Group 1: Tencent Holdings - Tencent achieved revenue of 192.87 billion yuan in Q3 2025, a year-on-year increase of 15% [3] - Net profit attributable to equity holders was 63.13 billion yuan, up 19% year-on-year [3] - Key business segments showed robust growth: value-added services revenue was 95.9 billion yuan (+16%), marketing services revenue was 36.2 billion yuan (+21%), and fintech and enterprise services revenue was 58.2 billion yuan (+10%) [3] Group 2: JD Group - JD Group reported Q3 2025 revenue of 299.1 billion yuan, a 14.9% increase compared to Q3 2024 [4] - Net profit for Q3 2025 was 5.3 billion yuan, down from 11.7 billion yuan in Q3 2024 [4] - JD Retail's revenue for Q3 2025 was 250.6 billion yuan, an 11.4% increase year-on-year [4] Group 3: SMIC (Semiconductor Manufacturing International Corporation) - SMIC reported Q3 2025 revenue of 17.16 billion yuan, a year-on-year increase of 9.9% [5] - Net profit for Q3 2025 was 1.52 billion yuan, up 43.1% year-on-year [5] - The company achieved a gross margin of 25.5%, an increase of 4.8 percentage points quarter-on-quarter [5] Group 4: Bilibili - Bilibili's total net revenue for Q3 2025 reached 7.69 billion yuan, a 5% increase year-on-year [7] - Adjusted net profit was 786 million yuan, reflecting a significant increase of 233% year-on-year [7] - Key user metrics reached historical highs, with daily active users growing by 9% to 117 million and monthly active users increasing by 8% to 376 million [7]

Core Viewpoint - SMIC (Semiconductor Manufacturing International Corporation) demonstrated robust growth in Q3 2025, with revenue and gross profit increasing both year-on-year and quarter-on-quarter, reflecting strong business resilience amid market fluctuations [2][5][17] Financial Performance - In Q3 2025, SMIC achieved total sales revenue of $2.382 billion, a 7.8% increase from Q2 2025 and a 9.7% increase from Q3 2024 [4][5] - Gross profit reached $522.811 million, up 16.2% quarter-on-quarter and 17.7% year-on-year, with a gross margin of 22.0% [5][12] - Operating profit surged to $351.069 million, a 133.0% increase from Q2 2025 and a 106.6% increase from Q3 2024 [4][5] - Net profit for the period was $315.466 million, reflecting a 115.1% increase quarter-on-quarter and a 41.3% increase year-on-year [5][12] Revenue Breakdown - Revenue distribution by region shows that the China market remains the core pillar, contributing 86.2% of revenue in Q3 2025, up from 84.1% in Q2 2025 [7][8] - The wafer foundry business continues to dominate, accounting for 95.2% of total revenue in Q3 2025, with consumer electronics demand being the strongest at 43.4% [7][8] Capacity and Production - SMIC's monthly capacity increased from 991,300 8-inch equivalent wafers in Q2 2025 to 1,022,800 in Q3 2025, indicating ongoing capacity expansion [9][10] - Wafer sales reached 2,499,465 units in Q3 2025, a 4.6% increase from Q2 2025 and a 17.8% increase year-on-year [10] Cost Management and R&D Investment - Operating expenses decreased significantly by 42.6% quarter-on-quarter and 37.4% year-on-year, totaling $171.742 million [12][15] - R&D expenditure reached $203.147 million, reflecting an 11.7% increase from Q2 2025 and a 13.2% increase year-on-year, supporting technological advancements [12][15] Financial Health - As of September 30, 2025, SMIC's total current assets amounted to $14.145 billion, with a current ratio of 1.8, indicating solid short-term liquidity [16] - The company reported total equity of $33.076 billion, with a debt-to-equity ratio of 34.8%, suggesting a more reasonable capital structure [16] Future Outlook - SMIC anticipates stable revenue growth in Q4 2025, with a projected revenue increase of 0% to 2% and a gross margin between 18% and 20% [16][17] - The company is expected to strengthen its leadership position in the domestic integrated circuit manufacturing industry while enhancing its global market share [17]

Core Viewpoint - The company reported strong financial performance in Q3, with significant year-on-year growth in revenue and net profit, indicating a positive trend in its operational efficiency and market position [1][2]. Financial Performance - Q3 revenue reached 17.162 billion RMB, a year-on-year increase of 9.9% [2] - Q3 net profit was 1.517 billion RMB, reflecting a year-on-year growth of 43.1% [2] - For the first three quarters, total revenue was 49.510 billion RMB, up 18.2% year-on-year [2] - Net profit for the first three quarters amounted to 3.818 billion RMB, an increase of 41.1% year-on-year [2] Profitability Metrics - The gross margin for Q3 was 25.5%, up 4.8 percentage points from the previous quarter [1] - Capacity utilization increased to 95.8%, a rise of 3.3 percentage points quarter-on-quarter [1] Earnings Per Share - Basic earnings per share for Q3 were 0.19 RMB, a 46.2% increase compared to the same period last year [2] - Diluted earnings per share also stood at 0.19 RMB, reflecting the same growth rate [2] Research and Development - Total R&D expenditure was 1.447 billion RMB in Q3, a 13.6% increase year-on-year [2] - R&D spending accounted for 8.4% of revenue, an increase of 0.2 percentage points from the previous year [2] Future Guidance - The company expects Q4 revenue to remain flat or grow by 2% quarter-on-quarter, with gross margin projected to be between 18% and 20% [1][2]

Major Announcements - Guotai Group acquired 100% equity of Beikuan Baomao for 110 million yuan through public bidding [3] - People's Tongtai stock price has risen for four consecutive trading days, with a total increase of 46.43%, indicating potential rapid decline risk due to market sentiment [4] - Huasheng Lithium's stock price has deviated significantly, with a 62% revenue increase in the first three quarters, but still reporting a net loss of 10.3 million yuan [5] - Haishi Ke received approval for clinical trials of innovative drug HSK39297 for age-related macular degeneration, showing high development potential [6] - Angli Education postponed its response to an asset acquisition inquiry for no more than five trading days [7] - Shuguang Co. terminated its plan to issue shares to specific targets, with the Shanghai Stock Exchange halting the review [8] Performance Overview - JD Group reported third-quarter revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, with net profit of 5.3 billion yuan [10] - SMIC achieved third-quarter net profit of 1.517 billion yuan, a 43.1% year-on-year increase, with revenue of 17.162 billion yuan [11][12] - Tencent Holdings reported third-quarter revenue of 192.87 billion yuan, a 15% year-on-year increase, with operating profit of 72.57 billion yuan [13] - Lu'an Huaneng's coal sales in October reached 3.78 million tons, a year-on-year increase of 3.28% [14] Shareholding Changes - Haicheng Bangda's director Wang Xiping plans to reduce his holdings by up to 0.97% due to personal financial needs [16] - Qisheng Technology's major shareholder reduced their stake to 40% through a block trade [17] - Tianwei Electronics' major shareholder Xie Kai reduced his holdings to below 5% [18] - Zhongzi Technology's major shareholders collectively reduced their stake by 1.35% [19] Major Contracts - Lichong Group's subsidiaries received project confirmations with an estimated total sales of approximately 1.135 billion yuan [21] - Anhui Construction's subsidiary won a project bid worth 1.753 billion yuan [22]

Core Viewpoint - SMIC's Q3 financial results show strong revenue growth and improved gross margin, but the company anticipates a slowdown in revenue growth for Q4 due to high capacity utilization and a shift in product mix [1][2][6]. Financial Performance - Q3 revenue reached 171.62 billion yuan, a 9.9% year-on-year increase and a 6.9% quarter-on-quarter increase; total revenue for the first three quarters was 495.1 billion yuan, up 18.2% year-on-year [2][3]. - Q3 gross margin was 25.5%, a significant increase of 4.8 percentage points from the previous quarter; the gross margin for the first three quarters was 23.2%, reflecting a year-on-year increase of 5.6% [2][3]. - Net profit attributable to shareholders in Q3 was 15.17 billion yuan, a 43.1% year-on-year increase; for the first three quarters, net profit was 38.18 billion yuan, up 41.1% year-on-year [2][3]. - Capacity utilization rose to 95.8%, an increase of 3.3 percentage points quarter-on-quarter, indicating strong demand [2][3]. Guidance and Expectations - Management's guidance for Q4 indicates revenue is expected to remain flat to grow by 2%, with a gross margin forecast of 18%-20%, suggesting a decline of approximately 6 percentage points from Q3 [5][6]. Market Segment Changes - In Q3, the share of consumer electronics increased from 41.0% to 43.4%, while the share of smartphones decreased from 25.2% to 21.5%; this shift may impact gross margins as consumer electronics typically have lower prices and margins [7]. - The industrial and automotive sectors saw an increase in share from 10.6% to 11.9%, although this segment remains small and not a primary driver of growth [7]. Capital Expenditure and Cash Flow - Capital expenditure in Q3 increased by 26% quarter-on-quarter, totaling 170.65 billion yuan; cumulative capital expenditure for the first three quarters reached 421.99 billion yuan, significantly exceeding operating cash flow of 122.88 billion yuan [7]. - Operating cash flow for Q3 was 63.9 billion yuan, a 29.1% year-on-year decline, but still positive; cash and cash equivalents at the end of Q3 were 283.63 billion yuan, down 41% from the beginning of the year [7].

Core Insights - The core viewpoint of the article highlights the financial performance of SMIC (Semiconductor Manufacturing International Corporation) for the third quarter of 2025, showing significant growth in revenue and profit compared to the previous year [1] Financial Performance - For Q3 2025, the sales revenue was $2.382 billion, representing a year-on-year increase of 9.7% from $2.171 billion in Q3 2024 [1] - The gross profit for Q3 2025 was $522.8 million, up from $444.2 million in Q3 2024, with a gross margin of 22.0% compared to 20.5% in the previous year [1] - The profit attributable to shareholders for Q3 2025 was $192 million, reflecting a year-on-year increase of 28.9%, with earnings per share of $0.02 [1] Year-to-Date Performance - For the first three quarters of 2025, the total revenue reached $6.838 billion, a 17.4% increase compared to the same period last year [1] - The gross margin for the first three quarters was 21.6%, which is an increase of 5.3 percentage points year-on-year [1] Future Guidance - For Q4 2025, the company projects revenue to remain flat or grow by 2% quarter-on-quarter, with a gross margin guidance of 18% to 20% [1]

本章程有中英文版本，中英文版内容如有歧义，概以英文版为准。 Semiconductor Manufacturing International Corporation （中芯国际集成电路制造有限公司） 审计委员会章程 （于 2005 年 1 月 25 日获董事会批准，并分别于 2006 年 2 月 6 日、2012 年 3 月 23 日、2015 年 11 月 10 日、2019 年 8 月 8 日、2020 年 4 月 30 日、2024 年 2 月 6 日及 2025 年 11 月 13 日经董事会修订） 第一章 总则 第一条 中芯国际集成电路制造有限公司（以下简称"公司"）根据《香港联合 交易所有限公司证券上市规则》及《上海证券交易所科创板股票上市规则》等相关 法律法规，制定本章程。 第二条 审计委员会（以下简称"委员会"）由董事会组织成立，主要负责（1） 监督公司的会计与财务报告体系及程序；（2）审核公司财务报表及相关披露；（3） 监督及评估公司内部审计部门及外聘审计师的工作；（4）监督公司风险管理和内部 控制系统。 第二章 组织构成 第三条 委员会成员人数由董事会确定，至少由三名成员组成。委员会成员 ...

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信息披露暂缓与豁免业务管理制度 （2020 年 11 月 11 日获董事会批准，2025 年 11 月 13 日经董事会修订） 第一章 总 则 Semiconductor Manufacturing International Corporation （中芯国际集成电路制造有限公司） 第一条 为规范Semiconductor Manufacturing International Corporation（中芯 国际集成电路制造有限公司）（以下简称"公司"）信息披露暂缓与豁免行为， 确保公司依法合规地履行信息披露义务，保护投资者的合法权益，依据《中华人 民共和国证券法》《上市公司信息披露暂缓与豁免管理规定》《上海证券交易所 科创板股票上市规则》（以下简称"《上市规则》"）和《上海证券交易所科创 板上市公司自律监管规则适用指引第1号——规范运作》（以下简称"《规范运 作》"）等法律、法规、规范性文件的相关规定以及《中芯国际集成电路制造有 限公司组织章程大纲及章程细则》（以下简称"《公司章程》"），制定本制度。 第二条 本制度适用于以下人员和机构：公司、公司的董事、高级管理人员、 核心技术人员、股东或存托凭证持有人 ...