[News] SICC Reports 2,330.24% Surge in Net Profit for First Three Quarters

SICC reported revenue of CNY 1.559 billion for the first three quarters of 2026, up 40.22% year on year, according to its third-quarter report released on the evening of October 20; revenue for the period hit a record high for the same period in previous years. Net profit attributable to shareholders of the listed company reached CNY 27.2162 million, representing a year-on-year increase of 2,330.24%.

Third-quarter performance was particularly strong, with revenue reaching CNY 646 million, up 102.89% YoY. Net profit attributable to shareholders totaled CNY 85.8329 million, up sharply from CNY 1.89 million in the second quarter.

Demand Across Multiple Applications Drives Growth

SICC attributed the acceleration in its performance to structural shifts in downstream demand.

Rising adoption of 800V high-voltage platforms in new energy vehicles has supported steady growth in automotive-grade conductive substrates. Meanwhile, AI server power supplies have emerged as a major source of incremental demand, with additional contributions from photovoltaic energy storage and high-power fast-charging applications. Together, these markets have driven growth in substrate shipments.

The changing demand mix has also supported a recovery in profitability. The company’s gross margin reached 27.46% in the third quarter, while higher production volumes continued to reduce unit costs. Revenue growth, combined with a product mix increasingly weighted toward higher-value-added large-diameter substrates, directly boosted gross profit.

8-Inch SiC Substrates Account for More Than Half of Revenue

By product, 8-inch silicon carbide (SiC) substrates accounted for more than 50% of revenue in the third quarter, with demand growing in both domestic and overseas markets. This shift indicates that SICC’s earlier investments in 8-inch substrate capacity and technology are increasingly translating into revenue.

The company has previously noted that SiC applications are expanding beyond power semiconductor devices into areas such as advanced packaging thermal management, micro- and nano-optics, and ultra-high-voltage power systems. Its positioning is also evolving from a materials supplier to the new energy vehicle industry toward a broader advanced materials platform.

The increase in AI server power supply demand during the third quarter offers an early indication of how this broader strategy may translate into revenue growth.

(Photo credit: SICC)