美股IPO·2025-08-28 10:45Core Viewpoint - SMIC reported a 22.0% year-on-year revenue growth to $4.456 billion in the first half of 2025, with significant improvements in gross margin and net profit margin [1][4][6]. Financial Performance - Revenue reached $4.456 billion, up from $3.651 billion, marking a 22.0% increase [5][6]. - Gross profit increased to $956 million, a substantial rise of 89.3%, with gross margin improving from 13.8% to 21.4% [6][8]. - Net profit attributable to the parent company was $321 million, reflecting a 35.6% growth [4][6]. - Basic earnings per share rose to $0.04, a 33.3% increase compared to the previous year [4][7]. Business Segments - The wafer foundry business generated $4.229 billion, showing a 24.6% year-on-year growth, which is the largest revenue segment [1][6]. - The revenue structure indicates that consumer electronics accounted for 40.8%, smartphones for 24.6%, and computers and tablets for 16.2% [9]. - The share of industrial and automotive applications increased from 7.7% to 10.1%, indicating a positive shift in downstream demand [9]. Capacity and Production - SMIC added nearly 20,000 pieces of 12-inch standard logic monthly capacity in the first half of 2025, maintaining a leading industry capacity utilization rate [9]. - The revenue share from 12-inch wafers increased from 74.5% to 77.1%, while the share from 8-inch wafers decreased to 22.9%, reflecting a continuous optimization towards advanced processes [9]. Regional Distribution - Revenue from the China region accounted for 84.2%, up from 80.9% year-on-year, while the U.S. and Eurasia regions contributed 12.7% and 3.1%, respectively [10]. Outlook and Strategic Planning - Management anticipates that the trend of channel stocking and inventory replenishment will continue into the third quarter, despite the traditional industry slowdown in the fourth quarter [11]. - The company aims to exceed the average performance of comparable peers for the full year, supported by strong demand and supply constraints [11]. - SMIC plans to focus on annual performance growth, new application development, and deep collaboration in research and education [12].