研究对象: TSMC

TSMC 公司概况

一、核心业务与收入结构

TSMC 的法定及商业名称为“台灣積體電路製造股份有限公司 (Taiwan Semiconductor Manufacturing Company Limited)”，成立于 1987 年，并于 1987-02-21 在 R.O.C. 注册为股份有限公司。[S1] TSMC 创立了半导体专属 IC 代工 (Dedicated IC Foundry) 商业模式，并在 2025 年服务 534 个客户、制造 12,682 个产品，应用覆盖高性能计算 (High Performance Computing)、智能手机 (Smartphone)、物联网 (Internet of Things)、汽车电子 (Automotive)、数字消费电子 (Digital Consumer Electronics) 等终端市场。[S2]

TSMC 的核心业务是按客户设计制造半导体，业务模式在年报中被称为“专属半导体代工 (dedicated semiconductor foundry)”；2025 年净收入为 NT$3,809,054 million，归母净利润为 NT,697,604 million。[S1] TSMC 年报披露，公司只有一个经营分部，即晶圆代工分部 (foundry segment)。[S1]

2025 年收入按平台拆分

平台	2025 年净收入	收入占比	2024 年净收入	2024 年占比	变化解读
高性能计算 (High Performance Computing)	NT$2,192,931 million [S1]	58% [S1]	NT,476,891 million [S1]	51% [S1]	2025 年同比增加 NT$716,040 million，增幅 48% [S1]
智能手机 (Smartphone)	NT,110,816 million [S1]	29% [S1]	NT,005,130 million [S1]	35% [S1]	2025 年同比增加 NT05,686 million，增幅 11% [S1]
物联网 (Internet of Things)	NT91,047 million [S1]	5% [S1]	NT65,516 million [S1]	6% [S1]	收入规模小于高性能计算与智能手机 [S1]
汽车电子 (Automotive)	NT86,667 million [S1]	5% [S1]	NT39,323 million [S1]	5% [S1]	收入占比维持 5% [S1]
数字消费电子 (Digital Consumer Electronics)	NT$47,997 million [S1]	1% [S1]	NT$47,961 million [S1]	1% [S1]	收入占比维持 1% [S1]
其他 (Others)	NT$79,596 million [S1]	2% [S1]	NT$59,487 million [S1]	2% [S1]	收入占比维持 2% [S1]
合计	NT$3,809,054 million [S1]	100% [S1]	NT$2,894,308 million [S1]	100% [S1]	2025 年净收入同比增长 31.6% [S1]

产能与制造网络

项目	情况
年产能	TSMC 及其子公司管理的制造设施 2025 年年产能超过 17 million 片 12-inch equivalent wafers。[S2]
台湾制造设施	TSMC 在台湾运营 six 12-inch wafer GIGAFAB® fabs、four 8-inch wafer fabs、one 6-inch wafer fab。[S2]
海外制造设施	TSMC 通过 TSMC Nanjing Company Limited、TSMC Arizona Corporation、Japan Advanced Semiconductor Manufacturing, Inc.、TSMC Washington、TSMC China Company Limited 等实体运营海外晶圆厂。[S2]
德国项目	TSMC 于 2024 年开始在 Dresden, Germany 建设 specialty technology fab，规划制造 28/22 nanometer planar CMOS 与 16/12 nanometer FinFET 工艺。[S2]

二、商业模式与盈利模式

TSMC 的商业模式是 pure-play / dedicated foundry：客户提供芯片设计，TSMC 主要使用 CMOS 工艺进行晶圆制造，并提供覆盖设计基础设施、mask making、晶圆制造、封装/系统整合等相关服务。[S1] TSMC 年报说明，现代 IC 设计需要 EDA design flow、libraries、intellectual properties、PDK、technology files 等设计基础设施，TSMC 将这些能力组织为 technology platforms。[S1]

盈利模型上，TSMC 主要通过高资本投入、高良率制造、先进制程定价、产能利用率和产品组合获取制造毛利。[S1] 年报披露，毛利率会受到产能利用率 (capacity utilization)、价格变化 (price change)、成本改善 (cost improvement)、产品组合 (product mix)、汇率 (exchange rate)、新技术导入等因素影响。[S1] 2025 年毛利为 NT$2,281,294 million，毛利率为 59.9%；2025 年营业利润为 NT,936,092 million，营业利润率为 50.8%。[S1] 2025 年归母净利润率按 NT,697,604 million / NT$3,809,054 million 测算为 44.6%。[自测算][S1]

盈利驱动	证据与含义
先进制程组合	2025 年收入增长主要来自 ASP 提升，原因包括 advanced technology，定义为 7-nanometer and below，收入占比提高，以及 wafer shipments 增加。[S1]
产能利用率与成本改善	2025 年毛利率从 2024 年的 56.1% 上升至 59.9%，主要归因于 higher capacity utilization 与 cost improvement，部分被 unfavorable foreign exchange rate 抵消。[S1]
技术平台生态	TSMC 于 2008 年推出 Open Innovation Platform®，并在 2025 年继续宣布 3-nanometer、2-nanometer 与 TSMC A16™ 的 EDA 与 IP readiness。[S1]
研发投入	2025 年研发费用为 NT$246,427 million，占净收入 6.5%；TSMC 表示 2026 年将继续 significant investment in research and development。[S1]
多项目晶圆服务	CyberShuttle® 让多个客户共享同一 mask 的多项目晶圆处理服务，以降低 mask 成本并加快客户 time-to-market。[S1]

三、管理层背景与内部人持股

截至 2026-02-28，TSMC 董事会由 10 名董事组成，其中 7 名为独立董事；董事任期为 3 年。[S1] Dr. C.C. Wei 为 Chairman and Chief Executive Officer，TSMC 董事会于 2024-06 选举 Dr. Wei 为 Chairman and Chief Executive Officer；Dr. Wei 曾于 2018-06 至 2024-06 担任 Chief Executive Officer，并于 2013-11 至 2018-06 担任 President and Co-CEO。[S3]

主要管理层与背景

姓名	职务	背景摘要
Dr. C.C. Wei	Chairman and Chief Executive Officer [S3]	1998 年加入 TSMC；曾任 TSMC Chief Executive Officer、President and Co-Chief Executive Officer、Executive Vice President and Co-Chief Operating Officer；拥有 Yale University Electrical Engineering Ph.D.。[S3]
Y.P. Chyn	Executive Vice President and Co-Chief Operating Officer [S3]	1987 年 TSMC 成立时加入；负责台湾及海外 fabs 的运营与管理；拥有 National Cheng Kung University Electrical Engineering B.S. 与 M.S.。[S3]
Dr. Y.J. Mii	Executive Vice President and Co-Chief Operating Officer [S3]	1994 年加入 TSMC；在 Fab Operations 与 R&D 参与先进 CMOS 技术开发；拥有 University of California, Los Angeles Electrical Engineering M.S. 与 Ph.D.。[S3]
Dr. Cliff Hou	Senior Vice President and Deputy Co-COO / Chief Information Security Officer [S3]	1997 年加入 TSMC；参与 design technology 与 ecosystem development；拥有 Syracuse University Electrical and Computer Engineering Ph.D.。[S3]
Dr. Kevin Zhang	Senior Vice President, Business Development and Global Sales, and Deputy Co-COO [S3]	负责 companywide business strategy、global sales、technology roadmap 与 customer engagement；拥有 Duke University Electrical Engineering Ph.D.。[S3]
Sylvia Fang	Senior Vice President and General Counsel / Corporate Governance Officer [S3]	1995 年加入 TSMC；董事会任命其负责 Board、Audit Committee、Compensation Committee 与 Shareholders’ meeting 相关事务；拥有 University of Iowa M.C.L.。[S3]
Wendell Huang	Senior Vice President and Chief Financial Officer / Spokesperson [S3]	1999 年加入 TSMC；负责 Finance Division 管理，并于 2019-01 获任 Deputy Chief Financial Officer；拥有 Cornell University MBA。[S3]

董事与高管持股

以下为 2026-03-18 口径的董事和高管持股；每 ADS 代表 five common shares，表中百分比按 common shares 与 ADSs 折算后的持股计算。[S1]

持有人	common shares	ADSs	占总流通 common shares 比例
C.C. Wei, Chairman; Chief Executive Officer	7,452,349 [S1]	[S1]	0.03% [S1]
F.C. Tseng, Director	29,472,675 [S1]	[S1]	0.11% [S1]
Chun-Hsien Yeh, Director (Representative of National Development Fund, Executive Yuan)	1,653,709,980 [S1]	[S1]	6.38% [S1]
Y.P. Chyn, Executive Vice President; Co-Chief Operating Officer	5,171,935 [S1]	[S1]	0.02% [S1]
Y.J. Mii, Executive Vice President; Co-Chief Operating Officer	1,254,057 [S1]	25 [S1]	0.00% [S1]
Wendell Huang, Senior Vice President; Chief Financial Officer; Spokesperson	1,811,543 [S1]	[S1]	0.01% [S1]
Directors and executive officers as a group，剔除 National Development Fund, Executive Yuan 持股	60,237,681 [S1]	未单列 [S1]	0.23% [S1]

四、股东结构与最终控制人

截至 2026-02-28，TSMC 已发行 common shares 为 25,932,524,521 股。[S1] National Development Fund, Executive Yuan 持有 1,653,709,980 股 common shares，占总流通 common shares 的 6.38%，是 2025 Form 20-F 披露的唯一 5% 以上 common shares 持有人。[S1] 2025 Form 20-F 同时披露，TSMC 未知悉任何可能在后续日期导致控制权变更的安排。[S1] 因此，基于公开披露，TSMC 未披露单一最终控制人；National Development Fund, Executive Yuan 是披露口径下最大主要股东并自 TSMC 创立以来担任董事席位持有人。[S1]

主要股东结构

股东或登记口径	common shares	占总流通 common shares 比例	说明
National Development Fund, Executive Yuan	1,653,709,980 [S1]	6.38% [S1]	5% 以上主要股东；Dr. Chun-Hsien Yeh 自 2025-09-01 起作为其代表董事。[S1]
Directors and executive officers as a group，剔除 National Development Fund, Executive Yuan 持股	60,237,681 [S1]	0.23% [S1]	2026-02-28 主要股东表口径。[S1]
Citibank, N.A. ADS depositary nominee	5,313,450,863 [S1]	未披露为实益持有人比例 [S1]	该等 common shares 代表 1,062,690,167 ADSs，并登记在 ADS 存托名义人名下。[S1]

五、公司历史与重大里程碑

年份 / 日期	里程碑	意义
1987 / 1987-02-21	TSMC 成立，并于 R.O.C. 注册为股份有限公司。[S1]	TSMC 创立 Dedicated IC Foundry 商业模式。[S2]
1994 / 1994-09-05	TSMC common shares 在 Taiwan Stock Exchange 上市。[S1]	建立本地资本市场融资与交易平台。[S1]
1997 / 1997-10-08	TSMC ADSs 在 New York Stock Exchange 上市。[S1]	建立国际资本市场融资与交易平台；NYSE 交易符号为 TSM。[S2]
2008	TSMC 推出 Open Innovation Platform®。[S1]	强化 EDA、IP、设计方法与工艺平台生态。[S1]
2018	TSMC 成为 first foundry to start 7nm FinFET (N7) volume production。[S4]	先进逻辑制程进入 7nm 量产阶段。[S4]
2020	TSMC 成为 first foundry to move 5nm FinFET (N5) technology into volume production。[S4]	5nm 制程服务 smartphone 与 HPC 应用。[S4]
2022	TSMC 成为 first foundry to move 3nm FinFET (N3) technology into high-volume production。[S4]	3nm 制程进入高量产阶段。[S4]
2024-06	TSMC 董事会选举 Dr. C.C. Wei 为 Chairman and Chief Executive Officer。[S3]	董事长与 CEO 职位由 Dr. C.C. Wei 兼任。[S3]
2024	TSMC 开始在 Dresden, Germany 建设 specialty technology fab。[S2]	拓展欧洲制造布局，规划制造 28/22 nanometer planar CMOS 与 16/12 nanometer FinFET 工艺。[S2]
2025	TSMC 2nm (N2) technology started volume production in 4Q25 as planned。[S4]	N2 采用 first-generation nanosheet transistor technology，推动下一代先进逻辑平台。[S4]
2026-04-16	TSMC 提交 2025 annual report on Form 20-F 至 U.S. Securities and Exchange Commission。[S5]	最新年度监管文件披露 2025 年经营、财务、股权与治理信息。[S5]

资料来源 / Sources

[S1] TSMC Investor Relations, 2025_20F Report — https://investor.tsmc.com/sites/ir/sec-filings/2025_20F%20Report.pdf

[S2] TSMC, About TSMC — https://www.tsmc.com/english/aboutTSMC

[S3] TSMC, Executives — https://www.tsmc.com/english/aboutTSMC/executives

[S4] TSMC, Logic Technology — https://www.tsmc.com/english/dedicatedFoundry/technology/logic/l_7nm

[S5] TSMC Press Center, TSMC Files Annual Report on Form 20-F for 2025 — https://pr.tsmc.com/english/news/3300