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At the Q3 earnings conference on November 13, SMIC co-CEO Zhao Haijun stated that the company's Q3 gross margin reached 29.9%, up 4.6 percentage points quarter-on-quarter. This improvement was primarily attributable to urgent pull-in requests from customers, which led the company to slow engineering and R&D tape-outs in order to support customer shipments. Monthly capacity increased by 20,000 wafers equivalent to 8-inch standard logic wafers, capacity utilization rose to 97.3% (up 3.6 percentage points quarter-on-quarter), and output grew by a high single-digit percentage quarter-on-quarter. These factors significantly diluted unit wafer costs and offset the negative impact of a 2.3% quarter-on-quarter increase in depreciation expenses, thereby driving the quarter-on-quarter gross margin improvement, which exceeded the upper end of the guidance range.
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