BASICSEMI Turns Gross Margin Positive in 1H26 on 15.5% Revenue Growth

Bulletin Express
09/22

BASiC Semiconductor Co., Ltd. (BASICSEMI) reported interim results for the six months ended 30 June 2026, highlighting a return to positive gross profitability and continued expansion across core silicon-carbide (SiC) product lines.

Revenue reached RMB 120.57 million, up 15.5% versus the prior-year period. Growth stemmed chiefly from SiC discrete devices, where sales surged 161.1% to RMB 26.06 million, driven by increased penetration in renewable energy, industrial power supplies, AI data centres and consumer electronics. Industrial-grade SiC power-module sales jumped from a negligible base to RMB 14.45 million, offsetting weaker automotive-grade module revenue and bringing the segment total to RMB 30.64 million. Gate-driver revenue remained broadly stable at RMB 40.97 million.

Gross profit swung to RMB 3.33 million from a RMB 30.10 million loss a year earlier, lifting the margin 31.6 percentage points to positive 2.8%. Management attributed the turnaround to a richer product mix, rising industrial-grade module volumes and tighter cost control, including lower materials procurement prices and a reversal of prior inventory write-downs.

The interim net loss narrowed 8.8% year-on-year to RMB 161.57 million; on a non-IFRS basis (excluding share-based payments and listing expenses) the adjusted loss fell 15.1% to RMB 111.85 million.

Operating metrics reflected stepped-up investment in technology platforms spanning SiC chips, modules and gate drivers. R&D expense rose 14.2% to RMB 61.63 million, supporting new automotive- and industrial-grade module launches, consumer-electronics process platforms and gate-driver prototypes.

Liquidity improved: cash and cash equivalents stood at RMB 154.32 million, up RMB 55.65 million from end-2025, aided by additional borrowing and minority capital injections. The gearing ratio (total liabilities/total assets) increased to 111.1% from 98.6% amid higher bank debt (RMB 414.11 million) and redemption liabilities tied to minority shareholders. Capital expenditure moderated to RMB 8.86 million after heavy front-loaded spending in 2025.

Commercially, BASICSEMI added over 60 new industrial customers, secured a European Tier-1 automotive project nomination and recorded cumulative electroplating-power-supply orders exceeding 30,000 units.

Management will focus on advancing R&D, deepening penetration in renewables, AI data centres and NEV platforms, accelerating overseas expansion and executing capacity projects in Pingshan and Zhongshan to support the transition from 6-inch to 8-inch SiC wafers.

No interim dividend was declared. The company’s H-shares commenced trading on the Hong Kong Stock Exchange on 8 July 2026.

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