SICC (02631) rose more than 9%, with the stock up 9.45% to HK$61.4 at the time of writing, generating a turnover of HK$251 million. Market developments indicate clear signs of recovery in the silicon carbide substrate sector. Leading domestic silicon carbide crystal growth equipment provider previously stated during institutional research that prices for 6-inch SiC substrates have rebounded significantly, while 8-inch products have stabilized and begun to rise slightly. Downstream customers have shown a noticeable increase in new orders, indicating a significant improvement in industry supply and demand dynamics. Notably, in 2025, SICC achieved a 27.6% market share in conductive silicon carbide substrates, surpassing Wolfspeed to become the global leader. The company's 8-inch silicon carbide substrates particularly dominate the market with a 51.3% share. Galaxy Securities believes that driven by the continuous expansion of new application scenarios and accelerated penetration in traditional applications, the silicon carbide substrate market is projected to grow to RMB 66.4 billion by 2030. With price competition easing, the proportion of 8-inch products increasing, and new applications gaining traction, the industry is expected to enter a new phase. Overall, despite experiencing short-term performance challenges, the company's core product structure, market position, and production capacity layout have paved the way for future high-quality growth.