I. Introduction to the GaN Industry Chain

The GaN industry chain can be divided into the upstream material sector, the midstream device design, manufacturing, and packaging & testing sector, and the downstream application sector.

Depending on the requirements of downstream devices, the material sector selects different device substrates. The specific relationship between substrate selection and the device sector is illustrated in the figure below.

II. Profiles of Selected Unlisted Companies in Various Segments

1. Professional/Multi-Stage IDM Manufacturers

(1) Jiangsu Nenghua Microelectronics Technology Development Co., Ltd. Company Profile: Founded in 2010, it is a leading domestic high-tech enterprise initiated by experts from the National Thousand Talents Program, dedicated to the R&D and industrialization of silicon-based gallium nitride (GaN) power devices. Main Products: Covering 40 V–1200 V silicon-based, sapphire-based, and SiC-based GaN wafers and high-quality power switching devices, with large-scale shipments achieved in the consumer fast-charging and NEV (New Energy Vehicle) sectors. Core Technology: Independently mastering the full industry chain IDM technology of GaN material epitaxy, device design, and high-quality wafer manufacturing, overcoming the yield issues of large-size epitaxy and wafer fabrication consistency. Market Competitiveness: Its depletion-mode (D-mode) devices have successfully passed stringent automotive-grade certifications and achieved mass production. By 2023, the cumulative shipments of related devices exceeded 50 million units, maintaining a leading position in the industry.

2. Substrate Manufacturers (GaN Single-Crystal Substrates)

GaN can be epitaxially grown on various substrates, including Si, SiC, sapphire, GaN single crystals, and QST engineered substrates (Quasi-Substrate Technology). Heterogeneous substrates are procured externally based on device performance requirements, and all have mature industry landscapes. Here, we specifically refer to GaN single-crystal substrate manufacturers used in the GaN single-crystal substrate + homoepitaxy technology route.

(1) Dongguan Zhongga Semiconductor Technology Co., Ltd. Company Profile: The first domestic high-tech enterprise specializing in the production of GaN self-supporting single-crystal substrates and key wafers, highly pioneering in the domestic third-generation semiconductor substrate field. Main Products: Mainly include high-quality GaN self-supporting single-crystal substrates, GaN thick-film epitaxial wafers, and AlN template wafers. Core Technology: Independently developed a high-capacity HVPE (Hydride Vapor Phase Epitaxy) large-size single-crystal growth process, and conquered the electrical regulation processes for high-resistance/low-resistance wafers. Market Competitiveness: As a pioneer in the industrialization of domestic GaN self-supporting substrates, it has successfully broken overseas monopolies and taken the lead in achieving large-scale mass production of self-supporting single-crystal substrate materials in China.

(2) Suzhou Nanowin Technology Co., Ltd. Company Profile: Established relying on the achievements of the State Key Research Platform at the Suzhou Institute of Nano-tech and Nano-bionics, Chinese Academy of Sciences, it is one of the earliest specialized, sophisticated, distinctive and innovative (SRDI) enterprises in China to carry out the R&D and industrialization of high-quality GaN single-crystal substrates. Main Products: Providing 2-inch, 4-inch, and internationally advanced 6-inch high-quality gallium nitride (GaN) single-crystal self-supporting substrates. Core Technology: Mastered large-size GaN crystal growth technology, ultra-low dislocation density control, and precision wafer non-destructive polishing and surface ultra-planarization processing technologies. Market Competitiveness: The electrical and structural parameters of its products rank among the top in the world, strongly supporting the domestic substitution of source materials for core components in fields such as lasers and 5G high-frequency communications.

(3) GaTe Semiconductor Technology (Beijing) Co., Ltd. Company Profile: A high-tech innovative enterprise focusing on high-quality GaN self-supporting single-crystal materials and core epitaxial equipment, achieving deep integration of materials development and epitaxial equipment. Main Products: Providing GaN self-supporting single-crystal substrates, high-resistance GaN epitaxial templates, and complete sets of epitaxial equipment and core systems. Core Technology: Mastered the core technologies of low-stress large-size HVPE thick-film growth and high-efficiency non-destructive self-peeling of wafers, significantly reducing the preparation cost of single-crystal self-supporting substrate materials. Market Competitiveness: Possesses unique industrialization barriers in the collaborative development of independent material processes and high-end epitaxial equipment. Its products are applied on a large scale in high-end optoelectronic displays and high-frequency, high-power microwave communications.

3. Epitaxy Manufacturers

(1) Suzhou Jingzhan Semiconductor Co., Ltd. Company Profile: Founded by Dr. Cheng Kai, an internationally renowned GaN epitaxy expert, it has developed into a global leading enterprise in the R&D and high-specification mass production of silicon-based GaN epitaxial wafer materials. Main Products: Providing mainstream commercial 150 mm (6-inch), 200 mm (8-inch), and cutting-edge 300 mm (12-inch) large-size silicon-based power electronics and high-performance RF GaN epitaxial wafers. Core Technology: Mastered the high-precision lattice stress relaxation mechanism for ultra-large-size (up to 12-inch) heteroepitaxy, low-warpage large-area growth control, and wafer defect density control technologies. Market Competitiveness: Leading the industry's upgrade to large-size wafers, it is the first company globally to release and mass-produce commercial 12-inch silicon-based GaN epitaxial materials. It has passed stringent quality validations from hundreds of leading wafer fabrication and design companies worldwide, and ranks among the global leaders by market share.

(2) Juneng Jingyuan (Qingdao) Semiconductor Materials Co., Ltd. Company Profile: A core supplier dedicated to the large-scale manufacturing of large-size GaN epitaxial materials for next-generation high-voltage power electronics and microwave RF applications. Main Products: Focusing on 8-inch silicon-based GaN (GaN-on-Si) and 6-inch silicon carbide-based GaN (GaN-on-SiC) high-specification, large-size power electronics epitaxial wafers. Core Technology: Mastered industry-leading GaN heterogeneous material growth processes, developing ultra-low warpage, low leakage current, high density, and ultra-thin, highly uniform barrier layers to solve the pain points of stress release. Market Competitiveness: Capable of providing high-quality, highly cost-effective, and large-scale consistent supply epitaxial material solutions, serving as a solid pillar in the basic materials segment of domestic wide-bandgap semiconductors.

(3) Beijing Zhongboxin Semiconductor Technology Co., Ltd. Company Profile: A high-tech enterprise relying on the research team of Peking University and the technical accumulation of the National Engineering Center for Wide Bandgap Semiconductors, focusing on high-performance GaN epitaxial materials. Main Products: High-quality 6-inch GaN RF power amplifier epitaxial wafers, and high-resistance, high-voltage power electronics epitaxial materials for industrial systems. Core Technology: Mastered high-uniformity, high-density nanoscale GaN heteroepitaxy control technology, with epitaxial layer thin-film thickness control at only about 1% of the wafer, and pioneered advanced multi-layer growth processes for two-dimensional electron gas (2DEG). Market Competitiveness: Has built a large-scale epitaxial production line with an annual output of 15,000 wafers, possessing strong material control advantages in RF electronics fields such as 5G high-energy base stations, and taking the lead in achieving batch exports of 6-inch GaN RF power amplifier epitaxial wafers in China.

(4) Jiangsu Hanhua Semiconductor Co., Ltd. Company Profile: A high-tech enterprise focusing on the large-scale design, integrated development, and high-end manufacturing of wide-bandgap semiconductor GaN epitaxial materials. Main Products: Providing silicon-based (GaN-on-Si) and sapphire-based (GaN-on-Sapphire) epitaxial wafers, comprehensively covering high-voltage power electronics, microwave RF, and new Micro-LED micro-display fields. Core Technology: Independently developed high-capacity, high-speed MOCVD epitaxial material growth technology, and established a process control chain based on large dislocation control, high-resistance and high-breakdown buffer layers, and defect release. Market Competitiveness: Possesses extremely high cost-effectiveness advantages in large-size epitaxial wafer design and low-energy-consumption substrate growth technologies, establishing core large-scale supply advantages in the fields of optoelectronic integration and RF devices.

(5) Nanjing Baishi Electronic Technology Co., Ltd. Company Profile: Founded in 2019 by a team of expert specialists in Asian compound semiconductor materials and process epitaxy, focusing on the development of automotive-grade and industrial-grade high-voltage, high-power epitaxial materials. Main Products: Providing automotive-grade and industrial-grade high-quality silicon-based gallium nitride (GaN-on-Si) and silicon carbide (SiC) high-performance epitaxial wafers. Core Technology: Mastered the elimination of material growth defects and ultra-narrow wafer warpage processes, deeply carrying out self-improvements targeting top foreign high-end MOCVD epitaxial equipment, possessing industry-leading stable processes and yields. Market Competitiveness: The first-phase production capacity reaches 50,000 wafers per year with all key performance indicators on par with global top-tier benchmarks. Currently accelerating the second-phase expansion (planned annual production capacity of 280,000 wafers), aiming to comprehensively enter the core device supply landscape for automotive-grade main drive inverters and high-voltage grid energy storage.

4. Device Design Manufacturers

(1) Suzhou Jiexinwei Semiconductor Co., Ltd. Company Profile: A Fab-lite design company focusing on the R&D of high-frequency, low-loss power semiconductor analog integrated chips, as well as integrated package chips for system high-density power applications. Main Products: Providing high-performance, highly cost-effective GaN power switching discrete transistors and a highly integrated GaN control/driver integrated (Integrated Passive Device, IPD) co-packaged chip series. Core Technology: Independently developed a high-frequency adaptive level-shift high-speed drive control architecture and an original ultra-low package impedance and thermal resistance multi-chip high-density multi-dimensional co-packaging process. Market Competitiveness: Successfully and significantly compressed the number of peripheral components in the system and effectively reduced costs, achieving an extremely compact peripheral material BOM, with rapidly growing applications in the mobile fast-charging ecosystem and consumer-grade high-energy-efficiency power adapters.

(2) Qingdao Juneng Chuangxin Microelectronics Co., Ltd. Company Profile: A high-tech design company invested by the listed company Saiwei Electronics for the R&D, design, and system-level application of silicon-based GaN power devices. Main Products: Providing 30 W–240 W high-reliability enhancement-mode (E-mode) GaN power switching transistors and high-power PD3.1 ultra-fast charging power systems. Core Technology: Relying on the material foundation advantages of its sister company Juneng Jingyuan, it has formed a full-stack independent R&D ecosystem from epitaxial wafers and power device design to high-efficiency power drive application design. Market Competitiveness: Has successfully completed a RMB 170 million Series A financing. Its independent chip products have now fully penetrated the supply chains of medium-to-high power mobile adapters, high-energy power supplies for cloud computing servers, photovoltaic inverters, and 5G telecommunication base stations.

(3) Runxin Microelectronics (Dalian) Co., Ltd. Company Profile: A core device manufacturer of wide-bandgap third-generation semiconductors under China Resources Microelectronics, building a complete process closed-loop. Main Products: Providing high-quality, high-voltage silicon-based GaN power switching devices, customized high-stability epitaxial materials, and wide-band RF module devices. Core Technology: Possesses the development of silicon-based GaN materials with ultra-strong device-level voltage resistance breaking through 1500 V, ultra-precise Schottky barrier device design, and has conquered the conventional classic Si-MOS ultra-simple peripheral direct-drive technology (removing the requirement for dedicated gate drivers). Market Competitiveness: Deeply supported by central and state-owned enterprise capital and wafer fab technology, its devices have successfully entered the supply chains of global high-specification well-known consumer giants such as Nothing and Anker. In 2024, it will comprehensively deploy and build a new-generation large-size epitaxial manufacturing base to ensure supply security.

(4) Beijing Huatong Xindian Semiconductor Technology Co., Ltd. Company Profile: A technology-driven innovative enterprise integrating wide-bandgap semiconductor material R&D, core device manufacturing, and key dedicated semiconductor manufacturing equipment (MOCVD). Main Products: Focusing on high-energy-efficiency GaN and SiC core epitaxial materials, and developing high-efficiency customized wide-bandgap power electronic devices for hard-switching applications. Core Technology: Possesses fully independent R&D of special high-speed MOCVD process control and gas flow showerhead cavity re-improvement processes, as well as precision structural design at the level of high breakdown voltage and ultra-low specific on-resistance (R_on_sp). Market Competitiveness: Relying on the advantages of deep linkage of independent R&D core equipment, material growth processes, and device customization, it has established prominent high-reliability technical barriers in grid hard-switching applications.

(5) Guangdong Zhineng Semiconductor Co., Ltd. Company Profile: An innovative semiconductor enterprise dedicated to the development of high-performance, automotive-grade, high-reliability GaN power devices and core system-level solutions for power conversion. Main Products: High-voltage 650 V and 1200 V high-power/high-current GaN power transistors, and automotive-grade and high-specification industrial-grade multi-chip modules (Multi-Chip Module, MCM). Core Technology: Independently developed the Cascode power device topology with extremely high impedance anti-interference capability in the industry, as well as automotive-grade SMD and double-sided heat dissipation outer-attach packaging technologies with ultra-low thermal impedance. Market Competitiveness: The devices possess ultra-strong robustness under high temperatures of 175°C and extreme voltage surges, successfully breaking into the core power supply chains of on-board OBCs (On-Board Chargers) for joint-venture and domestic car brands, possessing deep automotive-grade competitive advantages.

(6) Zhuhai GaN Future Technology Co., Ltd. Company Profile: A top leading enterprise in domestic high-energy, high-power, and high-breakdown-voltage GaN power device development, as well as a leader in high-performance semiconductor design and industrialization. Main Products: Covering classic G1N65, G1N80, and a large batch of 650 V/800 V high-performance Cascode and enhancement-mode (E-mode) high-power high-frequency power devices. Core Technology: The independently developed robust gate device structure enables its devices to naturally support an ultra-wide ±20 V gate voltage tolerance without the need for high-cost negative-voltage bias turn-off drive circuits, resulting in extremely simple peripheral application circuits. Market Competitiveness: Products are shipped in large quantities in scenarios such as high-power titanium-grade server power supplies and photovoltaic inverter grids. The products have successfully entered the supply chains of international giants such as DJI, Anker Innovations, and Lenovo, comprehensively covering the 30 W–3600 W power segment.

(7) Shenzhen XINGANXIAN Technology Co., Ltd. Company Profile: A leading design enterprise founded by a team of international senior overseas-returnee semiconductor expert doctors, dedicated to the R&D of high-frequency, high-efficiency enhancement-mode (E-mode) power devices. Main Products: Providing core 650 V E-mode GaN high-power transistors (xGaN) and high-voltage 650 V/1200 V high-reliability silicon carbide (SiC) diodes. Core Technology: Focusing on high-frequency layout design with ultra-low junction capacitance and parasitic inductance (dielectric encapsulation), high-sensitivity electromagnetic interference (EMI) optimization, and developing a 1 kW+ high-power, high-efficiency bidirectional digital frequency conversion converter topology. Market Competitiveness: Among them, the overall conversion energy efficiency of the high-power PD fast-charging system has been measured to exceed 95.7%. The high-power bidirectional topology converter and digital inverter solutions have now achieved large-scale mature sales for grid energy storage and high-efficiency industrial frequency conversion.

5. Special Device Design Manufacturers - Gate Drive and Control Chips

(1) Shanghai Shuming Semiconductor Co., Ltd. Company Profile: A domestic leading automotive-grade/industrial-grade high-reliability analog and high-voltage isolation drive IC design manufacturer integrating high-end R&D and system integration. Main Products: High-frequency GaN gate half-bridge/full-bridge drive chips, high-speed mixed-signal magnetic isolation safety chips, and a high-reliability protection gate-level control driver series. Core Technology: Conquered ultra-low nanosecond-level single-crystal isolation signal delay control technology, ultra-strong common-mode transient immunity (CMTI) level-shift technology, and ultra-fast undervoltage/overcurrent high-current short-circuit protection. Market Competitiveness: Its chips feature excellent surge tolerance, high common-mode noise immunity and reliability, among the best domestically, serving as core components for high-power automotive-grade electric drive main inverters and large-scale centralized photovoltaic grid-connected systems.

(2) Chengdu Danxi Technology Co., Ltd. Company Profile: One of the first batch of high-tech cutting-edge design companies in China to take the lead in fully conquering the mass production of GaN switching transistors and their matching co-packaged high-frequency, highly integrated drive ICs across the full stack. Main Products: Providing co-packaged high-frequency integrated GaN power chips covering 20 W–500 W medium-to-high power, and high-voltage E-mode GaN power discrete transistor series. Core Technology: Exclusively developed a 0–6 V low-voltage simplified drive structure (eliminating expensive and inefficient negative-voltage generation circuits), featuring ultra-low gate charge (Q_g) and supporting ultra-high extreme switching frequencies of 10 MHz+. Market Competitiveness: The performance of the co-packaged control chips has reached the industry benchmark level, thoroughly solving the problem of parasitic oscillation between power transistors and drivers. It is accelerating the domestic substitution in the fields of ultra-thin LCD TV high-power board-level power supplies, micro-inverters, and high-density charging.

(3) Suzhou Mix-Design Semiconductor Technology Co., Ltd. Company Profile: A cutting-edge analog chip design manufacturer focusing on the R&D of mixed-signal power management control and ultra-high-voltage, ultra-high-integration GaN power co-packaged chip systems. Main Products: Focusing on highly integrated "controller + high-speed driver + ultra-high-voltage GaN power transistor" multi-in-one co-packaged single-wafer systems (IPD) and micro-volume power modules. Core Technology: Mastering industry-leading electromagnetic compatibility (EMC) optimization control, full-chip dynamic intelligent ultra-low no-load loss management, and mixed-signal three-chip integrated co-packaging (3-in-1) high-reliability packaging processes. Market Competitiveness: Among them, the 650 V co-packaged control system, with its extremely minimalist off-chip component BOM and unprecedented ultra-high energy conversion efficiency, enables a 65 W high-density fast-charging module smaller than a conventional 18 W silicon-based adapter. It is widely sold to top domestic and foreign high-end consumer high-density fast-charging giants, establishing a strong cost-effectiveness and technical barrier.

6. Wafer Foundry Manufacturers

(1) Chengdu HiWafer Technology Co., Ltd. Company Profile: Controlled by Haite High-Tech, it is the first domestic open hardcore foundry to provide 6-inch high-quality compound semiconductor wafer fabrication/foundry services. Main Products: Providing advanced 0.15 μm GaAs high-frequency microwave power amplifiers, silicon-based and silicon carbide-based GaN high-voltage high-current fabrication, and high-voltage device fabrication services. Core Technology: Fully conquered and mastered high-precision compound microwave epitaxial growth processes, multi-metallization back-end-of-line micro-electromechanical systems (MEMS) high-yield processes, and high-reliability multi-chip packaging technologies. Market Competitiveness: Has built a nationally leading monolithic microwave integrated circuit (MMIC) foundry production line, building solid independent technical barriers for the localization of key foundry services in the fields of high-quality 5G/6G high-frequency base stations, NEV on-board chargers, and military/aerospace radar control and detection.

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