China Resources Microelectronics (688396) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 11.05 billion in 2025, up 9.24% year-over-year; net profit attributable to shareholders was RMB 660.54 million, down 13.37% year-over-year.

• Maintained high capacity utilization and optimized product structure, but heavy investment in new 12-inch lines increased depreciation, impacting profits.

• Board approved a cash dividend of RMB 0.51 per 10 shares, with total cash dividends for the year at RMB 102.25 million, representing 15.48% of net profit.

Financial highlights

• Revenue: RMB 11.05 billion (+9.24% YoY); net profit: RMB 660.54 million (-13.37% YoY); operating cash flow: RMB 2.08 billion (+2.39% YoY).

• Gross margin: 26.51% (down 0.98 percentage points YoY); basic EPS: RMB 0.4979 (down 13.63% YoY).

• R&D investment: RMB 1.17 billion, 10.57% of revenue.

• Non-recurring gains: RMB 189.45 million, mainly from government grants and fair value changes.

Outlook and guidance

• Industry expects global semiconductor revenue growth of 26–30.7% in 2026, with memory and logic ICs leading.

• Company will focus on power semiconductors, third-generation semiconductors, and sensors, aiming for global leadership.

• Plans to expand capacity, accelerate R&D in SiC/GaN, and deepen customer structure in high-growth sectors like NEV, PV, and AI servers.