17岁夺得广东高考物理头名，25岁拿下剑桥博士学位 如今他创立的基本半导体正闯关港交所

Core Viewpoint - Basic Semiconductor is the only company in China that integrates silicon carbide (SiC) chip design, wafer manufacturing, module packaging, and gate driver design and testing capabilities, and is preparing for an IPO in Hong Kong [1][12]. Company Overview - Basic Semiconductor was founded in 2016 and is led by a team of highly educated individuals, including founder Wang Zhihan, who achieved top scores in the physics section of the Guangdong provincial college entrance examination at age 17 and later earned a PhD from Cambridge University [1][5][4]. - The company's main products include SiC discrete devices, SiC power modules, and power semiconductor gate drivers [1]. Financial Performance - From 2022 to 2024, Basic Semiconductor reported total revenues of approximately 650 million RMB, but incurred total losses exceeding 800 million RMB [1]. - The revenue for the years 2022, 2023, and 2024 was 117 million RMB, 221 million RMB, and 299 million RMB, respectively, reflecting a compound annual growth rate (CAGR) of 59.9% [15]. - The revenue from SiC power modules specifically was 5.05 million RMB, 77.03 million RMB, and 146.57 million RMB for the same years, with a staggering CAGR of 434.3% [15]. Market Position and Product Development - Basic Semiconductor is recognized as a leading player in the SiC power device market, particularly in the electric vehicle sector, having secured design-in agreements with over 50 models from various automotive manufacturers [18]. - The company operates a wafer fab in Shenzhen and a packaging line in Wuxi, with plans to expand packaging capacity in Shenzhen and Zhongshan [14]. Investment and Valuation - Basic Semiconductor has undergone multiple rounds of financing, achieving a post-money valuation exceeding 5.1 billion RMB as of April 2023 [12]. - The latest round of financing included investments from state-owned enterprises in Zhongshan, indicating strong institutional support [12]. Challenges and Future Outlook - Despite significant revenue growth, Basic Semiconductor has not yet achieved profitability, with gross margins for SiC power modules reported at -75.5%, -66.0%, and -27.9% for the years 2022 to 2024 [18]. - The company anticipates continued net losses in the short term due to ongoing investments in research and development and business expansion [18].