内容概况：MOSFET作为功率半导体的核心器件，广泛应用于消费电子、通信、工业控制、汽车电子等 多个领域。近年来，随着5G通信技术的普及、新能源汽车市场的爆发以及工业自动化程度的不断提 高，MOSFET的需求持续攀升。2024年，中国MOSFET行业市场规模为429.44亿元，同比增长7.67%。 技术方面，硅基MOSFET向高压、高频、低损耗方向演进，产品性能逐步接近国际水平。同时，碳化硅 （SiC）MOSFET等第三代半导体器件加速商业化，比亚迪、吉利等车企已批量导入SiC MOSFET，提 升充电效率与续航能力。随着国产MOSFET厂商通过自主研发，逐步打破高端市场依赖进口的局面，部 分产品已实现国产替代。 相关上市企业：华润微（688396）、士兰微（600460）、新洁能（605111）、扬杰科技（300373）、芯 联集成（688469）、东微半导（688261）、锴威特（688693） 2011年至2013年的本土联盟，中国的功率半导体厂商，包括华虹、华润徽等，先后开发出第四代、第五 代ICBT工艺。在有了本土产能的保证下，2010年前后，国内市场崛起了一批纯设计商，如斯达半导 体、新洁能等。 ...

Core Viewpoint - The article discusses the evolution and challenges faced by Wolfspeed (formerly CREE) in the silicon carbide (SiC) semiconductor market, particularly in the context of the electric vehicle (EV) industry and the company's strategic decisions that led to its decline. Group 1: Company Background and Market Position - CREE, founded in 1987, initially struggled for recognition in the semiconductor industry until the rise of electric vehicles, particularly Tesla's Model 3, highlighted its dominance in SiC production, holding 60% of the global SiC wafer capacity [3][5]. - The transition from traditional silicon to SiC in Tesla's Model 3 inverter showcased the advantages of SiC, such as lower weight and higher efficiency, which positioned CREE as a key player in the EV supply chain [4][8]. Group 2: Strategic Decisions and Market Dynamics - In 2017, under new CEO Gregg Lowe, CREE shifted focus from LED to SiC semiconductors, leading to a significant increase in semiconductor revenue share from 10% to 53% by 2021 [20][19]. - The rebranding to Wolfspeed and the divestment of the LED business were bold moves aimed at solidifying its position in the SiC market, but the company faced challenges in scaling production and managing costs [21][20]. Group 3: Production Challenges and Competitive Landscape - The production of SiC wafers is complex and costly, with slower growth rates compared to silicon wafers, leading to high production costs and inefficiencies [13][9]. - As the EV market expanded, competition intensified, with other companies entering the SiC space, leading to a need for Wolfspeed to either expand its 6-inch wafer capacity or invest in 8-inch wafer production [24][26]. Group 4: Financial Performance and Future Outlook - Despite initial optimism, Wolfspeed's financial performance deteriorated, with a 12% revenue decline in 2024 and significant stock price drops, attributed to underutilization of its new 8-inch facility and rising competition from Chinese firms [34][37]. - The company's heavy investment in 8-inch production without immediate returns raised concerns among investors, leading to a significant drop in market value and ultimately resulting in bankruptcy proceedings [40][39]. Group 5: Industry Implications - The article highlights the broader implications for the semiconductor industry, emphasizing that cost control is critical in a highly competitive market where product standardization is prevalent [41][42]. - The challenges faced by Wolfspeed may signal a larger trend of consolidation and restructuring within the semiconductor supply chain, particularly in the context of the evolving EV market [45].

以下文章来源于远川科技评论 ，作者何律衡 远川科技评论 . 刻画这个时代（的前沿科技） 2018年夏天，伴随特斯拉Model 3开始交付，全球范围内掀起了一股拆解Model 3的热潮。华尔街分析师们顺藤摸瓜，摸到一家名叫 CREE（科锐） 的小公司。 CREE成立于1987年，早在1993年就上市，但在巨人林立的半导体从产业长期缺乏存在感。随着Model 3的上市交付，产业界惊讶地发 现，这家年收入不到4亿美元的小公司牢牢掐住了新能源车的命脉—— 碳化硅 。 同一时期，研究机构Munro&Associates发布Model 3拆解报告，第一次揭开了碳化硅的庐山真面目。 在Model 3的动力输出核心部件 逆变器 中，特斯拉把传统的硅材料换成了碳化硅，总重量仅为4.8kg，不到竞品的一半（日产聆风为 11.15kg）[1]，耐高压、低损耗，困扰业界的诸多难题一次性解决。 Model 3逆变器中的碳化硅MOSFET 但在当时，全世界60%的碳化硅晶圆产能都掌握在CREE手里，下游的半导体公司只能排队找CREE预订产能。 正所谓酒壮怂人胆，CREE一不做二不休，卖光了跟半导体无关的所有业务，并更名为Wolfspee ...

Core Viewpoint - Tianyue Advanced (688234) reported a revenue of 410 million yuan for Q1 2025, maintaining its industry-leading position despite a slight decline in net profit due to increased R&D expenses and decreased product prices [1] Group 1: Company Performance - The company achieved a revenue of 410 million yuan, showing a slight year-on-year decline in revenue while steadily increasing market share [1] - R&D expenses increased by 101.67% year-on-year to 44.94 million yuan, focusing on product matrix improvement, emerging application markets, and optimization of product quality and costs [2] - The product shipment volume continued to grow, indicating robust operational strategies centered on high-quality products [2] Group 2: Industry Trends - The demand for third-generation semiconductor materials, particularly silicon carbide (SiC), is driven by the rapid development of renewable energy and AI technologies, making SiC a key material for high-power semiconductor devices [1] - SiC is becoming essential in applications such as electric vehicle (EV) inverters, onboard chargers, and DC/DC converters, especially with the adoption of 800V high-voltage platforms in EVs [2] - The company is expanding into new application areas, including AR glasses, leveraging the high refractive index of SiC to enhance visual performance and reduce lens thickness [2] Group 3: Technological Advancements - Tianyue Advanced launched 12-inch conductive substrates at Semicon Europe in November 2024 and showcased a full range of SiC substrates at Semicon China in March 2025, marking the entry into the "12-inch era" for the SiC industry [3] - The company has achieved breakthroughs across the entire technology chain, including crystal growth, defect control, processing detection, and component self-manufacturing [3] - Future R&D investments will focus on large-size products and new application fields, providing strong momentum for performance growth [3]