Press Releases



All currency figures stated in this report are in US Dollars unless stated otherwise.
The consolidated financial information is prepared in accordance with International Financial Reporting Standards (“IFRS”) and is presented in accordance with IFRS unless otherwise stated below.

Shanghai, China –February 6, 2024 – Semiconductor Manufacturing International Corporation (SEHK: 00981; SSE STAR MARKET: 688981) (“SMIC”, the “Company” or “we”), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended December 31, 2023.

Fourth Quarter 2023 Highlights

  • Revenue was $1,678.3million in 4Q23, compared to $1,620.6 million in 3Q23, and $1,621.3 million in 4Q22.
  • Gross profit was $275.0million in 4Q23, compared to $321.6 million in 3Q23, and $518.7 million in 4Q22.
  • Gross margin was 16.4% in 4Q23, compared to 19.8% in 3Q23 and 32.0% in 4Q22.
  • Unaudited revenue was $6,321.6 million in 2023, compared to $7,273.3 million in 2022.
  • Unaudited profit attributable to owners of the Company was $902.5 million in 2023, a decrease of 50.4% from $1,817.9 million in 2022. The main reasons were: over the past year, the semiconductor industry was at the bottom of the cycle. Demand in the global market was weak. Industry inventories were in high level, with slowing down of de-stocking. The competition within the industry was fierce. As a result, the Group’s average capacity utilization rate declined, wafer shipment decreased and product mix changed. In addition, the Group was in high investment period, and depreciation increased accordingly compared with 2022. The above factors together impacted the Group’s financial performance in 2023. 

The following statements are forward looking statements based on current expectations and involved risks and uncertainties.

FIRST Quarter 2024 Guidance

The Company expects:

  • Revenue to be flat to up 2% QoQ.
  • Gross margin to range from 9% to 11%.

The Management Comments

The fourth quarter revenue increased by 3.6% sequentially to $1,678.3 million, slightly beat the guidance; gross margin was 16.4%, in line with the guidance.

The unaudited revenue in 2023 was $6.32 billion, down 13% year-over-year; gross margin was 19.3%, basically in line with the Company’s guidance provided in the beginning of 2023. Monthly capacity was 806 thousand 8-inch equivalent wafers by the end of the year, and annualized capacity utilization rate was 75%.

The revenue for the first quarter of 2024 is expected to be flat to up 2% sequentially, and the gross margin is expected to be in the range of 9% to 11%.

Based on the premise that there are no significant changes in the external environment, the Company's guidance for the year 2024 is:

  • The revenue growth is expected to be not less than industry average in the same markets and around mid-single-digit percentage year-over-year.
  • The capital expenditure maintains roughly flat compared to 2023.

Conference Call / Webcast Announcement

Date: Wednesday, February 7, 2024

Time: 8:30 A.M. - 9:30 A.M.


The call will be webcast live at: 


Please register in advance for the conference call at:


Recording will be available 1 hour after the event and it will be archived for 12 months.

About SMIC

Semiconductor Manufacturing International Corporation (SEHK: 00981; SSE STAR MARKET: 688981) is one of the leading foundries in the world and is the front runner in manufacturing capability, manufacturing scale, and comprehensive service in the Chinese Mainland. SMIC Group provides semiconductor foundry and technology services to global customers on 8-inch and 12-inch wafers. Headquartered in Shanghai, China, SMIC Group has an international manufacturing and service base, with 8-inch and 12-inch wafer fabrication facilities in Shanghai, Beijing, Tianjin and Shenzhen. SMIC Group also has marketing and customer service offices in the U.S., Europe, Japan, and Taiwan, China, and a representative office in Hong Kong, China.

For more information, please visit

Forward-Looking Statements

This release contains, in addition to historical information, forward-looking statements. These forward-looking statements are based on SMIC's current assumptions, expectations, beliefs, plans, objectives, and projections about future events or performance. SMIC uses words including but not limited to “believe”, “anticipate”, “intend”, “estimate”, “expect”, “project”, “target”, “going forward”, “continue”, “ought to”, “may”, “seek”, “should”, “plan”, “could”, “vision”, “goal”, “aim”, “aspire”, “objective”, “schedule”, “outlook” and other similar expressions to identify forward looking statements. These forward-looking statements are estimates made by SMIC's senior management based on their best judgment and involve significant risks, both known and unknown, uncertainties and other factors that may cause SMIC's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, risks associated with cyclicality and market conditions in the semiconductor industry, intense competition in the semiconductor industry, timely wafer acceptance by SMIC's customers, timely introduction of new technologies, SMIC's ability to ramp new products into volume, supply and demand for semiconductor foundry services, shortages in equipment, parts, raw materials, software and theirservice supports, orders or judgments from pending litigation, intellectual property litigation in the semiconductor industry, general economic conditions, fluctuations in currency exchange rates and the risk of geopolitics.

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