A：Hantian Tiancheng is a semiconductor company specializing in the research, development, and manufacturing of silicon carbide semiconductors. The company was founded by Professor Zhao Jinhui, who established Hantian Tiancheng upon his return to China in 2011; this marked his second entrepreneurial venture. Prior to this, he founded Union Carbide Corporation in the United States, which has since become a business division of the semiconductor giant ON Semiconductor.

A：Professor Zhao is one of the earliest scholars to study silicon carbide in the world. He and his team have created many global firsts in the field of silicon carbide, including becoming the first scholar in the world to obtain silicon carbide I triple e fellow. Under his leadership, Hantian has grown into the world's largest manufacturer of silicon carbide epitaxy. Silicon carbide semiconductors are widely used in AI computing centers, electric vehicles, smart grids and other fields. They are also suitable for white goods, photovoltaics, wind energy storage, electric motorcycles, electric ships, and e voto humanoid robots. The market demand is huge.

A：Silicon carbide semiconductors have many excellent characteristics, such as extremely low resistivity, which greatly reduces energy consumption, thereby reducing the energy consumption, volume, weight and cost of the entire power module. After using the silicon carbide power chip, it can show the advantages of the traditional micro power chip rolling type, and improve the reliability of the power system. In order to reduce energy loss and system cost, the downstream power system is constantly developing in the direction of high voltage. In this trend, the devices in the circuit system need to withstand higher voltages, which requires the use of silicon carbide materials of sufficient thickness and higher quality to meet this demand.

A：As the AI wave continues to heat up, one of the main market growth sources for silicon carbide will be in the AI sector. For example, Infineon's revenue data in the AI sector continues to grow. It is expected that by 2027, the revenue of the AI sector will reach billions of euros, an increase of more than ten times, bringing a significant demand impact on silicon carbide power semiconductors.

A：In the field of electric vehicles, silicon carbide can effectively improve the overall performance and use experience, especially in fast charging. In terms of smart grids, the construction of new grids (such as flexible grids) will rely on silicon carbide power electronic chips. Research by Qiu, director of the Chinese Society of Electrical Engineering, believes that the demand for silicon carbide devices in the grid may even exceed the field of new energy vehicles.

A：Hantian Tiancheng focuses on the middle reaches of the silicon carbide epitaxial link, which is the key link of the entire industry chain. Compared with the number of upstream substrate enterprises and downstream device enterprises, there are relatively few enterprises engaged in the extension process, and Hantian Tiancheng occupies an important position in this process, undertaking the task of connecting upstream and downstream and creating high value.

A：In the past, it was widely believed that the substrate accounted for 50% of the value, while the epitaxial layer and the device each contributed 25%. However, the current industrial landscape has undergone profound changes. For example, at the standard 650V specification, the value of the epitaxial layer already exceeds that of the substrate by a factor of 1.1; at 1,200 V, the epitaxial process contributes 1.6 times the value of the substrate‑processing stage. When solid-state transformers are used in AI fields, the value of extension is 3.3 times the overall value, and as the voltage level increases, the value of extension will further increase, such as up to 8.4 times at 6500 volts. This difference is primarily attributable to two key factors. First, silicon carbide epitaxial wafers are standardized products, much like fabric in the textile industry, whereas the substrates are more akin to custom-tailored suits. The functions of the epitaxial layer are primarily implemented in the outer layers. Different manufacturers and chip designs impose customized requirements on epitaxy, creating significant barriers to entry that make it difficult for new market entrants to commence production without secured orders. Secondly, the per-unit value of equipment for epitaxial growth lines is significantly lower than that of substrate‑processing equipment, yet the initial investment remains relatively high—typically ranging from four to five hundred thousand yuan—whereas substrate‑processing equipment may require less than one‑tenth of that cost.

A：The substrate is physically equivalent to the foundation, while the epitaxy is the house built on the foundation. Standardized 650-volt products are like the same floor, while high-voltage products such as 3300-volt are similar to high-rise buildings and multi-storey structures. The final application function of epitaxy is mainly reflected in its structure, not the substrate part. In addition, in order to reduce the extra resistance, it is desirable to grind the substrate as thin as possible, which also intuitively reflects the significant difference between the substrate and the epitaxy.

A：The difference between devices and epitaxy is also very large. Some of China's new silicon carbide process device manufacturers need to compete with the world's top five power device giants, which have mature industry positions, customer groups and stickiness. China's silicon carbide device manufacturers need to compete with international manufacturers on a relatively new track, and the competition is fierce, and many companies are burning money to develop at a loss.

A：At present, the global market size of power devices for gallium nitride in 2024 is US $0.46 billion, while that for silicon carbide is US $2.55 billion. By 2029, the market size of gallium nitride is expected to be 2 billion US dollars, while the market size of silicon carbide will reach 13.64 billion US dollars during the same period. Although the absolute scale of gallium nitride in the power device market is larger, in the epitaxial market, silicon carbide has a larger market scale and development space than gallium nitride. With its precise industry positioning, Hantian has leveraged a larger market with less than one-tenth of its fixed asset investment in the field of silicon carbide epitaxy. This shows that the correct strategic positioning of an enterprise is very important for its development. As early as 15 years ago, Hantian selected this direction based on Professor Zhao's in-depth understanding of the industry for more than 30 years, and accurately grasped the key links of the industry with the highest value, the largest effect ratio and relatively less fierce competition.

A：At present, the silicon carbide power semiconductor industry is still in its early stages. It is estimated that the global market size will be 2.5 billion US dollars by 2024 and will exceed 13 billion US dollars by 2029, and there is still a lot of room for growth in the future. It is estimated that by 2035, when the penetration rate reaches 50%, the global silicon carbide power semiconductor market will reach 115 billion US dollars. It is foreseeable that the permeability of silicon carbide will far exceed 50%.

A：By 2035, the global silicon carbide market is expected to exceed US$68 billion, representing a massive market worth trillions of yuan. At the current stage, Hantian currently ranks first globally, with a market share of 31.6%, outpacing the second‑place Japanese company by a factor of approximately 6 to 1.7.

A：Although the current dry day is the world's first, whether it can maintain this position in the future depends on the views of investors. After 15 years of development, Dry Sky has grown from a domestic technology leader to a world leader, and has accumulated advantages in cash, reputation and customers, and is confident to become the world's number one in the future.

A：According to the prospectus, as of January–May, Hantian’s overseas market sales accounted for 65.8%, while its Guangdong peer Tianyu registered just 0.4%, highlighting a significant gap between Hantian and its competitor in the overseas market. From 2022 to 2025, dry days operating net cash more than 1.3 billion yuan, while the same period Guangdong Youshang Tianyu is negative more than 6 billion yuan, net profit excluding share payments, dry days more than 1 billion yuan, far more than the 0.38 billion negative net profit of Youshang.

A：Dry days is the first enterprise in the world to achieve mass supply of three-inch, four-inch and six-inch, and has broken through the eight-inch large-scale production, becoming the first enterprise to supply mass standardized spectacle lenses. In addition, Dry Sky has led the development of the world's first and currently the only international standard for silicon carbide epitaxy, which is a global leader in technology and customer resources.

A：Dry day's core customer base covers four of the world's top five high-power semiconductor manufacturers, as well as 99% of the related enterprises in Greater China, and has the title of national manufacturing single champion enterprises, the main channel yield rate is higher than other suppliers, reaching more than 20% of the leading level.

A：Dry days are developing innovative technologies such as super structures. By changing the epitaxial structure, the production efficiency of downstream power devices can be significantly improved and manufacturing costs can be reduced, so that silicon carbide chips can enter more applications.

A：The prices of silicon carbide products will continue to decline, and they are now even more cost‑competitive than super‑MOS devices based on silicon semiconductors. This price reduction has enabled silicon carbide to be widely adopted in fields such as AI servers. Future price trends are expected to remain downward, thereby opening up additional market opportunities.

A：The proportion of silicon carbide’s application value in solid-state transformers depends on the specific design; the maximum allocation could range from 30% to 50%. At specific AI power chip power levels, silicon carbide is an excellent material; however, when power exceeds 500 watts, diamond materials may be used more frequently. As for whether silicon carbide chips are used in CO-packaged modules, current information indicates that they are employed under certain conditions.

A：The market generally holds that the substrate represents the highest value, followed by the epitaxial layer; however, this perception is actually incorrect. As substrate prices have fallen sharply, the market has failed to keep pace with the latest developments, leaving investors still relying on outdated data. From an industrial development perspective, under the trend toward higher voltages, the value of silicon carbide will be significantly enhanced.

A：The higher the voltage, the smaller the current, the corresponding reduction in energy consumption, the heat generated is greatly reduced, thereby reducing the cost of the entire system and improving reliability. Whether it is electric vehicles, photovoltaic electrical appliances or AI fields, they are developing in the direction of high voltage, which will directly drive the floor above the substrate to increase and further enhance the value of extension.