证券时报·2025-08-07 14:48Core Viewpoint - SMIC reported a 22% year-on-year increase in sales revenue for the first half of 2025, with a second-quarter capacity utilization rate rising to 92.5% [1][5]. Financial Performance - In Q2 2025, SMIC achieved sales revenue of $2.209 billion, a decrease of 1.7% quarter-on-quarter, but a 16.2% increase year-on-year [2][4]. - The gross margin for Q2 was 20.4%, down 2.1 percentage points from the previous quarter, but up 7.6 percentage points compared to the same period last year [2][5]. - Operating profit for Q2 was $150.677 million, a significant decline of 51.3% from Q1, but a 72.9% increase year-on-year [4]. - The net profit for Q2 was $146.681 million, down 54.6% from Q1 and down 14.9% year-on-year [4]. Capacity and Production - SMIC's monthly capacity increased from 973,300 wafers in Q1 to 991,300 wafers in Q2, measured in 8-inch equivalent logic [6]. - The company shipped 2.3902 million wafers in Q2, representing a 4.3% quarter-on-quarter increase and a 13.2% year-on-year increase [6]. Regional and Application Segmentation - In Q2, the revenue distribution by region was 84.1% from China, 12.9% from the U.S., and 3% from Eurasia, remaining stable compared to Q1 [6]. - By application, the revenue breakdown was 25.2% from smartphones, 15% from computers and tablets, 41% from consumer electronics, 8.2% from IoT and wearables, and 10.6% from industrial and automotive sectors [6]. Market Outlook - The company anticipates a revenue growth of 5% to 7% for Q3 2025, with a gross margin guidance of 18% to 20% [7]. - The CEO noted that while there are new market factors, the fundamental landscape remains stable, and there are positive signals of recovery in various sectors, including industrial and automotive [7].