Guangdong Tianyu Semiconductor Co., Ltd. (“Tianyu Semiconductor”) reported a sharp recovery for the year ended 31 December 2025, driven by surging sales of 6-inch and 8-inch silicon-carbide (SiC) epitaxial wafers and tighter cost controls.

Revenue and Product Mix • Revenue rose 36.5% year on year to RMB 709.23 million, powered by higher shipment volumes. • Self-manufactured SiC epitaxial wafers contributed 73.7% of total sales at RMB 522.53 million; 8-inch wafer revenue expanded to RMB 198.45 million from RMB 20.96 million a year earlier. • Value-added services, including SiC foundry work, generated RMB 186.70 million, up 430.4%. • Domestic customers accounted for 99.4% of revenue, reflecting a strategic focus on China’s fast-growing new-energy markets.

Profitability Turnaround • Cost of sales fell 35.6% to RMB 575.80 million, helped by a sharp drop in inventory write-downs, improved economies of scale and greater use of domestic raw materials. • Gross profit reached RMB 133.42 million versus a RMB 374.36 million loss in 2024; gross margin swung to 18.8% from –72.0%. • Research & development spending edged down 2.3% to RMB 59.62 million as better material utilisation offset ongoing investment in 8-inch wafer technology. • Finance costs increased to RMB 48.74 million following capacity-expansion borrowings. • Net loss narrowed to RMB 62.21 million, an 87.6% improvement from the prior-year loss of RMB 500.25 million. Basic loss per share fell to RMB 0.15 from RMB 1.36.

Balance Sheet Highlights • Cash and cash equivalents surged to RMB 1.17 billion after the December 2025 Hong Kong IPO, compared with RMB 114.58 million a year ago. • Net current assets turned positive at RMB 1.07 billion (2024: net current liabilities of RMB 522.96 million). • Total loans and borrowings increased to RMB 2.27 billion to fund the new Ecological Park production base; the debt-to-equity ratio improved to 83.6% (2024: 138.9%) thanks to the capital injection from the listing. • Inventories were cut to RMB 69.21 million from RMB 183.40 million, reflecting stronger inventory management and utilisation. • Trade receivables climbed to RMB 742.59 million on fourth-quarter sales growth; management notes subsequent collections exceeding 58% of the year-end balance.

Capital Expenditure and Commitments • CapEx totalled RMB 602.00 million, mainly for the Ecological Park facility and additional 8-inch wafer equipment. • Outstanding capital commitments were RMB 1.18 billion, earmarked for ongoing capacity expansion.

Dividend The board proposed no final dividend for FY2025.

Outlook Management will scale up 8-inch SiC wafer capacity, deepen domestic customer penetration and broaden overseas sales channels while continuing R&D into thicker, higher-voltage epitaxial layers.