Beijing Tianke Heda Semiconductor Co., Ltd. (Tianke Heda) has seen the status of its application for listing on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange updated to "under inquiry." China International Capital Corporation Limited (CICC) is acting as the sponsor for the IPO, which aims to raise approximately 2.78 billion yuan.
The company's prospectus reveals its core business is the research and development, production, and sales of third-generation semiconductor silicon carbide (SiC) substrates and related products. It is recognized as one of China's earliest enterprises to achieve the industrialization of SiC substrates. Since 2023, the company's core product, conductive-type SiC substrates, has consistently ranked among the top three globally in terms of market share.
Strategic Expansion and Market Position
Tianke Heda has strategically extended its operations downstream into the SiC epitaxial wafer business. This move has enabled the company to establish a rare integrated "substrate + epitaxial wafer" delivery system within the industry. The demand for SiC is accelerating from being an "optional" technology to a "necessary" one, driven by the sustained growth in large-scale applications such as new energy vehicles, photovoltaic power generation and energy storage, rail transit, smart grids, and mobile communications. This trend is further amplified by the accelerating commercialization of emerging fields like AI computing infrastructure, AR glasses, and the low-altitude economy.
Client Relationships and Supply Chain
The company has forged strong cooperative relationships with numerous major downstream semiconductor enterprises. Its client base covers many well-known semiconductor device manufacturers, providing robust support for the large-scale application of SiC devices and the autonomous controllability of the industrial chain. During the reporting period, sales revenue from the company's top five customers accounted for 73.50%, 80.44%, and 74.26% of total operating revenue, respectively, indicating a relatively high degree of customer concentration.
The primary raw materials for producing SiC substrates include main materials like carbon powder and silicon powder, as well as consumables such as graphite components, graphite felt, diamond powder, grinding slurry, polishing pads, and polishing fluid. For SiC epitaxial wafers, key raw materials include graphite components, trichlorosilane, and ethylene.
Production Models and Financial Performance
Regarding production models, for SiC substrates, the company's production department formulates an annual production plan at the beginning of the year based on a comprehensive consideration of existing orders, sales forecasts, and production capacity. This plan is dynamically adjusted mid-year according to actual customer demand to align with sales requirements. For SiC epitaxial wafers, during the reporting period, the company primarily utilized an outsourced processing model. It provides substrate materials to commissioned epitaxial manufacturers for epitaxial growth according to specified parameters. Following the company's inspection and approval, the finished SiC epitaxial wafers are delivered to downstream customers.
Financially, for the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 1.552 billion yuan, 1.062 billion yuan, and 956 million yuan, respectively. During the same periods, net profits were 81.9022 million yuan, -809 million yuan, and -785 million yuan, respectively.