66岁厦大博士，创业15年二闯IPO

Core Insights - Hantian Technology has submitted a listing application to the Hong Kong Stock Exchange after previously attempting to list on the Sci-Tech Innovation Board without success [1] - The company is the largest supplier of silicon carbide epitaxial wafers globally, holding over 30% market share in 2024 and leading in shipment volumes for two consecutive years [1][2] - Hantian Technology's products are widely used in electric vehicles, renewable energy, and smart appliances, among other applications [2] Financial Performance - Revenue figures from 2022 to May 2025 show significant fluctuations, with revenues of 440 million, 1.143 billion, 974 million, and 266 million yuan respectively [2] - Net profits during the same period were 143 million, 122 million, 166 million, and 14 million yuan, indicating a strong correlation with market demand and competitive pressures [2][3] Market Challenges - The company faces increased competition and price wars due to domestic capacity expansion in silicon carbide epitaxial wafers, leading to a decline in its foundry business, which constituted nearly one-third of its operations [3] - The sales contribution of 6-inch silicon carbide epitaxial wafers remains high at 94.8%, while the 8-inch wafers have seen a rise to 4.9% [3] Technological Leadership - Hantian Technology is recognized for being the first to achieve mass production of 8-inch silicon carbide epitaxial wafers and has developed various sizes for commercial supply [2][4] - The company’s founder, Zhao Jianhui, has over 35 years of experience in silicon carbide technology and has led significant advancements in the field [4][5] Investment and Partnerships - The company has received substantial support from Xiamen state-owned assets, with multiple rounds of investment totaling 1.03 billion yuan for expansion and production upgrades [5] - Hantian Technology has established partnerships with 18 global enterprises for 8-inch products, aiming for an annual production capacity of 463,000 wafers by 2029 [6]