---
title: "富士康录得史上最佳单季后腾挪资金，进口禁令案盯上其AI机柜"
description: "鸿海新台币3.03万亿元的单季营收创历史纪录，公司同步布局汽车零部件与美国产能；与此同时，一纸向美国国际贸易委员会提交的排除令申请，落在了它的AI硬件上。"
publisher: "The Inference"
section: "Hardware"
published: 2026-10-17T23:14:38.846Z
modified: 2026-10-17T23:14:38.846Z
canonical: https://theinference.org/article/foxconn-booked-its-biggest-quarter-then-moved-the-money-while-an-import-ban-case-circled-its-ai-racks/zh-CN
language: zh-CN
keywords: "Foxconn, AI Servers, Vicor, International Trade Commission, Hardware"
---

# 富士康录得史上最佳单季后腾挪资金，进口禁令案盯上其AI机柜

> 鸿海新台币3.03万亿元的单季营收创历史纪录，公司同步布局汽车零部件与美国产能；与此同时，一纸向美国国际贸易委员会提交的排除令申请，落在了它的AI硬件上。

## 单季营收创纪录，三笔资金随即出手

被外界统称为[富士康](https://theinference.org/markets/companies/foxconn-hon-hai-precision-industry)的台湾代工制造商鸿海精密工业，10月11日[交出公司史上最强一季业绩](https://theinference.org/article/nvidia-s-biggest-server-maker-printed-95-billion-its-us-ticker-traded-71-000)：7月至9月合并营收达新台币3.03万亿元（约合93亿美元），受AI服务器及新款iPhone需求拉动，同比增长47.12% [1]。前三季度累计营收新台币7.67万亿元，同比增长39.53% [1]。随后八天里，公司密集出手：先是将1150亿日元投向一家日本汽车零部件公司，再将5.37亿美元注入集团旗下美国工厂平台，又靠出售一家电路板厂商的股份获利26.8亿元新台币 [2][3][4]。

*Chart: **鸿海史上最强单季：营收3.03万亿元新台币，一年增长47%** 鸿海合并季度营收柱状图：2025年三季度约2.06万亿元新台币，2026年二季度约2.52万亿元新台币，2026年三季度达创纪录的3.03万亿元新台币*

*合并季度营收，单位为新台币万亿元。2026年三季度数据于2026年10月11日公布；2025年三季度和2026年二季度数据由已公布的47.12%同比增速与20.44%环比增速倒算得出。资料来源：EMSNow。 [1]*

## 汽车交易2027年才交割，AI赚的钱现在就动

10月16日，鸿海旗下投资公司Lin Yin International Investment签署最终协议，将以预计1150亿日元（约合7.29亿美元）的对价，收购日本工业集团三菱电机旗下汽车设备公司[三菱电机移动出行](https://theinference.org/markets/companies/mitsubishi-electric)的50%股权，交易对应企业价值3200亿日元 [2][5][6]。交割须待反垄断审批通过，截止日期为2027年10月1日 [2]。这笔对价是上限，不是定数：公告为价格设定了上限，最终金额将按交割日账目调整 [6]。

前一天，鸿海董事会批准斥资5.37亿美元，以每股10美元的价格认购Q-Edge的5370万股股份，将所持Foxconn Assembly Holding的股权提升至100% [3]。Q-Edge运营集团位于印第安纳州和休斯敦的美国工厂；继8月获得1.88亿美元注资之后，台湾《经济日报》将这笔新资金解读为用于扩充AI服务器产能 [7]。9月1日至10月12日，Foxconn(Far East)出售印刷电路板厂商臻鼎科技554万股股份，均价新台币584.96元，获利26.8亿元新台币，剩余持股26.47% [4][8]。

一句话概括这次资金部署：1150亿日元买下的汽车零部件公司，要到2027年10月才交割；而为这笔收购提供资金的AI机柜业务，恰恰是马萨诸塞州电源模块制造商[Vicor](https://theinference.org/markets/companies/vicor)想要挡在美国门外的产品线 [2][9]。

## 进口禁令案件悬在AI机柜之上

10月9日，[美国国际贸易委员会](https://www.usitc.gov/press_room/news_release/2026/er1009_69342.htm)应Vicor就垂直供电技术提出的申诉[发起337调查，案件编号337-TA-1526](https://theinference.org/article/itc-takes-vicor-s-patent-case-against-foxconn-delta-and-18-others-foxconn-industrial-internet-fell-7-17)。垂直供电指将电源模块堆叠在AI处理器下方的设计 [9][10]。被列为被告的20家企业中有5家鸿海系公司，同列名单的还有[广达](https://theinference.org/markets/companies/quanta-computer)、[台达电子](https://theinference.org/markets/companies/delta-electronics)、[英飞凌](https://theinference.org/markets/companies/infineon)和[天弘科技（Celestica）](https://theinference.org/markets/companies/celestica) [9][10]。Vicor寻求的是有限排除令（limited exclusion order）：这类救济把产品挡在美国市场之外，而非判付赔偿金 [9]。

[Vicor的上一宗337调查案](https://theinference.org/article/vicor-raised-q3-guidance-twice-in-nine-days-to-above-30-growth-the-itc-put-foxconn-on-the-docket)于2025年2月落幕：未获授权的电源模块以及围绕这些模块搭建的计算系统被禁止进口，台达电子、广达和两家富士康旗下公司均在禁令之列 [11]。Vicor如今表示，凡系统内置被告组件的OEM厂商和超大规模云厂商（hyperscaler），要将这些系统进口到美国，都得先取得许可 [12]。

## 案件尚在初期，富士康手握先例

立案不等于认定：委员会尚未就实体问题作出裁决，将在45天内确定目标结案日期 [9][10]。同为被告的中国竞争对手、组装厂商立讯精密在交易所公告中称，涉案的数据中心电源模块尚未量产 [10]。

富士康手里还有先例：2025年那宗案件中，ITC认定两家富士康关联公司已凭采购订单中的格式条款，就Vicor的一项专利获得许可，Vicor正就这一认定提起上诉 [11]。Q-Edge这笔收购以集团自有资金支付，占集团总资产的比例不足0.5% [7][13]。另有流传说法称，台湾监管机构曾责令富士康旗下德国汽车零部件公司Voltaira整改贷款问题；本篇报道所能查证的文件中，均未见此事记载。

## 10月30日：市场为AI机柜业务定价

[工业富联](https://theinference.org/markets/companies/foxconn-industrial-internet)是在上海上市的AI服务器子公司，亦被列为被告，第三季度业绩定于10月30日发布。该股最新报47.78元，[较52周高点84.95元下跌43.75%](https://theinference.org/article/foxconn-s-shanghai-rack-builder-now-trades-below-every-price-its-own-buyback-paid) [14]。母公司鸿海精密工业最新股价为新台币244元 [5]。接下来有两个日子值得盯住：一是10月30日，工业富联将交出被ITC列为被告后的首份财报；二是11月23日，按45天规则，这是ITC设定目标结案日期的最后期限 [9][14]。

## Takeaway

正当美国国际贸易委员会立案、威胁到各条AI服务器产品线所用垂直电源模块之际，鸿海已将资本投向日本汽车零部件和美国工厂扩建。

## Sources

1. [EMSNow, "Hon Hai Precision Industry (Foxconn) Reports Q3 2026 Earnings", 11 October 2026](https://www.emsnow.com/hon-hai-precision-industry-foxconn-reports-q3-2026-earnings/)
2. [Evertiq, "Foxconn to take 50% stake in Mitsubishi Electric's automotive business", 16 October 2026](https://evertiq.com/news/2026-10-16-foxconn-to-take-50-stake-in-mitsubishi-electrics-automotive-business)
3. [Traders Union, "Hon Hai subsidiary acquires Q-Edge shares in intra-group $537 million deal", October 2026](https://tradersunion.com/news/institutions/show/3826205-foxconn-subsidiary-q-edge-acquisition/)
4. [The Globe and Mail (TipRanks), "Hon Hai Realizes NT$2.68 Billion Gain From Partial Sale of Zhen Ding Stake", 13 October 2026](https://www.theglobeandmail.com/investing/markets/stocks/HNHPF/pressreleases/6712375/hon-hai-realizes-nt268-billion-gain-from-partial-sale-of-zhen-ding-stake/)
5. [ad-hoc-news.de, "Hon Hai subsidiary agrees alliance as Hon Hai stock last traded at TWD 244.00", 16 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/hon-hai-subsidiary-agrees-alliance-as-hon-hai-stock-last-traded-at-twd-244-00/70346822)
6. [The Inference, "Foxconn files to buy half of Mitsubishi Electric Mobility for up to $729 million; AI chip deal waits", 16 October 2026](https://theinference.org/article/foxconn-filed-to-buy-half-of-mitsubishi-electric-mobility-for-up-to-729-million-its-ai-power-chip-deal-waits)
7. [Economic Daily News (UDN), "Hon Hai again injects about NT$17.36 billion into US Q-Edge, expanding US footprint", 15 October 2026](https://money.udn.com/money/story/5612/9817525)
8. [DIGITIMES, "News tagged Zhen Ding" (PCB maker; record September sales on AI-server demand), October 2026](https://www.digitimes.com/tag/zhen_ding_tech/0017787.html)
9. [US International Trade Commission, News Release 26-145, "USITC Institutes Section 337 Investigation of Certain Vertical Power Delivery Systems, Components Thereof, and Computing Systems Containing the Same", 9 October 2026](https://www.usitc.gov/press_room/news_release/2026/er1009_69342.htm)
10. [J&C Intellectual Property Agency, "Patent War Reaches AI Servers: Luxshare, Foxconn, Quanta Among 20 Firms in a US Section 337 Probe (337-TA-1526)", 13 October 2026](https://www.jcipo.com/en/insights/2381-jcipo-batch-jcipo-news-us-itc-337-1526-vicor-vpd-20261012-01-en-gb.html)
11. [The Inference, "Vicor raised Q3 guidance twice in nine days to above 30% growth; the ITC put Foxconn on the docket", 11 October 2026](https://theinference.org/article/vicor-raised-q3-guidance-twice-in-nine-days-to-above-30-growth-the-itc-put-foxconn-on-the-docket)
12. [Vicor Corporation press release via GlobeNewswire (Markets Insider), "USITC Institutes Investigation of Vertical Power Delivery (VPD) Modules and Computing Systems Infringing a Vicor Patent", 12 October 2026](https://markets.businessinsider.com/news/stocks/usitc-institutes-investigation-of-vertical-power-delivery-vpd-modules-and-computing-systems-infringing-a-vicor-patent-1036616308)
13. [The Globe and Mail (TipRanks), "Foxconn Unit Foxconn Assembly Takes Full Control of Q-Edge in $537 Million Deal", 16 October 2026](https://www.theglobeandmail.com/investing/markets/stocks/HNHPF/pressreleases/8089269/foxconn-unit-foxconn-assembly-takes-full-control-of-q-edge-in-537-million-deal/)
14. [ad-hoc-news.de, "Foxconn Industrial Internet stock reports on October 30, 2026", 16 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/foxconn-industrial-internet-stock-reports-on-october-30-2026/70341328)


---

富士康录得史上最佳单季后腾挪资金，进口禁令案盯上其AI机柜 — The Inference. Canonical: https://theinference.org/article/foxconn-booked-its-biggest-quarter-then-moved-the-money-while-an-import-ban-case-circled-its-ai-racks/zh-CN