Guan Cha Zhe Wang·2025-11-13 13:38Core Viewpoint - SMIC reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and improved profitability [1][2]. Financial Performance - For the first three quarters of 2025, SMIC's revenue was approximately 49.51 billion yuan, an increase of 18.2% year-on-year [1]. - The net profit attributable to shareholders was about 3.818 billion yuan, a substantial increase of 41.1% year-on-year [1]. - The gross margin stood at 23.2%, up by 5.6 percentage points compared to the previous year [1]. Quarterly Analysis - In Q3 2025, SMIC achieved revenue of 17.162 billion yuan, a quarter-on-quarter increase of 6.9% [1]. - The net profit for Q3 was 1.517 billion yuan, reflecting a year-on-year growth of 43.1% [1]. - The gross margin for Q3 was 25.5%, which is a 4.8 percentage point increase from the previous quarter [1]. - Capacity utilization rose to 95.8%, up by 3.3 percentage points from Q2 [1]. Capacity and Production - SMIC's production capacity exceeded one million wafers per month, indicating near full operational capacity [1]. Future Guidance - For Q4 2025, SMIC expects revenue to remain flat or increase by 2% quarter-on-quarter, with a gross margin forecasted between 18% and 20% [2]. Market Reaction - On November 13, the stock price of SMIC rose by 2.9% in A-shares, closing at 123.1 yuan per share, while the Hong Kong shares increased by 3.21%, closing at 75.6 HKD per share, bringing the total market capitalization to 984.8 billion yuan [2].