The following is Dolphin Research's transcript of SMIC's FY26Q1 earnings call; for our take, see 'Price hikes on one hand, new narratives on the other — is SMIC about to surge?'. I. $SMIC(00981.HK) results highlights.

1) Shareholder returns: No payout for 2025 as FCF remains negative. The company is in a critical capacity expansion phase, prioritizing capacity build-out and R&D.

2) Q2 guidance: revenue up 14%-16% QoQ on stronger shipments and ASP. GPM at 20%-22%...

SMIC (0981.HK/688981.SH) posted its Q1 2026 results after the HK close on May 14 (Beijing time). The quarter covered the period ended Mar 2026. Key takeaways: 1) Headline results:

$SMIC(00981.HK) reported revenue of $2.5bn, slightly below market est. ($2.52bn). Revenue rose 0.7% QoQ, broadly in line with guidance (flattish QoQ). Growth in industrial and auto end-markets was largely offset by weakness in smartphones...

Below is Dolphin Research's curated Trans of SMIC's Q4 2025 earnings call. For our analysis, see 'SMIC: Doubling Down Against the Cycle — Are domestic AI chips the 'hope of the whole village'?'

SMIC (0981.HK/688981.SH) released its Q4 2025 results (quarter ended Dec 2025) after the HK close on Feb 10, 2026 (Beijing time).

The following are the minutes of SMIC's Q3 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "SMIC: Not focusing on short-term results, is AI 'domestic chips' the true belief?" 1. Review of SMIC's (00981.HK) key financial information 1. The company achieved sales revenue of USD 2.382 billion in the third quarter of 2025, a quarter-on-quarter increase of 7.8%, with a gross margin of 22%, up 1.6 percentage points from the previous quarter; operating profit was USD 351 million, and EBITDA was USD 1.43 billion...

SMIC (0981.HK/688981.SH) released its third-quarter financial report for 2025 (ending September 2025) after the Hong Kong stock market closed on the evening of November 13, 2025, Beijing time. The key points are as follows: 1. Overall performance: SMIC achieved revenue of USD 2.38 billion in the third quarter of 2025, which was basically in line with market expectations (USD 2.35 billion), representing a quarter-on-quarter growth of 7.8%, slightly better than the guidance range (quarter-on-quarter growth of 5-7%). The company's revenue growth this quarter...

The following are the minutes of the Q2 2025 earnings call for $SMIC(00981.HK) organized by Dolphin Research. For an interpretation of the earnings report, please refer to "SMIC: 'Hot' Valuation Meets 'Cold' Answers, Is the Revaluation Road Suspended?". I. $SMIC(688981.SH) Review of Core Financial Information 1. Q3 2025 Performance Guidance: Revenue is expected to grow by 5% to 7% quarter-on-quarter. Gross margin: Expected to be in the range of 18% to 20%...

$SMIC(00981.HK) $SMIC(688981.SH) Beijing time on the evening of August 7, 2025, Hong Kong stocks released the financial report for the second quarter of 2025 (as of June 2025), with the key points as follows: 1. Overall performance: Revenue & gross margin both declined. SMIC achieved revenue of $2.2 billion in the second quarter of 2025, with market expectations of $2.16 billion, a quarter-on-quarter decline of 1.7%, and a guidance range of a quarter-on-quarter decline of 4-6%. The company's gross margin in the second quarter of 2025 was 20.4%, reaching the upper limit of the guidance range (18-20%)...

Recently, after the liquidity overflow in the Hong Kong stock market, the valuation discount of many stocks listed in both Mainland China and Hong Kong has been narrowing, and even a small number of companies have seen valuation premiums. However, SMIC in Hong Kong has shown a completely opposite trend compared to its A-share counterpart—after a sharp rise driven by DeepSeek, its pricing relative to A-shares has started to decline recently. In fact, when Dolphin Research first looked at SMIC, some community members raised the question of why there is such a large price gap between SMIC's A-shares and H-shares, with the Hong Kong stock sometimes only being 25% of the A-share...

SMIC (0981.HK/688981.SH) released its Q1 2025 earnings report (as of March 2025) after Hong Kong market close on May 8, 2025 Beijing time. Below is the earnings call Minutes of SMIC Q1 2025. For Quick Interpretation of the report, please refer to . 1. $SMIC(00981.HK) Key Financial Highlights Review 1. Overall Performance: a. Operating Performance: Revenue $2.247 billion...