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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	Innogen-B 02591.HK	Pharmaceuticals	18.68	200	3,773.68	2025/08/12	2025/08/14	2025/08/15
	SICC 02631.HK	Semiconductors & Semiconductor Equipment	N/A	100	4,323.17	2025/08/14	2025/08/18	2025/08/19

Summary

We are a company with strong expertise in the wide bandgap semiconductor material industry, focusing on the research, development and industrialization of SiC substrates since our inception. According to Frost & Sullivan, based on revenue from SiC substrate sales in 2024, we were among the top three global SiC substrate manufacturers with a market share of 16.7%. Our SiC materials empower the renewable energy and AI sectors, which are driving future technological advancements. Our SiC substrates can be applied across various sectors, including electric vehicles, AI data centers, photovoltaic systems, AI glasses, rail transportation, power grids, household appliances and advanced telecommunication base stations. Leveraging our technological innovation capabilities, robust mass production capacity, product portfolio, collaborative ecosystem with upstream and downstream market participants and efficient management, we are at the forefront of the rapidly advancing SiC industry. According to Frost & Sullivan, as of March 31, 2025, we were one of the few companies in the world capable of mass producing 8-inch SiC substrates, one of the first to commercialize SiC substrates ranging from a 2-inch to an 8-inch diameter, the first to introduce 12-inch SiC substrates and one of the first to produce P-type SiC substrates using the liquid phase method. We have established ourselves as a key supplier to globally recognized semiconductor companies, and our products have gained widespread recognition internationally. As of March 31, 2025, we had established business relationships with over half of the top ten global power semiconductor device manufacturers in terms of revenue in 2024. Our customers primarily utilize our SiC substrates to manufacture power devices and radio frequency devices, which are ultimately applied to end products in sectors such as electric vehicles, AI data centers and photovoltaic systems. Dedicated to SiC materials for over 14 years, we are one of the first companies in China to achieve the industrialization of both semi-insulating and conductive SiC substrates. Leveraging our capabilities in R&D, production and management, we have continuously solidified our advantage in product scaling. The SiC substrates that we mass produced have evolved from a 2-inch to an 8-inch diameter. In 2024, we introduced the industry’s first 12-inch SiC substrate. According to Frost & Sullivan, increasing the diameter of a SiC substrate results in a larger surface area, which enables the production of more chips on a single substrate and reduces edge waste, thereby improving production efficiency and enhancing cost-effectiveness. Beyond scaling the diameter of our SiC substrates, we continue to maintain leadership in industrialization capabilities and product quality. By driving product scaling and production efficiency, we enable our customers to continuously reduce the costs of using SiC substrates, thereby accelerating the adoption of SiC substrates in more application scenarios. As of the Latest Practicable Date, we had mastered core technologies encompassing every stage of SiC substrate production, including equipment design, thermal field design, powder synthesis, crystal growth, substrate processing and quality inspection. Our proprietary technological toolkit has enabled us to achieve high standards in product defect control and cost optimization. Throughout our journey, we have consistently demonstrated our commitment to innovation and technological advancement in the SiC industry. Our leading position is highlighted by our milestones, spanning from product development to market recognition. Founded in 2010, we successfully achieved the mass production of 4-inch SiC substrates and 6-inch SiC substrates in 2015 and 2021, respectively. In 2022, we were listed on the STAR Market, and became the first wide bandgap semiconductor material company listed in China. In 2023, we achieved the mass production of 8-inch SiC substrates. In 2024, we introduced the industry’s first 12-inch SiC substrate. In recognition of our capabilities and investment value, our stock was included in prominent indices such as the STAR Market 50 Index and the MSCI China A Shares Onshore Index. During the Track Record Period, we achieved rapid growth in revenue and successfully transitioned from a net loss to a net profit position. Our revenue increased by 199.9% from RMB417.0 million in 2022 to RMB1,250.7 million in 2023, and increased by 41.4% from RMB1,250.7 million in 2023 to RMB1,768.1 million in 2024, despite a 4.2% decrease in revenue from RMB426.1 million in the three months ended March 31, 2024 to RMB408.0 million in the three months ended March 31, 2025. In tandem with our rapid growth in revenue and benefiting from our technological capabilities and efficient management, our gross margin also demonstrated consistent improvement. Our gross loss margin was 7.9% in 2022 while we have achieved a turnaround with gross margin of 14.6% in 2023 and gross margin of 24.6% in 2024. Our gross profit margin was 21.5% in the three months ended March 31, 2024 and 22.7% in the three months ended March 31, 2025. In 2022 and 2023, we recorded net losses of RMB175.7 million and RMB45.7 million, respectively, but have successfully achieved a turnaround in 2024 with a net profit of RMB179.0 million. In the three months ended March 31, 2024 and 2025, we recorded net profits of RMB46.1 million and RMB8.5 million, respectively. Source: SICC (02631) Prospectus (IPO Date : 2025/08/11)
Listing Market	MAIN
Industry	Semiconductors & Semiconductor Equipment
Background	H Shares
Major Business Area	China

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