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 GRACE SEMICONDUCTOR LIMITED
華虹宏力半導體有限公司
（於香港註冊成立之有限公司）
（股份代號：01347）
截至二零二六年六月三十日止六個月
中期業績公告
華虹宏力半導體有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其子
公司截至二零二六年六月三十日止六個月的未經審核綜合業績。
本公告載列本公司二零二六年中期報告全文，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。
本公司二零二六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
華虹宏力半導體有限公司
董事會主席兼執行董事
白鵬博士
中國上海，二〇二六年八月二十六日
於本公告日期，本公司董事分別為：
執行董事：
白鵬（董事會主席兼總裁）
非執行董事：
葉峻
孫國棟
陳博
熊承艷
獨立非執行董事：
張祖同
王桂壎太平紳士
封松林
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 Hua Hong Grace Semiconductor Limited, formerly known as Hua Hong Semiconductor
Company” Limited, a company incorporated in Hong Kong with limited liability in January 2005,
and completed its name change in May 2026;
“Director(s)” the Director(s) of the Company;
“Group” our Company and our subsidiaries;
“HHGrace Shanghai” Shanghai Huahong Grace Semiconductor Manufacturing Corporation* (上海華虹宏力半
導體製造有限公司), a company incorporated in the PRC in January 2013 and a wholly-
owned subsidiary of the Company;
“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;
“Hong Kong SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as
amended or supplemented from time to time;
“Hong Kong Stock The Stock Exchange of Hong Kong Limited;
Exchange”
“Hua Hong Wuxi” Hua Hong Semiconductor (Wuxi) Limited (華虹半導體(無錫)有限公司), a company
incorporated in the PRC in October 2017 and held as to 51% by the Group;
“Huali Micro” Shanghai Huali Microelectronics Corporation (上海華力微電子有限公司), a company
incorporated in the PRC in January 2010 and completed the company division in
August 2025, a connected person of the Company;
“RMB Share(s)” or the ordinary share(s) of the Company which are listed on the STAR Market and traded
“A Share(s)” in RMB;
“SSE” the Shanghai Stock Exchange;
“SSE STAR Market” the Science and Technology Innovation Board of the Shanghai Stock Exchange.
“Wuxi Phase II” Hua Hong Semiconductor Manufacturing (Wuxi) Co., Ltd.(華虹半導體製造(無錫)有限
公司), a company incorporated in the PRC in June 2022 and held as to 51% by the
Group;
INTERIM REPORT 2026 1
CORPORATE INFORMATION
Board of Directors Hong Kong Legal Advisor
Executive Director Herbert Smith Freehills Kramer
Peng Bai (Chairman and President) 23/F, Gloucester Tower
Non-Executive Directors Hong Kong, PRC
Jun Ye
Guodong Sun Principal Banks
Bo Chen
Chengyan Xiong China Construction Bank Shanghai Branch
No. 900, Lujiazui Ring Road
Independent Non-Executive Directors Pudong New Area
Stephen Tso Tung Chang Shanghai, PRC
Kwai Huen Wong, JP
Songlin Feng China Development Bank Shanghai Branch
No. 68, Puming Road
Company Secretaries Pudong New Area
Ka Ming Ho, Catherine (appointed on 12 May 2026) Shanghai, PRC
Sui Har Lee (resigned on 12 May 2026)
China Merchants Bank Co., Ltd. Shanghai Branch
Authorized Representatives No.1088 Lujiazui Ring Road
Peng Bai Pudong New Area
Ka Ming Ho, Catherine 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
Peng Bai (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
CORPORATE INFORMATION
Bank of China Wuxi High and New Technology
Industrial Development Zone Subbranch
No. 140, Wangzhuang Road, Xinwu District
Wuxi, Jiangsu, PRC
Bank of Communications Co., Ltd. Wuxi Branch
No.8, 2nd Financial Street, Binhu District
Wuxi, Jiangsu, PRC
Share Registrar
Hong Kong shares:
Tricor Investor Services Limited
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
Pudong New Area
Shanghai, PRC
Postcode: 201203
No. 30, 30-1, 30-2, Xinzhou Road
Xinwu District
Wuxi, Jiangsu, PRC
Postcode: 214028
Stock Code
Hong Kong Stock Exchange: 01347
Shanghai Stock Exchange: 688347
INTERIM REPORT 2026 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 1,378,462 1,107,002 24.5%
Cost of sales (1,173,999) (995,394) 17.9%
Gross profit 204,463 111,608 83.2%
Other income and gains 47,212 59,916 (21.2)%
Selling and distribution expenses (5,319) (4,844) 9.8%
Administrative expenses (206,951) (189,051) 9.5%
Impairment losses on trade and notes receivables (2,426) (1,132) 114.3%
Other expenses (11) (17,300) (99.9)%
Finance costs (57,104) (41,551) 37.4%
Share of profits of associates 9,644 1,243 675.9%
Loss before tax (10,492) (81,111) (87.1)%
Income tax expense (2,897) (3,852) (24.8)%
Loss for the period (13,389) (84,963) (84.2)%
Attributable to:
Owners of the parent 59,568 11,702 409.0%
Non-controlling interests (72,957) (96,665) (24.5)%
Revenue
Revenue was a record high of US$1,378.5 million, an increase of 24.5% compared to 1H 2025, primarily driven by
increased wafer shipments and improved average selling price.
Cost of sales
Cost of sales was US$1,174.0 million, an increase of 17.9% compared to 1H 2025, primarily due to increased wafer
shipments and increased depreciation costs.
Gross profit
Gross profit was US$204.5 million, an increase of 83.2% compared to 1H 2025, primarily driven by improved average
selling price and cost reduction efforts, partially offset by increased depreciation costs.
Other income and gains
Other income and gains were US$47.2 million, a decrease of 21.2% compared to 1H 2025, primarily due to decreased
government subsidies and interest income, partially offset by increased foreign exchange gains.
Administrative expenses
Administrative expenses were US$207.0 million, an increase of 9.5% compared to 1H 2025, primarily due to increased
labor and tax expenses.
INTERIM REPORT 2026 5
MANAGEMENT DISCUSSION AND ANALYSIS
Impairment losses on trade and notes receivables
Impairment losses on trade and notes receivables were US$2.4 million, an increase of 114.3% compared to 1H 2025,
primarily due to increased trade receivables.
Other expenses
Other expenses were US$0.01 million, a decrease of 99.9% compared to 1H 2025, primarily due to foreign exchange
gains in the current period as compared to foreign exchange losses in 1H 2025.
Finance costs
Finance costs were US$57.1 million, an increase of 37.4% compared to 1H 2025, primarily due to increased bank
borrowings.
Share of profits of associates
Share of losses of associates were US$9.6 million, an increase of 675.9% compared to 1H 2025, due to increased
profit realized by the associates.
Income tax expense
Income tax expense was US$2.9 million, a decrease of 24.8% compared to 1H 2025, primarily due to increased
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$13.4 million, a reduction in loss of
MANAGEMENT DISCUSSION AND ANALYSIS
Financial Status
US$’ 000 US$’000
Unaudited Audited
Non-current assets
Property, plant and equipment 7,286,266 6,676,442 9.1%
Investment properties 226,803 219,772 3.2%
Investment in associates 183,072 150,222 21.9%
Equity instruments designated at fair value through
other comprehensive income 787,420 478,799 64.5%
Other non-current assets 321,199 321,840 (0.2)%
Total non-current assets 8,804,760 7,847,075 12.2%
Current assets
Inventories 584,782 544,368 7.4%
Trade and notes receivables 322,463 282,053 14.3%
Other current assets 936,223 786,974 19.0%
Time and pledged deposits 45,355 99,494 (54.4)%
Cash and cash equivalents 4,532,224 4,893,808 (7.4)%
Total current assets 6,421,047 6,606,697 (2.8)%
Current liabilities
Trade payables 289,753 330,370 (12.3)%
Interest-bearing bank borrowings 1,902,063 403,748 371.1%
Government grants 115,740 89,049 30.0%
Other current liabilities 866,545 1,033,054 (16.1)%
Total current liabilities 3,174,101 1,856,221 71.0%
Net current assets 3,246,946 4,750,476 (31.7)%
Non-current liabilities
Interest-bearing bank borrowings 1,665,485 2,787,096 (40.2)%
Other non-current liabilities 688,792 646,224 6.6%
Total non-current liabilities 2,354,277 3,433,320 (31.4)%
Net assets 9,697,429 9,164,231 5.8%
INTERIM REPORT 2026 7
MANAGEMENT DISCUSSION AND ANALYSIS
Explanation of items with fluctuation over 10% from 31 December 2025 to 30 June 2026
Investment in associates
Investments in associates increased from US$150.2 million to US$183.1 million, primarily due to profits generated by
associates.
Equity instruments designated at fair value through other comprehensive income
Equity instruments designated at fair value through other comprehensive income increased from US$478.8 million to
US$787.4 million, primarily due to increase in fair value of investee companies and a new investment.
Trade and notes receivables
Trade and notes receivables increased from US$282.1 million to US$322.5 million, primarily due to increased revenue.
Other current assets
Other current assets increased from US$787.0 million to US$936.2 million, primarily due to increased value-added tax
credit.
Time and pledged deposits
Time and pledged deposits decreased from US$99.5 million to US$45.4 million, primarily due to the maturity of time
deposits.
Trade payables
Trade payables decreased from US$330.4 million to US$289.8 million, mainly due to decreased payables to suppliers.
Government grants
Government grants increased from US$89.0 million to US$115.7 million, primarily due to subsidies received for
government projects.
Other current liabilities
Other current liabilities decreased from US$1,033.1 million to US$866.5 million, primarily due to decreased payables
for capital expenditures, partially offset by increased contract liabilities from customers.
Interest-bearing bank borrowings
Total interest-bearing bank borrowings increased from US$3,190.8 million to US$3,567.5 million, primarily due to
increase in drawdowns of bank borrowings.
MANAGEMENT DISCUSSION AND ANALYSIS
Cash Flow
US$’ 000 US$’000
Unaudited Unaudited
Net cash flows generated from operating activities 468,481 219,816 113.1%
Net cash flows used in investing activities (1,188,153) (879,847) 35.0%
Net cash flows generated from financing activities 232,703 33,952 585.4%
Net decrease in cash and cash equivalents (486,969) (626,079) (22.2)%
Cash and cash equivalents at beginning of the period 4,893,808 4,459,132 9.7%
Effect of foreign exchange rate changes, net 125,385 13,847 805.5%
Cash and cash equivalents at end of the period 4,532,224 3,846,900 17.8%
Net cash flows generated from operating activities
Net cash flows generated from operating activities increased from US$219.8 million to US$468.5 million, primarily
driven by increased receipts from customers.
Net cash flows used in investing activities
Net cash flows used in investing activities were US$1,188.2 million, primarily including US$1,281.4 million for capital
expenditure and US$16.0 million for equity instrument investment, partially offset by (i) US$57.8 million of maturity of
time deposits, (ii) US$25.4 million of receipts of government grants, (iii) US$18.7 million of interest income, (iv) US$7.3
million of dividends received from an associate, and (v) US$0.2 million of proceeds from disposal of equipment.
Net cash flows generated from financing activities
Net cash flows generated from financing activities were US$232.7 million, including (i) US$850.9 million of drawdowns
of bank borrowings and (ii) US$3.4 million of proceeds from the exercise of share options, partially offset by (i)
US$569.8 million of repayments of bank borrowings, (ii) US$49.7 million of interest payments, and (iii) US$2.1 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 2026, the Group had cash and bank balances of approximately US$4,532.2 million (of which approximately
US$3,898.3 million were denominated in RMB and approximately US$585.9 million in US dollars), representing a
decrease of US$361.6 million as compared to US$4,893.8 million at the end of 2025.
Liquidity
To meet liquidity requirements in the short and long term, our policy is to monitor regularly the current and expected
liquidity requirements to ensure that we maintain sufficient reserves of cash and adequate committed lines of funding
from major financial institutions.
INTERIM REPORT 2026 9
MANAGEMENT DISCUSSION AND ANALYSIS
Capital Management
Our primary objectives of capital management are to safeguard our ability to continue as a going concern and to
maintain healthy capital ratios to support our business and maximize shareholders’ value. We manage our capital
structure and make adjustments in light of the changes in economic conditions. To do this, we may adjust the dividend
payment to shareholders, return capital to shareholders, or issue new shares. We are not subject to any externally
imposed capital requirements. No changes were made in the objectives, policies, or processes for managing capital
during the six months ended 30 June 2026.
Bank Loans
The particulars of bank loans of the Group as at 30 June 2026 are set out as below:
US$’ 000 US$’000
Current
Short term bank loans – unsecured 146,901 –
Current portion of long term bank loans – secured 554,566 370,445
Current portion of long term bank loans – unsecured 1,200,596 33,303
Non-current
Secured bank loans 1,302,536 1,576,623
Unsecured bank loans 362,949 1,210,473
The Group is dedicated to improving financing practices. As at 30 June 2026, the Group had outstanding bank
borrowings of US$3,567.5 million, compared to US$3,190.8 million as at the end of 2025. The bank borrowings
included secured interest-bearing borrowings of US$1,857.1 million and unsecured interest-bearing borrowings of
US$1,710.4 million. Except for bank loans of US$576.3 million denominated in US$, all borrowings are dominated in
RMB.
MANAGEMENT DISCUSSION AND ANALYSIS
Charges on Group Assets
As at 30 June 2026 and 31 December 2025, 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 1,980,964 2,475,944
Investment property 50,254 52,176
Right-of-use assets 29,630 34,052
Completed properties held for sale 211,603 215,511
Exposure to Fluctuations in Exchange Rates
We have transactional currency exposures arising primarily from sales or purchases by our significant subsidiaries
operating in Chinese mainland in US$ rather than the subsidiary’s functional currency, which is RMB. During the six
months ended 30 June 2026, approximately 21% of our sales were denominated in currencies other than the functional
currency of the subsidiary making the sale, whilst 59% of costs of sales were denominated in the subsidiary’s
functional currency.
In addition, we have foreign currency exposures from interest-bearing bank borrowings held by our subsidiary
operating in Chinese mainland. As at 30 June 2026, interest-bearing bank borrowings with a carrying amount of
US$577 million were denominated in US$ instead of the subsidiary’s functional currency, which is RMB.
As at 30 June 2026, 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$29 million lower or higher.
For the six months ended 30 June 2026, 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 2026 11
MANAGEMENT DISCUSSION AND ANALYSIS
Contingent Liabilities
As at 30 June 2026, 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 RMB20,921 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 have been utilized in accordance with the
previously disclosed intended use of the proceeds, as set out below:
Unit: RMB’000
Amount of Accumulated Expected timeframe
committed unutilized proceeds for usage of
Previously disclosed intended use of proceeds investments as at 30 June 2026 unutilized proceeds
Hua Hong Manufacturing (Wuxi) Project 12,500,000 7,264 By the end of 2026
Specialty Technological Innovation, Research and 2,500,000 132,277 By the end of 2026
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 2026, 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
Proposed Acquisition and Proposed Non-public Issuance of RMB Shares
As disclosed in the Company’s announcements dated 31 August 2025 and 31 December 2025 and the Company’s
circular dated 22 January 2026, the Company proposes to acquire 97.4988% equity interest in Huali Micro by way
of issuance of consideration RMB Shares. The appraised value of 100% equity interest of Huali Micro is RMB8,480
million, and the total consideration for its 97.4988% equity interest is approximately RMB8,268 million. According to the
relevant laws and regulations of the PRC, the issue price of the consideration shares for this acquisition is RMB43.34
per consideration share, and the number of issued shares is 190,768,392. Upon the completion of this acquisition, the
Group will hold 100% of Huali Micro.
Taking into account the future capital requirements of the Company, in addition to acquisition, the Board further
approved and proposed proceeds raised of RMB7,556.29 million, being (i) not more than 100% of the final total
consideration of the proposed acquisition, and (ii) the number of RMB shares to be issued shall not exceed 30% of
the total issued share capital of the Company upon completion of the proposed acquisition. The proceeds raised will
be used for the upgrading, R&D and industrialization of the production line of the Huali Micro, and to supplement
the Company’s working capital. The issue period, price determination date and specific issue time of the proposed
non-public offering of RMB Shares will be determined by the Company and the PRC independent financial advisor
after due consideration of the market conditions and the intended use of proceeds.
The Proposed Acquisition, Proposed Non-public Issuance of RMB Shares and the transaction contemplated
thereunder were, amongst others, approved by the independent shareholders at the EGM held on 10 February 2026.
As of the date of this report, all conditions precedent to the Company’s proposed acquisition have been satisfied.
Business Review
In the first half of 2026, the global economic growth remained structurally uneven, with full-year growth rate projected
at approximately 3.0%, constrained primarily by geopolitical tensions, oil price volatility, and monetary policy
divergences. After a post-destocking recovery, the global semiconductor industry entered a structural upcycle driven
by AI infrastructure. Demand expanded from memory and advanced logic to server-related and mature-node products,
including power management ICs, microcontrollers, and power discrete devices. The spillover effect supported a
comprehensive recovery in mature-node and specialty process products, higher foundry utilization, as well as a
rebound in wafer prices.
In the first half of 2026, the Company recorded revenue of US$1.378 billion, achieving a year-on-year increase of
ramp-up of its 12-inch capacity, improved manufacturing flexibility, continuous technological iteration and product
mix optimization. The company achieved growth in both volume and price and, as of the second quarter of 2026,
has delivered sequential revenue growth for 10 consecutive quarters. Demand remained strong across power
management, embedded non-volatile memory, standalone non-volatile memory, and low- and medium-voltage power
discrete device platforms, exceeding available capacity. Notably, sales of power management platform increased
by nearly 40% year on year, embedded non-volatile memory grew by over 40%, and standalone non-volatile memory
grew by nearly 80%.
INTERIM REPORT 2026 13
MANAGEMENT DISCUSSION AND ANALYSIS
The Company continued to advance technological R&D and innovation. Its 40nm eFlash platform entered risk
production, while its automotive-grade 55nm eFlash platform entered product adoption. The next-generation small-
pitch IGBT platform, high-voltage Super-junction and Super IGBT processes entered mass production. In collaboration
with a leading overseas customer, the 40nm MCU entered mass production, breaking into global high-end MCU
markets. The 40nm ultra-low-power specialty process also entered mass production. Power management products
continued to gain shares in automotive electronics, with multiple generations of process platforms entering large-
scale production, further enhancing its technological competitiveness. Meanwhile, the company actively expanded
its business with leading domestic and international customers, and strengthened its presence in high-end consumer
electronics, automotive electronics, and new energy through industry ecosystem collaboration.
In terms of production capacity expansion, all equipment required for the planned monthly capacity of 83k wafers
at Wuxi Phase II project (Fab 9) has been fully moved in by the end of June 2026. Installation and qualification are
proceeding intensively, with planned capacity expected to be reached by the end of the third quarter. The company
is also progressing its proposed acquisition of 97.5% equity interest in Huali Micro. The transaction passed regulatory
review in mid-June and is expected to be closed in the third quarter. The integration of Huali Micro will expand the 12-
inch capacity and complement its existing platforms, enabling broader application coverage, more comprehensive
technical solutions and enriched product offerings.
Looking ahead to the second half of 2026, the global semiconductor industry is expected to maintain its strong
structural momentum. Meanwhile, the company will continue to expand capacity, accelerate process innovation,
expand its domestic and international businesses, and continue its cost-down and efficiency-enhancement initiatives.
Through these efforts, the Company will seek to drive earnings growth, enhance its resilience to market volatility,
and strive to provide global customers with more comprehensive, high-quality specialty process wafer foundry
technologies and services.
Significant Investment
The Company did not hold any significant investment (with a value of 5% or more of the Group’s total assets) as of 30
June 2026.
Future Plans for Material Investments and Capital Assets
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 2026. Any relevant information shall be based on the announcements to be released by the
Company in the designated information disclosure media in due course.
Interim Dividend
After due consideration by the Board of factors including the current industry landscape of the sector in which the
Company operates, the Company’s own development stage, and its capital expenditure plans, the Board does not
recommend the payment of an interim dividend for the six months ended 30 June 2026 (2025: Nil).
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」 華虹宏力半導體有限公司，曾名為華虹半導體有限公司，一家於二零零五年一月在香港註
冊成立的有限公司，並於二零二六年五月完成名稱變更；
「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」 上海華虹宏力半導體製造有限公司，一家於二零一三年一月在中國註冊成立的公司，為本
公司的全資子公司；
「香港上市規則」 《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》；
「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）；
「香港聯交所」 香港聯合交易所有限公司；
「華虹無錫」 華虹半導體（無錫）有限公司，一家於二零一七年十月在中國註冊成立的公司，由本集團持
有51%股份；
「華力微」 上海華力微電子有限公司，一家於二零一零年一月在中國註冊成立的公司，並於二零二五
年八月完成公司分立，為本公司關連人士；
「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；
「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；
「無錫二期」 華虹半導體製造（無錫）有限公司，一家於二零二二年六月在中國註冊成立的公司，由本集
團持有51%股份。
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
白鵬（主席兼總裁） 中國香港
皇后大道中15號
非執行董事 告羅士打大廈23樓
葉峻
孫國棟 主要往來銀行
陳博
熊承艷 中國建設銀行上海市分行
中國上海市
獨立非執行董事 浦東新區
張祖同 陸家嘴環路900號
王桂壎，太平紳士
封松林 國家開發銀行上海分行
中國上海市
公司秘書 浦東新區
何嘉明（於二零二六年五月十二日獲委任） 浦明路68號
李瑞霞（於二零二六年五月十二日辭任）
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
白鵬 浦東新區
何嘉明 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
白鵬（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
太古坊一座27樓
公司資料
中國銀行無錫高新技術產業開發區支行
中國江蘇省無錫市
新吳區旺莊路140號
交通銀行股份有限公司無錫分行
中國江蘇省無錫市
濱湖區金融二街8號
股份過戶登記處
港股：
卓佳證券登記有限公司
中國香港
夏愨道16號
遠東金融中心17樓
A股：
中國證券登記結算有限責任公司上海分公司
中國上海市
浦東新區
楊高南路188號
註冊辦事處
中國香港中環
夏愨道12號
美國銀行中心2212室
主要營業地點
中國上海市
浦東新區
哈雷路288號
郵編：201203
中國江蘇省無錫市
新吳區
新洲路30號、30-1號、30-2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 %
二零二四年上半年 二零二五年上半年 二零二六年上半年 二零二四年上半年 二零二五年上半年 二零二六年上半年
母公司擁有人應佔溢利 每股盈利
百萬美元 美元
二零二四年上半年 二零二五年上半年 二零二六年上半年 二零二四年上半年 二零二五年上半年 二零二六年上半年
管理層討論及分析
財務表現
二零二六年 二零二五年
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 1,378,462 1,107,002 24.5%
銷售成本 (1,173,999) (995,394) 17.9%
毛利 204,463 111,608 83.2%
其他收入及收益 47,212 59,916 (21.2)%
銷售及分銷費用 (5,319) (4,844) 9.8%
管理費用 (206,951) (189,051) 9.5%
貿易應收款項及應收票據減值損失 (2,426) (1,132) 114.3%
其他費用 (11) (17,300) (99.9)%
財務費用 (57,104) (41,551) 37.4%
分佔聯營公司溢利 9,644 1,243 675.9%
稅前虧損 (10,492) (81,111) (87.1)%
所得稅開支 (2,897) (3,852) (24.8)%
期內虧損 (13,389) (84,963) (84.2)%
以下各項應佔：
母公司擁有人 59,568 11,702 409.0%
非控股權益 (72,957) (96,665) (24.5)%
銷售收入
銷售收入創歷史新高，達13.785億美元，較二零二五年上半年增長24.5%，主要得益於付運晶圓數量增加及平均銷售價格
提升。
銷售成本
銷售成本為11.740億美元，較二零二五年上半年上升17.9%，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2.045億美元，較二零二五年上半年上升83.2%，主要得益於平均銷售價格提升及降本增效，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4,720萬美元，較二零二五年上半年減少21.2%，主要由於政府補貼及利息收入減少，部分被外幣匯兌收
益增加所抵銷。
管理費用
管理費用為2.070億美元，較二零二五年上半年上升9.5%，主要由於人工及稅費開支增加增加所致。
管理層討論及分析
貿易應收款項及應收票據減值損失
貿易應收款項及應收票據減值損失為240萬美元，較二零二五年上半年增長114.3%，主要由於貿易應收款項增加。
其他費用
其他費用為1萬美元，較二零二五年上半年減少99.9%，主要由於本期外匯匯兌收益而二零二五年上半年為外幣匯兌損失。
財務費用
財務費用為5,710萬美元，較二零二五年上半年上升37.4%，主要由於銀行借款增加所致。
分佔聯營公司溢利
分佔聯營公司溢利為960萬美元，較二零二五年上半年上升675.9%，乃由於聯營公司實現溢利增加。
所得稅開支
所得稅開支為290萬美元，較二零二五年上半年下降24.8%，主要由於轉回代扣代繳的股息稅金增加所致。
期內虧損
在上述因素的累計影響下，期內虧損為1,340萬美元，較二零二五年上半年減虧84.2%。
管理層討論及分析
財務狀況
二零二六年 二零二五年
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 7,286,266 6,676,442 9.1%
投資物業 226,803 219,772 3.2%
於聯營公司的投資 183,072 150,222 21.9%
指定按公平值計入其他全面收益的權益工具 787,420 478,799 64.5%
其他非流動資產 321,199 321,840 (0.2)%
非流動資產總額 8,804,760 7,847,075 12.2%
流動資產
存貨 584,782 544,368 7.4%
貿易應收款項及應收票據 322,463 282,053 14.3%
其他流動資產 936,223 786,974 19.0%
定期及已抵押存款 45,355 99,494 (54.4)%
現金及現金等價物 4,532,224 4,893,808 (7.4)%
流動資產總額 6,421,047 6,606,697 (2.8)%
流動負債
貿易應付款項 289,753 330,370 (12.3)%
計息銀行借款 1,902,063 403,748 371.1%
政府補助 115,740 89,049 30.0%
其他流動負債 866,545 1,033,054 (16.1)%
流動負債總額 3,174,101 1,856,221 71.0%
流動資產淨額 3,246,946 4,750,476 (31.7)%
非流動負債
計息銀行借款 1,665,485 2,787,096 (40.2)%
其他非流動負債 688,792 646,224 6.6%
非流動負債總額 2,354,277 3,433,320 (31.4)%
資產淨額 9,697,429 9,164,231 5.8%
管理層討論及分析
就二零二五年十二月三十一日至二零二六年六月三十日變動超過10%的項目的闡釋
於聯營公司的投資
於聯營公司的投資由1.502億美元增至1.831億美元，主要由於聯營公司實現收益所致。
指定按公平值計入其他全面收益的權益工具
指定按公平值計入其他全面收益的權益工具由4.788億美元增至7.874億美元，主要由於被投資公司公允價值上升及新增一
項投資所致。
貿易應收款項及應收票據
貿易應收款項及應收票據由2.821億美元增至3.225億美元，主要由於銷售收入的上升所致。
其他流動資產
其他流動資產由7.870億美元增至9.362億美元，主要由於增值稅留抵稅額增加所致。
定期及已抵押存款
定期及已抵押存款由9,950萬美元減至4,540萬美元，主要由於定期存款到期所致。
貿易應付款項
貿易應付款項由3.304億美元減至2.898億美元，主要由於應付供應商款項減少所致。
政府補助
政府補助由8,900萬美元增至1.157億美元，主要由於收到政府項目的補助款。
其他流動負債
其他流動負債由10.331億美元減至8.665億美元，主要由於資本開支的應付款項減少，部分被預收客戶合同負債款項增加
所抵銷。
計息銀行借款
計息銀行借款總額由31.908億美元增至35.675億美元，主要由於銀行借款提款增加所致。
管理層討論及分析
現金流量
二零二六年 二零二五年
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 468,481 219,816 113.1%
投資活動所用現金流量淨額 (1,188,153) (879,847) 35.0%
融資活動所得現金流量淨額 232,703 33,952 585.4%
現金及現金等價物減少淨額 (486,969) (626,079) (22.2)%
期初現金及現金等價物 4,893,808 4,459,132 9.7%
外匯匯率變動影響，淨額 125,385 13,847 805.5%
期末現金及現金等價物 4,532,224 3,846,900 17.8%
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2.198億美元增至4.685億美元，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11.882億美元，主要包括資本開支12.814億美元及權益工具投資支出1,600萬美元，部分被
(i)定期存款到期5,780萬美元，(ii)收到政府補助款項2,540萬美元，(iii)利息收入1,870萬美元，(iv)收到一家聯營公司分紅
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2.327億美元，包括(i)提取銀行借款8.509億美元及購股權行使所得340萬美元，部分被(i)償
還銀行借款本金5.698億美元，(ii)償付利息4,970萬美元，及(iii)支付租賃付款的本金210萬美元所抵銷。
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。於二零二六年六月三十日，本集團的現金及銀行結餘約為45.322億美元（其中約38.983億美元以
人民幣計值，約5.859億美元以美元計值），較二零二五年底的48.938億美元減少3.616億美元。
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。截至二零二六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
本集團於二零二六年六月三十日的銀行貸款詳情載列如下：
二零二六年 二零二五年
六月三十日 十二月三十一日
千美元 千美元
流動
短期銀行貸款 － 無抵押 146,901 –
長期銀行貸款的即期部分 － 有抵押 554,566 370,445
長期銀行貸款的即期部分 － 無抵押 1,200,596 33,303
非流動
有抵押銀行貸款 1,302,536 1,576,623
無抵押銀行貸款 362,949 1,210,473
本集團致力於改善融資實務。於二零二六年六月三十日，本集團未償還銀行借款為35.675億美元，而於二零二五年底為
以美元計值外，所有借款以人民幣計值。
管理層討論及分析
抵押集團資產
於二零二六年六月三十日及二零二五年十二月三十一日，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：
二零二六年 二零二五年
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 1,980,964 2,475,944
投資物業 50,254 52,176
使用權資產 29,630 34,052
持作待售的已竣工物業 211,603 215,511
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。截至二零二六年六月三十日止六個月，我們的銷售額中約21%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59%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。於二零二六年六月三十日，
賬面值為5.77億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。
於二零二六年六月三十日，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2,900萬美元。
截至二零二六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。
管理層討論及分析
或然負債
於二零二六年六月三十日，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209.21億元。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。募集所得款項已按
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
於二零二六年
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 7,264 二零二六年底前
特色工藝技術創新研發項目 2,500,000 132,277 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。
截至二零二六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
建議收購事項及建議非公開發行人民幣股份
誠如本公司日期為二零二五年八月三十一日及二零二五年十二月三十一日的公告以及本公司日期為二零二六年一月二十二
日的通函所披露，本公司建議透過發行代價人民幣股份的方式收購華力微97.4988%的股權。華力微100%股權的評估值為
人民幣8,480百萬元，而其97.4988%股權的總代價約為人民幣8,268百萬元。根據中國有關法律法槼的規定，本次收購代
價股份的發行價為每股代價股份人民幣43.34元，發行數量為190,768,392。本次收購完成後，本集團將持有華力微100%
股份。
經考慮本公司未來資金需求，除收購事項外，董事會進一步批准及建議配套募集資金人民幣75.5629億元，即(i)不超過建
議收購事項最終總代價的100%，及(ii)將予發行的人民幣股份數目不得超過本公司於建議收購完成時已發行股本總額的
的發行期、定價日及具體發行時間將由本公司及中國獨立財務顧問經充分考慮市況及募集資金擬定用途後確定。
建議收購事項、建議非公開發行人民幣股份及其項下擬進行的交易已於二零二六年二月十日舉行的股東特別大會上獲獨立
股東批准。截至本報告日，本公司建議收購事項的前置條件均已達成。
業務回顧
油價波動、貨幣政策分歧是核心擾動。全球半導體行業正在從去庫存後的復甦階段進入AI基礎設施驅動的結構性重估階
段，需求從存儲、先進邏輯等核心鏈條逐步向電源管理、微控制器、功率器件等服務器配套器件及通用成熟器件傳導。算
力周邊配套需求的溢出效應，帶動了電源管理、嵌入式非易失性存儲器、獨立式非易失性存儲器等成熟制程與特色工藝芯
片的景氣度全面回暖，晶圓代工行業產能利用率全面攀升，晶圓價格觸底回升。
高景氣拉動，疊加12英寸產線產能持續爬坡、生產柔性不斷改善，同時依托特色工藝持續迭代、產品結構優化升級，公司
構築產能與技術雙輪驅動的增長動能，整體呈現量價齊升發展態勢。截止2026第二季度已經連續10個季度營收環比呈現增
長趨勢。上半年電源管理、嵌入式非易失性存儲器、獨立式非易失性存儲器、中低壓功率器件平台需求強勁，產能供不應
求。其中電源管理平台銷售額同比增長接近40%，嵌入式非易失性存儲器平台同比增長超40%，獨立式非易失性存儲器平
台同比增長接近80%，表現亮眼。
管理層討論及分析
公司持續進行技術研發創新，上半年40nm eFlash工藝平台實現風險量產，55nm eFlash車規平台實現產品導入，新一代小
Pitch IGBT平台量產，高壓超級結以及Super IGBT系列工藝進入量產；與海外頭部客戶合作的40nm MCU成功大量量產，
打通全球高端MCU應用渠道；40nm超低功耗特色工藝大量量產，深度佈局低功耗芯片賽道；電源管理平台產品在汽車電
子等高質量領域快速滲透，多代工藝平台大規模量產，工藝競爭力持續強化。同時公司積極拓展各領域海內外頭部客戶業
務，堅持全球多元化客戶佈局，並通過產業生態鏈協同進一步拓展高端消費、汽車電子、新能源等應用領域業務。
產能建設方面，截至2026年6月底，無錫二期項目(Fab 9) 83K產能所需工藝設備全部完成搬入，正在加緊安裝調試，計劃
於三季度末達成規劃產能目標。與此同時，公司同步推進收購華力微97.5%股權事宜，並於6月中旬過會，預計第三季度完
成交割。華力微併入後，公司將進一步提升12英寸晶圓代工產能，雙方的優勢工藝平台可實現深度互補，共同構建覆蓋更
廣泛應用場景、更齊全技術規格的晶圓代工及配套服務，能夠為客戶提供更多樣的技術解決方案，豐富產品體系。
展望2026年下半年，全球半導體將延續強結構性行情。同時公司將持續推進產能建設，加速工藝創新，積極拓展海內外業
務，持續降本增效，積極推動公司業績增長和提升應對市場波動的能力，努力為全球客戶提供更全面、更優質的特色工藝
晶圓代工技術與服務。
重大投資
截至二零二六年六月三十日，本集團並無持有任何重大投資（價值佔集團資產總值的5%或以上）。
重大投資及資本資產的未來計劃
除本中期報告所披露者外，截至二零二六年六月三十日，本集團並無重大投資或資本資產的其他具體計劃。如有相關資料
將以本公司適時於指定信息披露媒體刊發的公告為準。
中期派息
經董事會充分考慮公司所處行業目前的行業格局、公司自身的發展階段和資本開支計劃等因素，董事會不建議派付截至二
零二六年六月三十日止半年度的股息（二零二五年：無）。
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 Grace Semiconductor 致華虹宏力半導體有限公司董事會
Limited
(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 29 至 62 頁的中期財務資
of financial position of Hua Hong Grace Semiconductor Limited 公司」，前稱華虹半導體有限公司）及其子公
(the “Company”, formerly known as Hua Hong Semiconductor 司（「貴集團」）於二零二六年六月三十日的
Limited) and its subsidiaries (the “Group”) as at 30 June 2026 and 簡明綜合財務狀況表及截至該日止六個月期
the related condensed consolidated statements of profit or loss, 間的相關簡明綜合損益表、全面收益表、權
comprehensive income, changes in equity and cash flows for the 益變動表及現金流量表以及解釋附註。香港
six-month period then ended, and explanatory notes. The Rules 聯合交易所有限公司證券上市規則規定，須
Governing the Listing of Securities on The Stock Exchange of Hong 按照當中訂明的相關規定及香港會計師公會
Kong Limited require the preparation of a report on interim financial （「香港會計師公會」）頒佈的香港會計準則第
information to be in compliance with the relevant provisions 34號中期財務報告（「香港會計準則第34號」）
thereof and Hong Kong Accounting Standard 34 Interim Financial 的規定就中期財務資料編製報告。 貴公司的
Reporting (“HKAS 34”) as issued by the Hong Kong Institute of 董事須負責根據香港會計準則第34號編製及
Certified Public Accountants (“HKICPA”). The directors of the 列報本中期財務資料。吾等的責任是根據吾
Company are responsible for the preparation and presentation of 等的審閱對本中期財務資料作出結論，並按
this interim financial information in accordance with HKAS 34. Our 照吾等雙方協定的委聘條款，僅向全體董事
responsibility is to express a conclusion on this interim financial 會報告。除此以外，吾等的報告不可用作其
information based on our review. Our report is made solely to you, 他用途。吾等概不會就本報告的內容向任何
as a body, in accordance with our agreed terms of engagement, 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 2026
截至二零二六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
二零二六年 二零二五年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Notes US$’000 US$’000
附註 千美元 千美元
Revenue 收入 4 1,378,462 1,107,002
Cost of sales 銷售成本 (1,173,999) (995,394)
Gross profit 毛利 204,463 111,608
Other income and gains 其他收入及收益 4 47,212 59,916
Selling and distribution expenses 銷售及分銷費用 (5,319) (4,844)
Administrative expenses 管理費用 (206,951) (189,051)
Impairment losses on trade receivables 貿易應收款項及應收票據
and notes receivables 的減值損失 (2,426) (1,132)
Other expenses 其他費用 (11) (17,300)
Finance costs 財務費用 (57,104) (41,551)
Share of profits of associates 分佔聯營公司溢利 9,644 1,243
LOSS BEFORE TAX 稅前虧損 5 (10,492) (81,111)
Income tax expense 所得稅開支 6 (2,897) (3,852)
LOSS FOR THE PERIOD 期內虧損 (13,389) (84,963)
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 59,568 11,702
Non-controlling interests 非控股權益 (72,957) (96,665)
(13,389) (84,963)
EARNINGS PER SHARE 母公司普通股權持有人
ATTRIBUTABLE TO ORDINARY 應佔每股盈利：
EQUITY HOLDERS OF THE PARENT: 7
Basic 基本
– For profit for the period －期內溢利 US$0.034 US$0.007
Diluted 攤薄
– For profit for the period －期內溢利 US$0.034 US$0.007
INTERIM CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
中期簡明綜合全面收益表
FOR THE SIX MONTHS ENDED 30 JUNE 2026
截至二零二六年六月三十日止六個月
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
US$’000 US$’000
千美元 千美元
LOSS FOR THE PERIOD 期內虧損 (13,389) (84,963)
OTHER COMPREHENSIVE INCOME 其他全面收益
Other comprehensive income that may be 於其後期間可能重新分類至損益
reclassified to profit or loss in subsequent 的其他全面收益：
periods:
Exchange differences on translation of foreign 換算海外業務產生的外匯差額
operations 277,745 35,116
Net other comprehensive income that may be 於其後期間可能重新分類至損益
reclassified to profit or loss in subsequent 的其他綜合收益淨額
periods 277,745 35,116
Other comprehensive income that will not be 於其後期間不會重新分類至損益
reclassified to profit or loss in subsequent 的其他全面收益：
periods:
Equity investments designated at fair value 指定按公平值計入其他全面收益
through other comprehensive income: 的權益工具：
Changes in fair value 公平值變動 285,819 –
Income tax effect 所得稅影響 (42,873) –
Share of other comprehensive income of an 分佔一間聯營公司的其他全面
associate 收益 25,639 –
Net other comprehensive income that will not be 於其後期間不會重新分類至
reclassified to profit or loss in subsequent 損益的其他全面收益淨額
periods 268,585 –
OTHER COMPREHENSIVE INCOME FOR 期內其他全面收益，扣除稅項
THE PERIOD, NET OF TAX 546,330 35,116
TOTAL COMPREHENSIVE INCOME/(LOSS) 期內全面收益╱（虧損）總額
FOR THE PERIOD 532,941 (49,847)
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 525,116 36,005
Non-controlling interests 非控股權益 7,825 (85,852)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
中期簡明綜合財務狀況表 30 JUNE 2026
二零二六年六月三十日
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審核） （經審核）
Notes US$’000 US$’000
附註 千美元 千美元
NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備 8 7,286,266 6,676,442
Right-of-use assets 使用權資產 57,262 64,482
Investment properties 投資物業 226,803 219,772
Intangible assets 無形資產 30,483 35,509
Investment in associates 於聯營公司的投資 183,072 150,222
Equity investments designated at fair value 指定按公平值計入其他
through other comprehensive income 全面收益的權益工具 787,420 478,799
Financial asset at fair value through profit 按公平值計入損益的
or loss 金融資產 8,809 –
Long-term prepayments 長期預付款項 224,645 221,849
Total non-current assets 非流動資產總額 8,804,760 7,847,075
CURRENT ASSETS 流動資產
Completed properties held for sale 已竣工待售物業 222,405 215,511
Inventories 存貨 584,782 544,368
Trade and notes receivables 貿易應收款項及應收票據 9 322,463 282,053
Prepayments, other receivables and 預付款項、其他應收款項
other assets 及其他資產 701,266 561,328
Due from related parties 應收關聯方款項 13 12,552 10,135
Time and pledged deposits 定期及已抵押存款 45,355 99,494
Cash and cash equivalents 現金及現金等價物 4,532,224 4,893,808
Total current assets 流動資產總額 6,421,047 6,606,697
CURRENT LIABILITIES 流動負債
Trade payables 貿易應付款項 10 289,753 330,370
Other payables and accruals 其他應付款項及暫估費用 829,746 1,008,586
Interest-bearing bank borrowings 計息銀行借款 1,902,063 403,748
Current portion of long-term payables 長期應付款項的即期部分 7,331 –
Lease liabilities 租賃負債 2,006 3,229
Government grants 政府補助 115,740 89,049
Due to related parties 應付關聯方款項 13 12,913 6,225
Income tax payable 應付所得稅 14,549 15,014
Total current liabilities 流動負債總額 3,174,101 1,856,221
NET CURRENT ASSETS 流動資產淨額 3,246,946 4,750,476
TOTAL ASSETS LESS CURRENT 資產總額減流動負債
LIABILITIES 12,051,706 12,597,551
continued/…
續╱…
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
中期簡明綜合財務狀況表
二零二六年六月三十日
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審核） （經審核）
Notes US$’000 US$’000
附註 千美元 千美元
NON-CURRENT LIABILITIES 非流動負債
Interest-bearing bank borrowings 計息銀行借款 1,665,485 2,787,096
Lease liabilities 租賃負債 7,938 15,679
Deferred tax liabilities 遞延稅項負債 67,251 35,964
Long-term payables 長期應付款項 613,603 594,581
Total non-current liabilities 非流動負債總額 2,354,277 3,433,320
Net assets 資產淨額 9,697,429 9,164,231
EQUITY 權益
Equity attributable to owners of the 母公司擁有人應佔權益
parent
Share capital 股本 11 4,987,827 4,987,482
Reserves 儲備 2,150,209 1,625,181
Total equity attributable to owners of the 母公司擁有人應佔權益總額
parent 7,138,036 6,612,663
Non-controlling interests 非控股權益 2,559,393 2,551,568
Total equity 權益總額 9,697,429 9,164,231
Peng Bai Jun Ye
白鵬 葉峻
Director Director
董事 董事
INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
中期簡明綜合權益變動表 FOR THE SIX MONTHS ENDED 30 JUNE 2026
截至二零二六年六月三十日止六個月
Attributable to owners of the parent
母公司擁有人應佔
Fair value
reserve of
financial assets
Other capital Share of other at fair value
reserve and comprehensive through other Exchange
Share option contributed income of comprehensive Revaluation Statutory fluctuation Retained Non-controlling
Share capital Merger reserve reserve surplus associates income surplus# reserve funds reserve profits Total interests Total equity
按公平值計入其他
其他資本儲備及 分佔聯營公司的 全面收益的金融
股本 合併儲備 購股權儲備 供款盈餘 其他全面收益 資產的公平值儲備 重估盈餘# 法定儲備基金 匯兌波動儲備 留存溢利 總計 非控股權益 權益總額
US$’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 11)
（附註11）
At 1 January 2026 於二零二六年一月一日 4,987,482 645,494* 145* 35,685* 689* 203,853* 99,257* 277,541* (11,942)* 374,459* 6,612,663 2,551,568 9,164,231
Profit/(loss) for the period 期內溢利╱（虧損） – – – – – – – – – 59,568 59,568 (72,957) (13,389)
Other comprehensive 期內其他全面收益：
income for the period:
Exchange differences 換算海外業務產生的
on translation of foreign 外匯差額
operations – – – – – – – – 196,963 – 196,963 80,782 277,745
Change in fair value of 按公平值計入其他
equity investments at 全面收益的股權
fair value through other 投資的公平值變
comprehensive income, 動，扣除稅項
net of tax – – – – – 242,946 – – – – 242,946 – 242,946
Share of other 分佔一間聯營公司的
comprehensive income 其他全面收益
of an associate – – – – 25,639 – – – – – 25,639 – 25,639
Total comprehensive 期內全面收益總額
income for the period – – – – 25,639 242,946 – – 196,963 59,568 525,116 7,825 532,941
Issue of shares for exercise 發行股份以行使購
of share options (note 11) 股權（附註11） 345 – (88) – – – – – – – 257 – 257
Transfer from retained profits 轉撥自一間子公司
generated by a subsidiary 產生的留存溢利 – – – – – – – 11,390 – (11,390 ) – – –
At 30 June 2026 (unaudited) 於二零二六年六月
三十日（未經審核） 4,987,827 645,494* 57* 35,685* 26,328* 446,799* 99,257* 288,931* 185,021* 422,637* 7,138,036 2,559,393 9,697,429
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 期內其他全面收益：
income for the period: – – – – – – – – – – – – –
Exchange differences on 換算海外業務產生
translation of foreign 的外匯差額
operations – – – – – – – – 24,303 – 24,303 10,813 35,116
Total comprehensive 期內全面收益╱
income/(loss) for the period （虧損）總額 – – – – – – – – 24,303 11,702 36,005 (85,852) (49,847)
Issue of shares for exercise 發行股份以行使
of share options (note 11) 購股權（附註11） 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 (unaudited) 於二零二五年六月
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
* 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$2,150,209,000 (31 December 2025: US$1,625,181,000) in the 表內之綜合儲備2,150,209,000美元（二零
interim condensed consolidated statement of financial position. 二五年十二月三十一日：1,625,181,000美
元）。
INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
中期簡明綜合現金流量表
FOR THE SIX MONTHS ENDED 30 JUNE 2026
截至二零二六年六月三十日止六個月
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
US$’000 US$’000
千美元 千美元
CASH FLOWS FROM OPERATING ACTIVITIES 經營活動所得現金流量
Loss before tax 稅前虧損 (10,492) (81,111)
Adjustments for: 就以下各項作出的調整：
Finance costs 財務費用 57,104 41,551
Share of profits of associates 分佔聯營公司溢利 (9,644) (1,243)
Interest income 利息收入 (21,994) (30,913)
Loss on disposal of items of property, plant and 出售物業、廠房及設備
equipment 項目的虧損 46 12
Gain on lease modifications 租賃修改的收益 (924) –
Depreciation of property, plant and equipment 物業、廠房及設備折舊 438,862 344,036
Amortisation of intangible assets 無形資產攤銷 6,516 4,794
Depreciation of right-of-use assets 使用權資產折舊 2,696 2,953
Impairment of trade receivables and notes 貿易應收款項及
receivables 應收票據減值 2,426 1,132
Impairment of items of property, plant and 物業、廠房及設備項目
equipment 的減值 67 –
Increase in inventories 存貨增加 (40,414) (46,374)
Decrease in completed properties held for sale 已竣工待售物業減少 – 244
(Increase)/decrease in trade and notes receivables 貿易應收款項及應收票據
（增加）╱減少 (42,924) 4,987
Increase in prepayments, other receivables and 預付款項、其他應收款項
other assets 及其他資產增加 (9,766) (3,184)
(Increase)/decrease in amounts due from 應收關聯方款項（增加）╱
related parties 減少 (2,417) 3,964
Increase in pledged deposits 已抵押存款增加 (3,655) (132)
Decrease in trade payables 貿易應付款項減少 (40,617) (35,020)
Increase in other payables and accruals 其他應付款項及暫估費用
增加 152,981 41,675
Increase in government grants 政府補助增加 – 56
Increase/(decrease) in amounts due to related parties 應付關聯方款項增加╱
（減少） 6,688 (565)
Cash generated from operations 經營活動產生的現金 484,539 246,862
Income tax paid 已付所得稅 (16,058) (27,046)
Net cash flows generated from 經營活動所得現金流量淨額
operating activities 468,481 219,816
continued/…
續╱…
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
中期簡明綜合現金流量表
FOR THE SIX MONTHS ENDED 30 JUNE 2026
截至二零二六年六月三十日止六個月
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
US$’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 18,658 35,917
Purchases of items of property, plant and 購買物業、廠房及設備項目
equipment and intangible assets 及無形資產 (1,281,437) (918,579)
Acquisition of interests in an associate 收購一間聯營公司權益 – (2,794)
Dividend received from an associate 已收一間聯營公司股息 7,286 –
Purchase of an equity investment designated at 購買指定為按公平值計入其
fair value through other comprehensive income 他全面收益的權益工具 (7,286) –
Purchase of a financial assets at fair value through 購買按公平值計入損益的金
profit or loss 融資產 (8,809) –
Receipt of government grants for property, plant 收取物業、廠房及設備的政
and equipment 府補助 25,394 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 247 19
Withdrawal of time deposits 提取定期存款 57,794 –
Net cash flows used in investing activities 投資活動所用現金流量淨額 (1,188,153) (879,847)
CASH FLOWS FROM FINANCING ACTIVITIES 融資活動所得現金流量
New bank loans 新增銀行貸款 850,870 999,081
Proceeds from issue of shares for exercise of share 發行股份以行使購股權
options 所得款項 3,449 15,295
Repayment of bank loans 償還銀行貸款 (569,813) (936,833)
Interest paid 已付利息 (49,742) (41,875)
Principal portion of lease payments 支付租賃本金部分 (2,061) (1,716)
Net cash flows generated from financing 融資活動所得現金流量淨額
activities 232,703 33,952
NET DECREASE IN CASH AND CASH 現金及現金等價物減少淨額
EQUIVALENTS (486,969) (626,079)
Cash and cash equivalents at beginning of period 期初現金及現金等價物 4,893,808 4,459,132
Effect of foreign exchange rate changes, net 外匯匯率變動影響，淨額 125,385 13,847
CASH AND CASH EQUIVALENTS AT END OF 期末現金及現金等價物
PERIOD 4,532,224 3,846,900
NOTES TO THE INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
Hua Hong Grace Semiconductor Limited (the “Company”, 華虹宏力半導體有限公司（「本公司」，
formerly known as Hua Hong Semiconductor Limited) is a 前稱華虹半導體有限公司）為一家於二零
limited liability company incorporated in Hong Kong on 21 零五年一月二十一日在香港註冊成立的
January 2005. The registered office of the Company is located 有限公司。本公司的註冊辦事處為香港
at Room 2212, Bank of America Tower, 12 Harcourt Road, 中環夏愨道12號美國銀行中心2212室。
Central, Hong Kong. The principal place of business is located 主要營業地點為上海市浦東新區哈雷路
at No. 288, Halei Road, Pudong New Area, Shanghai. 288號。
The principal activity of the Company is investment holding. 本公司的主要活動為投資控股。於截至
During the six months ended 30 June 2026, the Company’s 二零二六年六月三十日止六個月內，本
subsidiaries (collectively refer to as the “Group”) were 公司的子公司（統稱為「本集團」）主要從
principally engaged in the manufacture and trading of 事半導體產品的生產及貿易。
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
二零二六年六月三十日
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 PRC/Chinese mainland RMB20,460,928 100% – Manufacture and sale of
Manufacturing Corporation (“HHGrace Shanghai”)* semiconductor products
上海華虹宏力半導體製造有限公司（「華虹宏力上海」）* 中國╱中國內地 人民幣20,460,928元 100% – 生產及銷售半導體產品
Hua Hong Semiconductor (Wuxi) Limited**（Hua Hong PRC/Chinese mainland US$2,536,852 22.2% 28.8% Manufacture and sale of
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
Huahong Real Estate (Wuxi) Co., Ltd. (“Huahong Real PRC/Chinese mainland RMB30,000 – 51% Real estate development
Estate Wuxi”)***
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 – 51% 房地產開發
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
Information about subsidiaries (Continued) 有關子公司的資料（續）
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
Huahong Semiconductor Manufacturing (Wuxi) Co., PRC/Chinese mainland US$4,020,000 21.9% 29.1% Manufacture and sale of
Ltd**（Wuxi Phase II） semiconductor products
華虹半導體製造（無錫）有限公司）**（無錫二期） 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
Wuxi Hua Hong Grace (Phase III) Semiconductor PRC/Chinese mainland RMB6,680 – 100% Manufacture and sale of
Limited (“Wuxi Phase III”, formerly known as Hua semiconductor products
Hong Grace Semiconductor (Wuxi) Limited.)***
無錫華虹宏力（三期）半導體有限公司（「無錫三期」，前稱 中國╱中國內地 人民幣6,680元 – 100% 生產及銷售半導體產品
華虹宏力半導體（無錫）有限公司）***
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 Shanghai is registered as a wholly-foreign-owned * 華虹宏力上海根據中國法律註冊為外商
company under PRC law. 獨資公司。
** Hua Hong Wuxi and Wuxi Phase II are registered as Sino-foreign ** 華虹無錫及無錫二期根據中國法律註冊
joint companies under PRC law. 為中外合資公司。
*** Huahong Real Estate Wuxi and Wuxi Phase III registered as a *** 華宏置業無錫及無錫三期根據中國法律
domestic company under PRC law. 註冊為內資公司。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
The interim condensed consolidated financial information for 截至二零二六年六月三十日止六個月的
the six months ended 30 June 2026 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 集團截至二零二五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 2025.
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 2025 that is included in the interim condensed 二零二五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:
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 2025 to the Registrar of Companies 附表6第3部的規定，將截至二零二五年
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 截至二零二五年十二月三十一日止年度
December 2025. 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。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
DISCLOSURES
The accounting policies adopted in the preparation of the 編製中期簡明綜合財務資料所採納的會
interim condensed consolidated financial information are 計政策與編製本集團截至二零二五年十
consistent with those applied in the preparation of the Group’s 二月三十一日止年度的年度綜合財務報
annual consolidated financial statements for the year ended 表所採用者一致，惟就本期財務資料首
amended HKFRS Accounting Standard for the first time for the 計準則除外。
current period’s financial information.
Amendments to HKFRS 9 and Amendments to the 香港財務報告準則第9號及香港財 金融工具分類及計量之修訂
HKFRS 7 Classification and 務報告準則第7號（修訂本）
Measurement of Financial
Instruments
Amendments to HKFRS 9 and Contracts Referencing 香港財務報告準則第9號及香港財 自然條件依賴型電力合約
HKFRS 7 Nature-dependent 務報告準則第7號（修訂本）
Electricity
Annual Improvements Amendments to HKFRS 1, 香港財務報告準則之會計準則的 香港財務報告準則第1號、香港
to HKFRS Accounting HKFRS 7, HKFRS 9, HKFRS 年度改進－第11卷 財務報告準則第7號、香港財
Standards – Volume 11 10 and HKAS 7 務報告準則第9號、香港財務
報告準則第10號及香港會計
準則第7號（修訂本）
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
二零二六年六月三十日
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 期內按客戶所在地劃分的地區分部收入
location of customers for the period are presented as follows: 呈列如下：
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
China (including Hong Kong) 中國（包括香港） 1,088,913 912,132
North America 北美洲 179,543 109,434
Asia (excluding China) 亞洲（不包括中國） 60,194 55,471
Europe 歐洲 49,812 29,965
Total 總計 1,378,462 1,107,002
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
An analysis of revenue and other income and gains is as 對收入、其他收入及收益的分析如下：
follows:
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Revenue from contracts with customers 客戶合約收入
Sale of goods 銷售貨品 1,378,462 1,107,002
Type of goods 貨品類型
Sales of semiconductor products and total 半導體產品的銷售及來自
revenue from contracts with customers 客戶合約的總收入 1,378,462 1,107,002
Timing of revenue recognition 收入確認時間
Goods transferred at a point in time and total 在某一時點轉讓的貨品及
revenue from contracts with customers 來自客戶合約的總收入 1,378,462 1,107,002
Other income and gains 其他收入及收益
Rental income from investment property 投資物業經營租賃的租金
operating leases: 收入：
– Fixed lease payments －固定租賃付款 7,156 6,973
Interest income 利息收入 21,994 30,913
Government subsidies 政府補貼 10,316 21,096
Foreign exchange gain, net 外匯淨收益 5,609 –
Gain on lease modifications 租賃修改的收益 924 –
Others 其他 1,213 934
The disaggregation of the Group’s revenue based on the 截至二零二六年六月三十日止六個月，
geographical region for the six months ended 30 June 2026 is 本集團按地區劃分的收入明細載於附註
included in note 3. 3。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
The Group’s loss before tax is arrived at after charging/ 本集團的稅前虧損乃於扣除╱（計入）下
(crediting): 列各項後達致：
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
US$’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 1,173,999 995,394
Write-down of inventories to net realisable value 存貨撇減至可變現淨值 2,545 5,098
Impairment losses on trade receivables and 貿易應收款項及應收票據
notes receivables 減值損失 2,426 1,132
Impairment of property, plant and equipment 物業、廠房及設備減值 67 –
Loss on disposal of items of property, plant and 出售物業、廠房及設備
equipment 項目的虧損 46 12
Gain on lease modifications 租賃修改的收益 (924) –
Exchange differences, net 外匯差額淨額 (5,609) 17,263
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
Profits arising in Hong Kong were subject to profits tax at 截至二零二六年六月三十日止六個月，
the rate of 16.5% during the six months ended 30 June 2026 在香港產生的溢利須按16.5%（截至二零
(six months ended 30 June 2025: 16.5%). No provision for 二五年六月三十日止六個月：16.5%）的
Hong Kong profits tax has been made as the Company and 稅率繳納利得稅。由於本公司及一家在
a subsidiary incorporated in Hong Kong had no assessable 香港註冊成立的子公司截至二零二六年
income during the six months ended 30 June 2026 (six months 六月三十日止六個月並無取得應評稅收
ended 30 June 2025: nil). 入，故並無就香港利得稅作出撥備（截至
二零二五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 Chinese mainland 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% except for 得稅，惟享有以下優惠稅率的子公司除
the ones which are subject preferential tax below: 外：
• Pursuant to the relevant laws and regulations in the PRC • 根據中國相關法律法規及獲稅務主
and with approval from the tax authorities in charge, the 管機關批准，本集團子公司華虹宏
Group’s subsidiaries, HHGrace Shanghai, is qualified as 力上海符合資格成為「高新技術企
“High and New Technology Enterprises” and are therefore 業」，故有權於二零二三年十二月
entitled to a preferential tax rate of 15% from December 至二零二六年十二月期間按 15%
qualification of HHGrace Shanghai has been started and 資格續期程序已啟動，管理層預期
management believe that a preferential tax rate of 15% is 15%的優惠稅率將於可預見未來持
expected to be effective in the foreseeable future; 續生效；
• Pursuant to the relevant laws and regulations in the PRC • 根據中國相關法律法規及獲稅務主
and with the approval from the tax authorities in charge, 管機關批准，本集團子公司華虹無
the Group’s subsidiaries, Hua Hong Wuxi and Wuxi Phase 錫及無錫二期可從華虹無錫及無錫
II, are entitled to an exemption from CIT for five years, 二期產生應課稅溢利的第一年起獲
commencing from the first year that Hua Hong Wuxi and 豁免繳納五年企業所得稅，及隨後
Wuxi Phase II generate taxable profits, and a deduction 五年內享受企業所得稅稅率減免
of 50% on the CIT rate for the following five years. Hua 50%的優惠。於二零二六年六月三
Hong Wuxi and Wuxi Phase II were in accumulated tax 十日，華虹無錫及無錫二期處於累
loss positions as at 30 June 2026 and the tax holiday has 計稅務虧損狀態，且免稅期尚未開
not yet begun. 始。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
The Company’s subsidiary incorporated and operating in the 本公司於美國註冊成立及營運的子公
United States was subject to federal corporation income tax at 司，截至二零二六年六月三十日止六個
a rate of 21% during the six months ended 30 June 2026 (six 月須按21%（截至二零二五年六月三十
months ended 30 June 2025: 21%), as well as a California state 日止六個月：21%）的聯邦企業所得稅率
tax at 8.84% (six months ended 30 June 2025: 8.84%). 及8.84%（截至二零二五年六月三十日止
六個月：8.84%）的加利福尼亞州稅率繳
稅。
The major components of income tax expense of the Group 本集團所得稅開支的主要組成部分如
are as follows: 下：
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Current income tax expense – Chinese mainland 當期所得稅開支－中國內地 15,279 11,911
Current income tax expense – elsewhere 當期所得稅開支－其他地區 10 21
Deferred tax 遞延稅項 (12,392) (8,080)
Total income tax expense 所得稅開支總額 2,897 3,852
TO ORDINARY EQUITY HOLDERS OF THE 股盈利
PARENT
The calculation of the basic earnings per share amounts is 每股基本盈利金額乃基於母公司普通
based on the profit for the period attributable to ordinary equity 股權持有人應佔期內溢利及截至二零
holders of the parent and the weighted average number of 二六年六月三十日止六個月已發行
ordinary shares of 1,737,646,356 outstanding during the six 1,737,646,356股（截至二零二五年六月
months ended 30 June 2026 (six months ended 30 June 2025: 三十日止六個月：1,724,087,447股）普
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
TO ORDINARY EQUITY HOLDERS OF THE 股盈利（續）
PARENT (CONTINUED)
The calculation of the diluted earnings per share amount 每股已攤薄盈利金額乃根據母公司普通
is based on the profit for the period attributable to ordinary 股權持有人應佔期內溢利計算。計算時
equity holders of the parent. The weighted average number 採用之普通股加權平均數為計算每股基
of ordinary shares used in the calculation is the number of 本盈利時採用之截至二零二六年六月三
ordinary shares outstanding during the six months ended 十日止六個月期間已發行普通股數目加
calculation, and the weighted average number of ordinary 或兌換為普通股時以零代價發行之普通
shares assumed to have been issued at no consideration on 股加權平均數。
the deemed exercise or conversion of all dilutive potential
ordinary shares into ordinary shares.
The calculations of basic and diluted earnings per share are 每股基本及攤薄盈利的計算乃基於：
based on:
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
US$’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人
share calculation 應佔溢利 59,568 11,702
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
TO ORDINARY EQUITY HOLDERS OF THE 股盈利（續）
PARENT (CONTINUED)
Number of shares
股份數目
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
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 期內已發行普通股加權
basic earnings per share calculation 平均數 1,737,646,356 1,724,087,447
Effect of dilution-weighted average number of 普通股攤薄加權平均數的
ordinary shares: 影響：
Share options 購股權 56,408 5,439,856
Total 總計 1,737,702,764 1,729,527,303
During the six months ended 30 June 2026, the major changes 截至二零二六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$833,563,000 (six months 的成本為833,563,000 美元（截至
ended 30 June 2025: US$611,216,000). 二零二五年六月三十日止六個月：
• Depreciation for items of property, plant and equipment • 截至二零二六年六月三十日止六
was US$441,066,000 during the six months ended 個月，物業、廠房及設備項目的
US$344,036,000). US$2,204,000 of depreciation was 零二五年六月三十日止六個月：
capitalised during the six months ended 30 June 2026 344,036,000 美元）。截至二零二
(six months ended 30 June 2025: nil) as certain items of 六年六月三十日止六個月，由於若
property, plant and equipment were used for construction 干物業、廠房及設備項目用於在
in progress. 建工程，已資本化的折舊金額為
月三十日止六個月：無）。
• The additions in exchange realignment for items of • 截至二零二六年六月三十日止六個
property, plant and equipment was US$219,199,000 月，物業、廠房及設備項目的匯兌
during the six months ended 30 June 2026 (six months 調整添置為219,199,000美元（截至
ended 30 June 2025: US$24,973,000). 二零二五年六月三十日止六個月：
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
二零二六年 二零二五年
六月三十日 十二月三十一日
US$’000 US$’000
千美元 千美元
(Unaudited) (Audited)
（未經審核） （經審核）
Trade receivables 貿易應收款項 268,484 236,909
Notes receivables 應收票據 58,944 47,595
Impairment 減值 (4,965) (2,451)
Total 總計 322,463 282,053
An ageing analysis of the trade and notes receivables, based 按到期日計，貿易應收款項及應收票據
on the due date and net of provisions, is as follows: （扣除撥備）的賬齡分析如下：
二零二六年 二零二五年
六月三十日 十二月三十一日
US$’000 US$’000
千美元 千美元
(Unaudited) (Audited)
（未經審核） （經審核）
Not past due yet 尚未逾期 310,236 273,204
Less than 3 months past due 逾期少於3個月 9,538 6,045
Total 總計 322,463 282,053
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
An ageing analysis of the trade payables of the Group as at 於報告期末按發票日期計，本集團貿易
the end of the reporting period, based on the invoice date, is 應付款項的賬齡分析如下：
as follows:
二零二六年 二零二五年
六月三十日 十二月三十一日
US$’000 US$’000
千美元 千美元
(Unaudited) (Audited)
（未經審核） （經審核）
Within 1 month 1個月以內 170,091 172,247
Over 1 but within 3 months 超過1個月但於3個月內 68,632 77,156
Over 3 but within 6 months 超過3個月但於6個月內 10,335 11,171
Over 6 but within 12 months 超過6個月但於12個月內 33,441 11,116
Over 12 months 12個月以上 7,254 58,680
Total 總計 289,753 330,370
The trade payables are unsecured, non-interest-bearing and 貿易應付款項為無抵押、不計息及一般
are normally settled on terms of 30 to 60 days. 於30天至60天期限內結清。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
Number of
shares in Amount of
issue share capital
已發行股份數目 股本金額
US$’000
千美元
Issue of shares for exercise of share options 發行股份以行使購股權 112,209 345
（未經審核） 1,737,726,402 4,987,827
Issue of shares for exercise of share options 發行股份以行使購股權 8,610,783 22,398
（未經審核） 1,727,079,598 4,960,855
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:
二零二六年 二零二五年
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 3,248,394 1,238,613
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
(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
Shanghai Huahong Zealcore Electronics Co., Ltd. A 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. A subsidiary of Huahong Group
(“Zealcore Shanghai”)
上海華虹摯芯電子科技有限公司（「摯芯上海」） 華虹集團子公司
Shanghai Hongri International Electronics Co., Ltd. A subsidiary of Huahong Group
(“Hongri”)
上海虹日國際電子有限公司（「虹日」） 華虹集團子公司
Shanghai Hua Hong Jitong Smart System Co., Ltd. A subsidiary of Huahong Group
(“Jitong”)
上海華虹計通智能系統股份有限公司（「計通」） 華虹集團子公司
Shanghai Huali Microelectronics Co., Ltd. A subsidiary of Huahong Group
(“Huali Micro”)
上海華力微電子有限公司（「華力微」） 華虹集團子公司
Company A* A subsidiary of Huahong Group
公司A* 華虹集團子公司
Company B* A subsidiary of Huahong Group
公司B* 華虹集團子公司
Huahong Technology Development Co., Ltd. A subsidiary of Huahong Group and an
(“Huahong Technology Development”) associate of the Group
華虹科技發展有限公司（「華虹科技發展」） 華虹集團子公司及本集團聯營公司
Shanghai Huahong Real Estate Co., Ltd. A subsidiary of Huahong Technology Development
(“Huahong Real Estate”)
上海華虹置業有限公司（「華虹置業」） 華虹科技發展子公司
Shanghai Huajin Property Management Co., Ltd. A subsidiary of Huahong Technology Development
(“Huajin”)
上海華錦物業管理有限公司（「華錦」） 華虹科技發展子公司
* Pursuant to certain regulations of Shanghai Stock Exchange * 根據上海證券交易所的相關規定
and the Group’s policy, the Company A and Company B’s 及本集團的政策，公司A及公司B
name are exempted from being disclosed, which contains 的名稱因包含若干商業秘密而獲
some business secrets. The Group has completed all 豁免披露。本集團已就該項豁免
approval procedures for the exemption. 完成全部審批程序。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
(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，本集團截至二零二六年六月
transactions with related parties during the six months 三十日止六個月已與關聯方進行以
ended 30 June 2026: 下交易：
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
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 (note (i)) 向關聯方出售貨品（附註(i)）
Huahong Zealcore 華虹摯芯 7,633 771
Hongri 虹日 3,448 89
Purchases of goods from related parties 自關聯方購買貨品（附註(ii)）
(note (ii))
Hongri 虹日 6,062 22,924
Company B 公司B 1,889 –
Company A 公司A 273 –
Huahong Zealcore 華虹摯芯 110 162
Zealcore Shanghai 摯芯上海 74 11
Rental income from a related party (note (iii)) 來自關聯方的租金收入（附註(iii)）
Huali Micro 華力微 7,336 6,979
Service fee charged by a related party (note (iv)) 關聯方收取的服務費（附註(iv)）
Huajin 華錦 255 287
Interest expense charged by a related party 關聯方（作為承租人）根據租賃
under lease arrangement as a lessee (note (v)) 安排收取的利息開支
（附註(v)）
Huahong Real Estate 華虹置業 372 404
Expense paid on behalf of a related party 代關聯方支付的開支（附註(vi)）
(note (vi))
Huali Micro 華力微 13,314 13,170
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
(CONTINUED)
(b) Related party transactions (Continued) (b) 關聯方交易（續）
Note (i) The sales of goods to related parties were made 附註(i) 向關聯方出售的貨品乃根據
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。
Note (ii) The purchases of goods from related parties were 附註(ii) 自關聯方購買的貨品乃根據
made according to the prices and terms offered by 關聯方提供的價格及條款作
the related parties. 出。
Note (iii) The rental income received from a related party was 附註(iii) 來自關聯方的租金收入乃根
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。
Note (iv) The service fees charged by related parties were 附註(iv) 服務費乃由關聯方根據與關
based on the prices and terms agreed between the 聯方協定的價格及條款收
related parties. 取。
Note (v) The Group entered into leases in respect of certain 附註(v) 本集團就自華虹置業租賃的
dormitory properties from Huahong Real Estate. 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$1,990,000 per year. As at 30 June 2026, 為每年1,990,000 美元。於
the balances of those right-of-use assets and lease 二零二六年六月三十日，
liabilities were US$7,059,000 (31 December 2025: 該等使用權資產及租賃負
US$14,578,000) and US$9,162,000 (31 December 債的結餘分別為7,059,000
三十一日：14,578,000 美
元）及9,162,000美元（二零
二五年十二月三十一日：
Note (vi) The expense paid on behalf of the related party is 附註(vi) 代關聯方支付的開支為不計
interest-free and repayable on demand. 息且須按要求償還。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
(CONTINUED)
(c) Outstanding balances with related parties (c) 與關聯方之間的未結清結餘
The Group had the following significant balances with its 於報告期內，本集團與其主要關聯
major related parties during the reporting period. These 方有以下重大結餘。該等結餘為無
balances are unsecured, interest-free and have no fixed 擔保、不計息且無固定償還期限。
terms of repayment.
二零二六年 二零二五年
六月三十日 十二月三十一日
US$’000 US$’000
千美元 千美元
(Unaudited) (Audited)
（未經審核） （經審核）
Amounts due from related parties 應收關聯方款項
Huali Micro 華力微 8,094 7,766
Huahong Zealcore 華虹摯芯 2,469 2,369
Hongri 虹日 1,977 –
Huajin 華錦 12 –
Total 總計 12,552 10,135
Amounts due to related parties 應付關聯方款項
Huali Micro 華力微 9,839 2,244
Hongri 虹日 1,662 3,361
Company B 公司B 810 –
Huahong Zealcore 華虹摯芯 580 539
ZealCore Shanghai 摯芯上海 20 47
Company A 公司A 2 –
Huajin 華錦 – 27
Jitong 計通 – 7
Total 總計 12,913 6,225
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
(CONTINUED)
(d) Compensation of key management personnel of the (d) 本集團主要管理人員的酬金
Group
For the six months ended
截至六月三十日止六個月
二零二六年 二零二五年
US$’000 US$’000
千美元 千美元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Short term employee benefits 短期僱員福利 2,478 2,164
Pension scheme contributions 退休金計劃供款 108 96
Equity-settled share option expense 以權益結算的購股權開支 – –
Total compensation paid to key management 支付予主要管理人員的酬金總額
personnel 2,586 2,260
OF FINANCIAL INSTRUMENTS 級
The carrying amounts and fair values of the Group’s financial 本集團金融工具（不包括賬面值與公平值
instruments, other than those with carrying amounts that 大致相若的金融工具）的賬面值及公平值
reasonably approximate to fair values, are as follows: 載列如下：
Carrying amounts Fair values
賬面值 公平值
二零二六年 二零二五年 二零二六年 二零二五年
六月三十日 十二月三十一日 六月三十日 十二月三十一日
US$’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 指定為按公平值計入
at fair value through other 其他全面收益的股權
comprehensive income 投資 787,420 478,799 787,420 478,799
Financial asset at fair value 按公平值計入損益的
through profit or loss 金融資產 8,809 – 8,809 –
Financial liabilities 金融負債
Interest-bearing bank borrowings 計息銀行借款 1,665,485 2,787,096 1,661,162 2,781,090
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
OF FINANCIAL INSTRUMENTS (CONTINUED) 級（續）
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 listed equity investments designated at fair 指定為按公平值計入其他全面收益的上
value through other comprehensive income are based on 市股權投資的公平值，乃基於市場報價
quoted market prices, adjusted by a discount for liquidity if 釐定，並於投資附帶任何禁售期時就流
there is any lock-up period attached to the investments. 通性作出折讓調整。
The fair values of unlisted equity investments designated at 指定為按公平值計入其他全面收益或按
fair value through other comprehensive income or at fair value 公平值計入損益的非上市股權投資之公
through profit or loss have been estimated using the market 平值採用市場法估算：
approach:
• If there is a precedent transaction regarding the unlisted • 倘存在有關非上市投資的先前交
investments, the fair values are estimated based on the 易，則公平值根據先前交易價格及
precedent transaction price and the discount for lack of 缺乏控制權折讓價估算；
control;
• Otherwise, the directors will determine comparable • 否則，董事將根據行業、規模、影
public companies (peers) based on industry, size, 響力及策略釐定可比較上市公司
leverage and strategy, and calculate an appropriate price （同行），且就已確定的各可資比較
multiple, such as price to book value (“P/B”) multiple, 公司計算適當的價格倍數，如市賬
for each comparable company identified. The multiple 率（「市賬率」）倍數。該倍數乃按可
is calculated by dividing the enterprise value of the 資比較公司之企業價值除以淨資產
comparable company by net assets. The trading multiple 所得。交易倍數隨後根據公司特定
is then discounted for considerations such as illiquidity 情況及狀況就非流動性等因素予以
based on company specific facts and circumstances. The 貼現。貼現倍數適用於非上市股權
discounted multiple is applied to the corresponding net 投資的相應淨資產以計量公平值。
assets of the unlisted equity investments to measure the
fair value.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
OF FINANCIAL INSTRUMENTS (CONTINUED) 級（續）
The directors believe that the estimated fair values resulting 董事認為，計入中期簡明綜合財務狀況
from the valuation technique, which are recorded in the interim 表的估值技術所產生的估計公平值以及
condensed consolidated statement of financial position, and 計入其他全面收益的公平值相關變動屬
the related changes in fair values, which are recorded in other 合理，而於報告期末的價值最為恰當。
comprehensive income, are reasonable, and that they were
the most appropriate values at the end of the reporting period.
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 2026 於二零二六年六月三十日
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$’000
千美元 千美元 千美元 千美元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核） （未經審核） （未經審核） （未經審核）
Equity investments designated 指定為按公平值計入其他
at fair value through other 全面收益的股權投資
comprehensive income – 94,503 692,917 787,420
Financial asset at fair value through 按公平值計入損益的
profit or loss 金融資產 – 8,809 – 8,809
– 103,312 692,917 796,229
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
OF FINANCIAL INSTRUMENTS (CONTINUED) 級（續）
Fair value hierarchy (Continued) 公平值層級（續）
Financial assets measured at fair value (Continued) 按公平值計量的金融資產（續）
As at 31 December 2025 於二零二五年十二月三十一日
Fair value measurement using
公平值計量採用以下基準
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
於活躍市場 重大可觀察 重大不可
的市場報價 輸入數據 觀察輸入數據
(Level 1) (Level 2) (Level 3) Total
（第1級） （第2級） （第3級） 總計
US$’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 指定為按公平值計入
at fair value through other 其他全面收益的
comprehensive income 股權投資 – 34,366 444,433 478,799
During the six months ended 30 June 2026, there were no 截至二零二六年六月三十日止六個月，
transfers of fair value measurements between Level 1 and 金融資產及金融負債的第1級與第2級間
Level 2 and no transfers into or out of Level 3 for both financial 並無公平值計量轉移，且第3級並無轉入
assets and financial liabilities (six months ended 30 June 2025: 或轉出（截至二零二五年六月三十日止六
nil). 個月：無）。
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
OF FINANCIAL INSTRUMENTS (CONTINUED) 級（續）
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 益的股權投資的週期公平值計量乃使用
comprehensive income, was made using significant 二零二六年六月三十日的重大不可觀察
unobservable inputs (Level 3) as at 30 June 2026. Below is a 輸入數據（第3 級）作出。下表為估值所
summary of the valuation techniques used and the key inputs 用估值技術及主要輸入數據概要：
to the valuation:
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
Equity investments designated Valuation Average P/B 30 June 2026: 5% (31 December 2025: 5%)
at fair value through other multiples multiple of peers 3.8x-9.9x increase/decrease would
comprehensive income 31 December 2025: result in increase/decrease
December 2025: 5%)
指定為按公平值計入其他全面收益的 估值倍數 同業平均市賬率倍數 二零二六年六月三十日： 5%（二零二五年十二月三十一
股權投資 3.8x-9.9x 日：5%）的增加╱減少將導致
二零二五年十二月三十一日： 公平值增加╱減少5%（二零二
Discount for illiquidity 30 June 2026: 30% 5% (31 December 2025: 5%)
result in decrease/increase
in fair value by 7% (31
December 2025: 7%)
缺乏流通性的折讓價 二零二六年六月三十日： 5%（二零二五年十二月三十一
二零二五年十二月三十一日： 公平值減少╱增加7%（二零二
Precedent Discount for lack 30 June 2026: 21% 5% (31 December 2025: 5%)
transaction of control 31 December 2025: 22.2% increase/decrease would
analysis result in decrease/increase
in fair value by 6% (31
December 2025: 6%)
先前交易分析 缺乏控制權的折讓價 二零二六年六月三十日： 5%（二零二五年十二月三十一
二零二五年十二月三十一日： 公平值減少╱增加6%（二零二
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
OF FINANCIAL INSTRUMENTS (CONTINUED) 級（續）
Fair value hierarchy (Continued) 公平值層級（續）
The movements in fair value measurements within Level 3 截至二零二六年六月三十日止六個月，
during the six months ended 30 June 2026 are as follows: 第3級的公平值計量變動如下：
二零二六年 二零二五年
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 through other 按公平值計入其他全面收益
comprehensive income: 的股權投資：
At 1 January 於一月一日 444,433 271,921
Total gains recognised in other comprehensive 於其他全面收益確認的
income 收益總額 234,265 –
Exchange realignment 匯兌調整 14,219 1,132
At 30 June 於六月三十日 692,917 273,053
The Company operates a share option scheme for the purpose 本公司設有一項購股權計劃，旨在為對
of providing incentives and rewards to eligible participants 本集團順利發展有所貢獻之符合資格參
who contribute to the success of the Group’s operations. 與者提供激勵及獎勵。
The following share options were outstanding during the six 截至二零二六年六月三十日止六個月，
months ended 30 June 2026: 以下購股權尚未行使：
Number of options
購股權數目
二零二六年 二零二五年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
At 1 January 於一月一日 179,209 19,337,302
Exercised during the period 期內行使 (112,209) (8,610,783)
Forfeited during the period 期內沒收 – (4,250)
At 30 June 於六月三十日 67,000 10,722,269
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
二零二六年六月三十日
The Board did not recommend the payment of any dividend 董事會不建議派發截至二零二六年六月
during the six months ended 30 June 2026 (six months ended 三十日止六個月的任何股息（截至二零二
As at 8 July 2026, China Securities Regulatory Commission 於二零二六年七月八日，中國證券監
approved the registration of the proposed acquisition of 督管理委員會批准登記收購華力微
Acquisition”), representing that the conditions precedent in the 表明收購協議中完成擬議收購的先決條
acquisition agreement to complete the Proposed Acquisition 件已基本達成。於批准中期簡明綜合財
has been substantially fulfilled. As at the date of approval 務資料日期，完成建議收購事項的若干
of the interim condensed consolidated financial information, 最終程序（包括行政登記）尚未達成。
certain final procedures to complete the Proposed Acquisition,
including administrative registration, remain outstanding.
Save as disclosed above, there is no material subsequent 除上文所披露者外，本集團於二零二六
event undertaken by the Group after 30 June 2026. 年六月三十日後並無重大期後事項。
CONSOLIDATED FINANCIAL INFORMATION
The interim condensed consolidated financial information was 中期簡明綜合財務資料已於二零二六年
approved and authorised for issue by the board of directors on 八月二十六日獲董事會批准及授權刊發。
OTHER DISCLOSURES
其他披露資料
二零二六年六月三十日
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。截至二零二六年六月三十日，本公司於購股權
on 1 September 2022. No further options could be 計劃項下共有67,000份未行使購股權，相當於該日期本公
granted, and none has been granted, under the 司已發行股份約0.004%。下表載列截至二零二六年六月
Share Option Scheme from that date. As of 30 June 三十日止六個月期間根據購股權計劃授予董事及其他承授
outstanding under the share option scheme, which
represented approximately 0.004% 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
二零二六年六月三十日
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 Former directors Other employees In aggregate
董事 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
Cancelled/lapsed during the year 2025
於二零二五年註銷╱失效 – – – – – -12,715 – -12,715
Exercised during the period
期內行使 – – – – – – 112,209 112,209
Cancelled during the period
期內註銷 – – – – – – – –
Lapsed during the period
期內失效 – – – – – – – –
Outstanding as at 1 January 2026
於二零二六年一月一日尚未行使 – – – – – – 179,209 179,209
Outstanding as at 30 June 2026
於二零二六年六月三十日尚未行使 – – – – – – 67,000 67,000
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$127.32
股份於緊接購股權獲行使日期之前的
加權平均收市價 127.32港元
OTHER DISCLOSURES
其他披露資料
二零二六年六月三十日
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；就其他
and 24 December 2023; for the other employees, one 僱員而言，期權的三分之一分別於二零二零年十二月二十
third of the options shall vest on each of 24 December 四日、二零二一年十二月二十四日及二零二二年十二月二
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；就其他
and 23 December 2024; for the other employees, one 僱員而言，期權的三分之一分別於二零二一年十二月二十
third of the options shall vest on each of 23 December 三日、二零二二年十二月二十三日及二零二三年十二月二
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 14 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14。
Condensed Consolidated Financial Information for
further details.
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 2026, none of the Directors nor the Chief 截至二零二六年六月三十日，概無本公司董事及最高行
Executive of the Company had any interests and short 政人員於本公司或任何相聯法團（定義見證券及期貨條例
positions in the shares, underlying shares or debentures 第XV部）的股份、相關股份或債權證中擁有載入根據證券
of the Company or any associated corporation (within 及期貨條例第352條須予存置的登記冊內的任何權益及淡
the meaning of Part XV of SFO), as recorded in the 倉，或按照標準守則須知會本公司及香港聯交所的任何權
register kept under section 352 of the SFO, or as 益及淡倉。
otherwise notified to the Company and the Hong Kong
Stock Exchange pursuant to the Model Code.
OTHER DISCLOSURES
其他披露資料
二零二六年六月三十日
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 2026, persons other than a Director or 截至二零二六年六月三十日，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) 20.00%
(Hua Hong International)
(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) 20.00%
(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) 9.24%
(Sino-Alliance International) 法定及實益擁有人
Sino-Alliance International, Ltd. Interest in a controlled 28,415,606(1) 1.64%
(Sino-Alliance International) corporation
受控制法團權益
Shanghai Alliance Investment Ltd. (SAIL) Interest in a controlled 188,961,147(1)(5) 10.88%
上海聯和投資有限公司（上海聯和） corporation
受控制法團權益
OTHER DISCLOSURES
其他披露資料
二零二六年六月三十日
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二零二六年六月三十日已發行的股
number of issued shares of the Company as of 30 June 份總數（即1,737,726,402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 至二零二六年六月三十日，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.
OTHER DISCLOSURES
其他披露資料
二零二六年六月三十日
PURCHASE, SALE OR REDEMPTION 買賣或贖回證券
OF SECURITIES
Neither the Company nor any of its subsidiaries 截至二零二六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
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 二六年六月三十日，本集團的資產負債比率為6.05%（二
parties, less cash and cash equivalents. The Group’s 零二五年十二月三十一日：1.29%）。
gearing ratio as at 30 June 2026 was 6.05% (31
December 2025: 1.29%).
EMPLOYEES AND REMUNERATION 僱員及薪酬政策
POLICIES
As at 30 June 2026, the Company had approximately 於二零二六年六月三十日，本公司於中國及海外擁有約
June 2025: approximately 7,400). 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.
OTHER DISCLOSURES
其他披露資料
二零二六年六月三十日
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.
As of 30 June 2026, the Company has reviewed the 本公司截至二零二六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, save for Code Provision 董事會認為，除下文所披露的守則條文第C.2.1條外，本
C.2.1 as disclosed below, the Company has complied 公司截至二零二六年六月三十日止六個月期間一直遵守上
with the code provisions set out in the Corporate 市規則附錄C1所載的企業管治守則內的守則條文。
Governance Code as contained in Appendix C1 of the
Listing Rules during the six-month period ended 30
June 2026.
OTHER DISCLOSURES
其他披露資料
二零二六年六月三十日
CORPORATE GOVERNANCE 企業管治（續）
(CONTINUED)
Since 31 October 2025, both positions of the Chairman 自二零二五年十月三十一日起，董事會主席及總裁職位均
of the Board and the President have been held by 由白鵬博士擔任。鑒於白先生的背景、豐富的相關行業知
Dr. Peng Bai. In view of Mr. Bai’s profile, extensive 識及跨國企業工作經驗，董事會確信，將主席及總裁之職
relevant industry knowledge and working experience in 責同時授予白先生，有利於提升本公司執行戰略的效率及
multinational corporations, the Board has confidence 凝聚高級管理層團隊的共識。因此，董事會認為偏離守則
that the vesting of the roles of both the Chairman 的守則條文第C.2.1條的情況並無不當。此外，除執行董
and the President in Mr. Bai is conducive to improve 事白先生外，於二零二五年十二月三十一日及本報告日
the efficiency of the Company’s implementation of 期，董事會另由四名非執行董事及三名獨立非執行董事組
strategies and solicit consensus among the senior 成。本公司認為，董事會結構適當，權力平衡，足以為本
management team. Therefore, the Board considers that 公司及其股東的權益提供充分保障。同時，董事會將確保
the deviation from the Code Provision C.2.1 of the Code 其自身有效運作，包括所有適當事宜由董事會及時討論、
is not inappropriate. In addition, apart from Mr. Bai 全體董事獲適當知悉董事會會議上提出的議題，以及全體
who is an executive Director, the Board comprises four 董事均獲得充分、完整及可靠的資料。董事會主席高度重
non-executive Directors and three independent non- 視與獨立非執行董事的溝通，並將每年與彼等至少舉行一
executive Directors as at 31 December 2025 and as 次無其他董事出席的會議。
at the date of this report. The Company considers that
Board is appropriately structured with balance of power
to provide sufficient checks to protect. The interests of
the Company and its shareholders. At the same time,
the Board will ensure its own effective functioning,
including that all appropriate issues are discussed
by the Board in a timely manner, that all Directors are
properly briefed on issues arising at Board meetings
and all Directors receive adequate, complete and
reliable information. The Chairman of the Board highly
values communication with the Independent Non-
Executive Directors and will hold meetings with them
at least once each year without the presence of other
Directors.
OTHER DISCLOSURES
其他披露資料
二零二六年六月三十日
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二零二六年六月三十日
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 2026.
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.
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二零二六年六月三十日
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.
OTHER DISCLOSURES
其他披露資料
二零二六年六月三十日
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所規定資料的截至二零二六年六月
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 Stock ( www.huahonggrace.com )刊載。
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 Grace Semiconductor Limited 華虹宏力半導體有限公司
Dr. Peng Bai 白鵬博士
Chairman and Executive Director 主席兼執行董事
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