On October 21, 2026, Chinese SiC (silicon carbide) substrate maker SICC (Shandong Tianyue Advanced Technology; Shanghai Stock Exchange 688234, Hong Kong Stock Exchange 2631) released its 2026 third-quarter report. Revenue for July–September was RMB 645.59 million, up 102.89% year on year — roughly double. Revenue for January–September was RMB 1,559.24 million (up 40.22%), which the company describes as a record high.
Back in the black in July–September
*The July–September 2025 figure is calculated from July–September 2026 revenue and the year-on-year growth rate (102.89%).
Net profit attributable to shareholders of the parent for July–September was RMB 85.83 million, turning from a loss in the prior-year quarter to a profit. Net profit excluding non-recurring items was RMB 96.17 million. Non-recurring items for July–September included a loss of RMB 29.07 million, mainly from fair value changes in financial assets and liabilities.
Net profit for January–September was RMB 27.22 million (up 2,330.24% year on year), lower than the July–September profit alone. Subtracting one from the other implies a loss of about RMB 58.62 million for January–June, so the profit recovery is concentrated in July–September.
AI server power as a demand driver
SICC cited the following sources of demand behind its July–September revenue growth:
1. Higher shipments of conductive substrates for automotive use as 800V high-voltage platforms spread in new energy vehicles 2. High-voltage power supplies for AI servers (which the company called a "new core source of demand") 3. Solar and energy storage, and high-power ultra-fast charging
The company also said that technical improvements and more refined production management by industry substrate makers have sharply reduced SiC substrate costs, bringing SiC power devices close to an economic crossover point with silicon devices in some applications. It said demand is growing from new energy vehicles, data centers, solid-state transformers (SST) and industrial power supplies. We covered SST deployments in AI data centers in SiC solid-state transformer orders.
R&D spending down, capital spending up
R&D investment for July–September was RMB 41.14 million, down 13.32% year on year. Its ratio to revenue was 6.37%, down 8.55 points. Meanwhile, construction in progress at the end of September swelled to RMB 336.64 million, about 2.6x the level at the end of the previous fiscal year (RMB 128.81 million). Inventories also rose to RMB 1,182.47 million from RMB 1,063.44 million at the end of the previous fiscal year.
What it means for procurement and business planning teams
- 8-inch is becoming mainstream in China too: 8-inch products now account for the majority of SICC's revenue. Infineon has also signed a 200mm SiC wafer supply agreement with Wolfspeed, and the generational shift in substrates is under way regardless of region. It is worth confirming supply periods for devices designed and qualified on 6-inch substrates
- Cost declines are framed as a precondition for demand growth: the substrate maker itself says lower costs have brought SiC close to a crossover point with silicon. That is useful material when negotiating device prices
- AI data center power becomes a pillar of SiC demand: alongside EVs, AI server power and SSTs are named explicitly as demand sources. SiC substrate demand is moving away from a structure driven solely by EV sales
- What has not been disclosed: the quarterly report does not give 8-inch and 6-inch shipment volumes, average selling prices or production capacity