Group 1 - The core announcement is that SMIC plans to issue A-shares to acquire a 49% stake in its subsidiary, SMIC North, leading to a temporary suspension of its stock trading starting September 1, 2025, for up to 10 trading days [1][3][4] - The transaction is expected not to constitute a major asset restructuring or a restructuring listing, but it will be classified as a related party transaction [4] - SMIC has signed a letter of intent for asset purchase with the main shareholders of SMIC North, with the specific transaction plan still under discussion and subject to uncertainty [5] Group 2 - For the first half of 2025, SMIC reported a revenue of 32.348 billion yuan, a year-on-year increase of 23.14%, and a net profit attributable to shareholders of 2.301 billion yuan, up 39.76% year-on-year [7][8] - The operating cash flow net amount reached 5.898 billion yuan, reflecting an 81.7% year-on-year growth [7] - As of the end of Q2, the total assets of SMIC were 354.168 billion yuan, a 0.2% increase from the end of the previous year, and the net assets attributable to shareholders were 150.814 billion yuan, up 1.8% [8] Group 3 - As of August 29, 2025, SMIC's stock price closed at 114.76 yuan per share, with a total market capitalization of 560.5 billion yuan [9]

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) is planning to acquire minority stakes in its subsidiary, SMIC North Integrated Circuit Manufacturing (Beijing) Co., Ltd. (SMIC North), through the issuance of A-shares [1][4]. Group 1: Transaction Details - The company has signed a Letter of Intent for Asset Purchase with the main shareholders of SMIC North [4]. - The specific transaction method, pricing, and valuation will be determined through further negotiations among the parties involved [4]. - This transaction is not expected to constitute a major asset restructuring or a reverse listing but will be classified as a related party transaction [4]. Group 2: Company Background - SMIC North was established on July 12, 2013, with a registered capital of 4.8 billion yuan [4]. - The company specializes in semiconductor manufacturing, including integrated circuit chip production with a line width of 28 nanometers and below [4]. - SMIC holds a 51% stake in SMIC North, with the largest shareholders being the National Integrated Circuit Industry Investment Fund (32%) and SMIC Holdings (25.5%) [5][6]. Group 3: Production Capacity - Both SMIC North and SMIC Beijing currently have a monthly production capacity of 70,000 12-inch wafers [8]. - An expansion project approved in August 2019 aims to establish a high-end integrated circuit chip production line with a capacity of 35,000 wafers per month after a ramp-up period of three years [6].

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) is planning to acquire minority stakes in its subsidiary, SMIC North, through the issuance of A-shares, which will not constitute a major asset restructuring but will be classified as a related party transaction [1][5]. Group 1: Transaction Details - The transaction involves acquiring 49% of SMIC North's equity from several parties, including the National Integrated Circuit Industry Investment Fund and others [5]. - The specific transaction method will be through the issuance of A-shares, with further details to be disclosed in subsequent restructuring announcements [5]. - An asset purchase intention agreement has already been signed with the main shareholders of SMIC North [5]. Group 2: Financial Performance - SMIC North has a registered capital of $4.8 billion and is involved in semiconductor manufacturing and related services [5]. - In the first half of 2025, SMIC reported revenue of 32.348 billion yuan, a year-on-year increase of 23.1%, and a net profit of 2.301 billion yuan, up 39.8% [5][6]. - SMIC North and SMIC Beijing together achieved revenue of 8.867 billion yuan and a net profit of 126 million yuan in the same period [6]. Group 3: Market Impact - As of August 29, 2025, SMIC's A-share price closed at 114.76 yuan per share, with a total market capitalization of 916.51 billion yuan, reflecting a year-to-date increase of over 20% [6].

【导读】筹划发行 A 股购买中芯北方 49% 股权，中芯国际股票下周一停牌 中国基金报记者 李智 8 月 29 日晚间，中芯国际发布公告称，因筹划发行人民币普通股（ A 股）购买资产事项， 公司股票自 2025 年 9 月 1 日（星期一）开市起停牌，预计停牌时间不超过 10 个交易日。 筹划发行 A 股购买中芯北方 49% 股权 中芯国际股票停牌 8 月 29 日晚间，中芯国际发布公告称，公司正在筹划以发行人民币普通股（ A 股）购买公 司控股子公司中芯北方集成电路制造（北京）有限公司（以下简称中芯北方）的少数股权。 | 证券代码 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌期间 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | | 688981 | 中芯国际 | Ａ 股 停牌 | 2025/9/1 | | | 中芯国际表示，本次交易预计不构成重大资产重组，不构成重组上市，但构成关联（连）交 易。 目前，中芯国际已与中芯北方少数股东的主要股东方签署《资产购买意向协议》，但具体交 易方案仍在商讨论证中，尚存在不确定性。 中芯国际提示称，本次交易事 ...

Core Viewpoint - SMIC (688981.SH) announced plans to issue RMB ordinary shares (A-shares) to acquire minority stakes in its subsidiary, SMIC North Integrated Circuit Manufacturing (Beijing) Co., Ltd, leading to a stock suspension starting September 1, 2025, for no more than 10 trading days [1] Financial Performance - In Q2 2025, SMIC reported total sales revenue of $2.209 billion, a decrease of 1.7% quarter-on-quarter, but a year-on-year increase of 16.2% [6][8] - Gross margin for Q2 2025 was 20.4%, down 2.1 percentage points from the previous quarter, but up 7.6 percentage points year-on-year [6][10] - Operating profit decreased by 51.3% quarter-on-quarter to $150.677 million, while net profit attributable to the company’s shareholders fell by 29.5% to $132.487 million [8][10] Production and Capacity Utilization - SMIC's monthly capacity increased from 973,300 wafers in Q1 2025 to 991,300 wafers in Q2 2025, with a capacity utilization rate of 92.5%, up from 89.6% in Q1 2025 [11] - The company shipped 2.3902 million wafers in Q2 2025, representing a quarter-on-quarter increase of 4.3% and a year-on-year increase of 13.2% [11] Market Outlook - For Q3 2025, SMIC provided revenue guidance of a 5% to 7% increase quarter-on-quarter, with a gross margin forecast of 18% to 20% [12] - The company noted that the semiconductor industry is experiencing a rebound, particularly in the industrial and automotive sectors, and emphasized the importance of maintaining operational stability amid market challenges [11]

Core Viewpoint - The company is planning to issue RMB ordinary shares (A-shares) to acquire minority stakes in its subsidiary, SMIC North Integrated Circuit Manufacturing (Beijing) Co., Ltd. The stock will be suspended from trading starting September 1, 2025, for a period not exceeding 10 trading days. This transaction is not expected to constitute a major asset restructuring or a reorganization listing, but it will be classified as a related party transaction [1][4][5]. Group 1: Transaction Details - The transaction involves acquiring 49% of the equity held by minority shareholders in SMIC North [6][8]. - The registered capital of SMIC North is USD 480 million, and it was established on July 12, 2013 [6]. - The business scope of SMIC North includes manufacturing semiconductor integrated circuit chips, including large-scale digital integrated circuits with a line width of 28 nanometers and below [6]. Group 2: Stakeholders and Negotiations - The preliminary identified counterparties for the transaction include the National Integrated Circuit Industry Investment Fund Co., Ltd. (also known as "Big Fund Phase I"), Beijing Integrated Circuit Manufacturing and Equipment Equity Investment Center (Limited Partnership), Beijing E-Town International Investment and Development Co., Ltd., Zhongguancun Development Group Co., Ltd., and Beijing Industrial Development Investment Management Co., Ltd. [7]. - The final counterparties will be disclosed in the restructuring plan or report [7]. Group 3: Suspension of Trading - The company's stock (ticker: SMIC International, code: 688981) will be suspended from trading starting September 1, 2025, due to the planned issuance of A-shares for asset acquisition [3][4]. - The company will adhere to relevant laws and regulations regarding information disclosure during the suspension period and will announce the resumption of trading once the transaction details are finalized [5].