华虹宏力发布2026年中期业绩，收入创新高且母公司拥有人应占利润同比大增

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.

HUA HONG GRACE SEMICONDUCTOR LIMITED
華虹宏力半導體有限公司
(Incorporated in Hong Kong with limited liability)

(Stock Code: 01347)

INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2026
The board of directors (the “Board”) of Hua Hong Grace Semiconductor Limited (the “Company”)
hereby announces the unaudited consolidated results of the Company and its subsidiaries for the
six months ended 30 June 2026.
This announcement, containing the full text of the 2026 Interim Report of the Company, complies
with the relevant requirements of the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) in relation to information
to accompany preliminary announcement of interim results.
Printed versions of the Company’s 2026 Interim Report will be dispatched to shareholders of the
Company and the same will be available for viewing on the websites of the Hong Kong Stock
Exchange at www.hkexnews.hk and of the Company at www.huahonggrace.com in due course.
By order of the Board
Hua Hong Grace Semiconductor Limited
Dr. Peng Bai
Chairman and Executive Director
Shanghai, PRC, 26 August 2026

As at the date of this announcement, the directors of the Company are:
Executive Director:
Peng Bai (Chairman and President)
Non-executive Directors:
Jun Ye
Guodong Sun
Bo Chen
Chengyan Xiong
Independent Non-executive Directors:
Stephen Tso Tung Chang
Kwai Huen Wong, JP
Songlin Feng

DEFINITIONS
In this interim report, unless the context otherwise requires, the following terms shall have the meanings set out below.
“Board”

the Board of Directors of the Company;

“China” or “the PRC”

the People’s Republic of China, but for the purpose of this interim report and for
geographical reference only, except where the context otherwise requires, references
in this interim report to “China” and the “PRC” do not include Taiwan, the Macau
Special Administrative Region and Hong Kong;

“Company” or “our
Company”

Hua Hong Grace Semiconductor Limited, formerly known as Hua Hong Semiconductor
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 whollyowned 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
Exchange”

The Stock Exchange of Hong Kong Limited;

“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
“A Share(s)”

the ordinary share(s) of the Company which are listed on the STAR Market and traded
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
Peng Bai (Chairman and President)

Herbert Smith Freehills Kramer
23/F, Gloucester Tower
15 Queen’s Road Central
Hong Kong, PRC

Non-Executive Directors
Jun Ye
Guodong Sun
Bo Chen
Chengyan Xiong
Independent Non-Executive Directors
Stephen Tso Tung Chang
Kwai Huen Wong, JP
Songlin Feng
Company Secretaries
Ka Ming Ho, Catherine (appointed on 12 May 2026)
Sui Har Lee (resigned on 12 May 2026)

Principal Banks
China Construction Bank Shanghai Branch
No. 900, Lujiazui Ring Road
Pudong New Area
Shanghai, PRC
China Development Bank Shanghai Branch
No. 68, Puming Road
Pudong New Area
Shanghai, PRC

Authorized Representatives
Peng Bai
Ka Ming Ho, Catherine

China Merchants Bank Co., Ltd. Shanghai Branch
No.1088 Lujiazui Ring Road
Pudong New Area
Shanghai, PRC

Audit Committee
Stephen Tso Tung Chang (Chairman)
Chengyan Xiong
Songlin Feng

China Construction Bank Corporation Hong Kong
Branch
28/F, CCB Tower, 3 Connaught Road, Central
Hong Kong, PRC

Remuneration Committee
Kwai Huen Wong, JP (Chairman)
Jun Ye
Songlin Feng

Bank of Communications Co., Ltd. Hong Kong Branch
20 Pedder Street, Central
Hong Kong, PRC

Nomination Committee
Peng Bai (Chairman)
Kwai Huen Wong, JP
Songlin Feng

Website
www.huahonggrace.com

Auditor
Ernst & Young
Certified Public Accountants
27/F, One Taikoo Place
979 King’s Road, Quarry Bay
Hong Kong, PRC
2

HUA HONG GRACE SEMICONDUCTOR LIMITED

China Development Bank Jiangsu Branch
No. 232, Middle Jiangdong Road
Nanjing, Jiangsu, PRC
Agricultural Bank of China Wuxi Xinwu Subbranch
No. 26, Hefeng Road, Xinwu District
Wuxi, Jiangsu, PRC
China Construction Bank Wuxi High and New
Technology Industrial Development Zone Subbranch
No. 26, Hefeng Road, Xinwu District
Wuxi, Jiangsu, PRC
China CITIC Bank Wuxi New District Subbranch
No. 26, Hefeng Road, Xinwu District
Wuxi, Jiangsu, 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
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong, PRC
A shares:
China Securities Depository and Clearing Corporation
Limited, Shanghai Branch
No. 188 South Yanggao Road
Pudong New Area
Shanghai, PRC

Registered Office
Room 2212, Bank of America Tower
12 Harcourt Road, Central
Hong Kong, PRC

Principal Places of Business
No. 288 Halei Road
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

%

1,600

20.0%
1,378.5

1,400
1,107.0

1,200
1,000

14.8%

15.0%

938.5
10.1%

800

10.0%

8.5%

600
400

5.0%

200
0

0.0%
1H 2024

1H 2025

1H 2026

Profit attributable to owners of the parent

1H 2024

1H 2025

1H 2026

Earning per share

US$ million

US$
0.04

70

0.034

59.6
60

50

40

38.5

0.022
0.02

30

20
0.007

11.7
10

0

0.00
1H 2024

4

1H 2025

1H 2026

HUA HONG GRACE SEMICONDUCTOR LIMITED

1H 2024

1H 2025

1H 2026

MANAGEMENT DISCUSSION AND ANALYSIS
Financial Performance

Revenue
Cost of sales
Gross profit
Other income and gains
Selling and distribution expenses
Administrative expenses
Impairment losses on trade and notes receivables
Other expenses
Finance costs
Share of profits of associates
Loss before tax
Income tax expense
Loss for the period
Attributable to:
Owners of the parent
Non-controlling interests

1H 2026
US$’ 000
Unaudited

1H 2025
US$’000
Unaudited

Change

1,378,462
(1,173,999)
204,463
47,212
(5,319)
(206,951)
(2,426)
(11)
(57,104)
9,644
(10,492)
(2,897)
(13,389)

1,107,002
(995,394)
111,608
59,916
(4,844)
(189,051)
(1,132)
(17,300)
(41,551)
1,243
(81,111)
(3,852)
(84,963)

24.5%
17.9%
83.2%
(21.2)%
9.8%
9.5%
114.3%
(99.9)%
37.4%
675.9%
(87.1)%
(24.8)%
(84.2)%

59,568
(72,957)

11,702
(96,665)

409.0%
(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
84.2% compared to 1H 2025.

6

HUA HONG GRACE SEMICONDUCTOR LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
Financial Status

Non-current assets
Property, plant and equipment
Investment properties
Investment in associates
Equity instruments designated at fair value through
other comprehensive income
Other non-current assets
Total non-current assets
Current assets
Inventories
Trade and notes receivables
Other current assets
Time and pledged deposits
Cash and cash equivalents
Total current assets
Current liabilities
Trade payables
Interest-bearing bank borrowings
Government grants
Other current liabilities
Total current liabilities
Net current assets
Non-current liabilities
Interest-bearing bank borrowings
Other non-current liabilities
Total non-current liabilities
Net assets

30 June
2026
US$’ 000
Unaudited

31 December
2025
US$’000
Audited

7,286,266
226,803
183,072

6,676,442
219,772
150,222

9.1%
3.2%
21.9%

787,420
321,199
8,804,760

478,799
321,840
7,847,075

64.5%
(0.2)%
12.2%

584,782
322,463
936,223
45,355
4,532,224
6,421,047

544,368
282,053
786,974
99,494
4,893,808
6,606,697

7.4%
14.3%
19.0%
(54.4)%
(7.4)%
(2.8)%

289,753
1,902,063
115,740
866,545
3,174,101
3,246,946

330,370
403,748
89,049
1,033,054
1,856,221
4,750,476

(12.3)%
371.1%
30.0%
(16.1)%
71.0%
(31.7)%

1,665,485
688,792
2,354,277
9,697,429

2,787,096
646,224
3,433,320
9,164,231

(40.2)%
6.6%
(31.4)%
5.8%

Change

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.

8

HUA HONG GRACE SEMICONDUCTOR LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
Cash Flow

Net cash flows generated from operating activities
Net cash flows used in investing activities
Net cash flows generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Effect of foreign exchange rate changes, net
Cash and cash equivalents at end of the period

1H 2026
US$’ 000
Unaudited

1H 2025
US$’000
Unaudited

Change

468,481
(1,188,153)
232,703
(486,969)
4,893,808
125,385
4,532,224

219,816
(879,847)
33,952
(626,079)
4,459,132
13,847
3,846,900

113.1%
35.0%
585.4%
(22.2)%
9.7%
805.5%
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:
30 June 2026 31 December 2025
US$’ 000
US$’000
Current
Short term bank loans – unsecured
Current portion of long term bank loans – secured
Current portion of long term bank loans – unsecured
Non-current
Secured bank loans
Unsecured bank loans

146,901
554,566
1,200,596

–
370,445
33,303

1,902,063

403,748

1,302,536
362,949

1,576,623
1,210,473

1,665,485

2,787,096

3,567,548

3,190,844

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.

10

HUA HONG GRACE SEMICONDUCTOR LIMITED

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:
30 June 2026 31 December 2025
US$’ 000
US$’000
Property, plant and equipment
Investment property
Right-of-use assets
Completed properties held for sale

1,980,964
50,254
29,630
211,603

2,475,944
52,176
34,052
215,511

2,272,451

2,777,683

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

Previously disclosed intended use of proceeds
Hua Hong Manufacturing (Wuxi) Project
8-Inch Factory Optimization and Upgrading Project
Specialty Technological Innovation, Research and
Development Project
Replenishment of Working Capital

Accumulated
Amount of
committed unutilized proceeds
investments as at 30 June 2026

Expected timeframe
for usage of
unutilized proceeds

12,500,000
2,000,000
2,500,000

7,264
134,085
132,277

By the end of 2026
By the end of 2026
By the end of 2026

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.

12

HUA HONG GRACE SEMICONDUCTOR LIMITED

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
24.5%, with shipments growing by 17.9% to a record high. Growth was driven by strong end-market demand, the
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 smallpitch 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 largescale 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 12inch 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).

14

HUA HONG GRACE SEMICONDUCTOR LIMITED

釋義
於本中期報告內，除非文義另有所指，否則下列詞彙具有下文所載涵義。
「董事會」

本公司董事會；

「中國」

中華人民共和國，但僅就本中報及作地理參考而言，除文義另有所指，否則，本中報對
「中國」的提述不包括台灣、澳門特別行政區及香港；

「本公司」

華虹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。

2026年中期報告

15

公司資料
董事會

香港法律顧問

執行董事
白鵬（主席兼總裁）

史密夫斐爾律師事務所
中國香港
皇后大道中15號
告羅士打大廈23樓

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
公司秘書
何嘉明（於二零二六年五月十二日獲委任）
李瑞霞（於二零二六年五月十二日辭任）

主要往來銀行
中國建設銀行上海市分行
中國上海市
浦東新區
陸家嘴環路900號
國家開發銀行上海分行
中國上海市
浦東新區
浦明路68號

授權代表
白鵬
何嘉明

招商銀行股份有限公司上海分行營業部
中國上海市
浦東新區
陸家嘴環路1088號

審核委員會
張祖同（主席）
熊承艷
封松林

中國建設銀行股份有限公司香港分行
中國香港中環
干諾道中3號中國建設銀行大廈28樓

薪酬委員會
王桂壎，太平紳士（主席）
葉峻
封松林
提名委員會
白鵬（主席）
王桂壎，太平紳士
封松林

網址
www.huahonggrace.com

核數師
安永會計師事務所
執業會計師
中國香港
鰂魚涌英皇道979號
太古坊一座27樓

16

華虹宏力半導體有限公司

交通銀行股份有限公司香港分行
中國香港中環
畢打街20號
國家開發銀行江蘇分行
中國江蘇省南京市
江東中路232號
中國農業銀行無錫新吳支行
中國江蘇省無錫市
新吳區和風路26號
中國建設銀行無錫高新技術產業開發區支行
中國江蘇省無錫市
新吳區和風路26號
中信銀行無錫新區支行
中國江蘇省無錫市
新吳區和風路26號

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

2026年中期報告

17

主要財務指標
銷售收入

毛利率

百萬美元

%

1,600

20.0%
1,378.5

1,400
1,107.0

1,200
1,000

14.8%

15.0%

938.5
10.1%

800

10.0%

8.5%

600
400

5.0%

200
0

0.0%
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

二零二四年上半年 二零二五年上半年 二零二六年上半年

每股盈利

百萬美元

美元
0.04

70

0.034

59.6
60

50

40

38.5

0.022
0.02

30

20
0.007

11.7
10

0
二零二四年上半年 二零二五年上半年 二零二六年上半年

18

華虹宏力半導體有限公司

0.00

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

銷售收入
銷售成本
毛利
其他收入及收益
銷售及分銷費用
管理費用
貿易應收款項及應收票據減值損失
其他費用
財務費用
分佔聯營公司溢利
稅前虧損
所得稅開支
期內虧損
以下各項應佔：
母公司擁有人
非控股權益

二零二六年
上半年
千美元
未經審核

二零二五年
上半年
千美元
未經審核

1,378,462
(1,173,999)
204,463
47,212
(5,319)
(206,951)
(2,426)
(11)
(57,104)
9,644
(10,492)
(2,897)
(13,389)

1,107,002
(995,394)
111,608
59,916
(4,844)
(189,051)
(1,132)
(17,300)
(41,551)
1,243
(81,111)
(3,852)
(84,963)

24.5%
17.9%
83.2%
(21.2)%
9.8%
9.5%
114.3%
(99.9)%
37.4%
675.9%
(87.1)%
(24.8)%
(84.2)%

59,568
(72,957)

11,702
(96,665)

409.0%
(24.5)%

變動

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。

2026年中期報告

19

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%。

20

華虹宏力半導體有限公司

管理層討論及分析
財務狀況

非流動資產
物業、廠房及設備
投資物業
於聯營公司的投資
指定按公平值計入其他全面收益的權益工具
其他非流動資產
非流動資產總額
流動資產
存貨
貿易應收款項及應收票據
其他流動資產
定期及已抵押存款
現金及現金等價物
流動資產總額
流動負債
貿易應付款項
計息銀行借款
政府補助
其他流動負債
流動負債總額
流動資產淨額
非流動負債
計息銀行借款
其他非流動負債
非流動負債總額
資產淨額

二零二六年
六月三十日
千美元
未經審核

二零二五年
十二月三十一日
千美元
經審核

7,286,266
226,803
183,072
787,420
321,199
8,804,760

6,676,442
219,772
150,222
478,799
321,840
7,847,075

9.1%
3.2%
21.9%
64.5%
(0.2)%
12.2%

584,782
322,463
936,223
45,355
4,532,224
6,421,047

544,368
282,053
786,974
99,494
4,893,808
6,606,697

7.4%
14.3%
19.0%
(54.4)%
(7.4)%
(2.8)%

289,753
1,902,063
115,740
866,545
3,174,101
3,246,946

330,370
403,748
89,049
1,033,054
1,856,221
4,750,476

(12.3)%
371.1%
30.0%
(16.1)%
71.0%
(31.7)%

1,665,485
688,792
2,354,277
9,697,429

2,787,096
646,224
3,433,320
9,164,231

(40.2)%
6.6%
(31.4)%
5.8%

變動

2026年中期報告

21

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。

22

華虹宏力半導體有限公司

管理層討論及分析
現金流量

經營活動所得現金流量淨額
投資活動所用現金流量淨額
融資活動所得現金流量淨額
現金及現金等價物減少淨額
期初現金及現金等價物
外匯匯率變動影響，淨額
期末現金及現金等價物

二零二六年
上半年
千美元
未經審核

二零二五年
上半年
千美元
未經審核

468,481
(1,188,153)
232,703
(486,969)
4,893,808
125,385
4,532,224

219,816
(879,847)
33,952
(626,079)
4,459,132
13,847
3,846,900

變動

113.1%
35.0%
585.4%
(22.2)%
9.7%
805.5%
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
730萬美元，及(v)處置設備收款20萬美元所抵銷。
融資活動所得現金流量淨額
融資活動所得現金流量淨額為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。

2026年中期報告

23

管理層討論及分析
資本管理
我們資本管理的首要目標為維護持續經營能力及維持良好的資本比率，以支持我們的業務及實現股東價值最大化。我們根
據經濟狀況的變動管理及調整資本架構。為此，我們或會調整派付予股東的股息、向股東返還資本或發行新股。我們不受
任何外部施加的資本要求規限。截至二零二六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：

流動
短期銀行貸款 － 無抵押
長期銀行貸款的即期部分 － 有抵押
長期銀行貸款的即期部分 － 無抵押
非流動
有抵押銀行貸款
無抵押銀行貸款

二零二六年
六月三十日
千美元

二零二五年
十二月三十一日
千美元

146,901
554,566
1,200,596

–
370,445
33,303

1,902,063

403,748

1,302,536
362,949

1,576,623
1,210,473

1,665,485

2,787,096

3,567,548

3,190,844

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
31.908億美元。銀行借款包括有抵押計息借款18.571億美元及無抵押計息借款17.104億美元。除5.767億美元的銀行貸款
以美元計值外，所有借款以人民幣計值。

24

華虹宏力半導體有限公司

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：

物業、廠房及設備
投資物業
使用權資產
持作待售的已竣工物業

二零二六年
六月三十日
千美元

二零二五年
十二月三十一日
千美元

1,980,964
50,254
29,630
211,603

2,475,944
52,176
34,052
215,511

2,272,451

2,777,683

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。

2026年中期報告

25

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

先前披露的所得款項計劃用途

承諾投資金額

於二零二六年
六月三十日
未動用所得款項累計

華虹製造（無錫）項目
8英寸廠優化升級項目
特色工藝技術創新研發項目
補充流動資金

12,500,000
2,000,000
2,500,000
1,000,000

7,264
134,085
132,277
0

未動用所得款項
預計使用時間
二零二六年底前
二零二六年底前
二零二六年底前
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。

26

華虹宏力半導體有限公司

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
30%。募集資金將用於華力微產線升級改造、研發及產業化，及補充本公司流動資金之用途。建議非公開發行人民幣股份
的發行期、定價日及具體發行時間將由本公司及中國獨立財務顧問經充分考慮市況及募集資金擬定用途後確定。
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
2026年上半年，全球經濟整體維持結構性特徵，不同領域呈現高、低雙速增長格局，全年增速預估約3.0%，地緣政治、
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。
2026年上半年公司營業收入達13.78億美元，同比增長24.5%，出貨量同比增長17.9%，創歷史新高。受益於終端市場的
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。

2026年中期報告

27

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）。

28

華虹宏力半導體有限公司

REPORT ON REVIEW OF INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料的審閱報告
致華虹宏力半導體有限公司董事會

To the board of directors of Hua Hong Grace Semiconductor
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
29 to 62 which comprises the condensed consolidated statement
of financial position of Hua Hong Grace Semiconductor Limited
(the “Company”, formerly known as Hua Hong Semiconductor
Limited) and its subsidiaries (the “Group”) as at 30 June 2026 and
the related condensed consolidated statements of profit or loss,
comprehensive income, changes in equity and cash flows for the
six-month period then ended, and explanatory notes. The Rules
Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited require the preparation of a report on interim financial
information to be in compliance with the relevant provisions
thereof and Hong Kong Accounting Standard 34 Interim Financial
Reporting (“HKAS 34”) as issued by the Hong Kong Institute of
Certified Public Accountants (“HKICPA”). The directors of the
Company are responsible for the preparation and presentation of
this interim financial information in accordance with HKAS 34. Our
responsibility is to express a conclusion on this interim financial
information based on our review. Our report is made solely to you,
as a body, in accordance with our agreed terms of engagement,
and for no other purpose. We do not assume responsibility towards
or accept liability to any other person for the contents of this report.

吾等已審閱載於第 29 至 62 頁的中期財務資
料，其中包括華虹宏力半導體有限公司（「貴
公司」，前稱華虹半導體有限公司）及其子公
司（「貴集團」）於二零二六年六月三十日的
簡明綜合財務狀況表及截至該日止六個月期
間的相關簡明綜合損益表、全面收益表、權
益變動表及現金流量表以及解釋附註。香港
聯合交易所有限公司證券上市規則規定，須
按照當中訂明的相關規定及香港會計師公會
（「香港會計師公會」）頒佈的香港會計準則第
34號中期財務報告（「香港會計準則第34號」）
的規定就中期財務資料編製報告。 貴公司的
董事須負責根據香港會計準則第34號編製及
列報本中期財務資料。吾等的責任是根據吾
等的審閱對本中期財務資料作出結論，並按
照吾等雙方協定的委聘條款，僅向全體董事
會報告。除此以外，吾等的報告不可用作其
他用途。吾等概不會就本報告的內容向任何
其他人士負責或承擔責任。

Scope of Review

審閱範圍

We conducted our review in accordance with Hong Kong Standard
on Review Engagements 2410 Review of Interim Financial
Information Performed by the Independent Auditor of the Entity
as issued by the HKICPA. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than
an audit conducted in accordance with Hong Kong Standards on
Auditing and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit
opinion.

吾等已根據香港會計師公會頒佈的香港審閱
委聘準則第2410號由實體的獨立核數師執行
中期財務資料審閱 進行審閱。審閱中期財務
資料包括主要向負責財務和會計事務的人員
作出查詢，及應用分析性和其他審閱程序。
審閱的範圍遠較根據香港審計準則進行審核
的範圍為小，故不能令吾等保證吾等將知悉
在審核中可能發現的所有重大事項。因此，
吾等不會發表審核意見。

Conclusion

結論

Based on our review, nothing has come to our attention that causes
us to believe that the interim financial information is not prepared, in
all material respects, in accordance with HKAS 34.

按照吾等的審閱，吾等並無發現任何事項，
令吾等相信中期財務資料在各重大方面未有
根據香港會計準則第34號編製。

Certified Public Accountants
Hong Kong
26 August 2026

執業會計師
香港
二零二六年八月二十六日
2026年中期報告 INTERIM REPORT 2026

29

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
30 June
截至六月三十日止六個月

Notes
附註
4

Revenue
Cost of sales

收入
銷售成本

Gross profit

毛利

Other income and gains
Selling and distribution expenses
Administrative expenses
Impairment losses on trade receivables
and notes receivables
Other expenses
Finance costs
Share of profits of associates

其他收入及收益
銷售及分銷費用
管理費用
貿易應收款項及應收票據
的減值損失
其他費用
財務費用
分佔聯營公司溢利

4

LOSS BEFORE TAX

稅前虧損

5
6

2026
二零二六年
(Unaudited)
（未經審核）
US$’000
千美元

2025
二零二五年
(Unaudited)
（未經審核）
US$’000
千美元

1,378,462
(1,173,999)

1,107,002
(995,394)

204,463

111,608

47,212
(5,319)
(206,951)

59,916
(4,844)
(189,051)

(2,426)
(11)
(57,104)
9,644

(1,132)
(17,300)
(41,551)
1,243

(10,492)

(81,111)

Income tax expense

所得稅開支

(2,897)

(3,852)

LOSS FOR THE PERIOD

期內虧損

(13,389)

(84,963)

Attributable to:
Owners of the parent
Non-controlling interests

以下各項應佔：
母公司擁有人
非控股權益

59,568
(72,957)

11,702
(96,665)

(13,389)

(84,963)

US$0.034
0.034美元

US$0.007
0.007美元

US$0.034
0.034美元

US$0.007
0.007美元

EARNINGS PER SHARE
ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT:
Basic
– For profit for the period
Diluted
– For profit for the period

30

母公司普通股權持有人
應佔每股盈利：

7
基本
－期內溢利
攤薄
－期內溢利

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

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
30 June
截至六月三十日止六個月

LOSS FOR THE PERIOD

期內虧損

OTHER COMPREHENSIVE INCOME
Other comprehensive income that may be
reclassified to profit or loss in subsequent
periods:
Exchange differences on translation of foreign
operations

其他全面收益
於其後期間可能重新分類至損益
的其他全面收益：

Net other comprehensive income that may be
reclassified to profit or loss in subsequent
periods

於其後期間可能重新分類至損益
的其他綜合收益淨額

Other comprehensive income that will not be
reclassified to profit or loss in subsequent
periods:
Equity investments designated at fair value
through other comprehensive income:
Changes in fair value
Income tax effect

於其後期間不會重新分類至損益
的其他全面收益：

Share of other comprehensive income of an
associate

分佔一間聯營公司的其他全面
收益

Net other comprehensive income that will not be
reclassified to profit or loss in subsequent
periods

於其後期間不會重新分類至
損益的其他全面收益淨額

OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF TAX

期內其他全面收益，扣除稅項

TOTAL COMPREHENSIVE INCOME/(LOSS)
FOR THE PERIOD

期內全面收益╱（虧損）總額

Attributable to:
Owners of the parent
Non-controlling interests

以下各項應佔：
母公司擁有人
非控股權益

2026
二零二六年
(Unaudited)
（未經審核）
US$’000
千美元

2025
二零二五年
(Unaudited)
（未經審核）
US$’000
千美元

(13,389)

(84,963)

277,745

35,116

277,745

35,116

285,819
(42,873)

–
–

242,946

–

25,639

–

268,585

–

546,330

35,116

532,941

(49,847)

525,116
7,825

36,005
(85,852)

532,941

(49,847)

換算海外業務產生的外匯差額

指定按公平值計入其他全面收益
的權益工具：
公平值變動
所得稅影響

2026年中期報告 INTERIM REPORT 2026

31

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

Notes
附註
NON-CURRENT ASSETS
非流動資產
Property, plant and equipment
物業、廠房及設備
Right-of-use assets
使用權資產
Investment properties
投資物業
Intangible assets
無形資產
Investment in associates
於聯營公司的投資
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
Financial asset at fair value through profit 按公平值計入損益的
or loss
金融資產
Long-term prepayments
長期預付款項

8

30 June
31 December
2026
2025
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）
US$’000
US$’000
千美元
千美元
7,286,266
57,262
226,803
30,483
183,072

6,676,442
64,482
219,772
35,509
150,222

787,420

478,799

8,809
224,645

–
221,849

8,804,760

7,847,075

222,405
584,782
322,463

215,511
544,368
282,053

701,266
12,552
45,355
4,532,224

561,328
10,135
99,494
4,893,808

6,421,047

6,606,697

289,753
829,746
1,902,063
7,331
2,006
115,740
12,913
14,549

330,370
1,008,586
403,748
–
3,229
89,049
6,225
15,014

Total non-current assets

非流動資產總額

CURRENT ASSETS
Completed properties held for sale
Inventories
Trade and notes receivables
Prepayments, other receivables and
other assets
Due from related parties
Time and pledged deposits
Cash and cash equivalents

流動資產
已竣工待售物業
存貨
貿易應收款項及應收票據
預付款項、其他應收款項
及其他資產
應收關聯方款項
定期及已抵押存款
現金及現金等價物

Total current assets

流動資產總額

CURRENT LIABILITIES
Trade payables
Other payables and accruals
Interest-bearing bank borrowings
Current portion of long-term payables
Lease liabilities
Government grants
Due to related parties
Income tax payable

流動負債
貿易應付款項
其他應付款項及暫估費用
計息銀行借款
長期應付款項的即期部分
租賃負債
政府補助
應付關聯方款項
應付所得稅

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
LIABILITIES

資產總額減流動負債
12,051,706

12,597,551

9

13

10

13

continued/…
續╱…
32

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

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

Notes
附註

30 June
31 December
2026
2025
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）
US$’000
US$’000
千美元
千美元

NON-CURRENT LIABILITIES
Interest-bearing bank borrowings
Lease liabilities
Deferred tax liabilities
Long-term payables

非流動負債
計息銀行借款
租賃負債
遞延稅項負債
長期應付款項

1,665,485
7,938
67,251
613,603

2,787,096
15,679
35,964
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
Equity attributable to owners of the
parent
Share capital
Reserves

權益
母公司擁有人應佔權益
4,987,827
2,150,209

4,987,482
1,625,181

Total equity attributable to owners of the
parent
Non-controlling interests

母公司擁有人應佔權益總額
非控股權益

7,138,036
2,559,393

6,612,663
2,551,568

Total equity

權益總額

9,697,429

9,164,231

Peng Bai
白鵬
Director
董事

股本
儲備

11

Jun Ye
葉峻
Director
董事

2026年中期報告 INTERIM REPORT 2026

33

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

Share capital Merger reserve

At 1 January 2026
Profit/(loss) for the period
Other comprehensive
income for the period:
Exchange differences
on translation of foreign
operations
Change in fair value of
equity investments at
fair value through other
comprehensive income,
net of tax
Share of other
comprehensive income
of an associate

於二零二六年一月一日
期內溢利╱（虧損）
期內其他全面收益：

其他資本儲備及
供款盈餘
US$’000
千美元

分佔聯營公司的
其他全面收益
US$’000
千美元

35,685*
–

689*
–

203,853*
–

99,257*

Revaluation
surplus#

Statutory
reserve funds

Exchange
fluctuation
reserve

Retained
profits

Total

重估盈餘#
US$’000
千美元

法定儲備基金
US$’000
千美元

匯兌波動儲備
US$’000
千美元

留存溢利
US$’000
千美元

總計
US$’000
千美元

非控股權益
US$’000
千美元

權益總額
US$’000
千美元

277,541*
–

(11,942)*
–

374,459*
59,568

6,612,663
59,568

2,551,568
(72,957)

9,164,231
(13,389)

Non-controlling
interests Total equity

股本
US$’000
千美元
(note 11)
（附註11）

合併儲備
US$’000
千美元

購股權儲備
US$’000
千美元

4,987,482
–

645,494*
–

145*

–

–

–

–

–

–

–

–

196,963

–

196,963

80,782

277,745

–

–

–

–

–

242,946

–

–

–

–

242,946

–

242,946

–

–

–

–

25,639

–

–

–

–

–

25,639

–

25,639

–

–

–

–

25,639

242,946

–

–

196,963

59,568

525,116

7,825

532,941

345

–

(88)

–

–

–

–

–

–

–

257

–

257

–

–

–

–

–

–

–

11,390

–

(11,390 )

–

–

–

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

4,938,457
–

645,494
–

11,591
–

35,685
–

689
–

64,635
–

99,257
–

256,366
–

(145,901)
–

340,753
11,702

6,247,026
11,702

2,659,593
(96,665)

8,906,619
(84,963)

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

24,303

–

24,303

10,813

35,116

–

–

–

–

–

–

–

–

24,303

11,702

36,005

(85,852)

(49,847)

22,398

–

(5,527)

–

–

–

–

–

–

–

16,871

–

16,871

–

–

–

–

–

–

–

9,945

–

(9,945)

–

–

–

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

–

–

換算海外業務產生的
外匯差額
按公平值計入其他
全面收益的股權
投資的公平值變
動，扣除稅項
分佔一間聯營公司的
其他全面收益

Total comprehensive
期內全面收益總額
income for the period
Issue of shares for exercise 發行股份以行使購
of share options (note 11)
股權（附註11）
Transfer from retained profits 轉撥自一間子公司
generated by a subsidiary 產生的留存溢利
At 30 June 2026 (unaudited)

於二零二六年六月
三十日（未經審核）

At 1 January 2025
Profit/(loss) for the period
Other comprehensive
income for the period:
Exchange differences on
translation of foreign
operations

於二零二五年一月一日
期內溢利╱（虧損）
期內其他全面收益：
換算海外業務產生
的外匯差額

Total comprehensive
期內全面收益╱
income/(loss) for the period （虧損）總額
Issue of shares for exercise 發行股份以行使
of share options (note 11)
購股權（附註11）
轉撥自一間子公司
Transfer from retained
產生的留存溢利
profits generated by a
subsidiary
At 30 June 2025 (unaudited)

Share option
reserve

Other capital Share of other
reserve and comprehensive
income of
contributed
associates
surplus

Fair value
reserve of
financial assets
at fair value
through other
comprehensive
income
按公平值計入其他
全面收益的金融
資產的公平值儲備
US$’000
千美元

於二零二五年六月
三十日（未經審核）

*

These reserve accounts comprise the consolidated reserves of
US$2,150,209,000 (31 December 2025: US$1,625,181,000) in the
interim condensed consolidated statement of financial position.

34

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

*

該等儲備賬構成於中期簡明綜合財務狀況
表內之綜合儲備2,150,209,000美元（二零
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
30 June
截至六月三十日止六個月

CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax
Adjustments for:
Finance costs
Share of profits of associates
Interest income
Loss on disposal of items of property, plant and
equipment
Gain on lease modifications
Depreciation of property, plant and equipment
Amortisation of intangible assets
Depreciation of right-of-use assets
Impairment of trade receivables and notes
receivables
Impairment of items of property, plant and
equipment

經營活動所得現金流量
稅前虧損
就以下各項作出的調整：
財務費用
分佔聯營公司溢利
利息收入
出售物業、廠房及設備
項目的虧損
租賃修改的收益
物業、廠房及設備折舊
無形資產攤銷
使用權資產折舊
貿易應收款項及
應收票據減值
物業、廠房及設備項目
的減值

Increase in inventories
Decrease in completed properties held for sale
(Increase)/decrease in trade and notes receivables

存貨增加
已竣工待售物業減少
貿易應收款項及應收票據
（增加）╱減少
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
(Increase)/decrease in amounts due from
應收關聯方款項（增加）╱
related parties
減少
Increase in pledged deposits
已抵押存款增加
Decrease in trade payables
貿易應付款項減少
Increase in other payables and accruals
其他應付款項及暫估費用
增加
Increase in government grants
政府補助增加
Increase/(decrease) in amounts due to related parties 應付關聯方款項增加╱
（減少）

Cash generated from operations
Income tax paid

經營活動產生的現金
已付所得稅

Net cash flows generated from
operating activities

經營活動所得現金流量淨額

2026
二零二六年
(Unaudited)
（未經審核）
US$’000
千美元

2025
二零二五年
(Unaudited)
（未經審核）
US$’000
千美元

(10,492)

(81,111)

57,104
(9,644)
(21,994)

41,551
(1,243)
(30,913)

46
(924)
438,862
6,516
2,696

12
–
344,036
4,794
2,953

2,426

1,132

67

–

464,663

281,211

(40,414)
–

(46,374)
244

(42,924)

4,987

(9,766)

(3,184)

(2,417)
(3,655)
(40,617)

3,964
(132)
(35,020)

152,981
–

41,675
56

6,688

(565)

484,539
(16,058)

246,862
(27,046)

468,481

219,816
continued/…
續╱…

2026年中期報告 INTERIM REPORT 2026

35

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
30 June
截至六月三十日止六個月

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received
Purchases of items of property, plant and
equipment and intangible assets
Acquisition of interests in an associate
Dividend received from an associate
Purchase of an equity investment designated at
fair value through other comprehensive income
Purchase of a financial assets at fair value through
profit or loss
Receipt of government grants for property, plant
and equipment
Proceeds from disposal of items of property, plant
and equipment
Withdrawal of time deposits

投資活動所得現金流量
已收利息
購買物業、廠房及設備項目
及無形資產
收購一間聯營公司權益
已收一間聯營公司股息
購買指定為按公平值計入其
他全面收益的權益工具
購買按公平值計入損益的金
融資產
收取物業、廠房及設備的政
府補助
出售物業、廠房及設備項目
所得款項
提取定期存款

Net cash flows used in investing activities

投資活動所用現金流量淨額

CASH FLOWS FROM FINANCING ACTIVITIES
New bank loans
Proceeds from issue of shares for exercise of share
options
Repayment of bank loans
Interest paid
Principal portion of lease payments

融資活動所得現金流量
新增銀行貸款
發行股份以行使購股權
所得款項
償還銀行貸款
已付利息
支付租賃本金部分

Net cash flows generated from financing
activities

融資活動所得現金流量淨額

NET DECREASE IN CASH AND CASH
EQUIVALENTS
Cash and cash equivalents at beginning of period
Effect of foreign exchange rate changes, net

現金及現金等價物減少淨額

CASH AND CASH EQUIVALENTS AT END OF
PERIOD

期末現金及現金等價物

36

期初現金及現金等價物
外匯匯率變動影響，淨額

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

2026
二零二六年
(Unaudited)
（未經審核）
US$’000
千美元

2025
二零二五年
(Unaudited)
（未經審核）
US$’000
千美元

18,658

35,917

(1,281,437)
–
7,286

(918,579)
(2,794)
–

(7,286)

–

(8,809)

–

25,394

5,590

247
57,794

19
–

(1,188,153)

(879,847)

850,870

999,081

3,449
(569,813)
(49,742)
(2,061)

15,295
(936,833)
(41,875)
(1,716)

232,703

33,952

(486,969)
4,893,808
125,385

(626,079)
4,459,132
13,847

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
30 June 2026
二零二六年六月三十日

1. CORPORATE INFORMATION

1. 公司資料

Hua Hong Grace Semiconductor Limited (the “Company”,
formerly known as Hua Hong Semiconductor Limited) is a
limited liability company incorporated in Hong Kong on 21
January 2005. The registered office of the Company is located
at Room 2212, Bank of America Tower, 12 Harcourt Road,
Central, Hong Kong. The principal place of business is located
at No. 288, Halei Road, Pudong New Area, Shanghai.

華虹宏力半導體有限公司（「本公司」，
前稱華虹半導體有限公司）為一家於二零
零五年一月二十一日在香港註冊成立的
有限公司。本公司的註冊辦事處為香港
中環夏愨道12號美國銀行中心2212室。
主要營業地點為上海市浦東新區哈雷路
288號。

The principal activity of the Company is investment holding.
During the six months ended 30 June 2026, the Company’s
subsidiaries (collectively refer to as the “Group”) were
principally engaged in the manufacture and trading of
semiconductor products.

本公司的主要活動為投資控股。於截至
二零二六年六月三十日止六個月內，本
公司的子公司（統稱為「本集團」）主要從
事半導體產品的生產及貿易。

In the opinion of the directors, the parent of the Company is
Shanghai Huahong (Group) Co., Ltd. (“Huahong Group”),
which is a state-owned company established in the People’s
Republic of China (“PRC”) and supervised by the Shanghai
State-owned Assets Supervision and Administration
Commission (“Shanghai SASAC”). The ultimate parent of the
Company is Shanghai SASAC.

董事認為，本公司的母公司為上海華虹
（集團）有限公司（「華虹集團」），該公司
為於中華人民共和國（「中國」）成立並由
上海市國有資產監督管理委員會（「上海
市國資委」）監管的國有公司。本公司的
最終母公司為上海市國資委。

2026年中期報告 INTERIM REPORT 2026

37

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

1. CORPORATE INFORMATION (CONTINUED)
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：

Name
名稱

Grace Semiconductor Manufacturing Corporation
(“Grace Cayman”)
Grace Semiconductor Manufacturing Corporation
（「Grace Cayman」）

38

1. 公司資料（續）

Place of incorporation/
Issued ordinary/registered
registration and business
share capital (’000)
已發行普通╱
註冊成立╱登記地點及業務
註冊股本（千）

Percentage of equity
attributable to the Company
本公司應佔權益百分比
Direct
Indirect
直接
間接

Principal activities
主要業務活動

Cayman Islands

US$0.001

100%

–

Investment holding

開曼群島

0.001美元

100%

–

投資控股

RMB20,460,928

100%

–

人民幣20,460,928元

100%

–

Manufacture and sale of
semiconductor products
生產及銷售半導體產品

Shanghai Huahong Grace Semiconductor
Manufacturing Corporation (“HHGrace Shanghai”)*
上海華虹宏力半導體製造有限公司（「華虹宏力上海」）*

PRC/Chinese mainland

Hua Hong Semiconductor (Wuxi) Limited**（Hua Hong
Wuxi）
華虹半導體（無錫）有限公司**（華虹無錫）

PRC/Chinese mainland

US$2,536,852

22.2%

28.8%

中國╱中國內地

2,536,852美元

22.2%

28.8%

Manufacture and sale of
semiconductor products
生產及銷售半導體產品

Huahong Real Estate (Wuxi) Co., Ltd. (“Huahong Real
Estate Wuxi”)***
華宏置業（無錫）有限公司（「華宏置業無錫」）***

PRC/Chinese mainland

RMB30,000

–

51%

Real estate development

人民幣30,000元

–

51%

房地產開發

中國╱中國內地

中國╱中國內地

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

1. CORPORATE INFORMATION (CONTINUED)

1. 公司資料（續）
有關子公司的資料（續）

Information about subsidiaries (Continued)
Place of incorporation/
Issued ordinary/registered
registration and business
share capital (’000)
已發行普通╱
註冊成立╱登記地點及業務
註冊股本（千）

Name
名稱

Percentage of equity
attributable to the Company

Principal activities

本公司應佔權益百分比
Direct
Indirect
直接
間接

主要業務活動

Manufacture and sale of
semiconductor products
生產及銷售半導體產品

Huahong Semiconductor Manufacturing (Wuxi) Co.,
Ltd**（Wuxi Phase II）
華虹半導體製造（無錫）有限公司）**（無錫二期）

PRC/Chinese mainland

US$4,020,000

21.9%

29.1%

中國╱中國內地

4,020,000美元

21.9%

29.1%

Wuxi Hua Hong Grace (Phase III) Semiconductor
Limited (“Wuxi Phase III”, formerly known as Hua
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
華虹宏力半導體（無錫）有限公司）***

PRC/Chinese mainland

RMB6,680

–

100%

Manufacture and sale of
semiconductor products

中國╱中國內地

人民幣6,680元

–

100%

生產及銷售半導體產品

Global Synergy Technology Limited (“GST”)
力鴻科技有限公司（「力鴻科技」）

PRC/Hong Kong
中國╱香港

HK$10
10港元

100%
100%

–
–

Trading
貿易

HHGrace Semiconductor USA, Inc.
HHGrace Semiconductor USA, Inc.

USA
美國

–
–

100%
100%

–
–

Sales office
銷售辦事處

*

HHGrace Shanghai is registered as a wholly-foreign-owned
company under PRC law.

*

華虹宏力上海根據中國法律註冊為外商
獨資公司。

**

Hua Hong Wuxi and Wuxi Phase II are registered as Sino-foreign
joint companies under PRC law.

**

華虹無錫及無錫二期根據中國法律註冊
為中外合資公司。

***

Huahong Real Estate Wuxi and Wuxi Phase III registered as a
domestic company under PRC law.

***

華宏置業無錫及無錫三期根據中國法律
註冊為內資公司。

2026年中期報告 INTERIM REPORT 2026

39

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

2.1 BASIS OF PREPARATION

40

2.1 編製基準

The interim condensed consolidated financial information for
the six months ended 30 June 2026 has been prepared in
accordance with HKAS 34 Interim Financial Reporting . The
interim condensed consolidated financial information does
not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction
with the Group’s annual consolidated financial statements for
the year ended 31 December 2025.

截至二零二六年六月三十日止六個月的
中期簡明綜合財務資料已根據香港會計
準則第34號中期財務報告 編製。中期簡
明綜合財務資料並不包括年度財務報表
規定的所有資料及披露事項，並應與本
集團截至二零二五年十二月三十一日止
年度的年度綜合財務報表一併閱讀。

The financial information relating to the year ended 31
December 2025 that is included in the interim condensed
consolidated statement of financial position as comparative
information does not constitute the Company’s statutory annual
consolidated financial statements for that year but is derived
from those financial statements. Further information relating to
those statutory financial statements required to be disclosed
in accordance with section 436 of the Hong Kong Companies
Ordinance is as follows:

中期簡明綜合財務狀況表所載有關截至
二零二五年十二月三十一日止年度的財
務資料（作為比較資料），並不構成本公
司於該年度之法定年度綜合財務報表，
惟摘錄自該等財務報表。根據香港公司
條例第436 條須予披露的有關該等法定
財務報表的進一步資料如下：

The Company has delivered the financial statements for the
year ended 31 December 2025 to the Registrar of Companies
as required by section 662(3) of, and Part 3 of Schedule 6 to,
the Hong Kong Companies Ordinance. The Company’s auditor
has reported on the financial statements for the year ended 31
December 2025. The auditor’s report was unqualified; did not
include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying its report; and
did not contain a statement under sections 406(2), 407(2) or
407(3) of the Hong Kong Companies Ordinance.

本公司已按香港公司條例第662(3)條及
附表6第3部的規定，將截至二零二五年
十二月三十一日止年度的財務報表送呈
公司註冊處處長。本公司的核數師已就
截至二零二五年十二月三十一日止年度
財務報表提交報告。該核數師報告中並
無保留意見；並未提述核數師在不就其
報告作保留意見的情況下以強調方式提
請注意的任何事項；亦未載有按香港公
司條例第406(2)、407(2)或407(3)條所
指的陳述。

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

2.2 CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES
The accounting policies adopted in the preparation of the
interim condensed consolidated financial information are
consistent with those applied in the preparation of the Group’s
annual consolidated financial statements for the year ended
31 December 2025, except for the adoption of the following
amended HKFRS Accounting Standard for the first time for the
current period’s financial information.

2.2 會計政策的變動及披露
編製中期簡明綜合財務資料所採納的會
計政策與編製本集團截至二零二五年十
二月三十一日止年度的年度綜合財務報
表所採用者一致，惟就本期財務資料首
次採納下列經修訂香港財務報告準則會
計準則除外。

Amendments to HKFRS 9 and
HKFRS 7

Amendments to the
Classification and
Measurement of Financial
Instruments

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
務報告準則第7號（修訂本）

Amendments to HKFRS 9 and
HKFRS 7

Contracts Referencing
Nature-dependent
Electricity

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
務報告準則第7號（修訂本）

Annual Improvements
to HKFRS Accounting
Standards – Volume 11

Amendments to HKFRS 1,
HKFRS 7, HKFRS 9, HKFRS
10 and HKAS 7

香港財務報告準則之會計準則的
年度改進－第11卷

The adoption of above revised standards has no significant
financial effect to the Group’s interim condensed consolidated
financial information.

香港財務報告準則第1號、香港
財務報告準則第7號、香港財
務報告準則第9號、香港財務
報告準則第10號及香港會計
準則第7號（修訂本）

採納上述經修訂準則並無對本集團的中
期簡明綜合財務資料產生重大財務影響。

2026年中期報告 INTERIM REPORT 2026

41

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

3. OPERATING SEGMENT INFORMATION

3. 經營分部資料

For management purposes, the Group is organised into one
single business unit that includes primarily the manufacture
and sale of semiconductor products. Management reviews the
consolidated results when making decisions about allocating
resources and assessing the performance of the Group.
Accordingly, no segment analysis is presented.

出於管理需要，本集團僅構組一個業務
單元，主要包括製造及銷售半導體產
品。管理層在作出分配資源的相關決策
及評估本集團表現時審核綜合業績。因
此，並無呈列分部分析。

The principal assets employed by the Group are located in
the PRC. Therefore, no segment information based on the
geographical location of assets is presented for the period.

本集團使用的主要資產位於中國，故並
無按資產的地理位置於期內呈列分部資
料。

Revenues regarding geographical segments based on the
location of customers for the period are presented as follows:

期內按客戶所在地劃分的地區分部收入
呈列如下：
For the six months ended
30 June
截至六月三十日止六個月

42

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

China (including Hong Kong)
North America
Asia (excluding China)
Europe

中國（包括香港）
北美洲
亞洲（不包括中國）
歐洲

1,088,913
179,543
60,194
49,812

912,132
109,434
55,471
29,965

Total

總計

1,378,462

1,107,002

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

4. REVENUE AND OTHER INCOME AND GAINS
An analysis of revenue and other income and gains is as
follows:

4. 收入、其他收入及收益
對收入、其他收入及收益的分析如下：

For the six months ended
30 June
截至六月三十日止六個月
2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

Revenue from contracts with customers
Sale of goods

客戶合約收入
銷售貨品

1,378,462

1,107,002

Type of goods
Sales of semiconductor products and total
revenue from contracts with customers

貨品類型
半導體產品的銷售及來自
客戶合約的總收入

1,378,462

1,107,002

Timing of revenue recognition
Goods transferred at a point in time and total
revenue from contracts with customers

收入確認時間
在某一時點轉讓的貨品及
來自客戶合約的總收入

1,378,462

1,107,002

Other income and gains
Rental income from investment property
operating leases:
– Fixed lease payments
Interest income
Government subsidies
Foreign exchange gain, net
Gain on lease modifications
Others

其他收入及收益
投資物業經營租賃的租金
收入：
－固定租賃付款
利息收入
政府補貼
外匯淨收益
租賃修改的收益
其他

7,156
21,994
10,316
5,609
924
1,213

6,973
30,913
21,096
–
–
934

47,212

59,916

The disaggregation of the Group’s revenue based on the
geographical region for the six months ended 30 June 2026 is
included in note 3.

截至二零二六年六月三十日止六個月，
本集團按地區劃分的收入明細載於附註
3。

2026年中期報告 INTERIM REPORT 2026

43

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

5. 稅前虧損

5. LOSS BEFORE TAX
The Group’s loss before tax is arrived at after charging/
(crediting):

本集團的稅前虧損乃於扣除╱（計入）下
列各項後達致：
For the six months ended
30 June
截至六月三十日止六個月

Cost of inventories sold
Write-down of inventories to net realisable value
Impairment losses on trade receivables and
notes receivables
Impairment of property, plant and equipment
Loss on disposal of items of property, plant and
equipment
Gain on lease modifications
Exchange differences, net

44

已售存貨成本
存貨撇減至可變現淨值
貿易應收款項及應收票據
減值損失
物業、廠房及設備減值
出售物業、廠房及設備
項目的虧損
租賃修改的收益
外匯差額淨額

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

1,173,999
2,545

995,394
5,098

2,426
67

1,132
–

46
(924)
(5,609)

12
–
17,263

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

6. INCOME TAX

6. 所得稅

Profits arising in Hong Kong were subject to profits tax at
the rate of 16.5% during the six months ended 30 June 2026
(six months ended 30 June 2025: 16.5%). No provision for
Hong Kong profits tax has been made as the Company and
a subsidiary incorporated in Hong Kong had no assessable
income during the six months ended 30 June 2026 (six months
ended 30 June 2025: nil).

截至二零二六年六月三十日止六個月，
在香港產生的溢利須按16.5%（截至二零
二五年六月三十日止六個月：16.5%）的
稅率繳納利得稅。由於本公司及一家在
香港註冊成立的子公司截至二零二六年
六月三十日止六個月並無取得應評稅收
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
is not subject to corporate income tax (“CIT”) as it does not
have a place of business (other than a registered office) or
carry on any business in the Cayman Islands.

由於本公司在開曼群島註冊成立的子公
司在開曼群島並無擁有營業地點（註冊辦
事處除外）或經營任何業務，故有關子公
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
operations in Chinese mainland are subject to PRC enterprise
income tax on the taxable income as reported in their PRC
statutory accounts adjusted in accordance with relevant PRC
income tax laws based on a statutory rate of 25% except for
the ones which are subject preferential tax below:

所有本集團在中國註冊且在中國內地營
運的子公司，應就其根據相關中國所得
稅法調整的中國法定賬目所呈報應課稅
收入按25%的法定稅率繳納中國企業所
得稅，惟享有以下優惠稅率的子公司除
外：

•

Pursuant to the relevant laws and regulations in the PRC
and with approval from the tax authorities in charge, the
Group’s subsidiaries, HHGrace Shanghai, is qualified as
“High and New Technology Enterprises” and are therefore
entitled to a preferential tax rate of 15% from December
2023 to December 2026. The renewal processes for the
qualification of HHGrace Shanghai has been started and
management believe that a preferential tax rate of 15% is
expected to be effective in the foreseeable future;

•

根據中國相關法律法規及獲稅務主
管機關批准，本集團子公司華虹宏
力上海符合資格成為「高新技術企
業」，故有權於二零二三年十二月
至二零二六年十二月期間按 15%
的優惠稅率繳稅。華虹宏力上海的
資格續期程序已啟動，管理層預期
15%的優惠稅率將於可預見未來持
續生效；

•

Pursuant to the relevant laws and regulations in the PRC
and with the approval from the tax authorities in charge,
the Group’s subsidiaries, Hua Hong Wuxi and Wuxi Phase
II, are entitled to an exemption from CIT for five years,
commencing from the first year that Hua Hong Wuxi and
Wuxi Phase II generate taxable profits, and a deduction
of 50% on the CIT rate for the following five years. Hua
Hong Wuxi and Wuxi Phase II were in accumulated tax
loss positions as at 30 June 2026 and the tax holiday has
not yet begun.

•

根據中國相關法律法規及獲稅務主
管機關批准，本集團子公司華虹無
錫及無錫二期可從華虹無錫及無錫
二期產生應課稅溢利的第一年起獲
豁免繳納五年企業所得稅，及隨後
五年內享受企業所得稅稅率減免
50%的優惠。於二零二六年六月三
十日，華虹無錫及無錫二期處於累
計稅務虧損狀態，且免稅期尚未開
始。

2026年中期報告 INTERIM REPORT 2026

45

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

6. 所得稅（續）

6. INCOME TAX (CONTINUED)
The Company’s subsidiary incorporated and operating in the
United States was subject to federal corporation income tax at
a rate of 21% during the six months ended 30 June 2026 (six
months ended 30 June 2025: 21%), as well as a California state
tax at 8.84% (six months ended 30 June 2025: 8.84%).

本公司於美國註冊成立及營運的子公
司，截至二零二六年六月三十日止六個
月須按21%（截至二零二五年六月三十
日止六個月：21%）的聯邦企業所得稅率
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
are as follows:

本集團所得稅開支的主要組成部分如
下：
For the six months ended
30 June
截至六月三十日止六個月

Current income tax expense – Chinese mainland 當期所得稅開支－中國內地
Current income tax expense – elsewhere
當期所得稅開支－其他地區
Deferred tax
遞延稅項
Total income tax expense

所得稅開支總額

7. EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE
PARENT
The calculation of the basic earnings per share amounts is
based on the profit for the period attributable to ordinary equity
holders of the parent and the weighted average number of
ordinary shares of 1,737,646,356 outstanding during the six
months ended 30 June 2026 (six months ended 30 June 2025:
1,724,087,447).

46

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

15,279
10
(12,392)

11,911
21
(8,080)

2,897

3,852

7. 母公司普通股權持有人應佔每
股盈利
每股基本盈利金額乃基於母公司普通
股權持有人應佔期內溢利及截至二零
二六年六月三十日止六個月已發行
1,737,646,356股（截至二零二五年六月
三十日止六個月：1,724,087,447股）普
通股的加權平均數計算。

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

7. EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE
PARENT (CONTINUED)

7. 母公司普通股權持有人應佔每
股盈利（續）

The calculation of the diluted earnings per share amount
is based on the profit for the period attributable to ordinary
equity holders of the parent. The weighted average number
of ordinary shares used in the calculation is the number of
ordinary shares outstanding during the six months ended
30 June 2026, as used in the basic earnings per share
calculation, and the weighted average number of ordinary
shares assumed to have been issued at no consideration on
the deemed exercise or conversion of all dilutive potential
ordinary shares into ordinary shares.

每股已攤薄盈利金額乃根據母公司普通
股權持有人應佔期內溢利計算。計算時
採用之普通股加權平均數為計算每股基
本盈利時採用之截至二零二六年六月三
十日止六個月期間已發行普通股數目加
上假設所有潛在攤薄普通股被視為行使
或兌換為普通股時以零代價發行之普通
股加權平均數。

The calculations of basic and diluted earnings per share are
based on:

每股基本及攤薄盈利的計算乃基於：

For the six months ended
30 June
截至六月三十日止六個月

Earnings
Profit attributable to ordinary equity holders of
the parent, used in the basic earnings per
share calculation

盈利
用於計算每股基本盈利的
母公司普通股權持有人
應佔溢利

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

59,568

11,702

2026年中期報告 INTERIM REPORT 2026

47

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

7. EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE
PARENT (CONTINUED)

7. 母公司普通股權持有人應佔每
股盈利（續）

Number of shares
股份數目
For the six months ended
30 June
截至六月三十日止六個月
2025
二零二五年

1,724,087,447

Shares
Weighted average number of ordinary shares
outstanding during the period used in the
basic earnings per share calculation
Effect of dilution-weighted average number of
ordinary shares:
Share options

股份
用於計算每股基本盈利的
期內已發行普通股加權
平均數
普通股攤薄加權平均數的
影響：
購股權

1,737,646,356

56,408

5,439,856

Total

總計

1,737,702,764

1,729,527,303

8. PROPERTY, PLANT AND EQUIPMENT

48

2026
二零二六年

8. 物業、廠房及設備

During the six months ended 30 June 2026, the major changes
in property, plant and equipment include:

截至二零二六年六月三十日止六個月，
物業、廠房及設備的主要變動包括：

•

The Group acquired items of property, plant and
equipment with a cost of US$833,563,000 (six months
ended 30 June 2025: US$611,216,000).

•

本集團購置物業、廠房及設備項目
的成本為833,563,000 美元（截至
二零二五年六月三十日止六個月：
611,216,000美元）。

•

Depreciation for items of property, plant and equipment
was US$441,066,000 during the six months ended
30 June 2026 (six months ended 30 June 2025:
US$344,036,000). US$2,204,000 of depreciation was
capitalised during the six months ended 30 June 2026
(six months ended 30 June 2025: nil) as certain items of
property, plant and equipment were used for construction
in progress.

•

截至二零二六年六月三十日止六
個月，物業、廠房及設備項目的
折舊為441,066,000 美元（截至二
零二五年六月三十日止六個月：
344,036,000 美元）。截至二零二
六年六月三十日止六個月，由於若
干物業、廠房及設備項目用於在
建工程，已資本化的折舊金額為
2,204,000美元（截至二零二五年六
月三十日止六個月：無）。

•

The additions in exchange realignment for items of
property, plant and equipment was US$219,199,000
during the six months ended 30 June 2026 (six months
ended 30 June 2025: US$24,973,000).

•

截至二零二六年六月三十日止六個
月，物業、廠房及設備項目的匯兌
調整添置為219,199,000美元（截至
二零二五年六月三十日止六個月：
24,973,000美元）。

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

9. 貿易應收款項及應收票據

9. TRADE AND NOTES RECEIVABLES

30 June
31 December
2026
2025
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
Notes receivables

貿易應收款項
應收票據

268,484
58,944

236,909
47,595

Impairment

減值

327,428
(4,965)

284,504
(2,451)

Total

總計

322,463

282,053

An ageing analysis of the trade and notes receivables, based
on the due date and net of provisions, is as follows:

按到期日計，貿易應收款項及應收票據
（扣除撥備）的賬齡分析如下：
30 June
31 December
2026
2025
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
Less than 3 months past due
3 to 6 months past due

尚未逾期
逾期少於3個月
逾期3至6個月

310,236
9,538
2,689

273,204
6,045
2,804

Total

總計

322,463

282,053

2026年中期報告 INTERIM REPORT 2026

49

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

10. 貿易應付款項

10. TRADE PAYABLES
An ageing analysis of the trade payables of the Group as at
the end of the reporting period, based on the invoice date, is
as follows:

於報告期末按發票日期計，本集團貿易
應付款項的賬齡分析如下：

30 June
31 December
2026
2025
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
Over 1 but within 3 months
Over 3 but within 6 months
Over 6 but within 12 months
Over 12 months

1個月以內
超過1個月但於3個月內
超過3個月但於6個月內
超過6個月但於12個月內
12個月以上

170,091
68,632
10,335
33,441
7,254

172,247
77,156
11,171
11,116
58,680

Total

總計

289,753

330,370

The trade payables are unsecured, non-interest-bearing and
are normally settled on terms of 30 to 60 days.

50

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

貿易應付款項為無抵押、不計息及一般
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
30 June 2026
二零二六年六月三十日

11. 股本

11. SHARE CAPITAL

Number of
shares in
issue

Amount of
share capital

已發行股份數目

股本金額
US$’000
千美元

1 January 2026
Issue of shares for exercise of share options

二零二六年一月一日
發行股份以行使購股權

1,737,614,193
112,209

4,987,482
345

30 June 2026 (unaudited)

二零二六年六月三十日
（未經審核）

1,737,726,402

4,987,827

1 January 2025
Issue of shares for exercise of share options

二零二五年一月一日
發行股份以行使購股權

1,718,468,815
8,610,783

4,938,457
22,398

30 June 2025 (unaudited)

二零二五年六月三十日
（未經審核）

1,727,079,598

4,960,855

12. 承擔

12. COMMITMENTS
The Group had the following contractual commitments at the
end of the reporting period:

本集團於報告期末有以下合約承擔：

30 June
31 December
2026
2025
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:
Property, plant and equipment

已訂約，但未撥備：
物業、廠房及設備

3,248,394

1,238,613

2026年中期報告 INTERIM REPORT 2026

51

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

13. 關聯方交易

13. RELATED PARTY TRANSACTIONS
(a) Name and relationship

(a) 名稱及關係

Name of related party
關聯方名稱

Relationship with the Group
與本集團的關係

Shanghai Huahong Zealcore Electronics Co., Ltd.
(“Huahong Zealcore”)
上海華虹摯芯科技有限公司（「華虹摯芯」）
ZealCore Electronics Shanghai Co., Ltd.
(“Zealcore Shanghai”)
上海華虹摯芯電子科技有限公司（「摯芯上海」）
Shanghai Hongri International Electronics Co., Ltd.
(“Hongri”)
上海虹日國際電子有限公司（「虹日」）
Shanghai Hua Hong Jitong Smart System Co., Ltd.
(“Jitong”)
上海華虹計通智能系統股份有限公司（「計通」）
Shanghai Huali Microelectronics Co., Ltd.
(“Huali Micro”)
上海華力微電子有限公司（「華力微」）
Company A*
公司A*
Company B*
公司B*

A subsidiary of Huahong Group

Huahong Technology Development Co., Ltd.
(“Huahong Technology Development”)
華虹科技發展有限公司（「華虹科技發展」）
Shanghai Huahong Real Estate Co., Ltd.
(“Huahong Real Estate”)
上海華虹置業有限公司（「華虹置業」）
Shanghai Huajin Property Management Co., Ltd.
(“Huajin”)
上海華錦物業管理有限公司（「華錦」）

A subsidiary of Huahong Group and an
associate of the Group
華虹集團子公司及本集團聯營公司
A subsidiary of Huahong Technology Development

*

52

華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司

華虹科技發展子公司
A subsidiary of Huahong Technology Development
華虹科技發展子公司

Pursuant to certain regulations of Shanghai Stock Exchange
and the Group’s policy, the Company A and Company B’s
name are exempted from being disclosed, which contains
some business secrets. The Group has completed all
approval procedures for the exemption.

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

*

根據上海證券交易所的相關規定
及本集團的政策，公司A及公司B
的名稱因包含若干商業秘密而獲
豁免披露。本集團已就該項豁免
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
30 June 2026
二零二六年六月三十日

13. 關聯方交易（續）

13. RELATED PARTY TRANSACTIONS
(CONTINUED)

(b) 關聯方交易

(b) Related party transactions
In addition to the transactions disclosed elsewhere in
this financial information, the Group had the following
transactions with related parties during the six months
ended 30 June 2026:

除本財務資料其他部分所披露的交
易外，本集團截至二零二六年六月
三十日止六個月已與關聯方進行以
下交易：
For the six months ended
30 June
截至六月三十日止六個月
2026
2025
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))
Huahong Zealcore
Hongri

向關聯方出售貨品（附註(i)）
華虹摯芯
虹日

Purchases of goods from related parties
(note (ii))
Hongri
Company B
Company A
Huahong Zealcore
Zealcore Shanghai

自關聯方購買貨品（附註(ii)）

Rental income from a related party (note (iii))
Huali Micro

來自關聯方的租金收入（附註(iii)）
華力微

7,633
3,448

771
89

6,062
1,889
273
110
74

22,924
–
–
162
11

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

13,314

13,170

Expense paid on behalf of a related party
(note (vi))
Huali Micro

虹日
公司B
公司A
華虹摯芯
摯芯上海

代關聯方支付的開支（附註(vi)）
華力微

2026年中期報告 INTERIM REPORT 2026

53

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

13. RELATED PARTY TRANSACTIONS
(CONTINUED)
(b) Related party transactions (Continued)

54

13. 關聯方交易（續）
(b) 關聯方交易（續）

Note (i)

The sales of goods to related parties were made
according to the prices and terms agreed between
the related parties.

附註(i)

向關聯方出售的貨品乃根據
與關聯方協定的價格及條款
作出。

Note (ii)

The purchases of goods from related parties were
made according to the prices and terms offered by
the related parties.

附註(ii)

自關聯方購買的貨品乃根據
關聯方提供的價格及條款作
出。

Note (iii)

The rental income received from a related party was
based on the prices and terms agreed between the
related parties.

附註(iii)

來自關聯方的租金收入乃根
據與關聯方協定的價格及條
款收取。

Note (iv)

The service fees charged by related parties were
based on the prices and terms agreed between the
related parties.

附註(iv)

服務費乃由關聯方根據與關
聯方協定的價格及條款收
取。

Note (v)

The Group entered into leases in respect of certain
dormitory properties from Huahong Real Estate.
The amount of rent payable by the Group under the
leases is US$1,990,000 per year. As at 30 June 2026,
the balances of those right-of-use assets and lease
liabilities were US$7,059,000 (31 December 2025:
US$14,578,000) and US$9,162,000 (31 December
2025: US$17,520,000), respectively.

附註(v)

本集團就自華虹置業租賃的
若干宿舍物業訂立租約。本
集團於租賃項下應付的租金
為每年1,990,000 美元。於
二零二六年六月三十日，
該等使用權資產及租賃負
債的結餘分別為7,059,000
美 元（ 二 零 二 五 年 十 二 月
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：
17,520,000美元）。

Note (vi)

The expense paid on behalf of the related party is
interest-free and repayable on demand.

附註(vi)

代關聯方支付的開支為不計
息且須按要求償還。

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

13. 關聯方交易（續）

13. RELATED PARTY TRANSACTIONS
(CONTINUED)

(c) 與關聯方之間的未結清結餘

(c) Outstanding balances with related parties
The Group had the following significant balances with its
major related parties during the reporting period. These
balances are unsecured, interest-free and have no fixed
terms of repayment.

於報告期內，本集團與其主要關聯
方有以下重大結餘。該等結餘為無
擔保、不計息且無固定償還期限。

30 June
2026
二零二六年
六月三十日
US$’000
千美元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
US$’000
千美元
(Audited)
（經審核）

Amounts due from related parties
Huali Micro
Huahong Zealcore
Hongri
Huajin

應收關聯方款項
華力微
華虹摯芯
虹日
華錦

8,094
2,469
1,977
12

7,766
2,369
–
–

Total

總計

12,552

10,135

Amounts due to related parties
Huali Micro
Hongri
Company B
Huahong Zealcore
ZealCore Shanghai
Company A
Huajin
Jitong

應付關聯方款項
華力微
虹日
公司B
華虹摯芯
摯芯上海
公司A
華錦
計通

9,839
1,662
810
580
20
2
–
–

2,244
3,361
–
539
47
–
27
7

Total

總計

12,913

6,225

2026年中期報告 INTERIM REPORT 2026

55

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

13. 關聯方交易（續）

13. RELATED PARTY TRANSACTIONS
(CONTINUED)

(d) 本集團主要管理人員的酬金

(d) Compensation of key management personnel of the
Group

For the six months ended
30 June
截至六月三十日止六個月
2026
2025
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
Pension scheme contributions
Equity-settled share option expense

短期僱員福利
退休金計劃供款
以權益結算的購股權開支

Total compensation paid to key management
personnel

支付予主要管理人員的酬金總額

2,478
108
–

2,164
96
–

2,586

2,260

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS

14. 金融工具的公平值及公平值層
級

The carrying amounts and fair values of the Group’s financial
instruments, other than those with carrying amounts that
reasonably approximate to fair values, are as follows:

本集團金融工具（不包括賬面值與公平值
大致相若的金融工具）的賬面值及公平值
載列如下：

Carrying amounts
賬面值

Fair values
公平值

31 December
31 December
30 June 2026
2025 30 June 2026
2025
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）

56

Financial assets
Equity investments designated
at fair value through other
comprehensive income
Financial asset at fair value
through profit or loss

金融資產
指定為按公平值計入
其他全面收益的股權
投資
按公平值計入損益的
金融資產

Financial liabilities
Interest-bearing bank borrowings

金融負債
計息銀行借款

787,420

478,799

787,420

478,799

8,809

–

8,809

–

1,665,485

2,787,096

1,661,162

2,781,090

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）

The Group’s finance department headed by the finance
manager is responsible for determining the policies and
procedures for the fair value measurement of financial
instruments. The finance department reports directly to the
chief financial officer. At each reporting date, the finance
department analyses the movements in the values of financial
instruments and determines the major inputs applied in the
valuation. The valuation is reviewed and approved by the chief
financial officer.

本集團旗下以財務經理為首的財務部負
責釐定金融工具公平值計量的政策及程
序。財務部直接向財務總監報告。於各
報告日期，財務部分析金融工具的價
值變動並釐定估值中適用的主要輸入數
據。估值由財務總監審核及批准。

The fair values of the financial assets and liabilities are
included at the amount at which the instrument could be
exchanged in a current transaction between willing parties,
other than in a forced or liquidation sale. The following
methods and assumptions were used to estimate the fair
values of those financial assets and liabilities measured at fair
value:

金融資產及負債的公平值是按當前與自
願方交易（而非被迫或清盤出售）中可交
換有關工具的金額列賬。估計該等按公
平值計量的金融資產及負債的公平值乃
使用以下的方法及假設：

The fair values of listed equity investments designated at fair
value through other comprehensive income are based on
quoted market prices, adjusted by a discount for liquidity if
there is any lock-up period attached to the investments.

指定為按公平值計入其他全面收益的上
市股權投資的公平值，乃基於市場報價
釐定，並於投資附帶任何禁售期時就流
通性作出折讓調整。

The fair values of unlisted equity investments designated at
fair value through other comprehensive income or at fair value
through profit or loss have been estimated using the market
approach:

指定為按公平值計入其他全面收益或按
公平值計入損益的非上市股權投資之公
平值採用市場法估算：

•

If there is a precedent transaction regarding the unlisted
investments, the fair values are estimated based on the
precedent transaction price and the discount for lack of
control;

•

倘存在有關非上市投資的先前交
易，則公平值根據先前交易價格及
缺乏控制權折讓價估算；

•

Otherwise, the directors will determine comparable
public companies (peers) based on industry, size,
leverage and strategy, and calculate an appropriate price
multiple, such as price to book value (“P/B”) multiple,
for each comparable company identified. The multiple
is calculated by dividing the enterprise value of the
comparable company by net assets. The trading multiple
is then discounted for considerations such as illiquidity
based on company specific facts and circumstances. The
discounted multiple is applied to the corresponding net
assets of the unlisted equity investments to measure the
fair value.

•

否則，董事將根據行業、規模、影
響力及策略釐定可比較上市公司
（同行），且就已確定的各可資比較
公司計算適當的價格倍數，如市賬
率（「市賬率」）倍數。該倍數乃按可
資比較公司之企業價值除以淨資產
所得。交易倍數隨後根據公司特定
情況及狀況就非流動性等因素予以
貼現。貼現倍數適用於非上市股權
投資的相應淨資產以計量公平值。

2026年中期報告 INTERIM REPORT 2026

57

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）

The directors believe that the estimated fair values resulting
from the valuation technique, which are recorded in the interim
condensed consolidated statement of financial position, and
the related changes in fair values, which are recorded in other
comprehensive income, are reasonable, and that they were
the most appropriate values at the end of the reporting period.

董事認為，計入中期簡明綜合財務狀況
表的估值技術所產生的估計公平值以及
計入其他全面收益的公平值相關變動屬
合理，而於報告期末的價值最為恰當。

Fair value hierarchy
The following tables illustrate the fair value measurement
hierarchy of the Group’s financial instruments:

公平值層級
下表顯示本集團金融工具的公平值計量
層級：

Financial assets measured at fair value
As at 30 June 2026

按公平值計量的金融資產
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
in active
markets
於活躍市場
的市場報價
(Level 1)
（第1級）
US$’000
千美元
(Unaudited)
（未經審核）

指定為按公平值計入其他
Equity investments designated
全面收益的股權投資
at fair value through other
comprehensive income
Financial asset at fair value through 按公平值計入損益的
profit or loss
金融資產

58

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

Significant
Significant
observable unobservable
inputs
inputs
重大可觀察
重大不可觀察
輸入數據
輸入數據
(Level 2)
(Level 3)
（第2級）
（第3級）
US$’000
US$’000
千美元
千美元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）

Total
總計
US$’000
千美元
(Unaudited)
（未經審核）

–

94,503

692,917

787,420

–

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
30 June 2026
二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）
公平值層級（續）
按公平值計量的金融資產（續）
於二零二五年十二月三十一日

Fair value hierarchy (Continued)
Financial assets measured at fair value (Continued)
As at 31 December 2025

Fair value measurement using
公平值計量採用以下基準
Quoted prices
in active
markets
於活躍市場
的市場報價
(Level 1)
（第1級）
US$’000
千美元
(Audited)
（經審核）
Equity investments designated 指定為按公平值計入
其他全面收益的
at fair value through other
股權投資
comprehensive income
During the six months ended 30 June 2026, there were no
transfers of fair value measurements between Level 1 and
Level 2 and no transfers into or out of Level 3 for both financial
assets and financial liabilities (six months ended 30 June 2025:
nil).

–

Significant
Significant
observable unobservable
inputs
inputs
重大可觀察
重大不可
輸入數據 觀察輸入數據
(Level 2)
(Level 3)
Total
（第2級）
（第3級）
總計
US$’000
US$’000
US$’000
千美元
千美元
千美元
(Audited)
(Audited)
(Audited)
（經審核）
（經審核） （經審核）

34,366

444,433

478,799

截至二零二六年六月三十日止六個月，
金融資產及金融負債的第1級與第2級間
並無公平值計量轉移，且第3級並無轉入
或轉出（截至二零二五年六月三十日止六
個月：無）。

2026年中期報告 INTERIM REPORT 2026

59

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）

Fair value hierarchy (Continued)
The recurring fair value measurement for the Group’s
equity investments designated at fair value through other
comprehensive income, was made using significant
unobservable inputs (Level 3) as at 30 June 2026. Below is a
summary of the valuation techniques used and the key inputs
to the valuation:

公平值層級（續）
本集團指定為按公平值計入其他全面收
益的股權投資的週期公平值計量乃使用
二零二六年六月三十日的重大不可觀察
輸入數據（第3 級）作出。下表為估值所
用估值技術及主要輸入數據概要：

Equity investments designated
at fair value through other
comprehensive income

Valuation
technique
估值技術

Significant
unobservable input
重大不可觀察輸入數據

Valuation
multiples

5% (31 December 2025: 5%)
increase/decrease would
result in increase/decrease
in fair value by 5% (31
December 2025: 5%)
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
日：5%）的增加╱減少將導致
3.8x-9.9x
公平值增加╱減少5%（二零二
二零二五年十二月三十一日：
五年十二月三十一日：5%）
1.7x-4.7x
Discount for illiquidity
30 June 2026: 30% 5% (31 December 2025: 5%)
31 December 2025: 30%
increase/decrease would
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
日：5%）的增加╱減少將導致
30%
公平值減少╱增加7%（二零二
二零二五年十二月三十一日：
五年十二月三十一日：7%）
30%
Discount for lack
30 June 2026: 21% 5% (31 December 2025: 5%)
of control
31 December 2025: 22.2%
increase/decrease would
result in decrease/increase
in fair value by 6% (31
December 2025: 6%)
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
日：5%）的增加╱減少將導致
21%
公平值減少╱增加6%（二零二
二零二五年十二月三十一日：
五年十二月三十一日：6%）
22.2%

指定為按公平值計入其他全面收益的 估值倍數
股權投資

Precedent
transaction
analysis

先前交易分析

60

Average P/B
multiple of peers

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

Range
範圍
30 June 2026:
3.8x-9.9x
31 December 2025:
1.7x-4.7x

Sensitivity of fair value to
the input
公平值對輸入數據之敏感度

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）

Fair value hierarchy (Continued)
The movements in fair value measurements within Level 3
during the six months ended 30 June 2026 are as follows:

公平值層級（續）
截至二零二六年六月三十日止六個月，
第3級的公平值計量變動如下：

Equity investments at fair value through other
comprehensive income:
At 1 January
Total gains recognised in other comprehensive
income
Exchange realignment

按公平值計入其他全面收益
的股權投資：
於一月一日
於其他全面收益確認的
收益總額
匯兌調整

At 30 June

於六月三十日

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

444,433

271,921

234,265
14,219

–
1,132

692,917

273,053

15. 購股權計劃

15. SHARE OPTION SCHEME
The Company operates a share option scheme for the purpose
of providing incentives and rewards to eligible participants
who contribute to the success of the Group’s operations.

本公司設有一項購股權計劃，旨在為對
本集團順利發展有所貢獻之符合資格參
與者提供激勵及獎勵。

The following share options were outstanding during the six
months ended 30 June 2026:

截至二零二六年六月三十日止六個月，
以下購股權尚未行使：
Number of options
購股權數目
2026
二零二六年
(Unaudited)
（未經審核）

2025
二零二五年
(Unaudited)
（未經審核）

At 1 January
Exercised during the period
Forfeited during the period

於一月一日
期內行使
期內沒收

179,209
(112,209)
–

19,337,302
(8,610,783)
(4,250)

At 30 June

於六月三十日

67,000

10,722,269

2026年中期報告 INTERIM REPORT 2026

61

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

16. DIVIDENDS
The Board did not recommend the payment of any dividend
during the six months ended 30 June 2026 (six months ended
30 June 2025: nil).

17. EVENT AFTER THE REPORTING PERIOD

董事會不建議派發截至二零二六年六月
三十日止六個月的任何股息（截至二零二
五年六月三十日止六個月：無）。

17. 報告期後事項

As at 8 July 2026, China Securities Regulatory Commission
approved the registration of the proposed acquisition of
97.4988% of equity interests in Huali Micro (the “Proposed
Acquisition”), representing that the conditions precedent in the
acquisition agreement to complete the Proposed Acquisition
has been substantially fulfilled. As at the date of approval
of the interim condensed consolidated financial information,
certain final procedures to complete the Proposed Acquisition,
including administrative registration, remain outstanding.

於二零二六年七月八日，中國證券監
督管理委員會批准登記收購華力微
97.4988%股權的提議（「擬議收購」），這
表明收購協議中完成擬議收購的先決條
件已基本達成。於批准中期簡明綜合財
務資料日期，完成建議收購事項的若干
最終程序（包括行政登記）尚未達成。

Save as disclosed above, there is no material subsequent
event undertaken by the Group after 30 June 2026.

除上文所披露者外，本集團於二零二六
年六月三十日後並無重大期後事項。

18. APPROVAL OF THE INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
The interim condensed consolidated financial information was
approved and authorised for issue by the board of directors on
26 August 2026.

62

16. 股息

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

18. 批准中期簡明綜合財務資料
中期簡明綜合財務資料已於二零二六年
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

30 JUNE 2026
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
1 September 2015, which became effective on 4
September 2015. The share option scheme shall be
valid and effective for a period of 7 years commencing
on the date of adoption. It has therefore expired
on 1 September 2022. No further options could be
granted, and none has been granted, under the
Share Option Scheme from that date. As of 30 June
2026, the Company had options for 67,000 shares
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
2026:

本公司於二零一五年九月一日採納一項購股權計劃，由二
零一五年九月四日起生效。該購股權計劃自採納之日起七
年內有效。因此，其已於二零二二年九月一日屆滿。自該
日起，不得根據購股權計劃進一步授出購股權，且概無授
出購股權。截至二零二六年六月三十日，本公司於購股權
計劃項下共有67,000份未行使購股權，相當於該日期本公
司已發行股份約0.004%。下表載列截至二零二六年六月
三十日止六個月期間根據購股權計劃授予董事及其他承授
人的尚未行使的購股權的詳情及交易情況：

2026年中期報告 INTERIM REPORT 2026

63

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

SHARE OPTION SCHEME (CONTINUED)
Number of share options
購股權數目

Name or category of participants
參與者姓名或類別
Former directors
已離任董事

Directors
董事
Granted on 4 September 2015
於二零一五年九月四日授出
Granted on 24 December 2018
於二零一八年十二月二十四日授出
Granted on 29 March 2019
於二零一九年三月二十九日授出
Granted on 23 December 2019
於二零一九年十二月二十三日授出
Cancelled/lapsed during the year 2015
於二零一五年註銷╱失效
Cancelled/lapsed during the year 2016
於二零一六年註銷╱失效
Cancelled/lapsed during the year 2017
於二零一七年註銷╱失效
Cancelled/lapsed during the year 2018
於二零一八年註銷╱失效
Cancelled/lapsed during the year 2019
於二零一九年註銷╱失效
Cancelled/lapsed during the year 2020
於二零二零年註銷╱失效
Cancelled/lapsed during the year 2021
於二零二一年註銷╱失效
Cancelled/lapsed during the year 2022
於二零二二年註銷╱失效
Cancelled/lapsed during the year 2023
於二零二三年註銷╱失效
Cancelled/lapsed during the year 2024
於二零二四年註銷╱失效
Cancelled/lapsed during the year 2025
於二零二五年註銷╱失效
Exercised during the period
期內行使
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
Outstanding as at 30 June 2026
於二零二六年六月三十日尚未行使
Vesting period of share options
購股權之歸屬期
Exercise period of share options
購股權之行使期
Exercise price of share options
購股權之行使價
Weighted average closing price of the
shares immediately before the dates
on which the share options were
exercised
股份於緊接購股權獲行使日期之前的
加權平均收市價

64

購股權計劃（續）

Other employees
其他僱員

In aggregate
總數

–

–

988,000

–

29,262,000

–

–

30,250,000

–

–

–

680,000

–

33,820,000

–

34,500,000

–

500,000

–

–

–

–

–

500,000

–

–

–

–

–

–

2,482,000

2,482,000

–

–

–

–

-130,000

–

–

-130,000

–

–

–

–

-1,458,000

–

–

-1,458,000

–

–

–

–

-1,353,399

–

–

-1,353,399

–

–

–

–

-754,595

–

–

-754,595

–

–

–

-600,000

-58,000

-1,035,000

-36,000

-1,729,000

–

–

-119,000

-80,000

–

-993,904

-84,000

-1,276,904

–

-62,500

–

–

–

-5,751,868

-592,993

-6,407,361

–

–

–

–

–

-543,728

-73,983

-617,711

–

–

–

–

–

-8,168

-6,900

-15,068

–

–

–

–

–

-87,758

-116,668

-204,426

–

–

–

–

–

-12,715

–

-12,715

–

–

–

–

–

–

112,209

112,209

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

179,209

179,209

–
–
–
–
–
–
–

–
Note 1
附註1
Note 5
附註5
HK$18.400
18.400港元

–
Note 2
附註2
Note 6
附註6
HK$6.912
6.912港元

–
Note 3
附註3
Note 7
附註7
HK$15.056
15.056港元

–
Note 2
附註2
Note 6
附註6
HK$6.912
6.912港元

–
Note 3
附註3
Note 7
附註7
HK$15.056
15.056港元

67,000
Note 4
附註4
Note 8
附註8
HK$17.952
17.952港元

67,000

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

HK$127.32
127.32港元

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

SHARE OPTION SCHEME (CONTINUED)

購股權計劃（續）

Notes:

附註：

1

Subject to conditions as set out in the grant notice, one
fourth of the options shall vest on each of 23 December
2021, 12 August 2022, 11 August 2023 and 9 August
2024

1

在符合授予通知中規定的條件的前提下，期權的四分之一
分別於二零二一年十二月二十三日、二零二二年八月十二
日、二零二三年八月十一日及二零二四年八月九日歸屬

2

Subject to conditions as set out in the grant notices, one
third of the options shall vest on each of 4 September
2017, 4 September 2018 and 4 September 2019

2

在符合授予通知中規定的條件的前提下，期權的三分之一
分別於二零一七年九月四日、二零一八年九月四日及二零
一九年九月四日歸屬

3

Subject to conditions as set out in the grant notices, for
employees at or above the level of the vice president,
one fourth of the options shall vest on each of 24
December 2020, 24 December 2021, 24 December 2022
and 24 December 2023; for the other employees, one
third of the options shall vest on each of 24 December
2020, 24 December 2021 and 24 December 2022

3

在符合授予通知中規定的條件的前提下，就副總裁或以上
級別的僱員而言，期權的四分之一分別於二零二零年十二
月二十四日、二零二一年十二月二十四日、二零二二年十
二月二十四日及二零二三年十二月二十四日歸屬；就其他
僱員而言，期權的三分之一分別於二零二零年十二月二十
四日、二零二一年十二月二十四日及二零二二年十二月二
十四日歸屬

4

Subject to conditions as set out in the grant notices, for
employees at or above the level of the vice president,
one fourth of the options shall vest on each of 23
December 2021, 23 December 2022, 23 December 2023
and 23 December 2024; for the other employees, one
third of the options shall vest on each of 23 December
2021, 23 December 2022 and 23 December 2023

4

在符合授予通知中規定的條件的前提下，就副總裁或以上
級別的僱員而言，期權的四分之一分別於二零二一年十二
月二十三日、二零二二年十二月二十三日、二零二三年十
二月二十三日及二零二四年十二月二十三日歸屬；就其他
僱員而言，期權的三分之一分別於二零二一年十二月二十
三日、二零二二年十二月二十三日及二零二三年十二月二
十三日歸屬

5

The exercise period of share options is from 29 March
2021 to 28 March 2026

5

購股權之行使期為二零二一年三月二十九日至二零二六年
三月二十八日

6

The exercise period of share options is from 4 September
2017 to 3 September 2022

6

購股權之行使期為二零一七年九月四日至二零二二年九月
三日

7

The exercise period of share options is from 24
December 2020 to 23 December 2025

7

購股權之行使期為二零二零年十二月二十四日至二零二五
年十二月二十三日

8

The exercise period of share options is from 23
December 2021 to 22 December 2026

8

購股權之行使期為二零二一年十二月二十三日至二零二六
年十二月二十二日

Please refer to note 14 of the Notes to the Interim
Condensed Consolidated Financial Information for
further details.

進一步詳情請參閱中期簡明綜合財務資料附註的附註14。

DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS IN SHARES AND
UNDERLYING SHARES OF THE
COMPANY

董事及最高行政人員於本公司股份及相關
股份的權益

As of 30 June 2026, none of the Directors nor the Chief
Executive of the Company had any interests and short
positions in the shares, underlying shares or debentures
of the Company or any associated corporation (within
the meaning of Part XV of SFO), as recorded in the
register kept under section 352 of the SFO, or as
otherwise notified to the Company and the Hong Kong
Stock Exchange pursuant to the Model Code.

截至二零二六年六月三十日，概無本公司董事及最高行
政人員於本公司或任何相聯法團（定義見證券及期貨條例
第XV部）的股份、相關股份或債權證中擁有載入根據證券
及期貨條例第352條須予存置的登記冊內的任何權益及淡
倉，或按照標準守則須知會本公司及香港聯交所的任何權
益及淡倉。

2026年中期報告 INTERIM REPORT 2026

65

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

SUBSTANTIAL SHAREHOLDERS’
AND OTHER PERSONS’ OWNERSHIP
IN THE SHARES AND UNDERLYING
SHARES OF THE COMPANY

主要股東及其他人士於本公司股份和相關
股份的權益

As of 30 June 2026, persons other than a Director or
Chief Executive of the Company, having ownership
of 5% or more or short positions in the shares and
underlying shares of the Group, were as follows:

截至二零二六年六月三十日，除本公司董事或最高行政人
員外，於本集團股份及相關股份中擁有5%或以上權益或
淡倉的人士如下：

Substantial shareholders

Capacity and nature of
ownership

主要股東

身份及權益性質

持有股份數目

Approximate
percentage
of aggregate
ownership in
issued share
capital *
佔已發行股本
權益總額的
概約百分比*

Shanghai Hua Hong International, Inc.
(Hua Hong International)
(2)
上海華虹國際有限公司（華虹國際）

Legal and beneficial owner

347,605,650(1)

20.00%

Shanghai Huahong (Group) Co., Ltd.
(Huahong Group)(2)
(2)
上海華虹（集團）有限公司（華虹集團）

Interest in a controlled
corporation
受控制法團權益

347,605,650(1)

20.00%

Legal and beneficial owner
法定及實益擁有人

1,198,517(3)

0.07%

Sino-Alliance International, Ltd.
(Sino-Alliance International)

Legal and beneficial owner
法定及實益擁有人

160,545,541(1)(4)

9.24%

Sino-Alliance International, Ltd.
(Sino-Alliance International)

Interest in a controlled
corporation
受控制法團權益

28,415,606(1)

1.64%

Shanghai Alliance Investment Ltd. (SAIL)
上海聯和投資有限公司（上海聯和）

Interest in a controlled
corporation
受控制法團權益

188,961,147(1)(5)

10.88%

66

Number of
shares held

法定及實益擁有人

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

SUBSTANTIAL SHAREHOLDERS’
AND OTHER PERSONS’ OWNERSHIP
IN THE SHARES AND UNDERLYING
SHARES OF THE COMPANY
(CONTINUED)

主要股東及其他人士於本公司股份和相關
股份的權益（續）

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
Huahong Group.

(2)

華虹國際為華虹集團的全資子公司。

(3)

Huahong Group directly held a total of 1,198,517 A
shares.

(3)

華虹集團直接持有合共1,198,517股A股股份。

(4)

Including 3,084 shares held in escrow by Sino-Alliance
International pursuant to an escrow arrangement.

(4)

包括Sino-Alliance International根據一項託管安排，以託管
方式持有的3,084股股份。

(5)

SAIL indirectly held interests in the Company through
two wholly-owned subsidiaries, including Sino-Alliance
International.

(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
International）間接持有本公司權益。

*

The percentages are calculated based on the total
number of issued shares of the Company as of 30 June
2026, i.e., 1,737,726,402 shares.

*

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
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
the Directors and Chief Executive of the Company, as of
30 June 2026, no other person or corporation other than
a Director or Chief Executive of the Company had any
interests or short positions in any shares or underlying
shares of the Company which was recorded in the
register required to be kept by the Company pursuant
to section 336 of the SFO.

除上文披露者外，就本公司董事及最高行政人員所知，截
至二零二六年六月三十日，概無本公司董事或最高行政人
員以外的其他人士或法團於本公司任何股份或相關股份中
有任何權益或淡倉並已記入根據證券及期貨條例第336條
本公司須予存置的記錄冊內。

2026年中期報告 INTERIM REPORT 2026

67

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

PURCHASE, SALE OR REDEMPTION
OF SECURITIES

買賣或贖回證券

Neither the Company nor any of its subsidiaries
purchased, sold or redeemed any of the Company’s
listed securities during the six months ended 30 June
2026.

截至二零二六年六月三十日止六個月期間，本公司或其任
何子公司概無買賣或贖回本公司任何上市證券。

GEARING RATIO

資產負債比率

The Group monitors capital using a gearing ratio,
which is net debt divided by total equity plus net debt.
The Group includes, within net debt, trade payables,
other payables and accruals, interest-bearing bank
borrowings, lease liabilities and amounts due to related
parties, less cash and cash equivalents. The Group’s
gearing ratio as at 30 June 2026 was 6.05% (31
December 2025: 1.29%).

本集團以資產負債比率監控資本，資產負債比率按淨負債
除以權益總額加淨負債計算。本集團將貿易應付款項、其
他應付款項及暫估費用、計息銀行借款、租賃負債以及應
付關聯方款項扣除現金及現金等價物計入淨負債。於二零
二六年六月三十日，本集團的資產負債比率為6.05%（二
零二五年十二月三十一日：1.29%）。

EMPLOYEES AND REMUNERATION
POLICIES

僱員及薪酬政策

As at 30 June 2026, the Company had approximately
7,700 employees in the PRC and overseas (30
June 2025: approximately 7,400). The Company’s
remuneration policy is reviewed periodically and
determined by reference to the analysis on market
competitiveness, company performance, and individual
qualifications and performance. Staff benefits include
medical schemes, mandatory social insurance and
provident fund etc.

於二零二六年六月三十日，本公司於中國及海外擁有約
7,700名僱員（二零二五年六月三十日：約7,400名）。本
公司定期審視薪酬政策，該政策乃參考市場競爭性分析、
公司業績表現及員工勝任技能與工作績效釐定。員工福利
包括醫療計劃、強制性社會保險及公積金等。

68

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

COMPLIANCE WITH THE DEED OF
NON-COMPETITION AND DEED OF
RIGHT OF FIRST REFUSAL

遵守不競爭契據及優先購買權契據

Huahong Group, SAIL and INESA, being controlling
shareholders of the Company at the time, entered
into a deed of non-competition (the “Deed of
Non-competition”) dated 23 September 2014, details
of which have been set out in the paragraph headed
“Non-competition Undertaking” in the section headed
“Relationship with Controlling Shareholders” of the
Company’s prospectus dated 3 October 2014 (the
“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.

華虹集團、上海聯和及儀電集團（作為本公司當時的控股
股東）訂立了日期為二零一四年九月二十三日的不競爭契
據（「不競爭契據」），詳情載於日期為二零一四年十月三日
的本公司招股章程（「招股章程」）
「與控股股東的關係」一節
中「不競爭承諾」一段。另外，華虹集團和上海聯和訂立了
日期為二零一四年六月十日的優先購買權契據（「優先購買
權契據」），詳情載於招股章程「與控股股東的關係」一節中
「優先購買權」一段。

As of 30 June 2026, the Company has reviewed the
written declaration from each of Huahong Group, SAIL
and INESA on their compliance with their commitments
under the Deed of Non-competition and the Deed
of Right of First Refusal (as the case may be). The
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.

本公司截至二零二六年六月三十日止已覆核華虹集團、上
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
契據（視情況而定）內承諾的書面聲明。獨立非執行董事已
覆核遵守情況，並確認不競爭契據及優先購買權契據（視
情況而定）下的全部承諾均獲有關訂約方遵守。

CORPORATE GOVERNANCE

企業管治

The Company is committed to maintaining a high
standard of corporate governance with a view to
safeguarding the interests of its shareholders and
enhancing corporate value and accountability.

本公司致力保持企業管治在高水平，以保障股東權益及提
升企業價值及問責性。

The Board is of the view that, save for Code Provision
C.2.1 as disclosed below, the Company has complied
with the code provisions set out in the Corporate
Governance Code as contained in Appendix C1 of the
Listing Rules during the six-month period ended 30
June 2026.

董事會認為，除下文所披露的守則條文第C.2.1條外，本
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
市規則附錄C1所載的企業管治守則內的守則條文。

2026年中期報告 INTERIM REPORT 2026

69

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

CORPORATE GOVERNANCE
(CONTINUED)

企業管治（續）

Since 31 October 2025, both positions of the Chairman
of the Board and the President have been held by
Dr. Peng Bai. In view of Mr. Bai’s profile, extensive
relevant industry knowledge and working experience in
multinational corporations, the Board has confidence
that the vesting of the roles of both the Chairman
and the President in Mr. Bai is conducive to improve
the efficiency of the Company’s implementation of
strategies and solicit consensus among the senior
management team. Therefore, the Board considers that
the deviation from the Code Provision C.2.1 of the Code
is not inappropriate. In addition, apart from Mr. Bai
who is an executive Director, the Board comprises four
non-executive Directors and three independent nonexecutive Directors as at 31 December 2025 and as
at the date of this report. The Company considers that
Board is appropriately structured with balance of power
to provide sufficient checks to protect. The interests of
the Company and its shareholders. At the same time,
the Board will ensure its own effective functioning,
including that all appropriate issues are discussed
by the Board in a timely manner, that all Directors are
properly briefed on issues arising at Board meetings
and all Directors receive adequate, complete and
reliable information. The Chairman of the Board highly
values communication with the Independent NonExecutive Directors and will hold meetings with them
at least once each year without the presence of other
Directors.

自二零二五年十月三十一日起，董事會主席及總裁職位均
由白鵬博士擔任。鑒於白先生的背景、豐富的相關行業知
識及跨國企業工作經驗，董事會確信，將主席及總裁之職
責同時授予白先生，有利於提升本公司執行戰略的效率及
凝聚高級管理層團隊的共識。因此，董事會認為偏離守則
的守則條文第C.2.1條的情況並無不當。此外，除執行董
事白先生外，於二零二五年十二月三十一日及本報告日
期，董事會另由四名非執行董事及三名獨立非執行董事組
成。本公司認為，董事會結構適當，權力平衡，足以為本
公司及其股東的權益提供充分保障。同時，董事會將確保
其自身有效運作，包括所有適當事宜由董事會及時討論、
全體董事獲適當知悉董事會會議上提出的議題，以及全體
董事均獲得充分、完整及可靠的資料。董事會主席高度重
視與獨立非執行董事的溝通，並將每年與彼等至少舉行一
次無其他董事出席的會議。

70

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

CODE OF CONDUCT FOR SECURITIES
TRANSACTIONS BY DIRECTORS

董事進行證券交易之行為守則

The Company has adopted a code of conduct
regarding the Directors’ securities transactions on terms
no less exacting than the required standard set out in
the Model Code. Having made specific enquiries of all
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.

本公司已採納董事進行證券交易之行為守則，其有關條款
不低於標準守則所規定的標準。本公司已向所有董事作特
定查詢，每位董事均已確認其截至二零二六年六月三十日
止六個月期間遵守標準守則所載的必守標準。

SUFFICIENCY OF PUBLIC FLOAT

公眾持股量充足性

Based on the information that is publicly available to the
Company and within the knowledge of the directors as
at the date of this report, the Company has maintained
the prescribed amount of public float as required under
the Listing Rules.

於本報告日期，根據本公司所得的公開資料及就董事所
知，本公司已維持上市規則規定的指定公眾持股量。

AUDIT COMMITTEE

審核委員會

The Audit Committee, comprising one Non-executive
Director and two Independent Non-executive Directors
of the Company, has reviewed and approved the
unaudited results of the Group for the six months ended
30 June 2026 and has discussed with management the
accounting principles and practices adopted by the
Group, internal controls and financial reporting matters.

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
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
止六個月的未經審核業績，並已與管理層就本集團採納的
會計政策及常規、內部監控及財務報告相關事宜進行討
論。

2026年中期報告 INTERIM REPORT 2026

71

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

PUBLICATION OF INTERIM REPORT
ON THE WEBSITES OF THE HONG
KONG STOCK EXCHANGE AND THE
COMPANY

於香港聯交所及本公司網站刊發中期報告

The interim report for the six months ended 30 June
2026 containing information required by Appendix D2
of the Listing Rules will be dispatched to shareholders
and published on the websites of the Hong Kong Stock
Exchange (www.hkexnews.hk) and the Company (www.
huahonggrace.com) in due course.

載有上市規則附錄D2所規定資料的截至二零二六年六月
三十日止六個月的中期報告，將於適當時候寄發予股東
及於香港聯交所網站( www.hkexnews.hk )和本公司網站
( www.huahonggrace.com )刊載。

By Order of the Board
Hua Hong Grace Semiconductor Limited
Dr. Peng Bai
Chairman and Executive Director

承董事會命
華虹宏力半導體有限公司
白鵬博士
主席兼執行董事

72

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

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
Company”

Hua Hong Grace Semiconductor Limited, formerly known as Hua Hong Semiconductor
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 whollyowned 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
Exchange”

The Stock Exchange of Hong Kong Limited;

“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
“A Share(s)”

the ordinary share(s) of the Company which are listed on the STAR Market and traded
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
Peng Bai (Chairman and President)

Herbert Smith Freehills Kramer
23/F, Gloucester Tower
15 Queen’s Road Central
Hong Kong, PRC

Non-Executive Directors
Jun Ye
Guodong Sun
Bo Chen
Chengyan Xiong
Independent Non-Executive Directors
Stephen Tso Tung Chang
Kwai Huen Wong, JP
Songlin Feng
Company Secretaries
Ka Ming Ho, Catherine (appointed on 12 May 2026)
Sui Har Lee (resigned on 12 May 2026)

Principal Banks
China Construction Bank Shanghai Branch
No. 900, Lujiazui Ring Road
Pudong New Area
Shanghai, PRC
China Development Bank Shanghai Branch
No. 68, Puming Road
Pudong New Area
Shanghai, PRC

Authorized Representatives
Peng Bai
Ka Ming Ho, Catherine

China Merchants Bank Co., Ltd. Shanghai Branch
No.1088 Lujiazui Ring Road
Pudong New Area
Shanghai, PRC

Audit Committee
Stephen Tso Tung Chang (Chairman)
Chengyan Xiong
Songlin Feng

China Construction Bank Corporation Hong Kong
Branch
28/F, CCB Tower, 3 Connaught Road, Central
Hong Kong, PRC

Remuneration Committee
Kwai Huen Wong, JP (Chairman)
Jun Ye
Songlin Feng

Bank of Communications Co., Ltd. Hong Kong Branch
20 Pedder Street, Central
Hong Kong, PRC

Nomination Committee
Peng Bai (Chairman)
Kwai Huen Wong, JP
Songlin Feng

Website
www.huahonggrace.com

Auditor
Ernst & Young
Certified Public Accountants
27/F, One Taikoo Place
979 King’s Road, Quarry Bay
Hong Kong, PRC
2

HUA HONG GRACE SEMICONDUCTOR LIMITED

China Development Bank Jiangsu Branch
No. 232, Middle Jiangdong Road
Nanjing, Jiangsu, PRC
Agricultural Bank of China Wuxi Xinwu Subbranch
No. 26, Hefeng Road, Xinwu District
Wuxi, Jiangsu, PRC
China Construction Bank Wuxi High and New
Technology Industrial Development Zone Subbranch
No. 26, Hefeng Road, Xinwu District
Wuxi, Jiangsu, PRC
China CITIC Bank Wuxi New District Subbranch
No. 26, Hefeng Road, Xinwu District
Wuxi, Jiangsu, 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
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong, PRC
A shares:
China Securities Depository and Clearing Corporation
Limited, Shanghai Branch
No. 188 South Yanggao Road
Pudong New Area
Shanghai, PRC

Registered Office
Room 2212, Bank of America Tower
12 Harcourt Road, Central
Hong Kong, PRC

Principal Places of Business
No. 288 Halei Road
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

%

1,600

20.0%
1,378.5

1,400
1,107.0

1,200
1,000

14.8%

15.0%

938.5
10.1%

800

10.0%

8.5%

600
400

5.0%

200
0

0.0%
1H 2024

1H 2025

1H 2026

Profit attributable to owners of the parent

1H 2024

1H 2025

1H 2026

Earning per share

US$ million

US$
0.04

70

0.034

59.6
60

50

40

38.5

0.022
0.02

30

20
0.007

11.7
10

0

0.00
1H 2024

4

1H 2025

1H 2026

HUA HONG GRACE SEMICONDUCTOR LIMITED

1H 2024

1H 2025

1H 2026

MANAGEMENT DISCUSSION AND ANALYSIS
Financial Performance

Revenue
Cost of sales
Gross profit
Other income and gains
Selling and distribution expenses
Administrative expenses
Impairment losses on trade and notes receivables
Other expenses
Finance costs
Share of profits of associates
Loss before tax
Income tax expense
Loss for the period
Attributable to:
Owners of the parent
Non-controlling interests

1H 2026
US$’ 000
Unaudited

1H 2025
US$’000
Unaudited

Change

1,378,462
(1,173,999)
204,463
47,212
(5,319)
(206,951)
(2,426)
(11)
(57,104)
9,644
(10,492)
(2,897)
(13,389)

1,107,002
(995,394)
111,608
59,916
(4,844)
(189,051)
(1,132)
(17,300)
(41,551)
1,243
(81,111)
(3,852)
(84,963)

24.5%
17.9%
83.2%
(21.2)%
9.8%
9.5%
114.3%
(99.9)%
37.4%
675.9%
(87.1)%
(24.8)%
(84.2)%

59,568
(72,957)

11,702
(96,665)

409.0%
(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
84.2% compared to 1H 2025.

6

HUA HONG GRACE SEMICONDUCTOR LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
Financial Status

Non-current assets
Property, plant and equipment
Investment properties
Investment in associates
Equity instruments designated at fair value through
other comprehensive income
Other non-current assets
Total non-current assets
Current assets
Inventories
Trade and notes receivables
Other current assets
Time and pledged deposits
Cash and cash equivalents
Total current assets
Current liabilities
Trade payables
Interest-bearing bank borrowings
Government grants
Other current liabilities
Total current liabilities
Net current assets
Non-current liabilities
Interest-bearing bank borrowings
Other non-current liabilities
Total non-current liabilities
Net assets

30 June
2026
US$’ 000
Unaudited

31 December
2025
US$’000
Audited

7,286,266
226,803
183,072

6,676,442
219,772
150,222

9.1%
3.2%
21.9%

787,420
321,199
8,804,760

478,799
321,840
7,847,075

64.5%
(0.2)%
12.2%

584,782
322,463
936,223
45,355
4,532,224
6,421,047

544,368
282,053
786,974
99,494
4,893,808
6,606,697

7.4%
14.3%
19.0%
(54.4)%
(7.4)%
(2.8)%

289,753
1,902,063
115,740
866,545
3,174,101
3,246,946

330,370
403,748
89,049
1,033,054
1,856,221
4,750,476

(12.3)%
371.1%
30.0%
(16.1)%
71.0%
(31.7)%

1,665,485
688,792
2,354,277
9,697,429

2,787,096
646,224
3,433,320
9,164,231

(40.2)%
6.6%
(31.4)%
5.8%

Change

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.

8

HUA HONG GRACE SEMICONDUCTOR LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
Cash Flow

Net cash flows generated from operating activities
Net cash flows used in investing activities
Net cash flows generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Effect of foreign exchange rate changes, net
Cash and cash equivalents at end of the period

1H 2026
US$’ 000
Unaudited

1H 2025
US$’000
Unaudited

Change

468,481
(1,188,153)
232,703
(486,969)
4,893,808
125,385
4,532,224

219,816
(879,847)
33,952
(626,079)
4,459,132
13,847
3,846,900

113.1%
35.0%
585.4%
(22.2)%
9.7%
805.5%
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:
30 June 2026 31 December 2025
US$’ 000
US$’000
Current
Short term bank loans – unsecured
Current portion of long term bank loans – secured
Current portion of long term bank loans – unsecured
Non-current
Secured bank loans
Unsecured bank loans

146,901
554,566
1,200,596

–
370,445
33,303

1,902,063

403,748

1,302,536
362,949

1,576,623
1,210,473

1,665,485

2,787,096

3,567,548

3,190,844

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.

10

HUA HONG GRACE SEMICONDUCTOR LIMITED

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:
30 June 2026 31 December 2025
US$’ 000
US$’000
Property, plant and equipment
Investment property
Right-of-use assets
Completed properties held for sale

1,980,964
50,254
29,630
211,603

2,475,944
52,176
34,052
215,511

2,272,451

2,777,683

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

Previously disclosed intended use of proceeds
Hua Hong Manufacturing (Wuxi) Project
8-Inch Factory Optimization and Upgrading Project
Specialty Technological Innovation, Research and
Development Project
Replenishment of Working Capital

Accumulated
Amount of
committed unutilized proceeds
investments as at 30 June 2026

Expected timeframe
for usage of
unutilized proceeds

12,500,000
2,000,000
2,500,000

7,264
134,085
132,277

By the end of 2026
By the end of 2026
By the end of 2026

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.

12

HUA HONG GRACE SEMICONDUCTOR LIMITED

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
24.5%, with shipments growing by 17.9% to a record high. Growth was driven by strong end-market demand, the
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 smallpitch 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 largescale 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 12inch 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).

14

HUA HONG GRACE SEMICONDUCTOR LIMITED

釋義
於本中期報告內，除非文義另有所指，否則下列詞彙具有下文所載涵義。
「董事會」

本公司董事會；

「中國」

中華人民共和國，但僅就本中報及作地理參考而言，除文義另有所指，否則，本中報對
「中國」的提述不包括台灣、澳門特別行政區及香港；

「本公司」

華虹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。

2026年中期報告

15

公司資料
董事會

香港法律顧問

執行董事
白鵬（主席兼總裁）

史密夫斐爾律師事務所
中國香港
皇后大道中15號
告羅士打大廈23樓

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
公司秘書
何嘉明（於二零二六年五月十二日獲委任）
李瑞霞（於二零二六年五月十二日辭任）

主要往來銀行
中國建設銀行上海市分行
中國上海市
浦東新區
陸家嘴環路900號
國家開發銀行上海分行
中國上海市
浦東新區
浦明路68號

授權代表
白鵬
何嘉明

招商銀行股份有限公司上海分行營業部
中國上海市
浦東新區
陸家嘴環路1088號

審核委員會
張祖同（主席）
熊承艷
封松林

中國建設銀行股份有限公司香港分行
中國香港中環
干諾道中3號中國建設銀行大廈28樓

薪酬委員會
王桂壎，太平紳士（主席）
葉峻
封松林
提名委員會
白鵬（主席）
王桂壎，太平紳士
封松林

網址
www.huahonggrace.com

核數師
安永會計師事務所
執業會計師
中國香港
鰂魚涌英皇道979號
太古坊一座27樓

16

華虹宏力半導體有限公司

交通銀行股份有限公司香港分行
中國香港中環
畢打街20號
國家開發銀行江蘇分行
中國江蘇省南京市
江東中路232號
中國農業銀行無錫新吳支行
中國江蘇省無錫市
新吳區和風路26號
中國建設銀行無錫高新技術產業開發區支行
中國江蘇省無錫市
新吳區和風路26號
中信銀行無錫新區支行
中國江蘇省無錫市
新吳區和風路26號

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

2026年中期報告

17

主要財務指標
銷售收入

毛利率

百萬美元

%

1,600

20.0%
1,378.5

1,400
1,107.0

1,200
1,000

14.8%

15.0%

938.5
10.1%

800

10.0%

8.5%

600
400

5.0%

200
0

0.0%
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

二零二四年上半年 二零二五年上半年 二零二六年上半年

每股盈利

百萬美元

美元
0.04

70

0.034

59.6
60

50

40

38.5

0.022
0.02

30

20
0.007

11.7
10

0
二零二四年上半年 二零二五年上半年 二零二六年上半年

18

華虹宏力半導體有限公司

0.00

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

銷售收入
銷售成本
毛利
其他收入及收益
銷售及分銷費用
管理費用
貿易應收款項及應收票據減值損失
其他費用
財務費用
分佔聯營公司溢利
稅前虧損
所得稅開支
期內虧損
以下各項應佔：
母公司擁有人
非控股權益

二零二六年
上半年
千美元
未經審核

二零二五年
上半年
千美元
未經審核

1,378,462
(1,173,999)
204,463
47,212
(5,319)
(206,951)
(2,426)
(11)
(57,104)
9,644
(10,492)
(2,897)
(13,389)

1,107,002
(995,394)
111,608
59,916
(4,844)
(189,051)
(1,132)
(17,300)
(41,551)
1,243
(81,111)
(3,852)
(84,963)

24.5%
17.9%
83.2%
(21.2)%
9.8%
9.5%
114.3%
(99.9)%
37.4%
675.9%
(87.1)%
(24.8)%
(84.2)%

59,568
(72,957)

11,702
(96,665)

409.0%
(24.5)%

變動

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。

2026年中期報告

19

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%。

20

華虹宏力半導體有限公司

管理層討論及分析
財務狀況

非流動資產
物業、廠房及設備
投資物業
於聯營公司的投資
指定按公平值計入其他全面收益的權益工具
其他非流動資產
非流動資產總額
流動資產
存貨
貿易應收款項及應收票據
其他流動資產
定期及已抵押存款
現金及現金等價物
流動資產總額
流動負債
貿易應付款項
計息銀行借款
政府補助
其他流動負債
流動負債總額
流動資產淨額
非流動負債
計息銀行借款
其他非流動負債
非流動負債總額
資產淨額

二零二六年
六月三十日
千美元
未經審核

二零二五年
十二月三十一日
千美元
經審核

7,286,266
226,803
183,072
787,420
321,199
8,804,760

6,676,442
219,772
150,222
478,799
321,840
7,847,075

9.1%
3.2%
21.9%
64.5%
(0.2)%
12.2%

584,782
322,463
936,223
45,355
4,532,224
6,421,047

544,368
282,053
786,974
99,494
4,893,808
6,606,697

7.4%
14.3%
19.0%
(54.4)%
(7.4)%
(2.8)%

289,753
1,902,063
115,740
866,545
3,174,101
3,246,946

330,370
403,748
89,049
1,033,054
1,856,221
4,750,476

(12.3)%
371.1%
30.0%
(16.1)%
71.0%
(31.7)%

1,665,485
688,792
2,354,277
9,697,429

2,787,096
646,224
3,433,320
9,164,231

(40.2)%
6.6%
(31.4)%
5.8%

變動

2026年中期報告

21

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。

22

華虹宏力半導體有限公司

管理層討論及分析
現金流量

經營活動所得現金流量淨額
投資活動所用現金流量淨額
融資活動所得現金流量淨額
現金及現金等價物減少淨額
期初現金及現金等價物
外匯匯率變動影響，淨額
期末現金及現金等價物

二零二六年
上半年
千美元
未經審核

二零二五年
上半年
千美元
未經審核

468,481
(1,188,153)
232,703
(486,969)
4,893,808
125,385
4,532,224

219,816
(879,847)
33,952
(626,079)
4,459,132
13,847
3,846,900

變動

113.1%
35.0%
585.4%
(22.2)%
9.7%
805.5%
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
730萬美元，及(v)處置設備收款20萬美元所抵銷。
融資活動所得現金流量淨額
融資活動所得現金流量淨額為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。

2026年中期報告

23

管理層討論及分析
資本管理
我們資本管理的首要目標為維護持續經營能力及維持良好的資本比率，以支持我們的業務及實現股東價值最大化。我們根
據經濟狀況的變動管理及調整資本架構。為此，我們或會調整派付予股東的股息、向股東返還資本或發行新股。我們不受
任何外部施加的資本要求規限。截至二零二六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：

流動
短期銀行貸款 － 無抵押
長期銀行貸款的即期部分 － 有抵押
長期銀行貸款的即期部分 － 無抵押
非流動
有抵押銀行貸款
無抵押銀行貸款

二零二六年
六月三十日
千美元

二零二五年
十二月三十一日
千美元

146,901
554,566
1,200,596

–
370,445
33,303

1,902,063

403,748

1,302,536
362,949

1,576,623
1,210,473

1,665,485

2,787,096

3,567,548

3,190,844

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
31.908億美元。銀行借款包括有抵押計息借款18.571億美元及無抵押計息借款17.104億美元。除5.767億美元的銀行貸款
以美元計值外，所有借款以人民幣計值。

24

華虹宏力半導體有限公司

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：

物業、廠房及設備
投資物業
使用權資產
持作待售的已竣工物業

二零二六年
六月三十日
千美元

二零二五年
十二月三十一日
千美元

1,980,964
50,254
29,630
211,603

2,475,944
52,176
34,052
215,511

2,272,451

2,777,683

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。

2026年中期報告

25

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

先前披露的所得款項計劃用途

承諾投資金額

於二零二六年
六月三十日
未動用所得款項累計

華虹製造（無錫）項目
8英寸廠優化升級項目
特色工藝技術創新研發項目
補充流動資金

12,500,000
2,000,000
2,500,000
1,000,000

7,264
134,085
132,277
0

未動用所得款項
預計使用時間
二零二六年底前
二零二六年底前
二零二六年底前
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。

26

華虹宏力半導體有限公司

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
30%。募集資金將用於華力微產線升級改造、研發及產業化，及補充本公司流動資金之用途。建議非公開發行人民幣股份
的發行期、定價日及具體發行時間將由本公司及中國獨立財務顧問經充分考慮市況及募集資金擬定用途後確定。
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
2026年上半年，全球經濟整體維持結構性特徵，不同領域呈現高、低雙速增長格局，全年增速預估約3.0%，地緣政治、
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。
2026年上半年公司營業收入達13.78億美元，同比增長24.5%，出貨量同比增長17.9%，創歷史新高。受益於終端市場的
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。

2026年中期報告

27

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）。

28

華虹宏力半導體有限公司

REPORT ON REVIEW OF INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
中期簡明綜合財務資料的審閱報告
致華虹宏力半導體有限公司董事會

To the board of directors of Hua Hong Grace Semiconductor
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
29 to 62 which comprises the condensed consolidated statement
of financial position of Hua Hong Grace Semiconductor Limited
(the “Company”, formerly known as Hua Hong Semiconductor
Limited) and its subsidiaries (the “Group”) as at 30 June 2026 and
the related condensed consolidated statements of profit or loss,
comprehensive income, changes in equity and cash flows for the
six-month period then ended, and explanatory notes. The Rules
Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited require the preparation of a report on interim financial
information to be in compliance with the relevant provisions
thereof and Hong Kong Accounting Standard 34 Interim Financial
Reporting (“HKAS 34”) as issued by the Hong Kong Institute of
Certified Public Accountants (“HKICPA”). The directors of the
Company are responsible for the preparation and presentation of
this interim financial information in accordance with HKAS 34. Our
responsibility is to express a conclusion on this interim financial
information based on our review. Our report is made solely to you,
as a body, in accordance with our agreed terms of engagement,
and for no other purpose. We do not assume responsibility towards
or accept liability to any other person for the contents of this report.

吾等已審閱載於第 29 至 62 頁的中期財務資
料，其中包括華虹宏力半導體有限公司（「貴
公司」，前稱華虹半導體有限公司）及其子公
司（「貴集團」）於二零二六年六月三十日的
簡明綜合財務狀況表及截至該日止六個月期
間的相關簡明綜合損益表、全面收益表、權
益變動表及現金流量表以及解釋附註。香港
聯合交易所有限公司證券上市規則規定，須
按照當中訂明的相關規定及香港會計師公會
（「香港會計師公會」）頒佈的香港會計準則第
34號中期財務報告（「香港會計準則第34號」）
的規定就中期財務資料編製報告。 貴公司的
董事須負責根據香港會計準則第34號編製及
列報本中期財務資料。吾等的責任是根據吾
等的審閱對本中期財務資料作出結論，並按
照吾等雙方協定的委聘條款，僅向全體董事
會報告。除此以外，吾等的報告不可用作其
他用途。吾等概不會就本報告的內容向任何
其他人士負責或承擔責任。

Scope of Review

審閱範圍

We conducted our review in accordance with Hong Kong Standard
on Review Engagements 2410 Review of Interim Financial
Information Performed by the Independent Auditor of the Entity
as issued by the HKICPA. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than
an audit conducted in accordance with Hong Kong Standards on
Auditing and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit
opinion.

吾等已根據香港會計師公會頒佈的香港審閱
委聘準則第2410號由實體的獨立核數師執行
中期財務資料審閱 進行審閱。審閱中期財務
資料包括主要向負責財務和會計事務的人員
作出查詢，及應用分析性和其他審閱程序。
審閱的範圍遠較根據香港審計準則進行審核
的範圍為小，故不能令吾等保證吾等將知悉
在審核中可能發現的所有重大事項。因此，
吾等不會發表審核意見。

Conclusion

結論

Based on our review, nothing has come to our attention that causes
us to believe that the interim financial information is not prepared, in
all material respects, in accordance with HKAS 34.

按照吾等的審閱，吾等並無發現任何事項，
令吾等相信中期財務資料在各重大方面未有
根據香港會計準則第34號編製。

Certified Public Accountants
Hong Kong
26 August 2026

執業會計師
香港
二零二六年八月二十六日
2026年中期報告 INTERIM REPORT 2026

29

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
30 June
截至六月三十日止六個月

Notes
附註
4

Revenue
Cost of sales

收入
銷售成本

Gross profit

毛利

Other income and gains
Selling and distribution expenses
Administrative expenses
Impairment losses on trade receivables
and notes receivables
Other expenses
Finance costs
Share of profits of associates

其他收入及收益
銷售及分銷費用
管理費用
貿易應收款項及應收票據
的減值損失
其他費用
財務費用
分佔聯營公司溢利

4

LOSS BEFORE TAX

稅前虧損

5
6

2026
二零二六年
(Unaudited)
（未經審核）
US$’000
千美元

2025
二零二五年
(Unaudited)
（未經審核）
US$’000
千美元

1,378,462
(1,173,999)

1,107,002
(995,394)

204,463

111,608

47,212
(5,319)
(206,951)

59,916
(4,844)
(189,051)

(2,426)
(11)
(57,104)
9,644

(1,132)
(17,300)
(41,551)
1,243

(10,492)

(81,111)

Income tax expense

所得稅開支

(2,897)

(3,852)

LOSS FOR THE PERIOD

期內虧損

(13,389)

(84,963)

Attributable to:
Owners of the parent
Non-controlling interests

以下各項應佔：
母公司擁有人
非控股權益

59,568
(72,957)

11,702
(96,665)

(13,389)

(84,963)

US$0.034
0.034美元

US$0.007
0.007美元

US$0.034
0.034美元

US$0.007
0.007美元

EARNINGS PER SHARE
ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT:
Basic
– For profit for the period
Diluted
– For profit for the period

30

母公司普通股權持有人
應佔每股盈利：

7
基本
－期內溢利
攤薄
－期內溢利

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

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
30 June
截至六月三十日止六個月

LOSS FOR THE PERIOD

期內虧損

OTHER COMPREHENSIVE INCOME
Other comprehensive income that may be
reclassified to profit or loss in subsequent
periods:
Exchange differences on translation of foreign
operations

其他全面收益
於其後期間可能重新分類至損益
的其他全面收益：

Net other comprehensive income that may be
reclassified to profit or loss in subsequent
periods

於其後期間可能重新分類至損益
的其他綜合收益淨額

Other comprehensive income that will not be
reclassified to profit or loss in subsequent
periods:
Equity investments designated at fair value
through other comprehensive income:
Changes in fair value
Income tax effect

於其後期間不會重新分類至損益
的其他全面收益：

Share of other comprehensive income of an
associate

分佔一間聯營公司的其他全面
收益

Net other comprehensive income that will not be
reclassified to profit or loss in subsequent
periods

於其後期間不會重新分類至
損益的其他全面收益淨額

OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF TAX

期內其他全面收益，扣除稅項

TOTAL COMPREHENSIVE INCOME/(LOSS)
FOR THE PERIOD

期內全面收益╱（虧損）總額

Attributable to:
Owners of the parent
Non-controlling interests

以下各項應佔：
母公司擁有人
非控股權益

2026
二零二六年
(Unaudited)
（未經審核）
US$’000
千美元

2025
二零二五年
(Unaudited)
（未經審核）
US$’000
千美元

(13,389)

(84,963)

277,745

35,116

277,745

35,116

285,819
(42,873)

–
–

242,946

–

25,639

–

268,585

–

546,330

35,116

532,941

(49,847)

525,116
7,825

36,005
(85,852)

532,941

(49,847)

換算海外業務產生的外匯差額

指定按公平值計入其他全面收益
的權益工具：
公平值變動
所得稅影響

2026年中期報告 INTERIM REPORT 2026

31

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

Notes
附註
NON-CURRENT ASSETS
非流動資產
Property, plant and equipment
物業、廠房及設備
Right-of-use assets
使用權資產
Investment properties
投資物業
Intangible assets
無形資產
Investment in associates
於聯營公司的投資
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
Financial asset at fair value through profit 按公平值計入損益的
or loss
金融資產
Long-term prepayments
長期預付款項

8

30 June
31 December
2026
2025
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）
US$’000
US$’000
千美元
千美元
7,286,266
57,262
226,803
30,483
183,072

6,676,442
64,482
219,772
35,509
150,222

787,420

478,799

8,809
224,645

–
221,849

8,804,760

7,847,075

222,405
584,782
322,463

215,511
544,368
282,053

701,266
12,552
45,355
4,532,224

561,328
10,135
99,494
4,893,808

6,421,047

6,606,697

289,753
829,746
1,902,063
7,331
2,006
115,740
12,913
14,549

330,370
1,008,586
403,748
–
3,229
89,049
6,225
15,014

Total non-current assets

非流動資產總額

CURRENT ASSETS
Completed properties held for sale
Inventories
Trade and notes receivables
Prepayments, other receivables and
other assets
Due from related parties
Time and pledged deposits
Cash and cash equivalents

流動資產
已竣工待售物業
存貨
貿易應收款項及應收票據
預付款項、其他應收款項
及其他資產
應收關聯方款項
定期及已抵押存款
現金及現金等價物

Total current assets

流動資產總額

CURRENT LIABILITIES
Trade payables
Other payables and accruals
Interest-bearing bank borrowings
Current portion of long-term payables
Lease liabilities
Government grants
Due to related parties
Income tax payable

流動負債
貿易應付款項
其他應付款項及暫估費用
計息銀行借款
長期應付款項的即期部分
租賃負債
政府補助
應付關聯方款項
應付所得稅

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
LIABILITIES

資產總額減流動負債
12,051,706

12,597,551

9

13

10

13

continued/…
續╱…
32

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

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

Notes
附註

30 June
31 December
2026
2025
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）
US$’000
US$’000
千美元
千美元

NON-CURRENT LIABILITIES
Interest-bearing bank borrowings
Lease liabilities
Deferred tax liabilities
Long-term payables

非流動負債
計息銀行借款
租賃負債
遞延稅項負債
長期應付款項

1,665,485
7,938
67,251
613,603

2,787,096
15,679
35,964
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
Equity attributable to owners of the
parent
Share capital
Reserves

權益
母公司擁有人應佔權益
4,987,827
2,150,209

4,987,482
1,625,181

Total equity attributable to owners of the
parent
Non-controlling interests

母公司擁有人應佔權益總額
非控股權益

7,138,036
2,559,393

6,612,663
2,551,568

Total equity

權益總額

9,697,429

9,164,231

Peng Bai
白鵬
Director
董事

股本
儲備

11

Jun Ye
葉峻
Director
董事

2026年中期報告 INTERIM REPORT 2026

33

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

Share capital Merger reserve

At 1 January 2026
Profit/(loss) for the period
Other comprehensive
income for the period:
Exchange differences
on translation of foreign
operations
Change in fair value of
equity investments at
fair value through other
comprehensive income,
net of tax
Share of other
comprehensive income
of an associate

於二零二六年一月一日
期內溢利╱（虧損）
期內其他全面收益：

其他資本儲備及
供款盈餘
US$’000
千美元

分佔聯營公司的
其他全面收益
US$’000
千美元

35,685*
–

689*
–

203,853*
–

99,257*

Revaluation
surplus#

Statutory
reserve funds

Exchange
fluctuation
reserve

Retained
profits

Total

重估盈餘#
US$’000
千美元

法定儲備基金
US$’000
千美元

匯兌波動儲備
US$’000
千美元

留存溢利
US$’000
千美元

總計
US$’000
千美元

非控股權益
US$’000
千美元

權益總額
US$’000
千美元

277,541*
–

(11,942)*
–

374,459*
59,568

6,612,663
59,568

2,551,568
(72,957)

9,164,231
(13,389)

Non-controlling
interests Total equity

股本
US$’000
千美元
(note 11)
（附註11）

合併儲備
US$’000
千美元

購股權儲備
US$’000
千美元

4,987,482
–

645,494*
–

145*

–

–

–

–

–

–

–

–

196,963

–

196,963

80,782

277,745

–

–

–

–

–

242,946

–

–

–

–

242,946

–

242,946

–

–

–

–

25,639

–

–

–

–

–

25,639

–

25,639

–

–

–

–

25,639

242,946

–

–

196,963

59,568

525,116

7,825

532,941

345

–

(88)

–

–

–

–

–

–

–

257

–

257

–

–

–

–

–

–

–

11,390

–

(11,390 )

–

–

–

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

4,938,457
–

645,494
–

11,591
–

35,685
–

689
–

64,635
–

99,257
–

256,366
–

(145,901)
–

340,753
11,702

6,247,026
11,702

2,659,593
(96,665)

8,906,619
(84,963)

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

24,303

–

24,303

10,813

35,116

–

–

–

–

–

–

–

–

24,303

11,702

36,005

(85,852)

(49,847)

22,398

–

(5,527)

–

–

–

–

–

–

–

16,871

–

16,871

–

–

–

–

–

–

–

9,945

–

(9,945)

–

–

–

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

–

–

換算海外業務產生的
外匯差額
按公平值計入其他
全面收益的股權
投資的公平值變
動，扣除稅項
分佔一間聯營公司的
其他全面收益

Total comprehensive
期內全面收益總額
income for the period
Issue of shares for exercise 發行股份以行使購
of share options (note 11)
股權（附註11）
Transfer from retained profits 轉撥自一間子公司
generated by a subsidiary 產生的留存溢利
At 30 June 2026 (unaudited)

於二零二六年六月
三十日（未經審核）

At 1 January 2025
Profit/(loss) for the period
Other comprehensive
income for the period:
Exchange differences on
translation of foreign
operations

於二零二五年一月一日
期內溢利╱（虧損）
期內其他全面收益：
換算海外業務產生
的外匯差額

Total comprehensive
期內全面收益╱
income/(loss) for the period （虧損）總額
Issue of shares for exercise 發行股份以行使
of share options (note 11)
購股權（附註11）
轉撥自一間子公司
Transfer from retained
產生的留存溢利
profits generated by a
subsidiary
At 30 June 2025 (unaudited)

Share option
reserve

Other capital Share of other
reserve and comprehensive
income of
contributed
associates
surplus

Fair value
reserve of
financial assets
at fair value
through other
comprehensive
income
按公平值計入其他
全面收益的金融
資產的公平值儲備
US$’000
千美元

於二零二五年六月
三十日（未經審核）

*

These reserve accounts comprise the consolidated reserves of
US$2,150,209,000 (31 December 2025: US$1,625,181,000) in the
interim condensed consolidated statement of financial position.

34

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

*

該等儲備賬構成於中期簡明綜合財務狀況
表內之綜合儲備2,150,209,000美元（二零
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
30 June
截至六月三十日止六個月

CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax
Adjustments for:
Finance costs
Share of profits of associates
Interest income
Loss on disposal of items of property, plant and
equipment
Gain on lease modifications
Depreciation of property, plant and equipment
Amortisation of intangible assets
Depreciation of right-of-use assets
Impairment of trade receivables and notes
receivables
Impairment of items of property, plant and
equipment

經營活動所得現金流量
稅前虧損
就以下各項作出的調整：
財務費用
分佔聯營公司溢利
利息收入
出售物業、廠房及設備
項目的虧損
租賃修改的收益
物業、廠房及設備折舊
無形資產攤銷
使用權資產折舊
貿易應收款項及
應收票據減值
物業、廠房及設備項目
的減值

Increase in inventories
Decrease in completed properties held for sale
(Increase)/decrease in trade and notes receivables

存貨增加
已竣工待售物業減少
貿易應收款項及應收票據
（增加）╱減少
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
(Increase)/decrease in amounts due from
應收關聯方款項（增加）╱
related parties
減少
Increase in pledged deposits
已抵押存款增加
Decrease in trade payables
貿易應付款項減少
Increase in other payables and accruals
其他應付款項及暫估費用
增加
Increase in government grants
政府補助增加
Increase/(decrease) in amounts due to related parties 應付關聯方款項增加╱
（減少）

Cash generated from operations
Income tax paid

經營活動產生的現金
已付所得稅

Net cash flows generated from
operating activities

經營活動所得現金流量淨額

2026
二零二六年
(Unaudited)
（未經審核）
US$’000
千美元

2025
二零二五年
(Unaudited)
（未經審核）
US$’000
千美元

(10,492)

(81,111)

57,104
(9,644)
(21,994)

41,551
(1,243)
(30,913)

46
(924)
438,862
6,516
2,696

12
–
344,036
4,794
2,953

2,426

1,132

67

–

464,663

281,211

(40,414)
–

(46,374)
244

(42,924)

4,987

(9,766)

(3,184)

(2,417)
(3,655)
(40,617)

3,964
(132)
(35,020)

152,981
–

41,675
56

6,688

(565)

484,539
(16,058)

246,862
(27,046)

468,481

219,816
continued/…
續╱…

2026年中期報告 INTERIM REPORT 2026

35

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
30 June
截至六月三十日止六個月

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received
Purchases of items of property, plant and
equipment and intangible assets
Acquisition of interests in an associate
Dividend received from an associate
Purchase of an equity investment designated at
fair value through other comprehensive income
Purchase of a financial assets at fair value through
profit or loss
Receipt of government grants for property, plant
and equipment
Proceeds from disposal of items of property, plant
and equipment
Withdrawal of time deposits

投資活動所得現金流量
已收利息
購買物業、廠房及設備項目
及無形資產
收購一間聯營公司權益
已收一間聯營公司股息
購買指定為按公平值計入其
他全面收益的權益工具
購買按公平值計入損益的金
融資產
收取物業、廠房及設備的政
府補助
出售物業、廠房及設備項目
所得款項
提取定期存款

Net cash flows used in investing activities

投資活動所用現金流量淨額

CASH FLOWS FROM FINANCING ACTIVITIES
New bank loans
Proceeds from issue of shares for exercise of share
options
Repayment of bank loans
Interest paid
Principal portion of lease payments

融資活動所得現金流量
新增銀行貸款
發行股份以行使購股權
所得款項
償還銀行貸款
已付利息
支付租賃本金部分

Net cash flows generated from financing
activities

融資活動所得現金流量淨額

NET DECREASE IN CASH AND CASH
EQUIVALENTS
Cash and cash equivalents at beginning of period
Effect of foreign exchange rate changes, net

現金及現金等價物減少淨額

CASH AND CASH EQUIVALENTS AT END OF
PERIOD

期末現金及現金等價物

36

期初現金及現金等價物
外匯匯率變動影響，淨額

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

2026
二零二六年
(Unaudited)
（未經審核）
US$’000
千美元

2025
二零二五年
(Unaudited)
（未經審核）
US$’000
千美元

18,658

35,917

(1,281,437)
–
7,286

(918,579)
(2,794)
–

(7,286)

–

(8,809)

–

25,394

5,590

247
57,794

19
–

(1,188,153)

(879,847)

850,870

999,081

3,449
(569,813)
(49,742)
(2,061)

15,295
(936,833)
(41,875)
(1,716)

232,703

33,952

(486,969)
4,893,808
125,385

(626,079)
4,459,132
13,847

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
30 June 2026
二零二六年六月三十日

1. CORPORATE INFORMATION

1. 公司資料

Hua Hong Grace Semiconductor Limited (the “Company”,
formerly known as Hua Hong Semiconductor Limited) is a
limited liability company incorporated in Hong Kong on 21
January 2005. The registered office of the Company is located
at Room 2212, Bank of America Tower, 12 Harcourt Road,
Central, Hong Kong. The principal place of business is located
at No. 288, Halei Road, Pudong New Area, Shanghai.

華虹宏力半導體有限公司（「本公司」，
前稱華虹半導體有限公司）為一家於二零
零五年一月二十一日在香港註冊成立的
有限公司。本公司的註冊辦事處為香港
中環夏愨道12號美國銀行中心2212室。
主要營業地點為上海市浦東新區哈雷路
288號。

The principal activity of the Company is investment holding.
During the six months ended 30 June 2026, the Company’s
subsidiaries (collectively refer to as the “Group”) were
principally engaged in the manufacture and trading of
semiconductor products.

本公司的主要活動為投資控股。於截至
二零二六年六月三十日止六個月內，本
公司的子公司（統稱為「本集團」）主要從
事半導體產品的生產及貿易。

In the opinion of the directors, the parent of the Company is
Shanghai Huahong (Group) Co., Ltd. (“Huahong Group”),
which is a state-owned company established in the People’s
Republic of China (“PRC”) and supervised by the Shanghai
State-owned Assets Supervision and Administration
Commission (“Shanghai SASAC”). The ultimate parent of the
Company is Shanghai SASAC.

董事認為，本公司的母公司為上海華虹
（集團）有限公司（「華虹集團」），該公司
為於中華人民共和國（「中國」）成立並由
上海市國有資產監督管理委員會（「上海
市國資委」）監管的國有公司。本公司的
最終母公司為上海市國資委。

2026年中期報告 INTERIM REPORT 2026

37

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

1. CORPORATE INFORMATION (CONTINUED)
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：

Name
名稱

Grace Semiconductor Manufacturing Corporation
(“Grace Cayman”)
Grace Semiconductor Manufacturing Corporation
（「Grace Cayman」）

38

1. 公司資料（續）

Place of incorporation/
Issued ordinary/registered
registration and business
share capital (’000)
已發行普通╱
註冊成立╱登記地點及業務
註冊股本（千）

Percentage of equity
attributable to the Company
本公司應佔權益百分比
Direct
Indirect
直接
間接

Principal activities
主要業務活動

Cayman Islands

US$0.001

100%

–

Investment holding

開曼群島

0.001美元

100%

–

投資控股

RMB20,460,928

100%

–

人民幣20,460,928元

100%

–

Manufacture and sale of
semiconductor products
生產及銷售半導體產品

Shanghai Huahong Grace Semiconductor
Manufacturing Corporation (“HHGrace Shanghai”)*
上海華虹宏力半導體製造有限公司（「華虹宏力上海」）*

PRC/Chinese mainland

Hua Hong Semiconductor (Wuxi) Limited**（Hua Hong
Wuxi）
華虹半導體（無錫）有限公司**（華虹無錫）

PRC/Chinese mainland

US$2,536,852

22.2%

28.8%

中國╱中國內地

2,536,852美元

22.2%

28.8%

Manufacture and sale of
semiconductor products
生產及銷售半導體產品

Huahong Real Estate (Wuxi) Co., Ltd. (“Huahong Real
Estate Wuxi”)***
華宏置業（無錫）有限公司（「華宏置業無錫」）***

PRC/Chinese mainland

RMB30,000

–

51%

Real estate development

人民幣30,000元

–

51%

房地產開發

中國╱中國內地

中國╱中國內地

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

1. CORPORATE INFORMATION (CONTINUED)

1. 公司資料（續）
有關子公司的資料（續）

Information about subsidiaries (Continued)
Place of incorporation/
Issued ordinary/registered
registration and business
share capital (’000)
已發行普通╱
註冊成立╱登記地點及業務
註冊股本（千）

Name
名稱

Percentage of equity
attributable to the Company

Principal activities

本公司應佔權益百分比
Direct
Indirect
直接
間接

主要業務活動

Manufacture and sale of
semiconductor products
生產及銷售半導體產品

Huahong Semiconductor Manufacturing (Wuxi) Co.,
Ltd**（Wuxi Phase II）
華虹半導體製造（無錫）有限公司）**（無錫二期）

PRC/Chinese mainland

US$4,020,000

21.9%

29.1%

中國╱中國內地

4,020,000美元

21.9%

29.1%

Wuxi Hua Hong Grace (Phase III) Semiconductor
Limited (“Wuxi Phase III”, formerly known as Hua
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
華虹宏力半導體（無錫）有限公司）***

PRC/Chinese mainland

RMB6,680

–

100%

Manufacture and sale of
semiconductor products

中國╱中國內地

人民幣6,680元

–

100%

生產及銷售半導體產品

Global Synergy Technology Limited (“GST”)
力鴻科技有限公司（「力鴻科技」）

PRC/Hong Kong
中國╱香港

HK$10
10港元

100%
100%

–
–

Trading
貿易

HHGrace Semiconductor USA, Inc.
HHGrace Semiconductor USA, Inc.

USA
美國

–
–

100%
100%

–
–

Sales office
銷售辦事處

*

HHGrace Shanghai is registered as a wholly-foreign-owned
company under PRC law.

*

華虹宏力上海根據中國法律註冊為外商
獨資公司。

**

Hua Hong Wuxi and Wuxi Phase II are registered as Sino-foreign
joint companies under PRC law.

**

華虹無錫及無錫二期根據中國法律註冊
為中外合資公司。

***

Huahong Real Estate Wuxi and Wuxi Phase III registered as a
domestic company under PRC law.

***

華宏置業無錫及無錫三期根據中國法律
註冊為內資公司。

2026年中期報告 INTERIM REPORT 2026

39

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

2.1 BASIS OF PREPARATION

40

2.1 編製基準

The interim condensed consolidated financial information for
the six months ended 30 June 2026 has been prepared in
accordance with HKAS 34 Interim Financial Reporting . The
interim condensed consolidated financial information does
not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction
with the Group’s annual consolidated financial statements for
the year ended 31 December 2025.

截至二零二六年六月三十日止六個月的
中期簡明綜合財務資料已根據香港會計
準則第34號中期財務報告 編製。中期簡
明綜合財務資料並不包括年度財務報表
規定的所有資料及披露事項，並應與本
集團截至二零二五年十二月三十一日止
年度的年度綜合財務報表一併閱讀。

The financial information relating to the year ended 31
December 2025 that is included in the interim condensed
consolidated statement of financial position as comparative
information does not constitute the Company’s statutory annual
consolidated financial statements for that year but is derived
from those financial statements. Further information relating to
those statutory financial statements required to be disclosed
in accordance with section 436 of the Hong Kong Companies
Ordinance is as follows:

中期簡明綜合財務狀況表所載有關截至
二零二五年十二月三十一日止年度的財
務資料（作為比較資料），並不構成本公
司於該年度之法定年度綜合財務報表，
惟摘錄自該等財務報表。根據香港公司
條例第436 條須予披露的有關該等法定
財務報表的進一步資料如下：

The Company has delivered the financial statements for the
year ended 31 December 2025 to the Registrar of Companies
as required by section 662(3) of, and Part 3 of Schedule 6 to,
the Hong Kong Companies Ordinance. The Company’s auditor
has reported on the financial statements for the year ended 31
December 2025. The auditor’s report was unqualified; did not
include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying its report; and
did not contain a statement under sections 406(2), 407(2) or
407(3) of the Hong Kong Companies Ordinance.

本公司已按香港公司條例第662(3)條及
附表6第3部的規定，將截至二零二五年
十二月三十一日止年度的財務報表送呈
公司註冊處處長。本公司的核數師已就
截至二零二五年十二月三十一日止年度
財務報表提交報告。該核數師報告中並
無保留意見；並未提述核數師在不就其
報告作保留意見的情況下以強調方式提
請注意的任何事項；亦未載有按香港公
司條例第406(2)、407(2)或407(3)條所
指的陳述。

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

2.2 CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES
The accounting policies adopted in the preparation of the
interim condensed consolidated financial information are
consistent with those applied in the preparation of the Group’s
annual consolidated financial statements for the year ended
31 December 2025, except for the adoption of the following
amended HKFRS Accounting Standard for the first time for the
current period’s financial information.

2.2 會計政策的變動及披露
編製中期簡明綜合財務資料所採納的會
計政策與編製本集團截至二零二五年十
二月三十一日止年度的年度綜合財務報
表所採用者一致，惟就本期財務資料首
次採納下列經修訂香港財務報告準則會
計準則除外。

Amendments to HKFRS 9 and
HKFRS 7

Amendments to the
Classification and
Measurement of Financial
Instruments

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
務報告準則第7號（修訂本）

Amendments to HKFRS 9 and
HKFRS 7

Contracts Referencing
Nature-dependent
Electricity

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
務報告準則第7號（修訂本）

Annual Improvements
to HKFRS Accounting
Standards – Volume 11

Amendments to HKFRS 1,
HKFRS 7, HKFRS 9, HKFRS
10 and HKAS 7

香港財務報告準則之會計準則的
年度改進－第11卷

The adoption of above revised standards has no significant
financial effect to the Group’s interim condensed consolidated
financial information.

香港財務報告準則第1號、香港
財務報告準則第7號、香港財
務報告準則第9號、香港財務
報告準則第10號及香港會計
準則第7號（修訂本）

採納上述經修訂準則並無對本集團的中
期簡明綜合財務資料產生重大財務影響。

2026年中期報告 INTERIM REPORT 2026

41

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

3. OPERATING SEGMENT INFORMATION

3. 經營分部資料

For management purposes, the Group is organised into one
single business unit that includes primarily the manufacture
and sale of semiconductor products. Management reviews the
consolidated results when making decisions about allocating
resources and assessing the performance of the Group.
Accordingly, no segment analysis is presented.

出於管理需要，本集團僅構組一個業務
單元，主要包括製造及銷售半導體產
品。管理層在作出分配資源的相關決策
及評估本集團表現時審核綜合業績。因
此，並無呈列分部分析。

The principal assets employed by the Group are located in
the PRC. Therefore, no segment information based on the
geographical location of assets is presented for the period.

本集團使用的主要資產位於中國，故並
無按資產的地理位置於期內呈列分部資
料。

Revenues regarding geographical segments based on the
location of customers for the period are presented as follows:

期內按客戶所在地劃分的地區分部收入
呈列如下：
For the six months ended
30 June
截至六月三十日止六個月

42

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

China (including Hong Kong)
North America
Asia (excluding China)
Europe

中國（包括香港）
北美洲
亞洲（不包括中國）
歐洲

1,088,913
179,543
60,194
49,812

912,132
109,434
55,471
29,965

Total

總計

1,378,462

1,107,002

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

4. REVENUE AND OTHER INCOME AND GAINS
An analysis of revenue and other income and gains is as
follows:

4. 收入、其他收入及收益
對收入、其他收入及收益的分析如下：

For the six months ended
30 June
截至六月三十日止六個月
2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

Revenue from contracts with customers
Sale of goods

客戶合約收入
銷售貨品

1,378,462

1,107,002

Type of goods
Sales of semiconductor products and total
revenue from contracts with customers

貨品類型
半導體產品的銷售及來自
客戶合約的總收入

1,378,462

1,107,002

Timing of revenue recognition
Goods transferred at a point in time and total
revenue from contracts with customers

收入確認時間
在某一時點轉讓的貨品及
來自客戶合約的總收入

1,378,462

1,107,002

Other income and gains
Rental income from investment property
operating leases:
– Fixed lease payments
Interest income
Government subsidies
Foreign exchange gain, net
Gain on lease modifications
Others

其他收入及收益
投資物業經營租賃的租金
收入：
－固定租賃付款
利息收入
政府補貼
外匯淨收益
租賃修改的收益
其他

7,156
21,994
10,316
5,609
924
1,213

6,973
30,913
21,096
–
–
934

47,212

59,916

The disaggregation of the Group’s revenue based on the
geographical region for the six months ended 30 June 2026 is
included in note 3.

截至二零二六年六月三十日止六個月，
本集團按地區劃分的收入明細載於附註
3。

2026年中期報告 INTERIM REPORT 2026

43

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

5. 稅前虧損

5. LOSS BEFORE TAX
The Group’s loss before tax is arrived at after charging/
(crediting):

本集團的稅前虧損乃於扣除╱（計入）下
列各項後達致：
For the six months ended
30 June
截至六月三十日止六個月

Cost of inventories sold
Write-down of inventories to net realisable value
Impairment losses on trade receivables and
notes receivables
Impairment of property, plant and equipment
Loss on disposal of items of property, plant and
equipment
Gain on lease modifications
Exchange differences, net

44

已售存貨成本
存貨撇減至可變現淨值
貿易應收款項及應收票據
減值損失
物業、廠房及設備減值
出售物業、廠房及設備
項目的虧損
租賃修改的收益
外匯差額淨額

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

1,173,999
2,545

995,394
5,098

2,426
67

1,132
–

46
(924)
(5,609)

12
–
17,263

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

6. INCOME TAX

6. 所得稅

Profits arising in Hong Kong were subject to profits tax at
the rate of 16.5% during the six months ended 30 June 2026
(six months ended 30 June 2025: 16.5%). No provision for
Hong Kong profits tax has been made as the Company and
a subsidiary incorporated in Hong Kong had no assessable
income during the six months ended 30 June 2026 (six months
ended 30 June 2025: nil).

截至二零二六年六月三十日止六個月，
在香港產生的溢利須按16.5%（截至二零
二五年六月三十日止六個月：16.5%）的
稅率繳納利得稅。由於本公司及一家在
香港註冊成立的子公司截至二零二六年
六月三十日止六個月並無取得應評稅收
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
is not subject to corporate income tax (“CIT”) as it does not
have a place of business (other than a registered office) or
carry on any business in the Cayman Islands.

由於本公司在開曼群島註冊成立的子公
司在開曼群島並無擁有營業地點（註冊辦
事處除外）或經營任何業務，故有關子公
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
operations in Chinese mainland are subject to PRC enterprise
income tax on the taxable income as reported in their PRC
statutory accounts adjusted in accordance with relevant PRC
income tax laws based on a statutory rate of 25% except for
the ones which are subject preferential tax below:

所有本集團在中國註冊且在中國內地營
運的子公司，應就其根據相關中國所得
稅法調整的中國法定賬目所呈報應課稅
收入按25%的法定稅率繳納中國企業所
得稅，惟享有以下優惠稅率的子公司除
外：

•

Pursuant to the relevant laws and regulations in the PRC
and with approval from the tax authorities in charge, the
Group’s subsidiaries, HHGrace Shanghai, is qualified as
“High and New Technology Enterprises” and are therefore
entitled to a preferential tax rate of 15% from December
2023 to December 2026. The renewal processes for the
qualification of HHGrace Shanghai has been started and
management believe that a preferential tax rate of 15% is
expected to be effective in the foreseeable future;

•

根據中國相關法律法規及獲稅務主
管機關批准，本集團子公司華虹宏
力上海符合資格成為「高新技術企
業」，故有權於二零二三年十二月
至二零二六年十二月期間按 15%
的優惠稅率繳稅。華虹宏力上海的
資格續期程序已啟動，管理層預期
15%的優惠稅率將於可預見未來持
續生效；

•

Pursuant to the relevant laws and regulations in the PRC
and with the approval from the tax authorities in charge,
the Group’s subsidiaries, Hua Hong Wuxi and Wuxi Phase
II, are entitled to an exemption from CIT for five years,
commencing from the first year that Hua Hong Wuxi and
Wuxi Phase II generate taxable profits, and a deduction
of 50% on the CIT rate for the following five years. Hua
Hong Wuxi and Wuxi Phase II were in accumulated tax
loss positions as at 30 June 2026 and the tax holiday has
not yet begun.

•

根據中國相關法律法規及獲稅務主
管機關批准，本集團子公司華虹無
錫及無錫二期可從華虹無錫及無錫
二期產生應課稅溢利的第一年起獲
豁免繳納五年企業所得稅，及隨後
五年內享受企業所得稅稅率減免
50%的優惠。於二零二六年六月三
十日，華虹無錫及無錫二期處於累
計稅務虧損狀態，且免稅期尚未開
始。

2026年中期報告 INTERIM REPORT 2026

45

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

6. 所得稅（續）

6. INCOME TAX (CONTINUED)
The Company’s subsidiary incorporated and operating in the
United States was subject to federal corporation income tax at
a rate of 21% during the six months ended 30 June 2026 (six
months ended 30 June 2025: 21%), as well as a California state
tax at 8.84% (six months ended 30 June 2025: 8.84%).

本公司於美國註冊成立及營運的子公
司，截至二零二六年六月三十日止六個
月須按21%（截至二零二五年六月三十
日止六個月：21%）的聯邦企業所得稅率
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
are as follows:

本集團所得稅開支的主要組成部分如
下：
For the six months ended
30 June
截至六月三十日止六個月

Current income tax expense – Chinese mainland 當期所得稅開支－中國內地
Current income tax expense – elsewhere
當期所得稅開支－其他地區
Deferred tax
遞延稅項
Total income tax expense

所得稅開支總額

7. EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE
PARENT
The calculation of the basic earnings per share amounts is
based on the profit for the period attributable to ordinary equity
holders of the parent and the weighted average number of
ordinary shares of 1,737,646,356 outstanding during the six
months ended 30 June 2026 (six months ended 30 June 2025:
1,724,087,447).

46

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

15,279
10
(12,392)

11,911
21
(8,080)

2,897

3,852

7. 母公司普通股權持有人應佔每
股盈利
每股基本盈利金額乃基於母公司普通
股權持有人應佔期內溢利及截至二零
二六年六月三十日止六個月已發行
1,737,646,356股（截至二零二五年六月
三十日止六個月：1,724,087,447股）普
通股的加權平均數計算。

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

7. EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE
PARENT (CONTINUED)

7. 母公司普通股權持有人應佔每
股盈利（續）

The calculation of the diluted earnings per share amount
is based on the profit for the period attributable to ordinary
equity holders of the parent. The weighted average number
of ordinary shares used in the calculation is the number of
ordinary shares outstanding during the six months ended
30 June 2026, as used in the basic earnings per share
calculation, and the weighted average number of ordinary
shares assumed to have been issued at no consideration on
the deemed exercise or conversion of all dilutive potential
ordinary shares into ordinary shares.

每股已攤薄盈利金額乃根據母公司普通
股權持有人應佔期內溢利計算。計算時
採用之普通股加權平均數為計算每股基
本盈利時採用之截至二零二六年六月三
十日止六個月期間已發行普通股數目加
上假設所有潛在攤薄普通股被視為行使
或兌換為普通股時以零代價發行之普通
股加權平均數。

The calculations of basic and diluted earnings per share are
based on:

每股基本及攤薄盈利的計算乃基於：

For the six months ended
30 June
截至六月三十日止六個月

Earnings
Profit attributable to ordinary equity holders of
the parent, used in the basic earnings per
share calculation

盈利
用於計算每股基本盈利的
母公司普通股權持有人
應佔溢利

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

59,568

11,702

2026年中期報告 INTERIM REPORT 2026

47

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

7. EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE
PARENT (CONTINUED)

7. 母公司普通股權持有人應佔每
股盈利（續）

Number of shares
股份數目
For the six months ended
30 June
截至六月三十日止六個月
2025
二零二五年

1,724,087,447

Shares
Weighted average number of ordinary shares
outstanding during the period used in the
basic earnings per share calculation
Effect of dilution-weighted average number of
ordinary shares:
Share options

股份
用於計算每股基本盈利的
期內已發行普通股加權
平均數
普通股攤薄加權平均數的
影響：
購股權

1,737,646,356

56,408

5,439,856

Total

總計

1,737,702,764

1,729,527,303

8. PROPERTY, PLANT AND EQUIPMENT

48

2026
二零二六年

8. 物業、廠房及設備

During the six months ended 30 June 2026, the major changes
in property, plant and equipment include:

截至二零二六年六月三十日止六個月，
物業、廠房及設備的主要變動包括：

•

The Group acquired items of property, plant and
equipment with a cost of US$833,563,000 (six months
ended 30 June 2025: US$611,216,000).

•

本集團購置物業、廠房及設備項目
的成本為833,563,000 美元（截至
二零二五年六月三十日止六個月：
611,216,000美元）。

•

Depreciation for items of property, plant and equipment
was US$441,066,000 during the six months ended
30 June 2026 (six months ended 30 June 2025:
US$344,036,000). US$2,204,000 of depreciation was
capitalised during the six months ended 30 June 2026
(six months ended 30 June 2025: nil) as certain items of
property, plant and equipment were used for construction
in progress.

•

截至二零二六年六月三十日止六
個月，物業、廠房及設備項目的
折舊為441,066,000 美元（截至二
零二五年六月三十日止六個月：
344,036,000 美元）。截至二零二
六年六月三十日止六個月，由於若
干物業、廠房及設備項目用於在
建工程，已資本化的折舊金額為
2,204,000美元（截至二零二五年六
月三十日止六個月：無）。

•

The additions in exchange realignment for items of
property, plant and equipment was US$219,199,000
during the six months ended 30 June 2026 (six months
ended 30 June 2025: US$24,973,000).

•

截至二零二六年六月三十日止六個
月，物業、廠房及設備項目的匯兌
調整添置為219,199,000美元（截至
二零二五年六月三十日止六個月：
24,973,000美元）。

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

9. 貿易應收款項及應收票據

9. TRADE AND NOTES RECEIVABLES

30 June
31 December
2026
2025
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
Notes receivables

貿易應收款項
應收票據

268,484
58,944

236,909
47,595

Impairment

減值

327,428
(4,965)

284,504
(2,451)

Total

總計

322,463

282,053

An ageing analysis of the trade and notes receivables, based
on the due date and net of provisions, is as follows:

按到期日計，貿易應收款項及應收票據
（扣除撥備）的賬齡分析如下：
30 June
31 December
2026
2025
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
Less than 3 months past due
3 to 6 months past due

尚未逾期
逾期少於3個月
逾期3至6個月

310,236
9,538
2,689

273,204
6,045
2,804

Total

總計

322,463

282,053

2026年中期報告 INTERIM REPORT 2026

49

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

10. 貿易應付款項

10. TRADE PAYABLES
An ageing analysis of the trade payables of the Group as at
the end of the reporting period, based on the invoice date, is
as follows:

於報告期末按發票日期計，本集團貿易
應付款項的賬齡分析如下：

30 June
31 December
2026
2025
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
Over 1 but within 3 months
Over 3 but within 6 months
Over 6 but within 12 months
Over 12 months

1個月以內
超過1個月但於3個月內
超過3個月但於6個月內
超過6個月但於12個月內
12個月以上

170,091
68,632
10,335
33,441
7,254

172,247
77,156
11,171
11,116
58,680

Total

總計

289,753

330,370

The trade payables are unsecured, non-interest-bearing and
are normally settled on terms of 30 to 60 days.

50

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

貿易應付款項為無抵押、不計息及一般
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
30 June 2026
二零二六年六月三十日

11. 股本

11. SHARE CAPITAL

Number of
shares in
issue

Amount of
share capital

已發行股份數目

股本金額
US$’000
千美元

1 January 2026
Issue of shares for exercise of share options

二零二六年一月一日
發行股份以行使購股權

1,737,614,193
112,209

4,987,482
345

30 June 2026 (unaudited)

二零二六年六月三十日
（未經審核）

1,737,726,402

4,987,827

1 January 2025
Issue of shares for exercise of share options

二零二五年一月一日
發行股份以行使購股權

1,718,468,815
8,610,783

4,938,457
22,398

30 June 2025 (unaudited)

二零二五年六月三十日
（未經審核）

1,727,079,598

4,960,855

12. 承擔

12. COMMITMENTS
The Group had the following contractual commitments at the
end of the reporting period:

本集團於報告期末有以下合約承擔：

30 June
31 December
2026
2025
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:
Property, plant and equipment

已訂約，但未撥備：
物業、廠房及設備

3,248,394

1,238,613

2026年中期報告 INTERIM REPORT 2026

51

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

13. 關聯方交易

13. RELATED PARTY TRANSACTIONS
(a) Name and relationship

(a) 名稱及關係

Name of related party
關聯方名稱

Relationship with the Group
與本集團的關係

Shanghai Huahong Zealcore Electronics Co., Ltd.
(“Huahong Zealcore”)
上海華虹摯芯科技有限公司（「華虹摯芯」）
ZealCore Electronics Shanghai Co., Ltd.
(“Zealcore Shanghai”)
上海華虹摯芯電子科技有限公司（「摯芯上海」）
Shanghai Hongri International Electronics Co., Ltd.
(“Hongri”)
上海虹日國際電子有限公司（「虹日」）
Shanghai Hua Hong Jitong Smart System Co., Ltd.
(“Jitong”)
上海華虹計通智能系統股份有限公司（「計通」）
Shanghai Huali Microelectronics Co., Ltd.
(“Huali Micro”)
上海華力微電子有限公司（「華力微」）
Company A*
公司A*
Company B*
公司B*

A subsidiary of Huahong Group

Huahong Technology Development Co., Ltd.
(“Huahong Technology Development”)
華虹科技發展有限公司（「華虹科技發展」）
Shanghai Huahong Real Estate Co., Ltd.
(“Huahong Real Estate”)
上海華虹置業有限公司（「華虹置業」）
Shanghai Huajin Property Management Co., Ltd.
(“Huajin”)
上海華錦物業管理有限公司（「華錦」）

A subsidiary of Huahong Group and an
associate of the Group
華虹集團子公司及本集團聯營公司
A subsidiary of Huahong Technology Development

*

52

華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司
A subsidiary of Huahong Group
華虹集團子公司

華虹科技發展子公司
A subsidiary of Huahong Technology Development
華虹科技發展子公司

Pursuant to certain regulations of Shanghai Stock Exchange
and the Group’s policy, the Company A and Company B’s
name are exempted from being disclosed, which contains
some business secrets. The Group has completed all
approval procedures for the exemption.

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

*

根據上海證券交易所的相關規定
及本集團的政策，公司A及公司B
的名稱因包含若干商業秘密而獲
豁免披露。本集團已就該項豁免
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
30 June 2026
二零二六年六月三十日

13. 關聯方交易（續）

13. RELATED PARTY TRANSACTIONS
(CONTINUED)

(b) 關聯方交易

(b) Related party transactions
In addition to the transactions disclosed elsewhere in
this financial information, the Group had the following
transactions with related parties during the six months
ended 30 June 2026:

除本財務資料其他部分所披露的交
易外，本集團截至二零二六年六月
三十日止六個月已與關聯方進行以
下交易：
For the six months ended
30 June
截至六月三十日止六個月
2026
2025
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))
Huahong Zealcore
Hongri

向關聯方出售貨品（附註(i)）
華虹摯芯
虹日

Purchases of goods from related parties
(note (ii))
Hongri
Company B
Company A
Huahong Zealcore
Zealcore Shanghai

自關聯方購買貨品（附註(ii)）

Rental income from a related party (note (iii))
Huali Micro

來自關聯方的租金收入（附註(iii)）
華力微

7,633
3,448

771
89

6,062
1,889
273
110
74

22,924
–
–
162
11

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

13,314

13,170

Expense paid on behalf of a related party
(note (vi))
Huali Micro

虹日
公司B
公司A
華虹摯芯
摯芯上海

代關聯方支付的開支（附註(vi)）
華力微

2026年中期報告 INTERIM REPORT 2026

53

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

13. RELATED PARTY TRANSACTIONS
(CONTINUED)
(b) Related party transactions (Continued)

54

13. 關聯方交易（續）
(b) 關聯方交易（續）

Note (i)

The sales of goods to related parties were made
according to the prices and terms agreed between
the related parties.

附註(i)

向關聯方出售的貨品乃根據
與關聯方協定的價格及條款
作出。

Note (ii)

The purchases of goods from related parties were
made according to the prices and terms offered by
the related parties.

附註(ii)

自關聯方購買的貨品乃根據
關聯方提供的價格及條款作
出。

Note (iii)

The rental income received from a related party was
based on the prices and terms agreed between the
related parties.

附註(iii)

來自關聯方的租金收入乃根
據與關聯方協定的價格及條
款收取。

Note (iv)

The service fees charged by related parties were
based on the prices and terms agreed between the
related parties.

附註(iv)

服務費乃由關聯方根據與關
聯方協定的價格及條款收
取。

Note (v)

The Group entered into leases in respect of certain
dormitory properties from Huahong Real Estate.
The amount of rent payable by the Group under the
leases is US$1,990,000 per year. As at 30 June 2026,
the balances of those right-of-use assets and lease
liabilities were US$7,059,000 (31 December 2025:
US$14,578,000) and US$9,162,000 (31 December
2025: US$17,520,000), respectively.

附註(v)

本集團就自華虹置業租賃的
若干宿舍物業訂立租約。本
集團於租賃項下應付的租金
為每年1,990,000 美元。於
二零二六年六月三十日，
該等使用權資產及租賃負
債的結餘分別為7,059,000
美 元（ 二 零 二 五 年 十 二 月
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：
17,520,000美元）。

Note (vi)

The expense paid on behalf of the related party is
interest-free and repayable on demand.

附註(vi)

代關聯方支付的開支為不計
息且須按要求償還。

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

13. 關聯方交易（續）

13. RELATED PARTY TRANSACTIONS
(CONTINUED)

(c) 與關聯方之間的未結清結餘

(c) Outstanding balances with related parties
The Group had the following significant balances with its
major related parties during the reporting period. These
balances are unsecured, interest-free and have no fixed
terms of repayment.

於報告期內，本集團與其主要關聯
方有以下重大結餘。該等結餘為無
擔保、不計息且無固定償還期限。

30 June
2026
二零二六年
六月三十日
US$’000
千美元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
US$’000
千美元
(Audited)
（經審核）

Amounts due from related parties
Huali Micro
Huahong Zealcore
Hongri
Huajin

應收關聯方款項
華力微
華虹摯芯
虹日
華錦

8,094
2,469
1,977
12

7,766
2,369
–
–

Total

總計

12,552

10,135

Amounts due to related parties
Huali Micro
Hongri
Company B
Huahong Zealcore
ZealCore Shanghai
Company A
Huajin
Jitong

應付關聯方款項
華力微
虹日
公司B
華虹摯芯
摯芯上海
公司A
華錦
計通

9,839
1,662
810
580
20
2
–
–

2,244
3,361
–
539
47
–
27
7

Total

總計

12,913

6,225

2026年中期報告 INTERIM REPORT 2026

55

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

13. 關聯方交易（續）

13. RELATED PARTY TRANSACTIONS
(CONTINUED)

(d) 本集團主要管理人員的酬金

(d) Compensation of key management personnel of the
Group

For the six months ended
30 June
截至六月三十日止六個月
2026
2025
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
Pension scheme contributions
Equity-settled share option expense

短期僱員福利
退休金計劃供款
以權益結算的購股權開支

Total compensation paid to key management
personnel

支付予主要管理人員的酬金總額

2,478
108
–

2,164
96
–

2,586

2,260

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS

14. 金融工具的公平值及公平值層
級

The carrying amounts and fair values of the Group’s financial
instruments, other than those with carrying amounts that
reasonably approximate to fair values, are as follows:

本集團金融工具（不包括賬面值與公平值
大致相若的金融工具）的賬面值及公平值
載列如下：

Carrying amounts
賬面值

Fair values
公平值

31 December
31 December
30 June 2026
2025 30 June 2026
2025
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）

56

Financial assets
Equity investments designated
at fair value through other
comprehensive income
Financial asset at fair value
through profit or loss

金融資產
指定為按公平值計入
其他全面收益的股權
投資
按公平值計入損益的
金融資產

Financial liabilities
Interest-bearing bank borrowings

金融負債
計息銀行借款

787,420

478,799

787,420

478,799

8,809

–

8,809

–

1,665,485

2,787,096

1,661,162

2,781,090

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）

The Group’s finance department headed by the finance
manager is responsible for determining the policies and
procedures for the fair value measurement of financial
instruments. The finance department reports directly to the
chief financial officer. At each reporting date, the finance
department analyses the movements in the values of financial
instruments and determines the major inputs applied in the
valuation. The valuation is reviewed and approved by the chief
financial officer.

本集團旗下以財務經理為首的財務部負
責釐定金融工具公平值計量的政策及程
序。財務部直接向財務總監報告。於各
報告日期，財務部分析金融工具的價
值變動並釐定估值中適用的主要輸入數
據。估值由財務總監審核及批准。

The fair values of the financial assets and liabilities are
included at the amount at which the instrument could be
exchanged in a current transaction between willing parties,
other than in a forced or liquidation sale. The following
methods and assumptions were used to estimate the fair
values of those financial assets and liabilities measured at fair
value:

金融資產及負債的公平值是按當前與自
願方交易（而非被迫或清盤出售）中可交
換有關工具的金額列賬。估計該等按公
平值計量的金融資產及負債的公平值乃
使用以下的方法及假設：

The fair values of listed equity investments designated at fair
value through other comprehensive income are based on
quoted market prices, adjusted by a discount for liquidity if
there is any lock-up period attached to the investments.

指定為按公平值計入其他全面收益的上
市股權投資的公平值，乃基於市場報價
釐定，並於投資附帶任何禁售期時就流
通性作出折讓調整。

The fair values of unlisted equity investments designated at
fair value through other comprehensive income or at fair value
through profit or loss have been estimated using the market
approach:

指定為按公平值計入其他全面收益或按
公平值計入損益的非上市股權投資之公
平值採用市場法估算：

•

If there is a precedent transaction regarding the unlisted
investments, the fair values are estimated based on the
precedent transaction price and the discount for lack of
control;

•

倘存在有關非上市投資的先前交
易，則公平值根據先前交易價格及
缺乏控制權折讓價估算；

•

Otherwise, the directors will determine comparable
public companies (peers) based on industry, size,
leverage and strategy, and calculate an appropriate price
multiple, such as price to book value (“P/B”) multiple,
for each comparable company identified. The multiple
is calculated by dividing the enterprise value of the
comparable company by net assets. The trading multiple
is then discounted for considerations such as illiquidity
based on company specific facts and circumstances. The
discounted multiple is applied to the corresponding net
assets of the unlisted equity investments to measure the
fair value.

•

否則，董事將根據行業、規模、影
響力及策略釐定可比較上市公司
（同行），且就已確定的各可資比較
公司計算適當的價格倍數，如市賬
率（「市賬率」）倍數。該倍數乃按可
資比較公司之企業價值除以淨資產
所得。交易倍數隨後根據公司特定
情況及狀況就非流動性等因素予以
貼現。貼現倍數適用於非上市股權
投資的相應淨資產以計量公平值。

2026年中期報告 INTERIM REPORT 2026

57

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）

The directors believe that the estimated fair values resulting
from the valuation technique, which are recorded in the interim
condensed consolidated statement of financial position, and
the related changes in fair values, which are recorded in other
comprehensive income, are reasonable, and that they were
the most appropriate values at the end of the reporting period.

董事認為，計入中期簡明綜合財務狀況
表的估值技術所產生的估計公平值以及
計入其他全面收益的公平值相關變動屬
合理，而於報告期末的價值最為恰當。

Fair value hierarchy
The following tables illustrate the fair value measurement
hierarchy of the Group’s financial instruments:

公平值層級
下表顯示本集團金融工具的公平值計量
層級：

Financial assets measured at fair value
As at 30 June 2026

按公平值計量的金融資產
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
in active
markets
於活躍市場
的市場報價
(Level 1)
（第1級）
US$’000
千美元
(Unaudited)
（未經審核）

指定為按公平值計入其他
Equity investments designated
全面收益的股權投資
at fair value through other
comprehensive income
Financial asset at fair value through 按公平值計入損益的
profit or loss
金融資產

58

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

Significant
Significant
observable unobservable
inputs
inputs
重大可觀察
重大不可觀察
輸入數據
輸入數據
(Level 2)
(Level 3)
（第2級）
（第3級）
US$’000
US$’000
千美元
千美元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）

Total
總計
US$’000
千美元
(Unaudited)
（未經審核）

–

94,503

692,917

787,420

–

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
30 June 2026
二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）
公平值層級（續）
按公平值計量的金融資產（續）
於二零二五年十二月三十一日

Fair value hierarchy (Continued)
Financial assets measured at fair value (Continued)
As at 31 December 2025

Fair value measurement using
公平值計量採用以下基準
Quoted prices
in active
markets
於活躍市場
的市場報價
(Level 1)
（第1級）
US$’000
千美元
(Audited)
（經審核）
Equity investments designated 指定為按公平值計入
其他全面收益的
at fair value through other
股權投資
comprehensive income
During the six months ended 30 June 2026, there were no
transfers of fair value measurements between Level 1 and
Level 2 and no transfers into or out of Level 3 for both financial
assets and financial liabilities (six months ended 30 June 2025:
nil).

–

Significant
Significant
observable unobservable
inputs
inputs
重大可觀察
重大不可
輸入數據 觀察輸入數據
(Level 2)
(Level 3)
Total
（第2級）
（第3級）
總計
US$’000
US$’000
US$’000
千美元
千美元
千美元
(Audited)
(Audited)
(Audited)
（經審核）
（經審核） （經審核）

34,366

444,433

478,799

截至二零二六年六月三十日止六個月，
金融資產及金融負債的第1級與第2級間
並無公平值計量轉移，且第3級並無轉入
或轉出（截至二零二五年六月三十日止六
個月：無）。

2026年中期報告 INTERIM REPORT 2026

59

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）

Fair value hierarchy (Continued)
The recurring fair value measurement for the Group’s
equity investments designated at fair value through other
comprehensive income, was made using significant
unobservable inputs (Level 3) as at 30 June 2026. Below is a
summary of the valuation techniques used and the key inputs
to the valuation:

公平值層級（續）
本集團指定為按公平值計入其他全面收
益的股權投資的週期公平值計量乃使用
二零二六年六月三十日的重大不可觀察
輸入數據（第3 級）作出。下表為估值所
用估值技術及主要輸入數據概要：

Equity investments designated
at fair value through other
comprehensive income

Valuation
technique
估值技術

Significant
unobservable input
重大不可觀察輸入數據

Valuation
multiples

5% (31 December 2025: 5%)
increase/decrease would
result in increase/decrease
in fair value by 5% (31
December 2025: 5%)
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
日：5%）的增加╱減少將導致
3.8x-9.9x
公平值增加╱減少5%（二零二
二零二五年十二月三十一日：
五年十二月三十一日：5%）
1.7x-4.7x
Discount for illiquidity
30 June 2026: 30% 5% (31 December 2025: 5%)
31 December 2025: 30%
increase/decrease would
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
日：5%）的增加╱減少將導致
30%
公平值減少╱增加7%（二零二
二零二五年十二月三十一日：
五年十二月三十一日：7%）
30%
Discount for lack
30 June 2026: 21% 5% (31 December 2025: 5%)
of control
31 December 2025: 22.2%
increase/decrease would
result in decrease/increase
in fair value by 6% (31
December 2025: 6%)
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
日：5%）的增加╱減少將導致
21%
公平值減少╱增加6%（二零二
二零二五年十二月三十一日：
五年十二月三十一日：6%）
22.2%

指定為按公平值計入其他全面收益的 估值倍數
股權投資

Precedent
transaction
analysis

先前交易分析

60

Average P/B
multiple of peers

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

Range
範圍
30 June 2026:
3.8x-9.9x
31 December 2025:
1.7x-4.7x

Sensitivity of fair value to
the input
公平值對輸入數據之敏感度

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

14. FAIR VALUE AND FAIR VALUE HIERARCHY
OF FINANCIAL INSTRUMENTS (CONTINUED)

14. 金融工具的公平值及公平值層
級（續）

Fair value hierarchy (Continued)
The movements in fair value measurements within Level 3
during the six months ended 30 June 2026 are as follows:

公平值層級（續）
截至二零二六年六月三十日止六個月，
第3級的公平值計量變動如下：

Equity investments at fair value through other
comprehensive income:
At 1 January
Total gains recognised in other comprehensive
income
Exchange realignment

按公平值計入其他全面收益
的股權投資：
於一月一日
於其他全面收益確認的
收益總額
匯兌調整

At 30 June

於六月三十日

2026
二零二六年
US$’000
千美元
(Unaudited)
（未經審核）

2025
二零二五年
US$’000
千美元
(Unaudited)
（未經審核）

444,433

271,921

234,265
14,219

–
1,132

692,917

273,053

15. 購股權計劃

15. SHARE OPTION SCHEME
The Company operates a share option scheme for the purpose
of providing incentives and rewards to eligible participants
who contribute to the success of the Group’s operations.

本公司設有一項購股權計劃，旨在為對
本集團順利發展有所貢獻之符合資格參
與者提供激勵及獎勵。

The following share options were outstanding during the six
months ended 30 June 2026:

截至二零二六年六月三十日止六個月，
以下購股權尚未行使：
Number of options
購股權數目
2026
二零二六年
(Unaudited)
（未經審核）

2025
二零二五年
(Unaudited)
（未經審核）

At 1 January
Exercised during the period
Forfeited during the period

於一月一日
期內行使
期內沒收

179,209
(112,209)
–

19,337,302
(8,610,783)
(4,250)

At 30 June

於六月三十日

67,000

10,722,269

2026年中期報告 INTERIM REPORT 2026

61

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
中期簡明綜合財務資料附註
30 June 2026

二零二六年六月三十日

16. DIVIDENDS
The Board did not recommend the payment of any dividend
during the six months ended 30 June 2026 (six months ended
30 June 2025: nil).

17. EVENT AFTER THE REPORTING PERIOD

董事會不建議派發截至二零二六年六月
三十日止六個月的任何股息（截至二零二
五年六月三十日止六個月：無）。

17. 報告期後事項

As at 8 July 2026, China Securities Regulatory Commission
approved the registration of the proposed acquisition of
97.4988% of equity interests in Huali Micro (the “Proposed
Acquisition”), representing that the conditions precedent in the
acquisition agreement to complete the Proposed Acquisition
has been substantially fulfilled. As at the date of approval
of the interim condensed consolidated financial information,
certain final procedures to complete the Proposed Acquisition,
including administrative registration, remain outstanding.

於二零二六年七月八日，中國證券監
督管理委員會批准登記收購華力微
97.4988%股權的提議（「擬議收購」），這
表明收購協議中完成擬議收購的先決條
件已基本達成。於批准中期簡明綜合財
務資料日期，完成建議收購事項的若干
最終程序（包括行政登記）尚未達成。

Save as disclosed above, there is no material subsequent
event undertaken by the Group after 30 June 2026.

除上文所披露者外，本集團於二零二六
年六月三十日後並無重大期後事項。

18. APPROVAL OF THE INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
The interim condensed consolidated financial information was
approved and authorised for issue by the board of directors on
26 August 2026.

62

16. 股息

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

18. 批准中期簡明綜合財務資料
中期簡明綜合財務資料已於二零二六年
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

30 JUNE 2026
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
1 September 2015, which became effective on 4
September 2015. The share option scheme shall be
valid and effective for a period of 7 years commencing
on the date of adoption. It has therefore expired
on 1 September 2022. No further options could be
granted, and none has been granted, under the
Share Option Scheme from that date. As of 30 June
2026, the Company had options for 67,000 shares
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
2026:

本公司於二零一五年九月一日採納一項購股權計劃，由二
零一五年九月四日起生效。該購股權計劃自採納之日起七
年內有效。因此，其已於二零二二年九月一日屆滿。自該
日起，不得根據購股權計劃進一步授出購股權，且概無授
出購股權。截至二零二六年六月三十日，本公司於購股權
計劃項下共有67,000份未行使購股權，相當於該日期本公
司已發行股份約0.004%。下表載列截至二零二六年六月
三十日止六個月期間根據購股權計劃授予董事及其他承授
人的尚未行使的購股權的詳情及交易情況：

2026年中期報告 INTERIM REPORT 2026

63

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

SHARE OPTION SCHEME (CONTINUED)
Number of share options
購股權數目

Name or category of participants
參與者姓名或類別
Former directors
已離任董事

Directors
董事
Granted on 4 September 2015
於二零一五年九月四日授出
Granted on 24 December 2018
於二零一八年十二月二十四日授出
Granted on 29 March 2019
於二零一九年三月二十九日授出
Granted on 23 December 2019
於二零一九年十二月二十三日授出
Cancelled/lapsed during the year 2015
於二零一五年註銷╱失效
Cancelled/lapsed during the year 2016
於二零一六年註銷╱失效
Cancelled/lapsed during the year 2017
於二零一七年註銷╱失效
Cancelled/lapsed during the year 2018
於二零一八年註銷╱失效
Cancelled/lapsed during the year 2019
於二零一九年註銷╱失效
Cancelled/lapsed during the year 2020
於二零二零年註銷╱失效
Cancelled/lapsed during the year 2021
於二零二一年註銷╱失效
Cancelled/lapsed during the year 2022
於二零二二年註銷╱失效
Cancelled/lapsed during the year 2023
於二零二三年註銷╱失效
Cancelled/lapsed during the year 2024
於二零二四年註銷╱失效
Cancelled/lapsed during the year 2025
於二零二五年註銷╱失效
Exercised during the period
期內行使
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
Outstanding as at 30 June 2026
於二零二六年六月三十日尚未行使
Vesting period of share options
購股權之歸屬期
Exercise period of share options
購股權之行使期
Exercise price of share options
購股權之行使價
Weighted average closing price of the
shares immediately before the dates
on which the share options were
exercised
股份於緊接購股權獲行使日期之前的
加權平均收市價

64

購股權計劃（續）

Other employees
其他僱員

In aggregate
總數

–

–

988,000

–

29,262,000

–

–

30,250,000

–

–

–

680,000

–

33,820,000

–

34,500,000

–

500,000

–

–

–

–

–

500,000

–

–

–

–

–

–

2,482,000

2,482,000

–

–

–

–

-130,000

–

–

-130,000

–

–

–

–

-1,458,000

–

–

-1,458,000

–

–

–

–

-1,353,399

–

–

-1,353,399

–

–

–

–

-754,595

–

–

-754,595

–

–

–

-600,000

-58,000

-1,035,000

-36,000

-1,729,000

–

–

-119,000

-80,000

–

-993,904

-84,000

-1,276,904

–

-62,500

–

–

–

-5,751,868

-592,993

-6,407,361

–

–

–

–

–

-543,728

-73,983

-617,711

–

–

–

–

–

-8,168

-6,900

-15,068

–

–

–

–

–

-87,758

-116,668

-204,426

–

–

–

–

–

-12,715

–

-12,715

–

–

–

–

–

–

112,209

112,209

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

179,209

179,209

–
–
–
–
–
–
–

–
Note 1
附註1
Note 5
附註5
HK$18.400
18.400港元

–
Note 2
附註2
Note 6
附註6
HK$6.912
6.912港元

–
Note 3
附註3
Note 7
附註7
HK$15.056
15.056港元

–
Note 2
附註2
Note 6
附註6
HK$6.912
6.912港元

–
Note 3
附註3
Note 7
附註7
HK$15.056
15.056港元

67,000
Note 4
附註4
Note 8
附註8
HK$17.952
17.952港元

67,000

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

HK$127.32
127.32港元

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

SHARE OPTION SCHEME (CONTINUED)

購股權計劃（續）

Notes:

附註：

1

Subject to conditions as set out in the grant notice, one
fourth of the options shall vest on each of 23 December
2021, 12 August 2022, 11 August 2023 and 9 August
2024

1

在符合授予通知中規定的條件的前提下，期權的四分之一
分別於二零二一年十二月二十三日、二零二二年八月十二
日、二零二三年八月十一日及二零二四年八月九日歸屬

2

Subject to conditions as set out in the grant notices, one
third of the options shall vest on each of 4 September
2017, 4 September 2018 and 4 September 2019

2

在符合授予通知中規定的條件的前提下，期權的三分之一
分別於二零一七年九月四日、二零一八年九月四日及二零
一九年九月四日歸屬

3

Subject to conditions as set out in the grant notices, for
employees at or above the level of the vice president,
one fourth of the options shall vest on each of 24
December 2020, 24 December 2021, 24 December 2022
and 24 December 2023; for the other employees, one
third of the options shall vest on each of 24 December
2020, 24 December 2021 and 24 December 2022

3

在符合授予通知中規定的條件的前提下，就副總裁或以上
級別的僱員而言，期權的四分之一分別於二零二零年十二
月二十四日、二零二一年十二月二十四日、二零二二年十
二月二十四日及二零二三年十二月二十四日歸屬；就其他
僱員而言，期權的三分之一分別於二零二零年十二月二十
四日、二零二一年十二月二十四日及二零二二年十二月二
十四日歸屬

4

Subject to conditions as set out in the grant notices, for
employees at or above the level of the vice president,
one fourth of the options shall vest on each of 23
December 2021, 23 December 2022, 23 December 2023
and 23 December 2024; for the other employees, one
third of the options shall vest on each of 23 December
2021, 23 December 2022 and 23 December 2023

4

在符合授予通知中規定的條件的前提下，就副總裁或以上
級別的僱員而言，期權的四分之一分別於二零二一年十二
月二十三日、二零二二年十二月二十三日、二零二三年十
二月二十三日及二零二四年十二月二十三日歸屬；就其他
僱員而言，期權的三分之一分別於二零二一年十二月二十
三日、二零二二年十二月二十三日及二零二三年十二月二
十三日歸屬

5

The exercise period of share options is from 29 March
2021 to 28 March 2026

5

購股權之行使期為二零二一年三月二十九日至二零二六年
三月二十八日

6

The exercise period of share options is from 4 September
2017 to 3 September 2022

6

購股權之行使期為二零一七年九月四日至二零二二年九月
三日

7

The exercise period of share options is from 24
December 2020 to 23 December 2025

7

購股權之行使期為二零二零年十二月二十四日至二零二五
年十二月二十三日

8

The exercise period of share options is from 23
December 2021 to 22 December 2026

8

購股權之行使期為二零二一年十二月二十三日至二零二六
年十二月二十二日

Please refer to note 14 of the Notes to the Interim
Condensed Consolidated Financial Information for
further details.

進一步詳情請參閱中期簡明綜合財務資料附註的附註14。

DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS IN SHARES AND
UNDERLYING SHARES OF THE
COMPANY

董事及最高行政人員於本公司股份及相關
股份的權益

As of 30 June 2026, none of the Directors nor the Chief
Executive of the Company had any interests and short
positions in the shares, underlying shares or debentures
of the Company or any associated corporation (within
the meaning of Part XV of SFO), as recorded in the
register kept under section 352 of the SFO, or as
otherwise notified to the Company and the Hong Kong
Stock Exchange pursuant to the Model Code.

截至二零二六年六月三十日，概無本公司董事及最高行
政人員於本公司或任何相聯法團（定義見證券及期貨條例
第XV部）的股份、相關股份或債權證中擁有載入根據證券
及期貨條例第352條須予存置的登記冊內的任何權益及淡
倉，或按照標準守則須知會本公司及香港聯交所的任何權
益及淡倉。

2026年中期報告 INTERIM REPORT 2026

65

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

SUBSTANTIAL SHAREHOLDERS’
AND OTHER PERSONS’ OWNERSHIP
IN THE SHARES AND UNDERLYING
SHARES OF THE COMPANY

主要股東及其他人士於本公司股份和相關
股份的權益

As of 30 June 2026, persons other than a Director or
Chief Executive of the Company, having ownership
of 5% or more or short positions in the shares and
underlying shares of the Group, were as follows:

截至二零二六年六月三十日，除本公司董事或最高行政人
員外，於本集團股份及相關股份中擁有5%或以上權益或
淡倉的人士如下：

Substantial shareholders

Capacity and nature of
ownership

主要股東

身份及權益性質

持有股份數目

Approximate
percentage
of aggregate
ownership in
issued share
capital *
佔已發行股本
權益總額的
概約百分比*

Shanghai Hua Hong International, Inc.
(Hua Hong International)
(2)
上海華虹國際有限公司（華虹國際）

Legal and beneficial owner

347,605,650(1)

20.00%

Shanghai Huahong (Group) Co., Ltd.
(Huahong Group)(2)
(2)
上海華虹（集團）有限公司（華虹集團）

Interest in a controlled
corporation
受控制法團權益

347,605,650(1)

20.00%

Legal and beneficial owner
法定及實益擁有人

1,198,517(3)

0.07%

Sino-Alliance International, Ltd.
(Sino-Alliance International)

Legal and beneficial owner
法定及實益擁有人

160,545,541(1)(4)

9.24%

Sino-Alliance International, Ltd.
(Sino-Alliance International)

Interest in a controlled
corporation
受控制法團權益

28,415,606(1)

1.64%

Shanghai Alliance Investment Ltd. (SAIL)
上海聯和投資有限公司（上海聯和）

Interest in a controlled
corporation
受控制法團權益

188,961,147(1)(5)

10.88%

66

Number of
shares held

法定及實益擁有人

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

SUBSTANTIAL SHAREHOLDERS’
AND OTHER PERSONS’ OWNERSHIP
IN THE SHARES AND UNDERLYING
SHARES OF THE COMPANY
(CONTINUED)

主要股東及其他人士於本公司股份和相關
股份的權益（續）

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
Huahong Group.

(2)

華虹國際為華虹集團的全資子公司。

(3)

Huahong Group directly held a total of 1,198,517 A
shares.

(3)

華虹集團直接持有合共1,198,517股A股股份。

(4)

Including 3,084 shares held in escrow by Sino-Alliance
International pursuant to an escrow arrangement.

(4)

包括Sino-Alliance International根據一項託管安排，以託管
方式持有的3,084股股份。

(5)

SAIL indirectly held interests in the Company through
two wholly-owned subsidiaries, including Sino-Alliance
International.

(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
International）間接持有本公司權益。

*

The percentages are calculated based on the total
number of issued shares of the Company as of 30 June
2026, i.e., 1,737,726,402 shares.

*

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
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
the Directors and Chief Executive of the Company, as of
30 June 2026, no other person or corporation other than
a Director or Chief Executive of the Company had any
interests or short positions in any shares or underlying
shares of the Company which was recorded in the
register required to be kept by the Company pursuant
to section 336 of the SFO.

除上文披露者外，就本公司董事及最高行政人員所知，截
至二零二六年六月三十日，概無本公司董事或最高行政人
員以外的其他人士或法團於本公司任何股份或相關股份中
有任何權益或淡倉並已記入根據證券及期貨條例第336條
本公司須予存置的記錄冊內。

2026年中期報告 INTERIM REPORT 2026

67

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

PURCHASE, SALE OR REDEMPTION
OF SECURITIES

買賣或贖回證券

Neither the Company nor any of its subsidiaries
purchased, sold or redeemed any of the Company’s
listed securities during the six months ended 30 June
2026.

截至二零二六年六月三十日止六個月期間，本公司或其任
何子公司概無買賣或贖回本公司任何上市證券。

GEARING RATIO

資產負債比率

The Group monitors capital using a gearing ratio,
which is net debt divided by total equity plus net debt.
The Group includes, within net debt, trade payables,
other payables and accruals, interest-bearing bank
borrowings, lease liabilities and amounts due to related
parties, less cash and cash equivalents. The Group’s
gearing ratio as at 30 June 2026 was 6.05% (31
December 2025: 1.29%).

本集團以資產負債比率監控資本，資產負債比率按淨負債
除以權益總額加淨負債計算。本集團將貿易應付款項、其
他應付款項及暫估費用、計息銀行借款、租賃負債以及應
付關聯方款項扣除現金及現金等價物計入淨負債。於二零
二六年六月三十日，本集團的資產負債比率為6.05%（二
零二五年十二月三十一日：1.29%）。

EMPLOYEES AND REMUNERATION
POLICIES

僱員及薪酬政策

As at 30 June 2026, the Company had approximately
7,700 employees in the PRC and overseas (30
June 2025: approximately 7,400). The Company’s
remuneration policy is reviewed periodically and
determined by reference to the analysis on market
competitiveness, company performance, and individual
qualifications and performance. Staff benefits include
medical schemes, mandatory social insurance and
provident fund etc.

於二零二六年六月三十日，本公司於中國及海外擁有約
7,700名僱員（二零二五年六月三十日：約7,400名）。本
公司定期審視薪酬政策，該政策乃參考市場競爭性分析、
公司業績表現及員工勝任技能與工作績效釐定。員工福利
包括醫療計劃、強制性社會保險及公積金等。

68

HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

COMPLIANCE WITH THE DEED OF
NON-COMPETITION AND DEED OF
RIGHT OF FIRST REFUSAL

遵守不競爭契據及優先購買權契據

Huahong Group, SAIL and INESA, being controlling
shareholders of the Company at the time, entered
into a deed of non-competition (the “Deed of
Non-competition”) dated 23 September 2014, details
of which have been set out in the paragraph headed
“Non-competition Undertaking” in the section headed
“Relationship with Controlling Shareholders” of the
Company’s prospectus dated 3 October 2014 (the
“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.

華虹集團、上海聯和及儀電集團（作為本公司當時的控股
股東）訂立了日期為二零一四年九月二十三日的不競爭契
據（「不競爭契據」），詳情載於日期為二零一四年十月三日
的本公司招股章程（「招股章程」）
「與控股股東的關係」一節
中「不競爭承諾」一段。另外，華虹集團和上海聯和訂立了
日期為二零一四年六月十日的優先購買權契據（「優先購買
權契據」），詳情載於招股章程「與控股股東的關係」一節中
「優先購買權」一段。

As of 30 June 2026, the Company has reviewed the
written declaration from each of Huahong Group, SAIL
and INESA on their compliance with their commitments
under the Deed of Non-competition and the Deed
of Right of First Refusal (as the case may be). The
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.

本公司截至二零二六年六月三十日止已覆核華虹集團、上
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
契據（視情況而定）內承諾的書面聲明。獨立非執行董事已
覆核遵守情況，並確認不競爭契據及優先購買權契據（視
情況而定）下的全部承諾均獲有關訂約方遵守。

CORPORATE GOVERNANCE

企業管治

The Company is committed to maintaining a high
standard of corporate governance with a view to
safeguarding the interests of its shareholders and
enhancing corporate value and accountability.

本公司致力保持企業管治在高水平，以保障股東權益及提
升企業價值及問責性。

The Board is of the view that, save for Code Provision
C.2.1 as disclosed below, the Company has complied
with the code provisions set out in the Corporate
Governance Code as contained in Appendix C1 of the
Listing Rules during the six-month period ended 30
June 2026.

董事會認為，除下文所披露的守則條文第C.2.1條外，本
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
市規則附錄C1所載的企業管治守則內的守則條文。

2026年中期報告 INTERIM REPORT 2026

69

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

CORPORATE GOVERNANCE
(CONTINUED)

企業管治（續）

Since 31 October 2025, both positions of the Chairman
of the Board and the President have been held by
Dr. Peng Bai. In view of Mr. Bai’s profile, extensive
relevant industry knowledge and working experience in
multinational corporations, the Board has confidence
that the vesting of the roles of both the Chairman
and the President in Mr. Bai is conducive to improve
the efficiency of the Company’s implementation of
strategies and solicit consensus among the senior
management team. Therefore, the Board considers that
the deviation from the Code Provision C.2.1 of the Code
is not inappropriate. In addition, apart from Mr. Bai
who is an executive Director, the Board comprises four
non-executive Directors and three independent nonexecutive Directors as at 31 December 2025 and as
at the date of this report. The Company considers that
Board is appropriately structured with balance of power
to provide sufficient checks to protect. The interests of
the Company and its shareholders. At the same time,
the Board will ensure its own effective functioning,
including that all appropriate issues are discussed
by the Board in a timely manner, that all Directors are
properly briefed on issues arising at Board meetings
and all Directors receive adequate, complete and
reliable information. The Chairman of the Board highly
values communication with the Independent NonExecutive Directors and will hold meetings with them
at least once each year without the presence of other
Directors.

自二零二五年十月三十一日起，董事會主席及總裁職位均
由白鵬博士擔任。鑒於白先生的背景、豐富的相關行業知
識及跨國企業工作經驗，董事會確信，將主席及總裁之職
責同時授予白先生，有利於提升本公司執行戰略的效率及
凝聚高級管理層團隊的共識。因此，董事會認為偏離守則
的守則條文第C.2.1條的情況並無不當。此外，除執行董
事白先生外，於二零二五年十二月三十一日及本報告日
期，董事會另由四名非執行董事及三名獨立非執行董事組
成。本公司認為，董事會結構適當，權力平衡，足以為本
公司及其股東的權益提供充分保障。同時，董事會將確保
其自身有效運作，包括所有適當事宜由董事會及時討論、
全體董事獲適當知悉董事會會議上提出的議題，以及全體
董事均獲得充分、完整及可靠的資料。董事會主席高度重
視與獨立非執行董事的溝通，並將每年與彼等至少舉行一
次無其他董事出席的會議。

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HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

CODE OF CONDUCT FOR SECURITIES
TRANSACTIONS BY DIRECTORS

董事進行證券交易之行為守則

The Company has adopted a code of conduct
regarding the Directors’ securities transactions on terms
no less exacting than the required standard set out in
the Model Code. Having made specific enquiries of all
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.

本公司已採納董事進行證券交易之行為守則，其有關條款
不低於標準守則所規定的標準。本公司已向所有董事作特
定查詢，每位董事均已確認其截至二零二六年六月三十日
止六個月期間遵守標準守則所載的必守標準。

SUFFICIENCY OF PUBLIC FLOAT

公眾持股量充足性

Based on the information that is publicly available to the
Company and within the knowledge of the directors as
at the date of this report, the Company has maintained
the prescribed amount of public float as required under
the Listing Rules.

於本報告日期，根據本公司所得的公開資料及就董事所
知，本公司已維持上市規則規定的指定公眾持股量。

AUDIT COMMITTEE

審核委員會

The Audit Committee, comprising one Non-executive
Director and two Independent Non-executive Directors
of the Company, has reviewed and approved the
unaudited results of the Group for the six months ended
30 June 2026 and has discussed with management the
accounting principles and practices adopted by the
Group, internal controls and financial reporting matters.

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
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
止六個月的未經審核業績，並已與管理層就本集團採納的
會計政策及常規、內部監控及財務報告相關事宜進行討
論。

2026年中期報告 INTERIM REPORT 2026

71

OTHER DISCLOSURES
其他披露資料

30 JUNE 2026
二零二六年六月三十日

PUBLICATION OF INTERIM REPORT
ON THE WEBSITES OF THE HONG
KONG STOCK EXCHANGE AND THE
COMPANY

於香港聯交所及本公司網站刊發中期報告

The interim report for the six months ended 30 June
2026 containing information required by Appendix D2
of the Listing Rules will be dispatched to shareholders
and published on the websites of the Hong Kong Stock
Exchange (www.hkexnews.hk) and the Company (www.
huahonggrace.com) in due course.

載有上市規則附錄D2所規定資料的截至二零二六年六月
三十日止六個月的中期報告，將於適當時候寄發予股東
及於香港聯交所網站( www.hkexnews.hk )和本公司網站
( www.huahonggrace.com )刊載。

By Order of the Board
Hua Hong Grace Semiconductor Limited
Dr. Peng Bai
Chairman and Executive Director

承董事會命
華虹宏力半導體有限公司
白鵬博士
主席兼執行董事

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HUA HONG GRACE SEMICONDUCTOR LIMITED 華虹宏力半導體有限公司