Systematic Analysis of the Industrialization Progress of Tianyue Advanced's 12-inch SiC Wafers

Based on the latest information I have collected, below is a systematic analysis of the industrialization progress of Tianyue Advanced’s 12-inch SiC wafers:

Tianyue Advanced has successfully launched a variety of 12-inch silicon carbide substrate products, including [1]:

• 12-inch Conductive Silicon Carbide Substrates
• 12-inch Semi-Insulating Silicon Carbide Substrates
• 12-inch P-type Silicon Carbide Substrates
• 12-inch N-type Silicon Carbide Substrates

Time Node	Major Breakthrough
November 2024	Global launch of 12-inch conductive substrates, showcased at Semicon Europe in Munich [2]
March 2025	Full range of 12-inch products showcased at Semicon China, entering the international first echelon [1]
November 2025	“Global Launch of Full Range of 12-inch Silicon Carbide Substrates” selected as one of the “Top 10 Progresses in China’s Third-Generation Semiconductor Technologies in 2025” [3]
January 2026	12-inch products showcased at the “14th Five-Year Plan Achievements Exhibition of Made in China” in the National Museum of China [3]

As of October 2025, the company has secured multiple 12-inch SiC product orders from top global customers [1] and is actively engaging with downstream customers. Specific customer collaborations include:

• Established partnerships with more than half of the world’s top 10 power semiconductor device manufacturers [4]
• Maintained long-term cooperation with international giants such as Infineon and Bosch [5]
• Reached a strategic cooperation agreement with Sunny Optical Ole in July 2025, focusing on the field of silicon carbide waveguide lenses [1]

Market news indicates that NVIDIA plans to replace silicon with silicon carbide as the interposer material for its CoWoS advanced packaging by 2027, and the replacement for H100 alone corresponds to a demand of nearly 77,000 substrates [1]. Tianyue Advanced has made forward-looking technological deployments, and its silicon carbide materials have been selected as the core interposer for the CoWoS advanced packaging of NVIDIA’s next-generation Rubin GPU [3].

• Phase I Project
  : Achieved the annual production capacity target of 300,000 conductive substrates ahead of schedule in mid-2024 [2]
• Phase II Expansion
  : Focuses on the layout of 12-inch products, but the specific capacity scale and production schedule have not been clearly disclosed [1]

In its Hong Kong stock prospectus, the company mentioned that “it will increase its capacity by approximately 500,000 units by the end of 2027”. The Phase II expansion of the Lingang Base is an important part of this target, but the specific proportion of 12-inch products was not specified [1].

As of the end of June 2025, the combined designed capacity of the two major factories (Jinan + Lingang) has exceeded 400,000 units [4].

Tianyue Advanced has achieved full-category breakthroughs in 12-inch N-type, P-type, and semi-insulating silicon carbide substrates. The key indicators for product defect control are comprehensively better than industry standards [3], laying a technological foundation for industrialization.

• ✅
  Completed
  : Technology R&D, Product Launch, Customer Sampling, Securing First Batch of Orders
• 🔄
  In Progress
  : Capacity Ramp-Up, Mass Production, Yield Improvement
• ❓
  To Be Clarified
  : Specific 12-inch Capacity Scale, Production Schedule, Cost Control Targets

1. The progress of capacity ramp-up has not been publicly disclosed [1]
2. Data on yield rate and cost control has not been disclosed as “trade secrets” [1]
3. 12-inch products have not yet formed scaled revenue [1]

• In 2024, its global market share of conductive silicon carbide substrates surged to 22.8%, ranking second globally [2]
• Its semi-insulating substrates have ranked among the top three globally for four consecutive years [5]

• Wolfspeed: Was once the industry leader, but fell into a financial crisis in 2024 and filed for bankruptcy protection in June 2025 [6]
• Infineon: Launched its first batch of 200mm SiC products in Q1 2025 [6]
• Coherent: Announced the addition of 12-inch SiC substrate capacity in December 2025 [6]

Compared with 8-inch products, the usable area of a single 12-inch substrate is increased by approximately 2.25 times, chip output is increased by more than 2 times, and the number of valid chips produced is increased by nearly 90% [3]. In the AR glasses field, a single 12-inch substrate can produce 10-12 pairs of waveguide lenses, far exceeding the production efficiency of 6-inch (2 pairs) and 8-inch (3-5 pairs) substrates [3].

The industrialization of Tianyue Advanced’s 12-inch SiC wafers is in a critical phase of :

1. Completed Phases
   : Core Technological Breakthroughs, Product Serialization, Introduction of Top-Tier Customers
2. In-Progress Phases
   : Capacity Construction and Ramp-Up, Cost Optimization, Yield Improvement
3. Phases to Be Broken Through
   : Formation of Scaled Revenue, Profit Contribution

• Obvious technological leading advantages, among the few global companies mastering 12-inch SiC technology
• The acquisition of customer orders indicates market recognition of its technology, but scaled revenue still takes time to achieve
• The 12-inch capacity layout of Lingang Phase II is a key growth driver in the next 2-3 years
• Short-term performance still relies on 8-inch products for support [1]

• Capacity ramp-up progress falls short of expectations
• Intensified price competition in the industry
• Progress in yield improvement of 12-inch products
• Verification cycle of international customers

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[1] Cailianshe - Tianyue Advanced: Secured Multiple 12-inch SiC Orders from Top Global Customers but Did Not Directly Answer Questions on Capacity Ramp-Up Progress (October 13, 2025)
[2] Securities Times - Tianyue Advanced: 2024 Revenue Grew by Over 40%, Net Profit Turned from Loss to Profit (March 28, 2025)
[3] Securities Times - Tianyue Advanced: 12-inch Substrates Showcased at the “14th Five-Year Plan Achievements Exhibition of Made in China” in the National Museum of China (January 5, 2026)
[4] Securities Times - Tianyue Advanced: R&D Investment Grew by 34.94%, Multi-Dimensional Layout Consolidates Its Position as a Global Leader in Silicon Carbide Substrates (August 29, 2025)
[5] Shanxi Securities Research Report - Semiconductor Material Tianyue Advanced (688234.SH): Overweight-A (November 8, 2024)
[6] Electronic Engineering Album - Evolution of the SiC and GaN Market Landscape (December 25, 2025)