"但原先我们担心的关税政策是否硬着陆、市场刺激和急建库存是否透支了未来的需求，以及大宗商品 需求是否在新关税引起的价格上涨后衰退，这些并没有发生，或者至少还没在当下发生。另外，由于公 司的整体产能供不应求，因此放缓的量并不会对公司的产能利用率产生明显影响。"赵海军说。 转自：证券时报 人民财讯8月8日电，8月8日，在2025年第二季度业绩说明会上，中芯国际联合CEO赵海军表示，四季度 是行业传统淡季，前三季度公司配合提拉出货，客户已经建立一定库存。虽然客户信心还是很强，但四 季度急单和提拉出货的情况会相对放缓，公司正在广泛收集客户的反馈，进行评估。 ...

Core Viewpoint - SMIC's stock prices have declined significantly, with A-shares dropping over 3% and H-shares over 5% as of August 8, following the release of its Q2 2025 financial results [1][4]. Financial Performance - In Q2 2025, SMIC reported total sales revenue of $2.209 billion, a decrease of 1.7% from Q1 2025, but an increase of 16.2% year-over-year [4][6]. - The gross margin for Q2 2025 was 20.4%, down 2.1 percentage points from Q1 2025 [4][6]. - Capacity utilization improved to 92.5%, an increase of 2.9 percentage points from the previous quarter [4][6]. - Operating profit fell by 51.3% to $150.7 million compared to Q1 2025, while net profit decreased by 54.6% to $146.7 million [6]. Revenue Breakdown - Revenue by application in Q2 2025: smartphones (25.2%), computers and tablets (15%), consumer electronics (41%), IoT and wearables (8.2%), and industrial and automotive (10.6%) [6][7]. - Revenue by region: China accounted for 84.1%, the U.S. 12.9%, and Europe and Asia 3.0% in Q2 2025 [7]. - Revenue by service type: wafer sales constituted 94.6% of total revenue in Q2 2025 [7]. Future Outlook - For Q3 2025, SMIC provided revenue guidance indicating a potential growth of 5% to 7% compared to Q2 2025, with a gross margin forecast of 18% to 20% [4][6]. - Management indicated that there would be no price increases, attributing the rise in average selling price (ASP) to full capacity utilization, and stated that they would follow industry price changes if competitors raised prices [8].

Core Viewpoint - The company reported a solid performance for the first half of 2025, with revenue and net profit showing significant year-on-year growth, indicating strong demand for its products and effective market strategies [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 17.087 billion yuan, a year-on-year increase of 10.6% [1]. - The net profit attributable to shareholders reached 1.287 billion yuan, reflecting a year-on-year growth of 33.2% [1]. - The company’s gross profit margin improved to 34.3%, up by 0.5 percentage points year-on-year, driven by increased sales volume and a decline in some raw material prices [2]. Group 2: Business Segments - The food segment generated revenue of 5.382 billion yuan, a year-on-year increase of 8.8%, accounting for 31.5% of total revenue [1]. - The beverage segment reported revenue of 10.788 billion yuan, up 7.6% year-on-year, making up 63.1% of total revenue [2]. - Within the beverage segment, tea drinks, juices, and milk tea achieved revenues of 5.068 billion, 1.821 billion, and 3.398 billion yuan respectively, with year-on-year growth rates of 9.1%, 1.7%, and 3.5% [2]. Group 3: Market Strategy and Outlook - The company is focusing on consumer demand, enhancing product innovation, and expanding market channels to meet diverse consumer needs [2]. - The company expects to maintain a steady increase in net profit, projecting growth rates of 24.3%, 13.4%, and 11.7% for the years 2025 to 2027, reaching net profits of 2.3 billion, 2.61 billion, and 2.91 billion yuan respectively [3]. - The company’s strong product innovation capabilities and the increasing demand for convenient food and beverages are expected to drive growth in the near and medium term [3].

Core Viewpoint - The management of SMIC stated during a conference call that there has been no price increase, and the rise in average selling price (ASP) is due to full capacity, with no discounts on 12-inch wafers [2]. Group 1 - The company is not the first in the industry to raise prices, but it will follow if comparable peers do increase their prices [2]. - Management emphasized support for customers to maintain their market share while making price adjustments, indicating that current orders exceed production capacity [2].

Core Viewpoint - Both SMIC and Hua Hong Semiconductor reported strong financial results for the first half of the year, with significant increases in revenue and gross profit margins, indicating a robust demand in the semiconductor industry [1][9]. Revenue Analysis - SMIC's revenue for Q2 2025 reached $2.209 billion, a year-on-year increase of 16.2%, with a gross profit of $450 million, up 69.7% [1]. - Hua Hong Semiconductor's Q2 revenue was $566.1 million, reflecting an 18.3% year-on-year growth [5]. - The revenue composition for SMIC shows that 84% comes from China, with significant contributions from smartphones (25%) and consumer electronics (41%) [3][4]. Capacity Utilization and Capital Expenditure - SMIC's wafer sales volume increased by 4.3% quarter-on-quarter and 13.2% year-on-year, with capacity utilization rising from 89.6% to 92.5% [10]. - Capital expenditure for SMIC in Q2 was $1.885 billion, up from $1.415 billion in Q1 [10]. - Hua Hong's capital expenditure for the quarter was $407.7 million, with a focus on expanding 12-inch and 8-inch production capacities [12][13]. Future Outlook - SMIC expects a revenue growth of 5% to 7% in Q3 2025, with gross margin guidance remaining stable between 18% to 20% [15]. - Hua Hong anticipates Q3 revenue between $620 million and $640 million, with a gross margin forecast of 10% to 12% [15][16].

Core Insights - Both SMIC and Hua Hong Semiconductor reported significant year-on-year revenue growth in Q2, with SMIC's revenue reaching $2.209 billion, a 16.2% increase from $1.901 billion in Q2 2024, and Hua Hong's revenue at $566.1 million, an 18.3% increase from the previous year [2][4][12] - Both companies achieved high capacity utilization rates, with SMIC nearing full capacity at 92.5% and Hua Hong exceeding 100% at 108.3% [10][12] Revenue Growth - SMIC's Q2 revenue was $2.209 billion, down 1.7% from Q1 2025 but up 16.2% year-on-year [2] - Hua Hong's Q2 revenue was $566.1 million, showing a 4.6% increase from Q1 2025 and an 18.3% increase year-on-year [4][12] Profitability - SMIC reported a gross profit of $450 million in Q2, with a gross margin of 20.4%, up from 13.9% in Q2 2024 [2][4] - Hua Hong's gross margin was 10.9%, reflecting a year-on-year increase of 0.4 percentage points [4][12] Capacity Utilization - SMIC's capacity utilization increased from 89.6% in Q1 2025 to 92.5% in Q2, and from 85.2% year-on-year [10][12] - Hua Hong's capacity utilization rose from 102.7% in Q1 2025 to 108.3% in Q2, marking a significant increase from 97.9% year-on-year [12] Market Segments - SMIC's revenue from industrial and automotive sectors increased to 10.6% of total revenue, up from 8.1% in Q2 2024 [14] - Hua Hong reported strong demand for flash products, super junction MOSFETs, and power management products in Q2 [16] Future Outlook - SMIC anticipates a revenue growth of 5% to 7% in Q3 2025, with a gross margin between 18% and 20% [17] - Hua Hong expects Q3 revenue to be between $620 million and $640 million, with a gross margin of 10% to 12% [19]

Core Insights - SMIC reported a mixed Q2 performance with strong year-on-year revenue growth but a significant decline in net profit, indicating challenges faced by the wafer foundry giant [1] Financial Performance - Q2 revenue reached $2.209 billion, a year-on-year increase of 16.2%, but a slight quarter-on-quarter decline of 1.7%; total revenue for the first half was $4.46 billion, up 22.0% year-on-year [2][9] - Q2 gross profit was $449.8 million, down 11.1% quarter-on-quarter, with a gross margin of 20.4%, a decrease of 2.1 percentage points from the previous quarter but an increase of 6.5 percentage points year-on-year; the gross margin for the first half was 21.4%, up 7.6% year-on-year [2][10] - Q2 net profit was $132.5 million, a 19% year-on-year decline, falling short of market expectations of $167.1 million [3] Capacity and Utilization - Capacity utilization rate improved to 92.5%, up 2.9 percentage points quarter-on-quarter [4] - Monthly production capacity increased to 991,000 wafers (8-inch equivalent), a 1.8% increase from the previous quarter [6][14] Business Segmentation - 12-inch wafers accounted for 76.1% of revenue, with consumer electronics applications making up 41.0% and smartphone applications 25.2%; industrial and automotive applications increased to 10.6% from 8.1% year-on-year [6][9] - The Chinese market represented 84.1% of total revenue, remaining stable compared to the previous quarter, while the U.S. market share slightly increased to 12.9% [9] Guidance and Outlook - Q3 revenue guidance indicates a quarter-on-quarter growth of 5%-7%, while gross margin guidance is set at 18%-20%, below the previous quarter's 20.4%, reflecting cautious management expectations [7][13] - Capital expenditures are projected at $1.885 billion, a significant increase of 33.2% from Q1, indicating ongoing expansion efforts [7][14] Cost and Expense Management - Q2 operating expenses surged to $299.1 million, a 52.4% increase quarter-on-quarter and a 68.1% increase year-on-year, highlighting expansion pressures [11][12] - R&D expenses were $182 million, up 22.2% quarter-on-quarter, while general and administrative expenses rose to $189 million, up 26.5% [12] Cash Flow and Financial Position - Operating cash flow improved to $1.07 billion in Q2, a significant recovery from a negative cash flow of $160 million in Q1, indicating restored business cash generation capabilities [14] - Cash and cash equivalents totaled $5.08 billion, along with financial assets, bringing total liquid funds to $13.05 billion, providing ample resources for continued expansion [15]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - **Pure Benzene**: This week, the supply of pure benzene showed a marginal loosening trend, with the restart capacity higher than the shutdown capacity, and the overall supply increased by about 14,000 tons. The demand was weak, and the short - stop of phenol devices significantly affected the consumption of raw materials. The port inventory was stable and weak due to typhoon disturbances, and the port was in a destocking state in the short term. The supply - demand balance sheet indicates a slight destocking of pure benzene in August - September, with fundamental improvement. However, the weak terminal orders and high hidden inventory limit the upward momentum. After the important macro - level meeting, the market sentiment declined, and the market returned to fundamental - led rhythm [3]. - **Styrene**: The supply of styrene was stable, and there was no new large - scale device maintenance last week. The Jingbo new device produced qualified products, bringing marginal supply increments. The demand was in the seasonal off - peak, and the 3S industries'开工 rates fluctuated slightly, providing rigid support for styrene raw materials. After the important meeting this week, the commodity sentiment cooled down, and the styrene futures price fluctuated downward. The basis of the main contract turned from negative to positive, and the inter - month structure changed from B to C, indicating market expectations for the "Golden September and Silver October" traditional peak season. If the Jingbo new device operates smoothly in August, the supply pressure will increase. The balance sheet shows that styrene will face destocking pressure in August - September, and the fundamental pattern will remain loosely supplied [4]. 3. Summary by Directory 3.1 Daily Market Summary - **Fundamentals** - **Prices**: On August 6, the main contract of styrene closed up 0.04% at 7,285 yuan/ton, with a basis of 60 (+42 yuan/ton); the main contract of pure benzene closed up 0.42% at 6,246 yuan/ton. The closing price of the Brent crude oil main contract was 65.2 dollars/barrel (-1.1 dollars/barrel), and the WTI crude oil main contract closed at 67.6 dollars/barrel (-1.1 dollars/barrel). The spot price of East China pure benzene was 6,030 yuan/ton (+0 yuan/ton) [2]. - **Inventory**: The sample factory inventory of styrene was 217,000 tons (+12,000 tons), a 5.9% month - on - month inventory increase; the Jiangsu port inventory was 164,000 tons (+13,000 tons), an 8.8% month - on - month inventory increase. The overall styrene inventory increased. The pure benzene port inventory was 170,000 tons (-1,000 tons) [2]. - **Supply**: The overhauled styrene devices resumed operation, and the overall supply was stable. The weekly output of styrene remained at 361,000 tons (+0 tons), and the factory capacity utilization rate was 78.9% (+0.1%) [2]. - **Demand**: The capacity utilization rates of downstream 3S industries changed differently. The EPS capacity utilization rate was 54.3% (-1.0%), the ABS capacity utilization rate was 65.9% (-0.9%), and the PS capacity utilization rate was 53.3% (+1.7%), with the overall开工 rate fluctuating slightly [2]. 3.2 Industry Chain Data Monitoring - **Prices**: From August 4 to August 5, the prices of styrene and pure benzene futures and spot contracts showed different trends, with changes ranging from -0.50% to 1.13%. The prices of upstream Brent crude oil, WTI crude oil, and naphtha also decreased slightly [6]. - **Output and Inventory**: From July 25 to August 1, the output of styrene in China remained unchanged at 361,000 tons, while the output of pure benzene increased from 425,000 tons to 436,000 tons, a 2.37% increase. The styrene port inventory in Jiangsu increased from 151,000 tons to 164,000 tons (8.83%), and the domestic styrene factory inventory increased from 205,000 tons to 217,000 tons (5.87%). The national pure benzene port inventory decreased slightly from 171,000 tons to 170,000 tons (-0.58%) [7]. - **Capacity Utilization Rates**: From July 25 to August 1, the capacity utilization rates of some pure benzene and styrene downstream industries changed. For example, the capacity utilization rate of styrene increased from 78.8% to 78.9%, the EPS capacity utilization rate decreased from 55.2% to 54.3%, and the PS capacity utilization rate increased from 51.6% to 53.3% [8]. 3.3 Industry News - OPEC+ will significantly increase production again in September to complete the withdrawal from the latest round of production cuts and compete for market share, but future choices remain uncertain [9]. - The non - farm payrolls in the United States in May were revised down from 144,000 to 19,000, and in June from 147,000 to 14,000, a total reduction of 258,000 in two months [9]. - The Federal Reserve remained on hold, and Powell avoided giving guidance on a September interest rate cut [9]. 3.4 Industry Chain Data Charts The report includes multiple charts showing the prices, costs, inventories, and capacity utilization rates of pure benzene, styrene, and their downstream products over different time periods [10][20][21].

中芯国际2025年第二季度产能利用率升至92.5%。 ...

Core Viewpoint - CICC maintains a "outperform" rating for Uni-President China (00220) with a target price of HKD 11.5, reflecting a 24% upside potential based on projected P/E ratios for 2025 and 2026 [1] Financial Performance - For 1H25, the company reported revenue of CNY 17.087 billion, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of CNY 1.287 billion, up 33.2% year-on-year [2] - In Q2 2025, the net profit attributable to shareholders was CNY 685 million, representing a year-on-year growth of 34.6% [2] Beverage and Food Business Performance - The beverage segment showed resilient performance in a competitive environment, with revenue growth of 7.6% year-on-year in 1H25, despite expected single-digit growth in Q2 due to external factors [3] - Tea beverage revenue increased by 9.1% in 1H25, with double-digit growth for products like "Shuang Cui" and "Chun Fu Green Tea" [3] - The food segment also performed well, with revenue growth of 8.8% year-on-year in 1H25, driven by strong sales of "Qie Huang" and "Lao Tan Sauerkraut" [3] - The company's other business revenue surged by 91.8% year-on-year, primarily due to a significant increase in its OEM business, which doubled in size [3] Margin and Cost Management - The gross margin improved by 0.5 percentage points year-on-year in 1H25, with beverage gross margin up by 1.4 percentage points due to cost reductions and enhanced capacity utilization [4] - The net profit margin increased by 1.3 percentage points to 7.5%, supported by effective cost control measures and a decrease in sales expense ratio by 1.2 percentage points [4] Future Outlook - The company anticipates slight pressure on beverage revenue growth in Q3 due to intensified competition, but expects overall revenue to maintain a steady growth trend for the year [5] - Profitability is expected to remain stable in the second half of the year, benefiting from declining raw material prices and improved capacity utilization [5]