---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38631533.md"
description: "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)"
datetime: "2026-02-10T10:53:29.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38631533.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38631533.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38631533.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/38631533.md) | [繁體中文](https://longbridge.com/zh-HK/topics/38631533.md)


# SMIC 4Q25 First Take: headline was mixed — revenue…


### Related Stocks

- [Taiwan Semiconductor Manufacturing Company Limited (TSM.US)](https://longbridge.com/en/quote/TSM.US.md)
- [SMIC (00981.HK)](https://longbridge.com/en/quote/00981.HK.md)
- [SMIC (688981.CN)](https://longbridge.com/en/quote/688981.CN.md)
- [VanEck HIP Sustainable Muni ETF (SMI.US)](https://longbridge.com/en/quote/SMI.US.md)
- [Semiconductor Manufacturing International Corporation (HSMD.SG)](https://longbridge.com/en/quote/HSMD.SG.md)

## Comments (6)

- **新用户_vjtOQM · 2026-02-11T00:57:46.000Z**: Is Dolphin in such a hurry? Spending so much time writing so much, you just want to short SMIC, right? Just short it directly.
- **牛气冲天88 · 2026-02-10T18:04:04.000Z · 👍 1**: Dolphin Research isn't a stock god, how could he be 100% accurate? If he could, why would he even write research reports? He could just go all in directly, right?
- **等到烟火清凉 · 2026-02-10T12:37:58.000Z · 👍 1**: I've never seen you say that SMIC's performance was good in any quarter.
  - **00后富一代** (2026-02-10T13:45:20.000Z): So SMIC really isn't good
  - **PeterPan** (2026-02-10T15:20:36.000Z): You can compare SMIC to Intel, both have terrible earnings reports, but that doesn't affect their future growth as they both have state backing.
  - **Dolphin Research** (2026-02-11T01:36:26.000Z): Performance is solid and should be viewed objectively. For a more detailed analysis of our views on SMIC, you can check out the more comprehensive interpretation we'll post later.