智通财经网·2025-08-08 03:40Overall Performance - Semiconductor Manufacturing International (SMIC) reported a revenue of $2.2 billion for Q2 2025, slightly above market expectations of $2.16 billion, but down 1.7% quarter-over-quarter, with guidance indicating a further decline of 4-6% [1][14] - The gross margin for Q2 2025 was 20.4%, reaching the upper limit of the guidance range (18-20%) and exceeding market expectations of 19.7% [1][4] Revenue and Pricing Dynamics - The decline in revenue was primarily attributed to a decrease in average selling prices, influenced by an increase in the shipment of 8-inch wafers, which lowered the overall product price [2][16] - The shipment volume for 8-inch wafers increased by 4.3% quarter-over-quarter, while the average price per wafer decreased by 5.7% [3][16] Business Segment Performance - The revenue from the Chinese market remains stable at over 80%, with only the mobile and industrial sectors showing growth, while other segments like PC and consumer electronics experienced declines [2][24] - The mobile business saw a minimal quarter-over-quarter growth of 1.7%, significantly lower than the double-digit growth seen in the past two years [2][24] Expenditure and Capital Investment - Operating expenses were primarily driven by R&D and administrative costs, with R&D expenses remaining flat year-over-year, while administrative expenses rose by 17.6% due to increased factory setup costs [2][30] - Capital expenditures for the quarter were $1.885 billion, indicating a commitment to maintaining high capital investment despite weak downstream demand [2][30] Future Guidance - For Q3 2025, SMIC expects revenue to increase by 5-7%, translating to $2.32-$2.36 billion, slightly below market expectations of $2.37 billion [4][18] - The company anticipates a gross margin of 18-20% for the next quarter, which is also below market expectations of 21.1% [4][22] Capacity Utilization and Market Conditions - The capacity utilization rate for Q2 2025 was 92.5%, reflecting a recovery driven by early inventory buildup for 8-inch wafers, despite overall weak demand in key markets [2][22] - The total capacity reached 2.584 million wafers, with a 1% increase quarter-over-quarter, supported by sustained high capital expenditures [2][22] Geographic Revenue Distribution - In Q2 2025, revenue from the Chinese market accounted for 84.1%, with the U.S. and Eurasia contributing 12.9% and 3%, respectively [28] - Despite government subsidies, the domestic market remains sluggish, leading to a 1.9% quarter-over-quarter decline in revenue from the Chinese region [28][32]