SICC (02631) saw its shares rise more than 6% during trading. At the time of writing, the stock was up 6.19% to HK$51.8, with a turnover of HK$57.8 million.

The company recently announced its 2025 results, reporting total revenue of approximately 1.47 billion yuan. Research and development expenses reached about 166 million yuan, a year-on-year increase of 16.9%. Gross profit stood at around 142 million yuan.

In terms of production output, the company continues to demonstrate advantages from economies of scale. Annual production of silicon carbide products reached 690,400 equivalent wafers in 2025, representing a 68.31% increase compared to the previous year.

During 2025, SICC completed the layout of its full series of large-size products, including 12-inch conductive N-type and P-type silicon carbide substrates, as well as 12-inch semi-insulating silicon carbide substrates. To date, the company's 12-inch silicon carbide substrate products have received orders from leading customers and achieved initial deliveries, marking a significant step forward in the era of large-size silicon carbide substrates.

The global silicon carbide substrate market is dominated by a few leading enterprises that possess significant advantages in technological capabilities, production scale, brand recognition, and market acceptance. According to a report released by Japan's Fuji Keizai in March 2026, SICC captured 27.6% of the global conductive silicon carbide substrate market in 2025, ranking first worldwide. The company held 27.5% of the 6-inch market segment and 51.3% of the 8-inch market segment, demonstrating successful execution of its strategic initiatives.