On February 11, Zhao Haijun, co-CEO of SMIC (00981.HK), shared at the earnings conference that the market downturn in the fourth quarter of 2025 was less severe than projected. The company's total sales revenue soared to US$2.489 billion, marking a 4.5% increase from the previous quarter. Specifically, wafer revenue saw a 1.5% uptick on a quarterly basis, driven by a marginal rise in both the volume of wafers sold and their average selling price. Other revenue streams experienced a significant 64% quarterly growth, largely attributable to the end-of-year surge in photomask shipments. Despite adding 16,000 wafers of 12-inch production capacity, SMIC maintained a capacity utilization rate of 95.7%. Notably, the 8-inch wafer facilities operated beyond full capacity, while the 12-inch wafer lines approached full utilization, primarily due to the ongoing influence of industrial chain transitions and technological advancements.