Core Viewpoint - SMIC reported a 22% year-on-year increase in sales revenue for the first half of 2025, with a second-quarter capacity utilization rate rising to 92.5% [1][5]. Financial Performance - In Q2 2025, SMIC achieved sales revenue of $2.209 billion, a decrease of 1.7% quarter-on-quarter, but a 16.2% increase year-on-year [2][4]. - The gross margin for Q2 was 20.4%, down 2.1 percentage points from the previous quarter, but up 7.6 percentage points compared to the same period last year [2][5]. - Operating profit for Q2 was $150.677 million, a significant decline of 51.3% from Q1, but a 72.9% increase year-on-year [4]. - The net profit for Q2 was $146.681 million, down 54.6% from Q1 and down 14.9% year-on-year [4]. Capacity and Production - SMIC's monthly capacity increased from 973,300 wafers in Q1 to 991,300 wafers in Q2, measured in 8-inch equivalent logic [6]. - The company shipped 2.3902 million wafers in Q2, representing a 4.3% quarter-on-quarter increase and a 13.2% year-on-year increase [6]. Regional and Application Segmentation - In Q2, the revenue distribution by region was 84.1% from China, 12.9% from the U.S., and 3% from Eurasia, remaining stable compared to Q1 [6]. - By application, the revenue breakdown was 25.2% from smartphones, 15% from computers and tablets, 41% from consumer electronics, 8.2% from IoT and wearables, and 10.6% from industrial and automotive sectors [6]. Market Outlook - The company anticipates a revenue growth of 5% to 7% for Q3 2025, with a gross margin guidance of 18% to 20% [7]. - The CEO noted that while there are new market factors, the fundamental landscape remains stable, and there are positive signals of recovery in various sectors, including industrial and automotive [7].

Mergers and Acquisitions - Tengjing Technology has decided to terminate the acquisition of 100% shares of Xunke Communication due to changes in market conditions and difficulties in reaching an agreement on the transaction plan [1] Performance Disclosure - Ganli Pharmaceutical reported a revenue of 2.067 billion yuan for the first half of 2025, representing a year-on-year increase of 57.18%, and a net profit of 604 million yuan, up 101.96% year-on-year [2] - Shunwei New Materials announced a revenue of 784 million yuan for the first half of 2025, a year-on-year increase of 12.50%, but a net profit of 29.90 million yuan, down 32.91% year-on-year [3] - SMIC reported a sales revenue of 2.209 billion USD for the second quarter of 2025, a quarter-on-quarter decrease of 1.7%, with a gross margin of 20.4%, down 2.1 percentage points quarter-on-quarter [4] Shareholding Changes - Babai Co. announced that its major shareholder, Guangzhou Yunmei Industrial Investment Partnership, plans to reduce its holdings by no more than 223.08 million shares, accounting for 2% of the total share capital [5] - Xianheng International disclosed that its major shareholder, Goldman Sachs Asia, intends to reduce its holdings by no more than 12.30 million shares, representing no more than 3% of the total shares [6] - Lino Pharmaceutical Packaging announced that its shareholders plan to reduce their holdings by no more than 697.87 million shares, accounting for 3% of the total share capital [7] Risk Events - Fangsheng Pharmaceutical announced that its actual controller, Zhang Qinghua, has been placed under residential surveillance starting from August 6, 2025 [8]

Core Viewpoint - The company reported a mixed Q2 performance with strong year-on-year revenue growth but a significant decline in net profit, indicating challenges ahead [3][4]. Financial Performance - Q2 revenue reached $2.209 billion, a year-on-year increase of 16.2% but a slight quarter-on-quarter decline of 1.7% [4][7]. - Gross profit for Q2 was $450 million, down 11.1% quarter-on-quarter, with a gross margin of 20.4%, which is a decrease of 2.1 percentage points from the previous quarter but an increase of 6.5 percentage points year-on-year [4][11]. - Net profit for Q2 was $132.5 million, a 19% decline year-on-year, falling short of market expectations [4][11]. - Capacity utilization improved to 92.5%, up 2.9 percentage points quarter-on-quarter [4][12]. Business Segmentation - The 12-inch wafer segment accounted for 76.1% of revenue, with consumer electronics applications making up the largest share at 41.0% [5][7]. - The Chinese market represented 84.1% of total revenue, maintaining a stable position compared to the previous quarter [10]. Guidance and Outlook - The company provided cautious guidance for Q3, expecting revenue growth of 5%-7% quarter-on-quarter and a gross margin of 18%-20%, which is below market expectations of 21% [6][15]. - Capital expenditures for Q2 were $1.885 billion, a significant increase of 33.2% from Q1, indicating ongoing expansion efforts [6][19]. Cost and Expense Analysis - Operating expenses surged to $299 million in Q2, a 52.4% increase quarter-on-quarter and a 68.1% increase year-on-year, highlighting cost control challenges during rapid expansion [13][14]. - Research and development expenses rose to $182 million, a 22.2% increase quarter-on-quarter [16]. Cash Flow and Financial Health - Operating cash flow improved significantly to $1.07 billion in Q2, recovering from a negative cash flow in Q1 [18]. - The company held $5.08 billion in cash and cash equivalents, along with total liquid assets of $13.05 billion, providing ample resources for continued expansion [20].

Core Viewpoint - The company reported mixed Q2 results, showing strong year-on-year revenue growth but a significant decline in net profit, indicating challenges faced by the wafer foundry giant [1][5]. Financial Performance - Q2 revenue was $2.209 billion, a year-on-year increase of 16.2% but a quarter-on-quarter decrease of 1.7%; total revenue for the first half was $4.46 billion, up 22.0% year-on-year [5][7]. - Q2 gross profit was $449.8 million, down 11.1% quarter-on-quarter, with a gross margin of 20.4%, a decrease of 2.1 percentage points from Q1 but an increase of 6.5 percentage points year-on-year; the gross margin for the first half was 21.4%, up 7.6 percentage points year-on-year [5][8]. - Q2 net profit was $132.5 million, a 19% year-on-year decline, falling short of market expectations of $167.1 million [5][9]. - Capacity utilization rate improved to 92.5%, up 2.9 percentage points quarter-on-quarter [5][9]. Guidance and Outlook - Q3 revenue guidance indicates a quarter-on-quarter growth of 5%-7%, while gross margin guidance is set at 18%-20%, below market expectations of 21% [1][10]. - Capital expenditures for Q2 were $1.885 billion, a significant increase of 33.2% from Q1, reflecting the company's aggressive expansion strategy [1][10]. Operational Insights - The company’s 12-inch wafer production accounted for 76.1% of total revenue, with consumer electronics applications representing the highest share at 41.0% [7][8]. - The Chinese market contributed 84.1% of total revenue, maintaining a stable position compared to Q1 [8][9]. - Operating expenses surged to $299.1 million in Q2, a 52.4% increase quarter-on-quarter and a 68.1% increase year-on-year, highlighting cost control challenges amid rapid expansion [9][10]. Cash Flow and Capital Management - Operating cash flow improved to $1.07 billion in Q2, a significant recovery from a negative $160 million in Q1, indicating restored business cash generation capacity [10]. - The company held $5.08 billion in cash and cash equivalents, with total liquid assets amounting to $13.05 billion, providing ample resources for continued expansion [10].

国内两大半导体晶圆代工龙头发布2025年第二季度财报。 中芯国际财报显示，今年第二季度，该公司整体实现销售收入22.09亿美元，环比下降1.7%；毛利率为20.4%，环比下降2.1个百分点。 尽管由于今年一季度中芯国际新建产线出现引起生产性波动的突发事件，且相关影响延续至Q2，导致收入及毛利率环比下降，但降幅总体 略优于此前管理层给出的指引。 归母净利润方面，第二季度中芯国际实现1.32亿美元，同比下降19.5%，环比下降29.5% 。 分应用来看，Q2工业与汽车收入占比提升1个百分点至10.6%；智能手机收入占比提升1%至25.2%；计算机与平板收入占比下降2.3个百 分点至15%。 | | 2025 年 | 2025 年 | 2024 年 | | --- | --- | --- | --- | | 以应用分类 | 第二季度 | 第一季度 | 第二季度 | | 智能手机 | 25.2% | 24.2% | 32.0% | | 计算机与平板 | 15.0% | 17.3% | 13.3% | | 消费电子 | 41.0% | 40.6% | 35.6% | | 互联与可穿戴 | 8.2% | 8.3% | 1 ...

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the structural bull market and the recent strong export data, indicating potential investment opportunities despite individual losses in the market [1][2]. Group 1: Market Performance - The Shanghai Composite Index has not yet recovered from last year's peak of 3674 points, closing at 3639 points today, indicating a slow recovery in the market [1]. - The A-share market showed mixed performance today, with the Shanghai Composite Index up by 0.16%, while the Shenzhen Component Index and the ChiNext Index fell by 0.18% and 0.68%, respectively [11]. Group 2: Export and Import Data - July's export growth rate (in USD) was 7.2%, up 1.3 percentage points from the previous month, while imports grew by 4.1%, an increase of 3 percentage points from last month [1][2]. - The article notes a significant rebound in overall export growth despite a decline in exports to the US and ASEAN, suggesting that Chinese exporters are shifting focus to Europe and emerging markets [2]. Group 3: Sector Analysis - The semiconductor and rare earth sectors saw price increases, attributed to the logic of self-sufficiency and potential retaliatory measures against tariffs [1]. - The rare earth export volume in July increased by over 50% month-on-month, with June's exports reaching 7742 tons, reflecting strong demand [1][11]. Group 4: Tariff Implications - Recent announcements from the US regarding a potential 100% tariff on chips and semiconductors have raised concerns, but many foreign investors believe the impact will be limited due to exemptions for major companies like TSMC and Samsung [4][6]. - The implementation of Section 232 tariffs on semiconductors will be based on the "value added" principle, potentially allowing large companies that invest in the US to avoid these tariffs [7].

| 收入分析 | | | | | --- | --- | --- | --- | | | 2025 年 | 2025 年 | 2024 年 | | 以地區分類 | 第二季度 | 第一季度 | 第二季度 | | 中國品 | 84.1% | 84.3% | 80.3% | | 美國品 | 12.9% | 12.6% | 16.0% | | 歐亞品 | 3.0% | 3.1% | 3.7% | | | 2025 年 | 2025 年 | 2024 年 | | 以服務類型分類 | 第二季度 | 第一季度 | 第二季度 | | 晶圆 | 94.6% | 95.2% | 92.9% | | 真他 | 5.4% | 4.8% | 7.1% | | 晶圓收入分析 | | | | | | 2025 年 | 2025 年 | 2024 年 | | 以應用分類 | 第二季度 | 第一季度 | 第二季度 | | 智能手機 | 25.2% | 24.2% | 32.0% | | 電腦與平板 | 15.0% | 17.3% | 13.3% | | 消費電子 | 41.0% | 40.6% | 35.6% | | 互聯與可穿戴 | 8.2 ...

香港交易及结算所有限公司及香港联合交易所有限公司对本公告的内容概不负责，对其准确性或完整性 亦不发表任何声明，并明确表示，概不对因本文档全部或任何部分内容而产生或因依赖该等内容而引致 的任何损失承担任何责任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 国 际 集 成 电 路 制 造 有 限 公 司 * (于开曼群岛注册成立之有限公司) (股份代号：00981) * 仅供识别 -1- 2025 年第二季的销售收入为 2,209.1 百万美元，2025 年第一季的销售收入为 2,247.2 百万美元， 2024 年第二季的销售收入为 1,901.3 百万美元。 2025 年第二季毛利为 449.8 百万美元，2025 年第一季毛利为 505.9 百万美元，2024 年第二季毛 利为 265.1 百万美元。 2025 年第二季毛利率为 20.4%，2025 年第一季毛利率为 22.5%，2024 年第二季毛利率为 13.9%。 以下声明为前瞻性陈述，基于目前的预期并涵盖风险和不确定性。 2025 年第三季指引 本公司预期国际财务报告准则下的指 ...

中芯国际2025年第二季度产能利用率升至92.5%。 ...

人民财讯8月7日电，中芯国际在港交所公告，2025年第二季度的销售收入为22.09亿美元，环比下降 1.7%。根据一、二季度未经审核的财务资料，公司上半年销售收入为44.6亿美元，较去年同期增长 22.0%；毛利率21.4%，较去年同期提升7.6个百分点。三季度，公司给出的收入指引为环比增长5%到 7%，毛利率指引为18%到20%。 ...