36Kr Exclusive | Domestic Silicon Carbide Materials Enterprise Covering Full Semiconductor Industry Chain Segments Secures Over 100 Million Yuan Series C Financing - 36Kr

A domestic SiC materials player closing a Series C above 100M yuan is not a financing headline—it is the capitalization of a vertical-integration thesis that reshapes the compound semiconductor cost curve. Technically, substrates consume 40-50% of SiC device BOM cost, and defect density governs epitaxy yield and final R_on·A. If this company spans both substrate growth and epi, it strikes the most cost-sensitive node in the stack, structurally squeezing pure-play substrate vendors like TanKeBlue and SICC. Multi-segment coverage also creates an internal yield-data feedback loop that single-link suppliers cannot match in iteration speed. On compliance, BIS export controls have produced a de facto two-track supply chain. Access to CVD reactors and precision metrology is constrained, inflating capex for domestic alternatives. The 100M+ yuan ticket, set against Wolfspeed's multi-billion-dollar 8-inch capex, signals a 6-inch, industrial-and-solar-focused positioning rather than a frontal assault on automotive-grade 8-inch wafers. Competitively, STMicro and Infineon have locked in long-term SiC supply with major EV OEMs. A domestic entrant at this stage is more likely to carve out traction in PV inverters, DC fast-charging, and industrial power—segments with shorter qualification cycles. 12-24 month outlook: 6-inch substrate pricing compresses another 20-30% on capacity overhang; two or three domestic players will stake out the 8-inch transition; mid-tier consolidation accelerates, and the D-round or IPO window becomes a make-or-break inflection.