Xin Lang Cai Jing·2025-10-22 05:58Core Viewpoint - Guangdong Tianyu Semiconductor Co., Ltd. (Tianyu Semiconductor) is preparing for its IPO on the Hong Kong Stock Exchange, having submitted its prospectus after receiving approval from the China Securities Regulatory Commission for overseas listing [2][3]. Company Overview - Tianyu Semiconductor, established in 2009, specializes in the design, research, and manufacturing of silicon carbide (SiC) epitaxial wafers, ranking first in China's SiC epitaxial wafer industry with market shares of 30.6% and 32.5% in revenue and sales volume respectively as of 2024 [3][4]. Production Capacity - The company is one of the first in China to achieve mass production of 4-inch, 6-inch, and 8-inch SiC epitaxial wafers, with an annual production capacity of approximately 420,000 wafers for 6-inch and 8-inch sizes as of May 31, 2025 [4]. Sales Performance - Sales volume increased from 44,515 wafers in 2022 to 132,072 wafers in 2023, but dropped to 78,928 wafers in 2024 due to market fluctuations. In the first five months of 2025, sales reached 77,709 wafers [4]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first five months of 2025 were RMB 437 million, RMB 1.171 billion, RMB 520 million, and RMB 257 million respectively. The corresponding net profits were RMB 2.814 million, RMB 95.882 million, a loss of RMB 500.252 million, and a profit of RMB 9.515 million [15][16]. Shareholder Structure - The pre-IPO shareholder structure includes major stakeholders such as Mr. Li Xiguang with 29.0522% ownership, and Mr. Ouyang Zhong with 18.2067%. Together with other investors, they form a controlling group with approximately 58.36% ownership [8][9]. Management Team - The board of directors consists of six members, including one executive director, Mr. Li Xiguang, and two non-executive directors, Mr. Ouyang Zhong and Mr. Jiang Dacai. The management team includes key positions such as CFO and vice presidents [12][14]. Industry Context - Tianyu Semiconductor operates in the rapidly growing third-generation semiconductor materials sector, benefiting from the increasing demand in the renewable energy industry both in China and globally [4].