Innoscience (02577.HK) Hotness Analysis: GaN Leading Enterprise Driven by NVIDIA Collaboration for High Growth

Innoscience (Suzhou) Technology Co., Ltd. is a global leader focused on gallium nitride (GaN) power semiconductors, adopting the IDM model and owning the world’s largest 8-inch GaN wafer production capacity [0][1]. The company listed on the Hong Kong Stock Exchange on December 30, 2024, with an IPO price of HK$30.86 [0]. In 2025, its stock performance was excellent, rising from the IPO price to a high of HK$106.10, an increase of over 200% [0]. The current stock price is HK$68.70, and the market capitalization is approximately HK$62.9 billion [0][2].

Core driving factors include: 1) Reaching a strategic partnership with NVIDIA, becoming the only domestic chip enterprise entering NVIDIA’s 800V DC power supply architecture supply chain [0][8]; 2) Improved financial performance: 2025 H1 revenue was 553 million yuan, a year-on-year increase of 43.4%, and gross margin turned positive from -21.6% to 6.8% [0][6]; 3) Rapid growth of the GaN industry, expected to grow 889% from 2020 to 2025, and the market size is expected to exceed 3 billion USD by 2030 [0][10]; 4) High institutional attention: Guojin Securities gave a Buy rating, and CLSA raised the target price to HK$113.6 [0][4][9].

1. Technology and Supply Chain Advantages
   : The IDM model and the world’s largest 8-inch GaN production capacity build barriers, and the collaboration with NVIDIA verifies its technical strength [0][8].
2. Alignment with Industry Trends
   : GaN has strong demand in high-growth fields such as electric vehicles, data centers, and humanoid robots, and the company’s business layout is precise [0][7].
3. Valuation and Growth Expectations
   : Despite historical losses, the rapid revenue growth and positive gross margin indicate an operational inflection point, and institutional target prices have significant upside potential compared to the current stock price [0][5][9].

: 1) Intensified industry competition and technology iteration risks; 2) Unstable profitability, still needing continuous R&D investment [0][5]; 3) Supply chain dependence and geopolitical risks [0].
: 1) Growth dividends brought by the rapid expansion of the GaN market; 2) Expanding high-end markets such as data centers through collaboration with NVIDIA; 3) Policy support for the third-generation semiconductor industry [0][10].

As a leading enterprise in the GaN field, Innoscience shows strong growth potential relying on technical advantages, industry trends, and strategic partnerships. The current stock price reflects the market’s optimistic expectations for its future development, but investors need to pay attention to profit realization capabilities and industry competition [0][4][5].