SMIC Q3: China revenue up 7% QoQ as domestic demand outpaces overall

SMIC's growing China share reflects a structural shift in where demand for its foundry capacity originates, not just cyclical strength — domestic customers are outgrowing the overall book, and capacity allocation is following. The 12-inch wafer segment outpacing 8-inch suggests the mix is tilting toward more advanced or larger-format production, which matters for how the company's capacity is positioned. Whether this domestic concentration continues as the dominant revenue driver, and whether the 12-inch lead holds, is the open question worth watching.