在新能源汽车、可再生能源等行业的强势拉动下，碳化硅（SiC）功率器件赛道迎来爆发期。 近日，国内碳化硅IDM模式的龙头企业深圳基本半导体股份有限公司(以下简称"基本半导体")更新了招股书，重启赴港上市之路。 这家由顶尖博士团队创立、背后有博世、闻泰科技(600745.SH)等明星资本支持的企业，呈现出高增长与持续亏损并存的局面。其IPO历程，既折射出第三代 半导体行业的广阔前景，也反映出本土企业在成长中的现实挑战。 博士天团领航，明星资本扎堆押注 基本半导体的起点堪称"顶配"，两位深耕半导体领域的博士坐镇。 其中，公司创始人汪之涵（曾用名为汪淏）博士，毕业于清华大学电气工程及其自动化专业，获英国剑桥大学电力电子博士学位。目前，他在功率器件行业 拥有超过17年的研究与管理经验，于2007年10月至 2008年12月期间在剑桥大学工程系从事博士后研究工作。汪之涵于2009年3月创立青铜剑科技，并担任青 铜剑科技董事长至今。 执行董事兼首席执行官和巍巍博士，同样毕业于清华，2007年7月获得中国清华大学电气工程及其自动化专业学士学位，并于2014年11月获得英国剑桥大学 电力电子专业博士学位。自2016年公司成立以 ...

Core Viewpoint - Despite facing operational pressure in the industrial silicon, organic silicon, and photovoltaic sectors, the company achieved a revenue of 9.775 billion yuan in the first half of 2025, although it reported a net profit of -397 million yuan due to price declines influenced by economic fluctuations and supply-demand mismatches [1] Group 1: Organic Silicon Business - The organic silicon prices have rapidly declined to historical lows, but the simultaneous decrease in raw material costs and product prices has prevented a significant drop in the industry's overall gross profit margin [2] - As a leading player in the organic silicon sector, the company is expected to accelerate its profit rebound due to anticipated price recovery and improved supply-demand dynamics [2] - The company's organic silicon business generated a revenue of 4.662 billion yuan in the first half of the year, with a gross margin of 17.36%, an increase of 1 percentage point year-on-year [2] Group 2: Industrial Silicon Business - The company is positioned to benefit from industry consolidation and efficiency improvements as high-energy-consuming capacities are phased out [4] - The company has optimized its resource allocation and increased its self-supply ratio, enhancing product quality and reducing production costs [4] - Industrial silicon prices have begun to rebound after hitting a low in early June, with expectations for a gradual recovery in the second half of the year as supply-demand conditions improve [4] Group 3: Silicon Carbide Business - The company is extending its silicon-based new materials industry chain, positioning silicon carbide products as a new growth point [5] - The company has mastered the core technologies across the entire silicon carbide production chain, achieving leading domestic product yields and competitive technical indicators [6] - The company has successfully developed ultra-pure silicon carbide ceramic powders and high-purity semi-insulating silicon carbide powders, catering to various high-purity and customized powder demands [6] Group 4: Future Outlook - The company anticipates a gradual release of demand in the second half of 2025, driven by stable organic silicon market capacity and ongoing demand from emerging sectors [7] - The photovoltaic industry is undergoing significant adjustments, with government interventions expected to help restore healthy development, positively impacting the upstream industrial silicon market [7] - The company has a robust cash flow position, significantly outperforming comparable companies, which is crucial for navigating the industry's downturn [8]