安世危机之下，瑞能半导体价值凸显！

Core Viewpoint - The article discusses the contrasting situations of two semiconductor companies, Anshi Semiconductor and Ruineng Semiconductor, highlighting Ruineng's advantages in supply chain control and market position following its acquisition by Chinese investors [2][10]. Group 1: Company Background - Ruineng Semiconductor was established in 2015, inheriting the bipolar power device business from NXP, with a registered capital of $130 million [3]. - NXP fully exited its stake in Ruineng in 2019, making it a wholly Chinese-owned enterprise [3]. - The company has a legacy of 55 years in technology and quality systems, tracing back to Philips Semiconductor [5]. Group 2: Market Position and Product Line - Ruineng Semiconductor has become the global leader in the thyristor market, achieving a market share of 21.8% globally and 36.2% in China for thyristors in 2019 [8]. - The product line includes thyristors, power diodes, IGBTs, silicon MOSFETs, and silicon carbide (SiC) devices, serving sectors like consumer electronics, communications, new energy, and automotive [6]. - The company has made significant advancements in SiC technology, launching its first 650V SiC diode in 2016 and expanding its production capabilities [8]. Group 3: Financial Performance - Ruineng's revenue grew from 588 million yuan in 2019 to over 1 billion yuan in 2022, despite recent external challenges [9]. - In the first half of 2025, the company reported a revenue of 441 million yuan, with a net profit of approximately 30.32 million yuan and a gross margin of 27.77% [9]. Group 4: Supply Chain and Strategic Advantages - Ruineng Semiconductor operates under a fully controlled supply chain model, enhancing its resilience against geopolitical risks and trade conflicts [15]. - The company has established a comprehensive domestic supply chain, including wafer fabrication plants in Jilin and Beijing, and a research center in Shanghai [11][14]. - The firm emphasizes its unique position as the only domestic manufacturer using planar technology for thyristors, which offers advantages in reliability and performance [14]. Group 5: Future Outlook - The company is expected to maintain profitability despite industry fluctuations, with a focus on stabilizing its management and governance structure [15]. - Ruineng aims to combine stable thyristor sales with growth in SiC devices, potentially enhancing its market value in the coming years [15].