# Who are SMIC's customers? Who does SMIC earn revenue from?
Canonical: https://valuechain.wiki/smic · Facet: customers · Updated: 2026-07-12T06:23:17.606212+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: SMIC's confirmed revenue counterparties include Hygon, GigaDevice, Cambricon plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 7 dated sources, 1 of them primary filings (as of 2026-07-12).

### Hygon (high)  → /hygon.md
- metric: Amount ¥67.3B · SMIC FY2025 매출 컨텍스트
- note: Manufactures Hygon x86 CPUs and DCUs.
- [confirms] SCMP (EN, news, published 2026-03-13) https://www.scmp.com/tech/big-tech/article/3344729/china-computing-stalwarts-hygon-sugon-post-revenue-surge-ai-boom-tech-self-reliance: "Manufactures Hygon x86 CPUs and DCUs."

### 중국 국가집적회로펀드 (大基金) 등 (high)
- metric: Market share 23.08% · 2020 취득(2026 ~8%로 축소)
- note: State capital led by the China IC Fund (Big Fund) is the axis of ownership — the Big Fund took 23.08% of SMIC in 2020 and, after a share issuance for the SMNC subsidiary acquisition in 2025, held a third-largest stake before trimming to ~8% in early 2026. With the Shanghai fund and others, state shareholders underpin capex and localization policy.
- [confirms] SCMP (EN, news, published 2025-11-20) https://www.scmp.com/tech/big-tech/article/3358332/chinas-big-fund-becomes-smics-third-largest-shareholder-after-record-star-market-buyout: "Big Fund took 23.08% of SMIC in 2020; third-largest after 2025 SMNC issuance; ~8% by early 2026"

### 중국 팹리스 (비공개) (mid)
- metric: Amount ¥67.3B · SMIC FY2025 매출 컨텍스트
- note: Supplies legacy foundry to Chinese fabless firms.
- [confirms] TrendForce (EN, news, published 2026-02-11) https://www.trendforce.com/news/2026/02/11/news-smic-posts-record-9-3b-in-2025-sales-7nm-yields-reportedly-weigh-on-margins/: "SMIC 2025 revenue RMB 67.3bn (+16.5%); by application consumer 46%, smartphone 19%; China 89%, 12-inch 77%, utilization 93.5%"
- [confirms] SMIC (EN, ir, published 2025-05-01) https://www.smics.com/en/site/company_invest: "Supplies legacy foundry to Chinese fabless."

### GigaDevice (mid)  → /gigadevice.md
- metric: Amount ¥67.3B · SMIC FY2025 매출 컨텍스트
- note: Manufactures GigaDevice NOR flash and MCUs.
- [confirms] DigiTimes (EN, news, published 2026-03-31) https://www.digitimes.com/news/a20260331VL212/2025-gigadevice-dram-earnings-revenue.html: "Manufactures GigaDevice NOR flash and MCUs."

### Cambricon (mid)  → /cambricon.md
- note: Manufactures Cambricon AI accelerators (Siyuan 590/690) on SMIC's N+2 (7nm) DUV process — Cambricon's annual report anonymizes its top supplier, but media identify it as SMIC (yield ~20%). Export controls concentrate domestic-foundry demand on SMIC, though the name rests on media.
- [confirms] TrendForce (EN, research, published 2025-12-15) https://www.trendforce.com/news/2025/12/15/insights-cambricon-remains-chinas-top-ai-chip-startup-rumored-2026-triple-output-faces-smic-limits/: "Media (TrendForce): Cambricon Siyuan 590/690 on SMIC N+2 (7nm), yield ~20%"

### Qualcomm (low)  → /qualcomm.md
- metric: Amount ¥67.3B · SMIC FY2025 매출 컨텍스트
- note: Supplies legacy foundry to Qualcomm.
- [confirms] SMIC (EN, ir, published 2025-05-01) https://www.smics.com/en/site/company_invest: "Supplies legacy foundry to Qualcomm."
- [confirms] Company IR / exchange filing (EN, filing, published 2025-04-01) https://www.smics.com/en/site/company_report: "Annual report: revenue, customers, business."
- [confirms] Statista (EN, analysis, published 2025-01-01) https://www.statista.com/chart/32653/market-share-of-semiconductor-foundries-by-revenue/: "Supplies legacy foundry to Qualcomm."

Reverse side: https://valuechain.wiki/smic/suppliers.md · Ripple: https://valuechain.wiki/smic/ripple.md

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Full node: https://valuechain.wiki/smic.md · JSON: https://valuechain.wiki/smic.json