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）
截至二零二五年六月三十日止六個月
中期業績公告
華虹半導體有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其子公司
截至二零二五年六月三十日止六個月的未經審核綜合業績。
本公告載列本公司二零二五年中期報告全文，並符合香港聯合交易所有限公司
（「香港聯交所」）證券上市規則有關中期業績初步公告附載資料之相關規定。
本公司二零二五年中期報告的印刷版本將於適當時候寄發予本公司股東，並可於
香港聯交所網站 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
唐均君先生
中國上海，二零二五年八月二十八日
於本公告日期，本公司董事分別為：
執行董事：
唐均君（董事會主席）
白鵬（總裁）
非執行董事：
葉峻
孫國棟
陳博
熊承艷
獨立非執行董事：
張祖同
王桂壎太平紳士
封松林
DEFINITIONS
In this interim report, unless the context otherwise requires, the following terms shall have the meanings set out below.
“Board” the Board of Directors of the Company;
“China” or “the PRC” the People’s Republic of China, but for the purpose of this interim report
and for geographical reference only, except where the context otherwise
requires, references in this interim report to “China” and the “PRC” do not
include Taiwan, the Macau Special Administrative Region and Hong Kong;
“Company” or “our Company” Hua Hong Semiconductor Limited, a company incorporated in Hong Kong
with limited liability on 21 January 2005;
“Director(s)” the Director(s) of the Company;
“Group” our Company and our subsidiaries;
“HHGrace” Shanghai Huahong Grace Semiconductor Manufacturing Corporation* (上
海華虹宏力半導體製造有限公司), a company incorporated in the PRC on 24
January 2013 and a wholly-owned subsidiary of the Company;
“Hua Hong Manufacturing” Hua Hong Semiconductor Manufacturing (Wuxi) Co., Ltd.* (華虹半導體製造
(無錫)有限公司), a company incorporated in the PRC on 17 June 2022 and
held as to 51% by the Group;
“Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited;
“Hong Kong Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited, as amended or supplemented from time to time;
“Hong Kong Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers as
set out in Appendix C3 to the Hong Kong Listing Rules;
“RMB Share(s)” or “A Share(s)” the ordinary share(s) of the Company which are listed on the STAR Market
and traded in RMB;
“Hong Kong SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong), as amended or supplemented from time to time;
“SSE” the Shanghai Stock Exchange;
“SSE STAR Market” the Science and Technology Innovation Board of the Shanghai Stock
Exchange;
INTERIM REPORT 2025 1
CORPORATE INFORMATION
Board of Directors Hong Kong Legal Advisor
Executive Directors Herbert Smith Freehills Kramer
Junjun Tang (Chairman) 23/F, Gloucester Tower
Peng Bai (President) 15 Queen’s Road Central
Hong Kong, PRC
Non-Executive Directors
Jun Ye Principal Banks
Guodong Sun
Bo Chen China Construction Bank Shanghai Branch
Chengyan Xiong No. 900 Lujiazui Ring Road
Pudong New Area
Independent Non-Executive Directors Shanghai, PRC
Stephen Tso Tung Chang
Kwai Huen Wong, JP China Development Bank Shanghai Branch
Songlin Feng No. 68 Puming Road
Pudong New Area
Company Secretary Shanghai, PRC
Sui Har Lee
China Merchants Bank Co., Ltd. Shanghai Branch
Authorized Representatives No.1088 Lujiazui Ring Road
Junjun Tang Pudong New Area
Sui Har Lee Shanghai, PRC
Audit Committee China Construction Bank Corporation Hong Kong
Stephen Tso Tung Chang (Chairman) Branch
Chengyan Xiong 28/F, CCB Tower, 3 Connaught Road, Central
Songlin Feng Hong Kong, PRC
Remuneration Committee Bank of Communications Co., Ltd. Hong Kong Branch
Kwai Huen Wong, JP (Chairman) 20 Pedder Street, Central
Jun Ye Hong Kong, PRC
Songlin Feng
China Development Bank Jiangsu Branch
Nomination Committee No. 232 Middle Jiangdong Road
Junjun Tang (Chairman) Nanjing, Jiangsu, PRC
Kwai Huen Wong, JP
Songlin Feng Agricultural Bank of China Wuxi Xinwu Subbranch
No. 26 Hefeng Road, Xinwu District
Website Wuxi, Jiangsu, PRC
www.huahonggrace.com China Construction Bank Wuxi High and New
Technology Industrial Development Zone Subbranch
Auditor No. 26 Hefeng Road, Xinwu District
Wuxi, Jiangsu, PRC
Ernst & Young
Certified Public Accountants China CITIC Bank Wuxi New District Subbranch
Hong Kong, PRC
Bank of China Wuxi High and New Technology
Industrial Development Zone Subbranch
No. 140 Wangzhuang Road, Xinwu District
Wuxi, Jiangsu, PRC
Bank of Communications Co., Ltd. Wuxi Branch
No.8 2nd Financial Street, Binhu District
Wuxi, Jiangsu, PRC
CORPORATE INFORMATION
Share Registrar
Hong Kong shares:
Tricor Investor Services Limited
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
Hong Kong, PRC
Principal Places of Business
No. 288 Halei Road
Zhangjiang Hi-Tech Park
Shanghai, PRC
Postcode: 201203
No. 30 Xinzhou Road
Xinwu District
Wuxi, Jiangsu, PRC
Postcode: 214028
No. 30-1 Xinzhou Road
Xinwu District
Wuxi, Jiangsu, PRC
Postcode: 214028
Stock Code
Hong Kong Stock Exchange: 01347
Shanghai Stock Exchange: 688347
INTERIM REPORT 2025 3
KEY FINANCIALS
Revenue Gross profit margin
US$ million %
Profit attributable to owners of the parent Earning per share
US$ million US$
MANAGEMENT DISCUSSION AND ANALYSIS
Financial Performance
US$’ 000 US$’000
Unaudited Unaudited
Revenue 1,107,002 938,510 18.0%
Cost of sales (995,394) (858,815) 15.9%
Gross profit 111,608 79,695 40.0%
Other income and gains 59,916 71,095 (15.7)%
Selling and distribution expenses (4,844) (4,770) 1.6%
Administrative expenses (190,183) (164,078) 15.9%
Other expenses (17,300) (13,813) 25.2%
Finance costs (41,551) (49,432) (15.9)%
Share of profits of associates 1,243 2,805 (55.7)%
Loss before tax (81,111) (78,498) 3.3%
Income tax (expense)/credit (3,852) 11,464 (133.6)%
Loss for the period (84,963) (67,034) 26.7%
Attributable to:
Owners of the parent 11,702 38,491 (69.6)%
Non-controlling interests (96,665) (105,525) (8.4)%
Revenue
Revenue was US$1,107.0 million, an increase of 18.0% compared to 1H 2024, primarily driven by increased wafer
shipments.
Cost of sales
Cost of sales was US$995.4 million, an increase of 15.9% compared to 1H 2024, primarily due to increased wafer
shipments and increased depreciation costs.
Gross profit
Gross profit was US$111.6 million, an increase of 40.0% compared to 1H 2024, primarily driven by improved capacity
utilization, partially offset by increased depreciation costs.
Other income and gains
Other income and gains were US$59.9 million, a decrease of 15.7% compared to 1H 2024, primarily due to decreased
interest income, partially offset by increased government subsidies.
INTERIM REPORT 2025 5
MANAGEMENT DISCUSSION AND ANALYSIS
Administrative expenses
Administrative expenses were US$190.2 million, an increase of 15.9% compared to 1H 2024, primarily due to
increased engineering wafer costs.
Other expenses
Other expenses were US$17.3 million, an increase of 25.2% compared to 1H 2024, primarily due to increased foreign
exchange losses.
Finance costs
Finance costs were US$41.6 million a decrease of 15.9% compared to 1H 2024, primarily due to decreased interest
rate of bank borrowings.
Share of profits of associates
Share of losses of associates were US$1.2 million, a decrease of 55.7% compared to 1H 2024, due to decreased profit
realized by the associates.
Income tax (expense)/credit
Income tax expense was US$3.9 million, compared to income tax credit of US$11.5 million in 1H 2024, primarily due to
decreased reversal of dividend withholding tax.
Loss for the period
As a result of the cumulative effect of the above factors, loss for the period was US$85.0 million, compared to US$67.0
million in 1H 2024.
MANAGEMENT DISCUSSION AND ANALYSIS
Financial Status
US$’ 000 US$’000
Unaudited Audited
Non-current assets
Property, plant and equipment 6,101,971 5,859,117 4.1%
Investment properties 218,468 164,153 33.1%
Investment in associates 144,421 139,799 3.3%
Equity investments designated at fair value
through other comprehensive income 290,515 289,311 0.4%
Other non-current assets 136,752 130,225 5.0%
Total non-current assets 6,892,127 6,582,605 4.7%
Current assets
Inventories 513,434 467,060 9.9%
Trade and notes receivables 264,329 270,461 (2.3)%
Due from related parties 14,360 18,324 (21.6)%
Other current assets 674,174 585,902 15.1%
Pledged deposits 31,756 31,624 0.4%
Cash and cash equivalents 3,846,900 4,459,132 (13.7)%
Total current assets 5,344,953 5,832,503 (8.4)%
Current liabilities
Trade payables 263,352 298,372 (11.7)%
Interest-bearing bank borrowings 341,313 280,704 21.6%
Due to related parties 8,560 9,125 (6.2)%
Government grants 59,040 57,563 2.6%
Other current liabilities 738,533 916,474 (19.4)%
Total current liabilities 1,410,798 1,562,238 (9.7)%
Net current assets 3,934,155 4,270,265 (7.9)%
Non-current liabilities
Interest-bearing bank borrowings 1,933,971 1,917,235 0.9%
Lease liabilities 15,035 18,068 (16.8)%
Deferred tax liabilities 3,633 10,948 (66.8)%
Total non-current liabilities 1,952,639 1,946,251 0.3%
Net assets 8,873,643 8,906,619 (0.4)%
INTERIM REPORT 2025 7
MANAGEMENT DISCUSSION AND ANALYSIS
Explanation of items with fluctuation over 10% from 31 December 2024 to 30 June 2025
Investment properties
Investment properties increased from US$164.2 million to US$218.5 million, primarily due to increased investment
properties.
Due from related parties
Due from related parties decreased from US$18.3 million to US$14.4 million, primarily due to decreased trade
receivables from certain of our related customers.
Other current assets
Other current assets increased from US$585.9 million to US$674.2 million, primarily due to increased value-added tax
credit.
Cash and cash equivalents
Cash and cash equivalents decreased from US$4,459.1 million to US$3,846.9 million, mainly due to reasons stated in
the cash flow analysis below.
Trade payables
Trade payables decreased from US$298.4 million to US$263.4 million, mainly due to decreased payables to suppliers.
Other current liabilities
Other current liabilities decreased from US$916.5 million to US$738.5 million, mainly due to decreased payables for
capital expenditures.
Interest-bearing bank borrowings
Total interest-bearing bank borrowings increased by 3.5%, from US$2,197.9 million to US$2,275.3 million.
Lease liabilities
Lease liabilities decreased from US$18.1 million to US$15.0 million, primarily due to payments of lease liabilities.
Deferred tax liabilities
Deferred tax liabilities decreased from US$10.9 million to US$3.6 million, primarily due to a reversal of dividend
withholding tax accrued for 2024.
MANAGEMENT DISCUSSION AND ANALYSIS
Cash Flow
US$’ 000 US$’000
Unaudited Unaudited
Net cash flows generated from operating activities 219,816 137,550 59.8%
Net cash flows used in investing activities (879,847) (470,924) 86.8%
Net cash flows generated from financing activities 33,952 1,206,061 (97.2)%
Net (decrease)/increase in cash and
cash equivalents (626,079) 872,687 (171.7)%
Cash and cash equivalents at beginning of the period 4,459,132 5,585,181 (20.2)%
Effect of foreign exchange rate changes, net 13,847 (34,002) (140.7)%
Cash and cash equivalents at end of the period 3,846,900 6,423,866 (40.1)%
Net cash flows generated from operating activities
Net cash flows generated from operating activities increased from US$137.6 million to US$219.8 million, primarily
driven by increased receipts from customers.
Net cash flows used in investing activities
Net cash flows used in investing activities were US$879.8 million, primarily including US$918.6 million for capital
investments and US$2.8 million for investments in an associate, partially offset by US$36.0 million of interest income
and US$5.6 million of government grants.
Net cash flows generated from financing activities
Net cash flows generated from financing activities were US$34.0 million, including (i) US$999.1 million of proceeds
from bank borrowings, and (ii) US$15.3 million from share option exercises, partially offset by (i) US$936.8 million of
repayments of bank borrowings, (ii) US$41.9 million of interest payments, and (iii) US$1.7 million payment of principal
portion of lease payments.
Financial Resources
The Group adopts a prudent approach to cash and financial management to ensure proper risk control and low cost
of funds. The Group finances its operations primarily with internally generated cash flow and bank loans. As at 30
June 2025, the Group had cash and bank balances of approximately US$3,846.9 million (of which approximately
US$3,061.8 million were denominated in RMB and approximately US$759.3 million in US dollars), representing a
decrease of US$612.2 million as compared to US$4,459.1 million at the end of 2024.
Liquidity
To meet liquidity requirements in the short and long term, our policy is to monitor regularly the current and expected
liquidity requirements to ensure that we maintain sufficient reserves of cash and adequate committed lines of funding
from major financial institutions.
INTERIM REPORT 2025 9
MANAGEMENT DISCUSSION AND ANALYSIS
Capital Management
Our primary objectives of capital management are to safeguard our ability to continue as a going concern and to
maintain healthy capital ratios to support our business and maximize shareholders’ value. We manage our capital
structure and make adjustments in light of the changes in economic conditions. To do this, we may adjust the dividend
payment to shareholders, return capital to shareholders, or issue new shares. We are not subject to any externally
imposed capital requirements. No changes were made in the objectives, policies, or processes for managing capital
during the six months ended 30 June 2025.
Bank Loans
The particulars of bank loans of the Group as at 30 June 2025 are set out as below:
US$’ 000 US$’000
Current
Current portion of long term bank loans – secured 327,998 275,363
Current portion of long term bank loans – unsecured 13,315 5,341
Non-current
Secured bank loans 1,639,288 1,696,011
Unsecured bank loans 294,683 221,224
The Group is dedicated to improving financing practices. As at 30 June 2025, the Group had outstanding bank
borrowings of US$2,275.3 million, compared to US$2,197.9 million as at the end of 2024. The bank borrowings
included secured interest-bearing borrowings of US$2,051.1 million and unsecured interest-bearing borrowings of
US$224.2 million. Except for bank loans of US$666.7 million denominated in US$, all borrowings are dominated in
RMB.
MANAGEMENT DISCUSSION AND ANALYSIS
Charges on Group Assets
As at 30 June 2025 and 31 December 2024, certain of the Group’s bank loans were secured by pledges of the
Group’s assets with carrying values as follows:
US$’ 000 US$’000
Property, plant and equipment 2,303,423 2,064,974
Investment property 53,203 –
Right-of-use assets 38,005 47,069
Completed properties held for sale 221,661 –
Properties under development – 90,275
Exposure to Fluctuations in Exchange Rates
We have transactional currency exposures arising primarily from sales or purchases by our significant subsidiaries
operating in Mainland China in US$ rather than the subsidiary’s functional currency, which is RMB. During the six
months ended 30 June 2025, approximately 18% of our sales were denominated in currencies other than the functional
currency of the subsidiary making the sale, whilst 61% of costs of sales were denominated in the subsidiary’s
functional currency.
In addition, we have currency exposures from interest-bearing bank borrowings held by our subsidiary operating in
Mainland China. As at 30 June 2025, interest-bearing bank borrowings with a carrying amount of US$532.0 million
were denominated in US$ instead of the subsidiary’s functional currency, which is RMB.
As at 30 June 2025, if the US dollar had strengthened or weakened against the RMB by 5%, with all other variables
held constant, our profit before tax for the period would have been approximately US$1.2 million lower or higher.
For the six months ended 30 June 2025, the Group had not entered into any arrangement to hedge the aforementioned
foreign currency risks. Nevertheless, the Company’s management will continue to monitor the foreign exchange
exposure position and will consider appropriate measures should the need arise.
INTERIM REPORT 2025 11
MANAGEMENT DISCUSSION AND ANALYSIS
Contingent Liabilities
As at 30 June 2025, the Group did not have any contingent liabilities.
RMB Share Issue
On 7 August 2023, the Company was listed on the STAR Market of the Shanghai Stock Exchange, pursuant to which a
total of 407,750,000 ordinary shares of the Company were issued.
The total proceeds raised in the RMB Share Issue amounted to RMB21,203 million. After deducting the issuance
expenses, including underwriting, sponsorship fees, as well as other issuance expenses, the net proceeds amounted
to RMB20,920.7 million. Upon receipt of the proceeds, the entire amount has been deposited into a dedicated account
for the proceeds, which was approved by the Board. The proceeds raised will be utilized in accordance with the
previously disclosed intended use of the proceeds, as set out below:
Unit: RMB’000
Amount of Accumulated Expected timeframe
Previously disclosed intended committed unutilized proceeds for usage of
use of proceeds investments as at 30 June 2025 unutilized proceeds
Hua Hong Manufacturing (Wuxi) Project 12,500,000 133,837 By the end of 2025
Upgrading Project
Specialty Technological Innovation, 2,500,000 1,714,429 By the end of 2026
Research and Development Project
Replenishment of Working Capital 1,000,000 0 N/A
Apart from the above, the surplus proceeds of RMB2,921 million, raised from the RMB Share Issue, will also be used
for the Group’s business operations upon obtaining the necessary approvals, in accordance with relevant regulations.
During the six months ended 30 June 2025, the proceeds from the RMB Share Issue were used and were proposed
to be used, according to the intentions previously disclosed by the Company in the prospectus, and there was no
material change or delay in the use of proceeds.
MANAGEMENT DISCUSSION AND ANALYSIS
Business Review
In the first half of 2025, the global semiconductor market sustained its growth momentum observed since the
beginning of the year, driven by technological innovation and a recovery in demand in certain end markets. According
to statistics from third-party market research agencies, global semiconductor sales reached US$366,700 million in the
first half of 2025, representing a year-on-year increase of approximately 16%. From an application perspective, the
penetration rate of new energy vehicles continued to rise, with automotive-grade microcontroller units (“MCUs”), image
sensors, power discrete devices, and power management chips entering a volume expansion cycle. In the consumer
electronics sector, as major electronic products such as mobile phones, PCs, and TVs remained in the final stages of
inventory destocking coupled with the influence of geopolitical factors, the market landscape for consumer electronics
chips was quietly undergoing differentiation and reshaping.
Despite the complex industry environment, leveraging its leading technology platforms, long-term customer
relationships, and business development focused on key end-market ecosystem construction, the Company operated
its 8-inch and 12-inch production lines at full capacity in the first half of the year. Notably, the Hua Hong Manufacturing
Project (Fab 9), which commenced risk production at the end of 2024, achieved rapid capacity ramp-up in the first
half of 2025. Through continuous collaboration with customers and product introductions, Fab 9 reached volume
production and has already contributed to the Company’s sales to a certain extent. Both sales and shipments of the
Company for the first half of the year demonstrated year-on-year and quarter-on-quarter growth trends.
In terms of process platform business development, benefiting from the trend of domestic supply chain localization
and sustained demand growth for AI servers and related applications, the Analog & Power Management platform
delivered the most outstanding performance, with double-digit year-on-year and quarter-on-quarter revenue growth
in the first half of the year. The Embedded Non-Volatile Memory platform’s 55nm eFlash MCU products entered
volume production, better serving customers with their high-speed and low-power standards to meet the demands of
applications such as IoT, security, and automotive electronics. The Standalone Non-Volatile Memory platform’s 48nm
NOR Flash products have also entered large-scale volume production. For power discrete devices, driven by demand
growth in certain segments of the new energy and consumer electronics markets, the Deep-Trench Super-Junction
MOSFET platform achieved double-digit year-on-year and quarter-on-quarter revenue growth. Additionally, the
development of the 12-inch platinum (Pt) diffusion process has been completed, significantly improving body diode
performance and further enhancing the competitiveness of the Super-Junction platform, providing robust support for
customer product upgrades. The insulated gate bipolar transistor (“IGBT”) platform has synergized R&D and mass
production, continuously introducing new processes such as Super IGBT technology, which offers performance
advantages including higher frequency and current density, and has entered mass production promotion, delivering
strong technical support for the competitiveness of industry customers’ products.
In terms of ecological supply chain construction, in the first half of 2025 we continued to host multiple ecological
supply chain construction activities with end customers and design companies. We advanced further ecological
collaboration with end customers and Tier1 in the automotive, high-end home appliance, and new energy sectors.
These efforts enhance market resilience and achieve value co-creation with ecological partners and the sustainable
development of the entire industry.
In terms of production capacity expansion, as of the end of June 2025, the Hua Hong Manufacturing project has
completed move-in, installation, and qualification of the first batch of processes and measurement equipment required
for production capacity. With the smooth progress of process-product optimization and production capacity ramp-up
in the first phase, the Company expects to initiate the second-phase capacity deployment ahead of schedule by the
end of 2025. Concurrently, it will complete R&D technology alignment, product validation, and customer engagement,
laying a solid foundation for future revenue growth.
INTERIM REPORT 2025 13
MANAGEMENT DISCUSSION AND ANALYSIS
Entering the second half of 2025, the global semiconductor market is expected to continue facing uncertainties in
end-market recovery and demand volatility. Amid intensifying industry competition, the Company will strive to leverage
its “8-inch + 12-inch” specialty process advantages, enhance R&D capabilities, accelerate capacity expansion,
broaden its business platform, strengthen supply chain management, and improve operational efficiency. In terms of
customer expansion, the Company remains committed to serving domestic customers while advancing its “China for
China” strategy for overseas customers. Additionally, the Company is actively executing strategic initiatives to solidify
and elevate its competitive position in the wafer foundry industry, creating value for the Company, shareholders, and
all stakeholders.
Significant Investment
The Company did not hold any significant investment (with a value of 5% or more of the Company’s total assets) as of
Future Plans for Material Investments and Capital Assets
The Company is preparing for the possible acquisition of equity interests in Shanghai Huali Microelectronics
Corporation (上海華力微電子有限公司) (the “Transaction”) as mentioned in the Company’s announcements dated 17
August 2025, 18 August 2025 and 24 August 2025. The Transaction is subject to review by the board of directors and
the general meeting of the Company, and approval, review or consent to registration from the competent regulatory
authorities. Therefore, there is uncertainty as to whether the Transaction can be ultimately implemented. All relevant
information shall be based on the announcements to be released by the Company in the designated information
disclosure media in due course.
Save as disclosed in this interim report, the Group did not have other concrete plans for material investments or capital
assets as of 30 June 2025.
釋義
於本中期報告內，除非文義另有所指，否則下列詞彙具有下文所載涵義。
「董事會」 本公司董事會；
「中國」 中華人民共和國，但僅就本中報及作地理參考而言，除文義另有所指，否則，本中報對
「中國」的提述不包括台灣、澳門特別行政區及香港；
「本公司」 華虹半導體有限公司，一家於二零零五年一月二十一日在香港註冊成立的有限公司；
「董事」 本公司董事；
「本集團」 本公司及我們的子公司；
「華虹宏力」 上海華虹宏力半導體製造有限公司，一家於二零一三年一月二十四日在中國註冊成立的公
司，為本公司的全資子公司；
「華虹製造」 華虹半導體製造（無錫）有限公司，一家於二零二二年六月十七日在中國註冊成立的公司，
由本集團持有51%股份；
「香港聯交所」 香港聯合交易所有限公司；
「香港上市規則」 《香港聯合交易所有限公司證券上市規則》
（經不時修訂或補充）；
「香港標準守則」 香港上市規則附錄C3所載的《上市發行人董事進行證券交易的標準守則》；
「人民幣股份」或「A股」 在科創板上市及以人民幣買賣的本公司普通股；
「香港證券及期貨條例」 香港法例第571章《證券及期貨條例》
（經不時修訂或補充）；
「上交所」 上海證券交易所；
「上交所科創板」 上海證券交易所科創板；
公司資料
董事會 香港法律顧問
執行董事 史密夫斐爾律師事務所
唐均君（主席） 中國香港
白鵬（總裁） 皇后大道中15號
告羅士打大廈23樓
非執行董事
葉峻 主要往來銀行
孫國棟
陳博 中國建設銀行上海市分行
熊承艷 中國上海市
浦東新區
獨立非執行董事 陸家嘴環路900號
張祖同
王桂壎，太平紳士 國家開發銀行上海分行
封松林 中國上海市
浦東新區
公司秘書 浦明路68號
李瑞霞
招商銀行股份有限公司上海分行營業部
授權代表 中國上海市
唐均君 浦東新區
李瑞霞 陸家嘴環路1088號
審核委員會 中國建設銀行股份有限公司香港分行
張祖同（主席） 中國香港中環
熊承艷 干諾道中3號中國建設銀行大廈28樓
封松林
交通銀行股份有限公司香港分行
薪酬委員會 中國香港中環
王桂壎，太平紳士（主席） 畢打街20號
葉峻
封松林 國家開發銀行江蘇分行
中國江蘇省南京市
提名委員會 江東中路232號
唐均君（主席）
王桂壎，太平紳士 中國農業銀行無錫新吳支行
封松林 中國江蘇省無錫市
新吳區和風路26號
網址
中國建設銀行無錫高新技術產業開發區支行
www.huahonggrace.com 中國江蘇省無錫市
新吳區和風路26號
核數師
中信銀行無錫新區支行
安永會計師事務所 中國江蘇省無錫市
執業會計師 新吳區和風路26號
中國香港
鰂魚涌英皇道979號 中國銀行無錫高新技術產業開發區支行
太古坊一座27樓 中國江蘇省無錫市
新吳區旺莊路140號
交通銀行股份有限公司無錫分行
中國江蘇省無錫市
濱湖區金融二街8號
公司資料
股份過戶登記處
港股：
卓佳證券登記有限公司
中國香港
夏愨道16號
遠東金融中心17樓
A股：
中國證券登記結算有限責任公司上海分公司
中國上海市
浦東新區
楊高南路188號
註冊辦事處
中國香港中環
夏愨道12號
美國銀行中心2212室
主要營業地點
中國上海市
張江高科技園區
哈雷路288號
郵編：201203
中國江蘇省無錫市
新吳區
新洲路30號
郵編：214028
中國江蘇省無錫市
新吳區
新洲路30-1號
郵編：214028
股份代號
香港聯交所：01347
上交所：688347
主要財務指標
銷售收入 毛利率
百萬美元 %
二零二三年上半年 二零二四年上半年 二零二五年上半年 二零二三年上半年 二零二四年上半年 二零二五年上半年
母公司擁有人應佔溢利 每股盈利
百萬美元 美元
二零二三年上半年 二零二四年上半年 二零二五年上半年 二零二三年上半年 二零二四年上半年 二零二五年上半年
管理層討論及分析
財務表現
二零二五年 二零二四年
上半年 上半年 變動
千美元 千美元
未經審核 未經審核
銷售收入 1,107,002 938,510 18.0%
銷售成本 (995,394) (858,815) 15.9%
毛利 111,608 79,695 40.0%
其他收入及收益 59,916 71,095 (15.7)%
銷售及分銷費用 (4,844) (4,770) 1.6%
管理費用 (190,183) (164,078) 15.9%
其他費用 (17,300) (13,813) 25.2%
財務費用 (41,551) (49,432) (15.9)%
分佔聯營公司溢利 1,243 2,805 (55.7)%
稅前虧損 (81,111) (78,498) 3.3%
所得稅（開支）╱ 抵免 (3,852) 11,464 (133.6)%
期內虧損 (84,963) (67,034) 26.7%
以下各項應佔：
母公司擁有人 11,702 38,491 (69.6)%
非控股權益 (96,665) (105,525) (8.4)%
銷售收入
銷售收入達11.070億美元，較二零二四年上半年增長18.0%，主要得益於付運晶圓數量增加。
銷售成本
銷售成本為9.954億美元，較二零二四年上半年上升15.9%，主要由於付運晶圓數量增加及折舊成本上升所致。
毛利
毛利為1.116億美元，較二零二四年上半年上升40.0%，主要得益於產能利用率提升，部分被折舊成本上升所抵銷。
其他收入及收益
其他收入及收益為5,990萬美元，較二零二四年上半年減少15.7%，主要由於利息收入減少，部分被政府補貼增加所抵銷。
管理層討論及分析
管理費用
管理費用為1.902億美元，較二零二四年上半年上升15.9%，主要由於工程片開支增加所致。
其他費用
其他費用為1,730萬美元，較二零二四年上半年上升25.2%，主要由於外匯匯兌虧損增加所致。
財務費用
財務費用為4,160萬美元，較二零二四年上半年減少15.9%，主要由於銀行借款利率下降所致。
分佔聯營公司溢利
分佔聯營公司虧損為120萬美元，較二零二四年上半年減少55.7%，乃由於聯營公司實現溢利減少所致。
所得稅（開支）╱ 抵免
所得稅開支為390萬美元，而二零二四年上半年為所得稅抵免1,150萬美元，主要由於轉回代扣代繳的股息稅金減少所致。
期內虧損
在上述因素的累計影響下，期內虧損為8,500萬美元，而二零二四年上半年為6,700萬美元。
管理層討論及分析
財務狀況
二零二五年 二零二四年
六月三十日 十二月三十一日 變動
千美元 千美元
未經審核 經審核
非流動資產
物業、廠房及設備 6,101,971 5,859,117 4.1%
投資物業 218,468 164,153 33.1%
於聯營公司的投資 144,421 139,799 3.3%
指定按公平值計入其他全面收益的權益工具 290,515 289,311 0.4%
其他非流動資產 136,752 130,225 5.0%
非流動資產總額 6,892,127 6,582,605 4.7%
流動資產
存貨 513,434 467,060 9.9%
貿易應收款項及應收票據 264,329 270,461 (2.3)%
應收關聯方款項 14,360 18,324 (21.6)%
其他流動資產 674,174 585,902 15.1%
已抵押存款 31,756 31,624 0.4%
現金及現金等價物 3,846,900 4,459,132 (13.7)%
流動資產總額 5,344,953 5,832,503 (8.4)%
流動負債
貿易應付款項 263,352 298,372 (11.7)%
計息銀行借款 341,313 280,704 21.6%
應付關聯方款項 8,560 9,125 (6.2)%
政府補助 59,040 57,563 2.6%
其他流動負債 738,533 916,474 (19.4)%
流動負債總額 1,410,798 1,562,238 (9.7)%
流動資產淨額 3,934,155 4,270,265 (7.9)%
非流動負債
計息銀行借款 1,933,971 1,917,235 0.9%
租賃負債 15,035 18,068 (16.8)%
遞延稅項負債 3,633 10,948 (66.8)%
非流動負債總額 1,952,639 1,946,251 0.3%
資產淨額 8,873,643 8,906,619 (0.4)%
管理層討論及分析
就二零二四年十二月三十一日至二零二五年六月三十日變動超過10%的項目的闡釋
投資物業
投資物業由1.642億美元增至2.185億美元，主要由於投資物業增加所致。
應收關聯方款項
應收關聯方款項由1,830萬美元減至1,440萬美元，主要由於來自若干關聯客戶的貿易應收款項減少所致。
其他流動資產
其他流動資產由5.859億美元增至6.742億美元，主要由於增值稅留抵稅額增加所致。
現金及現金等價物
現金及現金等價物由44.591億美元減至38.469億美元，主要由於下文現金流量分析所述之原因。
貿易應付款項
貿易應付款項由2.984億美元減至2.634億美元，主要由於應付供應商款項減少所致。
其他流動負債
其他流動負債由9.165億美元減至7.385億美元，主要由於資本開支的應付款項減少所致。
計息銀行借款
計息銀行借款總額由21.979億美元增加3.5%至22.753億美元。
租賃負債
租賃負債由1,810萬美元減至1,500萬美元，主要由於支付租賃負債所致。
遞延稅項負債
遞延稅項負債由1,090萬美元減至360萬美元，主要由於轉回二零二四年計提的代扣代繳的股息稅金所致。
管理層討論及分析
現金流量
二零二五年 二零二四年
上半年 上半年 變動
千美元 千美元
未經審核 未經審核
經營活動所得現金流量淨額 219,816 137,550 59.8%
投資活動所用現金流量淨額 (879,847) (470,924) 86.8%
融資活動所得現金流量淨額 33,952 1,206,061 (97.2)%
現金及現金等價物（減少）╱ 增加淨額 (626,079) 872,687 (171.7)%
期初現金及現金等價物 4,459,132 5,585,181 (20.2)%
外匯匯率變動影響，淨額 13,847 (34,002) (140.7)%
期末現金及現金等價物 3,846,900 6,423,866 (40.1)%
經營活動所得現金流量淨額
經營活動所得現金流量淨額由1.376億美元增至2.198億美元，主要得益於來自客戶的收入增加。
投資活動所用現金流量淨額
投資活動所用現金流量淨額為8.798億美元，主要包括資本投資9.186億美元及有關聯營公司的投資280萬美元，部分被利
息收入3,600萬美元及政府補助560萬美元所抵銷。
融資活動所得現金流量淨額
融資活動所得現金流量淨額為3,400萬美元，包括(i)銀行借款所得款項9.991億美元，及(ii)購股權行使所得1,530萬美元，
部分被(i)償還銀行借款9.368億美元，(ii)利息付款4,190萬美元，及(iii)支付租賃付款的本金部份170萬美元所抵銷。
財務資源
本集團對現金及財務管理採取審慎的原則，以確保妥善管理風險及降低資金成本。本集團主要以內部產生現金流量及銀行
貸款為其營運提供資金。於二零二五年六月三十日，本集團的現金及銀行結餘約為38.469億美元（其中約30.618億美元以
人民幣計值，約7.593億美元以美元計值），較二零二四年底的44.591億美元減少6.122億美元。
流動資金
為滿足短期及長期流動資金需要，我們的政策為定期監控現時及預期流動資金需要，以確保維持充裕的現金儲備及從主要
金融機構獲得足夠的融資承擔額度。
管理層討論及分析
資本管理
我們資本管理的首要目標為維護持續經營能力及維持良好的資本比率，以支持我們的業務及實現股東價值最大化。我們根
據經濟狀況的變動管理及調整資本架構。為此，我們或會調整派付予股東的股息、向股東返還資本或發行新股。我們不受
任何外部施加的資本要求規限。截至二零二五年六月三十日止六個月，管理資本的目標、政策或程序概無任何變動。
銀行貸款
本集團於二零二五年六月三十日的銀行貸款詳情載列如下：
二零二五年 二零二四年
六月三十日 十二月三十一日
千美元 千美元
流動
長期銀行貸款的即期部分 － 有抵押 327,998 275,363
長期銀行貸款的即期部分 － 無抵押 13,315 5,341
非流動
有抵押銀行貸款 1,639,288 1,696,011
無抵押銀行貸款 294,683 221,224
本集團致力於改善融資實務。於二零二五年六月三十日，本集團未償還銀行借款為22.753億美元，而於二零二四年底為
美元計值外，所有借款以人民幣計值。
抵押集團資產
於二零二五年六月三十日及二零二四年十二月三十一日，本集團的若干銀行貸款由抵押本集團的資產作擔保，資產的賬面
值如下：
二零二五年 二零二四年
六月三十日 十二月三十一日
千美元 千美元
物業、廠房及設備 2,303,423 2,064,974
投資物業 53,203 –
使用權資產 38,005 47,069
持作待售的已竣工物業 221,661 –
發展中物業 – 90,275
管理層討論及分析
匯率波動風險
我們面臨交易外匯風險，主要產生自我們在中國內地經營的重要子公司以美元進行的買賣，而並非以其功能貨幣人民幣進
行。截至二零二五年六月三十日止六個月，我們的銷售額中約18%乃以進行銷售的子公司的功能貨幣以外的貨幣計值，而
銷售成本中61%乃以子公司的功能貨幣計值。
此外，我們面臨來自計息銀行借款的外幣風險，該借款由我們在中國內地經營的子公司持有。於二零二五年六月三十日，
賬面值為5.320億美元的計息銀行借款以美元計值，而非以子公司的功能貨幣人民幣計值。
於二零二五年六月三十日，倘美元對人民幣升值或貶值5%，而所有其他變量維持不變，則我們的期內稅前溢利將減少或增
加約120萬美元。
截至二零二五年六月三十日止六個月，本集團並無訂立任何對沖上述外匯風險的安排。然而，本公司管理層將繼續監控外
匯風險狀況並在必要時考慮適當措施。
或然負債
於二零二五年六月三十日，本集團概無任何或然負債。
人民幣股份發行
於二零二三年八月七日，本公司在上海證券交易所科創板上市，據此發行合共407,750,000股本公司普通股。
人民幣股份發行的募集資金總額為人民幣212.03億元。扣除發行費用（包括承銷、保薦費用和其他發行費用）後，募集資金
淨額為人民幣209.207億元。募集資金到賬後，已全部存放於經董事會批准開設的募集資金專項賬戶內。募集所得款項將
按照先前披露的所得款項計劃用途使用，詳情如下：
單位：人民幣千元
於二零二五年
六月三十日 未動用所得款項
先前披露的所得款項計劃用途 承諾投資金額 未動用所得款項累計 預計使用時間
華虹製造（無錫）項目 12,500,000 133,837 二零二五年底前
特色工藝技術創新研發項目 2,500,000 1,714,429 二零二六年底前
補充流動資金 1,000,000 0 不適用
除上述募集資金項目及用途外，公司自人民幣股份發行所獲得的人民幣29.21億元超募資金也將按照相關規定，在履行必
要的程序後用於本集團主營業務。
截至二零二五年六月三十日止六個月，人民幣股份發行的募集資金已按照本公司之前在招股章程中披露的計劃使用或擬使
用，募集資金的用途概無發生重大變更或延遲。
管理層討論及分析
業務回顧
場調研機構的統計數據，2025年上半年全球半導體銷售額達3,667億美元，同比增長約16%。應用領域來看，新能源汽車
滲透率持續攀升，車規級微控制器單元（「MCU」）、圖像傳感器、功率器件、電源管理芯片進入放量周期。消費電子端由於
手機、PC、TV等大宗電子產品仍處於去庫存尾聲，伴隨着地緣政治的因素影響，消費電子芯片市場格局亦在悄然分化與重
塑中。
雖面臨複雜的行業環境，憑藉着領先的技術平台和長期合作的客戶關係，以及重點終端應用生態鏈建設的業務發展，公司
上半年8英寸產線以及12英寸產線均處於滿載狀態，特別是華虹製造項目(Fab 9)自2024年底開始風險量產，2025年上半
年產能快速爬坡並協同客戶與產品持續導入，Fab 9實現規模量產，已為公司銷售額做出一定程度貢獻。公司上半年整體
銷售額與出貨量同比、環比均保持增長趨勢。
在工藝平台業務發展方面，受益於國產供應鏈趨勢、AI服務器及周邊應用需求持續增長，模擬與電源管理平台業績表現最
為突出，上半年營收同比、環比均保持兩位數增長。嵌入式非易失性存儲器平台55nm eFlash MCU產品進入規模量產階
段並更好的服務於客戶，其高速與低功耗標準能更好地滿足物聯網、安防、汽車電子等應用領域的需求。獨立式非易失性
存儲器平台48nm NOR Flash產品已進入大規模量產階段。功率器件方面，由於部分泛新能源及消費電子產品需求增長，
深溝槽式超級結MOSFET平台，營收同比、環比亦呈兩位數增長。同時，12英寸擴鉑(Pt)工藝開發完成，體二極管性能改
善顯著，超級結平台性能競爭力得到進一步提升，為客戶產品升級提供了有力的支撐。絕緣柵雙極型晶體（「IGBT」）平台
研發、量產協同，持續推出新的工藝，如Super IGBT技術，具有更高的頻率、更高的電流密度等性能優勢，已進入量產推
廣，為行業客戶產品競爭力提供強有力的技術支持。
生態供應鏈建設方面，2025上半年繼續開展了多場與終端客戶及設計公司生態供應鏈建設活動，持續推進與汽車、高端家
電及新能源領域終端客戶及Tier1的生態互動與合作，提升市場韌性、實現生態夥伴的價值共創與整個產業的可持續發展。
產能建設方面，截至2025年6月底，華虹製造項目已完成首批產能所需工藝及量測設備搬入及裝機驗證。隨着第一階段工
藝產品磨合與產能爬坡的順利推進，公司預計第二階段的產能配置也將提前於2025年底前開啟，並同步完成研發技術匹
配、產品驗證與客戶導入，為未來營收成長奠定基礎。
步入2025年下半年，預計全球半導體市場仍將面臨終端市場復甦的不確定性和需求的波動性。面對行業競爭加劇，公司將
努力持續發揮「8英寸+12英寸」特色工藝優勢，提升研發能力，加快產能建設，擴寬業務平台，加強供應鏈管理並着力提
升營運效率。客戶拓展方面，繼續服務好國內客戶，並持續推進海外客戶「China for China」策略。公司亦積極布局各項戰
略規劃，鞏固及提升自身在晶圓代工行業中的競爭地位，為公司、股東及各利益相關方創造價值。
重大投資
截至二零二五年六月三十日，本公司並無持有任何重大投資（價值佔本公司資產總值的5%或以上）。
重大投資及資本資產的未來計劃
如本公司日期為二零二五年八月十七日、二零二五年八月十八日及二零二五年八月二十四日的公告所述，本公司正籌備可
能收購上海華力微電子有限公司的股權（「該交易」）。該交易須待本公司董事會及股東大會審議，以及主管監管機構批准、
審核或同意註冊後，方可作實。因此，該交易能否最終落實存在不確定性。所有相關資料將以本公司適時於指定信息披露
媒體刊發的公告為準。
除本中期報告所披露者外，截至二零二五年六月三十日，本集團並無重大投資或資本資產的其他具體計劃。
REPORT ON REVIEW OF INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料的審閱報告
To the board of directors of Hua Hong Semiconductor Limited 致華虹半導體有限公司的董事會
(Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司）
Introduction 引言
We have reviewed the interim financial information set out on pages 吾等已審閱載於第 28 至 59 頁的中期財務資
of financial position of Hua Hong Semiconductor Limited (the 司」）及其子公司（「貴集團」）於二零二五年六
“Company”) and its subsidiaries (the “Group”) as at 30 June 2025 月三十日的簡明綜合財務狀況表及截至該日
and the related condensed consolidated statements of profit or 止六個月期間的相關簡明綜合損益表、全面
loss, comprehensive income, changes in equity and cash flows for 收益表、權益變動表及現金流量表以及解釋
the six-month period then ended, and explanatory notes. The Rules 附註。香港聯合交易所有限公司證券上市規
Governing the Listing of Securities on The Stock Exchange of Hong 則規定，須按照當中訂明的相關規定及香港
Kong Limited require the preparation of a report on interim financial 會計師公會（「香港會計師公會」）頒佈的香港
information to be in compliance with the relevant provisions 會計準則第 34 號中期財務報告（「香港會計
thereof and Hong Kong Accounting Standard 34 Interim Financial 準則第34號」）的規定就中期財務資料編製報
Reporting (“HKAS 34”) as issued by the Hong Kong Institute of 告。 貴公司的董事須負責根據香港會計準則
Certified Public Accountants (“HKICPA”). The directors of the 第34號編製及列報本中期財務資料。吾等的
Company are responsible for the preparation and presentation of 責任是根據吾等的審閱對本中期財務資料作
this interim financial information in accordance with HKAS 34. Our 出結論，並按照吾等雙方協定的委聘條款，
responsibility is to express a conclusion on this interim financial 僅向全體董事會報告。除此以外，吾等的報
information based on our review. Our report is made solely to you, 告不可用作其他用途。吾等概不會就本報告
as a body, in accordance with our agreed terms of engagement, 的內容向任何其他人士負責或承擔責任。
and for no other purpose. We do not assume responsibility towards
or accept liability to any other person for the contents of this report.
Scope of Review 審閱範圍
We conducted our review in accordance with Hong Kong Standard 吾等已根據香港會計師公會頒佈的香港審閱
on Review Engagements 2410 Review of Interim Financial 委聘準則第2410號由實體的獨立核數師執行
Information Performed by the Independent Auditor of the Entity 中期財務資料審閱 進行審閱。審閱中期財務
as issued by the HKICPA. A review of interim financial information 資料包括主要向負責財務和會計事務的人員
consists of making inquiries, primarily of persons responsible for 作出查詢，及應用分析性和其他審閱程序。
financial and accounting matters, and applying analytical and other 審閱的範圍遠較根據香港審計準則進行審核
review procedures. A review is substantially less in scope than 的範圍為小，故不能令吾等保證吾等將知悉
an audit conducted in accordance with Hong Kong Standards on 在審核中可能發現的所有重大事項。因此，
Auditing and consequently does not enable us to obtain assurance 吾等不會發表審核意見。
that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion 結論
Based on our review, nothing has come to our attention that causes 按照吾等的審閱，吾等並無發現任何事項，
us to believe that the interim financial information is not prepared, in 令吾等相信中期財務資料在各重大方面未有
all material respects, in accordance with HKAS 34. 根據香港會計準則第34號編製。
Certified Public Accountants 執業會計師
Hong Kong 香港
INTERIM CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS
中期簡明綜合損益表 FOR THE SIX MONTHS ENDED 30 JUNE 2025
截至二零二五年六月三十日止六個月
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Notes US$’000 US$’000
附註 千美元 千美元
Revenue 銷售收入 4 1,107,002 938,510
Cost of sales 銷售成本 (995,394) (858,815)
Gross profit 毛利 111,608 79,695
Other income and gains 其他收入及收益 4 59,916 71,095
Selling and distribution expenses 銷售及分銷費用 (4,844) (4,770)
Administrative expenses 管理費用 (190,183) (164,078)
Other expenses 其他費用 (17,300) (13,813)
Finance costs 財務費用 (41,551) (49,432)
Share of profits of associates 分佔聯營公司溢利 1,243 2,805
LOSS BEFORE TAX 稅前虧損 5 (81,111) (78,498)
Income tax (expense)/credit 所得稅（開支）╱抵免 6 (3,852) 11,464
LOSS FOR THE PERIOD 期內虧損 (84,963) (67,034)
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 11,702 38,491
Non-controlling interests 非控股權益 (96,665) (105,525)
(84,963) (67,034)
EARNINGS PER SHARE 母公司普通股權持有人應
ATTRIBUTABLE TO ORDINARY 佔每股盈利：
EQUITY HOLDERS OF THE PARENT: 8
Basic 基本
– For profit for the period －期內溢利 US$0.007 US$0.022
Diluted 攤薄
– For profit for the period －期內溢利 US$0.007 US$0.022
INTERIM CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
中期簡明綜合全面收益表
FOR THE SIX MONTHS ENDED 30 JUNE 2025
截至二零二五年六月三十日止六個月
For the six months ended 30
June
截至六月三十日止六個月
二零二五年 二零二四年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
US$’000 US$’000
千美元 千美元
LOSS FOR THE PERIOD 期內虧損 (84,963) (67,034)
OTHER COMPREHENSIVE INCOME/(LOSS) 其他全面收益╱（虧損）
Other comprehensive income/(loss) that may be 於其後期間可能重新分類至損益
reclassified to profit or loss in subsequent 的其他全面收益╱（虧損）：
periods:
Exchange differences on translation of foreign 換算海外業務產生的外匯差額
operations 35,116 (49,338)
Net other comprehensive income/(loss) that may 於其後期間可能重新分類至損益
be reclassified to profit or loss in subsequent 的其他綜合收益╱（虧損）虧損
periods 淨額 35,116 (49,338)
Other comprehensive loss that will not be 於其後期間不會重新分類至損益
reclassified to profit or loss in subsequent 的其他全面虧損：
periods:
Equity investments designated at fair value 指定按公平值計入其他全面收益
through other comprehensive income: 的權益工具：
Changes in fair value 公平值變動 – (436)
Income tax effect 所得稅影響 – 65
Net other comprehensive loss that will not be 於其後期間不會重新分類至損益
reclassified to profit or loss in subsequent 的其他全面虧損淨額
periods – (371)
OTHER COMPREHENSIVE INCOME/(LOSS) 期內其他全面收益╱（虧損），
FOR THE PERIOD, NET OF TAX 扣除稅項 35,116 (49,709)
TOTAL COMPREHENSIVE LOSS 期內全面虧損總額
FOR THE PERIOD (49,847) (116,743)
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 36,005 3,062
Non-controlling interests 非控股權益 (85,852) (119,805)
(49,847) (116,743)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
中期簡明綜合財務狀況表 30 JUNE 2025
二零二五年六月三十日
二零二五年 二零二四年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審核） （經審核）
Notes US$’000 US$’000
附註 千美元 千美元
NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備 9 6,101,971 5,859,117
Right-of-use assets 使用權資產 66,002 77,761
Investment properties 投資物業 218,468 164,153
Intangible assets 無形資產 27,313 31,456
Investment in associates 於聯營公司的投資 144,421 139,799
Equity investments designated at fair value 指定按公平值計入其他
through other comprehensive income 全面收益的權益工具 290,515 289,311
Long term prepayments 長期預付款項 42,672 21,008
Deferred tax assets 遞延稅項資產 765 –
Total non-current assets 非流動資產總額 6,892,127 6,582,605
CURRENT ASSETS 流動資產
Completed properties held for sale 已竣工待售物業 10 221,661 –
Properties under development 發展中物業 10 – 221,905
Inventories 存貨 513,434 467,060
Trade and notes receivables 貿易應收款項及應收票據 11 264,329 270,461
Prepayments, other receivables and 預付款項、其他應收款項及
other assets 其他資產 452,513 363,997
Due from related parties 應收關聯方款項 15 14,360 18,324
Pledged deposits 已抵押存款 31,756 31,624
Cash and cash equivalents 現金及現金等價物 3,846,900 4,459,132
Total current assets 流動資產總額 5,344,953 5,832,503
CURRENT LIABILITIES 流動負債
Trade payables 貿易應付款項 12 263,352 298,372
Other payables and accruals 其他應付款項及暫估費用 716,648 880,447
Interest-bearing bank borrowings 計息銀行借款 341,313 280,704
Lease liabilities 租賃負債 5,839 4,912
Government grants 政府補助 59,040 57,563
Due to related parties 應付關聯方款項 15 8,560 9,125
Income tax payable 應付所得稅 16,046 31,115
Total current liabilities 流動負債總額 1,410,798 1,562,238
NET CURRENT ASSETS 流動資產淨額 3,934,155 4,270,265
TOTAL ASSETS LESS CURRENT 資產總額減流動負債
LIABILITIES 10,826,282 10,852,870
continued/…
續╱…
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
中期簡明綜合財務狀況表
二零二五年六月三十日
二零二五年 二零二四年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審核） （經審核）
Notes US$’000 US$’000
附註 （千美元） （千美元）
NON-CURRENT LIABILITIES 非流動負債
Interest-bearing bank borrowings 計息銀行借款 1,933,971 1,917,235
Lease liabilities 租賃負債 15,035 18,068
Deferred tax liabilities 遞延稅項負債 3,633 10,948
Total non-current liabilities 非流動負債總額 1,952,639 1,946,251
Net assets 資產淨額 8,873,643 8,906,619
EQUITY 權益
Equity attributable to owners of the 母公司擁有人應佔權益
parent
Share capital 股本 13 4,960,855 4,938,457
Reserves 儲備 1,339,047 1,308,569
Total equity attributable to owners of the 母公司擁有人應佔權益總額
parent 6,299,902 6,247,026
Non-controlling interests 非控股權益 2,573,741 2,659,593
Total equity 權益總額 8,873,643 8,906,619
Junjun Tang Jun Ye
唐均君 葉峻
Director Director
董事 董事
INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
中期簡明綜合權益變動表 FOR THE SIX MONTHS ENDED 30 JUNE 2025
截至二零二五年六月三十日止六個月
Attributable to owners of the parent
母公司擁有人應佔
Share of other
comprehensive Other reserve Asset Exchange
Share option income of and contributed Fair value revaluation Statutory fluctuation Retained Non-controlling Total
Share capital Merger reserve reserve associates surplus reserve reserve# reserve fund reserve profits Total interests equity
分佔聯營公司的 其他儲備及
股本 合併儲備 購股權儲備 其他全面收益 供款盈餘 公平值儲備 資產重估儲備# 法定儲備基金 匯兌波動儲備 留存溢利 總計 非控股權益 權益總額
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元 千美元
(note 12)
（附註12）
At 1 January 2025 於二零二五年一月一日 4,938,457 645,494* 11,591* 35,685* 689* 64,635* 99,257* 256,366* (145,901)* 340,753* 6,247,026 2,659,593 8,906,619
Profit/(loss) for the period 期內溢利╱（虧損） – – – – – – – – – 11,702 11,702 (96,665) (84,963)
Other comprehensive loss 期內其他全面虧損：
for the period: – – – – – – – – – – – – –
Exchange differences on 換算海外業務產生的
translation of foreign 外匯差額
operations – – – – – – – – 24,303 – 24,303 10,813 35,116
Total comprehensive 期內全面收益╱（虧損）
income/(loss) for the 總額
period – – – – – – – – 24,303 11,702 36,005 (85,852) (49,847)
Issue of shares for exercise 發行股份以行使購
of share options (note 13) 股權（附註13） 22,398 – (5,527) – – – – – – – 16,871 – 16,871
Transfer from retained 轉撥自一間子公司
profits generated by a 產生的留存溢利
subsidiary – – – – – – – 9,945 – (9,945) – – –
At 30 June 2025 於二零二五年六月
(unaudited) 三十日（未經審核） 4,960,855 645,494* 6,064* 35,685* 689* 64,635* 99,257* 266,311* (121,598)* 342,510* 6,299,902 2,573,741 8,873,643
At 1 January 2024 於二零二四年一月一日 4,933,559 645,494 12,794 1,352 35,685 58,435 99,257 233,042 (60,233) 341,610 6,300,995 1,713,549 8,014,544
Profit/(loss) for the period 期內溢利╱（虧損） – – – – – – – – – 38,491 38,491 (105,525) (67,034)
Other comprehensive 期內其他全面虧損：
loss for the period:
Change in fair value of 指定按公平值計入
equity investments 其他全面收益的
designated at fair 權益工具的
value through other 公平值變動，
comprehensive income, 扣除稅項
net of tax – – – – – (371) – – – – (371) – (371)
Exchange differences on 換算海外業務產生
translation of foreign 的外匯差額
operations – – – – – – – – (35,058) – (35,058) (14,280) (49,338)
Total comprehensive (loss)/ 期內全面（虧損）╱
income for the period 收益總額 – – – – – (371) – – (35,058) 38,491 3,062 (119,805) (116,743)
Dividend declared 宣派股息 – – – – – – – – – (36,233) (36,233) – (36,233)
Issue of shares for exercise 發行股份以行使購
of share options (note 13) 股權（附註13） 1,911 – (474) – – – – – – – 1,437 – 1,437
Equity-settled share option 以權益結算的購股
arrangements 權安排 – – 8 – – – – – – – 8 3 11
Capital contribution from 非控股權益出資
non-controlling interests – – – – – – – – – – – 1,181,880 1,181,880
Transfer from retained 轉撥自一間子公司
profits generated by a 產生的留存溢利
subsidiary – – – – – – – 11,870 – (11,870) – – –
At 30 June 2024 於二零二四年六月
(unaudited) 三十日（未經審核） 4,935,470 645,494 12,328 1,352 35,685 58,064 99,257 244,912 (95,291) 331,998 6,269,269 2,775,627 9,044,896
* These reserve accounts comprise the consolidated reserves of * 該等儲備賬構成於中期簡明綜合財務狀況
US$1,339,047,000 (31 December 2024: US$1,308,569,000) in the 表內之綜合儲備1,339,047,000美元（二零
interim condensed consolidated statement of financial position. 二四年十二月三十一日：1,308,569,000美
元）。
INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
中期簡明綜合現金流量表
FOR THE SIX MONTHS ENDED 30 JUNE 2025
截至二零二五年六月三十日止六個月
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
US$’000 US$’000
千美元 千美元
CASH FLOWS FROM OPERATING ACTIVITIES 經營活動所得現金流量
Loss before tax 稅前虧損 (81,111) (78,498)
Adjustments for: 就以下各項作出的調整：
Finance costs 財務費用 41,551 49,432
Share of profits of associates 分佔聯營公司溢利 (1,243) (2,805)
Interest income 利息收入 (30,913) (54,808)
Loss on disposal of items of property, plant and 出售物業、廠房及
equipment 設備項目的虧損 12 42
Depreciation of property, plant and equipment 物業、廠房及設備折舊 344,036 258,527
Amortisation of intangible assets 無形資產攤銷 4,794 8,272
Depreciation of right-of-use assets 使用權資產折舊 2,953 3,170
Impairment/(reversal of impairment) of trade 貿易應收款項減值╱
receivables （減值轉回） 1,132 (438)
Equity-settled share option expense 以權益結算的購股權開支 – 11
Increase in inventories 存貨增加 (46,374) (12,814)
Decrease/(increase) in properties under development 發展中物業及已竣工待
and completed properties held for sale 售物業減少╱（增加） 244 (28,323)
Decrease in trade and notes receivables 貿易應收款項及
應收票據減少 4,987 4,740
Increase in prepayments, other receivables and 預付款項、其他應收款項
other assets 及其他資產增加 (3,184) (32,387)
Decrease/(increase) in amounts due from related 應收關聯方款項減少╱
parties （增加） 3,964 (4,815)
Increase in pledged deposits 已抵押存款增加 (132) (198)
(Decrease)/increase in trade payables 貿易應付款項（減少）╱增加 (35,020) 10,796
Increase in other payables and accruals 其他應付款項及暫估
費用增加 41,675 75,872
Increase in government grants 政府補助增加 56 4,582
Decrease in amounts due to related parties 應付關聯方款項減少 (565) (5,536)
Cash generated from operations 經營活動產生的現金 246,862 194,822
Income tax paid 已付所得稅 (27,046) (57,272)
Net cash flows generated from operating 經營活動所得現金流量淨額
activities 219,816 137,550
continued/…
續╱…
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
中期簡明綜合現金流量表
FOR THE SIX MONTHS ENDED 30 JUNE 2025
截至二零二五年六月三十日止六個月
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
US$’000 US$’000
千美元 千美元
CASH FLOWS FROM INVESTING ACTIVITIES 投資活動所得現金流量
Interest received 已收利息 35,917 45,990
Purchases of items of property, plant and equipment, 購買物業、廠房及設備項
prepaid lease payment and intangible assets 目、預付租賃款項及無形
資產 (918,579) (499,404)
Acquisition of interests in an associate 收購聯營公司權益 (2,794) –
Purchase of an equity investment designated at fair 購買指定為按公平值計入其
value through other comprehensive income 他全面收益的權益工具 – (17,618)
Receipt of government grants for property, plant 收取物業、廠房及設備的政
and equipment 府補助 5,590 –
Proceeds from disposal of items of property, plant 出售物業、廠房及設備項目
and equipment 所得款項 19 108
Net cash flows used in investing activities 投資活動所用現金流量淨額 (879,847) (470,924)
CASH FLOWS FROM FINANCING ACTIVITIES 融資活動所得現金流量
New bank loans 新增銀行貸款 999,081 202,447
Proceeds from issue of shares for exercise of share 發行股份以行使購股權
options 所得款項 15,295 693
Capital contribution from non-controlling interests 非控股權益出資 – 1,181,880
Repayment of bank loans 償還銀行貸款 (936,833) (87,530)
Increase in pledged deposits 已抵押存款增加 – (7,369)
Interest paid 已付利息 (41,875) (51,955)
Principal portion of lease payments 支付租賃本金部分 (1,716) (3,229)
Dividends paid 已付股息 – (28,876)
Net cash flows generated from financing 融資活動所得現金流量淨額
activities 33,952 1,206,061
NET (DECREASE)/INCREASE IN CASH AND 現金及現金等價物（減少）╱
CASH EQUIVALENTS 增加淨額 (626,079) 872,687
Cash and cash equivalents at beginning of period 期初現金及現金等價物 4,459,132 5,585,181
Effect of foreign exchange rate changes, net 外匯匯率變動影響，淨額 13,847 (34,002)
CASH AND CASH EQUIVALENTS AT END OF 期末現金及現金等價物
PERIOD 3,846,900 6,423,866
NOTES TO THE INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
Hua Hong Semiconductor Limited (the “Company”) is a limited 華虹半導體有限公司（「本公司」）為一家
liability company incorporated in Hong Kong on 21 January 於二零零五年一月二十一日在香港註冊
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
The principal activity of the Company is investment holding. 本公司的主要活動為投資控股。於期
During the period, the Company’s subsidiaries (collectively 內，本公司的子公司（統稱為「本集團」）
refer to as the “Group”) were principally engaged in the 主要從事半導體產品的生產及貿易。
manufacture and trading of semiconductor products.
In the opinion of the directors, the parent of the Company is 董事認為，本公司的母公司為上海華虹
Shanghai Huahong (Group) Co., Ltd. (“Huahong Group”), （集團）有限公司（「華虹集團」），該公司
which is a state-owned company established in the People’s 為於中華人民共和國（「中國」）成立並由
Republic of China (“PRC”) and supervised by the Shanghai 上海市國有資產監督管理委員會（「上海
State-owned Assets Supervision and Administration 市國資委」）監管的國有公司。本公司的
Commission (“Shanghai SASAC”). The ultimate parent of the 最終母公司為上海市國資委。
Company is Shanghai SASAC.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
中期簡明綜合財務資料附註 30 June 2025
二零二五年六月三十日
Information about subsidiaries 有關子公司的資料
Particulars of the Company’s subsidiaries are as follows: 本公司的子公司詳情如下：
Place of incorporation/ Issued ordinary/registered Percentage of equity
Name registration and business share capital (’000) attributable to the Company Principal activities
已發行普通╱
名稱 註冊成立╱登記地點及業務 註冊股本（千） 本公司應佔權益百分比 主要業務活動
Direct Indirect
直接 間接
Grace Semiconductor Manufacturing Corporation Cayman Islands US$0.001 100% – Investment holding
(“Grace Cayman”)
Grace Semiconductor Manufacturing Corporation 開曼群島 0.001美元 100% – 投資控股
(
「Grace Cayman」)
Shanghai Huahong Grace Semiconductor Manufacturing PRC/Mainland China RMB20,460,928 100% – Manufacture and sale of
Corporation (“HHGrace”)* semiconductor products
上海華虹宏力半導體製造有限公司（「華虹宏力」）* 中國╱中國內地 人民幣20,460,928元 100% – 生產及銷售半導體產品
Huahong Semiconductor (Wuxi) Co., Ltd. PRC/Mainland China US$2,536,852 22.2% 28.8% Manufacture and sale of
(“Hua Hong Wuxi”)** semiconductor products
華虹半導體（無錫）有限公司（「華虹無錫」）** 中國╱中國內地 2,536,852美元 22.2% 28.8% 生產及銷售半導體產品
Shanghai Huahong Real Estate (Wuxi) Co., Ltd. PRC/Mainland China RMB30,000 22.2% 28.8% Real estate development
(“Huahong Real Estate Wuxi”)***
上海華宏置業（無錫）有限公司（「華宏置業無錫」）*** 中國╱中國內地 人民幣30,000元 22.2% 28.8% 房地產開發
Huahong Semiconductor Manufacturing (Wuxi) Co., Ltd. PRC/Mainland China US$4,020,000 21.9% 29.1% Manufacture and sale of
(“Hua Hong Manufacturing Wuxi”)** semiconductor products
華虹半導體製造（無錫）有限公司（「華虹製造無錫」）** 中國╱中國內地 4,020,000美元 21.9% 29.1% 生產及銷售半導體產品
Global Synergy Technology Limited (“GST”) PRC/Hong Kong HK$10 100% – Trading
力鴻科技有限公司（「力鴻科技」） 中國╱香港 10港元 100% – 貿易
HHGrace Semiconductor USA, Inc. USA – 100% – Sales office
HHGrace Semiconductor USA, Inc. 美國 – 100% – 銷售辦事處
HHGrace Semiconductor Japan Co., Ltd. Japan JPY10,000 100% – Sales office
HHGrace Semiconductor Japan Co., Ltd. 日本 10,000日圓 100% – 銷售辦事處
* HHGrace is registered as a wholly-foreign-owned company * 華虹宏力根據中國法律註冊為外商獨資
under PRC law. 公司。
** Hua Hong Wuxi and Hua Hong Manufacturing Wuxi are ** 華虹無錫及華虹製造無錫根據中國法律
registered as Sino-foreign joint companies under PRC law. 註冊為中外合資公司。
*** Huahong Real Estate Wuxi is registered as a domestic company *** 華宏置業無錫根據中國法律註冊為內資
under PRC law. 公司。
NOTES TO THE INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
The interim condensed consolidated financial information for 截至二零二五年六月三十日止六個月的
the six months ended 30 June 2025 has been prepared in 中期簡明綜合財務資料已根據香港會計
accordance with HKAS 34 Interim Financial Reporting . The 準則第34號中期財務報告 編製。中期簡
interim condensed consolidated financial information does 明綜合財務資料並不包括年度財務報表
not include all the information and disclosures required in the 規定的所有資料及披露事項，並應與本
annual financial statements, and should be read in conjunction 集團截至二零二四年十二月三十一日止
with the Group’s annual consolidated financial statements for 年度的年度綜合財務報表一併閱讀。
the year ended 31 December 2024.
The financial information relating to the year ended 31 中期簡明綜合財務狀況表所載有關截至
December 2024 that is included in the interim condensed 二零二四年十二月三十一日止年度的財
consolidated statement of financial position as comparative 務資料（作為比較資料），並不構成本公
information does not constitute the Company’s statutory annual 司於該年度之法定年度綜合財務報表，
consolidated financial statements for that year but is derived 惟摘錄自該等財務報表。根據香港公司
from those financial statements. Further information relating to 條例第436 條須予披露的有關該等法定
those statutory financial statements required to be disclosed 財務報表的進一步資料如下：
in accordance with section 436 of the Hong Kong Companies
Ordinance is as follows:
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
The Company has delivered the financial statements for the 本公司已按香港公司條例第662(3)條及
year ended 31 December 2024 to the Registrar of Companies 附表6第3部的規定，將截至二零二四年
as required by section 662(3) of, and Part 3 of Schedule 6 to, 十二月三十一日止年度的財務報表送呈
the Hong Kong Companies Ordinance. The Company’s auditor 公司註冊處處長。本公司的核數師已就
has reported on the financial statements for the year ended 31 截至二零二四年十二月三十一日止年度
December 2024. The auditor’s report was unqualified; did not 財務報表提交報告。該核數師報告中並
include a reference to any matters to which the auditor drew 無保留意見；並未提述核數師在不就其
attention by way of emphasis without qualifying its report; and 報告作保留意見的情況下以強調方式提
did not contain a statement under sections 406(2), 407(2) or 請注意的任何事項；亦未載有按香港公
指的陳述。
DISCLOSURES
The accounting policies adopted in the preparation of 編製中期簡明綜合財務資料所採納的會
the interim condensed consolidated financial information 計政策與編製本集團截至二零二四年十
are consistent with those applied in the preparation of the 二月三十一日止年度的年度綜合財務報
Group’s annual consolidated financial statements for the year 表所採用者一致，惟就本期財務資料首
ended 31 December 2024, except for the adoption of the 次採納下列經修訂香港財務報告準則會
following amended Hong Kong Financial Reporting Standards 計準則除外。
Accounting Standard for the first time for the current period’s
financial information.
Amendments to HKAS 21 Lack of Exchangeability 香港會計準則第21號（修訂本） 缺乏可兌換性
The adoption of above revised standards has no significant 採納上述經修訂準則並無對本集團的中
financial effect to the Group’s interim condensed consolidated 期簡明綜合財務資料產生重大財務影響。
financial information.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
For management purposes, the Group is organised into one 出於管理需要，本集團僅構組一個業務
single business unit that includes primarily the manufacture 單元，主要包括製造及銷售半導體產
and sale of semiconductor products. Management reviews the 品。管理層在作出分配資源的相關決策
consolidated results when making decisions about allocating 及評估本集團表現時審核綜合業績。因
resources and assessing the performance of the Group. 此，並無呈列分部分析。
Accordingly, no segment analysis is presented.
The principal assets employed by the Group are located in 本集團使用的主要資產位於中國，故並
the PRC. Therefore, no segment information based on the 無按資產的地理位置於期內呈列分部資
geographical location of assets is presented for the period. 料。
Revenues regarding geographical segments based on the 地理區域應佔收入乃按客戶所在地劃
location of customers for the period are presented as follows: 分。期內按客戶所在地劃分的地區分部
收入呈列如下：
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
China (including Hong Kong) 中國（包括香港） 912,132 751,214
North America 北美洲 109,434 93,070
Asia (excluding China) 亞洲（不包括中國） 55,471 55,314
Europe 歐洲 29,965 38,912
Total 總計 1,107,002 938,510
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
An analysis of revenue and other income and gains is as 對收入、其他收入及收益的分析如下：
follows:
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Revenue from contracts with customers 客戶合約收入
Sale of goods 銷售貨品 1,107,002 938,510
Type of goods 貨品類型
Sales of semiconductor products and total 半導體產品的銷售及來自
revenue from contracts with customers 客戶合約的總收入 1,107,002 938,510
Timing of revenue recognition 收入確認時間
Goods transferred at a point in time and total 在某一時點轉讓的貨品及
revenue from contracts with customers 來自客戶合約的總收入 1,107,002 938,510
Other income and gains 其他收入及收益
Rental income from investment property 投資物業經營租賃的
operating leases: 租金收入：
Fixed lease payments 固定租賃付款 6,973 7,118
Interest income 利息收入 30,913 54,808
Government subsidies 政府補貼 21,096 8,577
Others 其他 934 592
The disaggregation of the Group’s revenue based on the 截至二零二五年六月三十日止六個月，
geographical region for the six months ended 30 June 2025 is 本集團按地區劃分的收入明細載於附註
included in note 3. 3。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
The Group’s loss before tax is arrived at after charging/ 本集團的稅前虧損乃於扣除╱（計入）下
(crediting): 列各項後達致：
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Cost of inventories sold 已售存貨成本 995,394 858,815
Write-down/(reversal of write-down) of 存貨撇減╱（撇減撥回）
inventories to net realisable value 至可變現淨值 5,098 (8,237)
Impairment/(reversal of impairment) of trade 貿易應收款項減值╱
receivables （減值撥回） 1,132 (438)
Exchange differences, net 外匯差額淨額 (17,263) 13,770
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
Profits arising in Hong Kong were subject to profits tax at the 於期內在香港產生的溢利須按16.5%（截
rate of 16.5% during the period (six months ended 30 June 至二零二四年六月三十日止六個月：
made as the Company and a subsidiary incorporated in Hong 及一家在香港註冊成立的子公司於期間
Kong had no assessable income during the period (six months 內並無取得應評稅收入，故並無就香港
ended 30 June 2024: Nil). 利得稅作出撥備（截至二零二四年六月三
十日止六個月：無）。
The Company’s subsidiary incorporated in the Cayman Islands 由於本公司在開曼群島註冊成立的子公
is not subject to corporate income tax (“CIT”) as it does not 司在開曼群島並無擁有營業地點（註冊辦
have a place of business (other than a registered office) or 事處除外）或經營任何業務，故有關子公
carry on any business in the Cayman Islands. 司毋須繳納企業所得稅（
「企業所得稅」）
。
All of the Group’s subsidiaries registered in the PRC and have 所有本集團在中國註冊且在中國內地營
operations in Mainland China are subject to PRC enterprise 運的子公司，應就其根據相關中國所得
income tax on the taxable income as reported in their PRC 稅法調整的中國法定賬目所呈報應課稅
statutory accounts adjusted in accordance with relevant PRC 收入按25%的法定稅率繳納中國企業所
income tax laws based on a statutory rate of 25%. 得稅。
Pursuant to the relevant laws and regulations in the PRC and 根據中國相關法律及法規及獲稅務主管
with approval from the tax authorities in charge, the Group’s 機關批准，本集團子公司華虹宏力及華
subsidiaries, HHGrace and Hua Hong Wuxi, are qualified as 虹無錫符合資格成為「高新技術企業」，
“High and New Technology Enterprises” and are therefore 故有權於二零二三年至二零二五年期間
entitled to a preferential tax rate of 15% from 2023 to 2025. 按15%的優惠稅率繳稅。
Pursuant to the relevant laws and regulations in the PRC 根據中國相關法律及法規及獲稅務主管
and with the approval from the tax authorities in charge, 機關批准，本集團的子公司華虹無錫及
the Group’s subsidiaries, Hua Hong Wuxi and Hua Hong 華虹製造無錫可從華虹無錫及華虹製造
Manufacturing Wuxi, are entitled to an exemption from CIT for 無錫產生應課稅溢利的第一年起五年獲
five years, commencing from the first year that Hua Hong Wuxi 豁免繳納企業所得稅，及隨後五年內享
and Hua Hong Manufacturing Wuxi generate taxable profits, 受企業所得稅稅率減免50%的優惠。於
and a deduction of 50% on the CIT rate for the following five 二零二五年六月三十日，華虹無錫及華
years. Hua Hong Wuxi and Hua Hong Manufacturing Wuxi 虹製造無錫處於累計稅務虧損狀態，且
were in accumulated tax loss positions as at 30 June 2025 and 免稅期尚未開始。
the tax holiday has not yet begun.
The Company’s subsidiary incorporated and operating in 本公司在日本註冊成立及營運的子公司
Japan was subject to corporation tax at a rate of 33.58% (six 應按33.58%（截至二零二四年六月三十
months ended 30 June 2024: 33.58%). 日止六個月：33.58%）
的企業稅率繳稅。
The Company’s subsidiary incorporated and operating in the 本公司在美國註冊成立及營運的子公司
United States was subject to federal corporation income tax 應於期內按21%（截至二零二四年六月三
at a rate of 21% during the period (six months ended 30 June 十日止六個月：21%）的聯邦企業所得稅
months ended 30 June 2024: 8.84%). 止六個月：8.84%）的加利福尼亞州稅率
繳稅。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
The major components of income tax expense/(credit) of the 本集團所得稅開支╱（抵免）的主要組成
Group are as follows: 部分如下：
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Current income tax expense – PRC 當期所得稅開支－中國 11,911 15,035
Current income tax expense – elsewhere 當期所得稅開支－其他地區 21 2
Deferred tax 遞延稅項 (8,080) (26,501)
Total income tax expense/(credit) 所得稅開支╱（抵免）總額 3,852 (11,464)
Pillar Two income taxes 支柱二所得稅
The Group is within the scope of the Pillar Two model rules. 本集團屬於支柱二示範規則的適用範
The Group has applied the temporary exception to recognising 圍。本集團已應用暫時性例外，不確認
and disclosing information about deferred tax assets and 及披露因支柱二所得稅而產生的遞延稅
liabilities arising from Pillar Two income taxes, and will account 項資產及負債，並將在發生時將支柱二
for the Pillar Two income taxes as current tax when incurred. 所得稅作為當期稅項處理。本集團部分
Pillar Two legislation has been enacted or substantively 子公司經營所在若干司法權區已頒布或
enacted in certain jurisdictions in which some subsidiaries of 實質性頒布支柱二立法。
Group operate.
The Group has performed an assessment of its potential 本集團已根據截至二零二五年六月三十
exposure to Pillar Two income taxes based on the six 日止六個月本集團各組成實體的財務資
months ended 30 June 2025 financial information for the 料，對其可能面臨的支柱二所得稅風險
constituent entities in the Group. As such, it may not be 進行評估。因此，其可能無法完全代表
entirely representative of future circumstances. Based on the 未來的情況。根據評估，本集團應受益
assessment, the Group should benefit from the Transitional 於已頒佈支柱二立法及本集團經營所在
CbCR Safe Harbour relief for the jurisdictions where Pillar Two 司法權區的過渡性國別報告安全港減免。
legislation has been enacted and the Group operates.
The Group continues to follow Pillar Two legislative 隨著更多國家頒佈支柱二示範規則，本
developments, as more countries enact the Pillar Two model 集團繼續關注支柱二立法的發展，以評
rules, to evaluate the potential future impact on its financial 估對其財務報表的未來潛在影響。
statements.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
US$’000 US$’000
千美元 千美元
Final declared and paid 已宣派及派付末期股息 – 28,876
Final declared and unpaid 已宣派但未派付末期股息
(included in pledged deposits) （計入已抵押存款） – 7,357
Total 總計 – 36,233
TO ORDINARY EQUITY HOLDERS OF THE 股盈利
PARENT
The calculation of the basic earnings per share amounts is 每股基本盈利金額乃基於母公司普通股
based on the profit for the period attributable to ordinary 權持有人應佔期內溢利及於期內已發行
equity holders of the parent and the weighted average number 1,724,087,447股（截至二零二四年六月
of ordinary shares of 1,724,087,447 outstanding during the 三十日止六個月：1,716,776,029股）普
period (six months ended 30 June 2024: 1,716,776,029). 通股的加權平均數計算。
The calculation of the diluted earnings per share amount 每股已攤薄盈利金額乃根據母公司普通
is based on the profit for the period attributable to ordinary 股權持有人應佔期內溢利計算。計算時
equity holders of the parent. The weighted average number 採用之普通股加權平均數為計算每股基
of ordinary shares used in the calculation is the number of 本盈利時採用之期內已發行普通股數目
ordinary shares outstanding during the period, as used in 加上假設所有潛在攤薄普通股被視為行
the basic earnings per share calculation, and the weighted 使或兌換為普通股時以零代價發行之普
average number of ordinary shares assumed to have been 通股加權平均數。
issued at no consideration on the deemed exercise or
conversion of all dilutive potential ordinary shares into ordinary
shares.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
TO ORDINARY EQUITY HOLDERS OF THE 股盈利（續）
PARENT (CONTINUED)
The calculations of basic and diluted earnings per share are 每股基本及攤薄盈利的計算乃基於：
based on:
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Earnings 盈利
Profit attributable to ordinary equity holders of 用於計算每股基本盈利的
the parent, used in the basic earnings per 母公司普通股權持有
share calculation 人應佔溢利 11,702 38,491
Number of shares
股份數目
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
Shares 股份
Weighted average number of ordinary shares 用於計算每股基本盈利的
outstanding during the period used in the 期內已發行普通
basic earnings per share calculation 股加權平均數 1,724,087,447 1,716,776,029
Effect of dilution-weighted average number of 普通股攤薄加權平均數
ordinary shares: 的影響：
Share options 購股權 5,439,856 2,674,676
Total 總計 1,729,527,303 1,719,450,705
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
During the six months ended 30 June 2025, the major changes 截至二零二五年六月三十日止六個月，
in property, plant and equipment include: 物業、廠房及設備的主要變動包括：
• The Group acquired items of property, plant and • 本集團購置物業、廠房及設備項目
equipment with a cost of US$611,216,000 (six months 的成本為611,216,000 美元（截至
ended 30 June 2024: US$511,788,000). 二零二四年六月三十日止六個月：
• Depreciation for items of property, plant and equipment • 期內物業、廠房及設備項目的折
was US$344,036,000 during the period (six months ended 舊 為 3 4 4 , 0 3 6 , 0 0 0 美 元（ 截 至 二
• Assets with a net book value of US$18,000 were disposed • 截至二零二五年六月三十日止六
of by the Group during the six months ended 30 June 個月，本集團已出售賬面淨值為
年六月三十日止六個月：56,000美
元）。
FOR SALE AND PROPERTIES UNDER
DEVELOPMENT
During the six months ended 30 June 2025, properties with a 截至二零二五年六月三十日止六個月，
cost of US$221,661,000 was transferred from properties under 由於已竣工並獲授銷售許可，成本為
development to completed properties held for sale due to the 221,661,000美元的物業已由發展中物業
completion and being granted a sales permission (six months 轉撥至已竣工待售物業（截至二零二四年
ended 30 June 2024: Nil). 六月三十日止六個月：無）。
二零二五年 二零二四年
六月三十日 十二月三十一日
US$’000 US$’000
千美元 千美元
(Unaudited) (Audited)
（未經審核） （經審核）
Trade receivables 貿易應收款項 212,572 225,682
Notes receivable 應收票據 55,658 47,535
Impairment of trade receivables 貿易應收款項減值 (3,901) (2,756)
Total 總計 264,329 270,461
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
(CONTINUED)
An ageing analysis of the trade and note receivables, based 按到期日計，貿易應收款項及應收票據
on the due date and net of provisions, is as follows: （扣除撥備）的賬齡分析如下：
二零二五年 二零二四年
六月三十日 十二月三十一日
US$’000 US$’000
千美元 千美元
(Unaudited) (Audited)
（未經審核） （經審核）
Not past due yet 尚未逾期 252,740 248,527
Less than 3 months past due 逾期少於3個月 8,382 19,571
Total 總計 264,329 270,461
An ageing analysis of the trade payables of the Group as at 於報告期末按發票日期計，本集團貿易
the end of the reporting period, based on the invoice date, is 應付款項的賬齡分析如下：
as follows:
二零二五年 二零二四年
六月三十日 十二月三十一日
US$’000 US$’000
千美元 千美元
(Unaudited) (Audited)
（未經審核） （經審核）
Within 1 month 1個月以內 135,476 151,190
Over 1 but within 3 months 超過1個月但於3個月內 33,643 70,474
Over 3 but within 6 months 超過3個月但於6個月內 63,089 16,758
Over 6 but within 12 months 超過6個月但於12個月內 17,815 22,776
Over 12 months 12個月以上 13,329 37,174
Total 總計 263,352 298,372
The trade payables are unsecured, non-interest-bearing and 貿易應付款項為無抵押、不計息及一般
are normally settled on terms of 30 to 60 days. 於30天至60天期限內結清。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
Number of
shares in Amount of
issue share capital
已發行股份數目 股本金額
US$’000
千美元
Issue of shares for exercise of 發行股份以行使購股權
share options 8,610,783 22,398
（未經審核） 1,727,079,598 4,960,855
Issue of shares for exercise of share options 發行股份以行使購股權 739,451 1,911
（未經審核） 1,717,328,145 4,935,470
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:
二零二五年 二零二四年
六月三十日 十二月三十一日
US$’000 US$’000
千美元 千美元
(Unaudited) (Audited)
（未經審核） （經審核）
Contracted, but not provided for: 已訂約，但未撥備：
Property, plant and equipment 物業、廠房及設備 376,826 1,187,570
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
(a) Name and relationship (a) 名稱及關係
Name of related party Relationship with the Group
關聯方名稱 與本集團的關係
Huahong Group and its subsidiaries
華虹集團及其子公司
– Hua Hong International Inc. (“Huahong International”) 20.13% Shareholder of the
Company and subsidiary of
Huahong Group
－華虹國際有限公司（「華虹國際」） 持股20.13%之本公司股東及華虹
集團子公司
– Shanghai Huahong Zealcore Electronics Co., Ltd. Subsidiary of Huahong Group
(“Huahong Zealcore”)
－上海華虹摯芯科技有限公司（「華虹摯芯」） 華虹集團子公司
– ZealCore Electronics Shanghai Co., Ltd. (“Zealcore Shanghai”) Subsidiary of Huahong Group
－上海華虹摯芯電子科技有限公司（「摯芯上海」） 華虹集團子公司
– Shanghai Hongri International Electronics Co., Ltd. (“Hongri”) Subsidiary of Huahong Group
－上海虹日國際電子有限公司（「虹日」） 華虹集團子公司
– Shanghai Hua Hong Jitong Smart System Co., Ltd. (“Jitong”) Subsidiary of Huahong Group
－上海華虹計通智能系統股份有限公司（「計通」） 華虹集團子公司
– Shanghai Huali Microelectronics Co., Ltd. (“Shanghai Huali”) Subsidiary of Huahong Group
－上海華力微電子有限公司（「上海華力」） 華虹集團子公司
Shanghai Huahong Technology Development Co., Ltd. Associate of the Group and
(“Huahong Technology Development”) subsidiary of Huahong Group
上海華虹科技發展有限公司（「華虹科技發展」） 本集團聯營公司及華虹集團子公司
– Shanghai Huahong Real Estate Co., Ltd. (“Huahong Real Estate”) Subsidiary of Huahong
Technology Development
－上海華虹置業有限公司（「華虹置業」） 華虹科技發展子公司
– Shanghai Huajin Property Management Co., Ltd. (“Huajin”) Subsidiary of Huahong
Technology Development
－上海華錦物業管理有限公司（「華錦」） 華虹科技發展子公司
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
(CONTINUED)
(b) Related party transactions (b) 關聯方交易
In addition to the transactions disclosed elsewhere in 除本財務資料其他部分所披露的交
this financial information, the Group had the following 易外，本集團於期內已與關聯方進
transactions with related parties during the period: 行以下交易：
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Sales of goods to related parties 向關聯方出售貨品
(note (i)) （附註(i)）
Huahong Zealcore 華虹摯芯 771 9,110
Hongri 虹日 89 395
Purchases of goods from related parties 自關聯方購買貨品
(note (ii)) （附註(ii)）
Hongri 虹日 22,924 16,699
Huahong Zealcore 華虹摯芯 162 364
Zealcore Shanghai 摯芯上海 11 –
Jitong 計通 – 8
Rental income from a related party 來自關聯方的租金收入
(note (iii)) （附註(iii)）
Shanghai Huali 上海華力 6,979 7,016
Service fee charged by a related party 關聯方收取的服務費
(note (iv)) （附註(iv)）
Huajin 華錦 287 288
Interest expense charged by a related 關聯方（作為承租人）
party under lease arrangement as 根據租賃安排收取的
a lessee (note (v)) 利息開支（附註(v)）
Huahong Real Estate 華虹置業 404 445
Expense paid on behalf of a related party 代關聯方支付的開支
(note (vi)) （附註(vi)）
Shanghai Huali 上海華力 13,170 13,585
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
(CONTINUED)
(b) Related party transactions (Continued) (b) 關聯方交易（續）
In addition to the transactions disclosed elsewhere in 除本財務資料其他部分所披露的交
this financial information, the Group had the following 易外，本集團於期內已與關聯方進
transactions with related parties during the period: 行以下交易：
（續）
(Continued)
Note (i) The sales of goods to related parties were made 附註 (i) 向關聯方出售的貨品乃根據
according to the prices and terms agreed between 與關聯方協定的價格及條款
the related parties. 作出。
(ii) The purchases of goods and intangible assets from (ii) 自關聯方購買的貨品及無形
related parties were made according to the prices 資產乃根據關聯方提供的價
and terms offered by the related parties. 格及條款作出。
(iii) The rental income received from a related party was (iii) 來自關聯方的租金收入乃根
based on the prices and terms agreed between the 據與關聯方協定的價格及條
related parties. 款收取。
(iv) The service fees and interest expense charged by (iv) 服務費及利息開支乃由關聯
related parties were based on the prices and terms 方根據與關聯方協定的價格
agreed between the related parties. 及條款收取。
(v) The Group entered into leases in respect of certain (v) 本集團就自華虹置業租賃的
dormitory properties from Huahong Real Estate. 若干宿舍物業訂立租約。本
The amount of rent payable by the Group under the 集團於租賃項下應付的租金
leases is US$2,520,000 per year. As at 30 June 2025, 為每年2,520,000 美元。於
the balances of those right-of-use assets and lease 二零二五年六月三十日，該
liabilities were US$15,164,000 (31 December 2024: 等使用權資產及租賃負債
US$16,035,000) and US$18,013,000 (31 December 的結餘分別為 15,164,000
十一日：16,035,000 美元）
及 1 8 , 0 1 3 , 0 0 0 美 元（ 二 零
二四年十二月三十一日：
(vi) The expense paid on behalf of the related party is (vi) 代關聯方支付的開支為不計
interest-free and repayable on demand. 息且須按要求償還。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
(CONTINUED)
(c) Outstanding balances with related parties (c) 與關聯方之間的未結清結餘
The Group had the following significant balances with its 於報告期內，本集團與其主要關聯
major related parties during the reporting period. These 方有以下重大結餘。該等結餘為無
balances are unsecured, interest-free and have no fixed 擔保、不計息且無固定償還期限。
terms of repayment.
二零二五年 二零二四年
六月三十日 十二月三十一日
US$’000 US$’000
千美元 千美元
(Unaudited) (Audited)
（未經審核） （經審核）
Amounts due from related parties 應收關聯方款項
Shanghai Huali 上海華力 12,556 10,074
Huahong Zealcore 華虹摯芯 1,804 8,250
Total 總計 14,360 18,324
Amounts due to related parties 應付關聯方款項
Hongri 虹日 5,963 6,455
Shanghai Huali 上海華力 2,348 2,445
Huahong Zealcore 華虹摯芯 147 196
Huajin 華錦 100 11
Jitong 計通 2 18
Total 總計 8,560 9,125
(d) Compensation of key management personnel of the (d) 本集團主要管理人員的酬金
Group
For the six months ended
截至六月三十日止六個月
二零二五年 二零二四年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Short term employee benefits 短期僱員福利 2,164 2,282
Pension scheme contributions 退休金計劃供款 96 101
Equity-settled share option expense 以權益結算的購股權開支 – 11
Total compensation paid to key 支付予主要管理人員的
management personnel 酬金總額 2,260 2,394
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
OF FINANCIAL INSTRUMENTS 級
The carrying amounts and fair values of the Group’s financial 本集團金融工具（不包括賬面值與公平值
instruments, other than those with carrying amounts that 大致相若的金融工具）的賬面值及公平值
reasonably approximate to fair values, are as follows: 載列如下：
Carrying amounts Fair values
賬面值 公平值
二零二五年 二零二四年 二零二五年 二零二四年
六月三十日 十二月三十一日 六月三十日 十二月三十一日
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
(Unaudited) (Audited) (Unaudited) (Audited)
（未經審核） （經審核） （未經審核） （經審核）
Financial assets 金融資產
Equity investments designated at fair 指定為按公平值計入其他
value through other 全面收益的權益工具
comprehensive income 290,515 289,311 290,515 289,311
Financial liabilities 金融負債
Interest-bearing bank borrowings 計息銀行借款 1,933,971 1,917,235 1,866,445 1,910,907
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
The Group’s finance department headed by the finance 本集團旗下以財務經理為首的財務部負
manager is responsible for determining the policies and 責釐定金融工具公平值計量的政策及程
procedures for the fair value measurement of financial 序。財務部直接向財務總監報告。於各
instruments. The finance department reports directly to the 報告日期，財務部分析金融工具的價
chief financial officer. At each reporting date, the finance 值變動並釐定估值中適用的主要輸入數
department analyses the movements in the values of financial 據。估值由財務總監審核及批准。
instruments and determines the major inputs applied in the
valuation. The valuation is reviewed and approved by the chief
financial officer.
The fair values of the financial assets and liabilities are 金融資產及負債的公平值是按當前與自
included at the amount at which the instrument could be 願方交易（而非被迫或清盤出售）中可交
exchanged in a current transaction between willing parties, 換有關工具的金額列賬。估計該等按公
other than in a forced or liquidation sale. The following 平值計量的金融資產及負債的公平值乃
methods and assumptions were used to estimate the fair 使用以下的方法及假設：
values of those financial assets and liabilities measured at fair
value:
The fair values of unlisted equity investments designated at 指定為按公平值計入其他全面收益的未
fair value through other comprehensive income have been 上市股本投資之公平值基於不受可觀察
estimated using a market-based valuation technique based 市場價格或利率支持的假設採用市場基
on assumptions that are not supported by observable market 準估值技術估算。倘最近成交交易有
prices or rates. If there is a recent deal regarding the unlisted 關未上市投資，公平值乃基於交易價估
investments, the fair values are estimated based on the 算。倘並無該等交易可供參考，董事將
dealing price. If there is no such deal to be referenced, the 根據行業、規模、影響力及策略釐定可
directors will determine comparable public companies (peers) 比較上市公司（同行），且就已確定的各
based on industry, size, leverage and strategy, and calculates 可資比較公司計算適當的價格倍數，如
an appropriate price multiple, such as price to book value (“P/ 市賬率（「市賬率」）倍數及市銷率（「市
B”) multiple and price to sales value (“P/S”) multiple, for each 銷率」）倍數。該倍數乃按可資比較公司
comparable company identified. The multiple is calculated 之企業價值除以淨資產所得。交易倍數
by dividing the enterprise value of the comparable company 隨後根據公司特定情況及狀況就非流動
by net assets. The trading multiple is then discounted for 性等因素予以貼現。貼現倍數適用於非
considerations such as illiquidity based on company-specific 上市股本投資的相應淨資產以計量公平
facts and circumstances. The discounted multiple is applied to 值。董事認為，計入綜合財務狀況表的
the corresponding net assets of the unlisted equity investments 估值技術所產生的估計公平值以及計入
to measure the fair value. The directors believe that the 其他全面收益的公平值相關變動屬合
estimated fair values resulting from the valuation technique, 理，而於報告期末的價值最為恰當。管
which are recorded in the consolidated statement of financial 理層已評估截至二零二五年六月三十日
position, and the related changes in fair values, which are 止六個月的公平值變動，認為有關變動
recorded in other comprehensive income, are reasonable, 並不重大。
and that they were the most appropriate values at the end
of the reporting period. Management assessed the fair value
changes during the six months ended 30 June 2025, which
were considered to be insignificant.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
Fair value hierarchy 公平值層級
The following tables illustrate the fair value measurement 下表顯示本集團金融工具的公平值計量
hierarchy of the Group’s financial instruments: 層級：
Financial assets measured at fair value 按公平值計量的金融資產
As at 30 June 2025 於二零二五年六月三十日
Fair value measurement using
公平值計量採用以下基準
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
於活躍市場 重大可觀察 重大不可觀察
的市場報價 輸入數據 輸入數據
(Level 1) (Level 2) (Level 3) Total
（第1級） （第2級） （第3級） 總計
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核） （未經審核） （未經審核） （未經審核）
Equity investments designated 指定按公平值計入其他
at fair value through other 全面收益的權益工具
comprehensive income – 17,462 273,053 290,515
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
Fair value hierarchy (Continued) 公平值層級（續）
Financial assets measured at fair value (Continued) 按公平值計量的金融資產（續）
As at 31 December 2024 於二零二四年十二月三十一日
Fair value measurement using
公平值計量採用以下基準
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
於活躍市場 重大可觀察 重大不可觀察
的市場報價 輸入數據 輸入數據
(Level 1) (Level 2) (Level 3) Total
（第1級） （第2級） （第3級） 總計
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
(Audited) (Audited) (Audited) (Audited)
（經審核） （經審核） （經審核） （經審核）
Equity investments designated 指定按公平值計入
at fair value through other 其他全面收益的
comprehensive income 權益工具 – 17,390 271,921 289,311
During the period, there were no transfers of fair value 於期內，金融資產及金融負債的第1級與
measurements between Level 1 and Level 2 and no transfers 第2級間並無公平值計量轉移，且第3級
into or out of Level 3 for both financial assets and financial 並無轉入或轉出（截至二零二四年六月三
liabilities (six months ended 30 June 2024: Nil). 十日止六個月：無）。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
Fair value hierarchy (Continued) 公平值層級（續）
The recurring fair value measurement for the Group’s 本集團指定為按公平值計入其他全面收
equity investments designated at fair value through other 益的股本投資及按公平值計入損益的金
comprehensive income and financial assets at fair value 融資產的週期公平值計量乃使用二零二
through profit or loss, was made using significant unobservable 五年六月三十日的重大不可觀察輸入數
inputs (Level 3) as at 30 June 2025. Below is a summary of the 據（第3 級）作出。下表為估值所用估值
valuation techniques used and the key inputs to the valuation: 技術及主要輸入數據概要：
Valuation Significant Sensitivity of fair value to
technique unobservable input Range the input
估值技術 重大不可觀察輸入數據 範圍 公平值對輸入數據之敏感度
Unlisted equity investment Valuation Average P/B multiple 5% (31 December 2024: 5%)
multiples of peers 31 December 2024: increase/decrease would
result in increase/decrease
in fair value by 5%
(31 December 2024: 5%)
未上市股本投資 估值倍數 同業平均市賬率 二零二五年六月三十日： 5%（二零二四年十二月
二零二四年十二月三十一日： 將導致公平值增加╱減少
三十一日：5%）
– Discount for illiquidity 2025: 20% 5% (31 December 2024: 5%)
result in decrease/increase
in fair value by 5%
(31 December 2024: 5%)
– 缺乏流通性的折讓價 二零二五年：20% 5%（二零二四年十二月
二零二四年：20% 三十一日：5%）的增加╱減少
將導致公平值減少╱
增加5%（二零二四年十二月
三十一日：5%）
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
HIERARCHY OF FINANCIAL INSTRUMENTS 級（續）
(CONTINUED)
Fair value hierarchy (Continued) 公平值層級（續）
Valuation Significant Sensitivity of fair value to
technique unobservable input Range the input
重大不可觀察 公平值對輸入數據之
估值技術 輸入數據 範圍 敏感度
Unlisted equity investment Valuation Average P/S multiple 5% (31 December 2024: 5%)
multiples of peers 31 December 2024: increase/decrease would
in fair value by 5%
(31 December 2024: 5%)
未上市股本投資 估值倍數 同業平均市銷率 二零二五年六月三十日： 5%（二零二四年十二月
二零二四年十二月三十一日： 將導致公平值增加╱減少5%
三十一日：5%）
– Discount for illiquidity 2025: 30% 5% (31 December 2024: 5%)
result in decrease/increase
in fair value by 5%
(31 December 2024: 5%)
– 缺乏流通性的折讓價 二零二五年：30% 5%（二零二四年十二月
二零二四年：30% 三十一日：5%）的增加╱減少
將導致公平值減少╱增加5%
（二零二四年十二月
三十一日：5%）
The movements in fair value measurements within Level 3 期內第3級的公平值計量變動如下：
during the period are as follows:
二零二五年 二零二四年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Equity investments at fair value 指定按公平值計入其他全面
through other comprehensive income – 收益的權益工具－
unlisted: 非上市：
At 1 January 於一月一日 271,921 2,949
Exchange realignment 匯兌調整 1,132 (18)
At 30 June 於六月三十日 273,053 2,931
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二五年六月三十日
The Company operates a share option scheme (the “Scheme”) 本 公 司 設 有 一 項 購 股 權 計 劃（「 該 計
for the purpose of providing incentives and rewards to eligible 劃」），旨在為對本集團順利發展有所貢
participants who contribute to the success of the Group’s 獻之符合資格參與者提供激勵及獎勵。
operations.
The following share options were outstanding during the 以下購股權於期內尚未行使：
period:
Number of options
購股權數目
二零二五年 二零二四年
At 1 January 於一月一日 19,337,302 21,421,849
Exercised during the period 期內行使 (8,610,783) (739,451)
Forfeited during the period 期內沒收 (4,250) (204,426)
At 30 June 於六月三十日 10,722,269 20,477,972
To the date of approval of the interim condensed consolidated 直至批准中期簡明綜合財務資料之日，
financial information, there is no material subsequent event 本集團概無發生任何重大期後事項。
undertaken by the Group.
CONSOLIDATED FINANCIAL INFORMATION
The interim condensed consolidated financial information was 中期簡明綜合財務資料已於二零二五年
approved and authorised for issue by the board of directors on 八月二十八日獲董事會批准及授權刊發。
OTHER DISCLOSURES
其他披露資料 30 JUNE 2025
二零二五年六月三十日
SHARE OPTION SCHEME 購股權計劃
The Company adopted a share option scheme on 本公司於二零一五年九月一日採納一項購股權計劃，由二
September 2015. The share option scheme shall be 年內有效。因此，其已於二零二二年九月一日屆滿。自該
valid and effective for a period of 7 years commencing 日起，不得根據購股權計劃進一步授出購股權，且概無授
on the date of adoption. It has therefore expired 出購股權。截至二零二五年六月三十日，本公司於購股權
on 1 September 2022. No further options could be 計劃項下共有10,722,269份未行使購股權，相當於該日期
granted, and none has been granted, under the Share 本公司已發行股份約0.62%。下表載列截至二零二五年六
Option Scheme from that date. As of 30 June 2025, 月三十日止六個月期間根據購股權計劃授予董事及其他承
the Company had options for 10,722,269 shares 授人的尚未行使的購股權的詳情及交易情況：
outstanding under the share option scheme, which
represented approximately 0.62% of the Company’s
issued shares as of that date. The table below sets
out details of outstanding options granted to Directors
and other grantees under the share option scheme
and transactions during the six months ended 30 June
OTHER DISCLOSURES
其他披露資料
二零二五年六月三十日
SHARE OPTION SCHEME (CONTINUED) 購股權計劃（續）
Number of share options Name or category of participants
購股權數目 參與者姓名或類別
Directors
董事
Mr. Junjun Tang Former directors Other employees In aggregate
唐均君先生 已離任董事 其他僱員 總數
Granted on 4 September 2015
於二零一五年九月四日授出 – 988,000 – 29,262,000 – – 30,250,000
Granted on 24 December 2018
於二零一八年十二月二十四日授出 – – 680,000 – 33,820,000 – 34,500,000
Granted on 29 March 2019
於二零一九年三月二十九日授出 500,000 – – – – – 500,000
Granted on 23 December 2019
於二零一九年十二月二十三日授出 – – – – – 2,482,000 2,482,000
Cancelled/lapsed during the year 2015
於二零一五年註銷╱失效 – – – -130,000 – – -130,000
Cancelled/lapsed during the year 2016
於二零一六年註銷╱失效 – – – -1,458,000 – – -1,458,000
Cancelled/lapsed during the year 2017
於二零一七年註銷╱失效 – – – -1,353,399 – – -1,353,399
Cancelled/lapsed during the year 2018
於二零一八年註銷╱失效 – – – -754,595 – – -754,595
Cancelled/lapsed during the year 2019
於二零一九年註銷╱失效 – – -600,000 -58,000 -1,035,000 -36,000 -1,729,000
Cancelled/lapsed during the year 2020
於二零二零年註銷╱失效 – -119,000 -80,000 – -993,904 -84,000 -1,276,904
Cancelled/lapsed during the year 2021
於二零二一年註銷╱失效 -62,500 – – – -5,751,868 -592,993 -6,407,361
Cancelled/lapsed during the year 2022
於二零二二年註銷╱失效 – – – – -543,728 -73,983 -617,711
Cancelled/lapsed during the year 2023
於二零二三年註銷╱失效 – – – – -8,168 -6,900 -15,068
Cancelled/lapsed during the year 2024
於二零二四年註銷╱失效 – – – – -87,758 -116,668 -204,426
Exercised during the period
期內行使 – – – – 8,069,948 540,835 8,610,783
Cancelled during the period
期內註銷 – – – – – – –
Lapsed during the period
期內失效 – – – – -4,250 – -4,250
Outstanding as at 1 January 2025
於二零二五年一月一日尚未行使 437,500 – – – 17,640,297 1,259,505 19,337,302
Outstanding as at 30 June 2025
於二零二五年六月三十日尚未行使 437,500 – – – 9,566,099 718,670 10,722,269
Vesting period of share options Note 1 Note 2 Note 3 Note 2 Note 3 Note 4
購股權之歸屬期 附註1 附註2 附註3 附註2 附註3 附註4
Exercise period of share options Note 5 Note 6 Note 7 Note 6 Note 7 Note 8
購股權之行使期 附註5 附註6 附註7 附註6 附註7 附註8
Exercise price of share options HK$18.400 HK$6.912 HK$15.056 HK$6.912 HK$15.056 HK$17.952
購股權之行使價 18.400港元 6.912港元 15.056港元 6.912港元 15.056港元 17.952港元
Weighted average closing price of the
shares immediately before the dates
on which the share options
were exercised HK$32.66 HK$31.67
股份於緊接購股權獲行使日期之前的
加權平均收市價 32.66港元 31.67港元
OTHER DISCLOSURES
其他披露資料
二零二五年六月三十日
SHARE OPTION SCHEME (CONTINUED) 購股權計劃（續）
Notes: 附註：
fourth of the options shall vest on each of 23 December 分別於二零二一年十二月二十三日、二零二二年八月十二
third of the options shall vest on each of 4 September 分別於二零一七年九月四日、二零一八年九月四日及二零
employees at or above the level of the vice president, 級別的僱員而言，期權的四分之一分別於二零二零年十二
one fourth of the options shall vest on each of 24 月二十四日、二零二一年十二月二十四日、二零二二年十
December 2020, 24 December 2021, 24 December 2022 二月二十四日及二零二三年十二月二十四日歸屬；其他僱
and 24 December 2023; for the other employees, one 員而言，期權的三分之一分別於二零二零年十二月二十四
third of the options shall vest on each of 24 December 日、二零二一年十二月二十四日及二零二二年十二月二十
employees at or above the level of the vice president, 級別的僱員而言，期權的四分之一分別於二零二一年十二
one fourth of the options shall vest on each of 23 月二十三日、二零二二年十二月二十三日、二零二三年十
December 2021, 23 December 2022, 23 December 2023 二月二十三日及二零二四年十二月二十三日歸屬；其他僱
and 23 December 2024; for the other employees, one 員而言，期權的三分之一分別於二零二一年十二月二十三
third of the options shall vest on each of 23 December 日、二零二二年十二月二十三日及二零二三年十二月二十
December 2020 to 23 December 2025 年十二月二十三日
December 2021 to 22 December 2026 年十二月二十二日
Please refer to note 16 of the Notes to the Interim 進一步詳情請參閱中期簡明綜合財務資料附註的附註16。
Condensed Consolidated Financial Information for
further details.
OTHER DISCLOSURES
其他披露資料
二零二五年六月三十日
DIRECTORS’ AND CHIEF EXECUTIVE’S 董事及最高行政人員於本公司股份及相關
INTERESTS IN SHARES AND 股份的權益
UNDERLYING SHARES OF THE
COMPANY
As of 30 June 2025, except as disclosed below, none 截至二零二五年六月三十日，除下文披露者外，概無本公
of the Directors nor the Chief Executive of the Company 司董事及最高行政人員於本公司或任何相聯法團（定義見
had any interests and short positions in the shares, 證券及期貨條例第XV部）的股份、相關股份或債權證中擁
underlying shares or debentures of the Company or any 有載入根據證券及期貨條例第352條須予存置的登記冊內
associated corporation (within the meaning of Part XV 的任何權益及淡倉，或按照標準守則須知會本公司及香港
of SFO), as recorded in the register kept under section 聯交所的任何權益及淡倉。
and the Hong Kong Stock Exchange pursuant to the
Model Code.
Number of underlying Approximate
shares held in long percentage of
Name of Director Capacity position(1) interests
以好倉持有的
董事姓名 身份 相關股份數目(1) 概約權益百分比
Mr. Junjun Tang Beneficial owner
唐均君先生 實益擁有人 448,500 0.03%
Note: 附註：
(1) Including (i) long position in 437,500 underlying shares (1) 包括(i)按購股權計劃授出的購股權項下於本公司437,500股
of the Company under share options granted pursuant 相關股份的好倉，及(ii)日期為二零二四年一月五日之關於
to the Share Option Scheme and (ii) 11,000 A shares 部分高級管理人員增持公司A股股份計劃的公告所披露的
of the Company as disclosed in the announcement 11,000股公司A股股份。有關截至二零二五年一月一日及二
regarding the plan for additional acquisition of A Shares 零二五年六月三十日的尚未行使的購股權的詳情，請參閱
of the Company by certain senior management dated 5 第61頁。
January 2024. Please refer to page 61 for particulars of
outstanding options as of 1 January 2025 and 30 June
OTHER DISCLOSURES
其他披露資料
二零二五年六月三十日
SUBSTANTIAL SHAREHOLDERS’ 主要股東及其他人士於本公司股份和相關
AND OTHER PERSONS’ OWNERSHIP 股份的權益
IN THE SHARES AND UNDERLYING
SHARES OF THE COMPANY
As of 30 June 2025, persons other than a Director or 截至二零二五年六月三十日，除本公司董事或最高行政人
Chief Executive of the Company, having ownership 員外，於本集團股份及相關股份中擁有5%或以上權益或
of 5% or more or short positions in the shares and 淡倉的人士如下：
underlying shares of the Group, were as follows:
Approximate
percentage
of aggregate
ownership in
Capacity and nature of Number of issued share
Substantial shareholders ownership shares held capital *
佔已發行股本
權益總額的
主要股東 身份及權益性質 持有股份數目 概約百分比*
Shanghai Hua Hong International, Inc. Legal and beneficial owner 347,605,650(1) 20.13%
(Hua Hong International)(2)
(2)
上海華虹國際有限公司（華虹國際） 法定及實益擁有人
Shanghai Huahong (Group) Co., Ltd. Interest in a controlled 347,605,650(1) 20.13%
(Huahong Group)(2) corporation
(2)
上海華虹（集團）有限公司（華虹集團） 受控制法團權益
Legal and beneficial owner 1,198,517(3) 0.07%
法定及實益擁有人
Sino-Alliance International, Ltd. Legal and beneficial owner 160,545,541(1)(4) 9.30%
(Sino-Alliance International)
法定及實益擁有人
Sino-Alliance International, Ltd. Interest in a controlled 28,415,606(1) 1.65%
(Sino-Alliance International) corporation
受控制法團權益
Shanghai Alliance Investment Interest in a controlled 188,961,147(1)(5) 10.95%
Ltd. (SAIL) corporation
上海聯和投資有限公司（上海聯和） 受控制法團權益
OTHER DISCLOSURES
其他披露資料
二零二五年六月三十日
SUBSTANTIAL SHAREHOLDERS’ 主要股東及其他人士於本公司股份和相關
AND OTHER PERSONS’ OWNERSHIP 股份的權益（續）
IN THE SHARES AND UNDERLYING
SHARES OF THE COMPANY
(CONTINUED)
Notes: 附註：
(1) Long positions in the shares of the Company. (1) 於本公司股份中的好倉。
(2) Hua Hong International is a wholly-owned subsidiary of (2) 華虹國際為華虹集團的全資子公司。
Huahong Group.
(3) Huahong Group directly held a total of 1,198,517 A (3) 華虹集團直接持有合共1,198,517股A股股份。
shares.
(4) Including 3,084 shares held in escrow by Sino-Alliance (4) 包括Sino-Alliance International根據一項託管安排，以託管
International pursuant to an escrow arrangement. 方式持有的3,084股股份。
(5) SAIL indirectly held interests in the Company through (5) 上 海 聯 和 透 過 兩 家 全 資 子 公 司（ 包 括 S i n o - A l l i a n c e
two wholly-owned subsidiaries, including Sino-Alliance International）間接持有本公司權益。
International.
* The percentages are calculated based on the total * 百分比乃按本公司截至二零二五年六月三十日已
number of issued shares of the Company as of 30 June 發 行 的 股 份 總 數（ 即 1 , 7 2 7 , 0 7 9 , 5 9 8 股 股 份 ）計 算 。
Except as disclosed above, so far as is known to any of 除上文披露者外，就本公司董事及最高行政人員所知，截
the Directors and Chief Executive of the Company, as of 至二零二五年六月三十日，概無本公司董事或最高行政人
a Director or Chief Executive of the Company had any 有任何權益或淡倉並已記入根據證券及期貨條例第336條
interests or short positions in any shares or underlying 本公司須予存置的記錄冊內。
shares of the Company which was recorded in the
register required to be kept by the Company pursuant
to section 336 of the SFO.
PURCHASE, SALE OR REDEMPTION 買賣或贖回證券
OF SECURITIES
Neither the Company nor any of its subsidiaries 截至二零二五年六月三十日止六個月期間，本公司或其任
purchased, sold or redeemed any of the Company’s 何子公司概無買賣或贖回本公司任何上市證券。
listed securities during the six months ended 30 June
OTHER DISCLOSURES
其他披露資料
二零二五年六月三十日
GEARING RATIO 資產負債比率
The Group monitors capital using a gearing ratio, 本集團以資產負債比率監控資本，資產負債比率按淨負債
which is net debt divided by total equity plus net debt. 除以權益總額加淨負債計算。本集團將貿易應付款項、其
The Group includes, within net debt, trade payables, 他應付款項及暫估費用、計息銀行借款、租賃負債以及應
other payables and accruals, interest-bearing bank 付關聯方款項扣除現金及現金等價物計入淨負債。於二零
borrowings, lease liabilities and amounts due to related 二五年六月三十日，本集團的資產負債比率為-8.32%（二
parties, less cash and cash equivalents. The Group’s 零二四年十二月三十一日：-14.94%）。
gearing ratio as at 30 June 2025 was -8.32% (31
December 2024: -14.94%).
EMPLOYEES AND REMUNERATION 僱員及薪酬政策
POLICIES
As at 30 June 2025, the Company had approximately 於二零二五年六月三十日，本公司於中國及海外擁有約
June 2024: approximately 6,700). The Company’s 公司定期審視薪酬政策，該政策乃參考市場競爭性分析、
remuneration policy is reviewed periodically and 公司業績表現及員工勝任技能與工作績效釐定。員工福利
determined by reference to the analysis on market 包括醫療計劃、強制性社會保險及公積金等。
competitiveness, company performance, and individual
qualifications and performance. Staff benefits include
medical schemes, mandatory social insurance and
provident fund etc.
COMPLIANCE WITH THE DEED OF 遵守不競爭契據及優先購買權契據
NON-COMPETITION AND DEED OF
RIGHT OF FIRST REFUSAL
Huahong Group, SAIL and INESA, being controlling 華虹集團、上海聯和及儀電集團（作為本公司當時的控股
shareholders of the Company at the time, entered 股東）訂立了日期為二零一四年九月二十三日的不競爭契
into a deed of non-competition (the “Deed of 據（「不競爭契據」），詳情載於日期為二零一四年十月三日
Non-competition”) dated 23 September 2014, details 的本公司招股章程（「招股章程」）「與控股股東的關係」一節
of which have been set out in the paragraph headed 中「不競爭承諾」一段。另外，華虹集團和上海聯和訂立了
“Non-competition Undertaking” in the section headed 日期為二零一四年六月十日的優先購買權契據（「優先購買
“Relationship with Controlling Shareholders” of the 權契據」），詳情載於招股章程「與控股股東的關係」一節中
Company’s prospectus dated 3 October 2014 (the 「優先購買權」一段。
“Prospectus”). In addition, Huahong Group and
SAIL entered into a deed of right of first refusal (the
“Deed of Right of First Refusal”) dated 10 June 2014,
details of which have been set out in the paragraph
headed “Right of First Refusal” in the section headed
“Relationship with Controlling Shareholders” of the
Prospectus.
OTHER DISCLOSURES
其他披露資料
二零二五年六月三十日
COMPLIANCE WITH THE DEED OF NON- 遵守不競爭契據及優先購買權契據（續）
COMPETITION AND DEED OF RIGHT OF
FIRST REFUSAL (CONTINUED)
As of 30 June 2025, the Company has reviewed the 本公司截至二零二五年六月三十日止已覆核華虹集團、上
written declaration from each of Huahong Group, SAIL 海聯和及儀電集團有關他們遵守不競爭契據及優先購買權
and INESA on their compliance with their commitments 契據（視情況而定）內承諾的書面聲明。獨立非執行董事已
under the Deed of Non-competition and the Deed 覆核遵守情況，並確認不競爭契據及優先購買權契據（視
of Right of First Refusal (as the case may be). The 情況而定）下的全部承諾均獲有關訂約方遵守。
Independent Non-Executive Directors have reviewed
the status of compliance and confirmed that all the
commitments under the Deed of Non-competition and
the Deed of Right of First Refusal (as the case may be)
have been complied with by the relevant parties.
CORPORATE GOVERNANCE 企業管治
The Company is committed to maintaining a high 本公司致力保持企業管治在高水平，以保障股東權益及提
standard of corporate governance with a view to 升企業價值及問責性。
safeguarding the interests of its shareholders and
enhancing corporate value and accountability.
The Board is of the view that the Company has 董事會認為，本公司截至二零二五年六月三十日止六個月
complied with the code provisions set out in the 期間一直遵守上市規則附錄C1所載的企業管治守則內的
Corporate Governance Code as contained in Appendix 守則條文。
C1 of the Listing Rules during the six-month period
ended 30 June 2025.
CODE OF CONDUCT FOR SECURITIES 董事進行證券交易之行為守則
TRANSACTIONS BY DIRECTORS
The Company has adopted a code of conduct 本公司已採納董事進行證券交易之行為守則，其有關條款
regarding the Directors’ securities transactions on terms 不低於標準守則所規定的標準。本公司已向所有董事作特
no less exacting than the required standard set out in 定查詢，每位董事均已確認其截至二零二五年六月三十日
the Model Code. Having made specific enquiries of all 止六個月期間遵守標準守則所載的必守標準。
Directors, the Company has received their confirmation
that they have complied with the required standard as
set forth in the Model Code during the six-month period
ended 30 June 2025.
SUFFICIENCY OF PUBLIC FLOAT 公眾持股量充足性
Based on the information that is publicly available to the 於本報告日期，根據本公司所得的公開資料及就董事所
Company and within the knowledge of the directors as 知，本公司已維持上市規則規定的指定公眾持股量。
at the date of this report, the Company has maintained
the prescribed amount of public float as required under
the Listing Rules.
OTHER DISCLOSURES
其他披露資料
二零二五年六月三十日
AUDIT COMMITTEE 審核委員會
The Audit Committee, comprising one Non-executive 由本公司一位非執行董事及兩位獨立非執行董事組成之審
Director and two Independent Non-executive Directors 核委員會已審閱及批准本集團截至二零二五年六月三十日
of the Company, has reviewed and approved the 止六個月的未經審核業績，並已與管理層就本集團採納的
unaudited results of the Group for the six months ended 會計政策及常規、內部監控及財務報告相關事宜進行討
accounting principles and practices adopted by the
Group, internal controls and financial reporting matters.
PUBLICATION OF INTERIM REPORT 於香港聯交所及本公司網站刊發中期報告
ON THE WEBSITES OF THE HONG
KONG STOCK EXCHANGE AND THE
COMPANY
The interim report for the six months ended 30 June 載有上市規則附錄D2所規定資料的截至二零二五年六月
of the Listing Rules will be dispatched to shareholders 及於香港聯交所網站( www.hkexnews.hk )和本公司網站
and published on the websites of the Hong Kong ( www.huahonggrace.com )刊載。
Stock Exchange (www.hkexnews.hk) and the Company
(www.huahonggrace.com) in due course.
By Order of the Board 承董事會命
Hua Hong Semiconductor Limited 華虹半導體有限公司
Mr. Junjun Tang 唐均君先生
Chairman and Executive Director 主席兼執行董事
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