Di Yi Cai Jing·2025-11-13 12:25Core Viewpoint - SMIC reported strong financial performance for Q3 2025, with significant revenue and profit growth driven by increased wafer sales and product mix changes [1][3]. Financial Performance - Revenue for Q3 reached 171.62 billion yuan, a quarter-on-quarter increase of 6.9% [1][3]. - Net profit attributable to shareholders was 15.17 billion yuan, representing a year-on-year growth of 43.1% [1][3]. - Gross margin improved to 25.5%, up 4.8 percentage points from the previous quarter [1][3]. - Basic and diluted earnings per share were both 0.19 yuan, an increase of 46.2% year-on-year [3]. Revenue Breakdown - Revenue from the Chinese market accounted for 86.2% of total revenue, up from 84.1% in Q2 [3][4]. - The U.S. market contributed 10.8%, while the Eurasian market accounted for 3.0% [3][4]. - Revenue from the smartphone sector represented 21.5%, while consumer electronics accounted for 43.4% [4]. Production Capacity - Monthly production capacity reached 1.0228 million wafers, surpassing the one million mark [4]. - Wafer sales totaled 2.4995 million, with a capacity utilization rate of 95.8% [4]. - Capacity utilization rates increased from 90.4% in Q1 to 95.8% in Q3, indicating a positive industry trend [4]. Research and Development - R&D expenditure for the quarter was 1.447 billion yuan, a year-on-year increase of 13.6% [4]. - Capital expenditures reached 17.065 billion yuan, a quarter-on-quarter growth of 25.98% [4]. Cash Flow and Future Outlook - Net cash flow from operating activities was 6.39 billion yuan, down 29.1% year-on-year [5]. - The company anticipates Q4 revenue to remain flat or grow by 2%, with gross margin guidance of 18% to 20%, indicating a potential decline from Q3 levels [5].