{"slug":"hua-hong","name":"Hua Hong","name_en":"Hua Hong Semiconductor","ticker":"1347.HK","updated_at":"2026-07-12T05:40:48.362202+00:00","canonical":"https://valuechain.wiki/hua-hong","same_as":["https://finance.yahoo.com/quote/1347.HK"],"citable":"밸류체인 그래프 기준 Hua Hong의 직접 연결 기업은 4곳(관계 기준 공급 4·매출 0)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Hua Hong Semiconductor is directly linked to 4 companies (4 supply, 0 revenue relationships) and reaches 8 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"홍콩상장 · 파운드리 · 중국 2위(성숙노드)","kicker_en":"HK-listed · Foundry · China's #2 (mature nodes)","lead":"중국 2위 순수 파운드리(상하이). 차·산업·일반전자용 성숙노드(90~350nm, 자회사 화리는 28/22nm) 특화. 2025년 매출 $24억(+20%), 세계 6위 파운드리(점유 2.6%). 화리 인수로 규모 확대. 베이징 보조금이 성숙노드에 집중. 미국이 2026년 장비 공급 중단 명령.","lead_en":"China’s #2 pure-play foundry (Shanghai), specialized in mature nodes (90-350nm; subsidiary Huali at 28/22nm) for auto, industrial and consumer. 2025 revenue $2.4B (+20%), the world’s #6 foundry (2.6% share). Expanding via the Huali acquisition; Beijing subsidies favor mature nodes. The US ordered an equipment-supply halt in 2026.","segments":{"parts":[{"desc":"차·산업·소비자용 성숙노드 위탁생산. 국산 대체 수요와 보조금이 가동을 지지.","name":"성숙노드 파운드리(90~350nm)"},{"desc":"전력반도체·BCD·MCU 특수공정 — 첨단 미세화 대신 공정 차별화로 수익.","name":"특수공정(BCD·전력)"},{"desc":"자회사 화리로 28/22nm까지 확장, 성숙노드 상단 커버.","name":"화리(28/22nm)"}],"total":"2025 매출 $2.4B (+20%)","concentration":"중국 2위 파운드리. 성숙노드·특수공정 특화."},"segments_en":{"parts":[{"name":"Mature-node foundry"},{"name":"Specialty (BCD/power)"},{"name":"Huali (28/22nm)"}],"total":"2025 revenue $2.4B (+20%)","concentration":"China’s #2 foundry; mature/specialty focus."},"returns_yearly":{"2021":-19.8,"2022":-19.5,"2023":-53,"2024":61.6,"2025":412.1,"2026":59.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","tier":1,"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1}},{"slug":"amec","name":"AMEC","name_en":"AMEC","tier":1,"returns_yearly":{"2021":-22.7,"2022":-11.6,"2023":8.9,"2024":58.3,"2025":93.5,"2026":86.3}},{"slug":"naura","name":"Naura","name_en":"Naura Technology","tier":1,"returns_yearly":{"2021":41.3,"2022":-17.2,"2023":-2.6,"2024":65.9,"2025":70.6,"2026":68.7}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":1,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":2,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":2,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","tier":2,"returns_yearly":null},{"slug":"trumpf","name":"TRUMPF","name_en":"TRUMPF","tier":2,"returns_yearly":null}],"analysis":"화훙의 논점은 '첨단이 아니라 성숙노드·특수공정에서 국산화 수요를 먹는다'는 것이다. 90~350nm 성숙노드와 전력반도체·BCD·MCU 특수공정에 특화해, 베이징 보조금과 중국 자동차·산업의 국산 대체 수요가 가동을 받친다 — 2025년 매출 $24억(+20%). 캐파 확장에서 장비를 나우라·AMEC·ACM 등 국산으로 늘려 제재를 우회하지만, ASML 노광 의존과 미국의 2026년 장비 공급 중단명령이 첨단·증설의 병목이다. 관전점은 국산 장비의 성숙노드 커버리지 확대 속도. 그래프 파급: 중국 팹리스의 성숙노드 위탁이 매출을 끌고, 나우라·AMEC·ACM 등 국산 장비사가 상류 공급망.","analysis_en":"Hua Hong's thesis is capturing localization demand in mature nodes and specialty processes, not leading edge. Specialized in 90-350nm mature nodes and power/BCD/MCU specialty processes, it is supported by Beijing subsidies and Chinese auto/industrial import-substitution demand — 2025 revenue $2.4bn (+20%). It routes capacity expansion to domestic tools (Naura, AMEC, ACM) to skirt sanctions, but ASML lithography dependence and a U.S. 2026 equipment-supply cutoff are the bottleneck to advanced nodes and expansion. Watch how fast domestic tools extend mature-node coverage. Graph propagation: Chinese fabless mature-node outsourcing pulls revenue, with Naura, AMEC and ACM as the upstream domestic supply chain.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"중국 팹리스·전장·아날로그 (성숙노드)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"2025 매출(+20%)","value":2402000000,"period":"2025","basis_en":"2025 revenue (+20%)","qualifier":"approx"},"note":"차·산업·소비자용 성숙노드·특수공정 위탁생산.","note_en":"Mature-node and specialty foundry for auto/industrial/consumer.","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-03-10","url":"https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1","title":"중국 AI 반도체 ETF: 중지이노라이트·캄브리콘·나우라·화홍","title_en":"China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong","excerpt":"화홍은 중국 2위 파운드리(중국 AI 반도체 ETF 편입).","excerpt_en":"Hua Hong is China’s #2 foundry (in China AI-chip ETFs)."},{"stance":"confirms","publisher":"Hua Hong/HKEX","publisher_en":"Hua Hong/HKEX","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.huahonggrace.com/html/about.php","title":"Hua Hong(화홍반도체) 회사·IR(HKEX)","title_en":"Hua Hong Semiconductor company/IR (HKEX)","excerpt":"중국 2위 파운드리, 세계 6위(점유 2.6%).","excerpt_en":"China’s #2 foundry, #6 globally (2.6% share)."}]},{"direction":"cost","counterparty":"Naura","counterparty_slug":"naura","confidence":"mid","metric":null,"note":"식각·증착 장비를 나우라에서 조달(국산화).","note_en":"Sources etch/deposition tools from Naura.","sources":[{"stance":"confirms","publisher":"Naura/SZSE","publisher_en":"Naura/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.naura.com","title":"Naura 회사·IR(선전거래소)","title_en":"Naura company/IR (SZSE)","excerpt":"화홍 성숙공정 팹의 나우라 식각·증착 장비 국산 조달","excerpt_en":"Hua Hong mature-node fabs source Naura etch/deposition tools (localization)"},{"stance":"confirms","publisher":"Hua Hong/HKEX","publisher_en":"Hua Hong/HKEX","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.huahonggrace.com/html/about.php","title":"Hua Hong(화홍반도체) 회사·IR(HKEX)","title_en":"Hua Hong Semiconductor company/IR (HKEX)","excerpt":"화홍 성숙공정 팹의 나우라 식각·증착 장비 국산 조달","excerpt_en":"Hua Hong mature-node fabs source Naura etch/deposition tools (localization)"}]},{"direction":"revenue","counterparty":"전력·BCD·MCU (특수공정)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"전력반도체·BCD·MCU 특수공정.","note_en":"Power, BCD and MCU specialty processes.","sources":[{"stance":"confirms","publisher":"Hua Hong/HKEX","publisher_en":"Hua Hong/HKEX","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.huahonggrace.com/html/about.php","title":"Hua Hong(화홍반도체) 회사·IR(HKEX)","title_en":"Hua Hong Semiconductor company/IR (HKEX)","excerpt":"전력반도체·BCD·MCU 특수공정 위탁(화홍 IR)","excerpt_en":"Power/BCD/MCU specialty-process foundry (Hua Hong IR)"}]},{"direction":"cost","counterparty":"ASML","counterparty_slug":"asml","confidence":"mid","metric":{"type":"qualifier","qualifier":"duv_only_export_licensed"},"note":"성숙노드 노광은 ASML DUV(193nm 이머전)에 의존 — EUV는 대중 수출금지, DUV도 2023년 네덜란드 이중용도 라이선스 대상이고 2026.4 MATCH Act가 화홍을 특정 규제(서비스·기술지원 포함). 이 상류 종속이 첨단화·증설의 상한이다.","note_en":"Mature-node lithography depends on ASML DUV (193nm immersion) — EUV is banned for China, DUV needs a 2023 Dutch dual-use license, and the April 2026 MATCH Act specifically targets Hua Hong (including service/support). This upstream dependence caps advancement and expansion.","sources":[{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2026-04-07","url":"https://www.cnbc.com/2026/04/07/asml-shares-today-us-chip-export-curbs-china.html","title":"ASML 대중 DUV 규제 심화 — MATCH Act가 화홍 특정","title_en":"ASML China DUV curbs tighten; MATCH Act names Hua Hong","excerpt":"화홍 등 중국 팹은 성숙노드용 ASML DUV에 전적 의존; EUV 금지·MATCH Act 규제","excerpt_en":"Hua Hong et al. depend on ASML DUV for mature nodes; EUV banned, MATCH Act restrictions"}]},{"direction":"cost","counterparty":"AMEC","counterparty_slug":"amec","confidence":"mid","metric":null,"note":"CCP·ICP 식각 장비를 AMEC에서 조달.","note_en":"Sources CCP/ICP etch tools from AMEC.","sources":[{"stance":"confirms","publisher":"AMEC/SSE","publisher_en":"AMEC/SSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.amec-inc.com/en/","title":"AMEC 회사·IR(상하이거래소)","title_en":"AMEC company/IR (SSE)","excerpt":"화홍이 AMEC CCP·ICP 식각 장비 조달(국산화)","excerpt_en":"Hua Hong sources AMEC CCP/ICP etchers (localization)"}]},{"direction":"cost","counterparty":"ACM Research","counterparty_slug":"acm-research","confidence":"mid","metric":null,"note":"웨이퍼 세정 장비를 ACM에서 조달.","note_en":"Sources wafer-cleaning tools from ACM Research.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://newsletter.semianalysis.com/p/acm-research-chinas-most-successful","title":"ACM Research, SK하이닉스·인텔 수주(중국 최대 장비사)","title_en":"ACM Research wins at SK Hynix and Intel (China top equipment)","excerpt":"웨이퍼 세정 장비를 ACM에서 조달.","excerpt_en":"Sources wafer-cleaning tools from ACM Research."}]},{"direction":"cost","counterparty":"소재·웨이퍼 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"웨이퍼·소재·가스.","note_en":"Wafers, materials and gases.","sources":[{"stance":"confirms","publisher":"Hua Hong/HKEX","publisher_en":"Hua Hong/HKEX","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.huahonggrace.com/html/about.php","title":"Hua Hong(화홍반도체) 회사·IR(HKEX)","title_en":"Hua Hong Semiconductor company/IR (HKEX)","excerpt":"파운드리 소재·웨이퍼 조달.","excerpt_en":"Sources foundry materials and wafers."}]}]}