SMIC (Trans): Foundry prices edging higher; pricing tailwind to persistMay 15 at 03:33 AMSMI0.00%00981-0.66%
The ethylene glycol Main Contract hit the daily limit, quoted at 5,706 yuan/ton, currently up 10.99%Wallstreetcn·Apr 7 at 05:40 AM002493+0.60%600346+1.01%
April 7 Midday Market Wrap: ChiNext Index Surges and Recedes to Drop 0.46%, Chemical Sector Collectively RalliesWallstreetcn·Apr 7 at 03:30 AM399006-0.23%600722+1.03%
SMIC (Trans): Street Too Bearish on Smartphones; Memory Shortage to Ease in Q3Feb 11 at 03:23 AMSMI0.00%00981-0.66%
SMIC: Doubling Down in a Downcycle — The Last Hope for Homegrown AI Chips?Feb 10 at 12:55 PM00981-0.66%688981-4.70%
SMIC 4Q25 First Take: headline was mixed — revenue met expectations, but GPM underwhelmed. On the margin bridge, ASP rose by $37/wafer QoQ while unit cost increased by $56/wafer, driving GPM compression. While the company has pushed advanced nodes to a 7nm‑equivalent, lower yield continues to weigh on margins. Guidance matters more than the print, and the outlook remains muted. Management guides flat QoQ revenue vs. the Street at +3%, and GPM at 18–20% vs. the Street at 21%, implying continued margin pressure. Despite AI semis staying hot, results remain soft, largely due to a sluggish traditional semi market. Management is still cautious on the legacy demand recovery. Given SMIC’s unique positioning, valuation is not fully tethered to near‑term fundamentals. The company sits in the foundry industry’s second tier but is working to close the gap with TSMC, which keeps optionality and expectations alive. For more, follow Dolphin Research for subsequent commentary and Trans. $SMIC(00981.HK) $SMIC(688981.SH)Feb 10 at 10:53 AM00981-0.66%688981-4.70%
Henan will support leading enterprises such as PINGMEI COAL and Luoyang Bearing to take the lead in forming an innovation consortiumWallstreetcn·Jan 26 at 01:53 AM600810+1.29%601666+1.03%
SMIC (Minutes): Storage price increase, terminal manufacturers are becoming more conservative in their plans for next year.Nov 14, 2025 at 03:26 AM00981-0.66%600810+1.29%
SMIC: Not Competing for Short-term Results, Is AI 'Domestic Chip' the True Belief?Nov 13, 2025 at 02:31 PM00981-0.66%600810+1.29%
SMIC 3Q25 Quick Interpretation: The company's revenue and gross margin for this quarter exceeded guidance expectations. The revenue growth was driven by an increase in both wafer shipments and average selling price, with the proportion of 12-inch wafers rising, which contributed to the average price. The increase in average price this quarter was greater than the increase in unit cost, leading to a rise in gross margin. Although the gross margin improved significantly this quarter, the company's guidance for the next quarter remains quite flat. The company expects revenue to grow by 0-2% quarter-on-quarter, which is below market expectations (2.7% quarter-on-quarter growth); the company's gross margin guidance for the next quarter remains in the 18-20% range, relatively conservative, but it also suggests that the company may face pressure from increased unit costs next quarter. Looking at specific business segments: The company's customers are mainly concentrated in China, with domestic revenue accounting for 86%. Among various downstream markets, demand for consumer electronics, industrial and automotive, and smart home has picked up, while the proportion of mobile phone business has fallen back to around 20%. The company's capital expenditure for this quarter reached $2.39 billion, setting a new quarterly high. The company previously revealed that the full-year capital expenditure for 2025 will be flat compared to 2024, suggesting that fourth-quarter capital expenditure will be $1.64 billion. Since the fourth quarter often has a significant capital expenditure performance throughout the year, Dolphin Research expects the company's full-year capital expenditure to exceed last year's $7.33 billion. Overall, although the traditional semiconductor industry has not truly recovered, SMIC still maintains a high level of capital expenditure and expansion pace. Although the company's gross margin is only around 20%, lower than peers like UMC and GlobalFoundries, the company enjoys a higher valuation level, mainly due to the long-term belief in the company's continuous growth and process breakthroughs. In the current situation, as long as the company continues to maintain high capital investment and steady expansion, short-term performance disturbances will not affect investors' "long-term confidence." Whenever technological friction, geopolitical risks, and other factors escalate, the value of the company and the local supply chain will further manifest. For more information, please follow Dolphin Research's subsequent commentary and management communication minutes. $SMIC(00981.HK) $SMIC(688981.SH)Nov 13, 2025 at 11:08 AMSMI0.00%UMC-0.93%
SMIC: Net profit of 4.4047 million yuan in the third quarterZhitong·Oct 30, 2025 at 10:36 AM600810+1.29%
Intel: Stopping the Losses and Recovering! Can the 'American SMIC' Poach TSMC Talent?Oct 24, 2025 at 01:27 AMSFTBY-2.25%9984
SMIC: Plans to repurchase shares for 100 million to 200 million yuan, with a repurchase price not exceeding 14.97 yuan per shareZhitong·Oct 10, 2025 at 02:21 PM600810+1.29%
The controlling shareholder of SMIC plans to implement a strategic restructuringZhitong·Sep 25, 2025 at 11:33 AM600810+1.29%
