Ge Long Hui A P P·2025-08-28 11:57Core Viewpoint - SMIC (688981.SH) reported a strong performance in the first half of 2025, with significant revenue and profit growth driven by proactive inventory management and customer support amid changing domestic and international policies [1] Financial Performance - The company achieved operating revenue of 32.348 billion yuan, representing a year-on-year increase of 23.14% [1] - Net profit attributable to shareholders reached 2.301 billion yuan, up 39.76% year-on-year [1] - The net profit excluding non-recurring items was 1.904 billion yuan, reflecting a year-on-year growth of 47.76% [1] Market Dynamics - In response to policy changes, the company has intensified inventory stocking and is actively ensuring product delivery to clients, a trend expected to continue into the third quarter [1] - The fourth quarter is anticipated to be a traditional off-season for the industry, with a slowdown in urgent orders and shipments [1] - Despite the seasonal slowdown, the overall capacity utilization is not expected to be significantly impacted due to the ongoing supply-demand imbalance [1] Strategic Outlook - The company aims to exceed the average performance of comparable peers for the entire year, assuming no major changes in the external environment [1]