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The following are the minutes of the Q3 2025 earnings call for $Intel(INTC.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Intel: Stopping Losses and Recovering! Can the 'American SMIC' Poach TSMC?&#34; 1. Core Financial Data of Intel's Earnings Report Q3 Financial Data: Revenue: $13.7 billion, exceeding the upper limit of the expected range, with a quarter-on-quarter growth of 6%. Gross Margin: (Non-GAAP) Gross margin was 40%, 4 percentage points higher than the performance guidance. This performance was attributed to revenue growth, improved product mix, and reduced inventory write-downs...

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Intel released its Q3 2025 financial report (as of September 2025) after the U.S. stock market closed on the morning of October 24, 2025, Beijing time. The key points are as follows: 1. Core data: $Intel(INTC.US) achieved revenue of $13.65 billion this quarter, a slight year-on-year increase of 2.8%, slightly exceeding the upper limit of the company's guidance, mainly driven by the recovery of the client business. The gross margin for this quarter rebounded significantly to 38.2% from the previous quarter, which was significantly better than the guidance expectation (34.1%). The sharp decline in gross profit margin last quarter was primarily driven by non-operating expenses.The

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Intel: Stopping the Losses and Recovering! Can the 'American SMIC' Poach TSMC Talent?

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0917 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. The Ministry of Commerce and 9 other departments released the &#34;Several Policy Measures to Expand Service Consumption,&#34; proposing 19 initiatives across five areas, covering optimization of student holiday arrangements, enrichment of cultural and tourism product supply, enhancement of health and elderly care services, aiming to strengthen service consumption supply capacity and unleash service consumption potential. 🐬 Individual Stocks 1. $MEITUAN(03690.HK) Meituan rose nearly 5% today, accelerating its global expansion. Meituan officially launched the Keeta service in Kuwait at 11 a.m. local time on September 15...

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Baidu Rises on Kunlun Chip Boost; Alibaba Unveils New AI Chip | Today's Important News Recap

The following are the minutes of the Q2 2025 earnings call for $SMIC(00981.HK) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;SMIC: 'Hot' Valuation Meets 'Cold' Answers, Is the Revaluation Road Suspended?&#34;. I. $SMIC(688981.SH) Review of Core Financial Information 1. Q3 2025 Performance Guidance: Revenue is expected to grow by 5% to 7% quarter-on-quarter. Gross margin: Expected to be in the range of 18% to 20%...

SMIC (Minutes): Demand slows in the fourth quarter, currently not considering accelerating capacity expansion.

$SMIC(00981.HK) $SMIC(688981.SH) Beijing time on the evening of August 7, 2025, Hong Kong stocks released the financial report for the second quarter of 2025 (as of June 2025), with the key points as follows: 1. Overall performance: Revenue &amp; gross margin both declined. SMIC achieved revenue of $2.2 billion in the second quarter of 2025, with market expectations of $2.16 billion, a quarter-on-quarter decline of 1.7%, and a guidance range of a quarter-on-quarter decline of 4-6%. The company's gross margin in the second quarter of 2025 was 20.4%, reaching the upper limit of the guidance range (18-20%)...

SMIC: The 'Hot' Valuation Meets the 'Cold' Answer Sheet, Is the Revaluation Path in Jeopardy?

SMIC 2Q25 Quick Interpretation: Although the company's revenue and gross margin for this quarter met the previous guidance expectations, both figures still declined quarter-on-quarter. The management also mentioned that the company was affected by unexpected issues in annual production line maintenance and equipment upgrades, which will have a direct impact on this quarter's performance. Breaking down the volume and price: SMIC's shipment volume for this quarter was 2,390 thousand wafers (equivalent to 8-inch wafers), a quarter-on-quarter increase of 4.3%; however, the revenue per wafer was USD 924, a quarter-on-quarter decrease of 5.7%. The decline this quarter was mainly due to the decrease in average product price. Currently, the company's revenue from the China region accounts for 84%, and the performance in various application markets mainly reflects the current demand situation in the downstream of the domestic industrial chain. Only the mobile business and industrial and automotive business achieved quarter-on-quarter growth this quarter, with the mobile market mainly driven by seasonal stocking in the second half of the year. However, the performance of the company's mobile business this quarter is still significantly lower than the same period in previous years, indicating that the current downstream demand for the company is quite sluggish. Compared to this quarter's data, the guidance for the next quarter is more important. However, the company expects revenue for the next quarter to grow only 5-7% quarter-on-quarter, which is below market expectations (10%); the gross margin expectation for the next quarter is only 18-20%, also below market expectations (21.1%). The company's management remains not very optimistic about the business outlook for the second half of the year. Considering the situation of the industry and peer companies, the current demand in the traditional semiconductor market is very weak. The recent rise in the company's stock price is mainly driven by events related to U.S. semiconductor tariffs, which has once again heightened market attention on self-reliance, rather than improvements in the industry or the company's operations. The company is a heavy asset company with options for &#34;self-reliance and technological breakthroughs.&#34; Even if the fundamentals are weak, the company's valuation will still be influenced by external events and sentiment (such as Sino-U.S. semiconductor frictions and the company's management's related views). Stay tuned for Dolphin Research's subsequent detailed commentary and earnings call minutes. $SMIC(00981.HK)$SMIC(688981.SH)

Hot topic

Recently, after the liquidity overflow in the Hong Kong stock market, the valuation discount of many stocks listed in both Mainland China and Hong Kong has been narrowing, and even a small number of companies have seen valuation premiums. However, SMIC in Hong Kong has shown a completely opposite trend compared to its A-share counterpart—after a sharp rise driven by DeepSeek, its pricing relative to A-shares has started to decline recently. In fact, when Dolphin Research first looked at SMIC, some community members raised the question of why there is such a large price gap between SMIC's A-shares and H-shares, with the Hong Kong stock sometimes only being 25% of the A-share...

Commscope

Alternative Lens on SMIC: Is the A-H Share Price Gap a Matter of Faith?

SMIC (0981.HK/688981.SH) released its Q1 2025 earnings report (as of March 2025) after Hong Kong market close on May 8, 2025 Beijing time. Below is the earnings call Minutes of SMIC Q1 2025. For Quick Interpretation of the report, please refer to . 1. $SMIC(00981.HK) Key Financial Highlights Review 1. Overall Performance: a. Operating Performance: Revenue $2.247 billion...

SMIC (Minutes): Mobile phone and other expectations revised downward, prices will continue to decline

Semiconductor Manufacturing International Corporation (0981.HK/688981.SH) released its first quarter financial report for 2025 (ending March 2025) after the Hong Kong stock market close on May 8, 2025, Beijing time. Key points are as follows: 1. Overall performance: Gross margin is decent, but revenue performance is poor. Semiconductor Manufacturing International Corporation achieved revenue of USD 2.247 billion in the first quarter of 2025, a quarter-on-quarter increase of 1.8%, below the guidance range (quarter-on-quarter growth of 6-8%) and below market expectations (USD 2.36 billion). $SMIC(00981.HK) had a gross margin of 22.5% in the first quarter of 2025...

SMIC: Guidance for a major "crash," when will "domestic chips" break through?

SMIC's performance this quarter was mixed, coupled with &#34;bleak&#34; guidance.Although the gross margin this quarter still performed well, the revenue was significantly lower than previous guidance expectations.Specifically, the company's wafer shipments increased by 15.1% quarter-on-quarter, while the average product price saw a double-digit decline. This was mainly due to the increase in 8-inch wafer shipments this quarter, which structurally drove down the average product price.Despite the decline in average product price, the gross margin was still maintained at 22.5%, primarily due to the economies of scale brought by the increase in shipments. The company's fixed cost per unit (depreciation and amortization/shipments) and variable cost per unit (other manufacturing expenses/shipments) both saw significant declines this quarter, ultimately leading to a better gross margin performance.Compared to this quarter's data, the company's guidance for the next quarter is even &#34;bleaker.&#34; The company expects revenue to decline by 4% to 6% quarter-on-quarter, and the gross margin guidance has been further lowered to 18-20%. Combining the data from both quarters, Dolphin Research speculates that the growth in 8-inch wafer shipments this quarter mainly came from customers stockpiling in advance due to factors like tariffs. However, due to weak downstream demand, the company's performance will face pressure again.For more details, please stay tuned for Dolphin Research's full review.$SMIC(00981.HK)$SMIC(688981.SH)

Data Shows Net Selling of SMIC by Southbound Capital This Week

SMIC's A-share stock closed down 2.19% on November 7 with net outflow from main funds

SMIC Plans to Issue Shares to Acquire 49% Equity in SMIC North

SMIC Announces 2025 Third Quarter Results

Zhitong Finance released Hong Kong stock trading data for November 7, including SMIC's short-selling and Southbound Connect holdings

SMIC's STAR Market stock received significant net purchases from leveraged funds

TSMC reportedly plans to raise advanced process prices in 2026, potentially continuing the chip price hike trend

Semiconductor-related ETFs opened lower, SMIC's stock price declined

SMIC's stock price rebounds on rumors of domestic chip policy

SMIC's A-shares received a net main capital inflow of 693 million yuan on November 6.

Southbound funds recorded a net purchase of SMIC and other Hong Kong stocks on November 6th.

Driven by AI and domestic substitution trends, SMIC's stock price rose more than 5% intraday

Semiconductor Sector Rises, Q3 Net Profit Hits New High

SMIC rises over 2.6% in trading, with a net main capital inflow of 109 million yuan

Chip-related ETFs rise, with heavyweight SMIC opening higher

Chinese Researchers Make Potential Breakthrough in Advanced Lithography Technology

Southbound Stock Connect Records Net Outflow of HK$499 Million from SMIC

SMIC's A-share market sees a net outflow of ¥50.55 million from main funds

China bans foreign AI chips from state-funded data centers, Reuters reports

HKEX to Add Weekly Options Contracts for Stocks Including SMIC Starting November 10

Earning Release Date

财报预告

FY2025 Q3 Earning Release 2025.11.13

SMIC (688981.SH, 00981.HK) 2025 Second Quarter Earnings Conference

SMIC (688981.SH, 00981.HK) Q1 2025 Earnings Conference

SMIC (688981.SH, 00981.HK) 2024 Q4 earnings briefing

SMIC (688981.SH, 00981.HK) 2024 Third Quarter Earnings Conference

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