会计学院知识库

      自2020年开始，中芯国际面临着技术壁垒带来的发展困境，受到制裁后已经对中芯国际的经营、盈利以及研发等方面造成不小的影响，而中芯国际作为领先的集成电路制造企业，已经在中国国内开始新型半导体生产模式应用CIDM模式模式。结合中芯国际内外部重要变化，研究中芯国际当前的盈利模式具有一定的实际意义。
      本文选取中芯国际为研究对象展开案例分析，基于商业生态系统视角，综合应用盈利模式理论、协同理论及资源依赖理论对中芯国际当前盈利模式进行研究。首先，梳理明确中芯国际所处的商业生态系统具体阶段，根据当前所处阶段进而分析其盈利模式的构成要素。其次，从盈利能力、偿债能力、营运能力、成长能力及市场竞争能力等方面展开对当前中芯国际的盈利模式进行评价。接着，做出分析评价发现：处于商业生态系统扩张期的中芯国际在当前的盈利模式下，其通过在商业生态系统的有利地位，使得偿债能力和成长能力方面展现良好发展的趋势，盈利能力有较为明显的好转，偿债风险在可控范围，但营运能力有待进一步提升。与此同时中芯国际存在宏观环境风险、研发与技术相关风险、经营风险和财务风险等潜在风险。最后，根据上述潜在风险，对处于商业生态系统扩张期的中芯国际提出了防范对策。希望本文能为行业类似企业盈利模式的改进与发展提供新的思路与启发，推动集成电路制造企业盈利模式的成熟发展，实现企业盈利最大化。

       Since 2020,SMIC has been facing development difficulties caused by technological barriers.After being sanctioned, it has had a significant impact on SMIC's operations,profits,and research and development.As a leading integrated circuit manufacturing enterprise,SMIC's founder，Mr.Zhang Rujing,foresaw that "as a business model for semiconductor production, although there are already IDM and Foundry models,the new semiconductor production model-Commune IDM, also known as CIDM,is more suitable for China's situation.".This model has also been applied domestically in China.Therefore,studying the current profit model of SMIC has practical significance.
      This article selects SMIC as the research object for case analysis, based on the perspective of the business ecosystem, and comprehensively applies profit model theory, synergy theory, and resource dependence theory to study SMIC's current profit model. Firstly, clarify the specific stages of the commercial ecosystem in which SMIC operates, and analyze the constituent elements of its profit model based on the current stage. Secondly, evaluate the current profit model of SMIC from the aspects of profitability, debt repayment ability, operational ability, growth ability, and market competitiveness. Subsequently, an analysis and evaluation revealed that SMIC, which is in the expansion period of the commercial ecosystem, has shown a good development trend in terms of debt paying ability and growth ability through its advantageous position in the commercial ecosystem under the current profit model. Its profitability has significantly improved, and the debt paying risk is within a controllable range. However, its operational ability needs further improvement. At the same time, SMIC faces potential risks such as macro environmental risks, R&D and technology related risks, operational risks, and financial risks. Finally, based on the potential risks mentioned above, preventive measures have been proposed for SMIC, which is in the expansion period of its commercial ecosystem. I hope this article can provide new ideas and inspiration for the improvement and development of profit models for similar enterprises in the industry, promote the mature development of profit models for integrated circuit manufacturing enterprises, and achieve the maximization of enterprise profits.