Core Viewpoint - The article presents a new 1200 V fully-vertical GaN-on-Si trench MOSFET utilizing fluorine implanted termination (FIT), which significantly improves breakdown voltage and device performance compared to traditional structures [2][25]. Group 1: Introduction and Background - GaN and SiC wide bandgap semiconductors have great potential in developing efficient, high-density power systems, with GaN transistors widely used in 100 V to 650 V applications, while SiC transistors dominate in high-voltage applications above 1200 V [4]. - The competition between GaN and SiC in the 650 V to 1200 V market is intense, with SiC's high substrate costs limiting its competitiveness [4][5]. - Advances in low-cost, large-diameter silicon substrates for GaN epitaxy have opened new possibilities for high-performance GaN transistors [4]. Group 2: Device Structure and Performance - The newly developed FIT-MOS structure replaces the traditional mesa-etched termination (MET), effectively isolating discrete devices and alleviating electric field crowding effects [7][25]. - The FIT-MOS achieved a breakdown voltage of 1277 V, significantly higher than the 567 V of MET-MOS, with a threshold voltage of 3.3 V, an ON/OFF ratio of approximately 10^7, and a specific on-resistance of 5.6 mΩ·cm² [7][25]. - The device demonstrates a high conduction current density of 8 kA/cm², indicating its suitability for kV-level power electronic systems [7]. Group 3: Manufacturing Process - The manufacturing process of FIT-MOS involves several steps, including gate trench etching, rapid thermal annealing, and fluorine ion implantation to create the FIT region [12]. - The use of a conductive buffer layer made of AlGaN/AlN allows for a fully vertical current path while avoiding complex substrate engineering [15]. Group 4: Comparative Analysis - The FIT-MOS shows advanced performance metrics compared to previously reported GaN vertical trench MOSFETs on various substrates, achieving a Baliga figure of merit (BFOM) of 291 MW/cm² [24]. - The results indicate that the FIT technology enables GaN-on-Si vertical MOSFETs to reach performance levels comparable to those on GaN substrates, marking a significant step towards cost-effective kV-level power applications [24].

Company Overview - Tianyue Advanced focuses on the research, production, and sales of wide bandgap semiconductor silicon carbide substrate materials, ranking among the top three manufacturers globally with a market share of 16.7% [1] - The company's products are widely used in electric vehicles, AI data centers, and photovoltaic systems [1] Financial Performance - For the year 2024, the company is projected to achieve a revenue of 1.768 billion yuan and a net profit of 179 million yuan, with overseas revenue accounting for 57.03% of total income [1] Stock Market Activity - As of August 20, 2025, Tianyue Advanced's stock price was 66.26 yuan, down 0.61 yuan from the previous trading day, with an opening price of 66.88 yuan and a closing price of 45.54 HKD on its listing day [1] - The company was officially listed on the Hong Kong Stock Exchange on August 20, 2025, with an issue price of 42.80 HKD per share, reflecting a 6.4% increase from the issue price [1] Capital Flow - On August 20, 2025, the net outflow of main funds was 105.98 million yuan, accounting for 0.37% of the circulating market value, with a cumulative net outflow of 169.28 million yuan over the past five days, representing 0.59% of the circulating market value [1]

Core Viewpoint - The "Power Device Manufacturing Testing and Application Conference (IPF 2025)" will be held on August 21-22, 2025, in Wuxi, China, focusing on advancements in wide bandgap semiconductors and power devices [2][7]. Agenda Summary Forum Agenda - The conference will feature an Industry Leadership Summit with keynote speeches from prominent figures in the semiconductor field, including discussions on the latest research in wide bandgap semiconductor power devices [3][4]. - Key topics include advancements in power semiconductor materials, the impact of silicon carbide (SiC) defects on device performance, and the future trends of SiC technology [3][4]. - A roundtable discussion will address the challenges of GaN and SiC in power electronics applications, featuring industry leaders from various semiconductor companies [3][4]. Specific Sessions - Sessions will cover advanced materials and manufacturing techniques for power semiconductors, including the development of large-size SiC substrates and GaN integration technologies [4][5]. - The conference will also explore the challenges and solutions in achieving high reliability for power devices, particularly in automotive applications [4][5]. - Additional discussions will focus on the integration of AI in semiconductor manufacturing and the future of power semiconductor technologies [4][5]. Participation and Scale - The conference is expected to attract 800 to 1000 participants, including substrate and epitaxy manufacturers, design and manufacturing companies, and automotive manufacturers [7][10]. - Various sponsorship opportunities are available, with notable sponsors already confirmed [12][13]. Registration and Venue - Registration details include ticket pricing and conditions, with early bird and group discounts available [16][17]. - The event will take place at the Lianghong Wetland Radisson Hotel in Wuxi, providing convenient access for attendees [20].

Core Viewpoint - Tianyue Advanced (02631) is set to launch an IPO from August 11 to August 14, 2025, aiming to globally offer 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, and is expected to start trading on August 19, 2025 [1][2] Group 1: Company Overview - The company specializes in the semiconductor materials industry, focusing on the research and industrialization of silicon carbide substrates, and is ranked among the top three global manufacturers in this sector with a market share of 16.7% based on 2024 sales revenue [1] - The company has shown strong revenue growth, with revenue increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and further rising by 41.4% to RMB 1.768 billion in 2024 [2] Group 2: Financial Performance - The company reported losses of RMB 176 million in 2022 and RMB 45.7 million in 2023, but turned a profit of RMB 179 million in 2024 [2] - For the three months ending March 31, 2024, the profit was RMB 46.1 million, which decreased to RMB 8.5 million for the same period in 2025 [2] Group 3: IPO Details and Use of Proceeds - The cornerstone investors have agreed to subscribe for shares worth HKD 740 million, which translates to approximately 17.2952 million shares at the maximum offer price [2] - The estimated net proceeds from the global offering are approximately HKD 1.938 billion, with 70% allocated for expanding production capacity, 20% for enhancing R&D capabilities, and 10% for working capital and general corporate purposes [3] - If the over-allotment option is fully exercised, the company expects to receive an additional net amount of HKD 296 million, which will be allocated proportionally to the aforementioned uses [3]

Core Viewpoint - Tianyue Advanced (02631) is set to launch an IPO from August 11 to August 14, 2025, aiming to issue 47.75 million H-shares, with a maximum offer price of HKD 42.80 per share, and is positioned as a leading player in the silicon carbide substrate manufacturing industry [1][2]. Group 1: Company Overview - The company specializes in the semiconductor materials industry, particularly in the research and industrialization of silicon carbide substrates, and ranks among the top three global manufacturers with a market share of 16.7% based on sales revenue in 2024 [1]. - The company has shown strong revenue growth, with revenue increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and further rising by 41.4% to RMB 1.768 billion in 2024 [2]. Group 2: Financial Performance - The company reported losses of RMB 176 million in 2022 and RMB 45.7 million in 2023, but turned a profit of RMB 179 million in 2024, with profits of RMB 46.1 million and RMB 8.5 million for the three months ending March 31 in 2024 and 2025, respectively [2]. - The estimated net proceeds from the global offering, assuming the maximum offer price, are approximately HKD 1.938 billion, which will be allocated primarily for capacity expansion, R&D enhancement, and general corporate purposes [3]. Group 3: Use of Proceeds - Approximately 70% (HKD 1.357 billion) of the net proceeds is expected to be used for expanding the company's capacity for 8-inch and larger silicon carbide substrates [3]. - About 20% (HKD 388 million) is planned for strengthening R&D capabilities to maintain innovation leadership, while 10% (HKD 194 million) will support working capital and other general corporate needs [3].

Core Viewpoint - The article emphasizes the significance of Gallium Nitride (GaN) as a strategic material in modern technology, highlighting its potential applications and advantages over Silicon Carbide (SiC) in various sectors [1][10][25]. Group 1: Material Comparison - GaN and SiC are classified as compound semiconductors, composed of multiple elements, and their properties significantly impact the performance of electronic devices [2]. - SiC MOSFETs excel in high power applications, while GaN HEMTs are superior in high-frequency applications [3][4]. - The substrate for GaN can be silicon or sapphire, while SiC and silicon devices use their respective materials as substrates [6][7]. Group 2: Application Markets - In the automotive sector, GaN is still in the exploratory phase for high-power applications, with SiC currently dominating due to its superior short-circuit protection capabilities [10][11]. - GaN power devices have gained traction in consumer electronics, particularly in fast charging solutions, with significant market penetration since 2019 [12]. - The AI server power market demands high power density, where GaN's high-frequency switching and low-loss characteristics are advantageous [18]. - In humanoid robotics, GaN FETs enable faster switching speeds, enhancing the performance of joint motors [21][23]. - GaN shows promise in integrated solar-storage-charging systems, improving inverter size and dynamic performance [24]. Group 3: Technical Challenges - GaN faces challenges related to lattice and thermal mismatch when grown on silicon substrates, impacting the quality and reliability of devices [25]. - The cost structure of GaN devices is influenced by substrate costs, wafer manufacturing, depreciation, yield, and packaging [25]. Group 4: Industry Events - The IPF 2025 conference serves as a significant platform for discussions on GaN and SiC technologies, featuring prominent industry leaders and experts [34][35].

Core Viewpoint - The global market for β-Gallium Oxide (β-Ga2O3) single crystal wafers is projected to reach $430 million by 2031, with a compound annual growth rate (CAGR) of 27.6% from 2024 to 2030, driven by its superior electrical properties and wide bandgap characteristics [1]. Market Overview - β-Ga2O3 is a wide bandgap semiconductor with a bandgap of approximately 4.9 eV, offering excellent electrical performance, including high breakdown field strength (8 MV/cm) and high ultraviolet transmittance [1]. - The market is dominated by 4-inch wafers, which account for about 54.8% of the market share [6][8]. - The primary application for β-Ga2O3 wafers is in education and research, representing approximately 53.2% of the demand [9]. Key Drivers - The wide bandgap property of β-Ga2O3 allows for high-temperature and high-voltage applications, making it suitable for high-power and high-frequency devices [14]. - The high breakdown field strength of β-Ga2O3 (8-10 MV/cm) surpasses that of traditional materials like silicon and gallium nitride, increasing its demand in high-voltage applications [14]. - Advancements in crystal growth technologies, such as the Czochralski method, support the large-scale production of high-quality β-Ga2O3 wafers [17]. - The decreasing manufacturing costs due to optimized production processes enhance the competitiveness of the industry [18]. Challenges - The difficulty in controlling crystal defects in β-Ga2O3 affects the stability and reliability of devices [19]. - The lack of mature p-type doping technology limits the flexibility in device design [19]. - Existing manufacturing equipment is primarily designed for traditional materials, creating a gap in the supply chain for β-Ga2O3 [21]. Industry Opportunities - The high-power and high-voltage device market presents significant growth potential for β-Ga2O3, especially in power management and electric vehicle drive systems [24]. - The unique properties of β-Ga2O3 make it ideal for ultraviolet light detection and emission applications, catering to environmental monitoring and healthcare needs [25]. - The rise of electric vehicles and smart grids increases the demand for efficient wide bandgap semiconductor devices [26]. - Emerging applications in space technology and military defense create new opportunities for high-performance materials [27]. - Government support and capital investment in wide bandgap semiconductor development provide a favorable environment for industry growth [29]. - The global push for energy transition and efficiency improvements positions β-Ga2O3 as a key material in achieving these goals [30].

Core Viewpoint - Wolfspeed is facing significant financial distress, with a debt of $6.5 billion and cash reserves of only $1.3 billion, leading to speculation about potential bankruptcy [3][9]. Group 1: Wolfspeed's History and Market Position - Wolfspeed, originally part of Cree, was established in 1987 and focused on the commercialization of silicon carbide (SiC) materials in the LED sector. It became a leader in the wide bandgap semiconductor field, achieving a market share of over 60% [4]. - The company specializes in the research and manufacturing of SiC and gallium nitride (GaN) semiconductors, being the only global player with a fully integrated supply chain from substrate to device [4][5]. - Wolfspeed's product range includes discrete devices, power modules, and bare chips, serving markets such as electric vehicles, renewable energy, and industrial applications [4]. Group 2: Market Dynamics and Competition - The global market for compound semiconductors is projected to exceed $23.05 billion by 2024, with a compound annual growth rate (CAGR) of over 10% from 2024 to 2030 [12]. - Chinese manufacturers are rapidly gaining market share, with Wolfspeed's market share expected to drop to approximately 30% by 2024, a decline of over 30% since 2021 [10]. - Domestic companies like Tianyue Advanced and Tiankehua have emerged with competitive pricing, capturing significant market shares of 17.1% and 17.3%, respectively [10]. Group 3: Technological Advancements and Future Trends - The demand for SiC and GaN semiconductors is driven by the growth in electric vehicles, 5G communication, and renewable energy applications, with SiC devices improving electric vehicle range by 10% and increasing solar inverter efficiency to over 99% [17][18]. - The market for GaN is expected to exceed 30 billion yuan by 2025, with domestic companies capturing nearly 40% of the global market share [16]. - The compound semiconductor market is characterized by a structural contradiction, with oversupply in low-end segments and a shortage in high-end applications, prompting a shift towards technological upgrades [21]. Group 4: Investment Trends and Future Outlook - Investment in the compound semiconductor sector has cooled, with capital becoming more cautious due to increased cost pressures and intensified competition [22]. - Despite the current challenges, the long-term outlook remains positive, with significant financing events occurring in the sector, indicating ongoing interest from investors [22][23]. - The industry is expected to transition from chaotic competition to orderly differentiation, with companies that possess technological reserves and integrated supply chains likely to dominate the global market [22].

Core Viewpoint - Wolfspeed, a leading manufacturer of SiC substrates, is preparing to file for bankruptcy due to significant debt pressure and declining revenue forecasts [2][4]. Group 1: Company Overview - Wolfspeed, established in 1987, is a major player in the SiC power device and wide bandgap semiconductor technology sector, originally part of Cree's third-generation semiconductor business [2]. - The company has transitioned from LED lighting to focus on SiC and GaN materials and devices since 2017, officially rebranding as Wolfspeed in 2021 [2][3]. Group 2: Financial Performance - Wolfspeed's total debt has reached $6.5 billion, including $1.5 billion in senior secured loans held by Apollo Global Management [4]. - The company has lowered its revenue forecast for 2026 to $850 million, significantly below the market expectation of $958.7 million [3][4]. Group 3: Market Challenges - The company has faced ongoing operational risks, including a downturn in electric vehicle demand and a sluggish industrial market, leading to a 20% workforce reduction and the closure of multiple sites [3]. - In early 2025, Wolfspeed closed several factories and shifted some operations to a 200mm SiC wafer facility to enhance efficiency and scale production [3].

近日，山东天岳先进科技股份有限公司（下称"天岳先进"，股票代码"688234"）申请港交所上市，中金公司和中信证券为其联 席保荐人。 IPO日报注意到，这家山东济南首富创立的公司科创板上市后出现业绩"变脸"、股价破发、股东减持等情况，此次港股上市能顺 利吗？ 上市三年，股价破发 天岳先进成立于2010年11月，是全球宽禁带半导体材料行业领军企业。公司专注于高质量碳化硅衬底的研发与产业化，为新能 源与AI产业提供核心支撑，业务涉及电动汽车、AI数据中心、AI眼镜等领域。 招股书显示，根据弗若斯特沙利文的资料，按2023年碳化硅衬底的销售收入计，天岳先进是全球排名前三的碳化硅衬底制造 商。截至2024年9月30日，天岳先进已与全球前十大功率半导体器件制造商（按2023年收入计）中一半以上的制造商建立业务合 作关系，其生产的碳化硅衬底经客户制成功率器件及射频器件，最终应用于电动汽车、AI数据中心及光伏系统等多领域的终端 产品中。 碳化硅单晶衬底材料是一种宽禁带半导体材料，和传统材料相比具有更加优异的物理性能，可以有效提升下游器件的功率密度 和整体性能，在电力电子以及微波电子领域有着广泛的应用前景。但优越的物理性能背 ...