According to SMIC's financial report, the first half of 2025 witnessed an intensification of inventory restocking by channel partners, spurred by shifts in domestic and international policies. The company promptly adapted to ensure seamless delivery, a trend anticipated to persist into the third quarter. While the fourth quarter traditionally marks the industry's off-season, with a decline in urgent orders and shipments, SMIC's overall capacity remains constrained. Consequently, this seasonal slowdown is expected to have a minimal impact on capacity utilization. Provided that there are no substantial external environmental shifts, SMIC aims to outperform the industry average for the entire year.