Company dossier · CN-SMIC
SMIC
Semiconductor Manufacturing International CorporationDomestic foundry bottleneck exposure with distinct Hong Kong H-share and Shanghai STAR A-share instruments.
RESEARCH CANDIDATE · NOT A PORTFOLIO POSITIONISSUER EVIDENCE MATRIX
Current evidence gates
0 GOVERNED · 1 GAPS · 0 VERDICTSThe reporting-period disclosure states that most capex was used for capacity expansion and does not quantify sustaining fab spend.
A quantified sustaining amount or ratio, or an independently reproducible tool-and-facility bridge.
No cash dividends on ordinary shares are declared or paid, but the evidence does not address executed buybacks or fully reconcile competing claims.
Two audited periods covering dividends and buybacks, with common-share denominator and debt, NCI, and retained-expansion reconciliations.
COMPANY DOSSIER · SMIC
Semiconductor Manufacturing International Corporation
Audited exchange filing with strong financial and capacity disclosure; direct advanced-AI accelerator exposure is not separately evidenced.
Reported financial map
FY2025 reported revenue; +16.2%.
reportedReported gross margin 21.0%.
reportedFY2025 reported operating profit.
reportedFY2025 reported amount.
reportedFY2025 audited net cash generated from operating activities.
reportedFY2025 audited amount. US$7.664bn was the 2024 comparator, not 2025 capex.
reportedAnnual capacity utilization reported for 2025.
reportedAI linkage: what the filings support
- Domestic foundry capacity is a strategic substitution bottleneck, but strategic importance is not a cash-flow measure.
- Year-end monthly capacity reached 1.059 million 8-inch-equivalent wafers.
- The filing does not permit us to attribute a defined share of revenue to advanced AI accelerators.
Owner-cash bridge
Audited cash PP&E acquisition was US$8.400bn—about 12.3 times profit attributable to owners and 90.1% of revenue. Until maintenance/growth/policy-supported capex are separated, shareholder cash economics remain blocked.
Risk flags
- Technology and export-control constraints
- Very high capital intensity
- Policy support versus minority-holder return
Unresolved before valuation
- Map disclosed process nodes and end markets without inference.
- Normalize grants, subsidies and capitalized costs.
- Estimate maintenance capex and through-cycle returns.