In-Depth Analysis of Saiying Electronics' IPO Fundraising for Capacity Expansion and the Power Semiconductor Industry's Prosperity

Based on the latest search results and market data, I have prepared an in-depth analysis report on Saiying Electronics’ IPO fundraising for capacity expansion and the prosperity of the power semiconductor industry.

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Saiying Electronics is a national-level specialized, sophisticated, unique, and new “little giant” enterprise, focusing on the field of key power semiconductor components. Its main products include two core product lines:

and [1]. The company accepted the listing review by the Beijing Stock Exchange (BSE) on December 19, 2024. If approved, it will become the first power semiconductor-related listed company on the BSE [2].

This IPO plans to raise

, with capital focused on three key areas [1][2]:

Fundraising Investment Direction	Investment Proportion	Details
Capacity Expansion	70%	Build a new automated production base, increase annual production capacity of ceramic packages by 50% to 1.2 million units, and achieve monthly production capacity of over 2 million packaging substrates
R&D Upgrade	20%	Invest RMB 54 million to build a third-generation semiconductor R&D center, focusing on SiC substrate heat dissipation technology and fan-out packaging processes
Supply Chain Security	10%	Supplement working capital, respond to copper price fluctuation risks, and stabilize raw material costs through strategic reserves

Among them, upon completion of the heat dissipation substrate production base project, it will

[1].

Financial Indicators	2022	2023	2024	H1 2025
Revenue (RMB 100 million)	2.19	3.21	4.57	2.89
Net Profit Attributable to Parent (RMB 10,000)	4392	-	7390	4387
Compound Annual Growth Rate (CAGR) of Revenue	-	-	44.50%	-

Data shows that the company’s revenue CAGR from 2022 to 2024 reached

, and the cumulative net profit attributable to parent increased by , demonstrating strong growth resilience [1][2].

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According to data from the Zhongshang Industrial Research Institute, the global power semiconductor market size shows a steady growth trend [3]:

Year	Global Market Size (RMB 100 million)	China Market Size (RMB 100 million)
2020	4115	-
2023	-	1519
2024	5953	1600+
2025E	6101	1800+

The global market has a CAGR of

, and the growth rate of the Chinese market is more significant. As a core category of power semiconductors, the Chinese IGBT market reached in 2024, a year-on-year increase of 10.7%, and is expected to reach in 2025 [3].

The power semiconductor industry has the typical characteristic of

, and is currently at a critical juncture of cyclical adjustment and recovery [4]:

• 2022-2024
  : The industry went through an inventory destocking phase, with sharp price declines and reduced capacity utilization
• Q1 2024
  : Inventory destocking in the photovoltaic energy storage industry was basically completed, demand for consumer electronics recovered, and the market began to bottom out and rebound
• 2025
  : The industry enters a new growth cycle, with continuous demand release from three core sectors: consumer electronics, new energy vehicles, and photovoltaic energy storage

It is worth noting that Fuji Keizai, a research institution, pointed out that due to factors such as slowing demand for electric vehicles and declining investment in factory automation, the power semiconductor market was hit by inventory backlogs in 2024.

[4].

New energy vehicles are the

for IGBTs. The global new energy vehicle IGBT market is expected to reach in 2025, with a CAGR of 48% from 2020 to 2025 [5]. The penetration rate of new energy vehicles in China has exceeded 40%, and the demand for automotive-grade power semiconductors has an annual growth rate of over 30% [4].

IGBTs account for about 7% of the value of photovoltaic inverters, corresponding to a value of RMB 21 million per GW. The global photovoltaic energy storage IGBT market is expected to reach

in 2025, with a CAGR of 30% from 2020 to 2025 [5].

Traditional rack power systems face space constraints and energy efficiency bottlenecks, requiring the introduction of new high-voltage direct current (HVDC) architectures.

[6]. The global data center power semiconductor market size is expected to grow significantly in 2025, with AI-related sectors contributing the main incremental growth [4].

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Global power semiconductor production capacity is expected to grow by

in 2025, with China’s capacity growth rate exceeding [4]. Major capacity expansion projects include:

Enterprise	Investment Scale	Capacity Plan
CRRC Times Electric	RMB 5.826 billion	The Yixing project will add an annual production capacity of 360,000 8-inch medium and low-voltage component substrates
Silan Microelectronics	-	The Xiamen SiC production line will be put into operation in Q3 2025, with a target annual production capacity of 420,000 wafers

The power semiconductor industry will show the characteristic of

in 2025 [4]:

Product Type	Supply-Demand Status	Price Trend
Traditional Silicon-Based Devices (IGBT, MOSFET)	Supply-demand relationship gradually improving	Prices stabilizing and recovering
Third-Generation Semiconductors (SiC, GaN)	Still in short supply	High-end product prices remain firm
Consumer-Grade Power Devices	Oversupply	Prices falling, “volume for price”
Automotive-Grade Power Devices	Tight supply-demand balance	Prices have strong resilience

: Since the beginning of 2024, the price of 6-inch SiC substrates has continued to fall, and the industry has quickly shifted from supply shortage to oversupply. By mid-2024, the price of 6-inch SiC substrates had fallen to , and the price of some products had [4].

: Entering 2025, foreign brands such as Infineon and Fuji have to cope with competitive pressure from Chinese enterprises [4].

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• Ceramic package products
  : Global market share of approximately
  30.0%
  , domestic market share of approximately
  32.6%
  , occupying an important share in the industry [1]
• Packaging heat dissipation substrate products
  : Global market share of approximately
  3.6%
  , domestic market share of approximately
  14.3%
  , in a stage of rapid growth [2]

• Has completed R&D of key processes such as high-strength, high-vacuum welding of extra-large diameter ceramic-metal and high-efficiency, high-precision cold forging
• As the
  first drafting unit
  , it formulated the industry standard <Crimped Insulated Gate Bipolar Transistor (IGBT) Flat Ceramic Package>, establishing its leading technical position [1]
• R&D investment ratio has risen to
  9.3%
  , and it has 44 authorized patents (9 invention patents) as of June 2025 [1]

Deeply bound to

such as CRRC Times Electric, Infineon, and Hitachi Energy, with a “pyramid” customer structure [2]:

• Apex: International giants such as Infineon and Toshiba
• Middle layer: Domestic leaders such as CRRC Times Electric and BYD
• Bottom layer: Hundreds of industrial and new energy enterprises

Risk Type	Specific Description	Impact Level
Industry Cycle Risk	The power semiconductor industry has obvious cyclicality, and the recovery progress may fall short of expectations	Medium
Price Decline Risk	Prices of SiC and consumer-grade power devices continue to be under pressure, which may erode gross profit margins	Medium-High
Overcapacity Risk	Industry capacity expansion is too fast, which may lead to price wars	Medium
Technology Iteration Risk	SiC MOSFET technology is rapidly upgrading, and enterprises need to maintain high R&D investment	Medium-Low

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Evaluation Dimension	Prosperity Judgment	Basis
Market Demand	Structural Prosperity	Strong demand from new energy vehicles, photovoltaic energy storage, and AI data centers
Capacity Supply	Structural Overcapacity	Consumer-grade products are oversupplied, while high-end products are still in short supply
Price Trend	Obvious Differentiation	Automotive-grade prices remain firm, while consumer-grade products continue to be under pressure
Cyclical Position	Bottoming Out and Recovering	Inventory destocking was basically completed in 2024, and a moderate recovery is expected in 2025

: The overall prosperity of the power semiconductor industry is , but shows obvious structural differentiation characteristics. The where Saiying Electronics operates belongs to the high-end packaging material link, and there is still room for improvement in localization rate. Driven by demand from the two golden tracks of new energy vehicles and new energy power generation, medium- to long-term prosperity is expected.

Saiying Electronics’ RMB 270 million fundraising and capacity expansion project

:

1. Market Demand Support
   : After the project is completed, it is expected to increase annual revenue by
   RMB 480 million
   , which can effectively alleviate the current capacity gap [2]
2. Sufficient Technical Reserves
   : The company has made breakthroughs in technologies such as extra-large size ceramic package technology and automotive-grade substrate micro-arc processing
3. Customer Order Guarantee
   : Deeply bound to global leading customers, with high order stability
4. Favorable Policy Environment
   : Power semiconductors are a key direction for import substitution, and policy support continues to increase

: The industry is in the early stage of recovery, and it is recommended to focus on targets with high order visibility and good capacity utilization
: With the continuous increase in new energy vehicle penetration and accelerated construction of AI data centers, demand for power semiconductors will maintain high growth
: With the increase in penetration of third-generation semiconductors (SiC/GaN), industry technological upgrading will bring structural opportunities

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Saiying Electronics’ RMB 270 million IPO fundraising project for capacity expansion has

. Driven by the “double carbon” strategy and the new energy revolution, the medium- to long-term demand growth logic of the power semiconductor industry is clear. With a 30% global market share in the ceramic package sector, deeply bound leading customers, and solid technical accumulation, the company has strong competitive barriers.

However, investors also need to pay attention to the following risks:

, price wars in the SiC sector may spread to other product lines, and supply pressure may be brought by excessive capacity expansion. Overall, as the first power semiconductor target listed on the BSE, Saiying Electronics has certain long-term investment value against the background of the industry’s structural upward prosperity.

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[1] Securities Times - “Saiying Electronics: BSE Reviews Listing Application, Power Semiconductor Core Component Track Welcomes a Benchmark” (https://www.stcn.com/article/detail/3547136.html)

[2] Eastmoney - “Saiying Electronics IPO: Riding the Tailwind of the Power Semiconductor Golden Track, Fundraising and Capacity Expansion Solidify the Foundation of Localization” (https://caifuhao.eastmoney.com/news/20260109100650858252990)

[3] Zhongshang Industrial Research Institute - “2025 China Power Semiconductor Industry Market Prospect Forecast Research Report” (https://t.cj.sina.cn/articles/view/7962326780/1da9776fc0010174n8)

[4] Zhihu Column - “Power Semiconductors, Smelling Risks” (https://zhuanlan.zhihu.com/p/1897710267267266499)

[5] Gelonghui - “In-Depth Report on IGBT: New Energy Drives Growth, Localization Rate Accelerates” (https://www.usmart.hk/zh-cn/news-detail/6930478639750447393)

[6] Eastmoney PDF - “Energy Revolution and Artificial Intelligence Reshape Demand, Investment and Financing in the Power Semiconductor Track Recovers” (https://pdf.dfcfw.com/pdf/H3_AP202508211731735719_1.pdf)