SMIC(HK:00981)2025-05-08 10:31Financial Performance - In Q1 2025, the company's sales revenue was $2,247.2 million, representing a 1.8% increase from Q4 2024's $2,207.3 million and a 28.4% increase from Q1 2024's $1,750.2 million[5]. - The gross profit for Q1 2025 was $505.9 million, compared to $499.0 million in Q4 2024, marking a 1.4% increase, and a significant 111.0% increase from Q1 2024's $239.7 million[5]. - The gross margin for Q1 2025 was 22.5%, slightly down from 22.6% in Q4 2024, and significantly up from 13.7% in Q1 2024[5]. - Net profit for Q1 2025 was $323.4 million, a 19.4% increase from $270.9 million in Q4 2024, and a 409.2% increase from $63.5 million in Q1 2024[16]. - The company reported a basic and diluted earnings per share of $0.02 for Q1 2025, compared to $0.01 in Q4 2024 and Q1 2024[16]. - Operating profit for Q1 2025 increased to $309,571, up from $214,467 in Q4 2024, marking a growth of 44.3%[31]. - The company reported a net profit of $323,422 for Q1 2025, compared to $270,946 in Q4 2024, an increase of 19.4%[31]. Operating Expenses - Operating expenses in Q1 2025 were $196.3 million, a decrease of 31.0% from $284.5 million in Q4 2024, and a decrease of 17.3% from $237.3 million in Q1 2024[5]. - Research and development expenses for Q1 2025 were $148,899, down 31.3% from $217,035 in Q4 2024[31]. Capacity and Production - Capacity utilization increased to 89.6% in Q1 2025, up by 4.1 percentage points from the previous quarter[7]. - Total wafer sales reached 2,292,153 units in Q1 2025, representing a 15.1% increase from 1,991,761 units in Q4 2024 and a 27.7% increase from 1,794,891 units in Q1 2024[19]. - The capacity utilization rate improved to 89.6% in Q1 2025 from 85.5% in Q4 2024[19]. Cash Flow and Assets - Cash and cash equivalents decreased to $4,587,349 thousand in Q1 2025 from $6,364,189 thousand in Q4 2024[27]. - Net cash used in operating activities for Q1 2025 was $(160,415), a significant decrease from $1,449,842 in Q4 2024[37]. - Total assets as of March 31, 2025, were $47,965,391, down from $49,161,248 at the end of 2024[35]. Liabilities and Equity - Total liabilities decreased to $15,738,909 as of March 31, 2025, from $17,291,590 at the end of 2024[35]. - The company’s total equity increased to $32,226,482 from $31,869,658, reflecting a growth of 1.1%[35]. - The debt-to-equity ratio was 34.9% in Q1 2025, down from 36.4% in Q4 2024[27]. Future Outlook - The company expects Q2 2025 revenue to decline by 4% to 6%, with a gross margin guidance of 18% to 20%[8]. - The company aims to enhance its resilience and risk management capabilities while focusing on its core business in the second half of 2025[8]. Regional Performance - Revenue from the China region accounted for 84.3% in Q1 2025, a decrease from 89.1% in Q4 2024 and an increase from 81.6% in Q1 2024[17]. Other Income - Other income, net for Q1 2025 was $39.7 million, a significant decrease of 71.8% from $140.8 million in Q4 2024[16]. Capital Expenditures - Capital expenditures for Q1 2025 were $1,415.5 million, down from $1,660.1 million in Q4 2024[20].