Based on market share, technological strength, production capacity planning, and customer ecology, we have identified the top ten core players in China's silicon carbide substrate industry for reference. We welcome everyone to discuss!

First tier: Global Challenger 1 As the absolute leader in China's silicon carbide substrate industry, Tianyue Advanced (SICC) has successfully entered the global top tier. The company is not only listed on the A-share Science and Technology Innovation Board, but also actively seeking a Hong Kong stock listing to expand its international capital platform. Its conductive substrate ranks third in the global market share, and its semi insulating substrate has maintained the top three in the world for four consecutive years. Tianyue Advanced is a pioneer in promoting the industrialization of 8-inch substrates in China. Not only has it achieved mass production and sales, but its product quality has also been rigorously verified by international top customers such as Infineon and Bosch, and long-term supply agreements have been signed. The first phase of the company's super factory located in Lingang, Shanghai has reached a production capacity of 300000 pieces, and the second phase plans to add 600000 pieces of 8-inch production capacity, demonstrating its ambition to meet global market demand. 2. TankeBlue, born in the Institute of Physics, Chinese Academy of Sciences, has profound research genes. According to TrendForce's data, its global market share for conductive substrates in 2024 is expected to reach 17.3%, ranking second in the world. The company has production bases in Beijing and Xuzhou, and officially released its 8-inch conductive substrate products at the end of 2022, which are expected to achieve small-scale production. Like Tianyue Advanced, Tianke Heda has also successfully entered the international supply chain and signed a long-term supply agreement with Infineon, marking the recognition of its products by leading global manufacturers. Second tier: vertically integrated giants 3 Sanan Optoelectronics, as a leading compound semiconductor company in China, has implemented a vertical integration strategy for the entire industry chain from "substrate epitaxy chip packaging and testing" through its subsidiary Hunan Sanan. Its most strategic move is to establish an 8-inch silicon carbide device joint venture manufacturing plant with global semiconductor giant STMicroelectronics in Chongqing, China. According to the agreement, Sanan Optoelectronics will build a dedicated 8-inch substrate manufacturing plant for this joint venture factory, which not only locks in a long-term stable outlet but also directly integrates it into the world's top automotive supply chain. The total investment of Hunan Sanan project is as high as 16 billion yuan, with a planned annual production of 480000 8-inch wafers. Its 8-inch production line is scheduled to be put into operation in 2025. 4. JSG has a unique path to rise. As a leading enterprise in domestic semiconductor crystal growth equipment, the company cleverly utilizes its technological advantages in core equipment to extend into the downstream high value-added substrate material field, forming a unique "equipment+material" dual wheel drive mode. This model gives it a natural advantage in terms of technological iteration and cost control. The company has achieved large-scale production of 6-inch and 8-inch substrates, and its capacity expansion plan can be considered the most aggressive in the industry. The planned annual production capacity of 8-inch substrates is as high as 650000 pieces, and it is expected to become the largest supplier of 8-inch substrates in China. Third tier: Strong professional manufacturers 5 Shuoke Crystal, a subsidiary of China Electronics Technology Group (CETC), is a member of the "national team" that promotes China's independent and controllable semiconductor materials. The company is one of the earliest units in China to announce the successful development of an 8-inch silicon carbide substrate, with a profound technical background. Its products cover conductive and semi insulating substrates, with an annual production capacity of 100000 pieces and plans to increase it to 150000 pieces. 6. Hebei Synlight Crystal is an important supplier in the domestic silicon carbide field, with products covering 4-inch and 6-inch substrates, and has planned 8-inch research and development. The biggest highlight of the company lies in its deep integration with downstream industrial chains, which has received strategic investment from Great Wall Motors. This direct capital cooperation with end car companies provides valuable customer channels and application verification platforms for them in the fiercely competitive automotive market. Fourth tier: Vibrant competitors. This tier includes rapidly rising companies such as Nansha Semiconductor, listed companies Tony Electronics and Luxiao Technology, as well as start-up company Super Star supported by top venture capital. Nansha wafer technology originated from Shandong University. Although it has not been established for a long time, it has made rapid progress in 8-inch technology, and its technical parameters have reached the level of the first tier in China. Tony Electronics and Luxiao Technology, as listed companies, have raised a large amount of funds through the capital market to invest in silicon carbide projects. However, they also face challenges such as low yield rates in the early stages of mass production and slower than expected project progress. Supercore represents the vitality of new forces, accelerating capacity expansion and technological research and development with the help of capital, becoming a potential disruptor that cannot be underestimated in the industry. Conclusion: The collective rise of China's silicon carbide substrate industry from a "manufacturing power" to a "technological powerhouse" is profoundly reshaping the global semiconductor supply chain. A large number of cost-effective domestic substrates are entering the market, rapidly lowering the cost of global silicon carbide devices and accelerating their popularity in fields such as new energy vehicles. A strong and diversified Chinese supply system also provides more choices for global device manufacturers and enhances the resilience of the supply chain. However, Chinese enterprises still face challenges as they move from being a "manufacturing powerhouse" to a "technological powerhouse". In the coming years, the focus of competition in the industry will shift from "expanding production" to "improving quality" - that is, how to continuously and stably supply high-quality products that meet the world's most stringent automotive and industrial customer standards. In this future oriented '8-inch battle', those companies that can achieve comprehensive breakthroughs in quality, yield, and cost will undoubtedly define the next era of the global silicon carbide industry.