SICC CO., LTD. (SICC) released its audited results for the year ended 31 December 2025, reporting a 17.1% year-on-year decline in revenue to RMB 1.46 billion (2024: RMB 1.77 billion). The drop reflects lower average selling prices for silicon-carbide (SiC) semiconductor materials despite higher shipment volumes during the period.
Gross profit contracted 67.4% to RMB 141.80 million, pushing the gross margin down to 9.7% from 24.6% a year earlier. The margin erosion, together with a 16.9% jump in research and development (R&D) spending to RMB 165.84 million and a 26.2% rise in administrative expenses to RMB 238.95 million, contributed to a loss attributable to owners of RMB 208.32 million, versus a profit of RMB 179.03 million in 2024. Basic and diluted loss per share were both RMB 0.47 (2024 earnings per share: RMB 0.42).
Operating cash generation partially cushioned the downturn. Cash and bank balances more than doubled to RMB 3.18 billion, underpinning liquidity. Total assets stood at RMB 9.58 billion, while total liabilities were RMB 2.41 billion, resulting in a debt-to-asset ratio of 25.13%, down 2.65 percentage points from end-2024. Outstanding borrowings increased to RMB 1.04 billion, with RMB 695.90 million maturing within one year.
Capital expenditure during the year focused on expanding 8-inch and 12-inch SiC substrate capacity. Post its August 2025 Hong Kong listing, SICC held net IPO proceeds of HKD 1.94 billion, earmarked mainly for enlarging domestic production lines, building an overseas base in Southeast Asia and advancing R&D. All proceeds remained unutilised as of 31 December 2025.
Given the full-year loss, the Board recommended no final dividend for FY2025.
SICC maintains two production hubs in Jinan and Shanghai with a designed capacity exceeding 500,000 wafers annually. Output rose 68.3% year-on-year to 690,400 equivalent pieces in 2025, underlining continued volume growth despite pricing pressure.
The company highlighted its 51.3% global share in 8-inch conductive SiC substrates and announced completion of full-range 12-inch substrate development during the period.
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