Core Viewpoint - Tianyu Semiconductor is set to list on the Hong Kong Stock Exchange on October 21, 2025, with CITIC Securities as the sole sponsor. The company specializes in silicon carbide (SiC) epitaxial wafers and is the first technology-leading supplier in China [1]. Company Overview - Tianyu Semiconductor's projected revenue for 2024 is approximately RMB 520 million, with a gross loss of RMB 374 million and a net loss of RMB 500 million [1]. - The company focuses on the research, production, and sales of self-developed SiC epitaxial wafers, which are used in various applications including the new energy sector (electric vehicles, photovoltaics, charging stations, and energy storage), rail transportation, smart grids, general aviation, and home appliances [1]. Market Position - According to Frost & Sullivan, the company is expected to capture a market share of 30.6% by revenue and 32.5% by volume in the Chinese SiC epitaxial wafer market by 2024, making it the leading company in this sector [2]. - The sales volume of 4-inch and 6-inch SiC epitaxial wafers has decreased from 2022 to May 2025, while the sales volume of 8-inch wafers has significantly increased from 0% in 2022 to 9.8% in May 2025 [1]. Financial Performance - Revenue figures for the years 2022, 2023, and 2024 are approximately RMB 437 million, RMB 1.171 billion, and RMB 520 million, respectively, with a compound annual growth rate (CAGR) of 9.06% [2]. - Gross profit figures for the same years are approximately RMB 87 million, RMB 217 million, and a gross loss of RMB 374 million, indicating a significant decline in profitability in 2024 [2]. - Net profit figures for 2022, 2023, and 2024 are approximately RMB 3 million, RMB 96 million, and a net loss of RMB 500 million, reflecting a shift from profit to loss in 2024 [2]. Industry Outlook - The global SiC epitaxial wafer market has seen significant changes, particularly in the 6-inch segment, with revenue increasing from USD 300 million in 2019 to USD 1 billion in 2023 [6]. - The Chinese SiC epitaxial wafer market is expected to grow at a compound annual growth rate (CAGR) of 50.9% from 2023 to 2028, outpacing the global market's expected CAGR of 37.8% during the same period [9]. - The competition in the Chinese SiC epitaxial wafer market is highly concentrated, with the top five players accounting for 85% of the total market share by revenue in 2023 [9].