作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 上月末，由于难以解决巨额债务问题，全球 SiC （碳化硅）巨头 Wolfspeed 宣布准备在几周内申请破产。 先发优势并不代表企业护城河坚不可摧。在国产厂商的奋力追赶下，部分企业的市场份额已经能够望其项背。 最后一个靴子落地，随着供应链重新洗牌， SiC 衬底行业有望走出价格低迷的阴霾，竞争格局或将重塑。 对于技术工艺实力领先的国内企业如天岳先进、天科合达，随着产能供需逐渐走向平衡，争夺行业话语权的机会或在酝酿之中。 01 激进扩产埋下危机 Wolfspeed 的高光时刻发生在 2021 年，那年 10 月之前还叫做 Cree ，而 Wolfspeed 作为后者的三大部门之一，主要从事第三代半导体 业务。 成立于 1987 年的 Cree ，在上世纪 90 年代是全球最大的蓝光 LED 芯片制造商， 1991 年就已推出全球首片商业化碳化硅晶圆，一举奠定 行业鼻祖地位。 2011 年， Wolfspeed 率先推出全球第一款 SiC MOSFET ，在行业内树立起技术标杆。 但另外两个业务（ LED 芯片和组件、照明系统及灯具 ...

Core Viewpoint - Wolfspeed, a leading silicon carbide substrate company, has seen its stock price plummet over 78%, raising concerns about potential bankruptcy due to ongoing losses and increased competition in the silicon carbide market [1][5]. Company Performance - Wolfspeed's stock price peaked at $142.33 per share during 2021-2022 but has now dropped to $1.28 per share, indicating a significant decline [1]. - The company reported a net loss of $286 million for the third fiscal quarter of 2025, despite a revenue of $185 million, which represents an 8% year-over-year decline [8]. - The Mohawk Valley wafer plant, which was expected to be a key revenue driver, achieved only a 20% utilization rate by June 2024, with projections to reach 25% by the end of 2024 [5][8]. Market Position and Competition - Wolfspeed's market share in silicon carbide substrates has decreased from approximately 80% to 33.7% from 2018 to 2024, with Chinese companies like TanKeBlue and SICC gaining significant ground [2]. - The company faces intense price competition, with silicon carbide substrate prices reportedly halving over a three-year cycle, diminishing Wolfspeed's technological advantages [9][10]. - The global market for N-type silicon carbide substrates is projected to decline by 9% in 2024, largely due to weakened demand in the automotive and industrial sectors [11]. Industry Dynamics - The silicon carbide industry is experiencing a shift, with increased competition from both domestic and international players, particularly in China, which is seen as a key market for silicon carbide applications [11][12]. - Domestic Chinese companies are reportedly more efficient and responsive compared to their overseas counterparts, which may enhance their competitive position in the market [11]. - The transition from 6-inch to 8-inch wafers has been debated, with concerns about yield and cost implications, impacting Wolfspeed's strategic decisions [7]. Financial Support and Future Outlook - Wolfspeed is expected to receive $750 million in funding from the U.S. government and an additional $750 million from a consortium of investors, totaling $2.5 billion in anticipated capital [8]. - The company is undergoing management changes to improve its financial situation, including the appointment of a new CEO and board members with experience in the semiconductor industry [7][8].