Core Insights - The global semiconductor industry has a market size of approximately 4 trillion RMB, with power discrete devices accounting for about 5% and a compound annual growth rate of around 5% [1] - China holds nearly half of the global power semiconductor market, projected to reach a market size of 75.5 billion USD by 2025, with China contributing 29.1 billion USD, representing 38.6% of the market [1] - Jiangsu province is a key hub for China's power semiconductor industry, housing several top companies in the sector [1] Industry Overview - Power semiconductors are essential components for energy conversion and control, used in various applications from high-speed trains to consumer electronics [2] - The market for power semiconductors is driven by both traditional demand, such as consumer electronics replacements, and emerging applications like wearable devices and robotics [2] - The domestic localization rate for power semiconductors in China has increased to 15%-20%, with IGBT and SiC devices at about 35% and MOSFETs at around 15% [2] Competitive Landscape - Chinese listed companies in the power semiconductor sector are increasingly dominating global niche markets, supported by advancements in key downstream industries like new energy vehicles and 5G [3] - The competition is intensifying as domestic companies aim to fully localize high-end power semiconductors within 3 to 5 years [3] - Yangjie Technology has initiated international expansion, achieving domestic sales revenue of 4.527 billion RMB and foreign sales of 1.364 billion RMB in 2024 [3] International Expansion - Yangjie Technology operates under two brands, YG for the Asia-Pacific market and MCC for Europe and the Americas, with MCC generating over 210 million USD in sales by 2024 [3][5] - The company has established a localized R&D and manufacturing network globally, including five R&D centers and 15 wafer and packaging factories [5] - The shift towards Chinese brand suppliers in the global market presents opportunities for Chinese power semiconductor companies to increase their market share [5] Technological Advancements - The third-generation semiconductor technology is aiding Chinese companies in expanding their international market presence, exemplified by InnoSilicon's collaboration with NVIDIA [5]