SMIC Q2 Revenue Tops $3 Billion on AI Demand Spillover, Net Profit Surges Nearly 4-Fold; Q3 Revenue Guided Up 2%-4% Sequentially | Earnings Insights

SMIC's Q2 2026 revenue reached $3.006 billion, up 36.1% year-over-year, with gross margin rising to 25.3% and net profit surging nearly 4-fold year-over-year. The growth was driven by higher wafer shipments and prices, capacity utilization reaching 93.7%, and an improved product mix, as AI demand spilled over into mature process nodes, boosting the share of industrial and automotive chips. The company expects Q3 revenue to grow 2%-4% sequentially, with gross margin further improving to 26%-28%, signaling an upward earnings cycle.