Press Releases

SMIC Announces 2023 Annual Results



The below information is prepared in accordance with International Financial Reporting Standards.

  • Revenue decreased by 13.1% from US$7,273.3 million in 2022 to US$6,321.6 million in 2023.
  • Gross margin decreased from 38.0% in 2022 to 19.3% in 2023.
  • Profit for the year attributable to owners of the Company decreased from 1,817.9 million in 2022 to 902.5 million in 2023.



Since the establishment of SMIC, the Company has unswervingly followed the path of independent innovation, maintained strategic resolve in wafer manufacturing and constantly pursued excellence through tackling difficulties. The Company has achieved hard-won development obvious to  all, which is  inseparable from the care, support  and help from our shareholders and investors. Here, on behalf of the  Company’s Board  and  Management, I  would like to extend my sincerest gratitude and best wishes to all!

In 2023, facing the world’s big changes unseen in a  century, the Company confronted the fierce competition in  the global semiconductor market and profound transformation within the industry. With all employees working   as one wholeheartedly, the Company has always adhered to the principle of seeking progress while maintaining stability, and responded to the uncertainty in the external environment by virtue of the certainty in its development. Thus, the Company has withstood severe test in various aspects of technology R&D, production and operation, sales,supply chain,and etc. With the efforts of all cadres and employees, the Company’s revenue in 2023 was $6.32 billion, with adjustment magnitude smaller than that of industry average. Gross margin was 19.3% and annualized capacity utilization rate was 75%, basically in line with the Company’s guidance provided in the beginning of 2023. By the end of 2023, the Company’s total assets were $47.8 billion, equity attributable to  owners of the Company was $20.1 billion, the asset structure remained stable and the monthly capacity reached 806 thousand 8-inch equivalent wafers.

Inthe  past  year,  the  Company  has   accelerated  the   expansion  of   strategic  cooperation,  actively  undertaken and given full  play  to  the  pioneering  role  as  a  chain  owner  enterprise,  driving  the  collaborative  development  and win-win cooperation of upstream and downstream in industrial chain and supply chain; the Company has  continued to optimize the deployment of projects and adhered to the orientation of “consolidating basics and strengthening foundation with solid and steady steps” to push  forward  the  project  layout  and  capacity  building, with construction of key projects met expectations; the Company has firmly promoted management reform  and steadily implemented various measures centering on  the BU  mechanism reform, with integration and localization of  production, sales and R&D showing initial effectiveness, and operational efficiency been improved significantly;   the Company has proactively fulfilled its  social responsibilities, adhered to  sustainable development commitments  and continuously improved ESG governance capabilities. Public welfare projects such as the “SMIC Liver Transplant Program for Children” have won extensive recognition from thesociety.

Overall development and foundation are stabilized, while the direction and momentum are moving forward. In  the new year, the Company will continue to firmly undertake the original mission of “making SMIC  stronger,  better and bigger, and  participating in  the  international competition on  behalf of  the  IC  industry”. Planning  the current business layout from the perspective of future development, examining the existing gaps from the perspective of benchmarking leading enterprises, choosing the companions from the perspective of industrial ecosystem, the Company will continue to  focus on  “capacity stabilization, cost control, technology leadership  and customer first” as four pivots to make the core competitiveness with leading technology, manufacturing capability and optimal cost. Facing the fierce competition in the global semiconductor market and the profound changes in China’s semiconductor industry, the Company will continue to provide more value to  markets and  users domestically and globally, forge ahead to realize people’s happy life and the sustainable development of    the society, and strive unremittingly to create a new chapter int he IC development history of China!

Liu Xunfeng

Chairman of the Board 

Shanghai, China March  28,  2024