SMIC (00981) opened more than 3% higher. As of the time of writing, the stock was up 3.36% to HK$73.9, with a turnover of HK$102 million.

The company reported its first-quarter results, showing revenue of RMB 17.617 billion, an increase of 8.1% year-over-year. Net profit attributable to shareholders was RMB 1.361 billion, essentially flat with a slight year-over-year increase of 0.4%.

For the second quarter, the company provided revenue guidance of 14% to 16% sequential growth. The gross margin guidance is 20% to 22%, representing a 2-percentage-point improvement compared to the previous quarter's guidance.

Notably, SMIC's monthly capacity reached 1,078,300 wafers by the end of Q1, a year-over-year increase of approximately 10.8%, laying the foundation for handling larger shipment volumes in Q2. Capacity utilization for the quarter was 93.1%, lower than the 95.7% in the previous quarter but higher than the 89.6% from the same period last year, remaining at a relatively high level overall. The actual number of wafers sold in Q1 was 2,509,100, essentially unchanged from the 2,515,000 wafers sold in the previous quarter.