China’s leading semiconductor company SMIC released its Q4 and 2021 full-year earnings report on Wednesday. The company’s revenues increased 39% to $5.4 billion in 2021, while net profit also grew by 138% to $1.7 billion over the course of the year. In Q4, the company recorded 8.4% quarterly growth to $1.5 billion in revenue, while net profit hit $533.8 million in Q4 of 2021, up 66% from the previous quarter. The company attributed its 2021 revenue growth to increased production of advanced wafers and higher average selling price. [SMIC press release]