SMIC (Semiconductor Manufacturing International Corp)

SMIC is China's largest pure-play foundry, manufacturing logic wafers on mature and near-leading-edge nodes (down to roughly 7nm-class) for domestic customers including Huawei's Ascend chips. It is the world's second-largest wafer foundry by revenue behind TSMC and UMC. SMIC reported record FY2025 revenue of $9.33 billion, up 16.2% year-over-year, with utilization at 93.5%.

Ecosystem functionChina's national-champion foundry, the manufacturing chokepoint enabling domestic AI accelerators to route around US sanctions despite lacking EUV.

Business modelContract wafer manufacturing (foundry)