I. Introduction to BASiC Semiconductor's Listing Information
Core Business Positioning: An automotive-grade SiC IDM enterprise integrating SiC chip design, wafer manufacturing, module packaging, and gate driver design and testing. The end-market applications mainly include renewable energy and industrial applications (50%-72%), and automotive electronics (28%-50%).
Listing Timeline:
Subscription Period: June 29 to July 3, 2026
Pricing Announcement: The final offering price is expected to be determined around July 7
Official Listing: Expected to commence trading on the Stock Exchange at 9:00 a.m. on July 8, 2026
IPO Fundraising and Allocation: The total amount of funds raised in this IPO has not been disclosed. The core fund allocations are: approximately 60% for expanding the production capacity of wafers and modules (such as the production lines in Shenzhen, Wuxi, and Zhongshan) and purchasing and upgrading production equipment over the next four years; R&D and technological innovation of next-generation SiC products over the next five years; expanding the global distribution network over the next five years; and supplementing working capital.
II. Quantitative Financial Analysis and Comparison of Domestic Automotive-Grade Device IDM Listed Companies
Note: Only the revenue from the automotive-grade power device segments of each company is extracted here. During the reporting period, the two main production capacity bases under Sanan Optoelectronics, Hunan Sanan and ST Sanan, were still under construction. Customer-side technical validation was still ongoing, and the revenue scale was very small.
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III. Fundamental Comparison of Domestic Automotive-Grade Device IDM Listed Companies
1. Silan Microelectronics
Company Profile: A representative domestic comprehensive IDM semiconductor enterprise with a complete design and manufacturing platform. Its SiC business operates in a vertically integrated model.
Core Technology: Large-scale IDM in-house R&D, gradually covering automotive-grade self-developed SiC chips. The first phase of the 8-inch SiC production line has been completed and is ready for production. Capacity will ramp up gradually from 2026 to 2028, ultimately reaching an annual capacity of 420,000 wafers.
Main Products: Power semiconductors, discrete devices (including IGBT and SiC modules/devices), IPM modules, acceleration and inertial sensors.
Main Application Markets: Automotive, photovoltaics, white goods, and industrial fields.
Market Competitiveness: Relying on double chip output per 8-inch wafer and process improvements, it is accelerating the cost parity of automotive-grade SiC, demonstrating extremely strong cost control capabilities.
Main Customer Base: Domestic top-tier white goods giants, mainstream NEV (New Energy Vehicle) manufacturers (such as GAC and Geely), and leading photovoltaic inverter customers.
2. CRRC Times Electric
Company Profile: A platform-leading enterprise controlled by CRRC Group, and China's earliest and most powerful R&D and manufacturing base for heavy-load and high-voltage power semiconductors.
Core Technology: Heavy-duty IDM closed-loop in-house R&D with an extremely low proportion of external procurement. The 8-inch SiC MOSFET production line has achieved mass production, realizing domestic substitution of power devices in the medium- and low-voltage fields.
Main Products: Medium- and low-voltage power devices, SiC MOSFET chips, and rail transit equipment as the core business base.
Main Application Markets: Rail transit, NEV electric drives, photovoltaic, wind, and energy storage inverters, and non-rail transit emerging equipment.
Market Competitiveness: The core rail transit business provides abundant cash flow support, achieving internal closed-loop consumption of chips, which greatly guarantees the lower limit of the capacity utilization rate.
Main Customer Base: Primarily consumed by internal main drive electronic control systems, and has established comprehensive and deeply bound strategic cooperation with globally leading power supply manufacturers.
3. StarPower Semiconductor
Company Profile: A leader in China's automotive-grade power semiconductor module market. It initially completed the transition from device design and module packaging to a self-developed chip IDM model in early 2025, and is still in the transition pain period.
Core Technology: Independently developed second-generation automotive-grade SiC MOSFET chips, covering multiple voltage platforms. It has built its own 6-inch SiC production line with a yield rate reaching the internationally leading level.
Main Products: Automotive-grade IGBT modules, SiC MOSFET modules and single tubes, three-level hybrid SiC module solutions, and automotive-grade GaN driver modules.
Main Application Markets: Main electric drives for NEV passenger and commercial vehicles, photovoltaic and energy storage systems, commercial aviation, and AI server power supplies.
Market Competitiveness: Holds a leading market share in traditional automotive-grade IGBT modules and possesses forward-looking layout advantages in emerging tracks.
Main Customer Base: Multiple domestic and foreign NEV passenger and commercial vehicle brands, and European top-tier brand Tier 1 suppliers.
4. Sanan Optoelectronics
Company Profile: The absolute leader in domestic compound semiconductors, and one of the rare SiC full-industry-chain vertically integrated manufacturing platforms that have achieved independent closed-loop across the entire process. Currently, its two main production capacity bases, Hunan Sanan and ST Sanan, are in an aggressive construction phase and have not yet reached full production capacity.
Core Technology: Possesses significant barriers in material ends and medium-to-large size wafer processes. The 8-inch supporting material capacity has been fully run through, and the development of 12-inch substrate engineering samples has been completed.
Main Products: High-quality SiC substrates, SiC epitaxial wafers, and chips.
Main Application Markets: NEVs, data centers, photovoltaic and energy storage, and other fields.
Market Competitiveness: Highly closed-loop across the entire industry chain. By entering the supply chain of global top automotive brands through the joint venture model with STMicroelectronics, it bypasses the long cycle of domestic chips building their own trust chain with automakers. Extremely strong cost control capability.
Main Customer Base: International major customers who have passed strict validation, as well as domestic new force automakers (such as Li Auto). In the field of data center and AI server power supplies, it has achieved mass production for leading customers such as Great Wall, Vertiv, Flex, Delta, and Lite-On. In the white goods field, it has achieved mass production in Midea and Gree 2-3 HP air conditioner projects.
5. BASiC Semiconductor
Company Profile: One of the first domestic manufacturers to achieve mass production and vehicle installation of SiC power modules, and a representative manufacturer transitioning from Fabless to IDM.
Core Technology: Mastering the core chain from chip design to driver testing, possessing domestic first-class high-temperature and high-reliability double-sided cooling automotive power module packaging processes.
Main Products: Automotive-grade high-power SiC modules, half-bridge/full-bridge intelligent modules, and other mid-to-high-end combinations.
Main Application Markets: NEV main motor electronic control, high-voltage OBC, DC-DC converters, and high-power DC super charging piles.
Market Competitiveness: Possesses excellent automotive-grade design flexibility and rapid response service capabilities. Its gate driver chip products are highly competitive with extremely high gross profit margins.
Main Customer Base: Multiple mainstream NEV manufacturers, Tier 1 electronic control system manufacturers, and leading high-voltage charging pile equipment suppliers.
IV. Mirror Reference Companies - Comparative Analysis of Manufacturers Transitioning from Design to IDM Model
Among domestic power semiconductor manufacturers transitioning from the Fabless model to the IDM model, Inventchip Technology, BASiC Semiconductor, and StarPower Semiconductor can serve as mirror reference objects.
1. Inventchip Technology: Parallel Capacity Expansion and Capital Injection
After building the first domestic automotive-grade SiC wafer fab in 2022, Inventchip Technology officially commissioned the cleanroom for the second phase expansion of the Yiwu wafer fab in July 2025. Its monthly production is gradually increasing towards 10,000 pieces (6-inch wafers), with a long-term planned capacity of 300,000 pieces/year.
Financial and Operational Dynamics
Note: Inventchip Technology is not currently listed and has no official detailed financial reports. Data is sourced from public information.
Revenue: Driven by the major customer strategy and capacity release, the company's revenue surged by 114% year-on-year in the first half of 2025.
Capital: In January 2025, the company announced the completion of the first batch of its nearly 1 billion RMB Series C financing. With profitability data kept confidential, this huge financing indirectly confirms that during the asset-heavy IDM transition period, manufacturers must highly rely on external capital injection to counter the "cash burn" speed of production line construction and early-stage operations.
2. BASiC Semiconductor: Deep in Asset-Heavy Transition Pain, but Gross Profit Shows an Inflection Point
It began transitioning from Fabless to IDM in 2021, completed the commissioning of the Wuxi packaging production line in 2022, and completed the commissioning of the Shenzhen wafer manufacturing production line in 2024. Currently in 2026, it is in a capacity expansion period. Its overall scale is still relatively small among IDM manufacturers, and it has not yet been able to use economies of scale to amortize costs, remaining in the transition pain period.
Revenue and Profit/Loss: Continuous losses. The prospectus discloses that its revenues from 2023 to 2025 were 221 million, 299 million, and 311 million RMB, respectively. Revenue growth slowed to 4.1% in 2025, while the net loss in 2025 expanded to -335 million RMB.
Reasons for Gross Margin Pressure: After the commissioning of the two major asset-heavy projects, the Wuxi module line and the Shenzhen wafer fab, the high fixed asset depreciation directly crushed the initial gross profit margin. In addition, there are the influencing factors of industry price wars and extremely low capacity utilization rate. These factors led to its overall negative gross profit (-59.6% to -10.9%) from 2023 to 2025, and a severe inversion of the unit cost of discrete devices.
Inflection Point in the Profit Waiting Period: The latest data in the prospectus shows that with the improvement of wafer production line yield, the ramp-up of capacity utilization rate, and the continuous hedging of high-gross-margin gate driver chips, the overall comprehensive gross profit margin of BASiC Semiconductor's business has successfully turned positive in the second half of 2025. This is an important signal of surviving the early death valley of IDM.
3. StarPower Semiconductor: "Core Business Feedback" and Profit Pressure of an Old Giant
It launched the SiC module industrialization project at the end of 2020, entered SiC wafer manufacturing in 2021, completed the IDM closed-loop in 2025, and expanded packaging and testing capacity. In 2026, it faces depreciation pressure and financial stress.
Latest Financial Situation: According to the latest disclosed 2025 annual report, StarPower Semiconductor achieved an operating revenue of 4.012 billion RMB for the full year (a year-on-year increase of 18.34%); however, the net profit attributable to the parent company declined to 405 million RMB (a year-on-year decrease of 20.18%), and the net profit after deducting non-recurring gains and losses was 377 million RMB.
Cash Flow Performance: In 2025, the net cash flow generated from operating activities was 595 million RMB, a significant year-on-year decrease of 38.21%.
Financial Mirror Analysis: As a listed industry leader, StarPower Semiconductor possesses stronger self-financing capabilities. Relying on its mature IGBT business as a "cash cow", it successfully fed back the huge expenditures of SiC modules and self-built chip production lines, maintaining hundreds of millions of RMB in positive profits. However, the 2025 financial report performance of "increased revenue but no increased profit" and declining cash flow clearly reflects the industry status quo: even for leading enterprises, when facing the massive depreciation and amortization of automotive-grade SiC production lines, coupled with the fierce domestic price war, profit margins will still be significantly squeezed.
4. Application-Side Strategies
Inventchip Technology: Implements full-category penetration in large-scale industry and automotive-grade system-level Tier 1. It has formed layouts in both industrial and automotive-grade fields, entered the automotive-grade supply chain through UAES (United Automotive Electronic Systems) and others, and won the UAES "2025 Ultimate Craftsmanship Award".
BASiC Semiconductor: Highly relies on the interest ties of industrial capital to reach OEMs directly. By introducing GAC Intelligent, Bosch Ventures, CRRC Qingdao, and Wingtech as strategic investors, it directly cuts into the OEMs' pre-installed main control. As of December 31, 2025, its SiC modules have been applied in over 140,000 vehicles.
StarPower Semiconductor: Horizontal migration of mature customer groups. Relying on its extremely high market share in the NEV IGBT main control field, it quickly imports self-designed SiC chips into existing packaging production lines to complete mass production substitution. In 2022, it achieved the batch installation of the first domestic 800V high-voltage SiC main drive module.
5. Core Challenges and Costs of IDM Transition
· Sky-high capacity depreciation devours gross profit margin: The extremely high equipment depreciation rate of self-built production lines will form a heavy burden during the market introduction period.
· Long automotive-grade certification cycle: From tape-out to passing validation and vehicle road tests, automotive-grade SiC devices usually require a long cycle of 1 to 2 years and millions in capital investment. This time gap makes the newly built high-asset production lines highly prone to idling and continuously generating depreciation, eroding the book gross profit margin.
· Technical bumps in DTCO (Design Technology Co-Optimization): In the early stage of self-built production lines, it is necessary to go through the painful design-process co-development and iteration. The time and economic costs are very high, and the investment is large. This is also an engineering and technical barrier that must be crossed during the transition period.
V. Strengths and Weaknesses Analysis and Future Prediction of BASiC Semiconductor
Strengths
Products have long passed automotive-grade certification and are mass-produced and installed in vehicles. After extensive validation, they have the endorsement of customer trust.
Industrial capital binding as a guarantee: GAC Intelligent, Bosch Ventures, CRRC Qingdao, Wingtech, and others invested as strategic investors, resulting in lower concerns regarding orders.
Its largest application market has switched from automotive electronics to renewable energy and industry. Currently, the domestic NEV penetration rate has exceeded 50%, and it will face the problem of slowing growth in the future. However, the penetration rate of SiC devices in energy and industry is still relatively low (in 2025, photovoltaic and energy storage was about 10%, and smart grids were about 4%). The growth of the overall market is different from automotive electronics; it is not limited by the total population and consumption capacity, has higher certainty, and generally speaking, the product gross profit margin is higher than that of automotive electronics, making it the most important incremental market in the future.
Weaknesses
The most important weaknesses come from the meso and macro levels of the industry.
The capacity utilization rate of BASiC Semiconductor's new factories in Wuxi and Shenzhen is relatively low. Heavy asset depreciation leads to financial pressure. The financial statements will still look ugly in the short term, but with the improvement of yield rates and the arrival of orders, the pressure can be gradually alleviated.
At the industry level, both the SiC material end and the NEV OEM application end are currently engaged in price wars. The current status quo of the SiC device market is "increased volume but no increased profit". As an IDM that has recently transitioned, BASiC Semiconductor's cost control capability and comprehensive yield rate are still relatively weak compared to old established giants. The profit margin is extremely narrow, and it is not easy just to reduce losses.
At the macro level, the current global EV market penetration rate is about 30%. The overall market scale has switched from explosive growth to rational and steady growth, and pure electric vehicles are also facing competition from hybrid vehicles. Moreover, affected by geopolitical confrontation, compliance costs, and rising entry barriers, the power semiconductor market is facing higher uncertainty.
Future Prediction
BASiC Semiconductor's technical combination of power devices + driver chips inherently has the advantage of transitioning to a "one-stop service provider". However, considering its scale, capital investment, and technical path, it may transition to a "one-stop service provider for segmented application scenarios", becoming a specialized player rather than a large and all-inclusive "system-level solution provider" like Infineon.
The switch in the application-side market proves that BASiC Semiconductor is laying out industrial infrastructure. In the future, it may cut into energy chain scenarios such as data center microgrids and SST (Solid State Transformers), getting a share of the energy infrastructure for computing power. It is necessary to closely monitor whether it will carry out strategic cooperation with Huawei Digital Power, the State Grid system, or national large-scale energy engineering projects.
Reference: BASiC Semiconductor Prospectus