Tianke Heda Innovation Board's IPO has inquired about silicon carbide substrates and related products that are deeply involved in third-generation semiconductor materials

The Zhitong Finance App learned that on July 14, Beijing Tianke Heda Semiconductor Co., Ltd. (abbreviation: Tianke Heda) applied for listing on the Shanghai Stock Exchange Science and Technology Innovation Board and changed its review status to “Inquired”. CICC is the sponsor and plans to raise 2.78 billion yuan.

According to the prospectus, Tianke Heda focuses on R&D, production and sales of third-generation semiconductor material silicon carbide substrates and related products, and is the first domestic enterprise to industrialize silicon carbide substrates. Since 2023, the market share of the company's core products, conductive silicon carbide substrates, has been ranked in the top three in the world, and the downstream silicon carbide epitaxial film business strategy has been extended, establishing a scarce “substrate+epitaxial” integrated delivery system in the industry.

As demand for large-scale application scenarios such as new energy vehicles, photovoltaic power generation and energy storage, rail transit, smart grids, and mobile communications continues to grow, and commercialization processes accelerate in emerging fields such as superimposed AI computing power infrastructure, AR glasses, and low-altitude economy, silicon carbide is shifting from “optional” to “essential option”, accelerating penetration into large-scale popularization.

The company has established good cooperative relationships with many large downstream semiconductor companies. Customers cover many well-known semiconductor device manufacturers, providing strong support for large-scale application of silicon carbide devices and autonomous and controllable industrial chains.

During the reporting period, the sales revenue of the company's top five customers accounted for 73.50%, 80.44% and 74.26% of revenue, respectively, and the customer concentration was relatively high.

The company's main raw materials for producing silicon carbide substrates include main materials such as toner powder and silicon powder and consumables such as graphite parts, graphite felt, diamond powder, grinding liquid, polishing pads, polishing liquid, etc. The main raw materials for producing silicon carbide epitaxial sheets include graphite components, trichlorosilane, ethylene, etc.

In terms of production model, silicon carbide substrate: At the beginning of the year, the company's production department comprehensively considers on-hand orders, sales expectations and production capacity, and dynamically adjusts the production plan in the middle of the year according to the actual needs of customers to match sales needs.

Silicon carbide epitaxial wafers: During the reporting period, the company mainly adopted the production model of contract processing, providing substrate materials and entrusting epitaxial growth according to parameter requirements. After the inspection was passed, the company delivered silicon carbide epitaxial sheets to downstream customers.

On the financial side, in 2023, 2024 and 2025, the company achieved operating income of approximately RMB 1,552 million, RMB 1,062 million, and RMB 956 million respectively; for the same period, net profit was RMB 819.022 million, -809 million yuan, and -785 million yuan, respectively.