SiC Substrate Maker TanKeBlue Posts Record Q2 Revenue as 8-Inch Products Exceed 50% of Sales
Nashnova编辑部
TanKeBlue (SICC) posted Q2 revenue of RMB 548 million, up 42% year-on-year — a single-quarter record — with 8-inch SiC substrates now exceeding half of core sales. This means the company has crossed from proving it can make larger wafers to actually earning money from them.
What exactly improved in Q2?
Q2 revenue hit RMB 548 million, up 42% YoY and 50% QoQ — an all-time quarterly high.
Quarterly gross margin rose to 25.36%, above the H1 average of 22.86%. This means → not just higher volumes, but better profit per wafer.
Net profit attributable to shareholders was RMB 1.893 million — still tiny in absolute terms. In plain terms = the company has moved from break-even to visible profit, but stable earnings are not yet in sight.
Why is the 8-inch milestone a turning point?
8-inch SiC substrates — wafer blanks 78% larger in area than the mainstream 6-inch size — accounted for over 50% of core revenue in H1.
This means → a larger wafer yields more chips per substrate, spreading material cost across more devices. That is the core path to cheaper SiC components.
SICC is running all three sizes in parallel: 6-inch for stable supply, 8-inch ramping, 12-inch in R&D — a staggered lineup covering current shipments and future upgrades.
What does the global competitive landscape look like?
According to Fuji Keizai, SICC held 51.3% of the global 8-inch conductive SiC substrate market in 2025 — ranked first.
Wolfspeed commercially launched its 200 mm SiC product line in 2025, positioning it as the key lever for scale and yield improvement.
STMicroelectronics is building a 200 mm-centric integrated SiC campus in Catania, Italy, targeting automotive, industrial, and cloud infrastructure. This reflects a global consensus: 8-inch is becoming the next capacity standard.
What is changing on the demand side?
EVs remain the largest SiC market. High-voltage platforms keep raising the value of SiC power-conversion devices.
The new growth driver is AI data centers. Wolfspeed and Liteon announced in August 2026 that a 200 mm SiC-based solution passed certification for hyperscale AI data center 800 VDC power systems.
Infineon is also expanding SiC use in AI data center power infrastructure. In plain terms = SiC is no longer just an "EV material" — it is becoming a "compute-power supply material."
Why did JPMorgan add to its position at this point?
JPMorgan bought 304,400 H-shares of SICC on August 14 at an average price of roughly HKD 82.75, totaling about HKD 25.19 million.
Its stake rose from 6.61% to 7.17%. The timing closely tracks the sharp QoQ earnings improvement and the 8-inch share crossing 50%.
This signals institutional validation of the view that the 8-inch volume inflection point has been confirmed.
What is the key risk to watch next?
The core tension: demand is broadening from EVs to AI power, but global 200 mm capacity is also expanding — pricing pressure is unavoidable.
SICC already draws over half its core revenue from 8-inch products; the scale-driven cost-reduction logic is in place. Whether cost cuts can outrun price declines is the critical test for future earnings.
In plain terms = the market is getting bigger, but so are the number of competitors and total capacity. Winning requires costs to fall faster than selling prices.
Content is for reference only, not financial advice.