿一年的員工提供免費健康體檢，嚴格按照法律法規要求全面執行職業崗位健康體檢，實現職業健康防護全覆蓋。
2025年推進員工醫療服務升級，1月1日起全面落實門診電子病歷與電子處方，兼顧服務效率與綠色低碳；3月啟用新建醫
務室並優化功能區域佈局，提供便捷優質就診服務。
職業健康與員工關懷與賦能
我們強化人文關懷舉措，2025年12月16日邀請醫院專家進駐公司開展醫療健康諮詢與現場答疑，獲得員工廣泛好評。
構建全方位安全教育培訓體系，2025年累計開展安全培訓611場次，覆蓋員工28675人次、承包商12966人次；其中無錫基地針對外來廠商專項培訓70場次，覆蓋12714人次，實現安全教育培訓參訓率100%、關鍵崗位人員持證上崗率100%。
專項整治與常態化管理
對於生產環節，我們持續推進安全生產專項整治行動，覆蓋危險化學品、建築施工、消防、燃氣、電力及特種設備等關鍵領域，實現安全風險精準管控。針對鍋爐、壓力容器、叉車等特種設備，推行「持證上崗+智能監管」雙重機制，開發特種設備管理系統，通過提前報警功能保障設備按時完成檢驗，確保特種設備安全運行。
應急能力建設
公司已完成生產安全應急預案的專家評審與備案，建立生產基地異常快速應急處置流程等規範性文件，形成「周訓練、季拉練、年比賽」的常態化應急演練機制。2025年組織各類預案演練179場、ERT（應急搶險隊）隨機演練794次，開展技能訓練16191餘人次；以「消防月」為載體，通過消防知識展板宣傳、全員消防技能訓練及疏散逃生演習，全面提升全員安全意識與應急響應能力。
安全技改創新
公司搭建安全技術創新激勵平台，實施涵蓋六個維度的優秀安全技改項目評比活動，以技術升級賦能安全管理。2025年累計實施安全技改項目49項，評選出上年度優秀安全技改項目10項，通過技術革新持續優化安全防護體系。272華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司273
2025年度環境、社會及管治報告
影響、風險和機遇管理
公司已制定《安全生產費用管理程序》，年初確定預算，減少重點部位、關鍵設施風險隱患，積極開展安全技改項目，每週報告安全技改實施進度。公司常態化識別安全隱患，建立應急響應基礎設施和隊伍，搭載數字化安全管理系統，並明確工傷認定和處置方式，建立了完整的安全生產管理體系。包括隱患識別，應急響應數字化管理以及工傷管理等方面。
我們搭建以「零災害」為核心目標，構建全鏈條風險防控機制，將風險管理嵌入生產經營各環節。通過健全安全生產責任體系、完善制度流程、強化專項整治，實現對特種設備安全、外來施工安全、消防安全等關鍵風險點的閉環管理，從源頭防範安全事故發生。
我們強化應急搶險隊(ERT)標準化訓練與實戰化演練，提升突發事故快速處置能力；通過全員安全培訓、技能訓練及應急演練，築牢風險應對的人員基礎。建立風險動態監測機制，依託特種設備管理系統等智能化工具，實現風險隱患早發現、早預警、早處置，保障公司生產經營持續穩定，助力永續經營目標實現。
針對職業病危害，公司已建立了完善的職業病危害防治體系，進一步降低職業病風險發生。
華虹半導體職業病危害防治體系職業病危害崗位職業病危害因素防護措施職業健康監護
*離子注入、擴散、刻*氟及其無機化合物、氫*潔淨室機台設備為自動*實施年度職業健康監測
蝕、化學機械研磨、動氟酸、鹽酸、硝酸、硫化密閉運行，並設有密以及職業危害現狀評價；
力氣化等設備作業崗位。酸、磷酸、氨水、過氧閉式工藝設備排氣系統；*接觸職業病危害崗位員化氫、砷及其化合物、*為員工配備個人防護用工100%嚴格實施崗前、
磷及其化合物、異丙醇品和應急防護用品，定崗中、離崗體檢。
等。期檢查器材確保防護用品的有效性。274華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司275
2025年度環境、社會及管治報告
指標與目標
公司高度重視職業安全指標體系建設，已全面通過ISO 45001:2018職業健康安全管理體系認證，認證覆蓋率達100%；建立全員全鏈條責任綁定機制，員工100%簽訂《安全責任書》，承包商100%簽訂《安全環保承諾書》，構建「層層負責、人人有責、各負其責」的安全責任閉環。2025年度，公司實現工傷死亡事故0次、職業病發生0次的核心安全目標；全年發生3起輕傷及以上安全事故，因工傷導致損失天數143天，針對該情況已迅速採取整改措施，包括組織當事部門全員開展專項安全培訓教育、優化現場工程控制措施等，持續築牢安全防護防線。2025年，公司累計投入安全生產費用3195萬元，為職業安全管理體系有效運行、風險防控措施落地提供堅實保障。
華虹半導體2025年職業健康安全指標與目標指標單位2024年2025年2025年目標2026年表現表現達成情況目標
ISO 45001認證覆蓋率 % 100 100 已達成 100
《安全責任書》員工簽訂率%100100已達成100
《安全環保承諾書》承包商簽訂率%100100已達成100年度工傷死亡事故數次00已達成0年度職業病發生次數次00已達成0
3.3公益及社區參與
社會貢獻與鄉村振興
2025年，我們持續深化社會價值創造，以精準幫扶、公益投入、科普賦能等行動踐行社會責任，助力鄉村振興戰略落地，
同步將社會責任履行與企業經營發展深度融合，實現社會效益與企業發展的協同共進。
一、鄉村振興：精準幫扶，持續賦能鄉村發展
結對消費扶貧，築牢增收長效機制：自2019年起持續開展雲南省對口縣市結對幫扶，2025年我們延續多元化消費扶貧模式。我們深化產銷精準對接，助力幫扶地區構建穩定增收路徑，夯實鄉村振興經濟基礎，在2025年購買雲南漾濞縣農產品核桃及菌菇醬。274華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司275
2025年度環境、社會及管治報告
二、社會貢獻：多維發力，踐行企業社會責任
我們堅守發展初心，深化公益活動穩序推進，將社會公益投入作為企業常態化工作，2025年持續加大各類社會公益事業資源投入，除了開展常規的獻血活動外，我們還結合公司本身的業務特性，以多元化公益行動傳遞企業價值，切實履行民生責任，彰顯企業的社會擔當。
案例：深耕科普賦能，助力科技素養提升公司院士專家工作站、企業科協與張江科學會堂深度聯動，自首屆張江科學會堂科普季集成電路專場起，已連續三年打造集成電路品牌科普專場，堅持與青少年面對面開展科普活動並持續創新形式，為青少年提供高品質的科創體驗。活動通過專業講解芯片全製作流程、設計趣味手工組裝與互動體驗環節，讓青少年直觀感受MCU在芯片中的指揮控制原理，沉浸式領略科學探索的魅力，累計服務超500名青少年。
2025年，公司在此基礎上升級打造芯片科普互動體驗區，開設「無處不在的芯片」集成電路專題講座，搭配台下互動展臺開
展沉浸式科普，以「講解+實操」的形式向青少年普及半導體核心知識，助力提升青少年科學素養，推動集成電路行業科普的常態化、趣味化傳播。
4.責任聚焦，深耕提質創效
4.1產品質量與安全
治理
公司遵循ISO 9001、IATF 16949質量管理體系及相關要求，制定《質量手冊》《質量目標管理實施規程》《不合格品控制規程》《供貨商管理規程》等內部管理制度，明確品質保證在產品質量與安全方面的職責。
戰略
公司將質量視為企業戰略核心要素，高度重視質量管理對產品迭代與業務發展的深遠價值，建立嚴苛的質量管理體系，精準識別並有效防控產品質量相關風險，持續提升公司對外部環境變化的適配能力。
公司深化全流程質量管理，對研發、生產、測試各環節實施精細化管控：
?研發環節聚焦技術創新，築牢工藝平台穩健性，強化核心工藝能力；
?生產環節嚴守質量標準，保障產品安全量產落地；測試環節建立標準化程序認證機制，實現早介入、早檢出，為客戶持續交付高性能產品。276華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司277
2025年度環境、社會及管治報告同時，公司通過開展全員質量意識培訓、加嚴車規品爬坡階段在線監控、建立設備健康度評分體系、優化系統防呆機制等多重舉措，推動質量管理持續改善，有效降低生產運營中的異常事件發生率。在2025年，上海基地旗下二廠榮獲第五屆中國質量獎提名獎。
公司常態化開展年度全國質量月活動，2025年9月，上海及無錫基地同步舉辦華虹宏力第十二屆質量月活動，以「零缺陷鑄車芯標杆，高質量強特色品牌」為主題，通過系列專項活動，強化全員質量意識，提升質量改進專業能力。
對於客戶服務方面，我們於每年年中開展客戶滿意度調查，綜合銷售額、地域覆蓋、合作深度及發展潛力等維度篩選調查對象。報告期內，我們通過多維度問卷調研、客戶反饋信息的系統收集與分析，形成針對性改進計劃並上報管理層，推動改進措施落地執行，同時持續跟蹤成效並向客戶同步進展，確保客戶需求被充分理解與響應，實現產品與服務質量的閉環式持續提升。
範圍:三種調查類型(評分評級評價)產品質量有害物質6交貨期客戶服務評分項改善措施技術水平期望供應商等級2競爭力3
評級項挑戰評價項說明276華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司277
2025年度環境、社會及管治報告
2025年華虹半導體滿意度調查分數
2024年2025年分數變動情況
8.89分8.98分↑0.09分
影響、風險和機遇管理
公司通過建立《APQP產品質量先期策劃管理程序》、《FMEA失效模式和效應分析管理程序》、《不合格品控制等管理程序》等，從設計，生產保證產品質量，追求「零缺陷」；建立產品全生命週期追溯流程，確保從晶圓批次到生產步驟的全程可追溯，滿足汽車電子客戶的「全過程追溯」要求。我們推進高質量持續改善，通過體系月報機制，定期分析質量、環境、安全及汽車電子專項指標，通過內審、管理評審、客戶反饋進行持續改善，追求高質量。
公司建立的《客戶投訴管理規程》，詳細規定了處理客戶投訴的標準流程和應對策略，從多元化便捷的客戶投訴通道，到快速的投訴響應和處理（24小時內確認接受客戶投訴、48小時內提供3D報告，車規品10個自然日╱非車規品14個自然日內提供8D報告），再到改善行動的有效性確認閉環，以數據驅動公司的可持續發展。2025年投訴0起。
華虹半導體客戶投訴處理流程投訴發生失效原因調查預防與糾正
正常投訴發生後24小時內與需進行失效分析的投訴案例落實糾正與預防措施，並定客戶進行溝通和確認，並給移交相關部門進行處理，根期對客戶反饋的相關信息進出初步回覆據調查結果制定糾正與預防行整理和分析，對整改效果措施並回覆客戶進行審核278華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司279
2025年度環境、社會及管治報告
指標與目標
報告期內，公司圍繞推動質量改善、強化質量評審、規範供應商管理、開展質量培訓等方面多措並舉，旨在全面提升產品質量和客戶滿意度。公司持續進行客戶滿意度調查工作，報告期內，公司根據《客戶滿意評價及改進規程》，通過開展客戶滿意度調查，不斷推進產品和服務的品質改善，持續提升客戶滿意度。
指標單位2024年表現2025年表現目標進展產品召回次數次00保持在0個次數已達成
公司級質量目標達標率%8494.2≥80%已達成有害物質及衝突礦產管理
一、產品有害物質合規管理
公司嚴格遵循REACH、WEEE、RoHS等國際法規標準，制定《有害物質管理規程》《有害物質管理標準》等專項制度，搭建全流程閉環管理體系，並將管控理念融入產品研發環節，從源頭降低有害物質使用風險。
1全維度管控舉措：源頭管控上，要求供應商提供檢測報告、簽署環保承諾書，將有害物質合規納入供應商審核；過程管控中，定期對原料開展抽樣檢測；成品管控方面，委託第三方機構開展產品檢測與認證，確保全鏈路符合法規要求。
2. 專項合規推進：2025年專項調研全氟和多氟烷基物質(PFAS)使用情況，協同客戶開展替代材料評估，保障產品滿足
海外地區相關法規要求。
二、衝突礦產管理
衝突礦產指在受衝突影響或高風險地區、通過非法貿易資助武裝團體的礦產，其開採常伴隨暴力脅迫勞工、使用童工、破壞生態等行為，易引發人權侵犯與社會動盪。根據《多德－弗蘭克華爾街金融改革與消費者保護法》及國際非政府組織研究，此類礦產可能流入ICT產業，應用於電子電氣產品生產。
公司生產涉及金(Au)、鉭(Ta)、鎢(W)、錫(Sn)、鈷(Co)等礦產，為杜絕違規礦產採購，制定《華虹宏力衝突礦產管理規程》及配套政策，發佈CMRT/EMRT調查報告模板與《不使用衝突礦產承諾書》，明確管控標準。從來源分佈看，金、錫、鉭、鎢71%以上源自亞洲，20%以上來自歐洲，其餘取自美洲；鈷三分之二來自亞洲，三分之一來自歐洲。截至報告期末，金、鉭、鎢、錫均未涉及武裝衝突或高風險地區。278華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司279
2025年度環境、社會及管治報告
《華虹半導體衝突礦產管理政策》
2、要求供貨商提供金 (Au)、鉭
1、要求原物料中含有金(Au)、鉭
將全球社會環境責任作為 (Ta)、鎢(W)、錫(Sn)、鈷(Co)金
(Ta)、鎢(W)、錫(Sn)的供應商遵
公司的目標，踐行綠色採屬不使用「衝突礦產」的聲明，循負責任礦物政策採購，要求原購原則，承諾在金屬供應向供應商發出衝突礦產調查問物料含鈷(Co)的供應商披露鈷的
鏈中承擔社會及環境責任 卷 (CMRT)和擴展礦物調查問卷來源冶煉廠
(EMRT)
我們通過全鏈條合規管控舉措，保障公司不使用衝突礦產：
1. 供應鏈全量核查：對所有合作供應商實施100%衝突礦產專項調查（含CMRT/EMRT），要求簽署承諾書，覆蓋新導入
及存量供應商，金屬靶材供應商問卷調查覆蓋率達100%。
2. 國際標準同步：遵循RMI、OECD相關盡職調查指南，緊跟RMI的CMRT/EMRT標準更新，第一時間優化調查流程與報告模板，深化綠色可持續採購理念。
3.全週期溯源管理：建立礦產原材料溯源機制，追溯範圍涵蓋礦山、冶煉廠及全供應鏈，確保每一批次礦產產地信息清晰可查。
報告期內，經全面核查與溯源，公司不使用衝突礦產的供應商比例為100%，供應鏈礦產來源完全符合合規與道德要求。
4.2研發創新
治理
公司建立「董事會－管理層－研發部門」三級協同的研發治理架構，形成權責清晰、高效聯動的創新管理機制。董事會作為戰略決策核心，主導制定公司整體研發戰略，錨定研發方向與公司長遠發展目標的一致性，為創新工作築牢頂層設計根基；管理層承接董事會決策部署，牽頭制定具體研發計劃、技術路線圖及資源配置方案，統籌協調內外部資源，破解創新進程中的協同壁壘，保障研發戰略落地見效；研發部門作為核心執行單元，聚焦日常技術研究、產品開發與創新實踐，以持續的技術突破和產品迭代，夯實公司創新核心競爭力。280華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司281
2025年度環境、社會及管治報告
戰略
公司將研發創新視為製造工藝精進、產品服務升級的核心驅動力，圍繞「持續創新，為全球客戶製造‘芯’夢想」的願景，制定兼具前瞻性與穩健性的研發創新策略。在戰略決策環節，充分研判行業發展趨勢（如數字化浪潮下汽車整車廠與芯片設計廠商的供應鏈聯動變革），全面評估研發創新帶來的市場機遇、技術風險與商業價值，確保戰略方向與市場需求同頻；在落地執行層面，通過精準感知市場動態、優化資源配置效率、強化跨領域協同等舉措，持續提升公司應對技術迭代、市場波動等風險的核心韌性，為研發創新的可持續推進提供保障。同時，將ESG理念深度融入創新策略，以技術迭代為抓手，持續研發更高功率密度、更高能效的生產工藝，助力行業綠色低碳轉型，實現創新價值與社會責任的協同統一。
創新實踐：聚焦核心領域，強化產業鏈協同與效率提升公司聚焦工業、汽車電子、消費、通信等核心應用領域，構建精準化、差異化的創新佈局。在汽車電子領域，重點攻關BCD、嵌入式╱獨立式閃存、功率器件等關鍵工藝，形成覆蓋電動汽車逆變器、車載充電器、微控制器、模擬與電源管理等汽車電子芯片的產品矩陣，持續推動核心技術的迭代升級；在產業鏈協同層面，深度對接終端客戶需求，主動協助客戶開展產品規劃，以市場需求牽引NVM、BCD及功率器件等核心工藝研發，推動產業鏈上下游深度融合，實現創新成果與終端需求的精準匹配；在研發效率提升方面，通過購買第三方基礎IP、開展產學研研發合作等模式，有效縮短產品研發週期，加速工藝平台市場化推廣與產品量產進程，構建「需求－研發－轉化」的高效創新閉環。
影響、風險和機遇管理
公司採用「技術平台多元化+終端應用廣覆蓋」的風險管理策略，有效分散研發創新過程中的技術風險與市場風險。在技術層面，在多個關鍵技術平台上構建豐富的產品線，形成多技術路徑並行、多產品形態互補的格局，降低單一技術路線迭代帶來的衝擊；在市場層面，終端應用覆蓋消費電子、工業控制、汽車電子、物聯網、通信、計算機等多個領域，通過需求結構的多元化，抵禦單一行業波動對研發成果轉化的影響，確保研發投入的持續回報與創新業務的穩定發展。280華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司281
2025年度環境、社會及管治報告
華虹半導體研發創新管理體系管理流程管理措施
識別與評估*持續跟蹤市場變化和技術發展趨勢，確保技術平台能夠適應不斷變化的需求。
*定期審查內部資源和技術能力，確保可以支持新產品的研發和生產。
*識別潛在的風險點，如技術障礙、市場接受度、法規變動等，並評估發生的可能性及財務影響。
管理與優化*通過改進工藝、增加研發投入等方式降低風險水平。
*加大對潛力芯片技術領域的投資力度，促進相關技術研發。
*建立靈活高效的決策流程，確保能夠迅速響應市場變化和技術進步帶來的機遇。
指標與目標華虹半導體2025年研發創新指標指標單位2024年表現2025年表現研發投入萬元164322199431
研發投入佔營業收入比例%11.4211.53研發人員數量人14271395
研發人員佔員工總人數比例%19.0618.29
4.3知識產權保護
我們將知識產權管理視為技術創新與合規運營的核心支撐，嚴格遵守《中華人民共和國專利法》《中華人民共和國著作權法》《中華人民共和國商標法》等相關法律法規，構建了覆蓋制度建設、組織保障、全流程管控的知識產權保護體系，有效推動公司技術研發與市場競爭能力提升。為規範知識產權全生命週期管理，2025年，公司結合業務發展與監管要求，完成三項核心制度的修訂更新，具體包括：《上海華虹宏力半導體製造有限公司論文發表內部審批規範》，進一步提升制度的適用性與執行效力。282華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司283
2025年度環境、社會及管治報告
公司設立專利暨商密評審委員會，作為知識產權管理的核心決策與監督機構。公司將知識產權保護理念貫穿於研發、生產、供應鏈等全業務環節，每年制定明確的專利申請工作目標，強化自主知識產權的創造與保護。同時，公司恪守知識產權保護承諾，尊重並保護內外部單位及個人的知識產權權益，對上下游合作夥伴的產品技術信息實施嚴格保密管理。為有效防知識產權侵權風險，公司建立客戶信譽及潛在法律風險評估機制，對合作方進行全面合規篩查。此外，公司與多家關鍵技術提供商建立穩定的技術授權合作關係，確保公司產品研發與市場投放均建立在合法合規的基礎之上。
針對知識產權風險管理，我們建立專利申請與論文發表的前置審查機制，員工在發表學術論文或提交專利申請前，須提交專利暨商密評審委員會審查。通過技術合規性與商業秘密保護雙重審核，從源頭規避知識產權洩露風險。
（一）研發前期專利篩查
公司採購專業專利數據庫，為研發人員提供專利信息查詢比對工具，助力研發團隊在項目立項階段全面掌握行業技術現狀，避免重複研發，提升研發效率與創新性。
（二）專利評審與申報管理
1.評審機制常態化：公司建立月度專利評審會議制度，每月召開4-6次專利評審會，年末可根據研發成果產出情況酌情
增加評審頻次，確保專利申請的及時性與質量。
2. 考核與跟蹤管理：將發明專利申請拿號數納入公司級KPI考核指標，強化研發團隊的專利申報積極性。由合規部牽頭
負責專利申請全流程跟蹤、年費繳納、權利維護及授權信息統計工作，對外披露專利數據以最終授權數量為準。
華虹半導體2025年知識產權保護指標指標單位2024年表現2025年表現累計專利申請數件964910360累計專利授權數件46444913實際完成申請專利數量件680711
實際獲得授權專利數量件230306282華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司283
2025年度環境、社會及管治報告
4.4樹立行業標杆
公司院士專家工作站作為上海市首批掛牌的十家院士專家工作站之一，同時也是上海市集成電路行業首家組建的院士專家工作站，自成立以來便錨定企業創新發展核心需求，將服務企業中心工作作為核心宗旨，在高端人才自主培養、產學研合作深化、科技創新氛圍營造等關鍵領域持續深耕發力，以專業佈局與扎實行動樹立起行業發展標杆。
工作站始終堅守鄒世昌院士「人才一定要自己培養」的初心，把高端複合型人才培育作為重要發展任務，其聯合培養博士生項目更是人才培養的核心載體。該項目早在2003年便率先啟動，2014年工作站正式建站後，持續延續並深化這一人才培養計劃，歷經二十餘年積澱，已形成豐碩的人才培養成果，累計有2名博士後順利出站、38名博士畢業，這些專業人才如今已成為EDA、設計、製造等集成電路產業鏈各領域頭部企業的青年骨幹，為行業人才梯隊建設注入強勁動力。2025年，聯合培養博士生項目穩步推進，目前仍有4名聯培博士生在讀，持續為企業和行業儲備高端專業人才。
我們積極參加汽車電子48V行業峰會、「中國芯」產業鏈生態峰會、2025汽車芯片產業創新生態會議、家電院中國家電科技
年會等行業趨勢峰會，跟蹤行業動態，研判新興應用趨勢，為產業融合發展提供支撐。在深化產學研交流、助力技術創新升級方面，工作站結合行業發展趨勢與企業技術需求，精心規劃2025年度研討會安排，以精準的主題設置搭建起學術界與產業界的交流平台。
?6月，工作站舉辦以「聯培匯智，鏈芯創新」為主題的研討會，邀請進站專家、企所導師及聯培博士代表齊聚一堂，圍繞集成電路行業技術熱點展開深度研討交流，既對聯合培養博士生項目的階段性成果進行全面回顧總結，也為進一步提升企業與行業整體技術水平展開前瞻性探討；
?11月，聚焦存儲技術領域舉辦「以存為基，智創未來」主題研討會，廣邀學術界與產業界資深專家，共同探討存儲技術發展趨勢與多元應用場景，為公司打造存儲領域核心技術優勢、搶抓市場發展先機提供了有力的技術支撐與方向指引。
4.5可持續供應鏈管理
治理
公司主要的供應商類型為硅片、化學品、氣體的供應商。公司以責任商業聯盟(RBA)行業標準為核心遵循，在已獲得RBA“Platinum Award”認證基礎上，構建層級化治理+標準化制度的可持續供應鏈管理體系，確保管理流程科學嚴謹、責任落實清晰。284華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司285
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在制度建設層面，我們在原有的制度基礎上，如《供應商風險識別策劃控制管理程序》《社會責任管理手冊》等核心制度，修訂了《供應商管理規程》以及《物流服務供應商管理辦法》等文書，明確供應鏈全流程管理要求，覆蓋供應商篩選、准入、評估、退出全生命週期。
在組織架構方面，我們組建由各基地工程部門、品質及可靠性保證部、採購部構成的供應鏈工作小組，全權負責供應商評估、定期審核與績效管理；經管層制定供應鏈戰略方向並監督執行，定期向董事會匯報，確保供應鏈政策與公司整體發展目標高度契合。公司的董事會統籌監督、經管層戰略把控、供應鏈工作小組落地執行，形成「決策－監督－執行」三級權責體系，保障供應鏈管理工作有序推進。
戰略
公司圍繞數據安全與隱私保護、商業道德與廉潔合規兩大核心，構建覆蓋合作全生命週期的管控機制，將合規要求延伸至所有供應商及業務合作夥伴，築牢供應鏈合規防線。
（一）全維度保障供應商數據安全與隱私保護
我們制定《採購規程》《供應商信息安全╱數據安全管理要求》《個人信息管理規程》等系列制度，明確供應商合作各階段安全管理標準，同時將合作夥伴數據保護要求覆蓋全體員工，實現內外部管控一體化。並要求所有合作供應商簽署保密協議(NDA)，以法律形式界定數據安全責任；每年對服務供應商開展信息安全專項評價，動態評估合規能力；對A類合格供應商定向發送年度信息安全宣導書，強化合規意識。
在供應商信息安全全生命週期管理方面，我們要求供應商遵循合法合規、最小必要、知情同意、責任明確核心原則，對合作夥伴數據（含商業秘密、個人信息）實施從採集、存儲、使用、傳輸到銷毀的全鏈條安全管控，保障數據機密性、完整性與可用性。
（二）商業道德與廉潔合規管理
我們原則上與所有供應商簽訂廉潔、反商業賄賂協議，將誠信合規納入供應商合作基本要求，從源頭杜絕商業賄賂、利益輸送等行為。針對部分頭部強勢供應商的特殊情況，通過B2B公告欄完成所有在庫供應商的協議確認，實現合規約束全覆蓋。
（三）供應商差異化審核
公司建立標準化審核流程+差異化績效評估+行業特色環境管控的供應商管理機制，兼顧供應鏈質量效率與環境可持續性，貼合半導體硅片製造行業的資源環境特性。284華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司285
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1.審核發起：由工程部門、品管部門聯合發起供應商現場審核，確保審核專業性與全面性。
2.年度績效評估：每年底由品管部門牽頭，聯合相關部門對設備、備件等採購量較大的供應商開展綜合評分，實現供應
商績效動態管理。
3.多維度評估指標：從質量、成本、交付、服務四大維度構建供應商評估體系，各維度對應專屬主管部門負責，確保評
估結果客觀、權責清晰。
（四）硅片供應商水資源專項環境管控
針對半導體硅片製造水資源消耗大、污染排放風險高的行業特點，公司聚焦核心硅片供應商實施水資源管理專項行動，降低供應鏈整體環境影響：
我們開展硅片供應商水資源績效專項調查，覆蓋節水目標、實際耗水量、節水措施等核心維度，相關供應商均符合國家要求及規定。
影響、風險和機遇管理
公司以RBA電子行業社會責任審核標準為基礎，建立全流程風險防控體系，覆蓋供應商准入至合作存續全週期，有效管控質量、供應、勞工、環境、商業道德等多維度風險。
華虹半導體可持續供應鏈管理流程
?全週期管控：構建供應商准入前初審、年度定期評估、常態化合規宣導的三級管理體系，實現風險提前識別、過程動態管控、事後持續優化。如在供應商准入階段，進行品質要求、穩定供應、勞工管理、環境保護、商業道德等方面表現的初步審核，篩除有負面信息或不滿足要求的供應商，關鍵供應商須經過初審後方可登記進入合格供應商清單
(Approved Supplier List ASL)清單，以降低供應鏈起始階段的風險。
?多維度風險要求：明確供應商在產品質量、供應穩定性、勞工權益保護、環境保護、商業道德等方面的基本合規要求，將ESG要求納入供應商合作核心門檻。每年開展全面的風險評估，根據《供應商風險識別策劃控制管理程序》，通
過第三方稽核或審核問卷，識別供應商潛在的風險點，對潛在風險提出整改方案；如供應商無法有效整改，或發生重
大違規行為，則取消合作關係，確保供應鏈穩定合規。286華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司287
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?合作機制：與績效優良、合規達標供應商維持長期穩定合作關係，對不合規供應商啟動整改或退出機制，保障供應鏈整體穩定性與可持續性。嚴格控制原材料質量、有害物質含量合規性等關鍵表現。每年開展供應商績效評估，並評選出傑出供應商等獎項，激勵表現優異的供應商。
?反腐敗強化：通過反賄賂協議、商業道德承諾書、定期審核與績效評估相結合的方式，持續監督供應商業務實踐，確保其符合公司誠信與合規標準。定期開展覆蓋多類別供應商的宣導和培訓，與供應商同步環境、道德及質量標準要求，為供應商提供技術支持，共同挖掘供應鏈優化和提升的潛在機遇。
指標與目標
報告期內，公司持續優化供應鏈管理體系，通過常態化調研與供應商拓展，進一步提升供應鏈穩定性、高效性與可持續性，為公司業務發展提供堅實支撐：
1.報告期內累計開展供應鏈相關企業調研十餘次；
2.與上百家國內優質供應商建立合作關係，持續豐富供應鏈資源池。
指標2024年2025年2025年目標目標達成情況
關鍵供應商社會責任審核覆蓋率100%100%100%已達成關鍵供應商培訓宣導的次數202020已達成
新引入國產供應商（家）1866已達成
「8英寸」靶材和硅片供應商多元化率98%100%100%已達成286華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司287
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附錄可持續發展指標匯總表績效指標單位2023年2024年2025年排放物廢氣排放總量萬立方米274792924788383334768
氮氧化物(NOx)排放量 千克 33719 35333 41355
二氧化硫(SO2)排放量 千克 5252 4013 5022廢水排放總量萬立方米8989701175有害廢棄物產生量2噸207972760134717
單位產品有害廢棄物產生量千克╱8英寸晶圓5.296.076.45無害廢棄物產生量2噸92691013419800
單位產品無害廢棄物產生量千克╱8英寸晶圓2.362.233.68資源使用綜合能源消耗量3兆瓦時116817012723311576404
單位產品綜合能源消耗量兆瓦時╱8英寸晶圓0.300.280.29其中，外購電力1兆瓦時103035211048291452571天然氣用量1立方米11048312116305438049312汽油用量1升43949439237832柴油用量1升15911212445342外購熱力1吉焦134940141125130249
外購綠電8兆瓦時––98279
清潔能源佔比9%––11.76%用水總量4立方米190767342129515329684416其中，來源於市政供水的水量立方米111272661256016816112472廢水回用立方米7949468873498510563452
單位產品用水量5立方米╱8英寸晶圓2.832.762.99
循環╱再利用水量立方米126544660148470458185481468
成品出貨所用包裝材料的總量噸336.92420.32388.09
單位成品出貨所用包裝材料千克╱8英寸晶圓0.090.090.07
成品出貨所用包裝材料的回收量噸66.3384.71111溫室氣體排放溫室氣體排放量6噸二氧化碳當量537070562487812915其中，直接溫室氣體排放量噸二氧化碳當量228812533117458間接溫室氣體排放量7噸二氧化碳當量514189537156795457
單位產品溫室氣體排放量噸二氧化碳當量╱8英寸晶圓0.140.120.15
溫室氣體排放範圍三－類別六商務旅行10噸二氧化碳當量––222
註：
12025年無錫基地擴產項目投產，並於2025年擴大產能，因此2025年綜合能源消耗量、廢水排放總量、廢棄物產生量有所增加。
2有害廢棄物主要為廢異丙醇、廢酸、廢油、廢包裝物等。無害廢棄物主要為廢污泥、生活垃圾等。
3綜合能耗涵蓋外購電力、天然氣、汽油、柴油、外購熱力。288華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司289
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4用水總量=市政供水的用水量+廢水回用量。
5單位產品用水量的統計口徑僅包含市政供水。
6 溫室氣體排放所採取的統計口徑及核算依據遵循國家標準委《GB/T 32150工業企業溫室氣體排放核算和報告通則》及《GB/T 32151溫室氣體排放核算與報告要求》。該部分的排放量總計為直接溫室氣體排放量範圍一及間接溫室氣體排放量中的範圍二之和。
7間接溫室氣體排放量上海、無錫基地分別依據《上海市生態環境局關於調整本市溫室氣體排放核算指南相關排放因子數值的通知》
及中國生態環境部《關於發佈2022年電力二氧化碳排放因子的公告》（2024年12月）計算。上海基地採用電力排放因子缺省值0.42tCO2/MWh，無錫基地採用全國平均電網排放因子0.5366 tCO2/MWh進行計算。
8.上海基地於2025年購買綠電。
9.清潔能源佔比=（天然氣+外購綠電）╱綜合能源消耗量。
10.範圍三類別六商務旅行包括通過公司平台預定飛機出行，採用費用法，其中因子數據來自中國產品全生命週期溫室氣體排放系數庫。
僱傭與勞務實踐績效指標單位2023年2024年2025年員工僱傭全職員工總數人686374877628按性別劃分男性員工人503955255633女性員工人182419621995按僱傭類型劃分勞動合同制員工人686374877628
勞務派遣制員工（不計入全職員工總數）人534941兼職員工人000按年齡劃分小於30歲員工人289432282969
30-50歲員工人381140914468
大於50歲員工人158168191
按級別劃分基層員工人╱73617507
管理層員工人╱126121
按學歷劃分擁有研究生及以上學歷的員工人╱19872095
擁有本科學歷的員工人╱26622745
擁有本科以下學歷的員工人╱28382788按地區劃分在中國大陸工作的員工人685574797623在港澳台及海外工作的員工人885
員工流失率1%12.011.26.0
按性別劃分女性員工%7.16.33.5
男性員工%11.312.56.8
按年齡劃分30歲以下員工%14.017.28.8
30-50歲員工%7.56.34.0
50歲以上員工%1.91.21.7
按地區劃分在中國大陸工作的員工%10.011.26.0
在港澳台及海外工作的員工%9.70.00.0288華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司289
2025年度環境、社會及管治報告
績效指標單位2023年2024年2025年健康與安全2
員工職業病發病率%000
參加職業病體檢的員工覆蓋率%100100100因工亡故的人數人000
因工亡故的比例%000因工傷損失工作天數天61126143員工培訓
全職員工人均接受培訓時長3小時133.7137.3139.8
按級別劃分基層員工人均培訓時長小時135.6139.1141.5
管理層員工人均培訓時長小時31.629.331.4
按性別劃分女性員工人均培訓時長小時125.1119.6130.5
男性員工人均培訓時長小時136.8143.6143.0
全職員工受訓覆蓋率4%100100100
按級別劃分基層員工受訓覆蓋率%100100100
管理層員工受訓覆蓋率%100100100
按性別劃分女性員工受訓覆蓋率%100100100
男性員工受訓覆蓋率%100100100
員工培訓總支出萬元人民幣╱195102員工權益
員工勞動合同簽訂率%100100100
員工社會保險覆蓋率%100100100員工歧視事件發生數件000
員工工傷保險投入金額萬元人民幣╱9631161
員工工傷保險覆蓋率%100100100
註：
1各類別員工流失率=年內該類別員工流失人數╱年末該類別員工人數。
2參加職業病體檢的員工覆蓋率統計口徑為報告期末職業風險崗位的員工。報告期內，公司發生3起工傷事件，已針對性加強防護教育，包括當事部門全員的安全培訓教育、現場工程控制措施等。
3各類別員工人均接受培訓時長=該類別員工接受培訓的總小時數╱年末該類別員工人數。
4各類別員工受訓覆蓋率=接受培訓的該類別員工人數╱年末該類別員工人數。290華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司291
2025年度環境、社會及管治報告
產品責任與客戶服務績效指標單位2023年2024年2025年產品責任與客戶服務報告期內違反產品和服務有關法律法規的事件數件000
產品退貨率%0.0870.0370.029
已售產品因安全與健康問題回收的比例%000客戶服務接獲關於產品及服務的投訴數目件420
客戶投訴辦結率1%100100100
註：
1客戶投訴辦結率=已辦結的客戶投訴數目╱接獲關於產品及服務的投訴數目*100%。
信息安全與隱私保護指標名稱單位2023年2024年2025年經證實的洩露、盜竊或丟失客戶資料的事件數件000數據安全事件涉及的金額萬元人民幣000客戶隱私洩露事件涉及的金額萬元人民幣000供應鏈管理績效指標單位2023年2024年2025年供應商總數家561581593按區域劃分中國大陸供應商總數家420436446港澳臺及海外供應商總數家141145147接受評估的供應商數目1家114139146要求整改的供應商數目家000
原輔料供應商簽訂%100100100
《環保承諾書》的百分比
原材料採購本土化比例2%323640
註：
1指公司對其實施了勞工、健康、環境、道德方面的評估的供應商數目。
2原材料採購包括：硅片、石英、靶材、氣體、化學品等生產原材料。290華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司291
2025年度環境、社會及管治報告
反貪污績效指標單位2023年2024年2025年於匯報期內對發行人或其僱員提出並已審結的件000貪污訴訟案件的數目
員工接受反貪污培訓的累計時長小時254222452119.5
員工人均接受反貪污培訓的時長1小時╱1.21
註：
1接受反貪污培訓員工包括所有新進員工及關鍵崗位員工。員工人均接受反貪污培訓的時長=新進員工及關鍵崗位員工接受培訓時
長╱新進員工及關鍵崗位員工人數。
社區投資績效指標單位2023年2024年2025年員工參與志願服務的人數人110811001200志願者活動累計時長小時136412121277社區投入元500005000050000經濟績效績效指標單位2023年2024年2025年每股社會貢獻值1元3.591.872.12
註：
1每股社會貢獻值=（公司淨利潤+年內為國家創造的稅收+向員工支付的工資+向銀行等債權人給付的借款利息+對外捐贈額等為其他利益相關者創造的價值額－因環境污染等造成的其他社會成本）╱公司股份總數。
上交所《可持續發展報告（試行）》索引表披露要求對應的本報告章節應對氣候變化應對氣候變化污染物排放排放與廢棄物管理廢棄物處理排放與廢棄物管理
生態系統和生物多樣性保護在生物多樣性保護方面，公司五大工廠均位於工業地塊內，不涉及生態保護紅線、水源地保護區等管控要求。
環境合規管理環境合規管理能源利用能源使用管理水資源利用水資源管理
循環經濟循環經濟與綠色產品292華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司293
2025年度環境、社會及管治報告
披露要求對應的本報告章節鄉村振興公益及社區參與社會貢獻公益及社區參與創新驅動研發創新
科技倫理公司核心業務集中於半導體晶圓的生產製造，不涉及該議題。
供應鏈安全可持續供應鏈管理
平等對待中小企業截止2025年底，公司應付帳款（含應付票據）餘額不超過300億元或佔總資產的比重超過50%。
產品和服務安全與質量產品質量與安全數據安全與客戶隱私保護守護數據安全與客戶隱私保護員工關愛員工職業成長員工健康與安全盡職調查可持續發展引領利益相關方溝通可持續發展引領反商業賄賂及反貪污商業道德與廉潔運營反不正當競爭商業道德與廉潔運營自主披露的議題綠色產品循環經濟與綠色產品清潔技術機遇循環經濟與綠色產品風險合規管理商業道德與廉潔運營公司治理深化公司治理
香港聯合交易所《環境、社會及管治報告守則》（2025年1月1日起生效版）
B部分：強制披露規定強制披露項報告章節
董事會聲明 董事會ESG聲明匯報原則關於本報告
匯報範圍關於本報告292華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司293
2025年度環境、社會及管治報告
C部分：「不遵守就解釋」條文
層面、一般披露及關鍵績效指標報告章節
主要範疇A.環境
層面A1.排放物
一般披露A1 排放與廢棄物管理
KPI A1.1 排放與廢棄物管理可持續發展指標匯總表
KPI A1.3 可持續發展指標匯總表
KPI A1.4 可持續發展指標匯總表
KPI A1.5 排放與廢棄物管理
ESG管理體系建設
KPI A1.6 排放與廢棄物管理
ESG管理體系建設
層面A2.資源使用
一般披露A2 能源使用管理水資源管理
KPI A2.1 可持續發展指標匯總表
KPI A2.2 可持續發展指標匯總表
KPI A2.3 能源使用管理
ESG管理體系建設
KPI A2.4 水資源管理
ESG管理體系建設
KPI A2.5 可持續發展指標匯總表
層面A3.環境及天然資源
一般披露A3 環境管理水資源管理循環經濟與綠色產品
KPI A3.1 水資源管理循環經濟與綠色產品
主要範疇B.社會僱傭及勞工常規
層面B1.僱傭
一般披露B1 關愛員工職業成長
KPI B1.1 可持續發展指標匯總表
KPI B1.2 可持續發展指標匯總表
層面B2.健康與安全
一般披露B2 員工健康與安全
KPI B2.1 可持續發展指標匯總表
KPI B2.2 可持續發展指標匯總表
KPI B2.3 員工健康與安全294 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 295
2025年度環境、社會及管治報告
層面、一般披露及關鍵績效指標報告章節
層面B3.發展及培訓
一般披露B3 關愛員工職業成長
KPI B3.1 可持續發展指標匯總表
KPI B3.2 可持續發展指標匯總表
層面B4.勞工準則
一般披露B4 關愛員工職業成長
KPI B4.1 關愛員工職業成長
KPI B4.2 關愛員工職業成長
主要範疇B.社會營運慣例
層面B5.供應鏈管理
一般披露B5 可持續供應鏈管理
KPI B5.1 可持續發展指標匯總表
KPI B5.2 可持續供應鏈管理
KPI B5.3 可持續供應鏈管理
KPI B5.4 可持續供應鏈管理
層面B6.產品責任
一般披露B6 產品質量與安全
KPI B6.1 產品質量與安全
KPI B6.2 產品質量與安全可持續發展指標匯總表
KPI B6.3 知識產權保護
KPI B6.4 產品質量與安全
KPI B6.5 守護數據安全與客戶隱私保護
層面B7.反貪污
一般披露B7 商業道德與廉潔運營
KPI B7.1 可持續發展指標匯總表
KPI B7.2 商業道德與廉潔運營
KPI B7.3 商業道德與廉潔運營
層面B8.社區投資
一般披露B8 公益及社區參與
KPI B8.1 公益及社區參與
KPI B8.2 可持續發展指標匯總表294 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 295
2025年度環境、社會及管治報告
D部分：氣候相關披露
層面、一般披露及關鍵績效指標報告章節
D-I治理 負責監督氣候相關風險和機遇的治理機構 應對氣候變化
管理層在用以監察、管理及監督氣候相關應對氣候變化
風險和機遇的管理流程、監控措施及程序中的角色
D-II策略 氣候相關風險和機遇 應對氣候變化業務模式和價值鏈應對氣候變化策略和決策註1
財務狀況、財務表現及現金流量註1氣候韌性註1
D-III風險管理 用於識別、評估氣候相關風險，以及釐定 應對氣候變化當中輕重緩急並保持監察的流程及相關政策
用於識別、評估氣候相關機遇，以及釐定應對氣候變化當中輕重緩急並保持監察的流程及相關政策
氣候相關風險和機遇的識別、評估、優次應對氣候變化
排列和監察流程，是如何融入發行人的整體風險管理流程，以及融入的程度如何。
D-IV指標與目標 溫室氣體排放 應對氣候變化氣候相關轉型風險註1氣候相關物理風險註1氣候相關機遇註1資本運用註2內部碳定價註2薪酬註2
氣候相關目標 ESG管理策略和目標
註1：公司已經初步識評估氣候變化的定性財務影響及本集團的氣候適應能力，但目前尚未對應對氣候變化及本集團的氣候適應能力開展轉型計劃以及當前及預期財務影響測算，將在條件成熟後適時開展，屆時將納入披露。
註2：公司尚未開展氣候相關風險和機遇的資本運用、內部碳定價和氣候相關因素納入薪酬政策制定，將在條件成熟後開展相關工作，並於報告中披露。296華虹半導體有限公司●2025年度報告2025年度報告●華虹半導體有限公司297
2025年度環境、社會及管治報告
上海市國有控股上市公司環境、社會與治理(ESG)指標體系（1.0版）索引表關鍵績效指標報告章節
E環境
E1環境管理
E1.1 環境管理目標和制度 ESG管理體系建設環境合規管理
E1.2 通過環境管理體系認證 環境合規管理
E1.3 綠色產品研發與環保技術使用 循環經濟與綠色產品
E1.4 環保總投入 環境合規管理
E1.5 環保培訓績效 環境合規管理
E2能源
E2.1 能源管理目標和規劃 ESG管理體系建設能源使用管理
E2.2 節約能源舉措 能源使用管理
E2.3 可再生能源開發與應用 能源使用管理
E2.4 能源消耗總量 可持續發展指標匯總表296 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 297
2025年度環境、社會及管治報告
關鍵績效指標報告章節
E3資源
E3.1 資源管理體系和規劃 水資源管理循環經濟與綠色產品
E3.2 水資源目標和規劃 水資源管理
E3.3 節約用水舉措 水資源管理
E3.4 年度用水總量 可持續發展指標匯總表
E3.5 其他資源使用管理 循環經濟與綠色產品
E4污染物
E4.1 廢水管理目標和規劃 ESG管理體系建設排放與廢棄物管理
E4.2 減少廢水排放舉措 排放與廢棄物管理
E4.3 廢水循環使用量 可持續發展指標匯總表
E4.4 廢水污染物排放量 可持續發展指標匯總表
E4.5 廢氣管理目標和規劃 ESG管理體系建設排放與廢棄物管理
E4.6 減少廢氣排放舉措 排放與廢棄物管理
E4.7 廢氣污染物排放量 可持續發展指標匯總表
E4.8 固體廢棄物管理目標和規劃 ESG管理體系建設排放與廢棄物管理
E4.9 固體廢棄物處理舉措 排放與廢棄物管理
E4.10 固體廢棄物排放量 可持續發展指標匯總表
E4.11 固體廢棄物回收、利用、處置量 可持續發展指標匯總表
E4.12 其他污染物管理 公司採取建築隔音、設備加裝減震裝置等噪聲防控措施。
E5氣候變化
E5.1 識別氣候變化風險，以及建立應對氣候變 ESG管理體系建設化的目標、戰略應對氣候變化
E5.2 助力「雙碳」目標的舉措 應對氣候變化
E5.3 碳核查╱盤查舉措 應對氣候變化
E5.4 溫室氣體排放量 可持續發展指標匯總表298 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 299
2025年度環境、社會及管治報告
關鍵績效指標報告章節
E6生物多樣性
E6.1 生物多樣性保護制度 在生物多樣性保護方面，公司五大工廠均位於工業地塊內，不涉及生態保護紅線、水源地保護區等管控要求。
E6.2 生物多樣性保護舉措
S社會
S1產品和服務
S1.1 產品安全與質量管理制度 產品質量與安全
S1.2 通過產品質量管理體系認證 產品質量與安全
S1.3 產品研發創新 研發創新
S1.4 知識產權保護 知識產權保護
S1.5 客戶信息保護和隱私 守護數據安全與客戶隱私保護
S1.6 客戶服務管理制度 產品質量與安全
S1.7 負責任宣傳 產品質量與安全
S1.8 客戶投訴量╱投訴解決率 產品質量與安全
S1.9 客戶滿意度 產品質量與安全
S2員工責任
S2.1 員工僱傭和員工組成 關愛員工職業成長
S2.2 員工流失率 可持續發展指標匯總表
S2.3 員工民主管理 關愛員工職業成長
S2.4 薪酬與福利體系 關愛員工職業成長
S2.5 員工關愛 關愛員工職業成長
S2.6 員工滿意度 關愛員工職業成長
S2.7 員工職業健康安全管理 員工健康與安全
S2.8 通過職業健康安全管理體系認證 員工健康與安全
S2.9 安全應急管理舉措 員工健康與安全298 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 299
2025年度環境、社會及管治報告
關鍵績效指標報告章節
S2.10 安全生產投入總額 員工健康與安全
S2.11 安全生產培訓績效 員工健康與安全
S2.12 因工受傷和死亡 可持續發展指標匯總表
S2.13 員工體檢覆蓋率 可持續發展指標匯總表
S2.14 員工職業發展制度 員工發展與培訓
S2.15 員工培訓和實踐舉措 員工發展與培訓
S2.16 員工發展的成效 員工發展與培訓
S3供應鏈責任
S3.1 供應商管理制度 可持續供應鏈管理
S3.2 供應商ESG審查 可持續供應鏈管理
S4社區責任
S4.1 開展公益慈善活動 公益及社區參與
S4.2 公益慈善投入 可持續發展指標匯總表
S4.3 志願服務績效 可持續發展指標匯總表
S5企業責任
S5.1 服務國家或上海市戰略 研發創新清潔技術創新與產業化機遇公益及社區參與
S5.2 應對公共危機 應對氣候變化
S5.3 信息安全 信息安全與隱私保護
S5.4 公共服務 公益及社區參與
S5.5 稅務貢獻 《華虹半導體有限公司2025年年度報告》
（A股）財務報告章節
G治理
G1公司治理
G1.1 黨的領導 《華虹半導體有限公司2025年年度報告》
（A股）環境、社會責任和其他公司治理章節
G1.2 董事長╱總經理分設 深化公司治理
G1.3 董事佔比 深化公司治理
G1.4 合規管理體系 商業道德與廉潔運營300 華虹半導體有限公司 ● 2025年度報告 2025年度報告 ● 華虹半導體有限公司 PB
2025年度環境、社會及管治報告
關鍵績效指標報告章節
G1.5 風險管理體系 商業道德與廉潔運營
G1.6 審計制度 商業道德與廉潔運營
G1.7 避免違反商業道德的舉措 商業道德與廉潔運營
G1.8 反壟斷與公平競爭 商業道德與廉潔運營
G2 ESG治理
G2.1 董事會參與ESG管理 董事會ESG管理聲明
ESG管理體系建設
G2.2 ESG工作組織架構 ESG管理體系建設
G2.3 ESG戰略╱目標 ESG管理體系建設
G2.4 ESG利益相關方識別 可持續發展引領
G2.5 實質性議題識別 可持續發展引領
G2.6 ESG相關制度 ESG管理架構
G2.7 開展利益相關方溝通活動 利益相關方溝通
G2.8 管理層薪酬同ESG績效掛鉤 環境、安全、研發等目標與管理層薪酬掛鉤
G2.9 具體業務考慮ESG要素 循環經濟和綠色產品可持續供應鏈管理
G3數據治理
G3.1 基礎平台建設 員工健康與安全研發創新
G3.2 數據匯聚互通 生產、環境、採購數據在公司內網中保持，因商業秘密原因設置訪問權限，與外網形成物理隔離。
G3.3 數據治理體系 不涉及PB HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 301
INDEPENDENT AUDITOR’S REPORT獨立核數師報告
Ernst & Young 安永會計師事務所 Tel電話：+852 2846 9888
27/F One Taikoo Place 香港鰂魚涌英皇道979號 Fax傳真：+852 2868 4432
979 King’s Road 太古坊一座27樓 ey.com
Quarry Bay Hong Kong
To the members of Hua Hong Semiconductor Limited 致華虹半導體有限公司列位股東
(Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司）
Opinion 意見
We have audited the consolidated financial statements of Hua 吾等已審核華虹半導體有限公司（「貴公司」）
Hong Semiconductor Limited (the “Company”) and its subsidiaries 及其子公司（「貴集團」）載於第310至431頁的
(the “Group”) set out on pages 310 to 431 which comprise the 綜合財務報表，當中包括於二零二五年十二consolidated statement of financial position as at 31 December 月三十一日的綜合財務狀況表，以及截至該
2025 and the consolidated statement of profit or loss the 日止年度的綜合損益表、綜合全面收益表、consolidated statement of comprehensive income the consolidated 綜合權益變動表及綜合現金流量表，以及綜statement of changes in equity and the consolidated statement of 合財務報表附註（包括重大會計政策資料）。
cash flows for the year then ended and notes to the consolidated
financial statements including material accounting policy
information.In our opinion the consolidated financial statements give a true and 吾等認為，該等綜合財務報表已根據香港會fair view of the consolidated financial position of the Group as at 31 計師公會（「香港會計師公會」）頒佈的香港財
December 2025 and of its consolidated financial performance and 務報告準則會計準則真實而公平地反映 貴
its consolidated cash flows for the year then ended in accordance 集團於二零二五年十二月三十一日的綜合財
with HKFRS Accounting Standards as issued by the Hong Kong 務狀況，及其截至該日止年度的綜合財務表Institute of Certified Public Accountants (“HKICPA”) and have been 現及綜合現金流量，並已按照香港公司條例properly prepared in compliance with the Hong Kong Companies 妥為編製。
Ordinance.302 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 303
INDEPENDENT AUDITOR’S REPORT獨立核數師報告
Basis for opinion 意見的基礎
We conducted our audit in accordance with Hong Kong 吾等已根據香港會計師公會頒佈的香港審計
Standards on Auditing (“HKSAs”) as issued by the HKICPA. Our 準則（「香港審計準則」）進行審計。根據該等responsibilities under those standards are further described in the 準則，吾等的責任於本報告核數師就審計綜Auditor’s responsibilities for the audit of the consolidated financial 合財務報表承擔的責任一節進一步闡述。根statements section of our report. We are independent of the Group 據香港會計師公會適用於審計公眾利益實體
in accordance with the HKICPA’s Code of Ethics for Professional 財務報表的專業會計師道德守則（「守則」），Accountants (the “Code”) as applicable to audits of financial 吾等獨立於 貴集團，並已遵循守則履行其statements of public interest entities. We have also fulfilled our 他道德責任。吾等相信，吾等所獲得的審計other ethical responsibilities in accordance with the Code. We 憑證能充足和適當地為吾等的意見提供基礎。
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.Key audit matters 關鍵審計事項
Key audit matters are those matters that in our professional 關鍵審計事項是根據吾等的專業判斷，認為judgement were of most significance in our audit of the 對本期綜合財務報表的審計最為重要的事
consolidated financial statements of the current period. These 項。這些事項是在對綜合財務報表整體進行matters were addressed in the context of our audit of the 審計並形成意見的背景下進行處理的，吾等consolidated financial statements as a whole and in forming our 不對這些事項提供單獨的意見。吾等對下述opinion thereon and we do not provide a separate opinion on these 每一事項在審計中是如何應對的描述也以此
matters. For each matter below our description of how our audit 為背景。
addressed the matter is provided in that context.We have fulfilled the responsibilities described in the Auditor’s 吾等已經履行本報告核數師就審計綜合財務
responsibilities for the audit of the consolidated financial statements 報表承擔的責任一節所述的責任，包括有關section of our report including in relation to these matters. 該等事項的責任。因此，吾等的審計包括執Accordingly our audit included the performance of procedures 行為應對綜合財務報表重大錯誤陳述風險的
designed to respond to our assessment of the risks of material 評估而設計的程序。吾等執行審計程序的結misstatement of the consolidated financial statements. The results 果，包括應對以下事項所執行的程序，為吾of our audit procedures including the procedures performed to 等就隨附的綜合財務報表的審計意見提供基
address the matters below provide the basis for our audit opinion 礎。
on the accompanying consolidated financial statements.302 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 303
INDEPENDENT AUDITOR’S REPORT獨立核數師報告
Key audit matters (continued) 關鍵審計事項（續）
How our audit addressed the 關鍵審計事項在審
Key audit matter key audit matter 關鍵審計事項 計中是如何應對的
Impairment of long-term assets 長期資產減值
As at 31 December 2025 Our audit procedures included 於二零二五年十二月三 吾等的審計程序包
management iden t i f i ed a among others evaluating the 十一日，管理層確定賬 括（其中包括）評cash-generating unit (“CGU”) competence capabilities and 面值為2077百萬美元 估 貴集團所委聘with a carrying amount of objectivity of the independent 的現金產生單位（「現 的獨立外部估值師US$2077 million had indicators external valuer engaged by the 金產生單位」）存在減值 的資質、能力及客
of impairment. Management Group; involving our internal 跡象。管理層委聘外部 觀性；邀請內部專engaged an external expert special is ts to assist us in 專家採用貼現現金流量 家協助吾等評估減
to perform an impairment test evaluating the methodology 法進行減值測試，估計 值測試的方法及貼using the discounted cash of the impairment test and 其可收回金額。該事項 現率等關鍵假設；
flow method to estimate its key assumptions such as the 對吾等的審計而言屬重 評估其他關鍵假
recoverable amount. This matter discount rate; evaluating the 大，原因是長期資產的 設，特別是預測期was significant to our audit o ther key assumpt ions in 賬面值對綜合財務報表 長度、收入增長率
because the carrying amount of particular the projection period 而言屬重要，且減值測 及毛利率；以及審long-lived assets was material length revenue growth rate 試過程複雜並涉及重大 查綜合財務報表中
to the consolidated financial and gross profit margin; and 判斷。 的相關披露。
statements and the impairment reviewing relevant disclosures
test process was complex and in the consolidated financial 貴集團有關長期資產減
involved significant judgements. statements. 值的披露載於財務報表附註3及13。
T h e G ro u p ’s d i s c l o s u re s
about the impairment of long-
lived assets are included in
notes 3 and 13 to the financial
statements.304 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 305
INDEPENDENT AUDITOR’S REPORT獨立核數師報告
Key audit matters (continued) 關鍵審計事項（續）
How our audit addressed the 關鍵審計事項在審
Key audit matter key audit matter 關鍵審計事項 計中是如何應對的
Fair value of an unlisted equity investment 未上市股權投資之公平值
The Group’s equity investments Our audit procedures included 於二零二五年十二月三 吾等的審計程序包
designated at fair value through among others assessing the 十一日， 貴集團指定 括（其中包括）評other comprehensive income as competence capabilities and 按公平值計入其他全 估 貴集團所委聘
at 31 December 2025 included objectivity of the independent 面收益的股權投資包 的獨立外部估值師
an unlisted equity investment e x t e r n a l v a l u e r e n g a g e d 括一項金額為417百萬 的資質、能力及客
amounting to US$417 million. by the Group and involving 美元的未上市股權投 觀性及在內部專家
The Group measures the our in ternal specia l is ts to 資。 貴集團於各報告 的協助下，評估於unlisted equity investment at assist us in evaluating the 期末按公平值對該未上 評估時使用的估值
fair value at the end of each methodology of the valuation 市股權投資進行計量並 方法及關鍵假設，reporting period and engages and the key assumptions used 聘請外部專家評估其公 如確定比較上市公
an external expert to assess in the valuation such as the 平值。該事項對吾等的 司（同業）、選擇its fair value. This matter was determination of comparable 審計而言屬重大，乃由 價格倍數及缺乏流significant to our audit because publ ic companies (peers) 於未上市股權投資的賬 通性的折讓價之估
the carrying amount of the selection of the price multiple 面值對綜合財務報表而 計。
unlisted equity investment was and estimation of the discount 言屬重要，且估值過程material to the consolidated for illiquidity. 複雜，並涉及重大判financial statements and the 斷。
valuation process was complex
a n d i n v o l v e d s i g n i f i c a n t 貴集團關於評估未上市
judgements. 股權投資的披露載於財
務報表附註3、18及38。
The Group’s disclosures about
the valuation of the unlisted
equity investment are included
in notes 3 18 and 38 to the
financial statements.304 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 305
INDEPENDENT AUDITOR’S REPORT獨立核數師報告
Key audit matters (continued) 關鍵審計事項（續）
How our audit addressed the 關鍵審計事項在審
Key audit matter key audit matter 關鍵審計事項 計中是如何應對的
Fair value of investment properties 投資物業之公平值
The Group recognised investment Our audit procedures included 於二零二五年十二月三 吾等的審計程序包
properties amounting to US$220 among others assessing the 十一日， 貴集團確認 括（其中包括）評million as at 31 December competence capabilities and 的投資物業金額為220 估 貴集團所委聘
2025. The Group measures its objectivity of the independent 百萬美元。 貴集團於 的獨立外部估值師
investment properties at fair value external valuers engaged by 各報告期末按公平值計 的資質、能力及客
at the end of each reporting the Group comparing property- 量其投資物業，並委聘 觀性，將估值所用period and engages external re la ted data used for the 外部專家評估其公平 的物業相關數據
experts to assess their fair value. valuation with the underlying 值。該事項對吾等的審 與相關文件進行比This matter was significant to documentation and involving 計而言屬重大，因為投 較，並委聘吾等內our audit because the carrying our in ternal specia l is ts to 資物業的賬面值對綜合 部專家協助吾等評
amount of the investment assist us in evaluating the 財務報表而言屬重要， 估估值方法及估值properties was material to the methodology of the valuation 且估值過程複雜並涉及 中使用的關鍵假設consolidated financial statements and the key assumptions used 重大判斷。 （例如估計租賃價and the valuation process was in the valuation such as the 值、年期回報率、
complex and involved significant estimated rental value term 貴集團有關投資物業估 復歸回報率及長期judgements. yield reversionary yield and 值的披露載於財務報表 空置率），以及審long-term vacancy rate and 附註3及14。 閱綜合財務報表中The Group’s disclosures about reviewing relevant disclosures 的相關披露。
the valuation of the investment in the consolidated financial
properties are included in statements.notes 3 and 14 to the financial
statements.306 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 307
INDEPENDENT AUDITOR’S REPORT獨立核數師報告
Other information included in the Annual Report 年報所載的其他資料
The directors of the Company are responsible for the other 貴公司董事須對其他資料負責。其他資料包information. The other information comprises the information 括年報所載資料（綜合財務報表及吾等就此發included in the Annual Report other than the consolidated financial 出的核數師報告除外）。
statements and our auditor’s report thereon.Our opinion on the consolidated financial statements does not cover 吾等對綜合財務報表的意見並不涵蓋其他資
the other information and we do not express any form of assurance 料，吾等亦不會就其發表任何形式的鑒證結conclusion thereon. 論。
In connection with our audit of the consolidated financial 就審計綜合財務報表而言，吾等的責任是閱statements our responsibility is to read the other information and 讀其他資料，及在此過程中，考慮其他資料in doing so consider whether the other information is materially 是否與綜合財務報表或吾等在審計過程中所
inconsistent with the consolidated financial statements or our 了解的情況有重大不符，或者似乎有重大錯knowledge obtained in the audit or otherwise appears to be 誤陳述。倘吾等基於已進行的工作認為其他materially misstated. If based on the work we have performed 資料出現重大錯誤陳述，吾等須報告有關事we conclude that there is a material misstatement of this other 實。就此，吾等並無報告事項。
information we are required to report that fact. We have nothing to
report in this regard.Responsibilities of the directors for the 董事對綜合財務報表須承擔的責
consolidated financial statements 任
The directors of the Company are responsible for the preparation of 貴公司董事須負責根據香港會計師公會頒佈
the consolidated financial statements that give a true and fair view 的香港財務報告準則會計準則和香港公司條
in accordance with HKFRS Accounting Standards as issued by the 例編製綜合財務報表以作出真實而公平的反
HKICPA and the Hong Kong Companies Ordinance and for such 映，並落實董事認為必須之內部控制，以使internal control as the directors determine is necessary to enable 綜合財務報表之編製不存在由於欺詐或錯誤
the preparation of consolidated financial statements that are free 而導致的重大錯誤陳述。
from material misstatement whether due to fraud or error.In preparing the consolidated financial statements the directors 在編製綜合財務報表時， 貴公司董事負責評of the Company are responsible for assessing the Group’s ability 估 貴集團持續經營的能力，並在適用情況to continue as a going concern disclosing as applicable matters 下披露與持續經營有關的事項，以及使用持related to going concern and using the going concern basis of 續經營為會計基礎，除非 貴公司董事有意accounting unless the directors of the Company either intend to 將 貴集團清盤或停止經營，或別無其他實liquidate the Group or to cease operations or have no realistic 際的替代方案。
alternative but to do so.The directors of the Company are assisted by the Audit Committee 審核委員會協助 貴公司董事履行監督 貴
in discharging their responsibilities for overseeing the Group’s 集團財務報告過程的責任。
financial reporting process.306 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 307
INDEPENDENT AUDITOR’S REPORT獨立核數師報告
Auditor’s responsibilities for the audit of the 核數師就審計綜合財務報表承擔
consolidated financial statements 的責任
Our objectives are to obtain reasonable assurance about whether 吾等的目標，是對綜合財務報表整體是否不the consolidated financial statements as a whole are free from 存在由於欺詐或錯誤而導致的重大錯誤陳述
material misstatement whether due to fraud or error and to issue 取得合理保證，並出具包括吾等意見的核數an auditor’s report that includes our opinion. Our report is made 師報告。吾等按照香港公司條例第405條僅向solely to you as a body in accordance with section 405 of the 整體股東報告，除此之外本報告別無其他目Hong Kong Companies Ordinance and for no other purpose. We 的。吾等不會就本報告的內容向任何其他人do not assume responsibility towards or accept liability to any other 士負上或承擔責任。
person for the contents of this report.Reasonable assurance is a high level of assurance but is not a 合理保證是高水平的保證，但不能保證按照guarantee that an audit conducted in accordance with HKSAs will 香港審計準則進行的審計總能發現存在的重
always detect a material misstatement when it exists. Misstatements 大錯誤陳述。錯誤陳述可以由欺詐或錯誤引can arise from fraud or error and are considered material if 起，如果合理預期它們單獨或匯總起來可能individually or in the aggregate they could reasonably be expected 影響綜合財務報表使用者依賴綜合財務報表
to influence the economic decisions of users taken on the basis of 所作出的經濟決定，則有關的錯誤陳述可被these consolidated financial statements. 視作重大。
As part of an audit in accordance with HKSAs we exercise 吾等根據香港審計準則進行審計的工作之
professional judgement and maintain professional scepticism 一，是運用專業判斷，在整個審計過程中保throughout the audit. We also: 持專業懷疑態度。吾等亦：
* Identify and assess the risks of material misstatement of the * 識別及評估綜合財務報表由於欺詐或錯
consolidated financial statements whether due to fraud or 誤而導致的重大錯誤陳述風險，因應該error design and perform audit procedures responsive to 等風險設計及執行審計程序，以及獲得those risks and obtain audit evidence that is sufficient and 充足及適當的審計憑證為吾等的意見
appropriate to provide a basis for our opinion. The risk of 提供基礎。由於欺詐涉及合謀串通、偽not detecting a material misstatement resulting from fraud is 造、故意遺漏、誤導性陳述或凌駕於內
higher than for one resulting from error as fraud may involve 部控制之上，因此未能發現由此造成的collusion forgery intentional omissions misrepresentations or 重大錯誤陳述風險比未能發現由於錯誤
the override of internal control. 而導致的重大錯誤陳述風險更高。
* Obtain an understanding of internal control relevant to the * 了解與審計有關的內部控制，以設計恰audit in order to design audit procedures that are appropriate 當的審計程序，但並非旨在對 貴集團in the circumstances but not for the purpose of expressing an 內部控制的有效性發表意見。
opinion on the effectiveness of the Group’s internal control.* Evaluate the appropriateness of accounting policies used * 評估所用會計政策的恰當性，以及董事and the reasonableness of accounting estimates and related 所作出的會計估算和相關披露的合理性。
disclosures made by the directors.308 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 309
INDEPENDENT AUDITOR’S REPORT獨立核數師報告
Auditor’s responsibilities for the audit of the 核數師就審計綜合財務報表承擔
consolidated financial statements (continued) 的責任（續）
* Conclude on the appropriateness of the directors’ use of the * 總結董事採用以持續經營為基礎的會計
going concern basis of accounting and based on the audit 法的恰當性，並根據已獲取的審計憑evidence obtained whether a material uncertainty exists 證，總結是否有可能對 貴集團持續related to events or conditions that may cast significant doubt 經營能力構成重大疑問的事件或情況等
on the Group’s ability to continue as a going concern. If we 重大不確定因素。倘若吾等總結認為有conclude that a material uncertainty exists we are required to 重大不確定因素，吾等需要在核數師報draw attention in our auditor’s report to the related disclosures 告中提請注意綜合財務報表內的相關披
in the consolidated financial statements or if such disclosures 露，或如果相關披露不足，則修訂吾等are inadequate to modify our opinion. Our conclusions are 的意見。吾等的結論是基於截至核數師based on the audit evidence obtained up to the date of our 報告日期所獲得的審計憑證。然而，未auditor’s report. However future events or conditions may 來事件或情況可能導致 貴集團不再具
cause the Group to cease to continue as a going concern. 有持續經營的能力。
* Evaluate the overall presentation structure and content of the * 評估綜合財務報表（包括披露）的整體列
consolidated financial statements including the disclosures 報、架構和內容，以及綜合財務報表是and whether the consolidated financial statements represent 否中肯反映相關交易及事項。
the underlying transactions and events in a manner that
achieves fair presentation.* Plan and perform the group audit to obtain sufficient * 計劃及進行集團審計，以就 貴集團內appropriate audit evidence regarding the financial information 實體或業務單位的財務資料獲取充足、
of the entities or business units within the Group as a basis for 適當的審計憑證，作為對綜合財務報表forming an opinion on the consolidated financial statements. 發表意見的基礎。吾等負責指導、監督We are responsible for the direction supervision and review of 和審閱為集團審計而執行的審計工作。
the audit work performed for purposes of the group audit. We 我們為審計意見承擔全部責任。
remain solely responsible for our audit opinion.We communicate with the Audit Committee regarding among other 吾等就（其中包括）審計工作的計劃範圍和時matters the planned scope and timing of the audit and significant 間以及重大審計發現（包括吾等在審計過程中audit findings including any significant deficiencies in internal 發現的任何內部控制的重大缺失）與審核委員
control that we identify during our audit. 會進行溝通。
We also provide the Audit Committee with a statement that we 吾等亦向審核委員會提交聲明，確認吾等已have complied with relevant ethical requirements regarding 遵守有關獨立性的道德要求，並就所有被合independence and to communicate with them all relationships 理認為可能影響吾等獨立性的關係和其他事
and other matters that may reasonably be thought to bear on our 宜以及為消除威脅而採取的行動或應用的保
independence and where applicable actions taken to eliminate 障措施（如適用），與審核委員會進行溝通。
threats or safeguards applied.308 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 309
INDEPENDENT AUDITOR’S REPORT獨立核數師報告
Auditor’s responsibilities for the audit of the 核數師就審計綜合財務報表承擔
consolidated financial statements (continued) 的責任（續）
From the matters communicated with the Audit Committee we 吾等通過與審核委員會溝通，確定哪些是本determine those matters that were of most significance in the 期綜合財務報表審計工作的最重要事項，即audit of the consolidated financial statements of the current 關鍵審計事項。除非法律或法規不容許公開period and are therefore the key audit matters. We describe 披露此等事項或在極罕有的情況下，吾等認these matters in our auditor’s report unless law or regulation 為披露此等事項可合理預期的不良後果將超
precludes public disclosure about the matter or when in extremely 過公眾知悉此等事項的利益而不應在報告中
rare circumstances we determine that a matter should not be 予以披露，否則吾等會在核數師報告中描述communicated in our report because the adverse consequences 此等事項。
of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.The engagement partner on the audit resulting in this independent 出具本獨立核數師報告的審計項目合夥人為
auditor’s report is Lau Kwok Wa Lawrence (practising certificate 劉國華（執業證書編號：P04882）。
number: P04882).Ernst & Young 安永會計師事務所
Certified Public Accountants 執業會計師
Hong Kong 香港
26 March 2026 二零二六年三月二十六日310 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED PB
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
綜合損益表 Year ended 31 December 2025截至二零二五年十二月三十一日止年度
20252024
二零二五年二零二四年
Notes US$’000 US$’000附註千美元千美元
Revenue 收入 5 2402064 2003993
Cost of sales 銷售成本 (2119138) (1798865)
Gross profit 毛利 282926 205128
Other income and gains 其他收入及收益 5 127408 149072
Fair value loss on investment properties 投資物業的公平值虧損 (2844) (39)
Selling and distribution expenses 銷售及分銷費用 (10967) (9628)
Administrative expenses 管理費用 (414658) (351276)
Other expenses 其他費用 5 (6527) (33395)
Finance costs 財務費用 7 (68214) (97113)
Share of profits of associates 分佔聯營公司溢利 4347 3459
LOSS BEFORE TAX 稅前虧損 6 (88529) (133792)
Income tax expense 所得稅開支 10 (22284) (6593)
LOSS FOR THE YEAR 年內虧損 (110813) (140385)
Attributable to: 下列人士應佔：
Owners of the parent 母公司擁有人 54881 58108
Non-controlling interests 非控股權益 (165694) (198493)
(110813)(140385)
EARNINGS PER SHARE 母公司普通股權持有人
ATTRIBUTABLE TO ORDINARY 應佔每股盈利
EQUITY HOLDERS OF THE PARENT 12
Basic 基本
– For profit for the year －年內溢利 US$0.032 US$0.034
0.032美元0.034美元
Diluted 攤薄
– For profit for the year －年內溢利 US$0.032 US$0.034
0.032美元 0.034美元PB HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 311
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended 31 December 2025截至二零二五年十二月三十一日止年度綜合全面收益表
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
LOSS FOR THE YEAR 年內虧損 (110813) (140385)
OTHER COMPREHENSIVE INCOME/(LOSS) 其他全面收益╱（虧損）
Other comprehensive income/(loss) that 於其後期間可能重新分類至
may be reclassified to profit or loss in 損益的其他全面收益╱
subsequent periods: （虧損）：
Exchange differences on translation of foreign 換算海外業務產生的外匯
operations 差額 191628 (123017)
Net other comprehensive income/(loss) that 於其後期間可能重新分類至
may be reclassified to profit or loss in 損益的其他全面收益╱
subsequent periods （虧損）淨額 191628 (123017)
Other comprehensive income that will 於其後期間不會重新分類至
not be reclassified to profit or loss in 損益的其他全面收益：
subsequent periods:
Equity investments designated at fair value 指定按公平值計入其他全面
through other comprehensive income: 收益的股權投資：
Changes in fair value 公平值變動 163786 7991
Income tax effect 所得稅影響 (24568) (1199)
1392186792
Share of other comprehensive loss of associates 分佔聯營公司的其他全面
虧損–(663)
Net other comprehensive income that will 於其後期間不會重新分類至
not be reclassified to profit or loss in 損益的其他全面收益淨額
subsequent periods 139218 6129OTHER COMPREHENSIVE INCOME/(LOSS) 年內其他全面收益╱（虧FOR THE YEAR NET OF TAX 損），扣除稅項 330846 (116888)TOTAL COMPREHENSIVE INCOME/(LOSS) 年內全面收益╱（虧損）總額
FOR THE YEAR 220033 (257273)
Attributable to: 下列人士應佔：
Owners of the parent 母公司擁有人 328058 (21431)
Non-controlling interests 非控股權益 (108025) (235842)
220033 (257273)312 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 313
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表 31 December 2025二零二五年十二月三十一日
31 December 31 December
20252024
二零二五年二零二四年十二月三十一日十二月三十一日
Notes US$’000 US$’000附註千美元千美元
NON-CURRENT ASSETS 非流動資產
Property plant and equipment 物業、廠房及設備 13 6676442 5859117
Investment properties 投資物業 14 219772 164153
Right-of-use assets 使用權資產 15 64482 77761
Intangible assets 無形資產 16 35509 31456
Investments in associates 於聯營公司的投資 17 150222 139799
Equity investments designated at fair 指定按公平值計入其他全面
value through other comprehensive 收益的權益投資
income 18 478799 289311
Long-term prepayments to third parties 支付第三方之長期預付款項 221849 21008
Total non-current assets 非流動資產總額 7847075 6582605
CURRENT ASSETS 流動資產
Completed properties held for sale 持作待售的已竣工物業 19 215511 –
Properties under development 發展中物業 19 – 221905
Inventories 存貨 20 544368 467060
Trade and notes receivables 貿易應收款項及應收票據 21 282053 270461
Prepayments other receivables and 預付款項、其他應收款項及
other assets 其他資產 22 561328 363997
Due from related parties 應收關聯方款項 36(c) 10135 18324
Time and pledged deposits 定期及已抵押存款 23 99494 31624
Cash and cash equivalents 現金及現金等價物 23 4893808 4459132
Total current assets 流動資產總額 6606697 5832503
CURRENT LIABILITIES 流動負債
Trade payables 貿易應付款項 24 330370 298372
Other payables and accruals 其他應付款項及暫估費用 25 1008586 880447
Interest-bearing bank borrowings 計息銀行借款 26 403748 280704
Lease liabilities 租賃負債 27 3229 4912
Government grants 政府補助 29 89049 57563
Due to related parties 應付關聯方款項 36(c) 6225 9125
Income tax payable 應付所得稅 15014 31115
Total current liabilities 流動負債總額 1856221 1562238
NET CURRENT ASSETS 流動資產淨額 4750476 4270265
TOTAL ASSETS LESS CURRENT 資產總值減流動負債
LIABILITIES 12597551 10852870
continued 續╱…312 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 313
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2025
二零二五年十二月三十一日綜合財務狀況表
31 December 31 December
20252024
二零二五年二零二四年十二月三十一日十二月三十一日
Notes US$’000 US$’000附註千美元千美元
NON-CURRENT LIABILITIES 非流動負債
Interest-bearing bank borrowings 計息銀行借款 26 2787096 1917235
Lease liabilities 租賃負債 27 15679 18068
Deferred tax liabilities 遞延稅項負債 28 35964 10948
Long-term payables 長期應付款項 30 594581 –
Total non-current liabilities 非流動負債總額 3433320 1946251
Net assets 資產淨額 9164231 8906619
EQUITY 權益
Share capital 股本 31 4987482 4938457
Reserves 儲備 33 1625181 1308569
Total equity attributable to owners of 母公司擁有人應佔權益總額
the parent 6612663 6247026
Non-controlling interests 非控股權益 41 2551568 2659593
Total equity 權益總額 9164231 8906619
Peng Bai Jun Ye白鵬葉峻
Director Director
董事 董事314 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 315
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
綜合權益變動表 Year ended 31 December 2025截至二零二五年十二月三十一日止年度
Attributable to owners of the parent母公司擁有人應佔
Fair value
reserve of
financial
Other assets
capital Share of at fair
reserve other value through
Share and comprehensive other Statutory Exchange Non-
Share Merger option contributed income of comprehensive Revaluation reserve fluctuation Retained controlling Total
capital reserve reserve surplus associates income surplus# funds reserve profits Total interests equity按公平值計入其他全面其他資本分佔聯營收益的購股權儲備及公司的金融資產之法定外匯波動非控股權益
股本合併儲備儲備供款盈餘其他全面收益公平值儲備重估盈餘#儲備基金儲備留存溢利總計權益總額
Notes US$’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附註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 31) (note 32) (note 33) (note 41)（附註31）（附註32）（附註33）（附註41）
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 year 年內溢利╱（虧損） – – – – – – – – – 54881 54881 (165694) (110813)
Other comprehensive income 年內其他全面收益：
for the year:
Change in fair value of equity 按公平值計入其他全面收
investments at fair value 益的股權投資的公平值
through other comprehensive 變動，扣除稅項income net of tax – – – – – 139218 – – – – 139218 – 139218
Exchange differences related to 有關海外業務的外匯差額
foreign operations – – – – – – – – 133959 – 133959 57669 191628
Total comprehensive income/ 年內全面收益╱（虧損）
(loss) for the year 總額 – – – – – 139218 – – 133959 54881 328058 (108025) 220033
Issue of shares 發行股份 31 49025 – (11446) – – – – – – – 37579 – 37579
Transfer from retained profits 轉撥自一間子公司產生的
generated by a subsidiary 留存溢利 – – – – – – – 21175 – (21175) – – –
At 31 December 2025 於二零二五年
十二月三十一日4987482645494*145*35685*689*203853*99257*277541*(11942)*374459*661266325515689164231
continued 續╱…314 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 315
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 31 December 2025截至二零二五年十二月三十一日止年度綜合權益變動表
Attributable to owners of the parent母公司擁有人應佔
Fair value
reserve of
Other financial
capital Share of assets at fair
reserve other value through
Share and comprehensive other Statutory Exchange Non-
Share Merger option contributed income of comprehensive Revaluation reserve fluctuation Retained controlling Total
capital reserve reserve surplus associates income surplus# funds reserve profits Total interests equity按公平值計入其他資本分佔聯營其他全面收益的購股權儲備及公司的金融資產之法定外匯波動非控股權益
股本合併儲備儲備供款盈餘其他全面收益公平值儲備重估盈餘#儲備基金儲備留存溢利總計權益總額
Notes 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附註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 31) (note 32) (note 33) (note 41)（附註31）（附註32）（附註33）（附註41）
At 1 January 2024 於二零二四年一月一日 4933559 645494 12794 35685 1352 58435 99257 233042 (60233) 341610 6300995 1713549 8014544
Profit/(loss) for the year 年內溢利╱（虧損） – – – – – – – – – 58108 58108 (198493) (140385)
Other comprehensive 年內其他全面收益：
income for the year:
Change in fair value of 按公平值計入其他全面收
equity investments at 益的股權投資的公平值
fair value through other 變動，扣除稅項comprehensive income
net of tax – – – – – 6792 – – – – 6792 – 6792
Share of other 分佔聯營公司的其他
comprehensive 全面收益
income of associates – – – – (663) – – – – – (663) – (663)
Exchange differences related 有關海外業務的外匯差額
to foreign operations – – – – – – – – (85668) – (85668) (37349) (123017)
Total comprehensive 年內全面收益總額
income for the year – – – – (663) 6792 – – (85668) 58108 (21431) (235842) (257273)
Dividend declared 宣派股息 – – – – – – – – – (36233) (36233) – (36233)
Transfer of fair value reserve 於出售按公平值計入其他
upon the disposal of 全面收益的股權投資時
equity investments at 轉撥公平值儲備
fair value through other
comprehensive income – – – – – (592) – – – 592 – – –
Issue of shares 發行股份 31 4898 – (1215) – – – – – – – 3683 – 3683
Equity-settled share option 以權益結算的購股權安排
arrangements 32 – – 12 – – – – – – – 12 6 18
Capital contribution from 非控股權益出資
non-controlling interests – – – – – – – – – – – 1181880 1181880
Transfer from retained profits 轉撥自一間子公司產生的
generated by a subsidiary 留存溢利 – – – – – – – 23324 – (23324) – – –
At 31 December 2024 於二零二四年
十二月三十一日4938457645494*11591*35685*689*64635*99257*256366*(145901)*340753*624702626595938906619
# Revaluation surplus arose from a change in use from an owner- # 重估盈餘源於一項自用物業的用途更改為按
occupied property to an investment property carried at fair value. 公平值列賬之投資物業。
* These reserve accounts comprise the consolidated reserves of * 該等儲備賬合計為綜合財務狀況表中的綜US$1625181000 (2024: US$1308569000) in the consolidated 合儲備1625181000美元（二零二四年：statement of financial position. 1308569000美元）。316 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 317CONSOLIDATED STATEMENT OF CASH FLOWS
綜合現金流量表 Year ended 31 December 2025截至二零二五年十二月三十一日止年度
20252024
二零二五年二零二四年
Notes US$’000 US$’000附註千美元千美元
CASH FLOWS FROM OPERATING 經營活動所得現金流量
ACTIVITIES
Loss before tax 稅前虧損 (88529) (133792)
Adjustments for: 就以下各項作出的調整：
Finance costs 財務費用 7 68214 97113
Share of profits of associates 分佔聯營公司溢利 (4347) (3459)
Interest income 利息收入 5 (59902) (101967)
(Gain)/loss on disposal of items of property 出售物業、廠房及設備項目
plant and equipment 的（收益）╱虧損 5 (884) 192
Depreciation of property plant and 物業、廠房及設備折舊
equipment 13 720967 533568
Changes in fair value of investment 投資物業公平值變動
properties 14 2844 39
Depreciation of right-of-use assets 使用權資產折舊 15 5546 6303
Amortisation of intangible assets 無形資產攤銷 16 15259 15961
(Reversal of)/provision for impairment of 貿易應收款項及應收票據減
trade and notes receivables 值（撥回）╱撥備 21 (104) 91
Equity-settled share option expense 以權益結算的購股權開支 32 – 18
659064414067
Increase in completed properties held for sale 持作待售的已竣工物業增加 (215511) –
Decrease/(increase) in properties under 發展中物業減少╱（增加）
development 221905 (39145)
Increase in inventories 存貨增加 (77308) (17311)(Increase)/decrease in trade and notes 貿易應收款項及應收票據（增receivables 加）╱減少 (11557) 8148
(Increase)/decrease in prepayments 預付款項、其他應收款項及其他
other receivables and other assets 資產（增加）╱減少 (12573) 7229
Decrease/(increase) in amounts due 應收關聯方款項減少╱（增加）
from related parties 8189 (7105)
(Increase)/decrease in pledged deposits 已抵押存款（增加）╱減少 (718) 464
Increase in trade payables 貿易應付款項增加 31998 62962
Increase in other payables and accruals 其他應付款項及暫估費用增加 84266 80895
Increase in government grants 政府補助增加 3473 11479
Decrease in amounts due to related parties 應付關聯方款項減少 (2900) (4751)
Cash generated from operations 經營活動產生的現金 688328 516932
Income tax paid 已付所得稅 (38336) (57437)
Net cash flows generated from operating 經營活動所得現金流量淨額
activities 649992 459495
continued 續╱…316 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 317
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended 31 December 2025截至二零二五年十二月三十一日止年度綜合現金流量表
20252024
二零二五年二零二四年
Notes US$’000 US$’000附註千美元千美元
CASH FLOWS FROM INVESTING 投資活動所得現金流量
ACTIVITIES
Interest received 已收利息 65079 82034
Purchases of items of property plant and 購買物業、廠房及設備項
equipment prepaid lease payments and 目、預付租賃款項及
intangible assets 無形資產 (1813847) (2779857)
Purchases of financial assets at fair value 購買按公平值計入其他全面
through other comprehensive income 收益的金融資產 (17587) (17618)
Capital injection to an associate 向聯營公司注資 (2794) –
Placement of time deposits 存置定期存款 (67152) –
Proceeds from disposal of items of 出售物業、廠房及設備項目
property plant and equipment 所得款項 1161 112
Receipt of government grants for property 收到政府對物業、廠房及設
plant and equipment 備的補助 49186 41149
Proceeds from disposal of financial 出售按公平值計入其他全面
assets at fair value through other 收益的金融資產所得款項
comprehensive income – 2648
Net cash flows used in investing activities 投資活動所用現金流量淨額 (1785954) (2671532)
CASH FLOWS FROM FINANCING 融資活動所得現金流量
ACTIVITIES
Proceeds from issue of shares 發行股份所得款項 34411 3642
New bank loans 新增銀行貸款 2018029 289285
Capital contribution from non-controlling 非控股權益出資
interests – 1181880
Dividends paid to shareholders 向股東支付股息 – (36247)
Interest paid 已付利息 (79680) (105736)
Repayment of bank loans 償還銀行貸款 (1076224) (183524)
Principal portion of lease payments 支付租賃本金部份 (4025) (4634)
Receipt of government grants for finance 收到政府對財務費用的補助
costs 12124 5459
Increase in long-term payables 長期應付款項增加 594581 –
Net cash flows generated from 融資活動所得現金流量淨額
financing activities 1499216 1150125
NET INCREASE/(DECREASE) IN CASH 現金及現金等價物增加╱
AND CASH EQUIVALENTS （減少）淨額 363254 (1061912)
Cash and cash equivalents at beginning 年初現金及現金等價物
of year 4459132 5585181
Effect of foreign exchange rate changes 外匯匯率變動影響，淨額net 71422 (64137)
CASH AND CASH EQUIVALENTS AT 年末現金及現金等價物
END OF YEAR 23 4893808 4459132
ANALYSIS OF BALANCES OF CASH 現金及現金等價物結餘分析
AND CASH EQUIVALENTS
Cash and bank balances 現金及銀行結餘 23 3942744 2749279
Non-pledged time deposits with original 於獲得時原到期日少於三個
maturity of less than three months when 月的非抵押定期存款
acquired 951064 1709853
Cash and cash equivalents as stated in 財務狀況表及現金流量表中
the statement of financial position and in 所列現金及現金等價物
the statement of cash flows 23 4893808 4459132318 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 319
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
1. CORPORATE AND GROUP INFORMATION 1. 公司及集團資料
Hua Hong Semiconductor Limited (the “Company”) is a limited 華虹半導體有限公司（「本公司」）為一
liability company incorporated in Hong Kong on 21 January 家於二零零五年一月二十一日在香港註
2005. The registered office of the Company is located at Room 冊成立的有限公司。本公司的註冊辦事
2212 Bank of America Tower 12 Harcourt Road Central 處為香港中環夏愨道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。於年During the year the Company’s subsidiaries were principally 內，本公司的子公司主要從事半導體產engaged in the manufacture and sale of semiconductor 品的生產及銷售及房地產開發。
products and real estate development.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 最終控股公司為上海市國資委。
Company is Shanghai SASAC.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 Percentage of equity
incorporation/ Issued ordinary/ attributable to the Company
registration and registered share 本公司應佔權益百分比
Name business capital (’000) Direct Indirect Principal activities
註冊成立╱已發行普通╱
名稱登記地點及業務註冊股本（千元）直接間接主要業務活動
Grace Semiconductor Manufacturing Cayman Islands US$0.001 100% – Investment holding
Corporation (“Grace Cayman”) 開曼群島 0.001美元 投資控股
Grace Semiconductor Manufacturing
Corporation（「Grace Cayman」）
Shanghai Huahong Grace PRC/Chinese mainland RMB20460928 100% – Manufacture and sale of semiconductor
Semiconductor Manufacturing 中國╱中國內地 人民幣 products
Corporation (“HHGrace”)* 20460928元 生產及銷售半導體產品上海華虹宏力半導體製造有限公司（「華虹宏力」）*
Hua Hong Grace Semiconductor (Wuxi) PRC/Chinese mainland RMB6680 – 100% Manufacture and sale of semiconductor
Limited.(“HHGrace Wuxi”)*** 中國╱中國內地 人民幣6680元 products
華虹宏力半導體（無錫）有限公司生產及銷售半導體產品（「華虹宏力無錫」）***318 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 319
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
1. CORPORATE AND GROUP INFORMATION 1. 公司及集團資料（續）
(continued)
Information about subsidiaries (continued) 有關子公司的資料（續）
Place of Percentage of equity
incorporation/ Issued ordinary/ attributable to the Company
registration and registered share 本公司應佔權益百分比
Name business capital (’000) Direct Indirect Principal activities
註冊成立╱已發行普通╱
名稱登記地點及業務註冊股本（千元）直接間接主要業務活動
Huahong Semiconductor (Wuxi) Co. Ltd. PRC/Chinese mainland US$2536852 22.2% 28.8% Manufacture and sale of semiconductor
(“Hua Hong Wuxi”)** 中國╱中國內地 2536852美元 products
華虹半導體（無錫）有限公司生產及銷售半導體產品（「華虹無錫」）**
Huahong Real Estate (Wuxi) Co. Ltd. PRC/Chinese mainland RMB30000 – 51% Real estate development
(“Huahong Real Estate Wuxi”)*** 中國╱中國內地 人民幣30000元 房地產開發
華宏置業（無錫）有限公司（「華宏置業無錫」）***
Huahong Semiconductor Manufacturing PRC/Chinese mainland US$4020000 21.9% 29.1% Manufacture and sale of semiconductor(Wuxi) Co. Ltd. (“Hua Hong 中國╱中國內地 4020000美元 productsManufacturing Wuxi”)** 生產及銷售半導體產品
華虹半導體製造（無錫）有限公司（「華虹製造無錫」）**
Global Synergy Technology PRC/Hong Kong HK$10 100% – Trading
Limited (“GST”) 中國╱香港 10港元 貿易
力鴻科技有限公司（「力鴻科技」）
HHGrace Semiconductor USA Inc. USA – 100% – Sales office
HHGrace Semiconductor USA Inc. 美國 – 銷售辦事處
HHGrace Semiconductor Japan Japan JPY10000 100% – Sales office
Co. Ltd. 日本 10000日圓 銷售辦事處
HHGrace Semiconductor Japan Co.Ltd.* HHGrace is registered as a wholly-foreign-owned company * 華虹宏力根據中國法律註冊為外商獨資公司。
under PRC law.** Hua Hong Wuxi and Hua Hong Manufacturing Wuxi are ** 華虹無錫及華虹製造無錫根據中國法律註冊
registered as Sino-foreign joint companies under PRC law. 為中外合資公司。
*** Huahong Real Estate Wuxi and HHGrace Wuxi are registered as *** 華宏置業無錫及華虹宏力無錫根據中國法律
domestic companies under PRC law. 註冊為內資公司。320 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 321NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES 2. 會計政策
2.1 BASIS OF PREPARATION 2.1 編製基準
These financial statements have been prepared in accordance 該等財務報表乃根據由香港會計師公會
with HKFRS Accounting Standards (which include all Hong （「香港會計師公會」）頒佈的香港財務報Kong Financial Reporting Standards Hong Kong Accounting 告準則會計準則（包括所有香港財務報告Standards (“HKASs”) and Interpretations) as issued by 準則、香港會計準則（「香港會計準則」）the Hong Kong Institute of Certified Public Accountants 及詮釋）以及香港公司條例編製。財務報(“HKICPA”) and the Hong Kong Companies Ordinance. They 表乃根據歷史成本慣例編製，惟已按公have been prepared under the historical cost convention 平值計量的投資物業及指定按公平值計
except for investment properties and equity investments 入其他全面收益的股權投資除外。該等designated at fair value through other comprehensive income 財務報表以美元（「美元」）呈列，而除另which have been measured at fair value. These financial 有指明外，所有數值已約整至最接近的statements are presented in United States dollars (“US$”) and 千位數。
all values are rounded to the nearest thousand except when
otherwise indicated.Basis of consolidation 綜合基準The consolidated financial statements include the financial 綜合財務報表包括本公司及其子公司（統statements of the Company and its subsidiaries (collectively 稱為「本集團」）截至二零二五年十二月
referred to as the “Group”) for the year ended 31 December 三十一日止年度的財務報表。子公司指2025. A subsidiary is an entity (including a structured entity) 受本公司直接或間接控制的實體（包括結directly or indirectly controlled by the Company. Control 構性實體）。倘本集團透過參與被投資方is achieved when the Group is exposed or has rights to 業務而享有或有權取得被投資方的可變
variable returns from its involvement with the investee and has 回報，且有能力行使在被投資方的權力the ability to affect those returns through its power over the 影響有關回報，則本集團擁有該實體的investee (i.e. existing rights that give the Group the current 控制權（即現時賦予本集團指導被投資方ability to direct the relevant activities of the investee). 相關活動能力的現有權利）。
Generally there is a presumption that a majority of voting 於一般情況下均存在多數投票權形成控
rights results in control. When the Company has less than a 制權之推定。倘本公司擁有的被投資方majority of the voting or similar rights of an investee the Group 投票權或類似權利不及大半，則評估本considers all relevant facts and circumstances in assessing 公司對被投資方是否擁有權力時，本集whether it has power over an investee including: 團會考慮所有相關事實及情況，包括：
(a) the contractual arrangement with the other vote holders of (a) 與該被投資方其他投票權擁有人的
the investee; 合約安排；
(b) rights arising from other contractual arrangements; and (b) 根據其他合約安排所享有的權利；
及
(c) the Group’s voting rights and potential voting rights.(c) 本集團的投票權及潛在投票權。
The financial statements of the subsidiaries are prepared 子公司與本公司的財務報表的報告期相
for the same reporting period as the Company using 同，並採用一致會計政策編製。子公司consistent accounting policies. The results of subsidiaries 的業績由本集團取得控制權之日起計綜
are consolidated from the date on which the Group obtains 合入賬，並繼續綜合入賬至該等控制權control and continue to be consolidated until the date that 終止時為止。
such control ceases.320 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 321
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.1 BASIS OF PREPARATION (continued) 2.1 編製基準（續）
Basis of consolidation (continued) 綜合基準（續）
Profit or loss and each component of other comprehensive 損益及其他全面收益的各部份乃歸屬於
income are attributed to the owners of the parent of the Group 本集團母公司擁有人及非控股權益，即and to the non-controlling interests even if this results in the 使導致非控股權益產生虧絀結餘。本集non-controlling interests having a deficit balance. All intra- 團成員公司之間交易所產生的集團內部
group assets and liabilities equity income expenses and 資產及負債、權益、收入、支出及現金
cash flows relating to transactions between members of the 流量均在綜合入賬時全數對銷。
Group are eliminated in full on consolidation.The Group reassesses whether or not it controls an investee 倘事實及情況顯示上述三項控制因素之
if facts and circumstances indicate that there are changes to 一項或多項出現變動，本集團會重新評one or more of the three elements of control described above. 估其是否控制被投資方。子公司的所有A change in the ownership interest of a subsidiary without a 權權益變動（沒有失去控制權），按權益loss of control is accounted for as an equity transaction. 交易入賬。
If the Group loses control over a subsidiary it derecognises 倘本集團失去對一間子公司的控制權，the related assets (including goodwill) liabilities any non- 則其取消確認相關資產（包括商譽）、負
controlling interest and the exchange fluctuation reserve; and 債、任何非控制權益及外匯波動儲備；
recognises the fair value of any investment retained and any 並確認所保留任何投資的公平值及損益
resulting surplus or deficit in profit or loss. The Group’s share 中任何因此產生的盈餘或虧損。先前於of components previously recognised in other comprehensive 其他全面收益內確認的本集團應佔部份
income is reclassified to profit or loss or retained profits as 重新分類為損益或留存溢利（如適用），appropriate on the same basis as would be required if the 倘本集團已直接出售相關資產或負債則
Group had directly disposed of the related assets or liabilities. 須以同一基準確認。
2.2 CHANGES IN ACCOUNTING POLICIES AND 2.2 會計政策的變動及披露
DISCLOSURES
The Group has adopted amendments to HKAS 21 Lack of 本集團已於本年度財務報表首次採納香
Exchangeability for the first time for the current year’s financial 港會計準則第21號（修訂本）缺乏可兌換
statements. The Group has not early adopted any other 性。本集團並無提早採納任何其他已頒standard or amendment that has been issued but is not yet 佈但尚未生效的準則或修訂本。
effective.Amendments to HKAS 21 specify how an entity shall assess 香港會計準則第21號（修訂本）訂明實
whether a currency is exchangeable into another currency and 體應如何評估某種貨幣是否可兌換為
how it shall estimate a spot exchange rate at a measurement 另一種貨幣，以及於缺乏可兌換性的情date when exchangeability is lacking. The amendments 況下，實體應如何估計計量日期的即期require disclosures of information that enable users of 匯率。該等修訂要求披露使財務報表使financial statements to understand the impact of a currency 用者能夠了解貨幣不可兌換的影響的資
not being exchangeable. As the currencies that the Group 料。由於本集團交易所用貨幣以及海外had transacted in and the functional currencies of overseas 子公司及聯營公司換算為本集團呈列貨
subsidiaries and associates for translation into the Group’s 幣的功能貨幣均屬可兌換，因此該等修presentation currency were exchangeable the amendments 訂對本集團財務報表並無任何影響。
did not have any impact on the Group’s financial statements.322 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 323
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已頒佈但尚未生效之香港財務
ACCOUNTING STANDARDS 報告準則會計準則
The Group has not applied the following new and amended 本集團並無於該等財務報表內應用下列
HKFRS Accounting Standards that have been issued but 已頒佈但尚未生效之新訂及經修訂香港
are not yet effective in these financial statements. The Group 財務報告準則會計準則。本集團擬於該intends to apply these new and amended HKFRS Accounting 等新訂及經修訂香港財務報告準則會計
Standards if applicable when they become effective. 準則生效後應用該等新訂及經修訂香港
財務報告準則會計準則（如適用）。
HKFRS 18 Presentation and Disclosure in 香港財務報告準則 財務報表的呈列與披露2
Financial Statements2 第18號
HKFRS 19 and its Subsidiaries without Public 香港財務報告準則第 非公共受託責任子公司的
amendments Accountability: Disclosure2 19號及其修訂本 披露2
Amendments to Amendments to the Classification 香港財務報告準則第 金融工具分類及計量之
HKFRS 9 and HKFRS 7 and Measurement of Financial 9號及香港財務報告 修訂1
Instruments1 準則第7號（修訂本）
Amendments to Contracts Referencing 香港財務報告準則第 自然條件依賴型電力合約1
HKFRS 9 and Nature-dependent Electricity1 9號及香港財務報告
HKFRS 7 準則第7號（修訂本）
Amendments to Sale or Contribution of Assets 香港財務報告準則第 投資者與其聯營公司或合
HKFRS 10 and between an Investor and 10號及香港會計準 營企業之間的資產出售
HKAS 28 its Associate or Joint Venture3 則第28號（修訂本） 或注資3
Amendments to Translation to a Hyperinflationary 香港會計準則第21號 換算為高度通貨膨脹之
HKAS 21 Presentation Currency2 （修訂本） 表達貨幣2
Annual Improvements Amendments to HKFRS 1 香港財務報告準則之 香港財務報告準則第1
to HKFRS Accounting HKFRS 7 HKFRS 9 HKFRS 10 會計準則的年度改 號、香港財務報告準則
Standards – Volume 11 and HKAS 71 進－第11卷 第7號、香港財務報告
準則第9號、香港財務報告準則第10號及香港會計準則第7號（修訂本）1
1 Effective for annual periods beginning on or after 1 January 2026 1 於二零二六年一月一日或之後開始之年
度期間生效
2 Effective for annual/reporting periods beginning on or after 1 2 於二零二七年一月一日或之後開始之年
January 2027 度╱報告期生效
3 No mandatory effective date yet determined but available for 3 尚未釐定強制生效日期但可供採納
adoption
Further information about those HKFRS Accounting Standards 預期適用於本集團的香港財務報告準則
that are expected to be applicable to the Group is described 會計準則的進一步資料載述如下。
below.322 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 323
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已頒佈但尚未生效之香港財務
ACCOUNTING STANDARDS (continued) 報告準則會計準則（續）
HKFRS 18 replaces HKAS 1 Presentation of Financial 香港財務報告準則第18號取代香港會計
Statements. While a number of sections have been brought 準則第1號財務報表的呈列。儘管香港會forward from HKAS 1 with limited changes HKFRS 18 計準則第1號的多個章節已被納入而變動
introduces new requirements for presentation within the 有限，香港財務報告準則第18號就損益statement of profit or loss including specified totals and 表內呈列方式引入新規定，包括指定的subtotals. Entities are required to classify all income and 總計及小計。實體須將損益表內所有收expenses within the statement of profit or loss into one of the 入及開支分類為以下五個類別之一：經
five categories: operating investing financing income taxes 營、投資、融資、所得稅及終止持續經
and discontinued operations and to present two new defined 營業務，並呈列兩項新界定小計。其亦subtotals. It also requires disclosures about management- 規定於單一附註中披露管理層界定的績
defined performance measures in a single note and introduces 效指標，並對主要財務報表及附註中資enhanced requirements on the grouping (aggregation and 料的組合（合併及分類）和位置提出更嚴
disaggregation) and the location of information in both the 格的要求。若干早前已納入香港會計準primary financial statements and the notes. Some requirements 則第1號的規定移至香港會計準則第8號
previously included in HKAS 1 are moved to HKAS 8 會計政策、會計估計變更及差錯，並更Accounting Policies Changes in Accounting Estimates and 名為香港會計準則第8號財務報表的呈
Errors which is renamed as HKAS 8 Basis of Preparation 列基準。由於頒佈香港財務報告準則第of Financial Statements. As a consequence of the issuance 18號，對香港會計準則第7號現金流量of HKFRS 18 limited but widely applicable amendments 表、香港會計準則第33號每股盈利及香
are made to HKAS 7 Statement of Cash Flows HKAS 33 港會計準則第34號中期財務報告作出有
Earnings per Share and HKAS 34 Interim Financial Reporting. 限但廣泛適用的修訂。此外，其他香港In addition there are minor consequential amendments to 財務報告準則會計準則亦有輕微的相應
other HKFRS Accounting Standards. HKFRS 18 and the 修訂。香港財務報告準則第18號及其他consequential amendments to other HKFRS Accounting 香港財務報告準則會計準則的相應修訂
Standards are effective for annual periods beginning on 於二零二七年一月一日或之後開始的年
or after 1 January 2027 with earlier application permitted. 度期間生效，須追溯應用，並可提早應Retrospective application is required. The Group is currently 用。本集團現正分析新訂規定並評估香analysing the new requirements and assessing the impact of 港財務報告準則第18號對本集團財務報
HKFRS 18 on the presentation and disclosure of the Group’s 表的呈列及披露的影響。
financial statements.324 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 325
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已頒佈但尚未生效之香港財務
ACCOUNTING STANDARDS (continued) 報告準則會計準則（續）
HKFRS 19 allows eligible entities to elect to apply reduced 香港財務報告準則第19號允許合資格實
disclosure requirements while still applying the recognition 體選擇採用簡化版披露要求，同時仍遵measurement and presentation requirements in other HKFRS 循其他香港財務報告準則會計準則中關
Accounting Standards. To be eligible at the end of the 於確認、計量及呈列的要求。慾符合資reporting period an entity must be a subsidiary as defined in 格，於報告期末，該實體必須為香港財HKFRS 10 Consolidated Financial Statements cannot have 務報告準則第10號綜合財務報表所定義
public accountability and must have a parent (ultimate or 的附屬公司，不得擁有公共受託責任，intermediate) that prepares consolidated financial statements 並且必須有一間母公司（為最終或中間母available for public use which comply with HKFRS Accounting 公司）編製供公眾使用的綜合財務報表，Standards or IFRS Accounting Standards. HKFRS 19 was 而該等報表須符合香港財務報告準則之
amended in April 2025 to include IFRS Accounting Standards 會計準則或國際財務報告準則之會計準
in the eligibility criteria for applying the standard. The standard 則。香港財務報告準則第19號於2025was further amended in October 2025 to (i) remove disclosure 年4月修訂，將國際財務報告準則之會objectives from HKFRS 19; (ii) reduce the disclosure 計準則納入應用該準則的資格標準中。
requirements relating to supplier finance arrangements and a 該準則於2025年10月進一步修訂，以specific class of financial liabilities; and (iii) replace disclosure (i)從香港財務報告準則第19號中刪除披
requirements relating to management-defined performance 露目標；(ii)減少與供應商融資安排及特
measures with a cross-reference to HKFRS 18 for entities 定類別金融負債相關的披露要求；及(iii)
that use these measures. Earlier application is permitted. As 將與管理層定義的表現計量相關的披露
the Company is a listed company it is not eligible to elect to 要求，替換為提述香港財務報告準則第apply HKFRS 19 and its amendments. Some of the Company’s 18號（供使用該等計量的實體參考）。允subsidiaries are considering the application of HKFRS 19 and 許提前應用。由於本公司為一間上市公its amendments in their specified financial statements. 司，故不符合資格選擇應用香港財務報告準則第19號及其修訂本。部分本公司的附屬公司正考慮於其特定財務報表中應用香港財務報告準則第19號及其修訂本。324 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 325NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已頒佈但尚未生效之香港財務
ACCOUNTING STANDARDS (continued) 報告準則會計準則（續）
Amendments to HKFRS 9 and HKFRS 7 Amendments to the 香港財務報告準則第9號及香港財務報告Classification and Measurement of Financial Instruments 準則第7號的修訂本（金融工具分類及計clarify the date on which a financial asset or financial liability 量之修訂）釐清了終止確認金融資產或金
is derecognised and introduce an accounting policy option 融負債的日期，並引入一項會計政策選to derecognise a financial liability that is settled through 擇，允許在符合特定條件情況下，終止an electronic payment system before the settlement date if 確認於結算日前透過電子支付系統結算
specified criteria are met. The amendments clarify how to 的金融負債。該等修訂釐清了如何評估assess the contractual cash flow characteristics of financial 具有環境、社會及管治及其他類似或然
assets with environmental social and governance and other 特徵之金融資產的合約現金流量特性。
similar contingent features. Moreover the amendments 此外，該等修訂釐清了具有無追索權特clarify the requirements for classifying financial assets with 徵的金融資產及合約掛鈎工具的分類要
non-recourse features and contractually linked instruments. 求。該等修訂亦包括對指定為按公平值The amendments also include additional disclosures for 計入其他全面收益的權益工具投資以及
investments in equity instruments designated at fair value 具有或然特徵的金融工具的額外披露。
through other comprehensive income and financial instruments 該等修訂須追溯應用，並於首次應用日with contingent features. The amendments shall be applied 期調整期初留存溢利（或其他權益組成部retrospectively with an adjustment to opening retained profits 分）。無需重列過往期間數據，且僅可在(or other component of equity) at the initial application date. 不使用事後見解的情況下重列。允許提Prior periods are not required to be restated and can only 前同時應用所有該等修訂，或僅提前應be restated without the use of hindsight. Earlier application 用與金融資產分類相關的修訂。預期該of either all the amendments at the same time or only the 等修訂不會對本集團的財務報表產生任
amendments related to the classification of financial assets 何重大影響。
is permitted. The amendments are not expected to have any
significant impact on the Group’s financial statements.Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing 香港財務報告準則第9號及香港財務報Nature-dependent Electricity clarify the application of the 告準則第7號的修訂本（自然條件依賴“own-use” requirements for in-scope contracts and amend 型電力合約）釐清了適用範圍內合約的
the designation requirements for a hedged item in a cash flow 「自用」要求的應用，並修訂了適用範圍hedging relationship for in-scope contracts. The amendments 內合約在現金流量對沖關係中被指定為
also include additional disclosures that enable users of 對沖項目的要求。該等修訂亦包括額外financial statements to understand the effects these contracts 披露，使財務報表使用者能夠了解該等have on an entity’s financial performance and future cash 合約對實體財務表現及未來現金流量的
flows. The amendments relating to the own-use exception 影響。與自用例外情況相關的修訂須追shall be applied retrospectively. Prior periods are not required 溯應用。無需重列過往期間數據，且僅to be restated and can only be restated without the use of 可在不使用事後見解的情況下重列。與hindsight. The amendments relating to the hedge accounting 對沖會計相關的修訂須於首次應用日期
shall be applied prospectively to new hedging relationships 或之後指定的新對沖關係中予以前瞻性
designated on or after the date of the initial application. Earlier 應用。允許提前應用。香港財務報告準application is permitted. The amendments to HKFRS 9 and 則第9號及香港財務報告準則第7號的
HKFRS 7 shall be applied at the same time. The amendments 修訂本須同時應用。預期該等修訂不會are not expected to have any significant impact on the Group’s 對本集團的財務報表產生任何重大影響。
financial statements.326 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 327
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已頒佈但尚未生效之香港財務
ACCOUNTING STANDARDS (continued) 報告準則會計準則（續）
Amendments to HKFRS 10 and HKAS 28 address an 香港財務報告準則第10號及香港會計準
inconsistency between the requirements in HKFRS 10 and 則第28號的修訂本解決了香港財務報告
in HKAS 28 in dealing with the sale or contribution of assets 準則第10號與香港會計準則第28號之間
between an investor and its associate or joint venture. The 在處理投資者與其聯營公司或合營企業
amendments require a full recognition of a gain or loss 之間關於資產出售或注資方面的不一致
resulting from a downstream transaction when the sale or 性。該等修訂要求，當資產出售或注資contribution of assets constitutes a business. For a transaction 構成一項業務時，應全額確認下游交易involving assets that do not constitute a business a gain 產生的收益或虧損。對於涉及不構成業or loss resulting from the transaction is recognised in the 務的資產交易，交易產生的收益或虧損investor’s profit or loss only to the extent of the unrelated 僅在無關聯投資者於該聯營公司或合營
investor’s interest in that associate or joint venture. The 企業的權益範圍內，方於投資者的損益amendments are to be applied prospectively. The previous 中確認。該等修訂須前瞻性應用。香港mandatory effective date of amendments to HKFRS 10 會計師公會已刪除先前對香港財務報告
and HKAS 28 was removed by the HKICPA. However the 準則第10號及香港會計準則第28號之修
amendments are available for adoption now. 訂的強制生效日期。然而，該等修訂現已可供採納。
Annual Improvements to HKFRS Accounting Standards – 香港財務報告準則之會計準則的年度改
Volume 11 set out amendments to HKFRS 1 HKFRS 7 (and the 進－第11卷列出了對香港財務報告準accompanying Guidance on implementing HKFRS 7) HKFRS 則第1號、香港財務報告準則第7號（及
9 HKFRS 10 and HKAS 7. Details of the amendments that are 隨附的香港財務報告準則第7號實施指expected to be applicable to the Group are as follows: 引）、香港財務報告準則第9號、香港財務報告準則第10號及香港會計準則第7號的修訂。預期適用於本集團的修訂詳情如下：
* HKFRS 7 Financial Instruments: Disclosures : The * 香港財務報告準則第7號：金融工
amendments have updated certain wording in paragraph 具：披露：該等修訂更新了香港財
B38 of HKFRS 7 and paragraphs IG1 IG14 and IG20B 務報告準則第7號第B38段，以及of the Guidance on implementing HKFRS 7 for the 香港財務報告準則第7號實施指引
purpose of simplification or achieving consistency 的IG1、IG14及IG20B段的若干措
with other paragraphs in the standard and/or with the 辭，旨在簡化或與該準則其他段落concepts and terminology used in other standards. In 及╱或其他準則中使用的概念及術
addition the amendments clarify that the Guidance on 語保持一致。此外，該等修訂釐清implementing HKFRS 7 does not necessarily illustrate 了香港財務報告準則第7號實施指
all the requirements in the referenced paragraphs of 引未必闡明香港財務報告準則第7
HKFRS 7 nor does it create additional requirements. 號所提述段落的所有要求，亦不增Earlier application is permitted. The amendments are not 加額外要求。允許提前應用。預期expected to have any significant impact on the Group’s 該等修訂不會對本集團的財務報表
financial statements. 產生任何重大影響。326 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 327NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.3 ISSUED BUT NOT YET EFFECTIVE HKFRS 2.3 已頒佈但尚未生效之香港財務
ACCOUNTING STANDARDS (continued) 報告準則會計準則（續）
* HKFRS 9 Financial Instruments: The amendments clarify * 香港財務報告準則第9號：金融工
that when a lessee has determined that a lease liability 具：該等修訂釐清，當承租人已根has been extinguished in accordance with HKFRS 9 the 據香港財務報告準則第9號釐定租
lessee is required to apply paragraph 3.3.3 of HKFRS 賃負債已解除時，承租人須應用香9 and recognise any resulting gain or loss in profit or 港財務報告準則第9號第3.3.3段，
loss. However the amendments do not address how a 並於損益中確認任何由此產生的收
lessee distinguishes between a lease modification as 益或虧損。然而，該等修訂並未論defined in HKFRS 16 and an extinguishment of a lease 述承租人如何區分香港財務報告準
liability in accordance with HKFRS 9. In addition the 則第16號所定義的租賃修改與根據
amendments have updated certain wording in paragraph 香港財務報告準則第9號解除租賃
5.1.3 of HKFRS 9 and Appendix A of HKFRS 9 to remove 負債。此外，該等修訂更新了香港
potential confusion. Earlier application is permitted. The 財務報告準則第9號第5.1.3段及香
amendments are not expected to have any significant 港財務報告準則第9號附錄A的若干
impact on the Group’s financial statements. 措辭，以消除潛在混淆。允許提前應用。預期該等修訂不會對本集團的財務報表產生任何重大影響。
* HKFRS 10 Consolidated Financial Statements : The * 香港財務報告準則第10號：綜合財
amendments clarify that the relationship described in 務報表：該等修訂釐清，香港財務paragraph B74 of HKFRS 10 is just one example of 報告準則第10號第B74段所述的關
various relationships that might exist between the investor 係，僅為投資者與作為投資者事實and other parties acting as de facto agents of the investor 代理人行事的其他各方之間可能存
which removes the inconsistency with the requirement 在的各種關係之一例，這消除了與in paragraph B73 of HKFRS 10. Earlier application is 香港財務報告準則第10號第B73段
permitted. The amendments are not expected to have any 要求的不一致性。允許提前應用。
significant impact on the Group’s financial statements. 預期該等修訂不會對本集團的財務報表產生任何重大影響。
* HKAS 7 Statement of Cash Flows: The amendments * 香港會計準則第 7號：現金流量
replace the term “cost method” with “at cost” in paragraph 表：該等修訂因先前刪除「成本法」
37 of HKAS 7 following the prior deletion of the definition 的定義，而將香港會計準則第7號
of “cost method”. Earlier application is permitted. The 第37段中的「成本法」一詞替換為
amendments are not expected to have any impact on the 「按成本」。允許提前應用。預期該Group’s financial statements. 等修訂不會對本集團的財務報表產生任何影響。328 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 329NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策
Investments in associates 於聯營公司的投資
An associate is an entity in which the Group has a long term 聯營公司為一間本集團對其擁有一般不
interest of generally not less than 20% of the equity voting 少於20%股本投票權的長期權益，且本rights and over which it has significant influence. Significant 集團對其有重大影響力的實體。重大影influence is the power to participate in the financial and 響力指有權力參與投資對象的財務及經
operating policy decisions of the investee but is not control or 營政策決策，但並非對該等政策擁有控joint control over those policies. 制或聯合控制權。
The Group’s investments in associates are stated in the 本集團於聯營公司的投資於綜合財務狀
consolidated statement of financial position at the Group’s 況表內按使用權益會計法計算的本集團
share of net assets under the equity method of accounting 應佔淨資產扣減任何減值虧損列賬。
less any impairment losses.Adjustments are made to bring into line any dissimilar 為使任何可能存在之不同會計政策貫徹
accounting policies that may exist. 一致而作出調整。
The Group’s share of the post-acquisition results and other 本集團應佔其聯營公司的收購後業績及
comprehensive income of an associate is included in the 其他全面收益分別列入綜合損益表及綜
consolidated statement of profit or loss and consolidated other 合其他全面收益表。此外，倘聯營公司comprehensive income respectively. In addition when there 的權益內直接確認某一變動，則本集團has been a change recognised directly in the equity of the 會於綜合權益變動表內確認其於任何變
associate the Group recognises its share of any changes 動（如適用）的應佔部份。本集團及其聯when applicable in the consolidated statement of changes in 營公司進行交易所產生的未變現收益及
equity. Unrealised gains and losses resulting from transactions 虧損按本集團於該聯營公司的投資進行
between the Group and its associate are eliminated to the 撇銷，惟未變現虧損有證據顯示所轉讓extent of the Group’s investment in the associate except 資產出現減值者除外。收購聯營公司產where unrealised losses provide evidence of an impairment of 生的商譽計入本集團於該聯營公司投資
the assets transferred. Goodwill arising from the acquisition of 的一部分。
an associate is included as part of the Group’s investment in
an associate.If an investment in an associate becomes an investment in a 倘於一家聯營公司的投資變成於合營企
joint venture the retained interest is not remeasured. Instead 業的投資，保留權益不會重新計量。相the investment continues to be accounted for under the equity 反，該投資將繼續按權益法列賬。於所method. In all other cases upon loss of significant influence 有其他情形下，倘本集團不再對聯營公over the associate the Group measures and recognises any 司擁有重大影響力，本集團將按其公平retained investment at its fair value. Any difference between 值計量及確認任何保留投資。於失去重the carrying amount of the associate upon loss of significant 大影響力或共同控制權後聯營公司的賬
influence or joint control and the fair value of the retained 面值與保留投資的公平值及出售所得款
investment and proceeds from disposal is recognised in profit 項之間的任何差額於損益內確認。
or loss.When an investment in an associate is classified as held for 倘於一家聯營公司的投資被分類為持作
sale it is accounted for in accordance with HKFRS 5 Non- 出售，則根據香港財務報告準則第5號持current Assets Held for Sale and Discontinued Operations. 作出售非流動資產及終止持續經營業務列賬。328 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 329NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Fair value measurement 公平值計量
The Group measures its investment properties and 本集團於各報告期末按公平值計量投資
equity investments designated at fair value through other 物業及指定按公平值計入其他全面收益
comprehensive income at the end of each reporting period. 的股權投資。公平值指於計量日市場參Fair value is the price that would be received to sell an asset 與者之間的有序交易中，就出售資產所or paid to transfer a liability in an orderly transaction between 收取的價格或轉讓負債所支付的價格。
market participants at the measurement date. The fair value 公平值計量乃基於假設出售資產或轉讓
measurement is based on the presumption that the transaction 負債的交易於資產或負債的主要市場或
to sell the asset or transfer the liability takes place either in （在未有主要市場的情況下）資產或負債
the principal market for the asset or liability or in the absence 的最有利市場進行。主要或最有利市場of a principal market in the most advantageous market for 須為本集團能參與的市場。假設市場參the asset or liability. The principal or the most advantageous 與者基於彼等最佳經濟利益行事，資產market must be accessible by the Group. The fair value of 或負債的公平值使用市場參與者為資產
an asset or a liability is measured using the assumptions 或負債定價所用假設計量。
that market participants would use when pricing the asset
or liability assuming that market participants act in their
economic best interest.A fair value measurement of a non-financial asset takes into 非金融資產的公平值計量會計及市場參
account a market participant’s ability to generate economic 與者將資產用於最高增值及最佳用途或
benefits by using the asset in its highest and best use or by 售予會將資產用於最高增值及最佳用途
selling it to another market participant that would use the asset 的另一名市場參與者而創造經濟利益的
in its highest and best use. 能力。
The Group uses valuation techniques that are appropriate in 本集團針對不同情況使用不同估值技
the circumstances and for which sufficient data are available to 術，確保有足夠數據計量公平值，並盡measure fair value maximising the use of relevant observable 量利用相關可觀察輸入數據，減少使用inputs and minimising the use of unobservable inputs. 不可觀察輸入數據。330 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 331NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Fair value measurement (continued) 公平值計量（續）
All assets and liabilities for which fair value is measured or 公平值於財務報表計量或披露的所有資
disclosed in the financial statements are categorised within the 產及負債，均基於對公平值計量整體而fair value hierarchy described as follows based on the lowest 言屬重大的最低層級輸入數據按下述公
level input that is significant to the fair value measurement as a 平值層級分類：
whole:
Level 1 – based on quoted prices (unadjusted) in active 第1級 － 基於相同資產或負債於活躍
markets for identical assets or liabilities 市場的市場報價（未經調整）
Level 2 – based on valuation techniques for which the 第2級 － 基於對公平值計量而言屬重
lowest level input that is significant to the fair 大的直接或間接可觀察最低
value measurement is observable either directly 層級輸入數據的估值技術
or indirectly
Level 3 – based on valuation techniques for which the 第3級 － 基於對公平值計量而言屬重
lowest level input that is significant to the fair 大的不可觀察最低層級輸入
value measurement is unobservable 數據的估值技術
For assets and liabilities that are recognised in the financial 對於按經常性基準於財務報表確認的資
statements on a recurring basis the Group determines whether 產及負債，本集團於各報告期末重新評transfers have occurred between levels in the hierarchy by 估分類（基於對公平值計量整體而言屬重reassessing categorisation (based on the lowest level input 大的最低層級輸入數據），確定有否在不that is significant to the fair value measurement as a whole) at 同層級之間轉移。
the end of each reporting period.Impairment of non-financial assets 非金融資產減值Where an indication of impairment exists or when annual 倘一項資產（已竣工待售物業及發展中物impairment testing for an asset is required (other than 業、存貨、合約資產、遞延稅項資產、
completed properties held for sale and properties under 金融資產、投資物業及非流動資產╱分development inventories contract assets deferred tax assets 類為持作出售的出售組別除外）存在減
financial assets investment properties and non-current assets/ 值跡象，或需要進行年度減值測試，則a disposal group classified as held for sale) the asset’s 會估計資產的可收回金額。資產可收回recoverable amount is estimated. An asset’s recoverable 金額按該資產或現金產生單位的使用價
amount is the higher of the asset’s or CGU’s value in use and 值及其公平值減出售成本兩者中的較高
its fair value less costs of disposal and is determined for an 金額計算，並按個別資產釐定，除非該individual asset unless the asset does not generate cash 資產所產生的現金流入基本上不能獨立
inflows that are largely independent of those from other assets 於其他資產或資產組別所產生的現金流
or groups of assets in which case the recoverable amount is 入，在此情況下，可收回金額將按該資determined for the CGU to which the asset belongs. In testing 產所屬現金產生單位釐定。於進行現金a CGU for impairment a portion of the carrying amount of a 產生單位減值測試時，倘可按合理且一corporate asset (e.g. a headquarters building) is allocated to 致基準分配，或如否，則分配至最小現an individual CGU if it can be allocated on a reasonable and 金產生單位組別，企業資產（如，總部大consistent basis or otherwise to the smallest group of CGUs. 樓）賬面值的一部份分配至個別現金產生單位。330 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 331NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Impairment of non-financial assets (continued) 非金融資產減值（續）
An impairment loss is recognised only if the carrying amount 減值虧損僅於資產賬面值超逾其可收回
of an asset exceeds its recoverable amount. In assessing 金額時確認。於評估使用價值時，估計value in use the estimated future cash flows are discounted to 未來現金流量乃按稅前貼現率貼現至其
their present value using a pre-tax discount rate that reflects 現值。稅前貼現率反映當時市場對貨幣current market assessments of the time value of money and 時間值的評估及該資產的特有風險。減the risks specific to the asset. An impairment loss is charged 值虧損於其產生期間的損益表內在與減
to the statement of profit or loss in the period in which it arises 值資產的功能一致的相關開支類別中扣
in those expense categories consistent with the function of the 除。
impaired asset.An assessment is made at the end of each reporting 於各報告期末，會評估是否有跡象顯示period as to whether there is an indication that previously 先前確認的減值虧損可能不再存在或可
recognised impairment losses may no longer exist or may 能已減少。倘有該等跡象存在，便會估have decreased. If such an indication exists the recoverable 計可收回金額。先前就資產（商譽除外）amount is estimated. A previously recognised impairment 確認的減值虧損，僅於用以釐定該資產loss of an asset other than goodwill is reversed only if there 的可收回金額的估計有變時予以撥回，has been a change in the estimates used to determine the 但撥回金額不得高於倘過往年度並無就
recoverable amount of that asset but not to an amount higher 該資產確認減值虧損情況下原應釐定的
than the carrying amount that would have been determined 賬面值（扣除任何折舊╱攤銷）。撥回的(net of any depreciation/amortisation) had no impairment loss 減值虧損於其產生期間計入損益表。
been recognised for the asset in prior years. A reversal of such
an impairment loss is credited to the statement of profit or loss
in the period in which it arises.Related parties 關聯方
A party is considered to be related to the Group if: 以下人士將被視為與本集團有關聯：
(a) the party is a person or a close member of that person’s (a) 倘為以下人士或其近親：
family and that person:
(i) has control or joint control over the Group; (i) 控制或共同控制本集團；
(ii) has significant influence over the Group; or (ii) 對本集團有重大影響力；或
(iii) is a member of the key management personnel of (iii) 為本集團或本集團母公司的主
the Group or of a parent of the Group; or 要管理層成員；或332 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 333
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Related parties (continued) 關聯方（續）
A party is considered to be related to the Group if: (continued) 以下人士將被視為與本集團有關聯：
（續）
(b) the party is an entity where any of the following conditions (b) 該人士為符合下列任何條件的實
applies: 體：
(i) the entity and the Group are members of the same (i) 該實體與本集團屬同一集團的
group; 成員公司；
(ii) one entity is an associate or joint venture of the other (ii) 實體為另一實體（或另一實體entity (or of a parent subsidiary or fellow subsidiary 的母公司、子公司或同系子公of the other entity); 司）的聯營公司或合營企業；
(iii) the entity and the Group are joint ventures of the (iii) 該實體與本集團為同一第三方
same third party; 的合營企業；
(iv) one entity is a joint venture of a third entity and the (iv) 實體為一名第三方實體的合營
other entity is an associate of the third entity; 企業，而另一實體為該第三方實體的聯營公司；
(v) the entity is a post-employment benefit plan for the (v) 該實體為本集團或與本集團有
benefit of employees of either the Group or an entity 關聯的實體就僱員利益設立的
related to the Group; 離職後福利計劃；
(vi) the entity is controlled or jointly controlled by a (vi) 該實體由 (a)項所列人士控制
person identified in (a); 或共同控制；
(vii) a person identif ied in (a)(i) has signif icant (vii) (a)(i)項所列人士對該實體具有influence over the entity or is a member of the key 重大影響力或為該實體（或該management personnel of the entity (or of a parent 實體的母公司）的主要管理層
of the entity); and 成員；及
(viii) the entity or any member of a group of which it is a (viii) 該實體或該實體所屬集團的任
part provides key management personnel services 何成員公司為本集團或本集團
to the Group or to the parent of the Group. 的母公司提供主要管理人員服務。332 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 333NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Property plant and equipment and depreciation 物業、廠房及設備以及折舊
Property plant and equipment other than construction in 物業、廠房及設備（在建工程除外）乃按
progress are stated at cost less accumulated depreciation 成本減累計折舊及任何減值虧損列賬。
and any impairment losses. When an item of property plant 倘物業、廠房及設備項目被分類為持作
and equipment is classified as held for sale or when it is 出售或倘其為分類為持作出售的出售組
part of a disposal group classified as held for sale it is not 別的一部份，則不會對此進行折舊，而depreciated and is accounted for in accordance with HKFRS 根據香港財務報告準則第5號列賬。物
5. The cost of an item of property plant and equipment 業、廠房及設備項目的成本包括其購買
comprises its purchase price and any directly attributable 價及任何使資產達致操作狀況及地點作
costs of bringing the asset to its working condition and location 擬定用途的直接應佔成本。
for its intended use.Expenditure incurred after items of property plant and 物業、廠房及設備項目投入運作後所產
equipment have been put into operation such as repairs and 生維修保養等支出，一般於其產生期間maintenance is normally charged to the statement of profit or 自損益表內扣除。倘達到確認標準，重loss in the period in which it is incurred. In situations where the 大檢修的開支於該資產的賬面值中資本
recognition criteria are satisfied the expenditure for a major 化為重置資產。倘物業、廠房及設備須inspection is capitalised in the carrying amount of the asset as 定期替換其重大部份，則本集團將該等a replacement. Where significant parts of property plant and 部份確認為具有特定可使用年期的獨立
equipment are required to be replaced at intervals the Group 資產，並相應對此進行折舊。
recognises such parts as individual assets with specific useful
lives and depreciates them accordingly.Depreciation is calculated on the straight-line basis to write 折舊的計算是按直線法，在其估計可使off the cost of each item of property plant and equipment to 用年期內將物業、廠房及設備各項目的
its residual value over its estimated useful life. The principal 成本撇銷至其剩餘價值。就此所用的主annual rates used for this purpose are as follows: 要年率如下：
Buildings 3.8% 樓宇 3.8%
Plant and machinery 9.5% to 19.0% 廠房及機器 9.5%至19.0%
Office equipment 19.0% 辦公設備 19.0%
Motor vehicles 19.0% 汽車 19.0%
Renovations 20.0% 翻新 20.0%
Where parts of an item of property plant and equipment 倘物業、廠房及設備項目的部份的可使
have different useful lives the cost of that item is allocated 用年期不同，該項目的成本會按合理基on a reasonable basis among the parts and each part is 準分配至有關部份，而各部份均分開計depreciated separately. Residual values useful lives and the 提折舊。剩餘價值、可使用年期及折舊depreciation method are reviewed and adjusted if appropriate 方法至少於各財政年度末檢討及按需要
at least at each financial year end. 作出調整。334 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 335NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Property plant and equipment and depreciation (continued) 物業、廠房及設備以及折舊（續）An item of property plant and equipment including any 物業、廠房及設備項目（包括任何初始確significant part initially recognised is derecognised upon 認的重大部份）於出售或預期使用或出售
disposal or when no future economic benefits are expected 有關項目不會產生未來經濟利益時終止
from its use or disposal. Any gain or loss arising on disposal 確認。於終止確認資產年度在損益表內or retirement recognised in the statement of profit or loss in the 確認的出售或報廢資產的任何收益或虧
year the asset is derecognised is the difference between the 損，為出售有關資產所得款項淨額與其net sales proceeds and the carrying amount of the relevant 賬面值兩者間的差額。
asset.Construction in progress is stated at cost less any impairment 在建工程乃按成本減任何減值虧損列
losses and is not depreciated. It is reclassified to the 賬，但不會計提折舊。其於完工且可供appropriate category of property plant and equipment when 使用時將重新分類至物業、廠房及設備
completed and ready for use. 的適當類別。
Investment properties 投資物業
Investment properties are interests in land and buildings 投資物業是指為賺取租金收入及╱或資(including right-of-use assets) held to earn rental income and/ 本增值而持有的土地及樓宇權益（包括使or for capital appreciation. Such properties are measured 用權資產）。該等物業初步以成本（包括initially at cost including transaction costs. Subsequent to 交易費用）計量。於初始確認後，投資物initial recognition investment properties are stated at fair value 業以反映報告期末市況的公平值列賬。
which reflects market conditions at the end of the reporting
period.Gains or losses arising from changes in the fair value of the 投資物業公平值變動產生的收益或虧損
investment property are included in the statement of profit or 計入其產生年度的損益表內。
loss in the year in which they arise.Any gains or losses on the retirement or disposal of an 因投資物業報廢或出售而產生的任何收
investment property are recognised in the statement of profit 益或虧損於報廢或出售年度的損益表內
or loss in the year of the retirement or disposal. 確認。
For a transfer from investment properties to owner-occupied 由投資物業轉為自用物業或存貨時，該properties or inventories the deemed cost of a property for 物業其後會計之認定成本為改變用途當
subsequent accounting is its fair value at the date of change 日的公平值。如本集團之自用物業轉為in use. If a property occupied by the Group as an owner- 投資物業，本集團直至改變用途當日前occupied property becomes an investment property the 會根據「物業、廠房及設備和折舊」所述
Group accounts for such property in accordance with the 之政策就自用物業將該物業入賬及╱或policy stated under “Property plant and equipment and 根據「使用權資產」所述政策就直至改變depreciation” for owned property and/or accounts for such 用途當日持作使用權資產之物業將該物property in accordance with the policy stated under “Right- 業入賬，而物業於當日的賬面值與公平of-use assets” for property held as a right-of-use asset up to 值之任何差額則根據香港會計準則第16
the date of change in use and any difference at that date 號物業、廠房及設備列作重估。由存貨between the carrying amount and the fair value of the property 轉為投資物業時，該物業於當日的公平is accounted for as a revaluation in accordance with HKAS 16 值與先前的賬面值之任何差額於損益表
Property Plant and Equipment. For a transfer from inventories 中確認。
to investment properties any difference between the fair value
of the property at that date and its previous carrying amount is
recognised in the statement of profit or loss.334 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 335
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Intangible assets (other than goodwill) 無形資產（商譽除外）
Intangible assets acquired separately are measured on initial 單獨取得的無形資產於初始確認時按成
recognition at cost. The cost of intangible assets acquired 本計量。通過業務合併取得的無形資產in a business combination is the fair value as at the date of 的成本為於收購日期的公平值。無形資acquisition. The useful lives of intangible assets are assessed 產的可使用年期評定為有限期或無限
to be either finite or indefinite. Intangible assets with finite lives 期。有限期的無形資產隨後按可使用經are subsequently amortised over the useful economic life and 濟年期攤銷，並於有跡象顯示無形資產assessed for impairment whenever there is an indication that 可能出現減值時評估減值。有限可使用the intangible asset may be impaired. The amortisation period 年期的無形資產的攤銷期及攤銷方法至
and the amortisation method for an intangible asset with a 少於各財政年度末檢討。
finite useful life are reviewed at least at each financial year
end.Process technology licence and software 工藝技術許可及軟件
Process technology licence and software are stated at cost 工藝技術許可及軟件按成本減任何減值
less any impairment losses and are amortised on the straight- 虧損列賬，並自相關產品投入商業生產line basis over their estimated useful lives of 5 to 10 years of 日期起計在其5至10年估計可使用年限
the underlying products commencing from the date when the 內以直線法攤銷。
products are put into commercial production.Research and development costs 研發成本
All research costs are charged to the statement of profit or loss 所有研究成本於產生時列支於損益表。
as incurred.Expenditure incurred on projects to develop new products 研發新產品項目所產生的開支僅在本集
is capitalised and deferred only when the Group can 團能夠顯示其在技術上能夠完成無形資
demonstrate the technical feasibility of completing the 產以供使用或出售、打算完成資產並能
intangible asset so that it will be available for use or sale its 夠加以使用或將之出售、資產在未來如
intention to complete and its ability to use or sell the asset 何帶來經濟利益、有足夠資源以完成項
how the asset will generate future economic benefits the 目並且有能力可靠地計量開發期間的開
availability of resources to complete the project and the ability 支的情況下，才會被資本化及遞延。未to measure reliably the expenditure during the development. 能符合以上標準的產品研發開支會在產
Product development expenditure which does not meet these 生時列作開支。
criteria is expensed when incurred.336 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 337
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Leases 租賃
The Group assesses at contract inception whether a contract 本集團於合約開始時評估合約是否為或
is or contains a lease. A contract is or contains a lease if the 包含租賃。倘合約為換取代價而授予在contract conveys the right to control the use of an identified 一段時間內控制已識別資產使用的權
asset for a period of time in exchange for consideration. 利，則合約為或包含租賃。
Group as a lessee 本集團作為承租人The Group applies a single recognition and measurement 本集團對所有租賃（惟短期租賃及低價值approach for all leases except for short-term leases and 資產租賃除外）採取單一確認及計量方leases of low-value assets. The Group recognises lease 法。本集團確認租賃負債（以作出租賃付liabilities to make lease payments and right-of-use assets 款）及使用權資產（即使用相關資產的權representing the right to use the underlying assets. 利）。
(a) Right-of-use assets (a) 使用權資產Right-of-use assets are recognised at the commencement 於租賃開始日期（即相關資產可供date of the lease (that is the date the underlying asset is 使用的日期）確認使用權資產。使available for use). Right-of-use assets are measured at 用權資產按成本減累計折舊及任何
cost less accumulated depreciation and any impairment 減值虧損計量，並就任何重新計量losses and adjusted for any remeasurement of lease 租賃負債作出調整。使用權資產成liabilities. The cost of right-of-use assets includes the 本包括已確認租賃負債款額、已產
amount of lease liabilities recognised initial direct costs 生初始直接成本及於開始日期或之
incurred and lease payments made at or before the 前作出的租賃付款減任何已收取租
commencement date less any lease incentives received. 賃優惠。使用權資產於其租期及估Right-of-use assets are depreciated on a straight- 計可使用年期的較短者內按直線法
line basis over the shorter of the lease terms and the 折舊如下：
estimated useful lives of the assets as follows:
Leasehold land 42 to 50 years 租賃土地 42至50年Buildings 2 to 20 years 樓宇 2至20年If ownership of the leased asset transfers to the Group at 倘租賃資產的所有權於租賃期末轉
the end of the lease term or the cost reflects the exercise 移至本集團或成本反映購買選擇權
of a purchase option depreciation is calculated using the 獲行使，則使用資產的估計可使用estimated useful life of the asset. 年期計算折舊。336 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 337NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Leases (continued) 租賃（續）
Group as a lessee (continued) 本集團作為承租人（續）
(b) Lease liabilities (b) 租賃負債
Lease liabilities are recognised at the commencement 於租賃開始日期，租賃負債按租賃date of the lease at the present value of lease payments 期內作出的租賃付款的現值予以確to be made over the lease term. The lease payments 認。租賃付款包括固定付款（包括include fixed payments (including in-substance fixed 實質固定付款）減任何應收租賃優
payments) less any lease incentives receivable variable 惠、取決於某一指數或比率的可變
lease payments that depend on an index or a rate 租賃付款，以及預期在剩餘價值擔and amounts expected to be paid under residual value 保下支付的金額。租賃付款亦包括guarantees. The lease payments also include the exercise 合理確定將由本集團行使的購買選
price of a purchase option reasonably certain to be 擇權的行使價，及倘若租賃期限反exercised by the Group and payments of penalties for 映本集團行使終止租賃選擇權，則termination of a lease if the lease term reflects the Group 終止租賃而需支付的罰款。不取決exercising the option to terminate the lease. The variable 於某一指數或比率的可變租賃付款
lease payments that do not depend on an index or a rate 於觸發付款的事件或條件發生的期
are recognised as an expense in the period in which the 間確認為開支。
event or condition that triggers the payment occurs.In calculating the present value of lease payments 在計算租賃付款的現值時，由於租the Group uses its incremental borrowing rate at the 賃中所隱含的利率不易確定，則本lease commencement date because the interest rate 集團在租賃開始日期使用增量借
implicit in the lease is not readily determinable. After the 貸利率。在開始日期之後，租賃commencement date the amount of lease liabilities is 負債的金額將會增加，以反映利息increased to reflect the accretion of interest and reduced 的增加及就已作出的租賃付款作出
for the lease payments made. In addition the carrying 扣減。此外，如有修改、租期發生amount of lease liabilities is remeasured if there is a 變化、租賃付款變化（如未來租賃modification a change in the lease term a change in 付款因指數或比率變動而出現變lease payments (e.g. a change to future lease payments 動）或購買相關資產的選擇權評估
resulting from a change in an index or rate) or a change 變更，租賃負債的賬面值將重新計in assessment of an option to purchase the underlying 量。
asset.338 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 339
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Leases (continued) 租賃（續）
Group as a lessee (continued) 本集團作為承租人（續）
(c) Short-term leases and leases of low-value assets (c) 短期租賃及低價值資產租賃
The Group applies the short-term lease recognition 本集團將短期租賃確認豁免應用於exemption to its short-term leases (i.e. those leases 其短期租賃（即自租賃開始日期起that have a lease term of 12 months or less from the 計租期為十二個月或以下，並且不commencement date and do not contain a purchase 包含購買選擇權的租賃）。低價值option). It also applies the recognition exemption for lease 資產租賃的確認豁免亦應用於被認
of low-value assets to leases of office equipment that is 為低價值的辦公室設備租賃。
considered to be of low value.Lease payments on short-term leases and leases of low- 短期租賃及低價值資產租賃的租賃
value assets are recognised as an expense on a straight- 付款在租期內按直線法確認為支
line basis over the lease term. 出。
Group as a lessor 本集團作為出租人When the Group acts as a lessor it classifies at lease inception 倘本集團為出租人，於租賃開始時（或發(or when there is a lease modification) each of its leases as 生租賃變更時）將其各個租賃分類為經營
either an operating lease or a finance lease. 租賃或融資租賃。
Leases in which the Group does not transfer substantially 本集團並未轉讓資產所有權所附帶的絕
all the risks and rewards incidental to ownership of an asset 大部份風險及回報的租賃歸類為經營租
are classified as operating leases. When a contract contains 賃。當合約包含租賃及非租賃組成部分lease and non-lease components the Group allocates the 時，本集團以相對獨立的銷售價格為consideration in the contract to each component on a relative 基準將合約中的代價分配予各個組成部
stand-alone selling price basis. Rental income is accounted for 分。租金收入於租期內按直線法列賬，on a straight-line basis over the lease term and is included in 且因其經營性質計入損益表之其他收入
other income and gains in the statement of profit or loss due to 及收益。於磋商及安排經營租賃時產生its operating nature. Initial direct costs incurred in negotiating 的初始直接成本乃計入租賃資產的賬面
and arranging an operating lease are added to the carrying 值，並於租期內按相同方法確認為租金amount of the leased asset and recognised over the lease 收入。或然租金乃於所賺取的期間內確term on the same basis as rental income. Contingent rents are 認為其他收入及收益。
recognised as other income and gains in the period in which
they are earned.Leases that transfer substantially all the risks and rewards 將相關資產所有權所附帶的絕大部份風
incidental to ownership of an underlying asset to the lessee 險及回報轉讓至承租人的租賃，則作為are accounted for as finance leases. 融資租賃入賬。338 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 339NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Investments and other financial assets 投資及其他金融資產
Initial recognition and measurement 初始確認及計量
Financial assets are classified at initial recognition as 金融資產於初始確認時分類為其後按攤
subsequently measured at amortised cost fair value through 銷成本、按公平值計入其他全面收益及
other comprehensive income and fair value through profit or 按公平值計入損益計量。
loss.The classification of financial assets at initial recognition 於初始確認時，金融資產分類取決於金depends on the financial asset’s contractual cash flow 融資產的合約現金流量特點及本集團管
characteristics and the Group’s business model for managing 理該等金融資產的業務模式。除並無重them. With the exception of trade receivables that do not 大融資成分或本集團已應用並未就重大
contain a significant financing component or for which the 融資成分的影響作出調整的可行權宜方
Group has applied the practical expedient of not adjusting 法的貿易應收款項外，本集團初步按公the effect of a significant financing component the Group 平值加上（倘金融資產並非按公平值計入initially measures a financial asset at its fair value plus in 損益）交易成本計量金融資產。並無重大the case of a financial asset not at fair value through profit or 融資成分或本集團已應用可行權宜方法
loss transaction costs. Trade receivables that do not contain 的貿易應收款項乃根據下文「收入確認」
a significant financing component or for which the Group 所載政策按香港財務報告準則第15號釐
has applied the practical expedient are measured at the 定的交易價格計量。
transaction price determined under HKFRS 15 in accordance
with the policies set out for “Revenue recognition” below.340 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 341
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Investments and other financial assets (continued) 投資及其他金融資產（續）
Initial recognition and measurement (continued) 初始確認及計量（續）
In order for a financial asset to be classified and measured 為使金融資產按攤銷成本或按公平值計
at amortised cost or fair value through other comprehensive 入其他全面收益進行分類及計量，需產income it needs to give rise to cash flows that are solely 生純粹為支付本金及未償還本金利息「純payments of principal and interest (“SPPI”) on the principal 粹支付本金及利息」）的現金流量。現金amount outstanding. Financial assets with cash flows that are 流量並非純粹支付本金及利息的金融資not SPPI are classified and measured at fair value through 產按公平值計入損益分類及計量（無論何profit or loss irrespective of the business model. 種業務模式）。
The Group’s business model for managing financial assets 本集團管理金融資產的業務模式指其如
refers to how it manages its financial assets in order to 何管理其金融資產以產生現金流量。業generate cash flows. The business model determines whether 務模式確定現金流量是否來自收集合約
cash flows will result from collecting contractual cash flows 現金流量、出售金融資產，或兩者兼selling the financial assets or both. Financial assets classified 有。按攤銷成本分類及計量的金融資產and measured at amortised cost are held within a business 於一種業務模式中持有，旨在持有金融model with the objective to hold financial assets in order to 資產以收取合約現金流量，而以公平值collect contractual cash flows while financial assets classified 計入其他全面收益的已分類及計量金融
and measured at fair value through other comprehensive 資產則於一種業務模式中持有，旨在持income are held within a business model with the objective 有以收取合約現金流量及出售。未於上of both holding to collect contractual cash flows and selling. 述業務模式中持有的金融資產，按公平Financial assets which are not held within the aforementioned 值計入損益分類及計量。
business models are classified and measured at fair value
through profit or loss.Purchases or sales of financial assets that require delivery of 按照一般市場規定或慣例須在一定期間
assets within the period generally established by regulation 內交付資產的金融資產買賣於交易日期
or convention in the marketplace are recognised on the trade （即本集團承諾買賣該資產之日）確認。
date that is the date that the Group commits to purchase or
sell the asset.340 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 341
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Investments and other financial assets (continued) 投資及其他金融資產（續）
Subsequent measurement 後續計量
The subsequent measurement of financial assets depends on 金融資產其後視乎以下分類作出計量：
their classification as follows:
Financial assets at amortised cost (debt instruments) 按攤銷成本計量的金融資產（債務工具）
Financial assets at amortised cost are subsequently measured 按攤銷成本計量的金融資產其後使用實
using the effective interest method and are subject to 際利率法計量，並受減值影響。當資產impairment. Gains and losses are recognised in profit or loss 終止確認、修訂或減值時，收益及虧損when the asset is derecognised modified or impaired. 於損益中確認。
Financial assets designated at fair value through other 指定按公平值計入其他全面收益的金融
comprehensive income (equity investments) 資產（股本投資）
Upon initial recognition the Group can elect to classify 於初始確認時，本集團可選擇於股本投irrevocably its equity investments as equity investments 資符合香港會計準則第32號金融工具：
designated at fair value through other comprehensive 呈報項下的股本定義且並非持作買賣
income when they meet the definition of equity under HKAS 時，將其股本投資不可撤回地分類為指
32 Financial Instruments: Presentation and are not held for 定按公平值計入其他全面收益的股本投
trading. The classification is determined on an instrument-by- 資。分類乃按個別工具基準釐定。
instrument basis.Gains and losses on these financial assets are never recycled 該等金融資產的收益及虧損概不會被重
to the statement of profit or loss. Dividends are recognised 新計入損益表。當支付權確立，股息於as other income in the statement of profit or loss when the 損益表中確認為其他收入，惟當本集團right of payment has been established except when the 於作為收回金融資產一部份成本的所得
Group benefits from such proceeds as a recovery of part of 款項中獲益時則除外，於此等情況下，the cost of the financial asset in which case such gains are 該等收益於其他全面收益入賬。指定按recorded in other comprehensive income. Equity investments 公平值計入其他全面收益的股本投資不
designated at fair value through other comprehensive income 受減值評估影響。
are not subject to impairment assessment.342 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 343
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Derecognition of financial assets 終止確認金融資產A financial asset (or where applicable a part of a financial 出現以下情形時，金融資產（或（如適asset or part of a group of similar financial assets) is primarily 用）部份金融資產或一組同類金融資產的derecognised (i.e. removed from the Group’s consolidated 一部份）一般會終止確認（即自本集團綜statement of financial position) when: 合財務狀況表移除）：
* the rights to receive cash flows from the asset have * 從資產收取現金流量的權利已屆
expired; or 滿；或
* the Group has transferred its rights to receive cash flows * 本集團已根據「轉手」安排轉讓從資
from the asset or has assumed an obligation to pay the 產收取現金流量的權利，或已承擔received cash flows in full without material delay to a third 向第三方無重大延誤全額支付所收
party under a “pass-through” arrangement; and either 現金流量的責任；及(a)本集團已轉
(a) the Group has transferred substantially all the risks 讓資產的絕大部份風險及回報，或and rewards of the asset or (b) the Group has neither (b)本集團雖未轉讓或保留資產的絕
transferred nor retained substantially all the risks and 大部份風險及回報，但已轉讓資產rewards of the asset but has transferred control of the 的控制權。
asset.When the Group has transferred its rights to receive cash flows 倘本集團已轉讓從資產收取現金流量的
from an asset or has entered into a pass-through arrangement 權利或訂立轉手安排，則評估有否保留it evaluates if and to what extent it has retained the risk 資產所有權的風險及回報及保留程度。
and rewards of ownership of the asset. When it has neither 倘本集團並無轉讓或保留資產的絕大部
transferred nor retained substantially all the risks and rewards 份風險及回報，亦無轉讓資產控制權，of the asset nor transferred control of the asset the Group 則本集團將以本集團持續參與程度為限
continues to recognise the transferred asset to the extent of 繼續確認所轉讓資產。在該情況下，本the Group’s continuing involvement. In that case the Group 集團亦確認相關負債。已轉讓資產及相also recognises an associated liability. The transferred asset 關負債根據反映本集團所保留權利及責
and the associated liability are measured on a basis that 任的基準計量。
reflects the rights and obligations that the Group has retained.Continuing involvement that takes the form of a guarantee over 通過對已轉讓資產作出擔保的形式持續
the transferred asset is measured at the lower of the original 參與的計量，按資產原賬面值與本集團carrying amount of the asset and the maximum amount of 或須償還的最高代價兩者中的較低者計
consideration that the Group could be required to repay. 算。342 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 343NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Impairment of financial assets 金融資產減值
The Group recognises an allowance for expected credit losses 本集團確認對並非按公平值計入損益的(“ECLs”) for all debt instruments not held at fair value through 所有債務工具預期信貸虧損（「預期信貸profit or loss. ECLs are based on the difference between the 虧損」）的撥備。預期信貸虧損乃基於根contractual cash flows due in accordance with the contract 據合約到期的合約現金流量與本集團預
and all the cash flows that the Group expects to receive 期收取的所有現金流量之間的差額而釐
discounted at an approximation of the original effective interest 定、以原實際利率的近似值貼現。預期rate. The expected cash flows will include cash flows from the 現金流量將包括出售所持抵押的現金流
sale of collateral held or other credit enhancements that are 量或組成合約條款的其他信貸提升措施。
integral to the contractual terms.General approach 普通法
ECLs are recognised in two stages. For credit exposures for 預期信貸虧損分兩個階段進行確認。就which there has not been a significant increase in credit risk 自初始確認起信貸風險並無大幅增加的
since initial recognition ECLs are provided for credit losses 信貸敞口而言，會就未來12個月內可能that result from default events that are possible within the next 發生違約事件而導致的信貸虧損（12個
12 months (a 12-month ECL). For those credit exposures for 月預期信貸虧損）計提預期信貸虧損。就
which there has been a significant increase in credit risk since 自初始確認起信貸風險大幅增加的該等
initial recognition a loss allowance is required for credit losses 信貸敞口而言，不論何時發生違約，於expected over the remaining life of the exposure irrespective 敞口的餘下年期內的預期信貸虧損均須
of the timing of the default (a lifetime ECL). 計提虧損撥備（全期預期信貸虧損）。
At each reporting date the Group assesses whether the credit 於各報告日期，本集團評估金融工具信risk on a financial instrument has increased significantly since 貸風險是否自初始確認起大幅增加。於initial recognition. When making the assessment the Group 進行評估時，本集團比較金融工具於報compares the risk of a default occurring on the financial 告日期發生違約的風險及金融工具於初
instrument as at the reporting date with the risk of a default 始確認日期發生違約的風險，認為在無occurring on the financial instrument as at the date of initial 需付出過多成本或努力的情況下即可獲recognition and considers reasonable and supportable 得合理可靠的資料（包括歷史及前瞻性資information that is available without undue cost or effort 料）。本集團認為，當合約付款逾期30including historical and forward-looking information. The Group 天以上時，信貸風險顯著增加。
considers that there has been a significant increase in credit
risk when contractual payments are more than 30 days past
due.344 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 345
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Impairment of financial assets (continued) 金融資產減值（續）
General approach (continued) 普通法（續）
The Group considers a financial asset in default when 本集團會在合約付款逾期180日時考慮
contractual payments are 180 days past due. However 金融資產違約。然而，在若干情況下，in certain cases the Group may also consider a financial 當內部或外部資料顯示，在並無計及本asset to be in default when internal or external information 集團持有的任何信貸提升措施時，本集indicates that the Group is unlikely to receive the outstanding 團不大可能悉數收到未償還合約款項，contractual amounts in full before taking into account any 則本集團亦可認為金融資產違約。
credit enhancements held by the Group.A financial asset is written off when there is no reasonable 倘無法合理預期收回合約現金流量，則expectation of recovering the contractual cash flows. 撇銷金融資產。
Debt investments at fair value through other comprehensive 按公平值計入其他全面收益之債務投資
income and financial assets at amortised cost are subject to 及按攤銷成本計量的金融資產乃根據普
impairment under the general approach and they are classified 通法減值，且於以下階段就預期信貸虧within the following stages for measurement of ECLs except 損計量予以分類，惟採用下文所述簡化for trade receivables which apply the simplified approach as 法的貿易應收款項除外。
detailed below.Stage 1 － Financial instruments for which credit risk has not 第一階段 － 信貸風險自初始確認起並
increased significantly since initial recognition and 未大幅增加且其虧損撥備
for which the loss allowance is measured at an 按等於12個月預期信貸虧
amount equal to 12-month ECLs 損的數額計量的金融工具
Stage 2 － Financial instruments for which credit risk has 第二階段 － 信貸風險自初始確認起大
increased significantly since initial recognition but 幅增加但並非信貸減值金
that are not credit-impaired financial assets and 融資產且其虧損撥備按等
for which the loss allowance is measured at an 於全期預期信貸虧損的數
amount equal to lifetime ECLs 額計量的金融工具
Stage 3 － Financial assets that are credit-impaired at the 第三階段 － 於報告日期出現信貸減值reporting date (but that are not purchased or （但並非購入或源生信貸originated credit-impaired) and for which the loss 減值）且其虧損撥備按等
allowance is measured at an amount equal to 於全期預期信貸虧損的數
lifetime ECLs 額計量的金融資產344 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 345
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Impairment of financial assets (continued) 金融資產減值（續）
Simplified approach 簡化法
For trade receivables that do not contain a significant financing 就並無重大融資成分或本集團已應用並
component or when the Group applies the practical expedient 未就重大融資成分的影響作出調整的可
of not adjusting the effect of a significant financing component 行權宜方法的貿易應收款項而言，本集the Group applies the simplified approach in calculating ECLs. 團採用簡化法計算預期信貸虧損。根Under the simplified approach the Group does not track 據簡化法，本集團並未追蹤信貸風險變changes in credit risk but instead recognises a loss allowance 動，轉而於各報告日期根據全期預期信based on lifetime ECLs at each reporting date. The Group has 貸虧損確認虧損撥備。本集團已根據其established a provision matrix that is based on its historical 歷史信貸虧損經驗建立撥備矩陣，並就credit loss experience adjusted for forward-looking factors 債務人及經濟環境特定的前瞻性因素作
specific to the debtors and the economic environment. 出調整。
Financial liabilities 金融負債
Initial recognition and measurement 初始確認及計量
Financial liabilities are classified at initial recognition as 金融負債於初始確認時分類為按公平值
financial liabilities at fair value through profit or loss loans and 計入損益的金融負債、貸款及借貸或應
borrowings or payables. 付款項。
All financial liabilities are recognised initially at fair value and 所有金融負債初始按公平值確認，貸款in the case of loans and borrowings and payables net of 及借貸以及應付款項則須扣除直接應佔
directly attributable transaction costs. 交易成本。
The Group’s financial liabilities include trade payables 本集團的金融負債包括貿易應付款項、
financial liabilities included in other payables and accruals 計入其他應付款項及應計費用的金融負
amounts due to related parties interest-bearing bank 債、應付關聯方款項、計息銀行借款以
borrowings and long-term payables. 及長期應付款項。
Subsequent measurement 後續計量
The subsequent measurement of financial liabilities depends 金融負債其後視乎以下分類作出計量：
on their classification as follows:346 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 347
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Financial liabilities (continued) 金融負債（續）Financial liabilities at amortised cost (trade and other payables 按攤銷成本計量的金融負債（貿易及其他borrowings and long-term payables) 應付款項、借款及長期應付款項）
After initial recognition trade and other payables and interest- 初始確認後，貿易及其他應付款項以及bearing borrowings are subsequently measured at amortised 計息借款其後以實際利率法按攤銷成本
cost using the effective interest rate method unless the 計量，若貼現影響不大，則按成本列effect of discounting would be immaterial in which case they 賬。收益及虧損於負債終止確認時透過are stated at cost. Gains and losses are recognised in the 實際利率攤銷程序於損益表確認。
statement of profit or loss when the liabilities are derecognised
as well as through the effective interest rate amortisation
process.Amortised cost is calculated by taking into account any 計算攤銷成本時已計及任何收購折讓或
discount or premium on acquisition and fees or costs that 溢價及屬實際利率不可分割部份的費用
are an integral part of the effective interest rate. The effective 或成本。實際利率攤銷則計入損益表的interest rate amortisation is included in finance costs in the 財務費用。
statement of profit or loss.Derecognition of financial liabilities 終止確認金融負債
A financial liability is derecognised when the obligation under 金融負債於負債的責任解除、註銷或屆
the liability is discharged or cancelled or expires. 滿時終止確認。
When an existing financial liability is replaced by another 當現有金融負債被同一貸款人以條款明
from the same lender on substantially different terms or the 顯不同的負債取代時，或現有負債的條terms of an existing liability are substantially modified such 款有重大修改時，有關替換或修改則視an exchange or modification is treated as a derecognition of 為終止確認原有負債並確認一項新負
the original liability and a recognition of a new liability and 債，而相關賬面值的差額於損益表確認。
the difference between the respective carrying amounts is
recognised in the statement of profit or loss.346 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 347
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Offsetting of financial instruments 抵銷金融工具
Financial assets and financial liabilities are offset and the net 當且僅當有現行可強制執行的法律權利
amount is reported in the statement of financial position if 抵銷已確認金額，並且擬以淨額基準進and only if there is a currently enforceable legal right to offset 行結算或同時將資產變現及清償負債，the recognised amounts and there is an intention to settle on 方可將金融資產及金融負債抵銷，而淨a net basis or to realise the assets and settle the liabilities 額於財務狀況表呈報。
simultaneously.Completed properties held for sale and properties under 持作出售的已落成物業及發展中物業
development
Completed properties held for sale and properties under 持作出售的已落成物業及發展中物業乃
development are stated at the lower of cost and net realisable 按成本及可變現淨值兩者中的較低者列
value. Upon completion the properties under development are 賬。於落成時，發展中物業會轉撥至持transferred to completed properties held for sale. 作出售的已落成物業。
The costs of completed properties held for sale and properties 持作出售的已落成物業及發展中物業的
under development consist of land costs construction 成本包括土地成本、建築開支、已資本
expenditures borrowing costs capitalised and other direct 化借款成本及其他直接成本。可變現淨costs. Net realisable value is based on estimated selling 值乃基於管理層參考現行市況釐定的日
price in the ordinary course of business as determined 常業務過程中的估計售價，減去預計將by management with reference to the prevailing market 予產生的落成成本及銷售成本。
conditions less further costs expected to be incurred to
completion and cost to make the sale.Properties under development and held for sale are classified 發展中及持作出售的物業均分類為流動
as current assets unless the construction period of the relevant 資產，除非相關物業發展項目的建造期property development project is expected to complete beyond 預期將超過正常經營週期。
normal operating cycle.348 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 349
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Inventories 存貨
Inventories are stated at the lower of cost and net realisable 存貨按成本及可變現淨值兩者中的較低
value. Cost is determined on the weighted average basis and 者列賬。成本按加權平均基準釐定，而in the case of work in progress and finished goods comprises 就在製品及製成品而言，成本包括直接direct materials direct labour and an appropriate proportion 材料、直接勞工及適當比例的生產費
of overheads. Costs for properties under development include 用。發展中物業成本包括土地成本、建land costs construction costs and other direct and indirect 造成本及其他與物業開發有關的直接及
development expenses in relation to property development. 間接開發開支。可變現淨值按估計售價Net realisable value is based on estimated selling prices less 減去任何在完成及出售過程中產生的估
any estimated costs to be incurred to completion and disposal. 計費用計。
Cash and cash equivalents 現金及現金等價物
Cash and cash equivalents in the statement of financial 財務狀況表內的現金及現金等價物包括
position comprise cash on hand and at banks and short-term 手頭現金及銀行存款，及為履行短期現highly liquid deposits with a maturity of generally within three 金承諾而持有、通常於三個月內到期、
months that are readily convertible into known amounts of 可隨時轉換為已知金額現金且價值變動
cash subject to an insignificant risk of changes in value and 風險不大的短期高變現能力存款。
held for the purpose of meeting short-term cash commitments.For the purpose of the consolidated statement of cash flows 就綜合現金流量表而言，現金及現金等cash and cash equivalents comprise cash on hand and at 價物包括手頭現金及銀行存款以及上文
banks and short-term deposits as defined above less bank 界定的短期存款，減須按要求償還的銀overdrafts which are repayable on demand and form an 行透支，為本集團現金管理的組成部分。
integral part of the Group’s cash management.348 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 349
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Provisions 撥備
A provision is recognised when there is a present obligation 倘因過往事件而產生現時法定或推定責
(legal or constructive) has arisen as a result of a past event 任，而履行該責任可能導致未來資源流and it is probable that a future outflow of resources will be 出，且該責任所涉金額能夠可靠估計，required to settle the obligation provided that a reliable 則確認撥備。當本集團預計部分或全部estimate can be made of the amount of the obligation. When 撥備將得到報銷時，報銷金額將確認為the Group expects some or all of a provision to be reimbursed 單獨資產，但僅當報銷金額幾乎確定時the reimbursement is recognised as a separate asset but 才予以確認。與撥備相關的費用在扣除only when the reimbursement is virtually certain. The expense 任何報銷後的損益表中呈列。
relating to a provision is presented in the statement of profit or
loss net of any reimbursement.When the effect of discounting is material the amount 倘貼現影響重大，則確認撥備的數額為recognised for a provision is the present value at the end of 預期日後履行有關責任所需開支於報告
the reporting period of the future expenditures expected to be 期末的現值。倘已貼現的現值隨時間而required to settle the obligation. The increase in the discounted 有所增加，則該等增幅將於損益表列作present value amount arising from the passage of time is 財務費用。
included in finance costs in the statement of profit or loss.Income tax 所得稅
Income tax comprises current and deferred tax. Income tax 所得稅包括即期及遞延稅項。與於損益relating to items recognised outside profit or loss is recognised 外確認的項目有關的所得稅於損益外確
outside profit or loss either in other comprehensive income or 認為其他全面收益或直接於權益中確認。
directly in equity.Current tax assets and liabilities are measured at the amount 即期稅項資產及負債，根據於報告期expected to be recovered from or paid to the taxation 末已頒佈或實質上已頒佈的稅率（及稅authorities based on tax rates (and tax laws) that have been 法），按預期獲稅務機關退回或向稅務機enacted or substantively enacted by the end of the reporting 關支付的款項，並計及本集團經營所在period taking into consideration interpretations and practices 國家現行法律詮釋及慣例計量。
prevailing in the countries in which the Group operates.Deferred tax is provided using the liability method on all 遞延稅項於報告期末採用負債法就資產
temporary differences at the end of the reporting period 及負債稅基與其就財務報告目的所使用
between the tax bases of assets and liabilities and their 的賬面值的所有暫時差額撥備。
carrying amounts for financial reporting purposes.350 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 351
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Income tax (continued) 所得稅（續）
Deferred tax liabilities are recognised for all taxable temporary 除下列情況外，會就所有應課稅暫時差differences except: 額確認遞延稅項負債：
* when the deferred tax liability arises from the initial * 倘遞延稅項負債因非業務合併交易
recognition of an asset or liability in a transaction that 中初始確認資產或負債而產生，且is not a business combination and at the time of the 於交易時遞延稅項負債不會影響會
transaction affects neither the accounting profit nor 計溢利或應課稅溢利或虧損及不會
taxable profit or loss and does not give rise to equal 產生相等的應課稅及可扣減暫時差
taxable and deductible temporary differences; and 額；及
* in respect of taxable temporary differences associated * 就於子公司及聯營公司投資相關的
with investments in subsidiaries and associates when 應課稅暫時差額而言，倘可控制暫the timing of the reversal of the temporary differences 時差額的撥回時間，且於可見未來can be controlled and it is probable that the temporary 可能不會撥回暫時差額。
differences will not reverse in the foreseeable future.Deferred tax assets are recognised for all deductible 於有可能動用應課稅溢利以抵銷可扣減
temporary differences and the carryforward of unused tax 暫時差額以及未動用稅項抵免及未動用
credits and any unused tax losses to the extent that it is 稅項虧損結轉的情況下，就所有可扣減probable that taxable profit will be available against which 暫時差額以及未動用稅項抵免及任何未
the deductible temporary differences and the carryforward 動用稅項虧損結轉確認遞延稅項資產，of unused tax credits and unused tax losses can be utilised 惟下列情況除外：
except:
* when the deferred tax asset relating to the deductible * 倘涉及可扣減暫時差額的遞延稅項
temporary differences arises from the initial recognition of 資產因非業務合併交易中初始確認
an asset or liability in a transaction that is not a business 資產或負債而產生，且於交易時遞combination and at the time of the transaction affects 延稅項資產不會影響會計溢利或應
neither the accounting profit nor taxable profit or loss 課稅溢利或虧損及不會產生相等的
and does not give rise to equal taxable and deductible 應課稅及可扣減暫時差額；及
temporary differences; and
* in respect of deductible temporary differences associated * 就於子公司及聯營公司投資相關的
with investments in subsidiaries and associates deferred 可扣減暫時差額而言，遞延稅項資tax assets are only recognised to the extent that it is 產僅於可見未來可能撥回暫時差
probable that the temporary differences will reverse in 額，且可動用應課稅溢利以抵銷暫the foreseeable future and taxable profit will be available 時差額的情況下確認。
against which the temporary differences can be utilised.350 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 351
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Income tax (continued) 所得稅（續）
The carrying amount of deferred tax assets is reviewed at the 遞延稅項資產賬面值於各報告期末檢
end of each reporting period and reduced to the extent that 討，並於不再可能有足夠應課稅溢利可it is no longer probable that sufficient taxable profit will be 容許動用全部或部份遞延稅項資產的情
available to allow all or part of the deferred tax asset to be 況下予以扣減。未確認遞延稅項資產於utilised. Unrecognised deferred tax assets are reassessed at 各報告期末重新評估，並在可能有足夠the end of each reporting period and are recognised to the 應課稅溢利可容許收回全部或部份遞延
extent that it has become probable that sufficient taxable profit 稅項資產的情況下予以確認。
will be available to allow all or part of the deferred tax asset to
be recovered.Deferred tax assets and liabilities are measured at the tax 遞延稅項資產及負債，根據於報告期rates that are expected to apply to the period when the asset 末已頒佈或實質上已頒佈的稅率（及稅is realised or the liability is settled based on tax rates (and tax 法），按預期適用於變現資產或清償負債laws) that have been enacted or substantively enacted by the 期間的稅率計量。
end of the reporting period.Deferred tax assets and deferred tax liabilities are offset if 當且僅當本集團有可強制執行的法律權
and only if the Group has a legally enforceable right to set off 利可將即期稅項資產與即期稅項負債抵
current tax assets and current tax liabilities and the deferred 銷，且遞延稅項資產與遞延稅項負債與tax assets and deferred tax liabilities relate to income taxes 同一稅務機關對同一應課稅實體或於預
levied by the same taxation authority on either the same 期有大額遞延稅項負債或資產需要結算
taxable entity or different taxable entities which intend either 或清償的各未來期間擬按淨額基準結算
to settle current tax liabilities and assets on a net basis or to 即期稅項負債及資產或同時變現資產及
realise the assets and settle the liabilities simultaneously in 結算負債之不同稅務實體徵收之所得稅
each future period in which significant amounts of deferred tax 相關，則遞延稅項資產與遞延稅項負債liabilities or assets are expected to be settled or recovered. 可予抵銷。
Government grants 政府補助
Government grants are recognised at their fair value where 政府補助在合理確定將會收取補助及將
there is reasonable assurance that the grant will be received 會符合一切所附條件時，按其公平值確and all attaching conditions will be complied with. When the 認。當補助與某開支項目相關時，該補grant relates to an expense item it is released to the statement 助會按其擬補償的期間，以系統化基準of profit or loss by way of a deducted cost on a systematic 從損益表中（以扣減成本的方式）撥出。
basis over the periods for which it is intended to compensate. 旨在為主體提供即時財務支持且無未來
The grant for the purpose of giving immediate financial support 相關成本的政府補助，應在其可收取的to the entity with no future relate costs shall be recognised in 期間計入當期損益。
profit or loss of the period in which it becomes receivable.Where the grant relates to an asset the fair value is credited to 倘補助與資產有關，則公平值計入遞延a deferred income account and is deducted from the carrying 收入賬，並自資產賬面值扣減並通過減amount of the asset and released to the statement of profit or 少折舊開支方式撥回損益表。
loss by way of a reduced depreciation charge.352 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 353
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Revenue recognition 收入確認
Revenue from contracts with customers 客戶合約收入
Revenue from contracts with customers is recognised when 於貨品或服務的控制權按反映本集團預
control of goods or services is transferred to the customers at 期就交換該等貨品或服務有權收取的代
an amount that reflects the consideration to which the Group 價的金額轉移予客戶時確認客戶合約收
expects to be entitled in exchange for those goods or services. 入。
Sale of semiconductor products 半導體產品銷售
Revenue from the sale of semiconductor products is 來自銷售半導體產品的收入於資產的控recognised at the point in time when control of the asset 制權轉移予客戶時（一般於交付半導體產is transferred to the customer generally on delivery of the 品時）確認。
semiconductor products.Revenue from other sources 由其他來源產生之收入
Rental income is recognised on a time proportion basis 租金收入於租賃期按時間比例確認。不over the lease terms. Variable lease payments that do not 取決於某一指數或比率的可變租賃付款
depend on an index or a rate are recognised as income in the 於產生的會計期間確認為收入。
accounting period in which they are incurred.Other income 其他收入
Interest income is recognised on an accrual basis using the 利息收入按應計基準使用實際利率法，effective interest method by applying the rate that exactly 透過採用將金融工具在預期可使用年期
discounts the estimated future cash receipts over the expected 或較短期間（如適用）內的估計未來現金
life of the financial instrument or a shorter period when 收入準確貼現至金融資產之賬面淨值的
appropriate to the net carrying amount of the financial asset. 比率予以確認。
Contract liabilities 合約負債
A contract liability is recognised when a payment is received 合約負債於本集團向客戶轉移相關貨品or a payment is due (whichever is earlier) from a customer 或服務前收取或付款到期時（以較早者為before the Group transfers the related goods or services. 準）確認。合約負債於本集團履行合約時Contract liabilities are recognised as revenue when the Group （即相關商品或服務的控制權轉移至客戶performs under the contract (i.e. transfers control of the 時）確認為收入。
related goods or services to the customer).Share-based payments 以股份付款
The Company operates a share option scheme. Employees 本公司實施一項購股權計劃。本集團僱(including directors) of the Group receive remuneration in the 員（包括董事）以股份付款的方式收取報form of share-based payments whereby employees render 酬，僱員提供服務以換取股本工具（「股services in exchange for equity instruments (“equity-settled 權結算交易」）。與僱員進行股權結算交transactions”).The cost of equity-settled transactions with 易的成本，乃參照授出日期的公平值而employees is measured by reference to the fair value at the 計量。公平值由外聘估值師採用二項式date at which they are granted. The fair value is determined 模式釐定，進一步詳情載於財務報表附by an external valuer using a binomial model further details of 註32。
which are given in note 32 to the financial statements.352 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 353
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Share-based payments (continued) 以股份付款（續）
The cost of equity-settled transactions is recognised in 股權結算交易成本連同權益相應增加部
employee benefit expense together with a corresponding 份，在績效及╱或服務條件達成時於期increase in equity over the period in which the performance 內在僱員福利開支確認。截至歸屬日期and/or service conditions are fulfilled. The cumulative expense 前於各報告期末確認的股權結算交易的
recognised for equity-settled transactions at the end of each 累計開支，反映歸屬期已到期部份及本reporting period until the vesting date reflects the extent to 集團對最終將會歸屬的股本工具數目的
which the vesting period has expired and the Group’s best 最佳估計。期內在損益表扣除或進賬，estimate of the number of equity instruments that will ultimately 乃指期初與期終已確認的累計開支的變
vest. The charge or credit to the statement of profit or loss for 動。
a period represents the movement in the cumulative expense
recognised as at the beginning and end of that period.Service and non-market performance conditions are not 釐定獎勵的授出日期公平值並不考慮服
taken into account when determining the grant date fair 務及非市場表現條件，惟能達成條件的value of awards but the likelihood of the conditions being 可能性則被評定為將最終歸屬為本集團
met is assessed as part of the Group’s best estimate of the 股本工具數目的最佳估計的一部份。
number of equity instruments that will ultimately vest. Market 市場表現條件將反映在授出日期的公平
performance conditions are reflected within the grant date fair 值。附帶於獎勵中但並無相關聯服務要value. Any other conditions attached to an award but without 求的其他任何條件皆視為非歸屬條件。
an associated service requirement are considered to be non- 反映非歸屬條件的獎勵公平值若當中不
vesting conditions. Non-vesting conditions are reflected in the 包含服務及╱或表現條件乃即時予以支
fair value of an award and lead to an immediate expensing of 銷。
an award unless there are also service and/or performance
conditions.For awards that do not ultimately vest because non-market 因未能達至非市場表現及╱或服務條
performance and/or service conditions have not been met 件，而導致最終並無歸屬的獎勵並不會no expense is recognised. Where awards include a market or 確認支銷，惟包括一項市場或非歸屬條non-vesting condition the transactions are treated as vesting 件之獎勵，無論市場或非歸屬條件是否irrespective of whether the market or non-vesting condition is 達成，其均會被視為已歸屬，前提是所satisfied provided that all other performance and/or service 有其他表現及╱或服務條件須已達成。
conditions are satisfied.Where the terms of an equity-settled award are modified as 倘股權結算獎勵的條款有變更，假設符a minimum an expense is recognised as if the terms had not 合獎勵原條款，則所確認之開支最少須been modified if the original terms of the award are met. In 達到猶如條款並無任何變更的水平。此addition an expense is recognised for any modification that 外，倘按變更日期之計量，任何變更導increases the total fair value of the share-based payments or 致以股份付款的公平值總額增加，或為is otherwise beneficial to the employee as measured at the 僱員帶來其他利益，則就該等變更確認date of modification. 開支。354 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 355NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Share-based payments (continued) 以股份付款（續）
Where an equity-settled award is cancelled it is treated as if 倘股權結算獎勵註銷，則視為已於註銷it had vested on the date of cancellation and any expense 日期歸屬，任何尚未確認之獎勵（包括not yet recognised for the award is recognised immediately. 未能符合本集團或僱員可控制的非歸屬This includes any award where non-vesting conditions within 條件的任何獎勵）開支，均即時確認。
the control of either the Group or the employee are not met. 然而，若已授出新獎勵代替已註銷的獎However if a new award is substituted for the cancelled 勵，並於授出日期指定為替代獎勵，則award and is designated as a replacement award on the date 如前段所述，已註銷獎勵及新獎勵均視that it is granted the cancelled and new awards are treated as 為原有獎勵的變更。
if they were a modification of the original award as described
in the previous paragraph.The dilutive effect of outstanding options is reflected as 計算每股盈利時，未行使購股權的攤薄additional share dilution in the computation of earnings per 效應，反映為額外股份攤薄。
share.Other employee benefits 其他僱員福利
Pension scheme 退休金計劃
The employees of the Group’s subsidiaries which operate 本集團於中國內地營運的子公司屬下的
in the Chinese mainland are required to participate in a 僱員須參與由有關地方市政府營運的中
central pension scheme operated by the local municipal 央退休金計劃。該等子公司須按僱員薪government. These subsidiaries are required to contribute a 金若干百分比對 中央退休金計劃供款。
certain percentage of their payroll costs to the central pension 供款於按中央退休金計劃規則應付時在
scheme. The contributions are charged to the statement of 損益表內支銷。
profit or loss as they become payable in accordance with the
rules of the central pension scheme.Termination benefits 離職福利
Termination benefits are recognised at the earlier of when the 離職福利於本集團不再能取消提供該等
Group can no longer withdraw the offer of those benefits and 福利時及本集團確認涉及支付離職福利
when the Group recognises restructuring costs involving the 之重組成本時之較早者確認。
payment of termination benefits.Borrowing costs 借款成本Borrowing costs directly attributable to the acquisition 收購、建設或生產合資格資產（即需要一construction or production of qualifying assets i.e. assets 段較長時間方可達致擬定用途或出售的that necessarily take a substantial period of time to get ready 資產）直接應佔的借款成本會撥充資本，for their intended use or sale are capitalised as part of the 作為該等資產的部份成本。當資產已大cost of those assets. The capitalisation of such borrowing 致可作擬定用途或出售時，則不會再將costs ceases when the assets are substantially ready for their 該等借款成本撥充資本。所有其他借款intended use or sale. All other borrowing costs are expensed 成本於產生期間支銷。借款成本包括一in the period in which they are incurred. Borrowing costs 間實體借款時產生的利息及其他成本。
consist of interest and other costs that an entity incurs in
connection with the borrowing of funds.354 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 355
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Events after the reporting period 報告期後事項
If the Group receives information after the reporting period 倘本集團於報告期後但於授權刊發日期
but prior to the date of authorisation for issue about conditions 前接獲有關報告期結束時已存在情況的
that existed at the end of the reporting period it will assess 資料，其將評估該資料是否會影響其於whether the information affects the amounts that it recognises 財務報表中確認的金額。本集團將調整in its financial statements. The Group will adjust the amounts 於財務報表中確認的金額，以反映報告recognised in its financial statements to reflect any adjusting 期後發生的任何調整事件，並根據新資events after the reporting period and update the disclosures 料更新與該等情況有關的披露。對於報that relate to those conditions in light of the new information. 告期後發生的非調整事件，本集團將不For non-adjusting events after the reporting period the 會更改於財務報表中確認的金額，但會Group will not change the amounts recognised in its financial 披露非調整事件的性質及其財務影響的
statements but will disclose the nature of the non-adjusting 估計，或無法作出估計的聲明（如適用）。
events and an estimate of their financial effects or a statement
that such an estimate cannot be made if applicable.Dividends 股息
Final dividends are recognised as a liability when they are 末期股息於股東在股東大會上批准時確
approved by the shareholders in a general meeting. Proposed 認作負債。擬派末期股息乃於財務報表final dividends are disclosed in the notes to the financial 附註披露。
statements.Interim dividends are simultaneously proposed and declared 由於本公司的組織章程大綱及細則授權
because the Company’s memorandum and articles of 董事宣派中期股息，故中期股息乃同時association grant the directors the authority to declare interim 予以擬派及宣派。因此，中期股息於擬dividends. Consequently interim dividends are recognised 派及宣派後隨即確認為負債。
immediately as a liability when they are proposed and
declared.Foreign currencies 外幣
These financial statements are presented in US$ which is 該等財務報表以本公司的功能貨幣美元
the Company’s functional currency. Each entity in the Group 呈列。本集團各實體自行決定其功能貨determines its own functional currency and items included in 幣，而各實體財務報表所載項目均採用the financial statements of each entity are measured using that 該功能貨幣計量。本集團實體記錄的外functional currency. Foreign currency transactions recorded 幣交易初步採用其各自於交易日期的功
by the entities in the Group are initially recorded using their 能貨幣匯率入賬。以外幣計值的貨幣資respective functional currency rates prevailing at the dates of 產及負債按各報告期末的功能貨幣匯率
the transactions. Monetary assets and liabilities denominated 換算。結算或換算貨幣項目產生的差額in foreign currencies are translated at the functional currency 於損益表確認。
rates of exchange ruling at the end of the reporting period.Differences arising on settlement or translation of monetary
items are recognised in the statement of profit or loss.356 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 357
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Foreign currencies (continued) 外幣（續）
Non-monetary items that are measured in terms of historical 根據以外幣計值的歷史成本計量的非貨
cost in a foreign currency are translated using the exchange 幣項目採用首次交易日期的匯率換算。
rates at the dates of the initial transactions. Non-monetary 按外幣公平值計量的非貨幣項目採用計
items measured at fair value in a foreign currency are 量公平值當日的匯率換算。換算以公平translated using the exchange rates at the date when the fair 值計量的非貨幣項目產生的收益或虧損
value was measured. The gain or loss arising on translation 按與確認項目公平值變動的收益或虧損of a non-monetary item measured at fair value is treated 一致的方式處理（即公平值收益或虧損in line with the recognition of the gain or loss on change 於其他全面收益或損益確認的項目的換
in fair value of the item (i.e. translation difference on the 算差額亦分別於其他全面收益或損益確item whose fair value gain or loss is recognised in other 認）。
comprehensive income or profit or loss is also recognised in
other comprehensive income or profit or loss respectively).In determining the exchange rate on initial recognition of the 就釐定於初步確認有關資產、開支或收
related asset expense or income on the derecognition of a 入就非貨幣性資產或與墊支代價相關的
non-monetary asset or non-monetary liability relating to an 非貨幣性負債的終止確認所用的匯率
advance consideration the date of initial transaction is the 時，首次交易日期為本集團最初確認非date on which the Group initially recognises the non-monetary 貨幣性資產或墊支代價產生的非貨幣性
asset or non-monetary liability arising from the advance 負債的日期。倘存在多筆預付款或預收consideration. If there are multiple payments or receipts in 款，本集團須就每筆支付墊支代價或收advance the Group determines the transaction date for each 取墊支代價釐定交易日期。
payment or receipt of the advance consideration.The functional currencies of certain overseas subsidiaries and 若干海外子公司及聯營公司的功能貨幣
associates are currencies other than US$. As at the end of the 為美元以外的貨幣。於報告期末，該等reporting period the assets and liabilities of these entities are 實體的資產及負債按報告期末的通行匯
translated into US$ at the exchange rates prevailing at the end 率換算為美元，而其損益表按與交易日of the reporting period and their statements of profit or loss are 期通行匯率大致相若的匯率換算為美元。
translated into US$ at the exchange rates that approximate to
those prevailing at the dates of the transactions.The resulting exchange differences are recognised in other 由此產生的匯兌差額於其他全面收益確
comprehensive income and accumulated in the exchange 認，並於匯率波動儲備中累計，除非有fluctuation reserve except to the extent that the differences 關差額來自非控股權益。出售國外業務are attributable to non-controlling interests. On disposal of 時，儲備內有關特定國外業務的累計金a foreign operation the cumulative amount in the reserve 額於損益表確認。
relating to that particular foreign operation is recognised in the
statement of profit or loss.356 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 357
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
2. ACCOUNTING POLICIES (continued) 2. 會計政策（續）
2.4 MATERIAL ACCOUNTING POLICIES 2.4 重大會計政策（續）
(continued)
Foreign currencies (continued) 外幣（續）
For the purpose of the consolidated statement of cash flows 就綜合現金流量表而言，海外子公司的the cash flows of overseas subsidiaries are translated into 現金流量乃按年內現金流量的加權平均
US$ at the weighted average exchange rates for the year of 匯率換算為美元。海外子公司年內重複the cash flows. Frequently recurring cash flows of overseas 產生的現金流量乃按年內的加權平均匯
subsidiaries which arise throughout the year are translated into 率換算為美元。
US$ at the weighted average exchange rates for the year.
3. SIGNIFICANT ACCOUNTING ESTIMATES 3. 重要會計估計及假設
AND ASSUMPTIONS
The preparation of the Group’s financial statements requires 管理層在編製本集團財務報表時須作出
management to make judgements estimates and assumptions 判斷、估計及假設，而有關判斷、估計that affect the reported amounts of revenues expenses assets 及假設會對收入、開支、資產及負債的
and liabilities and their accompanying disclosures and the 呈報金額及其隨附披露，以及或然負債disclosure of contingent liabilities. Uncertainty about these 披露造成影響。該等假設及估計的不確assumptions and estimates could result in outcomes that could 定性或會導致須對在未來遭受影響的資
require a material adjustment to the carrying amounts of the 產或負債的賬面值進行重大調整。
assets or liabilities affected in the future.Judgements 判斷
In the process of applying the Group’s accounting policies 於採納本集團會計政策的過程中，除涉management has made the following judgements apart from 及估計的會計政策外，管理層已作出對those involving estimations which have the most significant 財務報表已確認金額構成最重大影響的
effect on the amounts recognised in the financial statements: 判斷如下：
Property lease classification – Group as lessor 物業租賃分類－本集團作為出租人
The Group has entered into commercial property leases on 本集團訂立有關投資物業組合的商務物
its investment property portfolio. The Group has determined 業租賃。根據對有關安排條款及條件之based on an evaluation of the terms and conditions of the 評估，如租期不構成商用物業之經濟壽arrangements such as the lease term not constituting a major 命的主要部分且最低租賃款項現值不等
part of the economic life of the commercial property and the 於商用物業之絕大部分公平值，本集團present value of the minimum lease payments not amounting 已釐定其保留該等已出租物業所有權附
to substantially all the fair value of the commercial property 帶的絕大部分風險及回報，並將有關合that it retains substantially all the significant risks and rewards 約以經營租賃入賬。
incidental to ownership of these properties which are leased
out and accounts for the contracts as operating leases.358 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 359
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
3. SIGNIFICANT ACCOUNTING ESTIMATES 3. 重要會計估計及假設（續）
AND ASSUMPTIONS (continued)
Judgements (continued) 判斷（續）
Classification between investment properties and owner- 投資物業與自用物業之間的分類
occupied properties
The Group determines whether a property qualifies as an 本集團決定某一物業是否符合投資物業
investment property and has developed criteria in making 的資格，並就此作出判斷時制定了準that judgement. Investment property is a property held to 則。投資物業是指為賺取租金或為資本earn rentals or for capital appreciation or both. Therefore the 增值或兩者兼備而持有的物業。因此，Group considers whether a property generates cash flows 本集團會考慮物業是否能大致獨立於本
largely independently of the other assets held by the Group. 集團持有的其他資產而產生現金流量。
Some properties comprise a portion that is held to earn rentals 部分物業包括一部分為賺取租金或資本
or for capital appreciation and another portion that is held 增值而持有的部分，以及另一部分為用for use in the production or supply of goods or services or 於生產或供應貨品或服務或用於行政用
for administrative purposes. If these portions could be sold 途的部分。若該等部分能夠單獨出售或separately or leased out separately under a finance lease 根據融資租賃單獨出租，則本集團會將the Group accounts for the portions separately. If the portions 該等部分單獨入賬。若該等部分無法單could not be sold separately the property is an investment 獨出售，則僅當用於生產或供應貨品或property only if an insignificant portion is held for use in the 服務或用於行政用途的部分屬不重大
production or supply of goods or services or for administrative 時，該物業方為投資物業。判斷乃按個purposes. Judgement is made on an individual property basis 別物業基準進行，以釐定附帶服務是否to determine whether ancillary services are so significant that a 重大到令物業不符合投資物業的資格。
property does not qualify as an investment property.Estimation uncertainty 估計不確定性
The key assumptions concerning the future and other key 於報告期末，有關未來的主要假設及估sources of estimation uncertainty at the end of the reporting 計不確定的其他主要來源（存在導致於下period that have a significant risk of causing a material 一財政年度內對資產及負債的賬面值作adjustment to the carrying amounts of assets and liabilities 出重大調整的重大風險）論述如下。
within the next financial year are described below.358 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 359
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
3. SIGNIFICANT ACCOUNTING ESTIMATES 3. 重要會計估計及假設（續）
AND ASSUMPTIONS (continued)
Estimation uncertainty (continued) 估計不確定性（續）
Impairment of non-financial assets (other than goodwill) 非金融資產（商譽除外）減值
The Group assesses whether there are any indicators of 本集團於各報告期末評估所有非金融
impairment for all non-financial assets (including the right- 資產（包括使用權資產）有否任何減值
of-use assets) at the end of each reporting period. Indefinite 跡象。年期無限的無形資產每年及於該life intangible assets are tested for impairment annually and 跡象存在的其他時間作減值測試。其他at other times when such an indicator exists. Other non- 非金融資產在有跡象表明可能無法收回
financial assets are tested for impairment when there are 賬面值時進行減值測試。當資產或現金indicators that the carrying amounts may not be recoverable. 產生單位賬面值超過可收回金額時，即An impairment exists when the carrying value of an asset or 存在減值，可收回金額按公平值減出售a CGU exceeds its recoverable amount which is the higher 費用或使用價值兩者的較高者計算。公of its fair value less costs of disposal and its value in use. The 平值減出售費用按類似資產按公平原則
calculation of the fair value less costs of disposal is based 進行具約束力的銷售交易所得的數據或
on available data from binding sales transactions in an arm’s 可觀察市場價格減出售資產的增量成本
length transaction of similar assets or observable market 計算。計算使用價值時，管理層須估計prices less incremental costs for disposing of the asset. When 資產或現金產生單位的預期未來現金流
value in use calculations are undertaken management must 量，並選擇適合的折現率計算該等現金estimate the expected future cash flows from the asset or CGU 流量的現值。進一步詳情（包括主要假設and choose a suitable discount rate in order to calculate the 的敏感度分析）載於財務報表附註13。
present value of those cash flows. Further details including a
sensitivity analysis of key assumptions are given in note 13 to
the financial statements.Fair value of unlisted equity investments 非上市股本投資的公平值
The unlisted equity investments have been valued based 該等非上市股本投資已根據基於市場的
on market-based valuation techniques as detailed in note 估值技術進行估值，詳情載於財務報表38 to the financial statements. The significant unobservable 附註38。重大不可觀察輸入數據（第3inputs (Level 3) include determination of the comparable 級）包括在使用估值倍數時確定可比較上
public companies (peers) selection of the price multiple and 市公司（同業）、選擇價格倍數及估計缺
estimation of the discount for illiquidity when using valuation 乏流通性折讓，以及在使用先前交易分multiples and estimation of the discount for lack of control 析時估計缺乏控制權折讓。
when using precedent transaction analysis.The fair value of the unlisted equity investments at 於2025年12月31日，非上市股本投資31 December 2025 was US$478 799 000 (2024 : 的公平值為478799000美元（2024年：US$289311000). Further details are included in note 18 to the 289311000美元）。進一步詳情載於財financial statements. 務報表附註18。360 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 361NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
3. SIGNIFICANT ACCOUNTING ESTIMATES 3. 重要會計估計及假設（續）
AND ASSUMPTIONS (continued)
Estimation uncertainty (continued) 估計不確定性（續）
Fair value of investment properties 投資物業公平值
In the absence of current prices in an active market for 倘類似物業於活躍市場中並無現行市
similar properties the Group considers information from the 價，則本集團會考慮貼現現金流量預測discounted cash flow projections. 資料。
Discounted cash flow projections based on reliable estimates 根據可靠的未來現金流量估算、任何現
of future cash flows supported by the terms of any existing 有租約及其他合約的年期及（如可能）外lease and other contracts and (when possible) by external 在證據（如於同一地點及狀況下，類似物evidence such as current market rents for similar properties in 業的現行市值租金），以及使用可反映現the same location and condition and using discount rates that 金流量金額及出現時間不明朗因素的現
reflect current market assessments of the uncertainty in the 時市場評估的貼現率計算而得出的貼現
amount and timing of the cash flows. 現金流量預測。
The carrying amount of the investment properties as at 於二零二五年十二月三十一日，投資物31 December 2025 was US$219772000 (31 December 業的賬面值為219772000美元（二零二
2024: US$164153000). Further details including the key 四年十二月三十一日：164153000美assumptions used for fair value measurement and a sensitivity 元）。進一步詳情（包括公平值計量及敏analysis are given in note 14 to the financial statements. 感度分析所採用的主要假設）載於財務報表附註14。360 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 361NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
4. OPERATING SEGMENT INFORMATION 4. 經營分部資料
For management purposes the Group is organised into one 出於管理需要，本集團僅構組一個業務single business unit that includes primarily the manufacture 單元，主要包括製造及銷售半導體產and sale of semiconductor products. Management reviews the 品。管理層在作出分配資源的相關決策consolidated results when making decisions about allocating 及評估本集團表現時審核綜合業績。因resources and assessing the performance of the Group. 此，並無呈列分部分析。
Accordingly no segment analysis is presented.The principal assets employed by the Group are located in 本集團使用的主要資產位於中國內地，the Chinese mainland. Therefore no segment information 故並無按非流動資產的地理位置於年內
based on the geographical location of non-current assets is 呈列分部資料。
presented for the year.Revenues are attributed to geographical areas based on the 地理區域應佔收入乃按客戶所在地劃
locations of customers. Revenues by geographical segment 分。年內按客戶所在地劃分的地區分部based on the locations of customers for the year are presented 收入呈列如下：
as follows:
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Chinese mainland and Hong Kong 中國內地及香港 1974098 1636528
North America 北美 246091 187899Asia (excluding Chinese mainland 亞洲（不包括中國內地& Hong Kong) 及香港） 114151 110038
Europe 歐洲 67724 69528
Total revenue 總收入 2402064 2003993
The Group is involved in the business of the manufacture 本集團從事製造及銷售半導體產品業
and sale of semiconductor products. Revenue from the sale 務。來自銷售半導體產品的收入於資產of semiconductor products is recognised at the point in time 的控制權轉移予客戶時（一般於交付半導when control of the asset is transferred to the customer 體產品時）（即達成履約責任時）確認。
generally on delivery of the semiconductor products where 一般信貸期為交付後30至45天。若干合the performance obligation is satisfied. The normal credit term 約須提前付款。
is 30 to 45 days upon delivery. Payment in advance is required
for some contracts.Information about major customers 有關主要客戶的資料
No revenue amounting to 10% or more of the Group’s revenue 截至二零二五年十二月三十一日止年度
was derived from sales to a single customer for the year ended 並無對單一客戶的銷售所得收入金額達31 December 2025 (31 December 2024: Nil). 本集團收入的10%或以上（二零二四年十二月三十一日：無）。362 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 363NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
5. REVENUE OTHER INCOME AND GAINS 5. 收入、其他收入及收益及其他
AND OTHER EXPENSES 費用
An analysis of revenue other income and gains and other 對收入、其他收入及收益及其他費用的
expenses is as follows: 分析如下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Revenue from contracts with customers 客戶合約收入
Sale of goods 銷售貨品 2402064 2003993
Other income and gains 其他收入及收益
Gross rental income from investment 來自投資物業經營租賃的
property operating leases: 租金收入總額：
Fixed lease payments 固定租賃付款 14530 14210
Interest income 利息收入 59902 101967
Government subsidies 政府補貼 50117 31814
Gain on disposal of items of property 出售物業、廠房及
plant and equipment 設備項目的收益 869 –
Gain on revision of a lease term arising from 因不可撤銷租期變動產生
a change in the non-cancellable period of a 的租期變更收益
lease 15 –
Others 其他 1975 1081
Total other income and gains 其他收入及收益總額 127408 149072
Other expenses 其他費用
Foreign exchange loss net 外匯匯兌虧損淨額 6503 33164
Loss on disposal of items of property 出售物業、廠房及
plant and equipment 設備項目的虧損 – 192
Others 其他 24 39
Total other expenses 其他費用總額 6527 33395
Types of goods 貨品類型
Sale of semiconductor products and 半導體產品的銷售和來自
total revenue from contracts with customers 客戶合約的總收入 2402064 2003993
Timing of revenue recognition 收入確認時間
Goods transferred at a point in time and 在某一時點轉讓的貨品及
total revenue from contracts with customers 來自客戶合約的總收入 2402064 2003993
During the year ended 31 December 2025 contract liabilities 截至2025年12月31日止年度，年初of US$107631000 (2024: US$86545000) at the beginning of 合約負債107631000美元（2024年：the year were recognised as revenue. 86545000美元）已確認為收入。
The disaggregation of the Group’s revenue based on the 截至二零二五年十二月三十一日止年
geographical region for the year ended 31 December 2025 is 度，本集團基於地區的收入分類載列於given in note 4. 附註4。362 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 363NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
6. LOSS BEFORE TAX 6. 稅前虧損
The Group’s loss before tax is arrived at after charging/ 本集團的稅前虧損乃於扣除╱（計入）下
(crediting): 列各項後達致：
20252024
二零二五年二零二四年
Notes US$’000 US$’000附註千美元千美元
Cost of inventories sold* 已售存貨成本* 2119138 1798865
Depreciation of property plant and 物業、廠房及設備折舊
equipment 13 720967 533568
Depreciation of right-of-use assets 使用權資產折舊 15 5546 6303
Amortisation of intangible assets 無形資產攤銷 16 15259 15961
Research and development costs 研發成本 276190 228327
Lease payments not included in the 未計入租賃負債計量的
measurement of lease liabilities 租賃付款 34 1425 2693
Auditor’s remuneration 核數師薪酬 990 732Employee benefit expense (including 僱員福利開支（包括董directors’ and chief executive’s 事及最高行政人員的
remuneration (note 8)): 薪酬（附註8））：
Wages salaries and other benefits 工資、薪金及其他福利 355218 291204
Equity-settled share option expense 以權益結算的購股權開
支32–18Pension scheme contributions 退休金計劃供款（定額(defined contribution scheme)** 供款計劃）** 39096 37178
394314328400
Foreign exchange differences net 匯兌差額之淨額 5 6503 33164
(Reversal of)/provision for impairment of 貿易應收款項及應收票
trade and notes receivables 據減值撥回╱撥備 21 (104) 91
Write-down of inventories to net realisable 存貨撇減至可變現淨值
value 8790 2935
Write-down of completed properties held 持作出售已落成物業撇
for sale to net realisable value 減至可變現淨值 10228 –
Changes in fair value of investment 投資物業公平值變動
properties 14 2844 39
Interest income 利息收入 5 (59902) (101967)
(Gain)/loss on disposal of items of 出售物業、廠房及設備
property plant and equipment 項目的（收益）╱虧損 5 (869) 192
Gain on revision of a lease term arising 因不可撤銷租期變動產
from a change in the non-cancellable 生的租期變更收益
period of a lease 5 (15) –
* The cost of inventories sold included depreciation amortisation * 已售存貨成本包括折舊、攤銷及僱員成
and employee which are also included in the respective total 本，該等成本亦已分別計入上文就各類amounts disclosed separately above for each of these types of 開支單獨披露的相應總額中。
expenses.** There are no forfeited contributions that may be used by ** 並無已沒收供款可供本集團（作為僱主）
the Group as the employer to reduce the existing level of 用以降低現有供款水平。
contributions.364 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 365
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
7. FINANCE COSTS 7. 財務費用
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Interest on bank borrowings 銀行借款利息 79422 101511
Offset by government grants 被政府補助抵銷 (12124) (5459)
Interest on lease liabilities 租賃負債利息 916 1061
Total 總計 68214 97113
8. DIRECTORS’ AND CHIEF EXECUTIVE’S 8. 董事及最高行政人員的薪酬
REMUNERATION
Directors’ and chief executive’s remuneration for the year 根據上市規則及香港公司條例第383(1)disclosed pursuant to the Listing Rules section 383(1)(a) (b) (a)、(b)、(c)及(f)節及公司（披露董事利(c) and (f) of the Hong Kong Companies Ordinance and Part 2 益資料）規例第2部披露的本年度董事及
of the Companies (Disclosure of Information about Benefits of 最高行政人員薪酬如下：
Directors) Regulation is as follows:
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Fees 袍金 210 210
Other emoluments: 其他酬金：
Performance related bonuses 與表現掛鈎的花紅 386 242
Salaries allowances and benefits in kind 薪酬、津貼及實物利益 564 194
Pension scheme contributions 退休金計劃供款 8 10
Equity-settled share option expense 以權益結算的購股權開支 – 5
Subtotal 小計 958 451
Total 總計 1168 661
In prior years certain directors were granted share options in 於過往年度，若干董事根據本公司的購respect of their services to the Group under the share option 股權計劃因其向本集團提供的服務獲授
scheme of the Company further details of which are set out 購股權，其進一步詳情載於財務報表附in note 32 to the financial statements. The fair value of such 註32。相關購股權的公平值已按歸屬期options which has been recognised in the statement of profit 於損益表確認，並於授出日期釐定且於or loss over the vesting period was determined as at the date 本年度財務報表入賬的金額已計入前述
of grant and the amount included in the financial statements 董事及最高行政人員的薪酬披露中。
for the current year is included in the above directors’ and
chief executive’s remuneration disclosures.364 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 365
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
8. DIRECTORS’ AND CHIEF EXECUTIVE’S 8. 董事及最高行政人員的薪酬
REMUNERATION (continued) （續）
(a) Independent non-executive directors (a) 獨立非執行董事
The fees paid to independent non-executive directors 年內向獨立非執行董事支付的袍金
during the year were as follows: 如下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Mr. Stephen Tso Tung Chang 張祖同先生 70 70
Mr. Kwai Huen Wong JP 王桂壎先生，太平紳士 70 70Mr. Song Lin Feng (appointed 封松林先生（於二零二四年on 28 March 2024) 三月二十八日獲委任） 70 35Mr. Long Fei Ye (resigned 葉龍蜚先生（於二零二四年on 28 March 2024) 三月二十八日辭任） – 35
Total 總計 210 210
There were no other emoluments payable to the 年內並無應付予獨立非執行董事的
independent non-executive directors during the year 其他酬金（二零二四年：無）。
(2024: Nil).366 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 367
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
8. DIRECTORS’ AND CHIEF EXECUTIVE’S 8. 董事及最高行政人員的薪酬
REMUNERATION (continued) （續）
(b) Non-executive directors executive directors and the (b) 非執行董事、執行董事及最高行政
chief executives 人員
Salaries
allowances Performance Equity-settled Pension
and benefits related share option scheme Total
Fees in kind bonuses expense contributions remuneration
薪酬、津貼及與表現掛鈎以權益結算的退休金計劃袍金實物利益的花紅購股權開支供款薪酬總額
US$’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
20252025年
Executive director: 執行董事：
Mr. Junjun Tang 唐均君先生
(note (i)) （附註(i)） – 152 8 – 8 168
Non-executive director: 非執行董事：
Mr. Jun Ye 葉峻先生 – – – – – –
Mr. Guodong Sun 孫國棟先生 – – – – – –
Mrs. Chengyan Xiong 熊承艷女士 – – – – – –
Mr. Bo Chen (note (ii)) 陳博先生（附註(ii)） – – – – – –
Mr. Limin Zhou 周利民先生
(note (iii)) （附註(iii)） – – – – – –
Subtotal 小計 – – – – – –
Executive director and 執行董事兼行政總
chief executive: 裁：
Mr. Peng Bai (note (iv)) 白鵬先生（附註(iv)） – 412 378 – – 790
Total 總計 – 564 386 – 8 958
20242024年
Executive director: 執行董事：
Mr. Suxin Zhang 張素心先生
(note (v)) （附註(v)） – – – – – –
Non-executive director: 非執行董事：
Mr. Jun Ye 葉峻先生 – – – – – –
Mr. Guodong Sun 孫國棟先生 – – – – – –
Mrs. Chengyan Xiong 熊承艷女士 – – – – – –
Mr. Limin Zhou 周利民先生
(note (iii)) （附註(iii)） – – – – – –
Subtotal 小計 – – – – – –
Executive director and 執行董事兼行政總
chief executive: 裁：
Mr. Junjun Tang 唐均君先生 – 194 242 5 10 451
Total 總計 – 194 242 5 10 451366 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 367
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
8. DIRECTORS’ AND CHIEF EXECUTIVE’S 8. 董事及最高行政人員的薪酬
REMUNERATION (continued) （續）
(b) Non-executive directors executive directors and the (b) 非執行董事、執行董事及最高行政
chief executives (continued) 人員（續）
Note (i): Mr. Junjun Tang resigned as the chief executive on 1 附註(i)： 唐均君先生於二零二五年一月
January 2025 and resigned as the executive director on 一日辭任行政總裁，並於二零
31 October 2025. 二五年十月三十一日辭任執行董事。
Note (ii): Mr. Bo Chen was appointed as the non-executive 附註(ii)： 陳博先生於二零二五年三月七
director on 7 March 2025. 日獲委任為非執行董事。
Note (iii): Mr. Limin Zhou was appointed as the non-executive 附註(iii)： 周利民先生於二零二四年一月
director on 19 January 2024 and resigned as the non- 十九日獲委任為非執行董事，executive director on 7 March 2025. 並於二零二五年三月七日辭任非執行董事。
Note (iv): Mr. Peng Bai was appointed as the executive director 附註(iv)： 白鵬先生於二零二五年一月一
and chief executive on 1 January 2025. 日獲委任為執行董事兼行政總裁。
Note (v): Mr. Suxin Zhang resigned as the executive director on 附註(v)： 張素心先生於二零二四年十二
31 December 2024. 月三十一日辭任執行董事。
Save as disclosed above none of other directors received 除前述披露者外，概無其他董事於any emoluments during 2025 and 2024. 二零二五年及二零二四年收取任何薪酬。
There was no arrangement under which a director or 於年內，概無董事或最高行政人員the chief executive waived or agreed to waive any 作出安排放棄或同意放棄任何薪
remuneration during the year. 酬。368 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 369NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
9. FIVE HIGHEST PAID EMPLOYEES 9. 五名最高薪僱員The five highest paid employees during the year included one 年內，五名最高薪僱員包括一名董事（亦director who is also the chief executive (2024: one director 為最高行政人員）（二零二四年：一名董being also the chief executive) details of whose remuneration 事（亦為最高行政人員）），其薪酬詳情載are set out in note 8 above. Details of the remuneration for the 於上文附註8。年內，其餘四名（二零二year of the remaining four (2024: four) highest paid employees 四年：四名）並非本公司董事的最高薪僱
who are not directors of the Company are as follows: 員的薪酬詳情如下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Salaries allowances and benefits in kind 薪酬、津貼及實物利益 982 1105
Performance related bonuses 與表現掛鈎的花紅 742 430
Pension scheme contributions 退休金計劃供款 2 19
Total 總計 1726 1554
The number of non-director and non-chief executive highest 薪酬屬於以下範疇的非董事及非最
paid employees whose remuneration fell within the following 高行政人員的最高薪僱員人數如
bands is as follows: 下：
Number of employees僱員人數
20252024
二零二五年二零二四年
HK$2000001 to HK$2500000 2000001港元至2500000港元 – 1
HK$2500001 to HK$3000000 2500001港元至3000000港元 3 2
HK$4000001 to HK$4500000 4000001港元至4500000港元 1 1
Total 總計 4 4368 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 369
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
10. INCOME TAX 10. 所得稅Profits arising in Hong Kong were subject to profits tax at the 於年內的香港溢利須按16.5%（二零二四rate of 16.5% during the year (2024: 16.5%). No provision for 年：16.5%）的稅率繳納利得稅。由於本Hong Kong profits tax has been made as the Company and 公司及一家在香港註冊成立的子公司於
a subsidiary incorporated in Hong Kong had no assessable 年內並無取得應評稅收入，故並無就香income during the year (2024: Nil). 港利得稅作出撥備（二零二四年：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 Company’s subsidiaries registered in the PRC and 所有本公司在中國註冊且僅在中國內地
only having operations in the Chinese mainland are subject to 營運的子公司，應就其根據相關中國所PRC enterprise income tax on the taxable income as reported 得稅法調整的中國法定賬目所呈報應課
in their PRC statutory accounts adjusted in accordance with 稅收入按25%的法定稅率繳納中國企業
relevant PRC income tax laws based on a statutory rate of 所得稅。
25%.
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 approval from the tax authorities in charge the 機關批准，本集團子公司華虹宏力符合Group’s subsidiary HHGrace was qualified as “High and 資格成為「高新技術企業」，故有權於二New Technology Enterprises” and was therefore entitled to a 零二三年至二零二五年期間按15%的優
preferential tax rate of 15% from 2023 to 2025. 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獲稅務主管機
and with the approval from the tax authorities in charge 關批准，本集團的子公司華虹無錫及華the Group’s subsidiaries Hua Hong Wuxi and Hua Hong 虹製造無錫可從華虹無錫及華虹製造無
Manufacturing Wuxi are entitled to an exemption from CIT for 錫產生應課稅溢利的第一年起五年獲豁
five years commencing from the first year that Hua Hong Wuxi 免繳納企業所得稅，及隨後五年內享受and Hua Hong Manufacturing Wuxi generate taxable profits 企業所得稅稅率減免50%的優惠。於二and a deduction of 50% on the CIT rate for the following five 零二五年十二月三十一日，華虹無錫及years. Hua Hong Wuxi and Hua Hong Manufacturing Wuxi 華虹製造無錫處於累計稅務虧損狀態，were in accumulated tax loss positions as at 31 December 且免稅期尚未開始。
2025 and 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% 應按33.58%（二零二四年：33.58%）的
(2024:33.58%).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 應於年內按21%（二零二四年：21%）的at a rate of 21% during the year (2024: 21%) as well as a 聯邦企業所得稅率及8.84%（二零二四California state tax at 8.84% (2024: 8.84%). 年：8.84%）的加利福尼亞州稅率繳稅。370 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 371NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
10. INCOME TAX (continued) 10. 所得稅（續）
The major components of income tax expense of the Group 本集團所得稅開支的主要組成部份如
are as follows: 下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Current income tax – PRC 當期所得稅－中國 21999 27568
Current income tax – elsewhere 當期所得稅－其他地區 36 15
Deferred tax (note 28) 遞延稅項（附註28） 249 (20990)
Total 總計 22284 6593
A reconciliation of the tax expense applicable to loss before 按本公司及其大部份子公司註冊或經營
tax at the statutory rate of 25% for the jurisdiction in which the 所在司法權區的法定稅率25%計算的稅
Company and the majority of its subsidiaries are domiciled 前虧損的適用稅項開支，與按實際稅率or operate to the tax expense at the effective tax rate is as 計算的稅項開支的對賬如下：
follows:
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Loss before tax 稅前虧損 (88529) (133792)
Tax at the statutory tax rate of 25% 按法定稅率25%計算的稅項 (22132) (33448)
Effect of different tax rates for specific 特定省份及國家或地方當局頒佈的
provinces and countries or enacted by 不同稅率的影響
local authority (23842) (26456)
Adjustments in respect of current tax of 就上一期間當期稅項的調整
previous periods 80 121
Profits attributable to associates 聯營公司應佔溢利 (652) (519)
Income not subject to tax 免稅收入 (2191) (1319)
Expenses not deductible for tax 不可扣稅開支 314 1600
Tax losses not recognised 未確認稅項虧損 142494 144816
Temporary differences not recognised 未確認暫時差額 1438 1457
Additional deduction of research and 研發成本其他扣減
development costs (73150) (60216)
Effect of withholding tax at 10% (2024: 按本集團中國子公司可供分派溢利
10%) on the distributable profits of the 以10%（二零二四年：10%）計
Group’s PRC subsidiary 算預扣稅影響 (75) (19443)
Tax charge at the Group’s effective rate 按本集團實際稅率計算的稅項開出 22284 6593370 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 371
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
10. INCOME TAX (continued) 10. 所得稅（續）
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. From 1 January 項資產及負債。自二零二五年一月一日
2025 the Group is liable to Pillar Two income taxes under 起，本集團須就其在香港及若干其他尚
the Hong Kong Inland Revenue (Amendment) (Minimum Tax 未實施國內最低補足稅的司法管轄區的for Multinational Enterprise Groups) Ordinance 2025 for its 盈利，繳納根據香港《二零二五年稅務earnings in Hong Kong and certain other jurisdictions where （修訂）（跨國企業集團最低稅）條例》規
a domestic minimum top-up tax has not been implemented 定的支柱二所得稅，並將於產生時將支and will account for the Pillar Two income taxes as current 柱二所得稅作為即期稅項入賬。支柱二tax when incurred. Pillar Two legislation has been enacted or 法例已在本集團部分附屬公司經營所在
substantively enacted in certain jurisdictions in which some 的若干司法管轄區頒佈或實質上頒佈。
subsidiaries of Group operate.The Group has assessed its potential exposure based on 本集團已根據有關本集團本年度財務表
the information available regarding the financial performance 現的可得資料評估其潛在風險。因此，of the Group in the current year. As such it may not be 該評估未必完全代表未來情況。根據該entirely representative of future circumstances. Based on the 評估，本集團在其經營所在的所有司法assessment the Group’s effective tax rates in all jurisdictions 管轄區的實際稅率均高於15%，而本公in which it operates are above 15% and the directors of the 司董事目前並不知悉任何可能導致該等
Company are not currently aware of any circumstances under 稅率改變的情況。因此，本集團預期不which they might change. Therefore the Group does not 會面臨支柱二「補足稅」的潛在風險。隨expect potential exposure to Pillar Two “top-up” taxes. The 著更多國家頒佈支柱二示範規則，本集Group continues to follow Pillar Two legislative developments 團會繼續關注支柱二的立法進展，以評as more countries enact the Pillar Two model rules to evaluate 估其對財務報表的潛在未來影響。
the potential future impact on its financial statements.372 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 373
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
11. DIVIDEND 11. 股息
The proposed final dividend for the year is subject to the 本年度的建議末期股息須待本公司股東
approval of the Company’s shareholders at the forthcoming 於應屆股東週年大會上批准後方可作實。
annual general meeting.董事會不建議派發截至二零二五年十二The Board did not recommend the payment of any dividend of 月三十一日止年度的任何股息（二零二四the year ended 31 December 2025 (2024: Nil). 年：無）。
12. EARNINGS PER SHARE ATTRIBUTABLE 12. 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 amount is 每股基本盈利金額乃基於母公司普通
based on the profit for the year attributable to ordinary equity 股權持有人應佔年內溢利及於年內已holders of the parent and the weighted average number 發行1728942231股（二零二四年：of ordinary shares of 1728942231 (2024: 1717346778) 1717346778股）普通股的加權平均數
outstanding during the year. 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 year attributable to ordinary 股權持有人應佔年內溢利計算。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 本盈利時採用之年內已發行普通股數目
of ordinary shares outstanding during the year 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行使價發行之普
average number of ordinary shares assumed to have been 通股加權平均數。
issued at the exercise price on the deemed exercise or
conversion of all dilutive potential ordinary shares into ordinary
shares.372 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 373
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
12. EARNINGS PER SHARE ATTRIBUTABLE 12. 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:
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Earnings 盈利
Profit attributable to ordinary equity 母公司普通股權持有人應佔溢利
holders of the parent 54881 58108
Number of shares股份數目
20252024
二零二五年二零二四年
Shares 股份
Weighted average number of ordinary 用於計算每股基本盈利的年內已發
shares outstanding during the year 行普通股加權平均數
used in the basic earnings per share
calculation 1728942231 1717346778
Effect of dilution – weighted average 普通股攤薄加權平均數的影響：
number of ordinary shares:
Share options 購股權 110374 3739068
Total 總計 1729052605 1721085846374 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 375
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
13. PROPERTY PLANT AND EQUIPMENT 13. 物業、廠房及設備
Plant and Office Motor Construction
Buildings machinery equipment vehicles Renovations in progress Total樓宇廠房及機器辦公設備汽車裝修在建工程總計
US$’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
31 December 2025 二零二五年十二月三十一日
At 1 January 2025: 於二零二五年一月一日：
Cost 成本 870445 8352634 70042 1381 3844 1890771 11189117
Accumulated depreciation and 累計折舊及減值
impairment (244108) (5015955) (50136) (1002) (3819) (14980) (5330000)
Net carrying amount 賬面淨值 626337 3336679 19906 379 25 1875791 5859117
At 1 January 2025 net of 於二零二五年一月一日，accumulated depreciation and 扣除累計折舊及減值
impairment 626337 3336679 19906 379 25 1875791 5859117
Additions 添置 – – – – – 1462704 1462704
Transfers 轉撥 116358 1151831 8697 – 151 (1277037) –
Offset by government grants 被政府補助抵銷 – (22690) – – – – (22690)
Transfer to investment properties 轉撥至投資物業 – – – – – (45115) (45115)
Disposal 處置 – (166) (119) (7) – – (292)
Depreciation provided during 年內計提折舊
the year (32011) (682743) (6053) (124) (36) – (720967)
Exchange realignment 匯兌調整 15541 82905 490 6 3 44740 143685
At 31 December 2025 net of 於二零二五年十二月三十一日，accumulated depreciation and 扣除累計折舊及減值
impairment 726225 3865816 22921 254 143 2061083 6676442
At 31 December 2025: 於二零二五年十二月三十一日：
Cost 成本 997566 9625534 69279 1262 4085 2076403 12774129
Accumulated depreciation and 累計折舊及減值
impairment (271341) (5759718) (46358) (1008) (3942) (15320) (6097687)
Net carrying amount 賬面淨值 726225 3865816 22921 254 143 2061083 6676442374 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 375
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
13. PROPERTY PLANT AND EQUIPMENT 13. 物業、廠房及設備（續）
(continued)
Plant and Office Motor Construction
Buildings machinery equipment vehicles Renovations in progress Total樓宇廠房及機器辦公設備汽車裝修在建工程總計
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
31 December 2024 二零二四年十二月三十一日
At 1 January 2024: 於二零二四年一月一日：
Cost 成本 423230 7138922 66032 1236 3901 765367 8398688
Accumulated depreciation and 累計折舊及減值
impairment (234985) (4574826) (49635) (887) (3860) (15203) (4879396)
Net carrying amount 賬面淨值 188245 2564096 16397 349 41 750164 3519292
At 1 January 2024 net of 於二零二四年一月一日，accumulated depreciation and 扣除累計折舊及減值
impairment 188245 2564096 16397 349 41 750164 3519292
Additions 添置 – – – – – 2977512 2977512
Transfers 轉撥 458007 1362517 8712 165 – (1829401) –
Offset by government grants 被政府補助抵銷 – (28386) – – – – (28386)
Disposal 處置 – (67) (148) – – – (215)
Depreciation provided during 年內計提折舊
the year (12715) (515928) (4779) (130) (16) – (533568)
Exchange realignment 匯兌調整 (7200) (45553) (276) (5) – (22484) (75518)
At 31 December 2024 net of 於二零二四年十二月三十一日，accumulated depreciation and 扣除累計折舊及減值
impairment 626337 3336679 19906 379 25 1875791 5859117
At 31 December 2024: 於二零二四年十二月三十一日：
Cost 成本 870445 8352634 70042 1381 3844 1890771 11189117
Accumulated depreciation and 累計折舊及減值
impairment (244108) (5015955) (50136) (1002) (3819) (14980) (5330000)
Net carrying amount 賬面淨值 626337 3336679 19906 379 25 1875791 5859117376 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 377
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
13. PROPERTY PLANT AND EQUIPMENT 13. 物業、廠房及設備（續）
(continued)
As at 31 December 2025 certain of the Group’s property plant 於二零二五年十二月三十一日，本集團and equipment with a net carrying value of US$2475943000 賬面淨值為2475943000美元（二零二
(31 December 2024: US$2064974000) were pledged to 四年十二月三十一日：2064974000美banks to secure the Group’s banking facilities (note 26). 元）的若干物業、廠房及設備已抵押予銀
行以取得本集團的銀行融資（附註26）。
As management identified there were impairment indicators for 管理層確定，於二零二五年十二月三十long-term assets of Hua Hong Wuxi as at 31 December 2025 一日，華虹無錫長期資產存在減值跡an impairment assessment was performed for the year ended 象，因此對截至二零二五年十二月三十
31 December 2025. The impairment test was based on the 一日止年度進行了減值評估。減值測試
recoverable amount of the CGU to which the long-term assets 以分配長期資產的現金產生單位的可收
were allocated. The key assumptions that management used 回金額為基礎。管理層於評估中使用的in the valuation are as follows: 主要假設如下：
Carrying Recoverable Impairment Key assumptions for Key assumptions for the
amount amount amount the forecast period stable period賬面值可收回金額減值金額預測期的主要假設穩定期的主要假設
US$’000 US$’000 US$’000千美元千美元千美元
Hua Hong Wuxi 華虹無錫 2077245822 2412176506 – Period: 5 years; Period: 2 years;
Discount rate:13.0%; Discount rate:13.0%;
revenue growth rate: revenue growth rate: 0.8%;
0.8%-2.0%; gross profit margin:
gross profit margin: 44.2%-46.6%
6.7%-39.0%期間：2年；
期間：5年；貼現率：13.0%；
貼現率：13.0%；收入增長率：0.8%；
收入增長率：0.8%-2.0%；毛利率：44.2%-46.6%
毛利率：6.7%-39.0%
The key assumptions involved in the impairment test were the 減值測試涉及的主要假設為貼現率、收
discount rate revenue growth rate and gross profit margin. If 入增長率及毛利率。倘貼現率由13%the discount rate increased or decreased by 1% from 13% 增加或減少 1 %，可收回金額將減少the recoverable amount would decrease by US $73686000 73686000美元或增加77541000美
or increase by US$77541000. If the revenue growth rate 元。倘收入增長率增加或減少1%，可increased or decreased by 1% the recoverable amount would 收回金額將增加67547000美元或減少
increase by US$67547000 or decrease by US$68304000. 68304000美元。倘毛利率增加或減少If the gross profit margin increased or decreased by 1% the 1%，可收回金額將增加86889000美元recoverable amount would increase by US$86889000 or 或減少84386000美元。
decrease by US$84386000.376 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 377
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
14. INVESTMENT PROPERTIES 14. 投資物業
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Carrying amount at 1 January 於1月1日的賬面值 164153 166643
Transfer from plant property and 自物業、廠房及設備轉入
equipment 45115 –
Transfer from right-of-use assets 自使用權資產轉入 8744 –
Net loss from fair value adjustments 公平值調整產生的虧損淨額 (2844) (39)
Exchange realignment 匯兌調整 4604 (2451)
Carrying amount at 31 December 於12月31日的賬面值 219772 164153
The Group’s investment properties consist of one commercial 本集團的投資物業包括位於中國內地的
property and one industrial property in the Chinese mainland. 一項商業物業及一項工業物業。本公司The directors of the Company have determined that the 董事已根據各物業的性質、特點及風險
investment properties consist of two classes of assets 釐定，投資物業包括商業及工業兩類commercial and industrial based on the nature characteristics 資產。於二零二五年十二月三十一日，and risks of each property. The Group’s investment properties 本集團的投資物業已根據一家具專業
were revalued on 31 December 2025 based on a valuation 資格的獨立估值師仲量聯行企業評估
performed by Jones Lang LaSalle Corporate Appraisal and 及咨詢有限公司進行了重估，估值為Advisory Limited an independent professionally qualified 219772000美元。每年，本集團的物valuer at US$219772000. Every year the Group’s property 業經理及財務總監決定委任外聘估值師
manager and the chief financial officer decide to appoint 負責本集團物業的外部估值。選聘標準which external valuer to be responsible for the external 包括對市場的了解、聲譽、獨立性及是
valuations of the Group’s properties. Selection criteria include 否具備專業水準。本集團的物業經理及market knowledge reputation independence and whether 財務總監每年就年度財務報告進行估值
professional standards are maintained. The Group’s property 時，會與估值師就估值假設及估值結果manager and the chief financial officer have discussions with 進行討論。
the valuer on the valuation assumptions and valuation results
annually when the valuation is performed for annual financial
reporting.The industrial property is leased to a related party under an 該項工業物業按經營租約租賃予一名關
operating lease and the commercial property is leased to third 聯方，而該項商業物業按經營租約租賃parties under operating leases further summary details of 予第三方，其進一步概要詳情載於財務which are included in note 34 and note 36(b) to the financial 報表附註34及附註36(b)。
statements.As at 31 December 2025 certain of the Group’s investment 於二零二五年十二月三十一日，本集團properties with a net carrying value of US$52176000 (31 若干賬面淨值為52176000美元（二零December 2024: Nil) were pledged to banks to secure the 二四年十二月三十一日：無）的投資物業
Group’s banking facilities (note 26). 已抵押予銀行，以取得本集團的銀行融資（附註26）。378 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 379NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
14. INVESTMENT PROPERTIES (continued) 14. 投資物業（續）
Fair value hierarchy 公平值層級
The following table illustrates the fair value measurement 下表顯示本集團投資物業的公平值計量
hierarchy of the Group’s investment properties: 層級：
Fair value measurement
as at 31 December 2025 using於二零二五年十二月三十一日的公平值計量採用以下基準
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs於活躍市場重大可觀察重大不可觀察的市場報價輸入數據輸入數據
Level 1 Level 2 Level 3 Total
第1級第2級第3級總計
US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元
Recurring fair value 以下各項的週期公平值
measurement for: 計量：
Commercial property 商業物業 – – 52176 52176
Industrial property 工業物業 – – 167596 167596
Total 總計 – – 219722 219722
Fair value measurement
as at 31 December 2024 using於二零二四年十二月三十一日的公平值計量採用以下基準
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs於活躍市場重大可觀察重大不可觀察的市場報價輸入數據輸入數據
Level 1 Level 2 Level 3 Total
第1級第2級第3級總計
US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元
Recurring fair value 以下各項的週期公平值
measurement for: 計量：
Industrial property 工業物業 – – 164153 164153
During the year there were no transfers of fair value 於年內，第1級與第2級間並無公平值計measurements between Level 1 and Level 2 and no transfers 量轉移，且第3級並無轉入或轉出（二零into or out of Level 3 (2024: Nil). 二四年：無）。378 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 379NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
14. INVESTMENT PROPERTIES (continued) 14. 投資物業（續）
Fair value hierarchy (continued) 公平值層級（續）
Reconciliation of fair value measurements categorised within 分類於公平值層級第3級內的公平值計量
Level 3 of the fair value hierarchy: 對賬：
Commercial Industrial
property property商業物業工業物業
US$’000 US$’000千美元千美元
Carrying amount at 1 January 2024 於二零二四年一月一日的
賬面值–166643
Net loss from a fair value adjustment 於損益中確認為投資物業
recognised in fair value loss on investment 公平值虧損的公平值調
properties in profit or loss 整所產生的虧損淨額 – (39)
Exchange realignment 匯兌調整 – (2451)
Carrying amount at 31 December 2024 and 於二零二四年十二月三十
1 January 2025 一日及二零二五年一月
一日的賬面值–164153
Transfer from plant property and equipment 自物業、廠房及設備轉撥 45115 –
Transfer from right-of-use assets 自使用權資產轉撥 8744 –
Net loss from a fair value adjustment recognised 於損益中確認為投資物業
in fair value loss on investment properties 公平值虧損的公平值調
in profit or loss 整所產生的虧損淨額 (2560) (284)
Exchange realignment 匯兌調整 877 3727
Carrying amount at 31 December 2025 於二零二五年十二月三十
一日的賬面值 52176 167596380 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 381
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
14. INVESTMENT PROPERTIES (continued) 14. 投資物業（續）
Fair value hierarchy (continued) 公平值層級（續）
Below is a summary of the valuation techniques used and the 下文為投資物業估值所用估值技術及主
key inputs to the valuation of investment properties: 要輸入數據概要：
Significant
Commercial property Valuation technique unobservable inputs Weighted average商業物業估值技術重大不可觀察輸入數據加權平均
As at 31 December 2025 Term and reversion method Estimated rental value US$6.4~21.3
(per sq.m. per month) (equivalent to
RMB45.00~150.00)
於二零二五年十二月三十一日年期及復歸法估計租賃價值6.4~21.3美元（每平方米每月）（相當於人民幣
45.00~150.00元）
Term yield 4.00~5.50%年期回報率
Reversionary yield 4.50~6.00%復歸回報率
Long term vacancy rate 10.00~20.00%長期空置率
Significant
Industrial property Valuation technique unobservable inputs Weighted average工業物業估值技術重大不可觀察輸入數據加權平均
As at 31 December 2025 Term and reversion method Estimated rental value US$12.8
(per sq.m. per month) (equivalent to
RMB90.00)
於二零二五年十二月三十一日年期及復歸法估計租賃價值12.8美元（每平方米每月）（相當於人民幣90.00元）
Term yield 6.25%年期回報率
Reversionary yield 6.75%復歸回報率
Long term vacancy rate 5.00%長期空置率
As at 31 December 2024 Term and reversion method Estimated rental value US$12.7
(per sq.m. per month) (equivalent to
RMB91.50)
於二零二四年十二月三十一日年期及復歸法估計租賃價值12.7美元（每平方米每月）（相當於人民幣91.50元）
Term yield 6.25%年期回報率
Reversionary yield 6.75%復歸回報率
Long term vacancy rate 10.00%
長期空置率380 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 381
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
14. INVESTMENT PROPERTIES (continued) 14. 投資物業（續）
Fair value hierarchy (continued) 公平值層級（續）
Under the term and reversion method fair value is measured 根據年期及復歸法，公平值乃經計及現by taking into account the rental income derived from the 有租約產生的租金收入，並適當納入租existing lease with due allowance for the reversionary income 約的潛在可復歸收入，其後按適當資本potential of the lease which is then capitalised into the value 化率折算為價值而達致。
at appropriate rates.The term value was estimated based on the existing rent the 定期價值乃根據租賃協議所訂明的現有
tenancy period as stated in the lease agreement and the yield 租金、租期及年期內（租期）回報率估
during the term period (tenancy period). The reversionary 計。復歸價值乃根據市值租金、市場回value was estimated based on the market rents the market 報率及復歸期估計。
yield and the reversionary periods.A significant increase/(decrease) in the estimated rental value 估計租賃價值及市場租金年增長率單獨
and the market rent growth rate per annum in isolation would 大幅上升╱（下降）將導致投資物業的公
result in a significant increase/(decrease) in the fair value of 平值大幅增加╱（減少）。長期空置率及the investment property. A significant increase/(decrease) in 貼現率單獨大幅上升╱（下降）將導致投
the long-term vacancy rate and the discount rate in isolation 資物業的公平值大幅減少╱（增加）。一would result in a significant decrease/(increase) in the 般而言，就估計租賃價值作出的假設變fair value of the investment property. Generally a change 動同時，租金年增長率及貼現率出現同in the assumption made for the estimated rental value is 向變動，而長期空置率出現反向變動。
accompanied by a directionally similar change in the rent
growth per annum and the discount rate and an opposite
change in the long-term vacancy rate.382 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 383
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
15. RIGHT-OF-USE ASSETS 15. 使用權資產
The carrying amounts of the Group’s right-of-use assets and 本集團使用權資產的賬面值及年內變動
the movements during the year are as follows: 如下：
Leasehold
land Buildings Total租賃土地樓宇總計
US$’000 US$’000 US$’000千美元千美元千美元
As at 1 January 2024 net of 於二零二四年一月一日，accumulated depreciation 扣除累計折舊 59591 18954 78545
Additions 添置 936 5745 6681
Depreciation provided 年內計提折舊
during the year (1722) (4581) (6303)
Exchange realignment 匯兌調整 (866) (296) (1162)
As at 31 December 2024 於二零二四年十二月三十一日及
and 1 January 2025 net of 二零二五年一月一日，accumulated depreciation 扣除累計折舊 57939 19822 77761
Transfer to investment properties 轉撥至投資物業 (8744) – (8744)
Revision of a lease term arising 因租賃不可撤銷期間變動而
from a change in the non- 產生的租期修訂
cancellable period of a lease – (484) (484)
Depreciation provided during the 年內計提折舊
year (1399) (4147) (5546)
Exchange realignment 匯兌調整 1116 379 1495
As at 31 December 2025 net of 於二零二五年十二月三十一日，accumulated depreciation 扣除累計折舊 48912 15570 64482
As at 31 December 2025 certain of the Group’s leasehold land 於二零二五年十二月三十一日，本集團with a carrying value of US$34052000 as at 31 December 於二零二五年十二月三十一日賬面值為2025 (31 December 2024: US$47069000) were pledged to 34052000美元（二零二四年十二月三banks to secure the Group’s banking facilities (note 26). 十一日：47069000美元）的若干租賃土地已抵押予銀行以取得本集團的銀行融資（附註26）。382 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 383NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
16. INTANGIBLE ASSETS 16. 無形資產
Process
technology
license Software Total工藝技術許可軟件總計
US$’000 US$’000 US$’000千美元千美元千美元
31 December 2025 二零二五年十二月三十一日
At 1 January 2025: 於二零二五年一月一日：
Cost 成本 272416 159844 432260
Accumulated amortisation and 累計攤銷及減值
impairment (262861) (137943) (400804)
Net carrying amount 賬面淨值 9555 21901 31456
At 1 January 2025 net of 於2025年1月1日，扣除累計攤銷accumulated amortisation and 及減值
impairment 9555 21901 31456
Additions 添置 6818 11728 18546
Amortisation provided during 年內計提攤銷
the year (6258) (9001) (15259)
Exchange realignment 匯兌調整 243 523 766
At 31 December 2025 net of 於2025年12月31日，扣除累計攤accumulated amortisation and 銷及減值
impairment 10358 25151 35509
At 31 December 2025: 於二零二五年十二月三十一日：
Cost 成本 278602 175371 453973
Accumulated amortisation and 累計攤銷及減值
impairment (268244) (150220) (418464)
Net carrying amount 賬面淨值 10358 25151 35509384 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 385
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
16. INTANGIBLE ASSETS (continued) 16. 無形資產（續）
Process
technology
license Software Total工藝技術許可軟件總計
US$’000 US$’000 US$’000千美元千美元千美元
31 December 2024 二零二四年十二月三十一日
At 1 January 2024: 於二零二四年一月一日：
Cost 成本 283354 157237 440591
Accumulated amortisation and 累計攤銷及減值
impairment (259547) (131217) (390764)
Net carrying amount 賬面淨值 23807 26020 49827
At 1 January 2024 net of 於二零二四年一月一日，accumulated amortisation and 扣除累計攤銷及減值
impairment 23807 26020 49827
Additions 添置 – 4972 4972
Offset by government grants 被政府補助抵銷 (6844) – (6844)
Amortisation provided during 年內作出攤銷
the year (7215) (8746) (15961)
Exchange realignment 匯兌調整 (193) (345) (538)
At 31 December 2024 net of 於二零二四年十二月三十一日，accumulated amortisation and 扣除累計攤銷及減值
impairment 9555 21901 31456
At 31 December 2024: 於二零二四年十二月三十一日：
Cost 成本 272416 159844 432260
Accumulated amortisation and 累計攤銷及減值
impairment (262861) (137943) (400804)
Net carrying amount 賬面淨值 9555 21901 31456
As management identified there were impairment indicators for 管理層確定，於二零二五年十二月三十long-term assets of Hua Hong Wuxi as at 31 December 2025 一日，華虹無錫的長期資產存在減值跡an impairment assessment was performed for the year ended 象，因此對截至二零二五年十二月三十
31 December 2025. The impairment test was based on the 一日止年度進行了減值評估。減值測試
recoverable amounts of the CGU to which the long-term assets 以分配長期資產的現金產生單位的可收
were allocated. The key assumptions that management used 回金額為基礎。管理層於評估中使用的in the valuation can be found in note 13. 主要假設參閱附註13。384 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 385NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
17. INVESTMENTS IN ASSOCIATES 17. 於聯營公司的投資
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Share of net assets 應佔資產淨值 150222 139799
The following table illustrates the aggregate financial 下表列示本集團非個別重大聯營公司的
information of the Group’s associates that are not individually 匯總財務資料：
material:
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Share of the associates’ profit 應佔聯營公司年內溢利
for the year 4347 3459
Share of the associates’ other 應佔聯營公司其他全面虧損
comprehensive loss – (663)
Share of the associates’ total 應佔聯營公司全面收益總額
comprehensive income 4347 2796
Aggregate carrying amount of the 本集團於聯營公司投資的
Group’s investments in the associates 匯總賬面值 150222 139799386 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 387
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
18. EQUITY INVESTMENTS DESIGNATED 18. 指定為按公平值計入其他全面
AT FAIR VALUE THROUGH OTHER 收益的股本投資
COMPREHENSIVE INCOME
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Unlisted equity investments 非上市股本投資 478799 289311
As at 31 December 2024 the equity investments designated 於二零二四年十二月三十一日，指定為at fair value through other comprehensive income primarily 按公平值計入其他全面收益的股本投資
including an unlisted equity investment in Shanghai Huali 主要包括賬面值為269139000美元的上
Microelectronics Co. Ltd. (“Huali Micro”) with a carrying 海華力微電子有限公司（「華力微」）的非
amount of US$269139000 were irrevocably designated at 上市股本投資，而本集團認為該等投資fair value through other comprehensive income as the Group 不可撤回地指定為按公平值計入其他全
considers the investment to be strategic in nature. 面收益，乃由於該等投資屬策略性質。
During the year ended 31 December 2025 Huali Micro split 截至二零二五年十二月三十一日止年
a part of its assets liabilities and staff to a newly established 度，華力微將其部分資產、負債及員工company. After the spin-off the shareholders of Huali Micro 分拆至一間新成立的公司。分拆後，after the spin-off and their respective shareholding percentage 華力微的股東及其各自持股比例維持不
remained unchanged and meanwhile they obtained the same 變，同時，彼等於新成立的公司中獲得shareholding percentage in the newly established company. 相同的持股比例。於二零二五年十二月The equity investments designated at fair value through other 三十一日指定為按公平值計入其他全面
comprehensive income as at 31 December 2025 primarily 收益的股本投資，主要包括於新成立including unlisted equity investments in the newly established 公司及分拆後華力微的非上市股本投
company and Huali Micro after spin-off with carrying amounts 資，賬面值分別為416765000美元及of US$416765000 and US$23478000 respectively 23478000美元，由於本集團認為該等were irrevocably designated at fair value through other 投資屬策略性，故不可撤銷地指定為按comprehensive income as the Group considers the investment 公平值計入其他全面收益。
to be strategic in nature.386 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 387
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
19. COMPLETED PROPERTIES HELD 19. 已竣工待售物業及發展中物業
FOR SALE AND PROPERTIES UNDER
DEVELOPMENT
The Group’s properties are located in the Chinese Mainland. 本集團的物業位於中國內地。相關租賃The relevant leasehold land is on lease of 70 years. 土地為期70年的租約。
During the year ended 31 December 2025 the properties 截至二零二五年十二月三十一日止年
under development were completed and accordingly 度，發展中物業已落成，並相應轉撥至transferred to the completed properties held for sale (2024: 持作出售的已落成物業（二零二四年：Nil). 無）。
As at 31 December 2025 the balance of provision in respect of 於二零二五年十二月三十一日，就待售write-down of the properties held for sale was US$10228000 物業撇減計提的撥備結餘為10228000(31 December 2024: Nil). The write-down of these properties 美元（二零二四年十二月三十一日：recognised in profit or loss for the year ended 31 December 無）。於截至二零二五年十二月三十一
2025 was US$10228000 (2024: Nil). 日止年度損益中確認的該等物業撇減為
10228000美元（二零二四年：無）。
As at 31 December 2025 the Group’s properties with a 於二零二五年十二月三十一日，本集團carrying amount of approximately US$215511000 (31 物業賬面值約215511000美元（二零December 2024: US$90275000) were pledged to secure 二四年十二月三十一日：90275000美bank and other borrowings granted to the Group (note 26). 元）已抵押以換取授予本集團銀行及其他借款（附註26）。
20. INVENTORIES 20. 存貨
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Raw materials 原材料 179442 212719
Work in progress 在製品 240847 189393
Finished goods 製成品 124079 64948
Total 總計 544368 467060388 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 389
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
21. TRADE AND NOTES RECEIVABLES 21. 貿易應收款項及應收票據
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Trade receivables 貿易應收款項 236909 225682
Notes receivables 應收票據 47595 47535
284504273217
Impairment 減值 (2451) (2756)
Net carry amount 賬面淨值 282053 270461
The Group’s trading terms with its customers are mainly on 本集團與其客戶的貿易賬期以信貸為
credit and the credit period is generally 30 to 150 days. The 主，信貸期一般為30至150天。本集團Group has a specific concentration of credit risk with 10.40% 面臨特定信貸集中風險，於本集團的貿and 41.21% of the Group’s trade receivables attributable to the 易應收款項中，最大客戶及五大客戶分largest and top five customers respectively. The Group does 別佔10.40%及41.21%。本集團並無就not hold any collateral or other credit enhancements over its 其貿易應收款項餘額持有任何抵押品或
trade receivable balances. Trade receivables are non-interest- 採取其他信貸提升措施。貿易應收款項bearing. 為免息。
An ageing analysis of the trade and notes receivables based 按到期日計，貿易應收款項及應收票據on the due date and net of loss allowance is as follows: （扣除虧損撥備）的分析如下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Not past due yet 尚未逾期 273204 248527
Less than 3 months past due 逾期少於3個月 6045 19571
3 to 6 months past due 逾期3至6個月 2804 2363
Total 總計 282053 270461388 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 389
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
21. TRADE AND NOTES RECEIVABLES 21. 貿易應收款項及應收票據（續）
(continued)
The movements in loss allowance for impairment of trade and 貿易應收款項及應收票據減值虧損撥備
notes receivables are as follows: 的變動如下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
At 1 January 於一月一日 2756 2696
(Reversal of)/provision for impairment 減值（撥回）╱撥備（附註6） (104) 91
(note 6)
Amount written off as uncollectible 已撇銷為不可收回的金額 (270) –
Exchange realignment 匯兌調整 69 (31)
As at 31 December 於十二月三十一日 2451 2756
The Group applies a simplified approach in calculating ECLs 本集團採用香港財務報告準則第9號訂
prescribed by HKFRS 9 which permits the use of the lifetime 明計算預期信貸虧損之簡化方法，該準expected loss for all trade and notes receivables. To measure 則允許就所有貿易應收款項及應收票據
the expected credit losses trade and notes receivables have 採用整個存續期的預期虧損。為計量預been grouped based on shared credit risk characteristics 期信貸虧損，貿易應收款項及應收票據and the days past due. The expected credit losses have also 已根據共同信貸風險特性及逾期天數進
incorporated forward-looking information. The expected credit 行分組。預期信貸虧損亦包含前瞻性資loss rates for trade and notes receivables that were not yet 料。尚未逾期或賬齡為3個月以內的貿易past due or aged within 3 months are minimal. 應收款項及應收票據的預期信貸損失率極低。
An impairment analysis is performed at each reporting date 於各報告日期採用撥備矩陣進行減值分
using a provision matrix to measure expected credit losses. 析，以計量預期信貸虧損。撥備率乃基The provision rates are based on days past due for groupings 於具有類似虧損模式的多個客戶分部組of various customer segments with similar loss patterns (i.e. 別（即按地區、產品類型、客戶類型及評by geographical region product type customer type and 級、以及信用證或其他形式的信用保險rating and coverage by letters of credit or other forms of credit 承保範圍劃分）的逾期天數釐定。該計算insurance). The calculation reflects the probability-weighted 反映概率加權結果、貨幣時值及於報告
outcome the time value of money and reasonable and 日期可得的有關過往事項、當前狀況及
supportable information that is available at the reporting date 未來經濟條件預測的合理及可靠資料。
about past events current conditions and forecasts of future 一般而言，倘貿易應收款項逾期超過一economic conditions. Generally trade receivables are written 年及毋須受限於強制執行活動，則予以off if past due for more than one year and are not subject to 撇銷。
enforcement activity.Set out below is the information about the credit risk exposure 下文載列本集團使用撥備矩陣計算的貿
on the Group’s trade and notes receivables using a provision 易應收款項及應收票據信用風險敞口的
matrix: 資料：390 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 391
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
21. TRADE AND NOTES RECEIVABLES 21. 貿易應收款項及應收票據（續）
(continued)
The credit quality of the trade and bills receivables is as 貿易應收款項及應收票據的信貸質量如
follows: 下：
As at 31 December 2025 於二零二五年十二月三十一日
Past due逾期
Less than 3 to Over
Current 3 months 6 months 6 months Total即期少於3個月3至6個月6個月以上總計
Expected credit 預期信貸虧損率
loss rate 0.06% 1.45% 27.80% 100% 0.86%
Gross carrying 賬面總值
amount (US$’000) （千美元） 273378 6134 3884 1108 284504
Expected credit 預期信貸虧損
losses (US$’000) （千美元） 174 89 1080 1108 2451
As at 31 December 2024 於二零二四年十二月三十一日
Past due逾期
Less than 3 to Over
Current 3 months 6 months 6 months Total即期少於3個月3至6個月6個月以上總計
Expected credit 預期信貸虧損率
loss rate 0.06% 1.52% 27.80% 100.00% 1.01%
Gross carrying 賬面總值
amount (US$’000) （千美元） 248688 19874 3273 1382 273217
Expected credit 預期信貸虧損
losses (US$’000) （千美元） 161 303 910 1382 2756390 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 391
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
22. PREPAYMENTS OTHER RECEIVABLES 22. 預付款項、其他應收款項及其
AND OTHER ASSETS 他資產
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Other receivables 其他應收款項 33018 33825
Prepayments and other assets 預付款項及其他資產 20846 12361
Value-added input tax 增值稅進項稅額 508357 318690
562221364876
Impairment of other receivables 其他應收款項減值 (893) (879)
Total 總計 561328 363997
The movements in the loss allowance for impairment of other 其他應收款項減值撥備虧損的變動如
receivables are as follows: 下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
At 1 January 於一月一日 879 888
Exchange realignment 匯兌調整 14 (9)
As at 31 December 於十二月三十一日 893 879
The Group applies a general approach in calculating ECLs for 本集團採用一般方法計算其他應收款項
other receivables. Other receivables related to debtors that 的預期信貸虧損。與違約債務人相關的are in default are classified as Stage 3 and the lifetime ECL 其他應收款項歸類為第三階段，根據歷rate was estimated to be 100% based on historical credit loss 史信貸虧損經驗估計全期預期信貸虧損
experience resulting in an impairment balance of US$893000 率為100%，因此減值結餘為893000(31 December 2024: US$879000). The remaining other 美元（二零二四年十二月三十一日：receivables are classified as Stage 1 without any significant 879000美元）。其餘其他應收款項歸類increase in credit risk tracked since initial recognition. Their 為第一階段，自初步確認後追蹤的信貸recoverability was assessed with reference to the credit 風險並無任何重大增加。其可收回性參status of the debtors and the expected credit losses as at 31 照債務人的信用狀況評定，而於二零二December 2025 and 2024 were considered to be insignificant. 五年及二零二四年十二月三十一日的預
期信貸虧損被視為不重大。392 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 393NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
23. CASH AND CASH EQUIVALENTS AND TIME 23. 現金及現金等價物以及定期及
AND PLEDGED DEPOSITS 已抵押存款
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Cash and bank balances 現金及銀行結餘 3942744 2749279
Time deposits 定期存款 1050558 1741477
Subtotal 小計 4993302 4490756
Less: Pledged deposits 減：已抵押存款 (32342) (31624)
Time deposits 定期存款 (67152) –
Cash and cash equivalents 現金及現金等價物 4893808 4459132
At the end of the reporting period the cash and bank 於報告期末，本集團的現金及銀行結餘balances and time deposits of the Group denominated in 以及定期存款乃以人民幣（「人民幣」）Renminbi (“RMB”) amounted to US$4064653000 (2024: 計值，為4064653000美元（二零二四US$3786750000). The RMB is not freely convertible into 年：3786750000美元）。人民幣不可other currencies however under the Chinese mainland’s 自由兌換為其他貨幣。然而，根據中國Foreign Exchange Control Regulations and Administration 內地的《外匯管理條例》及《結匯、售匯of Settlement and Sale and Payment of Foreign Exchange 及付匯管理規定》，本集團獲准透過獲授Regulations the Group is permitted to exchange RMB for 權開展外匯業務的銀行將人民幣兌換為
other currencies through banks authorised to conduct foreign 其他貨幣。
exchange business.The Group’s pledged deposits are pledged for dividend 本集團的已質押存款乃質押作應付股
payables business card letter of guarantee and long-term 息、商務卡、擔保函及長期銀行貸款。
bank loans.Cash at banks earns interest at floating rates based on daily 銀行現金乃根據每日銀行存款利率按浮
bank deposit rates. Time deposits are made for varying 動利率計息。定期存款乃視乎本集團的periods of between seven days and six months depending 即時現金需求為期七天至六個月不等，on the immediate cash requirements of the Group and 按各定期存款的利率賺取利息。銀行結earn interest at the respective time deposit rates. The bank 餘及定期存款乃存放於信譽良好且近期
balances and time deposits are deposited with creditworthy 並無違約記錄的銀行。
banks with no recent history of default.392 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 393
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
24. TRADE PAYABLES 24. 貿易應付款項
An ageing analysis of the trade payables of the Group as at 於報告期末按發票日期計，本集團貿易the end of the reporting period based on the invoice date is 應付款項的賬齡分析如下：
as follows:
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Within 1 month 1個月以內 172247 151190
1 to 3 months 1至3個月 77156 70474
3 to 6 months 3至6個月 11171 16758
6 to 12 months 6至12個月 11116 22776
Over 12 months 12個月以上 58680 37174
Total 總計 330370 298372
The trade payables are unsecured non-interest-bearing and 貿易應付款項為無抵押、不計息及一般
are normally settled on terms of 30 to 60 days. 於30天至60天期限內結清。
25. OTHER PAYABLES AND ACCRUALS 25. 其他應付款項及暫估費用
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Other payables and accruals 其他應付款項及暫估費用 760539 690101
Contract liabilities 合約負債 135643 107631
Payroll and bonus payables 應付薪金及花紅 112371 82682
Others 其他 33 33
Total 總計 1008586 880447
Other payables are unsecured non-interest-bearing and 其他應付款項無抵押、免息及須於要求
repayable on demand. 時償還。
Contract liabilities mainly include short-term advances received 合約負債主要包括為交付半導體產品而
to deliver the semiconductor products. As at 1 January 2024 收取的短期墊款。於二零二四年一月一the carrying amount of contract liabilities was US$86545000. 日，合約負債的賬面值為86545000美元。394 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 395NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
26. INTEREST-BEARING BANK BORROWINGS 26. 計息銀行借款
2025
二零二五年
Effective
interest rate
(%) Maturity US$’000
實際利率(%)到期千美元
Current 流動
Current portion of long-term 長期銀行貸款的即期 1.2%-5.35% 2026 370445
bank loans – secured 部份－有抵押 1.2%-5.35% 二零二六年
Current portion of long-term 長期銀行貸款的即期 2%-2.3% 2026 33303
bank loans – unsecured 部份－無抵押 2%-2.3% 二零二六年
Total – current 總計－流動 403748
Non-current 非流動
Secured bank loans 有抵押銀行貸款 1.2%-5.35% 2027-2033 1576623
1.2%-5.35%二零二七年－二零三三年
Unsecured bank loans 無抵押銀行貸款 2%-2.3% 2027-2035 1210473
2%-2.3%二零二七年－二零三五年
Total – non-current 總計－非流動 2787096
Total 總計 3190844
2024
二零二四年
Effective
interest rate
(%) Maturity US$’000
實際利率(%)到期千美元
Current 流動
Current portion of long-term 長期銀行貸款的即期 1.20 – 6.40 2025 280704
bank loans – secured 部份－有抵押 1.20 – 6.40 二零二五年
Total – current 總計－流動 280704
Non-current 非流動
Secured bank loans 有抵押銀行貸款 1.20 – 6.40 2026-2033 1696011
1.20–6.40二零二六年－二零三三年
Unsecured bank loans 無抵押銀行貸款 2.00 – 2.51 2026-2033 221224
2.00–2.51二零二六年－二零三三年
Total – non-current 總計－非流動 1917235
Total 總計 2197939394 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 395
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
26. INTEREST-BEARING BANK BORROWINGS 26. 計息銀行借款（續）
(continued)
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Analysed into: 分析為：
Within one year 一年內 403748 280704
In the second year 第二年 1184791 420860
In the third to fifth years inclusive 第三至第五年（包括首尾兩年）8539361041487
After five years 五年後 748369 454888
Total 總計 3190844 2197939
Except for bank loans of US$2568061000 (2024:US$697271000) which are denominated in RMB all the other 除2568061000美元（二零二四年：bank loans are dominated in United States dollars. 697271000美元）的銀行貸款以人民幣計值外，所有其他銀行貸款均以美元計值。
The carrying amounts of borrowings are denominated in the
following currencies: 借款的賬面值乃按以下貨幣計值：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
RMB 人民幣 2568061 697271
US dollar 美元 622783 1500668
Total 總計 3190844 2197939
An analysis of the carrying amounts of borrowings by type of
interest rate is as follows: 按利率類型劃分的借款賬面值分析如
下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Fixed interest rate 固定利率 577493 400105
Floating interest rate 浮動利率 2613351 1797834
Total 總計 3190844 2197939396 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 397
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
27. LEASE LIABILITIES 27. 租賃負債
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Carrying amount at 1 January 於一月一日的賬面值 22980 22205
New leases 新租賃 – 5745
Accretion of interest recognised 年內確認的利息增加
during the year 916 1061
Payments 付款 (4941) (5695)
Revision of a lease term arising from 因租賃不可撤銷期間變動
a change in the non-cancellable 而產生的租期修訂
period of a lease (502) –
Exchange realignment 匯兌調整 455 (336)
Carrying amount at 31 December 於十二月三十一日的賬面值 18908 22980
The maturity profile of lease liabilities as at 31 December 2025 租賃負債於二零二五年十二月三十一日
is as follows: 的到期情況如下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Within one year 一年內 3972 5828
In the second year 第二年 2574 3465
In the third to fifth years inclusive 第三至第五年（包括首尾兩年） 7722 7550
After five years 五年後 7722 10066
Total undiscounted lease liabilities 未貼現租賃負債總額 21990 26909
Discount amount 貼現額 (3082) (3929)
Total present value of lease liabilities 租賃負債的總現值 18908 22980
Current portion 即期部分 3229 4912
Non-current portion 非即期部分 15679 18068396 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 397
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
28. DEFERRED TAX 28. 遞延稅項
The movements in deferred tax liabilities and assets during the 年內遞延稅項負債及資產的變動如下：
year are as follows:遞延稅項負債
Deferred tax liabilities
Difference of
Fair value Fair value fixed assets
gains on gain on an between Right-of-
financial investment Withholding accounting use
investments property tax and tax basis assets Total金融投資的投資物業的固定資產稅使用權公平值收益公平值收益預扣稅會差異資產總計
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元千美元千美元
At 1 January 2024 於二零二四年一月一日 10414 596 29592 2991 2843 46436
Deferred tax (credited)/charged to 年內（計入）╱扣自損益的
profit or loss during the year 遞延稅項（附註10）
(note 10) – (6) (19443) (685) 175 (19959)
Deferred tax charged to other 年內扣自其他全面收益的
comprehensive income 遞延稅項
during the year 1199 – – – – 1199
Exchange realignment 匯兌調整 (257) (9) – (37) (45) (348)
Gross deferred tax liabilities 於二零二四年十二月三十一日
as at 31 December 2024 遞延稅項負債總額 11356 581 10149 2269 2973 27328
At 1 January 2025 於二零二五年一月一日 11356 581 10149 2269 2973 27328
Deferred tax credited to profit or 年內計入損益的遞延稅項
loss during the year (note 10) （附註10） – (43) (75) (684) (694) (1496)
Deferred tax charged to other 年內扣自其他全面收益的
comprehensive income 遞延稅項
during the year 24568 – – – – 24568
Exchange realignment 匯兌調整 459 13 – 44 57 573
Gross deferred tax liabilities 於二零二五年十二月三十一日
as at 31 December 2025 遞延稅項負債總額 36383 551 10074 1629 2336 50973398 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 399
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
28. DEFERRED TAX (continued) 28. 遞延稅項（續）
The movements in deferred tax liabilities and assets during the 年內遞延稅項負債及資產的變動如下：
year are as follows: (continued) （續）
Deferred tax assets 遞延稅項資產
Write-down of
inventories and
impairment of Lease Government
receivables Accruals liabilities grants Total存貨撇減及應收款項減值應計費用租賃負債政府補助總計
US$’000 US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元千美元
At 1 January 2024 於二零二四年一月一日 3390 4611 3254 4347 15602
Deferred tax credited/(charged) to 年內於損益中計入╱（扣除）的
profit or loss during the year 遞延稅項（附註10）
(note 10) 399 442 202 (12) 1031
Exchange realignment 匯兌調整 (50) (88) (52) (63) (253)
Gross deferred tax assets 於二零二四年十二月三十一日
as at 31 December 2024 的遞延稅項資產總額 3739 4965 3404 4272 16380
At 1 January 2025 於二零二五年一月一日： 3739 4965 3404 4272 16380
Deferred tax credited/(charged) 年內於損益中計入╱（扣除）的
to profit or loss during the year 遞延稅項（附註10）
(note 10) 589 (2315) (688) 669 (1745)
Exchange realignment 匯兌調整 95 111 67 101 374
Gross deferred tax assets 於二零二五年十二月三十一日
as at 31 December 2025 的遞延稅項資產總額 4423 2761 2783 5042 15009
The Group is liable for withholding taxes on dividends 本集團須就於中國內地成立的該等
distributed by those subsidiaries established in the Chinese 子公司自二零零八年一月一日起產
mainland in respect of earnings generated from 1 January 生的盈利所分派的股息繳納預扣
2008. A lower withholding tax rate may be applied if there is a 稅。倘中國內地與外國投資者所屬
tax treaty between the Chinese mainland and the jurisdiction of 司法權區間訂有稅務協定，可能適the foreign investors. 用較低的預扣稅率。
There are no income tax consequences attaching to the 本公司向其股東派付股息並無附帶
payment of dividends by the Company to its shareholders. 任何所得稅後果。398 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 399NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
28. DEFERRED TAX (continued) 28. 遞延稅項（續）
For presentation purposes certain deferred tax assets and 出於呈列目的，若干遞延稅項資產及負liabilities have been offset in the statement of financial position. 債已在財務狀況表中抵銷。以下為就財The following is an analysis of the deferred tax balances of the 務報告目的對本集團遞延稅項結餘進行
Group for financial reporting purposes: 的分析：
20252024
2025年2024年
US$’000 US$’000千美元千美元
Net deferred tax liabilities recognised 於綜合財務狀況表確認的遞延稅項
in the consolidated statement of 負債淨額
financial position 35964 10948
Deferred tax assets have not been recognised in respect of 未就以下項目確認遞延稅項資產：
the following items:
20252024
2025年2024年
US$’000 US$’000千美元千美元
Tax losses arising in Hong Kong 於香港產生的稅項虧損 31561 26819
Tax losses arising in the Chinese mainland 於中國內地產生的稅項虧損 2099355 1503187
Deductible temporary differences 可扣稅暫時性差異 139881 131536
22707971661542
Deferred tax assets have not been recognised in respect of 由於遞延稅項資產乃源自已虧損多時的附屬
these losses as they have arisen in subsidiaries that have been 公司，且不大可能有應課稅溢利可用以抵銷loss-making for some time and it is not considered probable 可予確認的稅項虧損，故並無就該等虧損確that taxable profits will be available against which the tax 認遞延稅項資產。在香港產生的稅項虧損可losses can be recognised. Tax losses arising in Hong Kong 無限期用於抵銷產生虧損之公司的未來應課
are available indefinitely for offsetting against future taxable 稅溢利，而在中國內地產生的稅項虧損則將profits of the companies in which the losses arose and tax 在一至十年內屆滿，用作抵銷未來應課稅溢losses arising in the Chinese mainland will expire in one to ten 利。
years for offsetting against future taxable profits.Deferred tax assets have not been recognised in respect of 未就該等可扣稅暫時性差異確認遞延稅項資
the deductible temporary differences as it is not considered 產，原因為被視為不太可能可確認上述項目。
probable that the above items can been recognised.400 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 401
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
29. GOVERNMENT GRANTS 29. 政府補助
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
At 1 January 於一月一日 57563 35017
Additions 添置 68606 69319
Offset research and development costs 抵銷研發成本 (3823) (5773)
Offset finance costs 抵銷財務費用 (12124) (5459)
Offset long term assets 抵銷長期資產 (22690) (35230)
Exchange realignment 匯兌調整 1517 (311)
As at 31 December 於十二月三十一日 89049 57563
30. LONG-TERM PAYABLES 30. 長期應付款項
2025
二零二五年
Effective
interest rate
(%) Maturity US$’000
實際利率(%)到期千美元
Unsecured 無抵押 2.30% 二零三二年至二零三五年 594581
With the existence of a contractual obligation of the Group to 由於本集團不能無條件地避免以交付現
deliver cash or another financial asset to the other party the 金或其他金融資產來履行相關合同義
balances above were classified as financial liabilities. 務，因此上述餘額被分類為金融負債。
The maturity profile of long-term payables as at 31 December 於二零二五年十二月三十一日，長期應
2025 is as follows: 付款項的到期情況如下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Analysed into: 分析為：
After five years 五年後 594581 –400 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 401
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
31. SHARE CAPITAL 31. 股本
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Issued and fully paid: 已發行及繳足：
1737614193.00(2024:1718468815)1737614193.00股（二零二四ordinary shares 年：1718468815股）普通股 4987482 4938457
A summary of movements in the Company’s share capital is as 本公司股本的變動概述如下：
follows:
Number of Amount
shares in of share
issue capital已發行股份數目股本金額
’000 US$’000千股千美元
At 1 January 2024 於二零二四年一月一日 1716589 4933559
Share options exercised (note (a)) 行使購股權（附註(a)） 1880 4898
At 31 December 2024 and 1 January 2025 於二零二四年十二月三十一日及二零二五年一月一日17184694938457
Share options exercised (note (a)) 行使購股權（附註(a)） 19145 49025
At 31 December 2025 於二零二五年十二月三十一日 1737614 4987482
Notes: 附註：
(a) The subscription rights attaching to 19145000 (2024: 1880000) (a) 19145000份（二零二四年：1880000share options were exercised at the subscription prices of 份）購股權附帶之認購權已按認購價每HK$15.056 to HK$17.952 per share (2024: HK$15.056 to 股15.056港元至每股17.952港元（二零HK$17.952 per share) resulting in the issue of 19145000 二四年：每股15.056港元至每股17.952(2024: 1880000) shares for a total cash consideration 港元）行使，引致發行19145000股（二of US$37579000 (2024: US$3683000) and transfer of 零二四年：1880000股）股份，總現金US$11446000 (2024: US$1215000) from the share option 代價為37579000美元（二零二四年：reserve to share capital. 3683000美元），11446000美元（二零二四年：1215000美元）已由購股權
儲備轉撥至股本。402 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 403NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
32. SHARE OPTION SCHEME 32. 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 Scheme was effective on 24 December 2018 該計劃於二零一八年十二月二十四日
(the “2018 Options”). Eligible participants of the Scheme （「二零一八年購股權」）生效。該計劃之include the Company’s directors including a non-executive 符合資格參與者包括本公司董事（包括一director an executive director and other employees of the 名非執行董事、一名執行董事）及本集團
Group. The share options unless otherwise cancelled or 其他僱員。除非另被取消或修訂，該等amended will remain in force for 7 years from the respective 購股權將由各生效日期起計7年內有效。
effective dates.The maximum number of unexercised share options currently 現時可根據該計劃授出之未行使購股權
permitted to be granted under the Scheme is an amount 數目不得超過該等購股權行使後本公司
equivalent upon their exercise to 10% of the shares of the 任何時候已發行股份之10%。於任何十Company in issue at any time. The maximum number of shares 二個月期間，該計劃各符合資格參與者issuable under share options to each eligible participant in 根據購股權可獲發行之股份數目不得超
the Scheme within any 12-month period is limited to 1% of 過本公司任何時候已發行股份之1%。進the shares of the Company in issue at any time. Any further 一步授予超出此限額之購股權則須股東
grant of share options in excess of this limit is subject to 在股東大會上批准。
shareholders’ approval in a general meeting.Share options granted to a director chief executive or 向本公司董事、最高行政人員或主要股
substantial shareholder of the Company or to any of their 東或彼等之任何聯繫人士授予購股權須
associates are subject to approval in advance by the 事先取得獨立非執行董事批准。此外，independent non-executive directors. In addition any share 倘若於任何十二個月期間，授予本公司options granted to a substantial shareholder or an independent 主要股東或獨立非執行董事或彼等各自
non-executive director of the Company or to any of their 之任何聯繫人士之購股權超出本公司任associates in excess of 0.1% of the shares of the Company 何時候已發行股份之0.1%或總值（根據in issue at any time or with an aggregate value (based on the 授出日期本公司股份價格計算）超逾5百
price of the Company’s shares at the date of grant) in excess 萬港元，則須事先在股東大會上取得股of HK$5 million within any 12-month period are subject to 東批准。
shareholders’ approval in advance in a general meeting.The exercise period of the share options granted is 已授出購股權之行使期由董事決定，並determinable by the directors and commences after a vesting 於二至五年歸屬期後開始以及於該計劃
period of two to five years and ends on a date which is not 屆滿之日前終止。
later than the expiry date of the Scheme.The exercise price of share options is determinable by the 購股權之行使價為由董事釐定，惟不得directors but may not be less than the higher of (i) the Stock 少於以下兩者之最高者：(i)本公司股份
Exchange closing price of the Company’s shares on the 於授予購股權日期在聯交所之收市價；
date of offer of the share options; and (ii) the average Stock 及(ii)本公司股份於緊接授出日期前五個
Exchange closing price of the Company’s shares for the five 交易日在聯交所之平均收市價。
trading days immediately preceding the date of offer.402 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 403
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
32. SHARE OPTION SCHEME (continued) 32. 購股權計劃（續）
There are no cash settlement alternatives. The Group does 不可選擇以現金結算。本集團過往並無not have a past practice of cash settlement for these share 以現金結算該等購股權。本集團將該計options. The Group accounts for the Scheme as an equity- 劃作為權益結算計劃入賬。
settled plan.Share options do not confer rights on the holders to dividends 購股權並非附帶可令持有人獲得股息或
or to vote at shareholders’ meetings. 於股東大會投票的權利。
2018 Options 二零一八年購股權
The following 2018 Options were outstanding during the year: 年內，以下購股權尚未根據二零一八年購股權獲行使：
20252024
二零二五年二零二四年
Weighted Weighted
average average
exercise exercise
price Number price Number
HK$ per of options HK$ per of options
share ’000 share ’000加權平均加權平均行使價購股權數目行使價購股權數目每股港元千份每股港元千份
At 1 January 於一月一日 15.320 19337 15.329 21422
Exercised during the year 年內行使 15.296 (19145) 15.272 (1880)
Forfeited during the year 年內沒收 15.056 (13) 16.709 (205)
At 31 December 於十二月三十一日 17.952 179 15.320 19337404 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 405
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
32. SHARE OPTION SCHEME (continued) 32. 購股權計劃（續）
2018 Options (continued) 二零一八年購股權（續）
The exercise prices and exercise periods of the 2018 Options 於報告期末二零一八年購股權項下尚未
outstanding as at the end of the reporting period are as 行使購股權的行使價及行使期如下：
follows:
20252024
二零二五年二零二四年
Number of Number of Exercise
options options price* Exercise period
購股權數目購股權數目行使價*行使期
’000 ’000 HK$ per share千份千份每股港元
24 December 2020 to 23 December 2025
–527315.056二零二零年十二月二十四日至二零二五年十二月二十三日
24 December 2021 to 23 December 2025
–326315.056二零二一年十二月二十四日至二零二五年十二月二十三日
24 December 2022 to 23 December 2025
–817915.056二零二二年十二月二十四日至二零二五年十二月二十三日
24 December 2023 to 23 December 2025
–92515.056二零二三年十二月二十四日至二零二五年十二月二十三日
29 March 2021 to 28 March 2026
–6318.400二零二一年三月二十九日至二零二六年三月二十八日
29 March 2022 to 28 March 2026
–12518.400二零二二年三月二十九日至二零二六年三月二十八日
29 March 2023 to 28 March 2026
–12518.400二零二三年三月二十九日至二零二六年三月二十八日
29 March 2024 to 28 March 2026
–12518.400二零二四年三月二十九日至二零二六年三月二十八日
23 December 2021 to 22 December 2026
–12517.952二零二一年十二月二十三日至二零二六年十二月二十二日
23 December 2022 to 22 December 2026
3150817.952二零二二年十二月二十三日至二零二六年十二月二十二日
23 December 2023 to 22 December 2026
7355117.952二零二三年十二月二十三日至二零二六年十二月二十二日
23 December 2024 to 22 December 2026
757517.952二零二四年十二月二十三日至二零二六年十二月二十二日
17919337
* The exercise price of the share options is subject to adjustment * 倘若進行供股或紅股發行，或本公司之in the case of rights or bonus issues or other similar changes in 股本有其他類似改動，則購股權之行使the Company’s share capital. 價可予調整。404 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 405NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
32. SHARE OPTION SCHEME (continued) 32. 購股權計劃（續）
2018 Options (continued) 二零一八年購股權（續）
The Group did not recognise any share option expense for the 本集團於年內並未根據二零一八年購2018 Options (2024: US$18000) during the year. 股權確認購股權開支（二零二四年：18000美元）。
19145000 (2024: 1880000) share options were exercised 年 內 ， 二 零 一 八 年 購 股 權 項 下under the 2018 Options during the year resulting in the 19145000份（二零二四年：1880000issue of 19145000 (2024: 1880000) ordinary shares of the 份）購股權獲行使，引致本公司發行Company for a total cash consideration of US$37579000 19145000股（二零二四年：1880000
(2024: US$3683000) and transfer of US$11446000 (2024: 股）普通股，總現金代價為37579000US $1215000) from the share option reserve to share capital 美元（二零二四年： 3 6 8 3 0 0 0美as further detailed in note 31 to the financial statements. 元）。如財務報表附註 3 1進一步詳述，11446000美元（二零二四年：1215000美元）已由購股權儲備轉撥至股本。
At the end of the reporting period the Company had 於報告期末，本公司擁有179000份尚
179000 2018 Options outstanding. The exercise in full of the 未行使的二零一八年購股權。根據本公
outstanding share options would under the present capital 司現時的資本架構，悉數行使尚未行使structure of the Company result in the issue of 179000 的購股權可能會導致額外發行179000
additional ordinary shares of the Company and additional 股本公司普通股及增加股本558000美share capital of US$558000 (including US$145000 transferred 元（包括由購股權儲備轉撥至股本的from the share option reserve to share capital). 145000美元）。
At the date of approval of these financial statements the 於批准該等財務報表日期，本公司擁Company had 161209 2018 Options outstanding which 有161209份尚未行使的二零一八年購
represented approximately 0.01% of the Company’s shares in 股權，佔該日期本公司已發行股份的約issue as at that date. 0.01%。406 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 407NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
33. RESERVES 33. 儲備
The amounts of the Group’s reserves and the movements 本集團於本年度及過往年度的儲備及相
therein for the current and prior years are presented in the 關變動金額於財務報表第314至315頁綜
consolidated statement of changes in equity on pages 314 to 合權益變動表中呈列。
315 of the financial statements.
According to the relevant PRC laws and regulations for 根據中國有關外商獨資企業的法律及法
wholly-foreign-owned enterprises which are applicable to 規（適用於本公司的中國子公司），按照the Company’s subsidiaries in the PRC profits of the PRC 適用的中國會計規則及規例釐定的中國
subsidiaries as determined in accordance with the applicable 子公司的溢利，可於中國子公司(1)償付accounting rules and regulations in the PRC are available 所有稅務負債；(2)就過往年度虧損作出
for distribution in the form of cash dividends to the Company 撥備；及(3)就法定儲備金作出撥備後以
after the PRC subsidiaries have (1) satisfied all tax liabilities; 現金股息形式向本公司作出分派。本公
(2) provided for losses in previous years; and (3) made 司的中國子公司須劃撥不少於其除稅後
appropriations to the statutory reserve funds. The Company’s 溢利的10%作為法定儲備金，直至儲備subsidiaries in the PRC are required to appropriate not less 結餘達到其註冊資本的50%。
than 10% of their profit after taxation to the statutory reserve
funds until the reserve balance reaches 50% of their registered
capital.406 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 407
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
34. LEASES 34. 租賃
As lessor 作為出租人
The Group leases its investment properties (note 14) consisting 本集團根據經營租賃安排，將其投資物of one industrial property and one commercial property in the 業（附註14）（包括位於中國內地的一項Chinese mainland under operating lease arrangements. The 工業物業及一項商業物業）出租。該等terms of the leases generally require the tenants to provide for 租約的條款一般規定承租人根據當時市
periodic rent adjustments according to the prevailing market 況就定期租金調整作出撥備。本集團於conditions. Rental income recognised by the Group during the 年內確認的租賃收入為14530000美元
year was US$14530000 (2024: US$14210000) details of （二零二四年：14210000美元），其詳which are included in note 5 to the financial statements. 情載於財務報表附註5。
At 31 December 2025 and 2024 undiscounted lease 於二零二五年及二零二四年十二月三十
payments receivable by the Group in future periods under 一日，本集團根據不可撤銷經營租約於non-cancellable operating leases with its tenant are as follows: 未來期間應收其租戶的未貼現租賃付款
如下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Within one year 一年內 14521 13940
After one year but within two years 一年後但於兩年內 14321 13745
After two years but within three years 兩年後但於三年內 14321 13745
After three years but within four years 三年後但於四年內 14321 13745
After four years but within five years 四年後但於五年內 2556 13745
More than five years 超過五年 737 3174
Total 總計 60777 72094
As lessee 作為承租人
The Group has various lease contracts for leasehold land 本集團擁有用於其業務營運的租賃土
warehouses and dormitory properties used in its operation. 地、倉庫及宿舍物業的若干租賃合約。
Lump sum payments were made upfront to acquire the leased 已提前作出一次性付款以向業主收購租
land from the owners with lease periods of 42 to 50 years and 賃土地，租期介乎42至50年，而根據該no ongoing payments will be made under the terms of these 等土地租賃的條款，將不會繼續支付任land leases. Leases of warehouses and dormitory properties 何款項。倉庫及宿舍物業的租期通常介generally have lease terms between 2 and 20 years. Generally 乎2至20年。一般而言，本集團不可向the Group is restricted from assigning and subleasing the 本集團以外人士轉讓及分租租賃資產。
leased assets outside the Group.408 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 409
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
34. LEASES (continued) 34. 租賃（續）
As lessee (continued) 作為承租人（續）
(a) Right-of-use assets and lease liabilities (a) 使用權資產及租賃負債
Detailed information regarding right-of-use assets and 與使用權資產及租賃負債有關的資
lease liabilities is set out in notes 15 and 27 respectively 料詳情分別載於財務報表附註15及
to the financial statements. 27。
(b) The amounts recognised in profit or loss in relation to (b) 於損益中確認的租賃相關金額如
leases are as follows: 下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Interest on lease liabilities 租賃負債利息 916 1061
Depreciation charge of right-of-use assets 使用權資產折舊開支 5546 6303
Expense relating to short-term leases 與短期租賃有關的開支 1425 2693
Gain on revision of a lease term arising 因不可撤銷租期變動產生的
from a change in the non-cancellable 租期變更收益
period of a lease 15 –
Total amount recognised in profit or loss 於損益中確認的總額 7902 10057
(c) Total cash outflows for leases and non-cash additions to (c) 租賃現金流出總額以及使用權資產
right-of-use assets and lease liabilities are disclosed in 及租賃負債的非現金添置於財務報
note 40 to the financial statements. 表附註40內披露。
35. COMMITMENTS 35. 承擔
The Group had the following contractual commitments at the 本集團於報告期末有以下合約承擔：
end of the reporting period:
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Property plant and equipment 物業、廠房及設備 1238613 1187570408 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 409
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
36. RELATED PARTY TRANSACTIONS AND 36. 關聯方交易及結餘
BALANCES
(a) Name and relationship (a) 名稱及關係
Name of related party Relationship with the Group關聯方名稱與本集團的關係
Huahong Group and its subsidiaries華虹集團及其子公司
– Hua Hong International Inc. (“Huahong International”) 20.00% shareholder of the Company
－華虹國際有限公司（「華虹國際」）持股20.00%之本公司股東
– Shanghai Huahong Zealcore Electronics Co. Ltd. Subsidiary of Huahong Group
(“Huahong Zealcore”)
－上海華虹摯芯科技有限公司（「華虹摯芯」）華虹集團子公司
– ZealCore Electronics Shanghai Co. Ltd. Subsidiary of Huahong Group
(“Zealcore Shanghai”)
－上海華虹摯芯電子科技有限公司（「摯芯上海」）華虹集團子公司
– Shanghai Hongri International Electronics Co. Ltd. Subsidiary of Huahong Group
(“Hongri”)
－上海虹日國際電子有限公司（「虹日」）華虹集團子公司
– Shanghai Hua Hong Jitong Smart System Co. Ltd. Subsidiary of Huahong Group
(“Jitong”)
－上海華虹計通智能系統股份有限公司（「計通」）華虹集團子公司
– Huali Micro Subsidiary of Huahong Group
－華力微華虹集團子公司
Huahong Technology Development and Associate of the Group and subsidiary
its subsidiaries of Huahong Group華虹科技發展及其子公司本集團聯營公司及華虹集團子公司
– Shanghai Huahong Real Estate Co. Ltd. Subsidiary of Huahong Technology Development
(“Huahong Real Estate”)
－上海華虹置業有限公司（「華虹置業」）華虹科技發展子公司
– Shanghai Huajin Property Management Co. Ltd. Subsidiary of Huahong Technology Development
(“Huajin”)
－上海華錦物業管理有限公司（「華錦」） 華虹科技發展子公司410 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 411
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
36. RELATED PARTY TRANSACTIONS AND 36. 關聯方交易及結餘（續）
BALANCES (continued)
(b) Related party transactions (b) 關聯方交易
The Group had the following material transactions with 本集團於年內已與關聯方進行以下
related parties during the year: 重大交易：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Sales of goods to related parties (note (i)) 向關聯方出售貨品（附註(i)）
Huahong Zealcore# 華虹摯芯# 11491 19969
Hongri# 虹日# 225 472
Purchases of goods from related parties 自關聯方購買貨品（附註(ii)）
(note (ii))
Hongri# 虹日# 35823 38790
Huahong Zealcore# 華虹摯芯# 349 711
Zealcore Shanghai# 摯芯上海# 120 30
Jitong# 計通# 4 16
Rental income from a related party 來自關聯方的租金收入
(note (iii)) （附註(iii)）
Huali Micro# 華力微# 14146 14089
Service fees charged by related parties 關聯方收取的服務費
(note (iv)) （附註(iv)）
Huajin# 華錦# 579 553
Interest expense related to lease 與關聯方的租賃協議相關的
agreements with a related party (note (v)) 利息開支（附註(v)）
Huahong Real Estate# 華虹置業# 815 887
Expense paid on behalf of a related 代關聯方支付的開支
party (note (vi)) （附註(vi)）
Huali Micro# 華力微# 28467 28571
# The related party transactions also constitute continuing # 關聯方交易亦構成上市規則第十
connected transactions as defined in Chapter 14A of the 四A章所界定的持續關連交易。
Listing Rules.410 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 411
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
36. RELATED PARTY TRANSACTIONS AND 36. 關聯方交易及結餘（續）
BALANCES (continued)
(b) Related party transactions (continued) (b) 關聯方交易（續）
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與
according to the prices and terms agreed between the 關聯方協定的價格及條款作
related parties. 出。
Note (ii) The purchases of goods from related parties were 附註(ii) 自關聯方購買的貨品乃根據關
made according to the prices and terms offered by the 聯方提供的價格及條款作出。
related parties.Note (iii) The rental income received from a related party was 附註(iii) 來自關聯方的租金收入乃根據
based on the prices and terms agreed between the 與關聯方協定的價格及條款收
related parties. 取。
Note (iv) The service fees charged by related parties were based 附註(iv) 服務費乃由關聯方根據與關聯
on the prices and terms agreed between the related 方協定的價格及條款收取。
parties.Note (v) The Group entered into leases in respect of certain 附註(v) 本集團就自華虹置業租賃的
dormitory properties from Huahong Real Estate. The 若干宿舍物業訂立租約。本amount of rent payable by the Group under the leases 集團於租賃項下應付的租金
is US$2532000 per year. At 31 December 2025 為每年2532000美元。於二the balances of those right-of-use assets and lease 零二五年十二月三十一日，liabilities were US$14578000 (31 December 2024: 該等使用權資產及租賃負債
US$16035000) and US$17520000 (31 December 的結餘分別為14578000美2024: US$18848000) respectively. 元（二零二四年十二月三十一日：16035000美元）及17520000美元（二零二四年十二月三十一日：18848000美元）。
Note (vi) The expense paid on behalf of the related party is 附註(vi) 代關聯方支付的開支為不計
interest-free and repayable on demand. 息，及須按要求償還。412 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 413NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
36. RELATED PARTY TRANSACTIONS AND 36. 關聯方交易及結餘（續）
BALANCES (continued)
(c) Outstanding balances with related parties (c) 與關聯方之間的未結清餘額
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Amounts due from related parties 應收關聯方款項
Huali Micro 華力微 7766 10074
Huahong Zealcore 華虹摯芯 2369 8250
Total 總計 10135 18324
Amounts due to related parties 應付關聯方款項
Hongri 虹日 3361 6455
Huali Micro 華力微 2244 2445
Huahong Zealcore 華虹摯芯 539 196
ZealCore Shanghai 摯芯上海 47 –
Huajin 華錦 27 11
Jitong 計通 7 18
Total 總計 6225 9125
(d) Compensation of key management personnel of the (d) 本集團主要管理人員的酬金
Group
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Short term employee benefits 短期僱員福利 7795 6070
Pension scheme contributions 退休金計劃供款 197 183
Equity-settled share option expense 以權益結算的購股權開支 – 18
Total compensation paid to key 支付予主要管理人員的酬金
management personnel 總額 7992 6271
Further details of directors’ remuneration are included in 董事薪酬之進一步詳情載於財務報
note 8 to the financial statements. 表附註8。412 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 413NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
37. FINANCIAL INSTRUMENTS BY CATEGORY 37. 按類別劃分的金融工具
The carrying amounts of each of the categories of financial 各類金融工具於報告期末的賬面值如
instruments as at the end of the reporting period are as 下：
follows:
Financial assets – at amortised cost 金融資產－按攤銷成本
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Trade and notes receivables 貿易應收款項及應收票據 282053 270461
Financial assets included in 計入預付款項、其他應收款項及
prepayments other receivables 其他資產的金融資產（附註22）
and other assets (note 22) 32125 32946
Due from related parties 應收關聯方款項 10135 18324
Time and pledged deposits 定期及已抵押存款 99494 31624
Cash and cash equivalents 現金及現金等價物 4893808 4459132
Total 總計 5317615 4812487
Financial assets – at fair value through other comprehensive 金融資產－按公平值計入其他全面收益
income without recycling to profit or loss （不得重新計入損益）
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Equity investments designated 指定為按公平值計入其他全面
at fair value through other 收益的股權投資
comprehensive income 478799 289311
Financial liabilities – at amortised cost 金融資產－按攤銷成本
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Trade payables 貿易應付款項 330370 298372
Financial liabilities included in other 計入其他應付款項及暫估費用的
payables and accruals (note 25) 金融負債（附註25） 760572 690134
Interest-bearing bank borrowings 計息銀行借款 3190844 2197939
Due to related parties 應付關聯方款項 6225 9125
Long-term payables 長期應付款項 594581 –
Total 總計 4882592 3195570414 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 415
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
38. FAIR VALUE AND FAIR VALUE HIERARCHY 38. 金融工具的公平值及公平值層
OF FINANCIAL INSTRUMENTS 級The carrying amounts and fair values of the Group’s financial 本集團金融工具（不包括賬面值與公平值instruments other than those with carrying amounts that 大致相若的金融工具）的賬面值及公平值
reasonably approximate to fair values are as follows: 載列如下：
Carrying amounts Fair values賬面值公平值
2025202420252024
二零二五年二零二四年二零二五年二零二四年
US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元
Financial assets 金融資產
Equity investments 指定為按公平值計入
designated at fair 其他全面收益的
value through other 股權投資
comprehensive income 478799 289311 478799 289311
Financial liabilities 金融負債
Interest-bearing bank 計息銀行借款
borrowings 2787096 1917235 2802191 1910907
Management has assessed that the fair values of cash and 管理層已評估現金及現金等價物、定期
cash equivalents time and pledged deposits trade and 及已抵押存款、貿易應收款項及應收票
notes receivables financial assets included in prepayments 據、計入預付款項的金融資產及其他應
and other receivables trade payables financial liabilities 收款項、貿易應付款項、計入其他應付
included in other payables and accruals amounts due from/to 款項及暫估費用的金融負債、應收╱應
related parties and the current portion of interest-bearing bank 付關聯方款項及計息銀行借款的流動部
borrowings approximate to their carrying amounts largely due 份的公平值與其賬面值相若，主要是由to the short term maturities of these instruments. 於該等工具均於短期內到期。
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。估值instruments and determines the major inputs applied in the 過程及結果由董事會每年討論兩次，以valuation. The valuation is reviewed and approved by the 進行中期及年度財務申報。
chief financial officer. The valuation process and results are
discussed with the board of directors twice a year for interim
and annual financial reporting.414 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 415
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
38. FAIR VALUE AND FAIR VALUE HIERARCHY 38. 金融工具的公平值及公平值層
OF FINANCIAL INSTRUMENTS (continued) 級（續）
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。估計公平值乃other than in a forced or liquidation sale. The following 使用以下的方法及假設：
methods and assumptions were used to estimate the fair
values:
The fair values of the non-current portion of interest-bearing 計息銀行借款及長期應付款項的非流動
bank borrowings and long-term payables have been 部份的公平值乃透過採用具有類似年
calculated by discounting the expected future cash flows 期、信貸風險及剩餘到期期限的工具
using rates currently available for instruments with similar 的現有利率貼現預期未來現金流量而計
terms credit risk and remaining maturities. The changes in fair 算。本集團評估後認為，於二零二五年value as a result of the Group’s own non-performance risk for 十二月三十一日因其自身的計息銀行借
the non-current portion of interest-bearing bank borrowings as 款的非流動部分不履約風險而導致的公
at 31 December 2025 were assessed to be insignificant. 平值變動並不重大。
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非
fair value through other comprehensive income have been 上市股本投資之公平值採用市場法估
estimated using the market approach: 算：
* If there is a precedent transaction regarding the unlisted * 倘存在有關非上市投資的先前交
investments the fair values are estimated based on the 易，則公平值根據先前交易價格及precedent transaction price and the discount for lack of 缺乏控制權折讓價估算；
control;
* If there is no precedent transaction and the unlisted * 倘不存在先前交易，且非上市投資investments are start-up entities without large scale 為並未開展大規模經營活動的初創
operating activities the fair values are estimated based 實體，則公平值根據該等實體的資on the entities’ net assets; and 產淨值估算；及
* Save as the a forementioned scenarios the directors * 除上述情況外，董事將根據行業、will determine comparable public companies (peers) 規模、影響力及策略釐定可比較上
based on industry size leverage and strategy and 市公司（同行），且就已確定的各可calculate an appropriate price multiple such as price 資比較公司計算適當的價格倍數，to book value (“P/B”) multiple for each comparable 如市賬率（「市賬率」）倍數。該倍數company identified. The multiple is calculated by dividing 乃按可資比較公司之企業價值除以
the enterprise value of the comparable company by 淨資產所得。交易倍數隨後根據公net assets. The trading multiple is then discounted for 司特定情況及狀況就非流動性等因
considerations such as illiquidity based on company- 素予以貼現。貼現倍數適用於非上specific facts and circumstances. The discounted 市股本投資的相應淨資產以計量公
multiple is applied to the corresponding net assets of the 平值。董事認為，計入綜合財務狀unlisted equity investments to measure the fair value. The 況表的估值技術所產生的估計公平
directors believe that the estimated fair values resulting 值以及計入其他全面收益的公平值
from the valuation technique which are recorded in the 相關變動屬合理，而於報告期末的consolidated statement of financial position and the 價值最為恰當。
related changes in fair values which are recorded in
other comprehensive income are reasonable and that
they were the most appropriate values at the end of the
reporting period.416 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 417
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
38. FAIR VALUE AND FAIR VALUE HIERARCHY 38. 金融工具的公平值及公平值層
OF FINANCIAL INSTRUMENTS (continued) 級（續）
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
31 December 2025 二零二五年十二月三十一日
Fair value measurement using公平值計量採用以下基準
Quoted
prices in Significant Significant
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$’000千美元千美元千美元千美元
Equity investments 指定為按公平值計入
designated at fair 其他全面收益的
value through other 股權投資
comprehensive income – 34366 444433 478799
31 December 2024 二零二四年十二月三十一日
Fair value measurement using公平值計量採用以下基準
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs於活躍市場重大可觀察重大不可觀察的市場報價輸入數據輸入數據
Level 1 Level 2 Level 3 Total
第1級第2級第3級總計
US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元
Equity investments 指定為按公平值計入
designated at fair 其他全面收益的
value through other 股權投資
comprehensive income – 17390 271921 289311416 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 417
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
38. FAIR VALUE AND FAIR VALUE HIERARCHY 38. 金融工具的公平值及公平值層
OF FINANCIAL INSTRUMENTS (continued) 級（續）
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）
The Group’s policy is to recognise transfers between levels of 於報告期末，本集團的政策為確認公平the fair value hierarchy at the end of the reporting period. 值層級之間的轉移。
During the year ended 31 December 2025 there were no 截至二零二五年十二月三十一日止年
transfers of fair value measurements between Level 1 Level 2 度，第1級、第2級及第3級公平值計量and Level 3. 之間並無轉移。
During the year ended 31 December 2024 there was a 截至二零二四年十二月三十一日止年
transfer from Level 2 to Level 3 for an equity investment 度，賬面值為265128000美元的指定為designated at fair value through other comprehensive income 按公平值計入其他全面收益的股權投資
with a carrying amount of US$265128000 because there 自第2級轉入第3級，因為並無過往交易was no precedent transaction price to be referenced and the 價可供參考，且公平值計量所用重大輸significant inputs used in the fair value measurements were 入數據為不再可供觀察。第1級與第2級no longer observable. There were no transfers of fair value 公平值計量之間並無轉移。
measurements between Level 1 and Level 2.418 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 419
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
38. FAIR VALUE AND FAIR VALUE HIERARCHY 38. 金融工具的公平值及公平值層
OF FINANCIAL INSTRUMENTS (continued) 級（續）
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）
The recurring fair value measurement for the Group’s financial 本集團按公平值計入其他全面收益的金
assets at fair value through other comprehensive income was 融資產的週期公平值計量乃使用二零二
performed using significant unobservable inputs (Level 3) as 五年及二零二四年十二月三十一日的重
at 31 December 2025 and 2024. Below is a summary of the 大不可觀察輸入數據（第3級）作出。下valuation technique used and the key inputs to the valuation: 文為估值所用估值技術及主要輸入數據
概要：
Valuation Significant Sensitivity of fair
technique unobservable input Range value to the input重大不可觀察公平值對輸入估值技術輸入數據範圍數據之敏感度
Equity investments 指定為按公平值計入其他 Valuation multiples Average P/B 2025: 5% (2024: 5%)
designated at fair 全面收益的股本投資 multiple of peers 1.7x-4.7x increase/decrease
value through other 2024: would result in
comprehensive income 0.7x-3.0x increase/decrease
in fair value
by 5%(2024: 5%)
估值倍數同業平均市銷率二零二五年：5%（二零二四年：5%）的
1.7x-4.7x 增加╱減少將導致
二零二四年：公平值增加╱減少
0.7x-3.0x 5%（二零二四年：5%）
Discount for 2025: 30% 5% (2024: 5%)
illiquidity 2024: 20% increase/decrease
would result in
decrease/increase
in fair value
by 5%(2024: 5%)
缺乏流通性的折讓價二零二五年：30%5%（二零二四年：5%）的
二零二四年：20%增加╱減少將導致
公平值減少╱增加
5%（二零二四年：5%）
Precedent Discount for 2025: 22.2% 5%
transaction lack of control increase/decrease
analysis would result in
decrease/increase
in fair value by 5%
先前交易分析缺乏控制權折讓二零二五年：22.2%5%的增加╱減少將導致公平值
減少╱增加5%418 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 419
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
38. FAIR VALUE AND FAIR VALUE HIERARCHY 38. 金融工具的公平值及公平值層
OF FINANCIAL INSTRUMENTS (continued) 級（續）
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）
The discounts for illiquidity and lack of control represent the 缺乏流動性及缺乏控制權的折讓價指本
amounts of premiums and discounts determined by the Group 集團釐定市場參與者於釐定投資價格時
that market participants would take into account when pricing 將計及的溢價及折讓金額。
the investments.The movements in financial assets categorised into Level 3 年內分類為第3級的金融資產變動如下：
during the year are as follows:
Equity investments
designated at fair
value through other
comprehensive
income指定為按公平值計入其他全面收益的股本投資
US$’000千美元
At 1 January 2024 於二零二四年一月一日 2949
Transfer from level 2 自第2級轉入 265128
Total gains recognised in other 於其他全面收益確認的收益總額
comprehensive income 7991
Exchange realignment 匯兌調整 (4147)
At 31 December 2024 and 1 January 2025 於二零二四年十二月三十一日及二零二五年一月一日271921
Total gains recognised in other 於其他全面收益確認的收益總額
comprehensive income 163767
Exchange realignment 匯兌調整 8745
As at 31 December 2025 於二零二五年十二月三十一日 444433420 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 421
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
39. FINANCIAL RISK MANAGEMENT 39. 財務風險管理目標及政策
OBJECTIVES AND POLICIES
The Group’s principal financial instruments comprise bank 本集團的主要金融工具包括銀行貸款、
loans cash and time deposits. The main purpose of these 現金及定期存款。該等金融工具的主要financial instruments is to raise finance for the Group’s 用途乃為本集團的營運籌措資金。本集operations. The Group has various other financial assets and 團有多種直接自其營運產生的其他金融
liabilities such as trade and other receivables and trade and 資產及負債，如貿易及其他應收款項以other payables which arise directly from its operations. 及貿易及其他應付款項。
The main risks arising from the Group’s financial instruments 本集團金融工具所產生的主要風險為利
are interest rate risk foreign currency risk credit risk and 率風險、外幣風險、信貸風險及流動資
liquidity risk. The board of directors reviews and agrees 金風險。董事會檢討及協定管理各類該policies for managing each of these risks and they are 等風險的政策，有關政策概述於下文。
recognised below.Interest rate risk 利率風險
The Group’s exposure to the risk of changes in market interest 本集團面臨市場利率變動的風險，主要rates relates primarily to the Group’s long term debt obligations 與本集團浮動利率長期債務責任有關。
with a floating interest rate. The Group’s policy is to manage its 本集團的政策為運用固定及浮動利率債
interest cost using a mix of fixed and variable rate debts. 務組合管理利息成本。
The following table demonstrates the sensitivity to a reasonably 下表說明在所有其他變量保持不變的情
possible change in interest rates with all other variables held 況下，利率可能出現的合理變動對本集constant of the Group’s (through the impact on floating rate 團（透過對浮息債務負債的影響）及本集
debt liabilities) and the Group’s equity. 團權益的敏感度。
Increase/ (Decrease)/ (Decrease)/
(decrease) in increase in increase in
basis point profit before tax equity
基點增加╱稅前溢利股本（減少）╱（減少）（減少）╱增加增加
BP US$’000 US$’000基點千美元千美元
2025二零二五年
Floating rate liabilities 浮息負債 100 (30596) (30596)
Floating rate liabilities 浮息負債 (100) 30596 30596
2024二零二四年
Floating rate liabilities 浮息負債 100 (17978) (17978)
Floating rate liabilities 浮息負債 (100) 17978 17978420 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 421
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
39. FINANCIAL RISK MANAGEMENT 39. 財務風險管理目標及政策（續）
OBJECTIVES AND POLICIES (continued)
Foreign currency risk 外幣風險
The Group has transactional currency exposures. These 本集團面臨交易外匯風險。該等風險產exposures arise from sales or purchases by its significant 生自其在中國內地經營的重要子公司以
subsidiary operating in the Chinese mainland in US$ other 美元進行的買賣，而並非以其功能貨幣than the subsidiary’s functional currency which is RMB. During 人民幣進行。於年內，本集團的銷售額the year approximately 18% (2024: 18%) of the Group’s sales 中約18%（二零二四年：18%）乃以進行
were denominated in currencies other than the functional 銷售的子公司的功能貨幣以外的貨幣計currency of the subsidiary making the sale whilst 56% (2024: 值，與此同時，銷售成本中56%（二零
61%) of costs of sales were denominated in the subsidiary’s 二四年：61%）乃以子公司的功能貨幣計
functional currency. 值。
In addition the Group has currency exposures from interest- 此外，本集團面臨來自計息銀行借款bearing bank borrowings held by its subsidiary operating 的外幣風險，該借款由其在中國內地in the Chinese mainland. As at 31 December 2025 interest- 經營的子公司持有。於二零二五年十bearing bank borrowings with a carrying amount of 二月三十一日，賬面值為622783000US$622783000 (31 December 2024: US$1500668000) are 美元（二零二四年十二月三十一日：dominated in United States dollars other than the subsidiary’s 1500668000美元）的計息銀行借款以
functional currency which is RMB. 美元計值，而非以該子公司的功能貨幣人民幣計值。
The following table demonstrates the sensitivity at the end of 下表顯示在所有其他變量維持不變的情the reporting period to a reasonably possible change in the 況下，於報告期末本集團溢利淨額（由美RMB Euro and Japanese Yen exchange rates with all other 元、歐元及日圓計值的金融工具產生）對
variables held constant of the Group’s net profit (arising from 人民幣、歐元及日圓匯率的合理可能變
USD EUR and JPY denominated financial instruments): 動的敏感度：422 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 423
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
39. FINANCIAL RISK MANAGEMENT 39. 財務風險管理目標及政策（續）
OBJECTIVES AND POLICIES (continued)
Foreign currency risk (continued) 外幣風險（續）
Increase/ Increase/ Increase/
(decrease) in (decrease) in (decrease) in
rate net profit equity
匯率增加╱淨溢利增加╱股本增加╱（減少）（減少）（減少）
% US$’000 US$’000
%千美元千美元
2025二零二五年
If US dollar weakens against RMB 倘美元兌人民幣貶值 5% 28572 28572
If US dollar strengthens against RMB 倘美元兌人民幣升值 (5%) (28572) (28572)
If Euro weakens against RMB 倘歐元兌人民幣貶值 5% 2317 2317
If Euro strengthens against RMB 倘歐元兌人民幣升值 (5%) (2317) (2317)
If Japanese yen weakens against RMB 倘日圓兌人民幣貶值 5% 3190 3190
If Japanese yen strengthens against RMB 倘日圓兌人民幣升值 (5%) (3190) (3190)
2024二零二四年
If US dollar weakens against RMB 倘美元兌人民幣貶值 5% 125548 125548
If US dollar strengthens against RMB 倘美元兌人民幣升值 (5%) (125548) (125548)
If Euro weakens against RMB 倘歐元兌人民幣貶值 5% 13719 13719
If Euro strengthens against RMB 倘歐元兌人民幣升值 (5%) (13719) (13719)
If Japanese yen weakens against RMB 倘日圓兌人民幣貶值 5% 16874 16874
If Japanese yen strengthens against RMB 倘日圓兌人民幣升值 (5%) (16874) (16874)422 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 423
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
39. FINANCIAL RISK MANAGEMENT 39. 財務風險管理目標及政策（續）
OBJECTIVES AND POLICIES (continued)
Credit risk 信貸風險
Credit risk is the risk that a counterparty cannot meet its 信貸風險指對手方無法履行金融工具或
obligations under a financial instrument or customer contract 客戶合約項下責任而引致金融損失之風leading to a financial loss. The Group is exposed to credit risk 險。本集團面臨來自其經營活動（主要為from its operating activities (primarily trade receivables). 貿易應收款項）的信貸風險。
The Group trades only with recognised and creditworthy third 本集團僅與獲認可及信譽良好的第三方
parties and related parties. It is the Group’s policy that all 及關聯方交易。本集團的政策規定，所customers who wish to trade on credit terms are subject to 有擬按信用方式交易的客戶均須通過信
credit verification procedures. In addition receivable balances 用核實程序。此外，由於持續對應收款are monitored on an ongoing basis and the Group’s exposure 項結餘進行監控，故本集團的壞賬風險to bad debts is not significant. 並不重大。
The carrying amounts of cash and cash equivalents trade and 綜合財務狀況表內現金及現金等價物、
notes receivables financial assets included in prepayments 貿易應收款項及應收票據及計入預付款
other receivables and other assets amounts due from 項、其他應收款項及其他資產的金融資
related parties and time and pledged deposits included in 產、應收關聯方款項以及定期及已抵押
the consolidated statement of financial position represent 存款的賬面值為本集團就其金融資產所
the Group’s maximum exposure to credit risk in relation to its 面臨的最大信貸風險。本集團並無其他financial assets. The Group has no other financial assets which 存在重大信貸風險的金融資產。
carry significant exposure to credit risk.Further qualitative and quantitative information regarding 有關貿易應收款項及應收票據的進一步trade and notes receivables for which the Group applies the 定性及定量資料（本集團根據香港財務報simplified approach in calculating ECLs under HKFRS 9 is 告準則第9號對其採用簡化方法計算預期disclosed in note 21 to the financial statements. 信貸虧損）於財務報表附註21內披露。
Apart from trade and notes receivables all the carrying 除財務報表附註22內所載分類為第三階amounts of financial assets at amortised cost applying the 段的全數已減值的其他應收款項（除貿易general approach under HKFRS 9 are classified as Stage 1 in 應收款項及應收票據外），所有按攤銷成terms of ECLs as at 31 December 2025 in addition to the fully 本計量的金融資產的賬面值（根據香港財impaired other receivables classified as Stage 3 as stated in 務報告準則第9號採用一般方法）就二零
note 22 to the financial statements. 二五年十二月三十一日的預期信貸虧損分類為第一階段。
Liquidity risk 流動資金風險
The Group’s policy is to monitor regularly the current and 本集團的政策為定期監控現時及預期流
expected liquidity requirements to ensure that it maintains 動資金需要，以確保維持充裕的現金儲sufficient reserves of cash and adequate committed lines of 備及從主要金融機構獲得足夠的融資承
funding from major financial institutions to meet its liquidity 擔額度，以應對其短期及長期流動資金requirements in the short and long term. 需要。424 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 425NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
39. FINANCIAL RISK MANAGEMENT 39. 財務風險管理目標及政策（續）
OBJECTIVES AND POLICIES (continued)
Liquidity risk (continued) 流動資金風險（續）
The maturity profile of the Group’s financial liabilities as at 於報告期末，本集團金融負債根據合約the end of the reporting period based on the contractual 未貼現付款的到期情況如下：
undiscounted payments is as follows:
31 December 2025 二零二五年十二月三十一日
Less than 1 to 2 to Over
1 year 2 years 5 years 5 years Total
1年以內1至2年2至5年5年以上總計
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
Trade payables 貿易應付款項 330370 – – – 330370
Financial liabilities 計入其他應付款項
included in other 及應計費用的金
payables and accruals 融負債 760572 – – – 760572
Interest-bearing bank 計息銀行借款
borrowings 488454 1248536 954985 788333 3480308
Due to related parties 應付關連方款項 6225 – – – 6225
Long-term payables 長期應付款項 9991 13865 41634 657877 723367
Total 總計 1595612 1262401 996619 1446210 5300842
31 December 2024 二零二四年十二月三十一日
Less than 1 to 2 to Over
1 year 2 years 5 years 5 years Total
1年以內1至2年2至5年5年以上總計
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
Trade payables 貿易應付款項 298372 – – – 298372
Financial liabilities 計入其他應付款項
included in other 及應計費用的金
payables and accruals 融負債 690134 – – – 690134
Interest-bearing 計息銀行借款
bank borrowings 395728 517773 1174698 495886 2584085
Due to related parties 應付關連方款項 9125 – – – 9125
Total 總計 1393359 517773 1174698 495886 3581716424 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 425
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
39. FINANCIAL RISK MANAGEMENT 39. 財務風險管理目標及政策（續）
OBJECTIVES AND POLICIES (continued)
Capital management 資本管理
The primary objectives of the Group’s capital management 本集團資本管理的首要目標為，維護本are to safeguard the Group’s ability to continue as a going 集團的持續經營能力及維持良好的資本
concern and to maintain healthy capital ratios to support its 比率，以支持其業務及實現股東價值最business and maximise shareholders’ value. 大化。
The Group manages its capital structure and makes 本集團根據經濟狀況的變動管理及調整
adjustments to it in light of changes in economic conditions. 其資本架構。為維持或調整資本架構，To maintain or adjust the capital structure the Group may 本集團或會調整派付予股東的股息、向
adjust the dividend payment to shareholders return capital to 股東返還資本或發行新股。本集團不shareholders or issue new shares. The Group is not subject to 受任何外部施加的資本要求規限。於年any externally imposed capital requirements. No changes were 內，本集團管理資本的目標、政策或程made in the objectives policies or processes for managing 序概無任何變動。
capital during the year.The Group monitors capital using a gearing ratio which is 本集團以資產負債比率監控資本，資產net debt divided by total equity plus net debt. The Group 負債比率按淨負債除以權益總額加淨負
includes within net debt trade payables other payables and 債計算。本集團將貿易應付款項、其他accruals (excluding contract liabilities) interest-bearing bank 應付款項及暫估費用（合約負債除外）、
borrowings lease liabilities amounts due to related parties 計息銀行借款、租賃負債、應付關聯方
and long-term payables less cash and cash equivalents. The 款項及長期應付款項扣除現金及現金等
gearing ratios as at the end of each of the reporting periods 價物計入淨負債。於各報告期末的資產were as follows: 負債比率如下：
31 December 31 December
20252024
二零二五年二零二四年十二月三十一日十二月三十一日
US$’000 US$’000千美元千美元
Trade payables 貿易應付款項 330370 298372
Other payables and accruals excluding 其他應付款項及暫估費用
contract liabilities (note 25) （合約負債除外）（附註25） 872943 772816
Interest-bearing bank borrowings 計息銀行借款 3190844 2197939
Lease liabilities 租賃負債 18908 22980
Amounts due to related parties 應付關聯方款項 6225 9125
Long-term payables 長期應付款項 594581 –
Less: Cash and cash equivalents 減：現金及現金等價物 (4893808) (4459132)
120063(1157900)
Total equity 權益總額 9164231 8906619
92842947748719
Gearing ratio 資產負債比率 1.29% (14.94)%426 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 427
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
40. NOTES TO THE CONSOLIDATED 40. 綜合現金流量表附註
STATEMENT OF CASH FLOWS
(a) Major non-cash transactions (a) 重大非現金交易
During the year the Group did not have any non-cash 於年內，本集團並無任何使用權資additions to right-of-use assets or lease liabilities (2024: 產或租賃負債的非現金添置（二零US$5745000). 二四年：5745000美元）。
(b) Changes in liabilities arising from financing activities are (b) 融資活動所產生的負債變動如下：
as follows:
Interest-
bearing bank Lease Government Long-term
borrowings liabilities grants payables計息銀行借款租賃負債政府補助長期應付款項
US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元
As at 1 January 2024 於二零二四年一月一日 2099561 22205 35017 –
Changes from financing 融資現金流量變動
cash flows 1086 (5695) 5459 –
Changes from operating and 經營及投資現金流量
investing cash flows 變動 – – 63860 –
Interest expense 利息開支 101511 1061 – –
Offset finance costs 抵銷融資成本 – – (5459) –
Offset other costs or 抵銷其他成本或長期
long-term assets 資產 – – (41003) –
New leases 新租約 – 5745 – –
Foreign exchange movements 外匯變動 (4219) (336) (311) –
As at 31 December 2024 and 於二零二四年十二月三十
1 January 2025 一日及二零二五年一月
一日21979392298057563–
Changes from financing 融資現金流量變動
cash flows 863041 (4941) 12124 594581
Changes from operating and 經營及投資現金流量
investing cash flows 變動 – – 56482 –
Interest expense 利息開支 79422 916 – –
Offset finance costs 抵銷融資成本 – – (12124) –
Offset other costs or 抵銷其他成本或長期資產
long-term assets – – (26513) –
Revision of a lease term 因租賃不可註銷期間變動
arising from a change 而修訂租賃條款
in the non-cancellable
period of a lease – (502) – –
Foreign exchange movements 外匯變動 50442 455 1517 –
As at 31 December 2025 於二零二五年十二月三十
一日 3190844 18908 89043 594581426 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 427
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
40. NOTES TO THE CONSOLIDATED 40. 綜合現金流量表附註（續）
STATEMENT OF CASH FLOWS (continued)
(c) Total cash outflow for leases (c) 租賃現金流出總額
The total cash outflow for leases included in the statement 計入現金流量表的租賃現金流出總
of cash flows is as follows: 額如下：
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Within operating activities 經營活動內 1425 2693
Within financing activities 融資活動內 4941 5694
Total 總計 6366 8387
41. PARTLY-OWNED SUBSIDIARIES WITH 41. 有重大非控股權益之非全資子
MATERIAL NON-CONTROLLING INTERESTS 公司
Details of the Group’s subsidiaries that have material non- 本集團具有重大非控股權益之子公司之
controlling interests are set out below: 詳情如下：
20252024
二零二五年二零二四年
Percentage of interest held by non- 非控股權益持有權益比率：
controlling interests:
Hua Hong Wuxi 華虹無錫 49% 49%
Hua Hong Manufacturing Wuxi 華虹製造無錫 49% 49%
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Loss for the year allocated to 分配至非控股權益之年內虧損：
non-controlling interests:
Hua Hong Wuxi 華虹無錫 (48422) (174455)
Hua Hong Manufacturing Wuxi 華虹製造無錫 (117272) (24038)
(165694)(198493)
Accumulated balances of 於報告日期非控股權益累計結餘：
non-controlling interests
at the reporting date:
Hua Hong Wuxi 華虹無錫 717845 750194
Hua Hong Manufacturing Wuxi 華虹製造無錫 1833723 1909399
2551568 2659593428 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 429
NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
41. PARTLY-OWNED SUBSIDIARIES WITH 41. 有重大非控股權益之非全資子
MATERIAL NON-CONTROLLING INTERESTS 公司（續）
(continued)
The following tables illustrate the summarised financial 下表概述上述子公司的財務資料，所披information of the above subsidiaries. The amounts disclosed 露之金額為任何公司間抵銷前之金額：
are before any inter-company eliminations:
Hua Hong Wuxi華虹無錫
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Revenue 收入 1226184 1006948
Other income 其他收入 46314 17878
Total expenses 開支總額 (1371647) (1380856)
Loss for the year 年內虧損 (99149) (356030)
Total comprehensive loss for the year 年內全面虧損總額 (66231) (380507)
Current assets 流動資產 1408202 1351216
Non-current assets 非流動資產 2345554 2516963
Current liabilities 流動負債 744288 653614
Non-current liabilities 非流動負債 1539143 1678009
Net cash flows generated from 經營活動所產生現金流量淨額
operating activities 470669 272611
Net cash flows used in investing activities 投資活動所用現金流量淨額 (293010) (200949)
Net cash flows used in financing activities 融資活動所用現金流量淨額 (141709) (40283)
Effect of foreign exchange rate 外匯匯率變動影響，淨額changes net 12247 (8967)
Net increase in cash and cash equivalents 現金及現金等價物增加淨額 48197 22412428 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 429
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
41. PARTLY-OWNED SUBSIDIARIES WITH 41. 有重大非控股權益之非全資子
MATERIAL NON-CONTROLLING INTERESTS 公司（續）
(continued)
The following tables illustrate the summarised financial 下表概述上述子公司的財務資料，information of the above subsidiaries. The amounts disclosed 所披露之金額為任何公司間抵銷前
are before any inter-company eliminations: (continued) 之金額：（續）
Hua Hong Manufacturing Wuxi華虹製造無錫
20252024
二零二五年二零二四年
US$’000 US$’000千美元千美元
Revenue 收入 228622 485
Other income 其他收入 7418 34905
Total expenses 開支總額 (475167) (84572)
Loss for the year 年內虧損 (239127) (49182)
Total comprehensive loss for the year 年內全面虧損總額 (154233) (101009)
Current assets 流動資產 1246654 1778408
Non-current assets 非流動資產 4070138 2896429
Current liabilities 流動負債 760712 606185
Non-current liabilities 非流動負債 813788 172126
Net cash flows used in operating activities 經營活動所用現金流量淨額 (135028) (84512)
Net cash flows used in investing activities 投資活動所用現金流量淨額 (1374620) (2359696)
Net cash flows generated from 融資活動所產生現金流量淨額
financing activities 640317 2472698
Effect of foreign exchange rate 外匯匯率變動影響，淨額changes net 13676 (27379)
Net (decrease)/increase in cash and 現金及現金等價物（減少）╱增加
cash equivalents 淨額 (855655) 1111
42. EVENT AFTER THE REPORTING PERIOD 42. 報告期後事項
As at 10 February 2026 the shareholders approved the 於二零二六年二月十日，股東在股東特proposed acquisition of 97.4988% of equity interests in Huali 別大會上批准了收購華力微97.4988%股
Micro (the “Proposed Acquisition”) at an extraordinary general 權的提議（「擬議收購」）。於本財務報表meeting. As at the date of approval of the financial statements 批准日期，完成擬議收購的若干先決條certain prerequisite conditions for completing the Proposed 件（包括獲得上海證券交易所的批准及完Acquisition including the approval by Shanghai Stock 成於中國證券監督管理委員會的登記）尚
Exchange and registration by China Securities Regulatory 未達成。
Commission remain outstanding.Save as disclosed above there is no material subsequent 除上文所披露者外，本集團於二零二五event undertaken by the Group after 31 December 2025. 年十二月三十一日後並無重大期後事項。430 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 431NOTES TO FINANCIAL STATEMENTS
財務報表附註 31 December 2025二零二五年十二月三十一日
43. STATEMENT OF FINANCIAL POSITION OF 43. 本公司的財務狀況表
THE COMPANY
Information about the statement of financial position of the 有關本公司於報告期末的財務狀況表資
Company at the end of the reporting period is as follows: 料載列如下：
31 December 31 December
20252024
二零二五年二零二四年十二月三十一日十二月三十一日
US$’000 US$’000千美元千美元
NON-CURRENT ASSETS 非流動資產
Investments in subsidiaries 投資於子公司 4795657 4795657
Total non-current assets 非流動資產總額 4795657 4795657
CURRENT ASSETS 流動資產
Trade and note receivables 貿易應收款項及應收票據 2387 2481
Prepayments other receivables and 預付款項、其他應收款項及其他資
other assets 產 3343 307
Due from a subsidiary 應收子公司款項 1001 1001
Restricted and time deposits 已凍結及定期存款 33 33
Cash and cash equivalents 現金及現金等價物 503961 457551
Total current assets 流動資產總額 510725 461373
CURRENT LIABILITIES 流動負債
Other payables and accruals 其他應付款項及暫估費用 2394 712
Due to subsidiaries 應付子公司款項 98576 96467
Total current liabilities 流動負債總額 100970 97179
NET CURRENT ASSETS 流動資產淨額 409755 364194
TOTAL ASSETS LESS CURRENT 資產總值減流動負債
LIABILITIES 5205412 5159851
Net assets 淨資產 5205412 5159851
EQUITY 權益
Share capital (note 31) 股本（附註31） 4987482 4938457
Reserves (note) 儲備（附註） 217930 221394
Total equity 權益總額 5205412 5159851
Peng Bai Jun Ye白鵬葉峻
Director Director
董事 董事430 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED 431
NOTES TO FINANCIAL STATEMENTS
31 December 2025
二零二五年十二月三十一日財務報表附註
43. STATEMENT OF FINANCIAL POSITION OF 43. 本公司的財務狀況表（續）
THE COMPANY (continued)
Information about the statement of financial position of the 有關本公司於報告期末的財務狀況表資
Company at the end of the reporting period is as follows: 料載列如下：（續）
(continued)
Note: 附注：
A summary of the Company’s reserves is as follows: 本公司的儲備概述如下：
Share option Retained
Other reserve reserve profits Total其他儲備購股權儲備留存溢利總計
US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元
As at 1 January 2024 於二零二四年一月一日 (68260) 14039 314127 259906
Loss for the year 年內虧損 – – (1082) (1082)
Equity-settled share option 以權益結算的購股權
arrangements 安排 – 18 – 18
Dividends 股息 – – (36233) (36233)
Issue of shares 發行股份 – (1215) – (1215)
At 31 December 2024 and 於二零二四年十二月三
1 January 2025 十一日及二零二五年
一月一日(68260)12842276812221394
Profit for the year 年內溢利 – – 7982 7982
Issue of shares 發行股份 – (11446) – (11446)
As at 31 December 2025 於二零二五年十二月三
十一日(68260)1396284794217930
44. APPROVAL OF THE FINANCIAL 44. 財務報表的批准
STATEMENTS
The financial statements were approved and authorised for 財務報表已於二零二六年三月二十六日
issue by the board of directors on 26 March 2026. 獲董事會批准及授權刊發。432 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 ● 2025 ANNUAL REPORT 年度報告 年度報告 ANNUAL REPORT 2025 ● 華虹半導體有限公司 HUA HONG SEMICONDUCTOR LIMITED PBFIVE YEAR FINANCIAL SUMMARY五年財務概覽
A summary of the results and of the assets liabilities and non- 下文載列本集團於最近五個財政年度的業績
controlling interests of the Group for the last five financial years as 以及資產、負債及非控股權益的概要，有關extracted from the published audited financial statements is set out 資料乃摘錄自已刊發經審核財務報表。
below.Year ended 31 December截至十二月三十一日止年度
20252024202320222021
二零二五年二零二四年二零二三年二零二二年二零二一年
US$’000 US$’000 US$’000 US$’000 US$’000千美元千美元千美元千美元千美元
RESULTS 業績
REVENUE 銷售收入 2402064 2003993 2286113 2475488 1630754
Cost of sales 銷售成本 (2119138) (1798865) (1799017) (1631832) (1179156)
Gross profit 毛利 282926 205128 487096 843656 451598
Other income and gains 其他收入及收益 127408 149072 144370 70986 60758
Fair value (loss)/gain on 投資物業的公平值
investment properties （損失）╱收益 (2844) (39) 103 78 183
Selling and distribution expenses 銷售及分銷費用 (10967) (9628) (10189) (12464) (10673)
Administrative expenses 管理費用 (414658) (351276) (322868) (266666) (198920)
Other expenses 其他費用 (6527) (33395) (33666) (111360) (165)
Finance costs 財務費用 (68214) (97113) (100497) (40331) (13226)
Share of profits of associates 分佔聯營公司溢利 4347 3459 9230 12171 6765
(LOSS)/PROFIT BEFORE TAX 稅前（虧損）╱溢利 (88529) (133792) 173579 496070 296320
Income tax expense 所得稅開支 (22284) (6593) (47154) (89499) (65349)
(LOSS)/PROFIT FOR THE YEAR 年內（虧損）╱溢利 (110813) (140385) 126425 406571 230971
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 54881 58108 280034 449912 261476
Non-controlling interests 非控股權益 (165694) (198493) (153609) (43341) (30505)
(110813)(140385)126425406571230971
As at 31 December於十二月三十一日
20252024202320222021
二零二五年二零二四年二零二三年二零二二年二零二一年
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
Total assets 資產總值 14453772 12415108 10943420 7055376 6202099
Total liabilities 負債總額 (5289541) (3508489) (2928876) (2919908) (2517552)
Non-controlling interests 非控股權益 (2551568) (2659593) (1713549) (1104998) (814188)
66126636247026630099530304702870359
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