China has sought to increase its self-reliance in the field of semiconductors, which are used in everything from televisions and cars to weapons and supercomputers.

The United States has taken steps to stop Chinese firms from accessing its advanced technology and tightened curbs on exports of state-of-the-art chips and the equipment to make them.

SMIC reported in a filing to the Hong Kong Stock Exchange on Thursday that first-quarter profit attributable to owners of the company stood at $188 million, up 161.9 percent compared to the equivalent period last year.

The Shanghai-based company said revenue rose 28.4 percent year-on-year to $2.2 billion.

These results marked an improvement for the company after annual profits plunged 45.4 percent last year compared to 2023.

The company said it expected revenue to decrease four to six percent in the second quarter, adding that it saw "both opportunities and challenges" in the second half of the year.

"The company will enhance its adaptability and risk resilience capability," it said.