Core Insights - SMIC reported Q3 2025 revenue of 171.62 billion RMB, a year-on-year increase of 9.9%, and a net profit of 15.1 billion RMB, up 43.1% year-on-year [2] - For the first three quarters of 2025, SMIC's revenue reached 495.10 billion RMB, representing an 18.2% year-on-year growth, with a net profit of 38.1 billion RMB, up 41.1% year-on-year [2] - The gross margin for the first three quarters of 2025 was 23.2%, an increase of 5.6 percentage points year-on-year, reinforcing its competitive position in the global semiconductor foundry market [3] Revenue Analysis - In Q3 2025, wafer sales volume reached 2,499,465 units, a year-on-year increase of 17.77% and a quarter-on-quarter increase of 4.57% [5] - The capacity utilization rate for Q3 2025 was 95.8%, up 5.4 percentage points year-on-year and 3.3 percentage points quarter-on-quarter [5] - Revenue from consumer electronics, industrial, and enterprise sectors accounted for 43.4% and 11.9% of total revenue, respectively, with quarter-on-quarter increases of 2.4 and 1.3 percentage points [2] Product Segmentation - In Q3 2025, the revenue breakdown by application showed smartphones at 21.5%, computers and tablets at 15.2%, consumer electronics at 43.4%, and industrial and automotive at 11.9% [4] - The revenue from 8-inch wafers was 23.0%, while 12-inch wafers accounted for 77.0% in Q3 2025 [4] Other Key Metrics - Monthly production capacity in Q3 2025 was 1,022,750 wafers, compared to 991,250 in Q2 2025 and 884,250 in Q3 2024 [5] - Capital expenditure for Q3 2025 was 17,065 million RMB, significantly higher than 13,546 million RMB in Q2 2025 and 8,376 million RMB in Q3 2024 [5]

Core Viewpoint - SMIC reported a record high capacity utilization rate and a year-on-year revenue growth of 9.9% for Q3 2025, indicating strong operational performance and market demand [2][5]. Financial Performance - In Q3 2025, SMIC's revenue reached 171.62 billion RMB, a 9.9% increase year-on-year, while net profit attributable to shareholders was 15.17 billion RMB, up 43.1% [5][6]. - For the first three quarters of 2025, total revenue was 495.10 billion RMB, reflecting an 18.2% year-on-year growth, with net profit increasing by 41.1% to 38.18 billion RMB [5][6]. Capacity and Utilization - The wafer sales volume in Q3 2025 was 2,499,465 pieces, representing a 17.77% year-on-year increase and a 4.57% quarter-on-quarter increase [9]. - The capacity utilization rate reached 95.8% in Q3 2025, up 5.4 percentage points year-on-year and 3.3 percentage points quarter-on-quarter [7][9]. Revenue Breakdown by Application - In Q3 2025, revenue from consumer electronics accounted for 43.4% of total revenue, while industrial and automotive sectors contributed 11.9%, both showing quarter-on-quarter increases [7][8]. Research and Development - R&D expenditure for Q3 2025 was 1.447 billion RMB, a 13.6% year-on-year increase, with R&D spending as a percentage of revenue rising to 8.4% [6][13]. - The company emphasized the importance of maintaining high R&D investment to strengthen its competitive edge in the semiconductor industry [14]. Profitability - SMIC's gross margin for Q3 2025 was 25.5%, an increase of 4 percentage points year-on-year and 4.8 percentage points quarter-on-quarter [14]. - The company expects its gross margin for Q4 2025 to be between 18% and 20%, consistent with the guidance for Q4 2024 [15].

Core Viewpoint - SMIC's capacity utilization rate reached a record high, with Q3 2025 revenue increasing by 9.9% year-on-year [2][7]. Revenue Growth - In Q3 2025, SMIC's revenue was 17.162 billion yuan, a year-on-year increase of 9.9%, and net profit attributable to shareholders was 1.517 billion yuan, up 43.1% year-on-year [7]. - For the first three quarters of 2025, SMIC's revenue totaled 49.510 billion yuan, reflecting an 18.2% year-on-year growth, while net profit reached 3.818 billion yuan, a 41.1% increase [7]. Capacity and Utilization - In Q3 2025, SMIC sold 2.499 million wafers, marking a 17.77% year-on-year increase and a 4.57% quarter-on-quarter increase [11]. - The quarterly capacity utilization rate for Q3 2025 was 95.8%, up 5.4 percentage points year-on-year and 3.3 percentage points quarter-on-quarter [11][13]. Revenue by Application - In Q3 2025, revenue from consumer electronics, industrial, and enterprise sectors accounted for 43.4% and 11.9% of total revenue, respectively, with increases of 2.4 and 1.3 percentage points quarter-on-quarter [11]. Research and Development - SMIC's R&D expenditure in Q3 2025 was 1.447 billion yuan, a 13.6% year-on-year increase and a 10.79% quarter-on-quarter increase [17]. - The gross margin for Q3 2025 was 25.5%, up 4 percentage points year-on-year and 4.8 percentage points quarter-on-quarter [17]. Market Trends - The consumer electronics market is experiencing gradual demand recovery due to the upgrade of smart terminals, while the automotive electronics sector shows signs of rebound [15].