Mei Ri Jing Ji Xin Wen·2025-08-29 14:49Group 1 - The core point of the news is that SMIC (中芯国际) plans to acquire a 49% stake in its subsidiary, SMIC North (中芯北方), which is a significant 12-inch wafer fab, to enhance its net profit [1][4]. - SMIC currently operates three 12-inch wafer fabs in Beijing, including SMIC Beijing, SMIC North, and SMIC Jingcheng, with SMIC North being crucial for profit contribution due to its mature process lines [2][3]. - SMIC North is primarily focused on 28nm and 45nm process lines, making it a key contributor to SMIC's net profit, with reported net profits of 2.02 billion yuan in 2021 and projected profits of 2.31 billion yuan, 460 million yuan, and 526 million yuan for 2022, 2023, and 2024 respectively [3][4]. Group 2 - The acquisition is still in the planning stage, with SMIC in discussions with potential investors, including the National Integrated Circuit Industry Investment Fund and other investment entities [5]. - The acquisition is expected to significantly boost SMIC's net profit attributable to shareholders, especially as SMIC North's production lines are nearing the end of their depreciation period [4]. - In contrast, SMIC Jingcheng is currently facing challenges with capacity ramp-up and depreciation, which may negatively impact the combined financial performance post-acquisition [4].