New Stock News | Tianyu Semiconductor passes the hearing of the Hong Kong Stock Exchange for the production of approximately 420,000 6-inch and 8-inch epitaxial wafers per year.

According to the disclosure by the Hong Kong Stock Exchange on October 21st, Guangdong Tianyu Semiconductor Co., Ltd. (referred to as "Tianyu Semiconductor") conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. The prospectus shows that in terms of revenue and sales generated in the Chinese market in 2024, Tianyu Semiconductor is the largest manufacturer of silicon carbide epitaxial wafers in China, with market shares of 30.6% in revenue and 32.5% in sales. In terms of revenue and sales from the global market in 2024, the company is also the third largest silicon carbide epitaxial wafer manufacturer in China, with market shares of 6.7% in revenue and 7.8% in sales. Epitaxial wafers are key raw materials for producing power semiconductor devices. Compared to traditional semiconductor materials like silicon, silicon carbide (as one of the third-generation semiconductor materials) has significant performance advantages, making it more suitable for high voltage, high temperature, and high frequency environments. Through cutting, grinding, and polishing silicon carbide substrates (the main raw material of the company's products), individual epitaxial wafers can be obtained for the growth of epitaxial layers, with specific crystal faces and appropriate electrical, optical, and mechanical properties. Through epitaxial processes, specific single-crystal thin films can be grown on epitaxial wafers. During the historical period, Tianyu Semiconductor's revenue mainly came from the sale of self-produced 4-inch, 6-inch, and 8-inch silicon carbide epitaxial wafers and providing various value-added services related to silicon carbide epitaxial wafers. The company achieved mass production of 4-inch and 6-inch silicon carbide epitaxial wafers in 2014 and 2018 respectively and had the capability to mass produce 8-inch silicon carbide epitaxial wafers in 2023. As of May 31, 2025, the annual production capacity of the company's 6-inch and 8-inch epitaxial wafers is approximately 420,000 pieces, making the company one of the largest companies in China with 6-inch and 8-inch epitaxial wafer production capacity. As a leading supplier of third-generation silicon carbide semiconductor materials, Tianyu Semiconductor has benefited from the rapid development of China and global new energy-related industries in recent years, leading to a significant increase in product shipments. During the historical period, the company's sales (including self-produced epitaxial wafers and epitaxial wafers sold through contract manufacturing) increased from 44,515 pieces in 2022 to 130,702 pieces in 2023, but decreased to 78,928 pieces in 2024. The company's sales (including self-produced epitaxial wafers and epitaxial wafers sold through contract manufacturing) increased from 37,391 pieces for the five months ending on May 31, 2024, to 77,709 pieces for the five months ending on May 31, 2025. Financially, in the fiscal years of 2022, 2023, 2024, and the five months ending on May 31, 2025, Tianyu Semiconductor's revenue was approximately RMB 437 million, RMB 1.171 billion, RMB 520 million, and RMB 257 million respectively; during the same periods, the company's gross profit was approximately RMB 87.486 million, RMB 217 million, -RMB 37.4 million, and RMB 57.765 million respectively.