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SMIC (Semiconductor Manufacturing International Corporation) is mainland China's largest semiconductor foundry, dual-listed on the Shanghai STAR Market (688981.SH) and Hong Kong Stock Exchange (0981.HK), headquartered in Shanghai.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 10 suppliers, 8 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Associate (联营企业) of SMIC. Goods+services sales RMB 355,170k, down from RMB 528,361k in FY2024 (-32.8%) even as SMIC's total revenue grew +16.5% — this counterparty's share of SMIC's book shrank against the trend.
FY2024 comparative from the same FY2025 annual report: goods+services sales RMB 528,361k. share_pct here is computed against FY2024's own revenue base (RMB 57,795,570k), not the FY2025 figure quoted in share_of on the row above — the two rows are not on an identical base, flagged so no automated delta is drawn from these two share_pct values.
Associate (联营企业) of SMIC. Goods sales RMB 200,979k, up from RMB 158,656k in FY2024 (+26.7%).
FY2024 comparative from the same filing: goods sales RMB 158,656k, against FY2024's own revenue base (RMB 57,795,570k) — bases differ across the two rows, see note on the row above.
Associate (联营企业) of SMIC, co-founded 2017 as an industry-wide IC innovation/incubation vehicle. AS CUSTOMER: goods+services sales RMB 183,558k, down from RMB 820,474k in FY2024 (-77.6%) — the sharpest swing of any related party in this filing, against SMIC's own +16.5% revenue growth. AS SUPPLIER (separate line, no share_pct — no total-procurement base disclosed): SMIC paid it RMB 54,487k for services received, up from RMB 51,277k in FY2024.
FY2024 comparative from the same filing. AS CUSTOMER: goods+services sales RMB 820,474k against FY2024's own revenue base (RMB 57,795,570k) — bases differ across rows. AS SUPPLIER: services received RMB 51,277k.
Disclosed as 'other related party' (not an associate): Datang Holdings holds >5% of SMIC via Datang Hong Kong, and an SMIC director serves as Datang Holdings senior management. Datang Hong Kong is the holding vehicle for what the filing separately lists as a 14.97% direct+indirect shareholder, China Information and Communication Technology Group (中国信科/CICT) — Datang Telecom's post-2018-merger parent. Goods+services sales RMB 118,350k under a 2025-2027 framework agreement (annual cap USD 36m; actual USD 17m disclosed against that cap).
FY2024 comparative from the same filing: goods+services sales RMB 89,041k, against FY2024's own revenue base (RMB 57,795,570k) — bases differ across rows.
Disclosed as an associate (联营企业) of SMIC, not merely an arm's-length vendor — a genuine corporate tie to the Japanese photomask/electronic-materials major. Goods purchases RMB 34,559k, down from RMB 68,189k in FY2024. No total raw-material-procurement base is disclosed for the supplier side, so share_pct is omitted rather than computed against an unrelated base (revenue). Separately, Toppan rents factory space FROM SMIC (SMIC as lessor, RMB 39,150k FY2025 lease income) — an unrelated small facilities arrangement, not folded into this row.
FY2024 comparative from the same filing: goods purchases RMB 68,189k.
Associate (联营企业) of SMIC; an equipment-leasing vehicle within the National IC Industry Investment Fund ('Big Fund') ecosystem. Two distinct FY2025 flows: (1) SMIC as LESSEE — rent paid RMB 119,823k (down from RMB 233,249k in FY2024) plus RMB 1,776k lease-liability interest; (2) SMIC bought machinery/equipment FROM this entity for RMB 931,493k, a line with no FY2024 comparative disclosed ('-') — i.e. this specific equipment-purchase channel through the Big Fund's leasing arm is new in this filing. No total-procurement base is disclosed, so share_pct is omitted.
FY2024 comparative from the same filing: lease rent paid RMB 233,249k plus RMB 7,283k lease-liability interest; no equipment-purchase figure disclosed for FY2024 ('-').
Associate (联营企业) of SMIC — a 2018 JV among SMIC, Sino IC Leasing (this dossier's other named associate, above), Ningbo Xinkongjian and South Korea's TRIPLECORES. Goods+services purchases RMB 8,523k plus a separate RMB 268,566k machinery-equipment purchase (up from RMB 110,851k in FY2024). No total-procurement base disclosed, share_pct omitted.
FY2024 comparative from the same filing: goods+services purchases RMB 11,374k plus RMB 110,851k machinery-equipment purchase.
Associate (联营企业) of SMIC — its captive fund-management vehicle. Services received RMB 5,160k, immaterial in scale but included for completeness. No total-procurement base disclosed, share_pct omitted.
FY2024 comparative from the same filing: services received RMB 3,465k.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
Every exposure is read as a buyer dependency; the top 3 are its binding chokepoints.
As a buyer, policy pressure across its consumed materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇺🇸 US accounts for 100% of severity-weighted pressure.