SM3 is a hash function standard defined by China. Unlike SHA-1 and SHA-2, it is hard for SM3 to speed up the throughput because it has more complicated compression function than other hash algorithm. In this paper, we propose a 4-round-in-1 structure to reduce the number of rounds, and a logical simplifying to move 3 adders and 3 XOR gates from critical path to the non-critical path. Based in SMIC 65nm CMOS technology, the throughput of SM3 can achieve 6.54Gbps which is higher than that of the reported designs.