Tianke Heda's Sci-Tech Innovation Board IPO is under inquiry, focusing on the deep cultivation of third-generation semiconductor materials such as silicon carbide substrates and related products.

On July 14, Beijing Tianke Heda Semiconductor Co., Ltd. (referred to as Tianke Heda) applied for a change in the status of the listing review on the Shanghai Stock Exchange's Science and Technology Innovation Board to "being questioned". CICC is the sponsor institution, with a planned fundraising of 2.78 billion yuan. The prospectus shows that Tianke Heda focuses on the research and development, production, and sales of third-generation semiconductor material silicon carbide substrates and related products. It is the earliest domestic enterprise to achieve industrialization of silicon carbide substrates. Since 2023, the company's core product, conductive silicon carbide substrates, has consistently ranked among the top three globally in market share, and has strategically extended its downstream silicon carbide epitaxial wafer business to build an integrated "substrate + epitaxy" delivery system that is scarce in the industry. As the demand for scale applications in new energy vehicles, photovoltaic power generation and energy storage, rail transit, smart grid, mobile communications, and other emerging fields such as AI computing infrastructure, AR glasses, and low-altitude economy continues to grow, silicon carbide is shifting from being an "optional" choice to a "necessary" choice, accelerating its penetration into scale deployment. The company has established good cooperative relationships with many large downstream semiconductor companies, with customers covering numerous well-known semiconductor device manufacturers, providing strong support for the scale application of silicon carbide devices and the independent controllability of the industrial chain. During the reporting period, the sales revenue to the top five customers accounted for 73.50%, 80.44%, and 74.26% of the total operating income, demonstrating a relatively high customer concentration. The main raw materials for producing silicon carbide substrates include carbon powder, silicon powder, main materials, and consumables such as graphite components, graphite felts, diamond powder, grinding fluid, polishing pads, and polishing fluid. The main raw materials for producing silicon carbide epitaxial wafers include graphite components, trichlorosilane, and ethylene. In terms of production mode, for silicon carbide substrates, the company's production department formulates production plans at the beginning of the year taking into account existing orders, sales expectations, and production capacity. Dynamically adjusting production schedules in the middle of the year based on actual customer needs to match sales demand. For silicon carbide epitaxial wafers, during the reporting period, the company mainly utilized a contract processing production model, providing substrate materials and commissioning epitaxial manufacturers to grow epitaxial wafers based on parameter requirements, delivering them to downstream customers after passing the company's testing. In terms of finances, in the fiscal years 2023, 2024, and 2025, the company achieved operating revenues of approximately 1.552 billion yuan, 1.062 billion yuan, and 956 million yuan respectively. During the same period, net profits were 81.902 million yuan, -808.9 million yuan, and -785 million yuan respectively.