Semiconductor Manufacturing International (981) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $2.382 billion, up 7.8% sequentially and 9.7% year-over-year, with gross margin at 22.0% and operating profit at $351 million.

• EBITDA was $1.43 billion with a 60% margin; net profit attributable to shareholders was $192 million, up 44.7% sequentially.

• Profit for the period was $315.5 million, a 115.1% increase sequentially.

• Wafer shipments rose to 2.499 million 8-inch equivalents, with utilization at 95.8%.

• Revenue by region: China 86.2%, America 10.8%, Eurasia 3.0%; China revenue up 11% sequentially.

Financial highlights

• Gross profit was $523 million, up 16.2% sequentially; gross margin improved by 1.6 points to 22.0%.

• Operating expenses dropped 42.6% sequentially, mainly due to lower start-up costs.

• Research & development expenses increased 11.7% sequentially to $203.1 million.

• Net cash from operations was $941 million; net cash used in investing was $2.062 billion.

• Capital expenditure for Q3 2025 was $2.394 billion.

Outlook and guidance

• Q4 2025 revenue expected to be flat to up 2% sequentially; gross margin guidance is 18–20%.

• Full-year revenue projected to exceed $9 billion.

• Production lines remain fully loaded, with continued strong demand despite seasonal slowdowns.