SMIC (688981.SH, 00981.HK) Q4 2025 Earnings Conference
Live time: Feb 11, 2026 00:30 UTC
SMIC (688981.SH, 00981.HK) Q4 2025 Earnings Conference
Live time: 02/11/2026 00:30:00 UTC
中芯国际（688981.SH，00981.HK）2025 年第四季度业绩说明会
Summary
00:23
Opening Remarks by Guo Guangli
Guo Guangli, Senior VP and Board Secretary, welcomes participants to SMIC's Q4 2025 earnings call and announces the structure of the meeting.
01:32
CFO Wu Junfeng Q4 Financial Overview
CFO Wu Junfeng provides an overview of SMIC's Q4 financial results, including a revenue of $24.89 billion, a decrease in gross profit margin to 19.2%, and guidance for Q1 2026.
03:10
CFO Wu Junfeng Annual Financial Results
Wu Junfeng reports SMIC's annual revenue of $93.27 billion, a 16.2% increase year-on-year, with a 3 percentage point increase in gross margin to 21% and $81 billion in capital expenditures.
08:45
Co-CEO Zhao Haijun Operational Insights
Zhao Haijun discusses SMIC's operational performance, highlighting the impact of semiconductor industry restructuring and increased capacity leading to a revenue increase during an off-peak season.
17:10
Zhao Haijun on 2026 Outlook
Zhao Haijun outlines SMIC's plan to expand its production capacity and manage depreciation pressures by optimizing operations and adapting technology advances.
28:33
Transition to Q&A
The session transitions to Q&A, with questions addressed by Co-CEO Zhao Haijun and CFO Wu Junfeng.
29:16
Storage Cycle Impact Questions — Analyst: Huang Liping (Huatai Securities)
Zhao Haijun explains storage cycle influences, mentioning increased AI-driven demand and adjusting production capacity to meet the needs of data center and automotive industries.
38:44
ASP Strategy Adjustments — Analyst: Wang Ziyuan (Citic Securities)
Zhao Haijun responds to questions about ASP strategy and the demand for mature process platforms amid fluctuating product pricing and capacity adjustments.
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