On February 11, Semiconductor Manufacturing International Corporation (SMIC) released its preliminary financial results for the fourth quarter of 2025. The data shows the company achieved operating income of RMB 17.813 billion in the quarter, a year-on-year increase of 11.9%. Net profit attributable to shareholders of the listed company was RMB 1.223 billion, up 23.2% year-on-year. Non-GAAP net profit reached RMB 947 million, a substantial increase of 112.4% compared to the previous year.
Looking at the full-year performance, SMIC's unaudited operating revenue for 2025 stood at RMB 67.323 billion, a year-on-year increase of 16.5%. Net profit attributable to shareholders reached RMB 5.041 billion, up 36.3% year-on-year. Non-GAAP net profit was RMB 4.124 billion, a significant surge of 55.9%.
SMIC attributed the revenue growth primarily to an increase in wafer sales, improved capacity utilization, and an optimized product mix.
Under International Financial Reporting Standards (IFRS), the company reported fourth-quarter sales revenue of $2.489 billion, a sequential increase of 4.5%. Gross margin for the quarter was 19.2%, and capacity utilization remained high at 95.7%. For the full year of 2025, sales revenue totaled $9.327 billion, a year-on-year increase of 16.2%. The annual gross margin was 21.0%, an increase of 3 percentage points from the previous year.
Full-year capital expenditure reached $8.10 billion, higher than initial expectations. During the results conference, SMIC explained that this was primarily due to strong customer demand, changes in the external environment, and extended equipment delivery lead times.
As of the end of 2025, the company's monthly capacity (converted to 8-inch standard logic wafers) reached 1.059 million units, an increase of approximately 110,000 units year-on-year. Total shipments for the year were about 9.7 million units, with an average capacity utilization rate of 93.5%, an increase of 8 percentage points from the previous year.
At the earnings call held the same day, company executives pointed out that the current strong demand for memory chips driven by artificial intelligence is creating resource constraints for other application areas like mobile phones. Particularly, mid-to-low-end terminal manufacturers are facing dual pressures from tight memory chip supply and rising prices. Even if costs are passed on through price adjustments, it could potentially dampen end-user consumer demand.