Semiconductor Manufacturing International (SHA:688981, HKG:0981) or SMIC saw profit more than double in the first half, buoyed by expanding wafer shipments and upward momentum in average selling prices.

Profit for the period attributable to owners surged 111% to $676.6 million from $320.5 million a year earlier, with earnings per share doubling year on year to $0.08 from $0.04, according to the company's earnings report filed with the Hong Kong bourse on Friday.

Driven by strong demand across AI-adjacent and domestic markets, total revenue jumped 23.7% year over year to $5.51 billion. Wafer shipments, measured in 8-inch equivalent wafers, expanded 14.9% to 5.379 million units, while the average selling price rose to $966 per wafer from $903.

Geographically, the Chinese market led the growth, accounting for 89.6% of total revenue. Contributions from the American and Eurasian markets stood at 8.7% and 1.7%, respectively.

Looking toward the second half of the year, the company indicated that AIe-driven infrastructure demand will continue to propel the sector. The company said it will "flexibly allocate existing capacity and accelerate

the qualification of newly added capacity to help ease supply constraints across the industry chain."