Preview of new shares | Market share surged into the top three in domestic production, and China Resources Microelectronics achieved "leapfrog growth" with increasing loss fluctuation.

With the continuous breakthrough of large model technology, the last technical barrier to the landing of scaled edge AI is melting away, and a "computing power migration" from the cloud to the edge is quietly unfolding. In this transformation, AI ASIC has become the undisputed choice for the landing of edge and edge-side applications, thanks to the energy efficiency advantages, millisecond response times, optimized costs, and inherent privacy and security capabilities brought by specialized architecture. In the future, as AI technology continues to penetrate the application side and the rapid growth of the edge AI market, AI ASIC will play an increasingly core role in the intelligent terminal ecosystem. At this critical turning point in industry development, Semiconductor Manufacturing International Corporation (SMIC) (hereinafter referred to as "SMIC") has initiated the journey to be listed in Hong Kong, aiming to seize this historical industry opportunity. It was observed that on March 29, SMIC submitted its listing application to the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) Co., Ltd. as its exclusive sponsor. In terms of market position, SMIC has entered the forefront of the AI ASIC domestic custom chip industry. According to data from the Zhaoshi Consulting, if calculated based on AI ASIC revenue in 2025, the company ranks third among Chinese domestic chip custom service providers, and based on chip design and delivery revenue in 2025, the company ranks second among Chinese domestic chip custom service providers. However, in terms of performance, SMIC is currently still experiencing continuous losses. From 2023 to 2025, SMIC's revenue is expected to be approximately 74.802 million yuan, 348 million yuan, and 484 million yuan respectively, achieving continuous high-speed growth; but net profit during the same period is expected to be approximately -98.43 million yuan, -48.495 million yuan, and -164 million yuan respectively, showing an expanding trend of losses. On one hand, seizing the windfall of AI and semiconductor domestication with songful revenue growth; on the other hand, with continued bleeding profits, losses are escalating. For SMIC, which is experiencing significant growth and losses, how should its valuation be reasonably assessed? This is not only a practical question facing investors, but also a sharp inquiry into traditional valuation logic.