Semiconductor Manufacturing International Corporation (SMIC) reported sharp top-line and bottom-line expansion for the six months ended 30 June 2026, driven by robust AI-related orders, higher wafer ASPs and an improved product mix.

Key financials • Revenue climbed 23.70 % year on year to USD 5.51 billion. Wafer sales contributed USD 5.20 billion, up 22.90 %, with shipments rising 14.90 % to 5.38 million 8-inch-equivalent units and average selling price increasing 7.0 % to USD 966 per wafer.

• Profit attributable to owners surged 111.10 % to USD 676.65 million; net margin widened to 17.5 % from 10.5 %.

• EBITDA reached USD 3.54 billion, up 46.40 %, lifting the EBITDA margin to 64.3 % (H1-2025: 54.3 %).

• Operating cash flow rose 252.70 % to USD 3.21 billion, while cash and equivalents grew 39.90 % to USD 8.22 billion.

• Equity attributable to owners increased 17.30 % to USD 25.15 billion; total assets stood at USD 57.20 billion, up 9.40 %. Net debt fell to USD 0.16 billion, resulting in a modest net-debt-to-equity ratio of 0.4 %.

Operational highlights • China accounted for 89.6 % of revenue (up from 84.2 %), followed by the Americas at 8.7 % and Eurasia at 1.7 %.

• By application, Consumer Electronics led with 45.1 % of wafer revenue, followed by Smartphone 17.8 %, Computer & Tablet 14.7 %, Industrial & Automotive 15.4 % and Connectivity & IoT 7.0 %.

• Twelve-inch wafers generated 77.4 % of wafer revenue; eight-inch wafers contributed 22.6 %.

• R&D expenditure increased 19.60 % to USD 395.62 million, representing 7.2 % of revenue. SMIC reported 160 new patent applications, bringing its total patent portfolio to 14,784 (12,891 inventions).

Strategic developments • SMIC issued 547.18 million new A-shares in June to acquire the remaining 49 % stake in Semiconductor Manufacturing North China (SMNC) from several state-backed investors, raising its ownership to 100%. The all-share deal was valued at USD 5.96 billion.

• Capital expenditure focused on capacity expansion; outstanding purchase commitments for equipment and construction totalled USD 6.02 billion at period-end.

Outlook Management highlighted sustained momentum in AI infrastructure and data-centre demand, expectations of continued capacity tightness and ongoing cost pressures from upstream supply constraints. The board did not declare an interim dividend.

No material subsequent events were disclosed after 30 June 2026.