文｜半导体产业纵横

12yue18rizhousanmeigupanhou，shuyu“aidanghongzhenying”zhongdeneicunxinpianzhizaoshangmeiguangkejifabulejiezhi11yue28ride2025cainiandiyicaijiyeji。

jinguangongsitongbiniukuiweiying，yingshoudazhang84%wanquanfuheshichangyuqi，qieshujuzhongxinshourushoucichaoguolezongshourude50%，danduixiajidudeyingshouzhiyinmingxianpianruo，yinfapanhougujiatiaoshuichao17%。

财务要点如下：

1、zongtiyeji：shouruduandabiao，maolilvyuzu。meiguanggongsi 2025 cainiandiyijiduzongyingshou 87.1 meiyuan，tongbishangsheng 84.3%，fuheshichangyuqi（87.2 yimeiyuan）。benjidushourujixujiasuhuisheng，shishougongsi dram yewuzengzhangdedaidong。meiguanggongsizai 2025 cainiandiyijidushixianjinglirun 18.7 yimeiyuan，lirunduanchixutisheng。zai hbm fangliangjicunchuchanpinjiageshangzhangdetuidongxia，gongsishouruduanhemaolilvdouyoumingxiandetisheng，tuidonggongsizuizhonglirundemingxianhaozhuan。

2、fenyewuqingkuang：hbm shiyejizhutuili。dram he nand gouchenglegongsi 99% deshourulaiyuan，erbenjidu hbm shiyejizengzhangdezhuyaotuidongli。xifenlaikanmeiguangkejide dram he nand yewusuiranzaibenjidudoujiaodadetongbizengfu，danhuanbicengmianyoumingxianfenhua。qizhong dram yewuhuanbirengyou 20% dezengzhang，er nand yewuquechuxianle 5% dexiahua。erzheizhuyaoshiyinwei，dram zai hbm dedaidongxiajixubaochizengzhang，erchuantonglingyuxuqiuduandepiruanzhijiedaozhile nand yewudehuanbihuiluo。

3、xiajiduzhanwang：2025 cainiandierjiduyingyeshouruwei 79-81 yimeiyuan（huanbixiahua 9%），diyushichangyizhiyuqi（90 yimeiyuan）；jidumaolilv（gaap）wei 36.5% zhi 38.5%，maolilvhuanbiyeshixiahua，diyushichangyizhiyuqi（41.3%）。

meiguangshouxizhixingguansangjie·meiheluotela (sanjay mehrotra) zaicaibaodianhuahuiyishangbiaoshi，jinguanxiaofeidianzichanpinxuqiudimi，danquanqiu pc shichangzhengzaizhubufusu，yuji 2024 nianchuhuoliangjiangwenhezengzhang。tahaibiaoshi，rengongzhineng pc dexingqijiangxuyaogengduode dram，zheijiangtuidongweilaidezengzhang。windows 10 jiangyu 2025 niantingchan，yujiyejiangtuidong 2025 nian pc xiaoliang。

tabiaoshi，zairengongzhinengyingyongdetuidongxia，zhinengshoujishichangyouwangzai 2024 nianshixianzhonggeweishuzengzhang，zai 2025 nianshixiandigeweishuzengzhang。

qicheshichangmianlintiaozhan，yinweishengchanshuipingjiaodi，erqiezhuanxianglianjiaqichehediandongqiche (ev)。suiranmuqiandekucundiaozhengyingxiangleneicunhecunchuneirongdezengzhang，danzhangqileguanqingxurengranhengao，yinwei adas、xinxiyulehe ai decaiyongtuidonglezheiyiqushi。

mehrotra jieshicheng，muqiandiercaijiyejizhiyinpiruanzhuyaoshiyouyuxiaofeishichangkucundiaozhengyijishujuzhongxin ssd caigouyousuofanghuan。buguo，tarenweixiaofeishichangdekucunshuipingjiangzaichunjiyousuogaishan，congerdaozhibencainianxiabannianchuhuoliangzengjia。ciwai，shourengongzhinengheshujuzhongxinjianshetuidongdeshujuzhongxincunchuxuqiuyujijiangzaixiabannianfandan。

duiyu dram kaifa，meiguangjixutishengqizhichi hbm3e de 1β jishujiedian，bingzhunbeizai 2025 nianshiyong euv tishengqi 1γ jishujiedian。zhanwang 2025 cainian，gaigongsiyuji dram（bubaokuo hbm）deqianduanchengbenjiangdifudujiangzaizhonggaogeweishubaifenbifanweinei。tongshi，nand deqianduanchengbenjiangdiyujijiangdadaoshijigebaifendian。

genjutrendforcedefenxi，meiguangeryuefenjidudeqianjingsihuburongleguan，yujichuantongdramhenanddepingjunshoujiajiangzai1q25jinyibuxiajiang。trendforcebaogaocheng，jinguanhbmdeyinglinenglirengranshiyigeliangdian，danbuzuyidixiaoqitachanpinlingyudepiruan。youyuduanqineixuqiubutaikenengfusu，meiguangdezhengticaiwuyejijiangjixumianlinyali。

HBM3E 8H/12H 强劲动力

zhidezhuyideshi，meiguangzhongshenqi hbm3e 8h beishejiyongyu nvidia de blackwell b200 he gb200 pingtai。ciwai，gaigongsibenyuekaishixiangqidierda hbm kehudapiliangchuhuo，bingjiangyu 2025 niandiyijidukaishixiangqidisandakehudapiliangchuhuo，jinyibukuodaqi hbm kehuqun。

9 yue，meiguangzhengshituichule hbm3e 12h。genjutom's hardwarezhiqiandebaodao，xinchanpinzhuanweiyongyu ai hegaoxingnengjisuan (hpc) gongzuofuzaidejianduanchuliqiersheji，baokuo nvidia de h200 he b100/b200 gpu。xianzai，meiguangzhichu，tajixushoudaolaiziqizhuyaokehudui hbm3e 12h dejijifankui。

meiguangyijiangqi 2025 nian hbm zongmubiaoshichang (tam) yugucong 250 yimeiyuantigaozhimuqiande 300 yimeiyuanyishang。gaigongsi 2025 niande hbm yishouqing，dingjiayeyiqueding。meiguangyuji，2028 nian hbm tam guimojiangcong 2024 niande 160 yimeiyuanzengzhangsibei，dao 2030 nianjiangchaoguo 1000 yimeiyuan。

25 财年资本支出将达到 140 亿美元

meiguangzaineicunshichangmianlinjiliejingzheng，zhuyaojingzhengduishoushihanguojutousanxinghe sk hailishi。jinguanmeiguangzaijishujinbuhechanpinduoyanghuafangmianqudelezhangzujinbu，dantabixubuduanchuangxincainengbaochijingzhengdiwei。

2024 cainian，meiguangzibenzhichuda 81 yimeiyuan。muqian，gaigongsiyuji 2025 cainiandezhengtizibenzhichuyuewei 140 yimeiyuan。