（於開曼群島註冊成立的有限公司） 股份代號: 00981 2023 ...

Financial Performance and Metrics - Full-year revenue reached $6.32 billion with a gross margin of 19.3% and an average capacity utilization rate of 75%[13] - Revenue for 2023 decreased by 13.1% to $6,321.56 million compared to $7,273.28 million in 2022[22] - Net profit attributable to shareholders dropped by 50.4% to $902.53 million in 2023 from $1,817.94 million in 2022[22] - Gross margin declined by 18.7 percentage points to 19.3% in 2023 from 38.0% in 2022[25] - EBITDA decreased by 11.9% to $4,064.16 million in 2023 from $4,611.05 million in 2022[22] - R&D investment as a percentage of revenue increased by 1.1 percentage points to 11.2% in 2023[25] - Operating cash flow decreased by 69.5% to $465.96 million in 2023 from $1,525.70 million in 2022[22] - Total assets increased by 9.1% to $47,787.31 million in 2023 from $43,807.78 million in 2022[23] - Basic earnings per share dropped by 52.2% to $0.11 in 2023 from $0.23 in 2022[25] - Weighted average return on equity decreased by 5.4 percentage points to 4.6% in 2023[25] - Revenue for 2023 was $6,321.56 million, a decrease of 13.1% compared to the previous year[36] - Gross profit for 2023 was $1,217.74 million, with a gross margin of 19.3%[33] - Net profit for 2023 was $1,124.94 million, with a net profit margin of 17.8%[33] - Total assets for 2023 were $47,787.31 million, an increase from $43,807.78 million in 2022[34] - Cash and cash equivalents for 2023 were $6,215.06 million, down from $10,676.15 million in 2022[34] - Operating cash flow for 2023 was $3,358.29 million, a decrease from $5,347.92 million in 2022[35] - Revenue decreased by 13.1% to $6,321.6 million, primarily due to a 17.4% decrease in wafer sales volume[74][76] - Net profit decreased by 48.8% to $1,124.9 million, impacted by lower revenue and higher costs[74][79] - Gross profit decreased by 55.9% to $1,217.7 million, driven by lower capacity utilization and wafer sales volume[78] - Operating cash flow decreased by 37.2% to $3,358.3 million, mainly due to reduced cash received from sales[79] - Capital expenditures increased by 21.9% to $7,633.4 million, reflecting higher investments in property, plant, and equipment[74] - Sales volume of 8-inch equivalent wafers decreased by 17.4% to 5,867 thousand pieces, with an average selling price of $988 per wafer[76] - Inventory increased by 40.1% to 724,021 pieces, primarily due to production stockpiling[87] - Revenue from the China region increased to 80.1% of total revenue, up from 74.2% in the previous year[83] - Revenue from 12-inch wafers accounted for 73.7% of total wafer revenue, while 8-inch wafers contributed 26.3%[86] - R&D expenses decreased by 3.5% to $707.3 million, reflecting cost optimization efforts[78] - Integrated circuit wafer foundry production costs increased by 13.1% year-over-year to $5,103.8 million in 2023[88] - Direct materials for integrated circuit wafer foundry accounted for 6.5% of total costs in 2023, a decrease from 7.2% in 2022[88] - Direct labor costs for integrated circuit wafer foundry decreased by 24.5% year-over-year to $110.2 million in 2023[88] - Manufacturing expenses for integrated circuit wafer foundry increased by 15.6% year-over-year to $4,358.7 million in 2023[88] - Top five customers accounted for 37.1% of total revenue, with sales amounting to $2,346.1 million in 2023[89] - Top five suppliers accounted for 32.5% of total raw material purchases, amounting to $466.0 million in 2023[89] - Total interest-bearing debt increased to $10,208.7 million in 2023, up from $8,694.4 million in 2022[91][92] - Capital expenditure commitments for machinery and equipment reached $10,701.6 million at the end of 2023[94] - Property, plant, and equipment increased by 27.0% year-over-year to $23,944.9 million in 2023, driven by new factory construction and capacity expansion[97] - Inventory increased by 43.1% year-over-year to $2,735.9 million in 2023, primarily due to production stockpiling[97] - Restricted funds due to borrowing and foreign exchange transactions amounted to $435.6 million at the end of the reporting period[98] - Leverage ratio improved to -21.1% as of December 31, 2023, compared to -34.4% in the previous year[100] - Capitalized interest-related depreciation expenses were $28.2 million for the reporting period, down from $35.9 million in the prior year[100] - Investments in associates increased by 9.3% to $110.05 million in 2023, up from $100.7 million in 2022[101] - Total financial assets measured at fair value stood at $626.79 million as of December 31, 2023[101] - Securities investments totaled $12.42 million at the end of 2023, with fair value changes of $37.82 million during the year[102] - Derivative investments for hedging purposes had a total fair value change of $16.97 million, with a net loss of $69.8 million at year-end[103] - Cross-currency swap contracts accounted for the largest portion of derivative investments, with a year-end book value of -$84.52 million[103] - The company's hedging strategy effectively managed risks, with gains or losses from hedging instruments recognized in other comprehensive income[103] - The board approved the 2023 hedging policy on May 11, 2023, focusing on production and operation-related hedging activities[103] - Total assets of major subsidiaries amount to $53,944,730 thousand[105] - Net assets of major subsidiaries are $30,514,644 thousand, with revenue of $6,311,545 thousand and net profit of $841,384 thousand[106] - The company holds a 12.79% voting right in Jiangsu Changjiang Electronics Technology Co., Ltd., accounted for using the equity method[107] - The company holds an 8.17% voting right in Xinxin Financial Leasing Co., Ltd., accounted for using the equity method[107] - The company holds a 14.10% voting right in Xianxin Integrated Circuit Manufacturing Co., Ltd., accounted for using the equity method[107] - The company holds a 14.83% voting right in SMIC (Ningbo) Co., Ltd., accounted for using the equity method[107] - Total investment in private equity funds as of December 31, 2023, is $86,192 thousand, with a cumulative profit impact of $86,786 thousand[104] - The company's investment in Fund H has a 30.12% ownership stake, with a cumulative profit impact of $16,257 thousand[104] - The company's investment in Fund J has a 24.84% ownership stake, with a cumulative profit impact of $1,911 thousand[104] - The company's investment in Fund K has a 17.21% ownership stake, with no reported profit impact[104] - The company's distributable reserves as of December 31, 2023, amounted to $5,680.3 million[112] - The company's 2023 capital expenditure was approximately $7.5 billion, with 2024 capital expenditure expected to remain roughly flat compared to 2023, exceeding 10% of the company's latest audited net assets[195] Corporate Governance and Board Structure - The company's board of directors includes both executive and independent non-executive members[2] - The company has maintained a high level of corporate governance and complies with the Corporate Governance Code of the Hong Kong Stock Exchange[118] - The company has established specialized committees including Audit, Remuneration, Nomination, and Strategy Committees to assist the board in fulfilling its functions[118] - The company has appointed four independent non-executive directors to enhance the objectivity and scientific nature of board decisions[118] - The company's profit distribution policy is more flexible compared to domestic A-share listed companies, allowing for dividends from profits, share premiums, or other assets permitted by Cayman Islands law[120] - The company's major decisions, such as changes to the business, amendments to the articles of association, and election of directors, remain subject to shareholder approval[121] - The company's liquidation assets will be used to pay employee salaries, taxes, and debts, with remaining assets distributed to shareholders[123] - Shareholders holding 10% or more of the company's shares can request a special general meeting[126] - Shareholders holding 3% or more of the company's voting shares can propose resolutions at the annual general meeting[128] - The company publishes quarterly financial results within approximately 45 days after each quarter and holds public conference calls/webcasts[129] - The 2024 Annual General Meeting is scheduled for June 28, 2024, in Shanghai[129] - The company adopted a revised and restated memorandum and articles of association in 2023 to comply with Hong Kong Listing Rules[130] - The company approved a proposal not to distribute profits for the year 2022[132] - The board was authorized to issue, allot, and deal with up to 20% of the company's issued H shares as of the 2023 annual general meeting date[132] - The board was authorized to repurchase up to 10% of the company's issued H shares as of the 2023 annual general meeting date[132] - The company adopted the 2024 Share Incentive Plan and issued shares accordingly[132] - Restricted share units were granted to related parties under the 2014 Share-Based Compensation Plan on September 5, 2022, and April 1, 2023[132] - The company revised the shareholder meeting rules and board meeting rules[132] - The company adopted a new organizational outline and bylaws[132] - The company's board consists of 8 members, including 1 chairman (executive director), 3 non-executive directors, and 4 independent non-executive directors[158] - The roles of chairman and joint CEOs are separate, with Liu Xunfeng serving as chairman and Zhao Haijun and Liang Mengsong serving as joint CEOs[159] - The company's board members are appointed for a term of three years, with one category of directors eligible for re-election at each annual general meeting[160] - The company has achieved the diversity requirements of the Hong Kong Listing Rules, with board members of different genders[161] - In 2023, directors participated in continuous professional development and updated their knowledge and skills to comply with corporate governance codes[162] - All directors complied with the company's insider information management system and the Standard Code for Securities Transactions by Directors of Listed Issuers as of December 31, 2023[163] - The board has mechanisms in place to ensure access to independent views and opinions, including the nomination process and evaluation of independent non-executive directors[164] - The board revised the Corporate Governance Policy in February 2022 to align with the revised Corporate Governance Code effective from January 1, 2022[165] - The board holds at least four meetings annually, with agendas prepared by the company secretary and meeting records distributed to all directors for review[166] - In 2023, the board held 5 meetings, including 3 in-person and 2 via telecommunication, with all directors attending as required[167] - The company held 5 board meetings in 2023, reviewing key proposals including the 2022 annual report, 2023 interim report, quarterly financial results, and the 2023 capital expenditure plan[168] - The Audit Committee held 4 meetings in 2023, reviewing the 2022 annual report, 2023 interim report, quarterly financial results, and the 2023 audit plan[171][172] - The Remuneration Committee held 3 meetings in 2023, reviewing the 2024 Hong Kong stock incentive plan, 2023 company target plan, and 2022 performance-based bonus scheme[174] - The company's strategic committee held 1 meeting in 2023, focusing on evaluating strategic plans and providing recommendations to the board and management[185] - The nomination committee held 1 meeting in 2023, reviewing the board's structure, size, and composition, and setting criteria for director roles[182] - The company's nomination committee consists of Dr. Liu Xunfeng (Chairman), Professor Lawrence J. Lau, Dr. Fan Renda, and Academician Wu Hanming[181] - The company's strategic committee members include Dr. Chen Shanzhi (Chairman), Mr. Yang Lumin, Professor Lawrence J. Lau, Academician Liu Ming, and Academician Wu Hanming[184] - The company's company secretary, Ms. Guo Guangli, received at least 15 hours of relevant professional training in 2023, as required by Hong Kong Listing Rules[187] R&D and Technology Development - R&D investment as a percentage of revenue increased by 1.1 percentage points to 11.2% in 2023[25] - The company has developed multiple technology platforms, including 28nm ultra-low power, 40nm embedded memory for automotive, and 55nm high-voltage display driver for automotive, which have entered small-batch trial production in 2023[47] - The company focuses on expanding production capacity, developing new processes, and strengthening industry chain collaboration to enhance its capital, technology, and industry ecosystem barriers[46] - The company added 601 new invention patents in the reporting period, bringing the cumulative total to 17,602 invention patents[48] - Total R&D investment in 2023 was $707.275 million, accounting for 11.2% of revenue, an increase of 1.1 percentage points compared to 2022[48] - The 28nm ultra-low leakage platform project has completed process device development and is in the PDK1.0 production stage, targeting IoT and mobile communication applications[49] - The 55nm high-voltage display second-generation process platform has released PDK 1.0 and entered product verification, aiming for small and medium-sized OLED/LCD display driver chips[49] - The 65nm RF SOI process platform has completed independent platform development and entered product verification, targeting RF front-end modules for smartphones and WIFI[49] - The 90nm BCD platform has multiple customer products in mass production, with the second phase under development for intelligent power management and automotive chips[49] - The company has a total of 2,363 R&D personnel, including 449 PhDs and 1,304 master's degree holders[51] - The company has accumulated 13,450 authorized patents, including 11,641 invention patents and 94 integrated circuit layout design rights[55] - The company faces risks in R&D and technology upgrades, which could lead to being overtaken or replaced if insufficient investment is made[58] - The company is at risk of talent shortages or loss, which could impact R&D progress and competitiveness[59] - There is a risk of technology leakage despite strict confidentiality measures[61] - The company requires continuous substantial capital investment for R&D and production to maintain market competitiveness[62] Production and Operations - SMIC's silicon wafer quantities are reported in 8-inch wafer equivalents, with 12-inch wafers converted using a factor of 2.25[8] - The company operates multiple subsidiaries across China, including SMIC Shanghai, SMIC Beijing, SMIC Tianjin, and SMIC Shenzhen[9] - Monthly production capacity reached 806,000 8-inch equivalent wafers by the end of 2023[13] - The company maintained stable asset structure and achieved expected targets for key project construction[13] - SMIC focused on four key strategies: stabilizing capacity, controlling costs, leading in technology, and prioritizing customers[13] - The company continued to optimize project layout and promote BU system reform, improving operational efficiency[13] - The company shipped 5,866,683 wafers in 2023, down from 7,098,458 wafers in 2022[33] - The company's wafer foundry business revenue for 2023 was $5,794.5 million, a decrease of 14.0% year-over-year[36] - The company has established a mature supplier management system and a comprehensive supply chain security system, ensuring stable and secure supply chain operations[39] - The company's production model includes small-batch trial production, risk mass production, and mass production, with each stage focusing on improving yield, production capacity, and meeting customer demands[40] - The company employs various marketing strategies, including direct customer engagement, market research, and participation in industry events to expand its customer base[41] - In 2023, the global semiconductor industry experienced a structural supply-demand adjustment, with inventory levels remaining high, but signs of recovery emerged in the second half of the year[42] - The wafer foundry industry is highly technology-intensive, capital-intensive, and talent-intensive, with stringent requirements for production environments, energy, raw materials, and quality systems[43] - SMIC is ranked fourth globally and first in mainland China among pure-play wafer foundry companies based on 2023 sales[45] - The company expects moderate growth in 2024, with sales revenue increasing by mid-single digits compared to the previous year, assuming no significant changes in the external environment[108] - The company plans to continue its previously announced factory and capacity expansion plans in 2024, with capital expenditures expected to be roughly flat compared to the previous year[108] - The company's gross margin will face significant depreciation pressure due to ongoing high investments, but it aims to maintain profitability through strict cost control and efficiency improvements[108] - The company's total number of employees is 20,223, with 15,

Investment Rating - The report downgrades SMIC-H (981 HK) to a "Hold" rating from a previous "Buy" rating [1][4][10] - The target price is revised downward to HK$14.00 from HK$18.00, reflecting a 22% decrease [1][4][10] Core Views - SMIC's focus on capacity expansion over profitability is expected to result in a mid-term ROE in the low single digits [4][5][10] - The company's advanced node business (N28 and beyond) is conducted through joint ventures, limiting its ability to capture full profits [4][5][10] - The report highlights that SMIC's expansion plans are progressing steadily, with a focus on N22-28 nodes to avoid competition in more mature nodes [5] - The report notes that SMIC's capital expenditure for 2024 is expected to remain flat at $7.47 billion, consistent with 2023 levels [4][5] Financial Summary - Revenue for 2024E is projected at $6.885 billion, with a slight increase to $7.937 billion in 2025E and $8.737 billion in 2026E [6] - EPS for 2024E is forecasted at $0.04, increasing to $0.06 in 2025E and $0.06 in 2026E [1][6] - The P/E ratio for 2024E is 47.6x, decreasing to 33.8x in 2025E and 30.6x in 2026E [6] - The P/B ratio for 2024E is 0.7x, remaining consistent through 2026E [6] Industry Context - The report suggests that the oversupply of mature node capacity in China is largely confined to the domestic market due to supply chain decoupling from the rest of the world [4] - Overseas foundries like GlobalFoundries have adopted a cautious approach to capacity expansion, with capital expenditure declining by 41% YoY in 2023 and expected to drop further in 2024 [4] - In contrast, Chinese foundries like SMIC and Hua Hong are aggressively expanding capacity, with Hua Hong planning to complete a second 12-inch fab within three years [4] Valuation and Risks - The new target price of HK$14.00 is based on a 0.7x 2024E P/B ratio, down from 0.9x, reflecting lower profitability and return expectations [10] - The report highlights that SMIC's future opportunities are increasingly limited to the domestic market, with the "China capacity for China demand" strategy potentially leading to domestic oversupply [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本文檔全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 國 際 集 成 電 路 製 造 有 限 公 司 * (於開曼群島注冊成立之有限公司) (股份代號：00981) 中芯國際截至2023年12月31日止三個月未經審核業績公佈 除非以下額外說明，本合併財務信息係依國際財務報告準則編製且表達。  2023 年第四季的銷售收入為 1,678.3 百萬美元，2023 年第三季為 1,620.6 百萬美元，2022 年第 四季為1,621.3百萬美元。  2023年第四季毛利為275.0百萬美元，2023年第三季為321.6百萬美元，2022年第四季為518.7 百萬美元。  2023年第四季毛利率為16.4%，2023年第三季為19.8%，2022年第四季為32.0%。  2023年未經審核的全年銷售收入為6,321.6百萬美元，2022年全 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本文檔全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 國 際 集 成 電 路 製 造 有 限 公 司 * (於開曼群島注冊成立之有限公司) (股份代號：00981) 中芯國際截至2023年9月30日止三個月未經審核業績公佈 除非以下額外說明，本合併財務信息係依國際財務報告準則編製且表達。  2023 年第三季的銷售收入為 1,620.6 百萬美元，2023 年第二季為 1,560.4 百萬美元，2022 年第 三季為1,907.0百萬美元。  2023年第三季毛利為321.6百萬美元，2023年第二季為316.5百萬美元，2022年第三季為742.2 百萬美元。  2023年第三季毛利率為19.8%，2023年第二季為20.3%，2022年第三季為38.9%。 以下爲本公司及其子公司(「本集團」)於2023年11月9日就截至2023年9 ...

（於開曼群島註冊成立的有限公司） 股份代號: 00981 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表聲明，並明確表示，概不對因本公佈全部或任何部份內容而產 生或因依賴該等內容而引致之任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中芯國際集成電路製造有限公司* （於開曼群島註冊成立之有限公司） （股份代號：00981） 二零二三年中期業績公告 中芯國際集成電路製造有限公司（「本公司」）董事會（「董事會」）謹此公布本公司和其子公 司截至2023年6月30止六個月的未經審計業績。本公告載有本公司2023年中期報告的全 文，並已遵守香港聯合交易所有限公司（「香港聯交所」）證券上市規則有關中期業績初步 公告的信息的相關規定。本公司2023年中期報告的印刷版預計將於2023年9月下旬前交 付給本公司股份的註冊持有人，並可在香港聯交所網站www.hkexnews.hk和本公司的網 站www.smics.com上進行查看。 承董事會命 中芯國際集成電路製造有限公司 公司秘書╱董事會秘書 郭光莉 中國上海，2023年8月25日 ...

[1 -> 6] 欢迎参加中芯博杰2023年第二季度业绩说明会。 [6 -> 11] 今天的会议将同时通过网络和电话进行直播。 [11 -> 16] 请注意,如果您通过电话加入会议,您的播录只处于接听模式。 [16 -> 20] 在管理层发言结束后,我们将进行问答环节。 [20 -> 25] 届时,您将收到关于如何参与问答环节的指示。 [25 -> 55] 现在有请资深副总裁、董事会秘书、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总统、副总� [55 -> 85] 各位好,欢迎参加中芯国际2023年第二季度业绩说明会。今天参加业绩说明会的有联合首席执行官赵海军博士、资深副总裁、财务负责人吴俊峰博士。 [88 -> 106] 欢迎参加中芯国际2023年第二季度业绩说明会。今天参加业绩说明会的有联合首席执行官赵海军博士、资深副总裁、财务负责人吴俊峰博士。 [119 -> 139] 欢迎参加中芯国际20 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本文檔全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 國 際 集 成 電 路 製 造 有 限 公 司 * (於開曼群島注冊成立之有限公司) (股份代號：00981) 中芯國際截至2023年6月30日止三個月未經審核業績公佈 除非以下額外說明，本合併財務信息係依國際財務報告準則編製且表達。  2023 年第二季的銷售收入為 1,560.4 百萬美元，2023 年第一季為 1,462.3 百萬美元，2022 年第 二季為1,903.2百萬美元。  2023年第二季毛利為316.5百萬美元，2023年第一季為304.7百萬美元，2022年第二季為750.5 百萬美元。  2023年第二季毛利率為20.3%，2023年第一季為20.8%，2022年第二季為39.4%。 以下爲本公司及其子公司(「本集團」)於2023年8月10日就截至2023年6 ...

[2 -> 36] 欢迎参加中兴国际2023年第一季度业绩说明会。今天的会议将同时通过网络和电话进行直播。请注意,如果您通过电话会加入会议,您的播录只处于接听模式。在管理层发言结束后,我们将进行问答环节,届时您将收到关于如何参与问答的指示。 [36 -> 66] 现在有请资深副总裁、董事会秘书、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董事会副总裁、董 [66 -> 74] 组织 [74 -> 83] 各位好 欢迎参加中芯国际2023年第一季度业绩说明会 [83 -> 91] 今天参加业绩说明会的有联合首席执行官赵海君博士 [91 -> 96] 资深副总裁 财务负责人吴俊峰博士 [96 -> 103] 欢迎参加中芯国际2023年第一季度业绩说明会 [103 -> 108] 今天参加业绩说明会的有联合首席执行官赵海君博士 [108 -> 114] 资深副总裁 财务负责人吴俊峰博士 [114 ...