Shares of SICC (02631) rose more than 20%, hitting a record high of HK$85.45 during the session. As of writing, the stock is up 19.36% at HK$54.15, with a turnover of HK$732 million. On the news front, SICC recently disclosed its first-quarter 2026 results. Huayuan Securities noted that the company achieved revenue of 366 million yuan in 26Q1, with a gross margin of 19.12%, representing a sequential increase of 25.01%. According to calculations based on a report released by Japan's Fuji Keizai in March 2026, SICC held a 27.6% market share in the global conductive silicon carbide substrate market in 2025, ranking first worldwide. Within this, its share in the 8-inch segment reached 51.3%. The brokerage believes that stable mass production of 8-inch substrates and forward-looking deployment in 12-inch technology could position the company to gain a competitive edge in the next era. Huayuan Securities further stated that prices for 6-inch SiC substrates are gradually recovering from their lows, while 8-inch substrates are beginning to scale as a new growth engine. According to public investor communication records from Jingsheng Co., Ltd., prices for silicon carbide substrates are showing structural increases, with 6-inch products rebounding significantly and 8-inch prices stabilizing and rising slightly. Some substrate manufacturers have already received new order requests from downstream customers. SICC possesses globally leading mass-production capabilities. In 2025, the company's silicon carbide product output reached 690,400 equivalent pieces, a year-on-year increase of 68.31%.