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 –May 9, 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 March 31, 2024.

First Quarter 2024 Highlights

• Revenue was $1,750.2million in 1Q24, compared to $1,678.3 million in 4Q23, and $1,462.3 million in 1Q23.
• Gross profit was $239.7million in 1Q24, compared to $275.0 million in 4Q23, and $304.7 million in 1Q23.
• Gross margin was 13.7% in 1Q24, compared to 16.4% in 4Q23 and 20.8% in 1Q23. 

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

Second Quarter 2024 Guidance

The Company expects (in accordance with IFRSs):

• Revenue toincrease by 5% to 7% QoQ.
• Gross margin to range from 9% to 11%.

The Management Comments

In the first quarter 2024, our global customers are more willing to build up inventory. The Company’s revenue increased by 4.3% sequentially to $1,750 million; gross margin was 13.7%, both beat the guidance. 8-inch equivalent wafer shipment increased by 7% sequentially to 1,795 thousand; and utilization rate increased by 4 percentage points sequentially to 80.8%.

In the second quarter, demand for pull-in from some customers is continuing, the Company’s guidance is: revenue is expected to grow 5% to 7% sequentially; along with the increase in capacity scale, depreciation is expected to rise quarter by quarter, gross margin is expected to be in the range of 9% to 11%.

Based on the premise that there is no significant changes in the external environment, the Company’s 2024 revenue growth target is to exceed the industry average in the same markets.

Conference Call / Webcast Announcement

Date: Friday, May 10, 2024

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

WEBCAST

The call will be webcast live at:

https://edge.media-server.com/mmc/p/epviprit

CONFERENCE CALL

Please register in advance for the conference call at:

https://register.vevent.com/register/BIf230fa39ef3e4f6c97d162ccb44f252c

REPLAY

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

https://www.smics.com/en/site/company_financialSummary

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.

For more information, please visit www.smics.com.

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 service supports, orders or judgments from pending litigation, intellectual property litigation in the semiconductor industry, macro- economic conditions, fluctuations in currency exchange rates and the risk of geopolitics.

Contact:
Investor Relations
+86-21-2081-2800
ir@smics.com