SEMI-e深圳国际半导体展暨2025集成电路产业创新展，将于2025年9月10-12日在深圳国际 会展中心举办。这不止是一场半导体产业的展会，更是洞察2025年产业变革的核心风向 标！以全新姿态重磅升级，倾力呈现一场前所未有的行业盛会！ 强强联手，开拓新局面 SEMI-e深圳国际半导体展暨2025集成电路产业创新展由深耕行业26载的CIOE中国光博会携手集 成电路创新联盟主办，爱集微与深圳市中新材会展有限公司承办，推动展会规模及影响力实现全 面跃升！在与CIOE中国光博会同期举办后，双展规模将到达30万平米，5000家展商展示最新产 品与技术，吸引超16万专业观众前来参观、采购及商贸洽谈，深度融合"光电子+半导体"产业， 扩大协同效应，将为参展企业与应用行业带来更多跨界合作机遇。 三大主题展示，纵览集成电路全产业链 展会以 "IC设计与应用""IC制造与供应链""化合物半导体" 为三大核心主题，全面覆盖设计、制 造、封测、设备、材料、EDA/IP、零部件等全产业链生态，构建完整产业图景。 IC设计与应用 汽 车 电 子 芯 片 安 全 芯 片 智 能 穿 戴 芯 片 计 算 芯 片 工 业 控 制 芯 片 ...

Group 1 - The Hong Kong government is actively promoting innovation and technology (I&T) collaboration with mainland cities and countries along the "Belt and Road" initiative, as reported during the eighth joint meeting with the National Development and Reform Commission [1] - A memorandum of cooperation was signed with the Slovak Republic in April 2023 to encourage research collaboration and technology transfer between research institutions and enterprises [1] - The Hong Kong Productivity Council established "The Cradle Outbound Service Center" to assist enterprises in expanding into "Belt and Road" markets [1] Group 2 - During a visit to Beijing, the Deputy Secretary of the Hong Kong Innovation and Technology Bureau, Zhang Manli, inspected leading companies in semiconductor manufacturing and intelligent manufacturing for electric vehicles [2] - The Hong Kong government emphasizes the development of advanced technologies, particularly in the semiconductor and electric vehicle sectors, as outlined in the "Hong Kong Innovation and Technology Development Blueprint" published in 2022 [2] - The Hong Kong Microelectronics Research Institute was established to lead collaboration in developing third-generation semiconductor core technologies [2][3] Group 3 - The Microelectronics Research Institute has completed the formation of its core team, with the first phase of equipment installation expected to begin within the year, and two pilot production lines anticipated to be operational next year [3] - The establishment of the microelectronics center and research institute is seen as strategically significant for the rapid development of the semiconductor field, providing technological leverage and cost-sharing benefits [3]

Core Viewpoint - The Hong Kong government is actively promoting innovation and technology (I&T) collaboration with mainland cities and countries along the "Belt and Road" initiative, focusing on sectors like semiconductors and electric vehicles [2][3]. Group 1: Government Initiatives - The Hong Kong Innovation and Technology Bureau has signed a memorandum with Slovakia to enhance research cooperation and technology transfer [2]. - The establishment of "The Cradle Outbound Service Center" aims to assist enterprises in expanding into "Belt and Road" markets [2]. - Future plans include participating in international exhibitions and facilitating enterprise visits to strengthen I&T collaboration [2]. Group 2: Semiconductor and Electric Vehicle Industry - The Hong Kong government emphasizes the development of advanced technologies, particularly in the semiconductor and electric vehicle sectors, as outlined in the "Hong Kong Innovation and Technology Development Blueprint" [3]. - The Hong Kong Microelectronics Research Institute has been established to lead collaboration in developing third-generation semiconductor core technologies [3][4]. - The institute's core team is formed, and the first phase of equipment installation is expected to begin this year, with two pilot lines anticipated to be operational next year [4]. Group 3: Strategic Importance - The establishment of a microelectronics center and research institute in Hong Kong is seen as strategically significant, providing technological leverage and cost-sharing benefits while fostering industry clustering effects [5].

Core Viewpoint - Guangdong Tianyu Semiconductor Co., Ltd. (Tianyu Semiconductor) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, R&D enhancement, strategic investments, and global market expansion, despite facing significant financial volatility and risks [1][2][3]. Financial Performance - Tianyu Semiconductor's revenue has experienced significant fluctuations, with a projected revenue drop of 55.6% in 2024 to 520 million RMB, alongside a net loss of 500 million RMB [2][4]. - The company's valuation has surged nearly 17 times from 900 million RMB in 2021 to 15.2 billion RMB in November 2024, despite the erratic financial performance [3][4]. Revenue and Profit Trends - Revenue increased from 437 million RMB in 2022 to 1.17 billion RMB in 2023, but fell sharply to 520 million RMB in 2024 [4][5]. - Net profit fluctuated dramatically, from a profit of 2.8 million RMB in 2022 to a profit of 95.9 million RMB in 2023, followed by a net loss of 500 million RMB in 2024 [5][6]. Inventory Management - The company faced a significant inventory impairment of 352 million RMB in 2024, representing 65.8% of its total inventory, due to over-purchasing in anticipation of increased orders [7][8]. - As of May 2025, the company still holds 179 million RMB of inventory over one year old, indicating ongoing challenges in inventory turnover [7][9]. Accounts Receivable - Accounts receivable increased to 350 million RMB in 2023 but necessitated a provision for bad debts of 564 million RMB in 2024, reflecting deteriorating customer payment conditions [10][11]. - The accounts receivable turnover days increased from 87 days in 2023 to 199 days in 2024, indicating extended collection periods and cash flow pressures [11][12]. Customer and Supplier Concentration - The company relies heavily on a few key customers, with the top five accounting for over 61.5% of revenue, and a significant drop in sales from its largest customer in 2024 led to a 55.6% revenue decline [13][14]. - Supplier concentration is also high, with the top five suppliers accounting for 86.9% of purchases, raising concerns about supply chain stability amid geopolitical uncertainties [14][15].

芯东西7月24日报道，7月22日，中国首家碳化硅外延企业天域半导体递表港交所。 | 項下 编纂 數目 | | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | 编纂 数目 | .. | 编纂]股H股(可予重新分配) | | 编纂 數目 | … | 编纂]股H股(可予重新分配及視乎[编纂]行使與否而 | | | | 定) | | 最高 编纂 : | | 每股H股[編纂]港元,另加1.0%經紀佣金、0.0027% | | | | 證監會交易徵費、0.00565%聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於I編纂]時以港元 | | | | 繳足,多繳股款可予退回) | | 面值 | : : | 每股H股人民幣1.00元 | | ■纂 | | 【编纂】 | 根据弗若斯特沙利文资料，天域半导体2024年在中国碳化硅外延片行业的收入及销量均排名第一。 截至2025年5月31日，天域半导体6英寸及8英寸外延片的年度产能约为42万片，使其成为中国具备6英吋及8英吋外延片产能的最大公司之一。 天域半导体于2009年1月7日在广东东莞成立，填补了国内产业链的空 ...

Core Viewpoint - ChipLink Integrated announced a plan to acquire 72.33% of ChipLink Yuezhou Integrated Circuit Manufacturing Co., Ltd. for a transaction price of 5.897 billion yuan, aiming for full control and resource integration in high-end semiconductor fields [1][2] Group 1: Acquisition Details - The acquisition will allow ChipLink Integrated to fully control ChipLink Yuezhou, enhancing its core competitiveness in power semiconductors, silicon carbide (SiC), and high-voltage analog ICs [1] - The transaction involves 15 counterparties and is valued at 5.897 billion yuan [1] Group 2: ChipLink Yuezhou's Capabilities - ChipLink Yuezhou has a monthly production capacity of 70,000 8-inch IGBTs and silicon-based MOSFETs, and 8,000 6-inch SiC MOSFETs, positioning it as a pioneer in the domestic automotive-grade SiC power device industry [1] - Over 90% of ChipLink Yuezhou's SiC MOSFET products are used in the main drive inverters of new energy vehicles, with the company leading domestic shipments in 2023 and the first half of 2024 [1][2] Group 3: Strategic Implications - The acquisition will enable ChipLink Integrated to optimize management efficiency and increase investment in high-value areas such as SiC MOSFETs, VCSELs (GaAs), and high-voltage analog ICs [2] - The company aims to capitalize on the rapid growth in demand for SiC devices in the new energy vehicle, photovoltaic, and energy storage markets, solidifying its leading position in the third-generation semiconductor sector [2]

Core Viewpoint - The power discrete device market is experiencing structural adjustments driven by semiconductor technology advancements and the new energy revolution, with significant growth expected in 2024 and beyond [1][11][13]. Industry Overview - Power discrete devices are independent semiconductor components used for energy conversion and control, capable of handling high voltage and current, and are widely applied in power management, motor drives, and new energy systems [2][4]. - The market is categorized into diodes, transistors, thyristors, and wide bandgap devices, with materials divided into silicon-based and third-generation semiconductors (SiC/GaN) [2][4]. Market Dynamics - The global power discrete device market is projected to grow at a compound annual growth rate (CAGR) of approximately 12%, reaching a market size of 48 billion yuan in 2024, driven by strong demand from the new energy vehicle sector [1][13]. - In 2023, despite a slowdown due to a decline in consumer electronics, high-end devices like automotive-grade IGBTs and SiC MOSFETs maintained over 20% growth [11][13]. Competitive Landscape - The Chinese power discrete device industry features a "pyramid" competition structure, with leading companies like Anshi Semiconductor and BYD Semiconductor at the top, followed by companies like Silan Micro and Huazhong Micro [17][19]. - The domestic market has achieved over 60% replacement rate in mid-to-low-end segments, but high-end sectors still face technological barriers [17][22]. Development Trends - The industry is witnessing three core trends: accelerated penetration of third-generation semiconductor technologies (SiC/GaN), deepening domestic replacement processes, and diversification of application markets [21][22]. - The market for SiC MOSFETs is expected to grow over 30% in 2024, with significant advancements in manufacturing yields and technology [21][22]. - The demand for power discrete devices is increasingly driven by new energy vehicles, photovoltaic energy storage, and industrial control, with expectations of over 10 million new energy vehicles sold by 2025 [21][23].

大功率充电设施建设，核心价值远不止于"快"。一方面，可释放新能源汽车市场潜力。从用户体验 角度看，更高的充电效率意味着更少的"里程焦虑"。另一方面，能提升新能源车辆运营效率。对出租 车、网约车、物流车等高频使用车辆来说，显著缩短补能时间，可以提高运营效益。 新能源汽车"里程焦虑"有望逐步消除。近日，国家发展改革委、国家能源局等4部门印发《关于促 进大功率充电设施科学规划建设的通知》(以下简称《通知》)，提出稳步构建布局合理、品质升级、技 术先进的大功率充电基础设施体系，适时打造一批具有示范作用的大功率充电应用城市与高速走廊，力 争到2027年底，全国范围内大功率充电设施超过10万台。这是国家层面针对新能源汽车发展痛点精准施 策的关键一步。 当前，新能源汽车用户尤其是长途出行者，面临充电等待时间长、体验不佳的困境。节假日出行高 峰期间，高速公路服务区充电桩排队现象严重。此外，充电桩数量不足、分布不均、部分设备老化或损 坏等问题也较为突出。 如何提升充电效率？建设大功率充电设施是一个重要路径。电动汽车充电时间主要取决于车辆电池 容量与充电桩充电功率。这就好比用水龙头接水，普通充电桩是"小水流"，大功率充电桩是"大 ...

Company Overview - InnoScience (英诺赛科) is a high-tech enterprise focused on the research and manufacturing of GaN-on-Si (Gallium Nitride on Silicon) devices, utilizing an Integrated Device Manufacture (IDM) model [2] - The company has established the world's largest 8-inch GaN-on-Si wafer production line, aiming to provide high-quality and reliable GaN devices at lower prices [2] Financial Performance - As of December 31, 2024, InnoScience reported total revenue of 828 million yuan, representing a year-on-year growth of 39.77% [1] - The net profit attributable to shareholders was -1.046 billion yuan, with a year-on-year increase of 5.11% [1] - The gross profit margin stood at -19.48%, and the debt-to-asset ratio was 46.44% [1] Stock Performance - As of July 16, the stock price of InnoScience was 41.85 HKD per share, with a daily increase of 9.55% and a trading volume of 7.3499 million shares, amounting to a turnover of 298 million HKD [1] - Over the past month, the stock has seen a cumulative increase of 3.24%, while year-to-date, it has risen by 22.24%, underperforming the Hang Seng Index, which has increased by 22.58% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the semiconductor industry (TTM) is 26.15 times, with a median of 7.36 times [1] - InnoScience's P/E ratio is -29.8 times, ranking 15th in the industry [1] - Comparatively, other companies in the sector have the following P/E ratios: China Electric Power Technology (4.77), AV CONCEPT HOLD (6.77), Yuanxu Technology (7.36), Chipwise Holdings (8.33), and Jingyang Group (11.53) [1]

Core Viewpoint - The article highlights the rising prominence of Gallium Nitride (GaN) technology in various sectors, particularly in data centers and automotive applications, while Silicon Carbide (SiC) faces challenges. The power GaN market is projected to grow significantly, with a forecasted compound annual growth rate (CAGR) of 41% from 2023 to 2029, reaching over $2 billion [1]. Group 1: GaN Market Dynamics - NVIDIA is leading the transition to 800 V HVDC data center power infrastructure, which will significantly utilize GaN technology [1]. - Yole Group predicts that the power GaN market will grow tenfold from 2023 to 2029, driven by its higher switching frequency and power density, as well as reduced energy loss [1]. Group 2: TSMC's Shift in GaN Production - TSMC announced it will cease GaN foundry production by July 2027, citing low profit margins and a shift in focus towards advanced logic processes [6]. - This decision has forced existing customers to seek new partnerships, indicating a significant shift in the GaN foundry landscape [6]. Group 3: GaN Production Challenges and Opportunities - InnoScience, a leading domestic GaN manufacturer, emphasizes the importance of 8-inch wafer production for cost-effectiveness and scalability, arguing that 6-inch production is not viable for large-scale applications [7]. - The transition to 12-inch GaN production is seen as feasible but requires significant preparation and experience from 8-inch production [10][12]. Group 4: GaN Applications Beyond Consumer Electronics - GaN technology is not limited to consumer electronics; it has potential applications in electric vehicles (EVs) and data centers, with partnerships like that with CATL showcasing its capabilities [15][17]. - The article discusses the potential for GaN in smart and electric vehicles, highlighting its role in energy management and as part of distributed energy systems [16]. Group 5: Strategic Collaborations - InnoScience's collaboration with STMicroelectronics aims to enhance GaN power solutions across various sectors, leveraging each company's strengths to improve supply chain resilience [18]. - The partnership is expected to expand GaN product offerings and market capabilities, indicating a strategic move to solidify positions in the growing GaN market [18].