中美第三代半导体上市公司进入“效率决胜”阶段:东升西落,现金为王

爱集微
Sep 25

2025年上半年,全球第三代半导体行业处于结构调整与需求分化的关键阶段。从运营能力维度看,不同市场上市公司呈现显著差异:A股及港股企业依托国内新能源汽车、光伏储能等下游需求支撑,多数公司应收账款与存货规模合理增长,经营现金流改善;美股企业则受行业价格竞争加剧、战略调整影响,部分企业资产负债率高企、现金流承压。整体而言,行业运营能力分化明显,具备技术壁垒与产能优势的企业更易在竞争中突围。应收增速分化...

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