Hong Kong Stock Move: SMIC Opens Nearly 5% Higher on Q2 Net Profit Surge of 261.7%

Stock News09:31

SMIC (00981) opened nearly 5% higher, trading up 4.74% at HK$70.75 as of press time, with a turnover of HK$215 million.

On August 13, SMIC released its unaudited results for the second quarter of 2026. The company's Q2 revenue reached $3.006 billion, up 20% quarter-over-quarter and 36.1% year-over-year. Gross profit was $761 million, up 51% sequentially and 69.1% annually, with the gross margin rising to 25.3% from 20.1% in Q1. Profit attributable to the company's owners was $479 million, a 261.7% increase year-over-year and a 142.7% rise quarter-over-quarter.

The company expects Q3 revenue to grow 2% to 4% sequentially, with the gross margin further improving to 26% to 28%. SMIC stated that the revenue growth in Q2 was primarily driven by higher wafer shipments, increased average selling prices, and changes in product mix. In Q2, the company shipped 2.869 million wafers (equivalent to 8-inch standard logic), up 14.4% sequentially and 20.1% year-over-year. Capacity utilization rose to 93.7% from 93.1% in Q1, compared to 92.5% in the same period last year, approaching full capacity.

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