SMIC’s decision not to pay dividends has been questioned!
According to news on July 1, in the past two years, due to the bull market cycle of the semiconductor industry, SMIC's revenue and profits have also improved significantly. Last year's net profit was 12.1 billion. However, SMIC announced that it would not pay dividends, which caused dissatisfaction among some shareholders. .
At the recent shareholder meeting, SMIC CFO Wu Junfeng once again responded to this issue.
He said, "The company has developed rapidly in recent years and has continued to expand its production capacity. For the OEM (industry) this year, continued production capacity expansion and capital expenditure are very important driving forces for our future development. Therefore, , Generally speaking, we will make some reasonable arrangements for production capacity construction and capital arrangements based on future development.”
Wu Junfeng said, "As of the end of last year, the company's cumulative undistributed profits were 30.9 billion yuan . Due to the characteristics of the wafer foundry industry, capital expenditures are relatively large, so the company's cash income from operations deducts expenditures on fixed assets, intangible assets and other assets. Our free cash flow is still negative."
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