Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

SMIC (981.HK): 2Q25 Guidance Shows A -5% in Revenue. Could This Reflect the Impact of US Tariffs?

SMIC (981.HK): 2Q25 Results in Line; 3Q25 May Offer Mild Upside, but GM Is Expected to Be Flattish.

SMIC (981.HK): Speculation About the Deepseek Rumor Does Imply Continued Creative Works in the World

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>Revenue in 3Q25 was 7.8% higher than in 2Q25, in line with stronger seasonal demand. GM: 22.0% in 3Q25, compared with 20.4% in 2Q25 and 20.5% in 3Q24.</li>
<li>The Company expects: Revenue Flat to up 2% quarter-over-quarter (QoQ). Gross Margin: Between 18% and 20%.</li>
<li>SMIC’s stock price has risen 160.7% year-to-date in 2025, outperforming <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> at 44.2% and <a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> at 10.8%.</li>
</ul>


Revenue in 3Q25 was 7.8% higher than in 2Q25, in line with stronger seasonal demand. GM: 22.0% in 3Q25, compared with 20.4% in 2Q25 and 20.5% in 3Q24.
The Company expects: Revenue Flat to up 2% quarter-over-quarter (QoQ). Gross Margin: Between 18% and 20%.
SMIC’s stock price has risen 160.7% year-to-date in 2025, outperforming Taiwan Semiconductor (TSMC) - ADR (TSM US) at 44.2% and United Microelectron Sp Adr (UMC US) at 10.8%.


TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

SMIC (981.HK): Although GM May Decline Slightly, Revenue Is Expected to Continue Growing in 4Q25.