Increasing demand from high-voltage platforms in new energy vehicles (NEVs), energy storage systems, and server power supplies is driving growth for silicon carbide (SiC) and gallium nitride (GaN). However, the benefits are not evenly distributed across the supply chain.
Recently, third-quarter reports for A-share listed companies in the third-generation semiconductor industry have been largely released. Commercialization stages vary significantly among substrate, epitaxy, power devices, and power module segments, leading to divergent performance trajectories. This article examines ten companies: SICC, Luxiao Technology, CR Micro, Silan Microelectronics, Yangjie Technology, Xinjieneng, StarPower Semiconductor, JieJie Microelectronics, Sanan Optoelectronics, and Focus Lightings Tech. These firms cover key areas including SiC substrates, SiC power devices, power modules, and optoelectronic GaN epitaxial chips.
The substrate segment, located upstream of the SiC supply chain, has shown the most significant elasticity in performance recovery during this period.
According to SICC's Q3 report, the company achieved revenue of CNY 1.559 billion in the first three quarters, a year-on-year increase of 40.22%. Net profit attributable to shareholders reached CNY 27.2162 million, surging 2330.24% year-on-year, marking a turnaround from losses in the same period last year. On a quarterly basis, Q3 revenue was CNY 646 million, up 102.89% year-on-year, with net profit of CNY 85.8329 million, showing substantial sequential improvement. During the reporting period, the shipment proportion of 8-inch conductive SiC substrates rose to over 50%. The higher unit price and gross margin of 8-inch products compared to 6-inch products drove an overall increase in gross margins, reaching 27.46% in Q3. Downstream demand from NEV 800V high-voltage platforms, AI server high-voltage power supplies, photovoltaic energy storage, and high-power ultra-fast charging jointly boosted substrate orders, with automotive-grade conductive substrates being delivered in bulk.
Luxiao Technology reported revenue of CNY 2.938 billion for the first three quarters, a slight year-on-year increase, while net profit remained under pressure. The company's core businesses include electromagnetic wires and new energy equipment, with SiC substrates representing a strategic new venture. During the reporting period, 8-inch SiC substrates were sold externally, and samples continued to be sent to domestic and international epitaxial and device manufacturers for validation. Process development for 12-inch SiC substrates is also underway, with yield optimization and customer validation progressing in parallel. Currently, the SiC business has not yet made a significant contribution to overall profits.
IDM and power device manufacturers continue to show divergent trends, with SiC modules serving as a core incremental source for some companies.
CR Micro's Q3 report shows revenue of CNY 9.321 billion for the first three quarters, up 16.38% year-on-year, and net profit of CNY 872 million, up 31.06% year-on-year. Q3 single-quarter revenue hit a record high of CNY 3.362 billion, increasing 17.94% year-on-year, with net profit of CNY 255 million, up 36.45% year-on-year. Gross margin stood at 30.35%, rising steadily throughout the year. The company's SiC MOSFETs cover the full voltage range from 650V to 1400V. Its SiC onboard charger half-bridge modules are being supplied in large volumes to top-tier automotive electronics clients, with NEVs and solar/storage systems forming the core demand base.
Silan Microelectronics reported revenue of CNY 10.938 billion for the first three quarters, up 12.61% year-on-year, and net profit of CNY 534 million, up 52.91% year-on-year. Q3 revenue was CNY 3.676 billion, up 8.85% year-on-year, but net profit fell 78.84% year-on-year to CNY 17.8278 million, primarily due to fluctuations in the fair value of held financial assets. Excluding non-recurring items, net profit surged 303.62% year-on-year. As an IDM player, the company manufactures SiC MOS and power GaN chips on its own production lines, targeting automotive, solar storage, and fast-charging markets. SiC ultra-fast charging solutions are undergoing customer adoption, alongside multiple product lines including silicon-based power devices and analog chips.
Yangjie Technology reported revenue of CNY 7.183 billion for the first three quarters, up 34.31% year-on-year, and net profit of CNY 1.233 billion, up 26.67% year-on-year. Q3 revenue was CNY 2.668 billion, up 40.93% year-on-year, with net profit of CNY 462 million, up 24.22% year-on-year. The company noted accelerated capacity release and customer adoption for its SiC business, with SiC revenue growing by more than 100% year-on-year. Performance forecasts indicate that Q3 single-quarter SiC business grew nearly 200% year-on-year, covering scenarios such as solar, storage, automotive, and charging piles.
Xinjieneng reported revenue of CNY 1.890 billion for the first three quarters, up 36.44% year-on-year, and net profit of CNY 405 million, up 15.62% year-on-year. Q3 revenue was CNY 723 million, up 58.62% year-on-year, with net profit of CNY 144 million, up 44.61% year-on-year. The company's SiC MOSFETs and power GaN HEMTs are continuously being adopted in server power supplies, energy storage, and onboard chargers. Second-generation SiC MOS products have seen ongoing optimization in short-circuit withstand capability and on-resistance metrics.
StarPower Semiconductor reported revenue of CNY 3.084 billion for the first three quarters, up 3.17% year-on-year, but net profit dropped 75.10% year-on-year to CNY 95.0969 million. The company specializes in IGBT and SiC power modules. Automotive-grade SiC modules have received design wins from multiple OEMs and are being installed in volume. However, profitability has contracted significantly due to declining product prices, upstream substrate costs, and increased expense investments. Q3 single-quarter revenue was CNY 1.157 billion, up 9.73% year-on-year, while net profit fell 71.71% year-on-year to CNY 30.0965 million.
JieJie Microelectronics reported revenue of CNY 3.479 billion for the first three quarters, up 39.09% year-on-year, and net profit of CNY 592 million, up 70.76% year-on-year. Q3 revenue was CNY 1.366 billion, up 51.55% year-on-year. The company's core business remains thyristors and silicon-based MOSFETs. SiC and GaN devices are still in the R&D and sample stages, with only limited samples submitted for validation and no mass production yet. Revenue growth is primarily driven by recovering demand for traditional power devices.
Divergence is evident in the compound semiconductor epitaxy and chip segments.
Sanan Optoelectronics reported revenue of CNY 10.039 billion for the first three quarters, down 27.34% year-on-year, with a net loss of CNY 120 million, a 235.94% year-on-year decline. Net profit excluding non-recurring items was negative CNY 684 million. Q3 data showed revenue of CNY 3.572 billion, down 26.05% year-on-year, and a net loss of CNY 23 million, indicating a narrowing loss margin compared to previous periods. The company's power GaN and SiC epitaxy and chip businesses remain in the customer validation and capacity ramp-up phases, while pressure on the traditional LED business continues to drag down overall profitability.
Focus Lightings Tech reported main business revenue of CNY 1.221 billion for the first three quarters, up 20.58% year-on-year. Q3 main business revenue was CNY 437 million, setting a new single-quarter record. Focusing on GaN-based blue/green LED chips and AlGaInP red/yellow LED chips, the company benefited from high-end applications such as Mini LED, automotive displays, and plant lighting. Product prices have risen sequentially for several quarters. Q3 net profit was CNY 70.6783 million, up 26.10% year-on-year.
The proportion of third-generation semiconductor business varies significantly across these companies' total revenues. Many firms still rely on silicon-based power devices as their foundation, with SiC and power GaN businesses remaining in customer validation or small-scale ramp-up stages. The divergence reflected in current financial reports results from differences in segment characteristics, capacity progress, and customer structures. Future tracking indicators for the supply chain will include improvements in substrate yield, realization of automotive-grade design wins, and volume delivery of modules.
Compiled by TrendForce Compound Semiconductors