Earnings reports from the top two wafer companies are coming! Will they ignite a rally in chip stock

業績會第一現場

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華虹半導體2025Q4業績直播

Key Takeaways (AI-Generated)

Financial Performance

- Q4 2025 revenue hit record $659.9M, up 22.4% YoY and 3.9% QoQ

- Full year 2025 revenue $2.4B, up 19.9% YoY with 11.8% gross margin

- Q4 net loss narrowed to $18.7M from $96.4M in Q4 2024

- Net profit attributable to shareholders $17.5M in Q4 vs $25.2M loss prior year

Business Highlights

- Completed first phase of Fab 9 ahead of expectations

- Fab 5 acquisition in Shanghai added 40K capacity with 55nm/40nm technology

- Strong growth in power management IC (+40.7% YoY) and embedded NVM (+31.3% YoY)

- Geographic expansion: North America revenue up 51.3% YoY, Europe up 35.6% YoY

Financial Guidance

- Q1 2026 revenue expected $650-660M with 13-15% gross margin

- Fab 9A remaining CapEx $1.2-1.3B mostly in 2026

- Fab 9B construction starts March 2026 with equipment installation by year-end

- 2026 CapEx slightly down, 2027 CapEx up significantly due to Fab 9B

Opportunities

- 'China for China' strategy attracting international customers seeking Chinese manufacturing partners

- New 55nm and 45nm technology platforms coming online

- Tighter supply conditions providing opportunity to increase pricing

- Fab 5 integration benefits through scale and technology platform optimization

Risks

- Supply-demand imbalances limiting pricing power in 8-inch foundry market

- Potential memory cycle downturn affecting AI-driven demand sustainability

- Operational lag between capacity expansion and customer loading during rapid ramp-up

Full Transcript (AI-Generated)

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Wahong Semiconductor for Quarter 2025 Earnings Conference Call. Today's call is hosted by Doctor Pung Bai, Chairman and President and Mr. Daniel Wang, Executive Vice President and Chief Financial Officer. Please be advised that your dial insurance are in listen only mode. However, at the conclusions of the management presentation, there will be a question and answer session at which time you receive instructions on how to participate. The earnings press release and fourth quarter 2025 summary slides are available to download at our company's website, triplew.wahonggrace.com. Without further ado, I would like to introduce you to Mr. Daniel Wang, Executive Vice President and Chief Financial Officer. Thank you. Please go ahead.

Daniel Wang

Good afternoon, everyone. Thank you for joining our Q4 2025 earnings conference. Today we will first have Doctor Panbhai, our Chairman and President provide an overview of our fourth quarter and full year performance. I'll then take you through our financial results in detail and offer guidance for the upcoming quarter. With that, I'll open the floor for a Q&A session. With that, I turn the call over to Doctor Bai.

Doctor Pung Bai

Thank you, Daniel. Good afternoon, everyone. Thank you for joining our earnings call. Fourth quarter 2025 sales revenue for Hua Hong Semiconductor reached an all time high of 659.9 million U.S. dollars with a gross margin of 13% for the quarter, both in line with our guidance. For the full year of 2025, the company reported sales revenue of 2.4 billion U.S. dollars and a gross margin of 11.8%, both achieving year on year growth and meeting management expectations.

Against the backdrop of the global semiconductor market being driven by demand for AI and related products, coupled with a recovery in consumer demand led by the domestic market, the company maintained full capacity operations throughout the year at the average capacity utilization rate of 106%. Which ranked among the leading levels in the foundry. By optimizing product mix, reducing costs and improving operational efficiency, we achieved strong performance across various specialty technology platforms, especially in standalone NVM and the power management areas, effectively supporting the company's revenue growth and margin expansion.

In 2025, the company continued to advance its strategic plan for capacity expansion, the first phase of capacity construction for the second 12 inch production line in Wuxi, we call Fab 9, exceeded expectations for completion and the Shanghai 12 inch manufacturing base Fab 5 acquisition progressed as planned. Looking ahead, the company will maintain strong focus on developing world class specialty technology platforms with innovation and through rapid generational iteration, while deepening collaborations with strategic customers both domestically and internationally. We remain confident in our ability to seize growth opportunities amid changes in the global semiconductor industry and are striving to meet shareholders long term expectations. Now I would like to hand the call over to our CFO, Mr. Daniel Wang for his comments.

Daniel Wang

Thank you Doctor Bai for your inspiring comments. Now let me walk you through a summary of financial performance for the fourth quarter followed by a recap of our full year 2025 results. I then provide our revenue and margin outlook for Q1 2026 before opening the floor for the Q&A session. Now first let us review our financial results for the fourth quarter. Revenue reached another all time high of 659.9 million dollars, 22.4% over Q4 2024 and 3.9% over Q3 2025, primarily driven by increased wafer shipments and improved average selling price.

Gross margin was 13 percent, 1.6 percentage points over Q4 2024, primarily driven by improved average selling price and the cost reduction efforts and a 0.5 percentage point dip from Q3 2025 primarily due to increased labor costs. Operating expenses were $130.2 million, 17.7% over Q4 2024, primarily due to increased labor costs and depreciation expenses and 29.6% over Q3 2025 mainly due to increased labor costs.

Other income net was $34.1 million compared to other loss net of $40.5 million in Q4 2024, primarily due to foreign exchange gains versus foreign exchange losses in Q4 2024. Decreased finance costs and increased government subsidies there was 92.1% over Q3 2025, mainly due to decreased finance costs. Income tax expense was $8.1 million, 22.3% higher than Q4 2024, primarily due to increased taxable income.

Net loss for the period was $18.7 million, narrowed by 80.6% compared to Q4 2024 and widening of 159.9% in loss from Q3 2025. Net profit attributable to shareholders of the parent company was $17.5 million compared to a loss of $25.2 million in Q4 2024 and profit of $25.7 million in Q3 2025. Basic earnings per share was 1 cent. Annualized ROE was 1.2%.

Now let's take a closer look at our Q4 2025 revenue performance from geographical perspective. Revenue from China was $539.3 million, contributing 81.8% of total revenue and an increase of 19.6% compared to Q4 2024, mainly driven by increased demand for power management IC, MCU and CIS products. Revenue from North America was $72.8 million, an increase of 51.3% compared to Q4 2024, mainly driven by increased demand for power management IC and MCU products. Revenue from other Asia was $28.4 million, an increase of 9.1% compared to Q4 2024. Revenue from Europe was $19.3 million, an increase of 35.6% compared to Q4 2024, mainly driven by increased demand for MCU and IGBT products.

With respect to technology platforms, revenue from embedded non volatile memory was $180.2 million, increase of 31.3% compared to Q4 2024, mainly driven by increased demand for MCU and smart car ICs. Revenue from standalone Non Volatile Memory was $56.6 million, an increase of 22.9% compared to Q4 2024, mainly driven by increased demand for flash products. Revenue from Power Discrete was $168.9 million, an increase of 2.4% compared to Q4 2024, mainly driven by increased demand for general MOSFET products.

Revenue from Logic and RF was $80.4 million, an increase of 19.2% over Q4 2024, mainly driven by increased demand for CIS products. Revenue from Analog and Power Management IC was $173.8 million, an increase of 40.7% over Q4 2024, mainly driven by increased demand for other Power Management IC products.

Now turning to our cash flow statement. Net cash flows generated from operating activities was $246 million, 29.5% lower than Q4 2024, mainly due to increased payment for suppliers and decreased receipts of government subsidies, partially offset by increased receipts from customers. It was 33.6% over Q3 2025, largely driven by increased receipts of government subsidies. Capital expenditures were $633.5 million in Q4 2025, including $559 million for Huahong 12 inch and $74.5 million for Huahong 8 inch.

Other cash flow generated from investing activities was $61.7 million in Q4 2024, including $36.6 million receipts of government grants of equipment, $13.6 million interest income and $1.2 million receipts of disposal of equipment, partially offset by $3.6 million investment in equity instrument. Net cash flows generated from financing activities was $1.361 billion, including $919 million proceeds from bank borrowings, $594.6 million from other financing activities, $12.1 million receipts of government grants for finance costs and $4.7 million proceeds from share option exercises. Partially offset by $136.1 million of bank principal repayments, $32.8 million interest payments and $0.4 million lease payments.

Now let's move to the balance sheet. Cash and cash equivalents was $4.961 billion on December 31st, 2025 compared to $3.904.7 billion on September 30th, 2025. Other current assets increased from $739.7 million on September 30th, 2025 to $787 million on December 31st, 2025 mainly due to increased value added tax granted. Property plant and equipment was $6.676.4 billion on December 31st, 2025 compared to $6.162 billion on September 30th, 2025, primarily due to capacity expansion in manufacturing equipment.

Instruments designated at fair value through other comprehensive income increased from $381.3 million on September 30th, 2025 to $478.8 million on December 31st, 2025, primarily due to fair value gains recognizing equity instruments. Interest bearing bank borrowings increased from $2.397.5 billion on September 30th, 2025 to $3.190.8 billion on December 31st, 2025, primarily due to increased drawdowns on bank borrowings.

Total assets increased from $12.511.7 billion on September 30th, 2025 to $14.453.8 billion on December 31st, 2025. Total liabilities increased to $5.289.5 billion on December 31st, 2025 from $3.502.6 billion on September 30th, 2025. Debt ratio increased to 36.6% on December 31st, 2025 from 28% on September 30th, 2025.

Here's a recap of 2025. Revenue was $2.402.1 billion, a growth of 19.9% over the prior year, primarily driven by increased wafer shipments. Gross margin was 11.8 percent, 1.6 percentage points over 2024, primarily driven by improved average selling price and cost reduction effort, partially offset by higher depreciation costs. Operating expenses were $425.6 million, 7.9% over 2024, largely attributable to increased research and development expenses.

Other income net was $54.2 million, 146.4% above 2024, primarily due to decreased finance costs and foreign exchange losses and increased government subsidies, partially offset by decreased interest income. Loss for the year was $110.8 million, narrowed by 21.1% compared to 2024. Net profit attributable to shareholders of the parent company was $54 million, 5.6% dip from 2024. Basic earnings per share was 3.2 cents, ROE was 0.9%.

Finally, let's discuss our outlook for the first quarter of 2026. We expect revenue to be in the range of $650 million to $660 million with a projected gross margin of 13% to 15%. This concludes my financial remarks. We'll now begin the Q&A session. Operator, please assist.

Operator

Thank you, management. As a reminder, at this time, if you like to ask question, you can press *1 on your telephone and wait for a name to be announced to cancel your request. You can press *1 again. Please hold while we connect the first question. The first question comes from the line of Ping Huang from Hua Tai Securities. Please go ahead.

Ping Huang

Doctor Bai, congratulations for the robust result and the successful acquisition of Fab 5. So beyond the contribution to Hua Hong's revenue and profit, could you elaborate the strategic resource Hua Hong got through this acquisition? And what's your plan to leverage these resource, accelerate Hua Hong's future growth? Thank you.

Doctor Pung Bai

Thank you. First, basically we acquired Fab 5. What we call Fab 5 within the Hua Hong system is a 12 inch fab. It has 55 nanometers, 40 nanometer based specialty technology. Quite a bit of the technology platform have overlap with what we already have in HH Grace in Wuxi. I think we look at the acquisition from the following points that we think that's going to be favorable to our long term growth. Why is that? We certainly grow the scale of our company through this acquisition. We added about 40K capacity that's already in production with existing customers with the scale is one factor.

Another one is with Fab 5 joining HH Grace, we can do a better job optimizing the distribution of our different specialty technologies across all the capacity, all the manufacturing capacity. This will show up in a higher efficiency for our R&D activity should also show up in a higher efficiency and lower cost for our entire manufacturing base. So basically we view this as definitely as a strategic acquisition will accelerate our growth both in revenue and as well as our ability to profitability ability to be more profitable. Thank you.

Ping Huang

Okay, my second question is about I want to about the supply demand relation of the 8 inch and the 12 inch foundry business this year, so we noticed some foundry including the largest one just recently announced to exit some 8 inch business or sell their some 12 inch fab to the memory makers. So what's your view on this supply demand balance of the 8 inch and 12 inch business globally this year? And what's the impact on your ASP? So I also noticed that there are some reports that you have some price adjustments in the end of last December. So what's your view of this ASP trend of Hua Hong this year? Thank you.

Doctor Pung Bai

OK. We also noticed the some of the reports talking about some of our foundry competitors might be selling some of the capacity to other people. If you look, if they just change the ownership from one company to another without actually reducing the capacity, then it doesn't really change the supply demand situation too much with respect to some of the logic capacity moving to memory, because the memory is certainly is in high demand nowadays, that certainly will reduce the supply in the logic side. That overall is a positive thing for us because we are mostly in the logic foundry business.

Although we do have some flash memory business as well, but overall that would be a positive sign. I think overall because of the AI driven growth in the overall semiconductor market, we view that as the overall positive or it might show up differently in different market segment, it may show up differently in different technology platform. We have our capacity in our product in, but overall view that as a positive development for us.

In that context, if the supply gets tighter, it does give us more opportunity to increase prices. We have been doing that over the course of last year. Surgically is not a crossword increase by any means, but surgically for some certain area where we think we can really meet the surprise. So we take the opportunity to move up the prices a little bit that also show up in some of them already show up in 2025 results and we expect that in 2026 we might still have some room to go especially on the 12 inch side, 8 inch the supply demand is more imbalanced compared to 12 inch so even if we try to we would like to increase prices as well in 8 inch, but our room power is going to be limited. But overall we do, we are cautiously optimistic that we may be able to do something in that area as well. Thank you.

Ping Huang

Thank you very much. Thank you.

Operator

Thank you. Our next question comes from the line of Yuan Wang of CITIC Securities. Please go ahead.

Yuan Wang

OK, thank you for taking my question. Firstly, I would like to wish you all a happy Chinese New Year. I have two questions. And the first one is, as we can see this quarter, the capacity utilization rate declined slightly. And what are the reasons for that? Are there any uneven or unbalanced on the different platform? And can our capacity be reallocated between different platforms quickly? That's my first question. Thank you.

Doctor Pung Bai

The change is fairly small, it's probably almost in the calculation error. But I think the main reason is Fab 9 will rapidly bring the capacity online. There's always a little bit lag between how fast you get the equipment in store and get the capacity online versus when you have the loadings and the order for that capacity. So there's always as you that's a typical case in a ramping fab that especially when you ramp very fast that there is a bit of a lag between the capacity and because the loading is based on what's the capacity bought online. So that's the reason there's like a couple percent decrease. Got it. Thank you.

Yuan Wang

That's very clear. And my second question is about our future performance drivers on the demand side. How much of driver will the AI related product be for the company's future revenue growth? And also as we see the localization trend, do you think any which kind of product categories will be the most significant boost by the localization and could you provide a ranking or list, priority list for this product? Thank you.

Doctor Pung Bai

This is a complex question. Let me try to see whether I can answer very clearly. I think if you look at from end market standpoint of view, clearly AI related products are increasing fast. What does it mean for us is that AI related product actually cut across quite a few our technology platform, for example, the AI related products in power management area is going far is increasing, MCU not so much, but there's also a little bit of impact and power discrete power devices also have some impact, but the power management is the number one area. We clearly see strong growth related to AI.

So in that regard, if you just if you stay at this end market dimension is now AI is one growth area. Other areas like autonomous driving automobiles, the car related all the new robots is also growing and all the green energy related end market it was a show growth all those end market. The growth area do cut across in somewhat the complex manner cut across different technology problem. So if I look at our technology problem in that differently in that dimension, if you just look at our 2025 results, you already see that the two biggest growth area is power management and MCUs and those two area plus in addition to the discrete power devices constitute the three largest technology platform that we have from the revenue standpoint of view.

So going forward, I expect the power management area, the BCD platform we have we're continued strong growth MCU or Hua Hong HH Grace has a great advantage, very has a great competitiveness, very competitive in this area. It's also going to be an area that it's going to grow fast. And there I will just take this over there. Those are marketing is that this we also have new technology problem in 55 nanometer and 45 nanometer all coming on strong. So that should be should be also strong growth there.

In the end, I think if you look at our distribution, our revenue distribution, I will still continue to see MCU, probably one of the biggest power management, second discrete power devices probably going to be we're being more stable. Growth is not as fast, but it will remain the number 3. The other two in terms of logic and RF, we like that to grow a little bit faster and stand a long way actually standard memory. We also think we'll go reasonably fast. Some of the memory shortages in mostly in DRAM. Yeah, probably going to have some spill over in to we probably already spill over into the NAND memory area, but I think it's going to spill a little bit over to the NOR flash area so that we should also benefit. So that's how I view the market going forward.

Yuan Wang

OK. Can I add a little question on that? How, Doctor Bai, how do you view the sustainability of this current memory cycle and is there what's the impact on Hua Hong and what kind of measures will be taken? That's a good question.

Doctor Pung Bai

In the if you look at historical pattern, memory tends to go through boom and bust cycle. Although this time around, a lot of people think because the AI is a different beast, that may be this cyclical nature of the memory market will be a little bit different. I don't have crystal ball. And then I do believe that eventually it will be going to a cycle. Maybe this time the boom cycle will last longer. It probably heavily depend on how the AI is mostly driven by AI, this latest cycle, AI, how long this cycle is going to last.

But I think in the near future, certainly for 2026, there's no sign that's going to slow down. Maybe a year, two or three that if you go by historical path and it should start to calm down somewhat. I should add that right now because of the AI related area driven up DRAM prices so much, it does have a little bit of a depressing effect on the consumer market because a lot of the consumer product probably can't afford this high DRAM prices. Therefore they might push out their product refreshment cycle little bit. So that might will come across as a negative for some of our product as well. But overall I think for the growth areas still outweigh the area that's going to be somewhat impacted, negatively impacted by this super memory cycle that we seems to be in the middle.

Yuan Wang

OK, that's all my question. Thank you, Doctor. Goodbye.

Operator

Thank you. Reminder to ask question, you can press *1. Our next question comes from Tulia from Corson Securities. Please go ahead.

Tulia

Thank you for taking my question by boarding somehow I have two questions. The first question is about the price. So considering the rising cost of the raw material, we also can see some products such as Power device raise the price. But the demand just now, Doctor Bai mentioned is structural. So how do you see the sustainability of price hikes? So this is the first question, OK.

Doctor Pung Bai

The in terms of the raw material, the we by the time they get to us in the fab, we call that direct material or indirect material. We do see a few areas where there's a raw material prices start to show up in the semiconductor material that we use. I'm trying to think like copper is probably one area that will add a little bit of a cost to the copper cable if you happens to be building a fab, which is where we do see that. And we also see some of the other, some other raw material increases affecting little bit of our the material we buy.

But I would say by and large, I do see, I do not see this as a significant factor for cost structure. There's going to be some places that the there's going to be increases and there's also going to be some decreases. And overall, I do not think it's going to be a significant increase or another factor is that we overtime, we use more and more domestically produced materials and in general there are costs better. So overall, I don't think we are going to be looking at the situation, the material will be a cost increase for us going forward. Thank you, very clear.

Tulia

And my another question is about the utilization since we are in good position, but some traveling foundries are not yet at full utilization. So how do you see the cycle? So can you give us a little bit of your perspective? So where are we today and is that possible maybe there's some potential order shift of our customers maybe after we increase the price.

Doctor Pung Bai

Yeah. So the fab utilization affected by a few factors. The two probably why is the how competitive is your technology offering that include how, whether you have a complete offering of the solutions to the customer for what the customer needs. That's one factor. Another one of course is pricing if you price too high your utilization, you will lose customer on one hand, on the other hand you can. There's always if you use, if the prices you are willing to go down on the prices it does hence the increase your loading.

So for those two factors, for example, the down technology front, HH Grace is a world position. We are premier foundry in China and our lot of our technology platform, I would say we are probably number one domestically and they're very competitive even internationally, not all of them, but some of them. So clearly so especially in this specialty technology area which our Hua Hong HH Grace has been working on for the last three decades almost. That's one factor.

Another factor is that some of our international customers, especially the European ones and now we start to see American company as well that have this China for China strategy that they try to move some of their that originally were manufacturing overseas to be manufactured inside China. So that's another factor that will help the help our loading when those company looking for a partner in China, they clearly want to have somebody who is the technology technology wise is in a good position as well as the one has most stable company, the bigger company. So we are usually being viewed as the first choice many times many in many cases where well the first choice for their Chinese as their Chinese partner. So we do benefit from that factor as well. I think this trend we're probably going to continue giving the whole the world this geopolitical situation and the world semiconductor market is evolving. Thank you.

Tulia

Thank you. That's for my all my question and looking forward to a better performance in the coming year. And happy Chinese New Year. Thank you.

Operator

Thank you comes from Scarlett Kear from BNPP. Please go ahead. Scarlett, your line is open. You can unmute locally, OK. Otherwise we'll move on to our next questions. One moment, please. We have follow up questions from Le Ping Huang from Hua Tai Securities. Please go ahead.

Ping Huang

Doctor I have a follow up questions. What's the current status of Fab 9 is, is it fully completed? And I noticed the CapEx this year, last year is 1.8 billion which down slightly versus 2024. So how we should model the CapEx for 2026 and when you plan to initiate the next phase of the expansion and what's your plan on this? The what, why should I say the phase two of the Fab 9 or yeah, the new fab? Thank you.

Doctor Pung Bai

Look here let me address the question. Basically the total capital expenditures for this project Fab 9A is at $6.7 billion, OK. So by end of last year, by end of last year, we spent about slightly over 5 billion. So we spent another 1.3 billion dollars. Basically these are the PO issued mean we have basically issued not completely spent from cash flow perspective, OK. So I would say basically there's another about, you know, to get to $6.7 billion, there's probably another 1.2 to $1.3 billion on cash flow, you know, from cash flow perspective. OK. So most of the POs have been issued for that project. So I would expect, you know, the cash will be spent mostly, you know, this year and some probably, you know, remaining in 2027, mostly this year because this year we're going to reach the peak capacity for Fab 9A, the first half of Fab 9.

Your second part of the question is Fab 9B, which is our next project to fill up the remaining the other half, the empty half of Fab nine. That project we got all the approval, all the necessary paperwork. We plan to start the actual engineering construction work after the Chinese New Years basically in March. So we should get we should be able to start getting the equipment in by end of this year probably October time frame. The spending obviously going to be mostly in 2027. So we were. So in 2027, we start another capacity ramp on the Fab 9B and we hope we can complete that ramp even faster. You know velocity that's even faster than Fab 9A in Fab 9A. We very fast. In two years we pretty much get to the peak and output will take a little bit longer because as I said, there's always a little bit of lack between the capacity in place being in place versus when you get the wafers out and turn that into revenue. But in terms of the capacity construction capacity in place using as a milestone, Fab 9B will start in 2027 and we should get that done in less than two years as well. So this year 2026, the CapEx will be slightly down and the 2027 will be up significantly. Is my understanding correct? Correct. That's correct. OK. Yeah. Thank you. Thank you. Very clear. Thank you. I have any further question. Thank you for the questions.

Operator

Our next questions comes from Yuan Wang of CITIC Securities. Please go ahead.

Yuan Wang

OK, I want to have a follow up question on that. And in terms of our equipment localization rate, will Fab 9B have a higher rate than Fab 9A.

Doctor Pung Bai

Yeah, the fab, yeah, you're talking about the fab utilization rate, they are all already a little bit above 100. So it's not going to be significantly higher, sorry. I mean on the equipment localization ratio. Oh, OK. Equipment ratio, tools, Yeah, Yeah. So the answer is yes. The general direction as the domestic equipment industry become more and more capable every year that we every new project we have, we tend to have a higher procurement of domestic equipment. We obviously still going to be making our procurement decision based on what is the best both technically as well as commercially for the company. But that's the decision criteria. But the reality is that the domestic produced equipment are becoming more and more capable and commercially they tends to be now they're across the board more attractive. A lot of place dependent individual equipment, they can be more attractive. Then end result we expect is that the Fab 9B project we will end up with a higher domestic equipment content. OK, got it, got it. Thank you Doctor. Bye.

Operator

Thank you for the questions. Ladies and gentlemen, that's all the time we have for questions. I'll now hand back to Mr. Daniel Wang for closing remarks.

Daniel Wang

Well, once again, thank you all for joining us today and for your wonderful valuable questions The year of horses right around the corner. We would like to take this opportunity to thank you all for all the support and trust you have given to us. And then wishing you and your family a very joyful holiday season and a healthy and prosperous New Year. Goonghe Fachai, we look forward to catching up with you very, very soon. Thank you. Ching Chung Kuaila, happy new Year.

Operator

Thank you, ladies and gentlemen, that does conclude the conference call. Thank you for your attendance. You may now disconnect.

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