According to the relevant announcement disclosed by Tianyu Semiconductor, the company has signed a strategic cooperation agreement with EYEQ Lab Inc. in South Korea in the field of silicon carbide (SiC) epitaxial wafers. This marks the transition of Tianyu Semiconductor from a local excellent enterprise mainly serving the domestic market to a key participant that has gained international industry recognition and is deeply embedded in the global high-end supply chain.
According to the agreement, both parties will establish a long-term partnership, focusing on in-depth cooperation in the supply and application of silicon carbide (SiC) epitaxial wafers. The announcement shows that Tianyu Semiconductor will provide high-quality SiC epitaxial wafers with specifications covering 6 to 8 inches and 650V to 20000V to EYEQ Lab, suitable for unipolar and bipolar power electronic devices, which can fully meet the product development and mass production needs of EYEQ Lab in different application scenarios. EYEQ Lab will prioritize the purchase of silicon carbide epitaxial wafers provided by Tianyu Semiconductor under the same conditions for a period of three years.
In the view of Zhitong Finance, the impact of this international cooperation is comprehensive and has strategic depth. It not only opens up an immediate business window for Tianyu Semiconductor, but also injects strong long-term driving force in multiple dimensions such as its technology path, market space, industry chain discourse power, and capital market narrative.
It is understood that South Korea is a major player in the global semiconductor industry, with a strong demand for SiC power devices in the market. EYEQ Lab is one of the leading third-generation semiconductor SiC power semiconductor professional enterprises, focusing on the design, research and development, manufacturing, and application solutions of SiC power devices and power modules.
The announcement shows that EYEQ Lab has complete technical capabilities from device design, process development, wafer manufacturing to packaging testing. It has multiple core technologies and mass production experience in the field of high-voltage, high-frequency, and high-efficiency SiC power semiconductors, and is a high-quality enterprise in the midstream device end of the SiC industry chain. According to publicly available information, EYEQ Lab has also received investment from Samsung subsidiary Patron+, with a total investment of 2.5 billion Korean won, indicating that its technological strength, mass production capability, and development potential have been highly regarded by global semiconductor giants.
As a leader in the SiC epitaxial wafer market in China, Tianyu Semiconductor has a core layout of producing and selling 4/6/8-inch full specification SiC epitaxial wafers. Its products cover core downstream areas such as new energy vehicles, photovoltaics, and rail transit, and also provide value-added services such as epitaxial outsourcing, cleaning, and testing. It is a core supplier of upstream materials in the SiC industry chain.
From the perspective of bidirectional empowerment, the cooperation between the two sides will achieve complementary advantages. Tianyu Semiconductor's SiC epitaxial wafer production strength and capacity will be deeply integrated with EYEQ Lab's power device design and manufacturing professional capabilities, forming a two-way win-win situation of "material side capacity increment+device side supply stability". Building a stable supply and demand cooperation system also lays the foundation for subsequent technology collaboration and joint research and development.
On a deeper level, the strategic cooperation between Tianyu Semiconductor and EYEQ Lab has given the company a crucial "international passport" and directly verified its technological strength: the silicon carbide industry has extremely high technical barriers and certification thresholds, and downstream device customers, especially those facing harsh application fields such as automotive and industrial, are extremely cautious in selecting material suppliers. This cooperation demonstrates the company's product supply capability, fully demonstrating that its product technology, performance, quality, etc. have reached the mass production standards of international leading device enterprises.
In fact, as one of the few domestic enterprises that has achieved mass production of 8-inch silicon carbide epitaxial wafers, Tianyu Semiconductor's 8-inch products have accelerated to become the company's new growth engine. In December 2025, the company achieved production line connectivity in the Songshan Lake Ecological Park production area in Dongguan, forming a more efficient and flexible production capacity layout covering 6-inch to 8-inch silicon carbide epitaxial wafers. In the next two years, the new base of the ecological park will focus on laying out 8-inch production lines to provide higher performance and consistency product support for high-end customers worldwide.
The three-year, renewable priority procurement of EYEQ Lab will provide Tianyu Semiconductor with long-term stable order guarantees, solving the core problem of "easy capacity expansion and difficult digestion" in the SiC epitaxial wafer industry, especially ensuring the capacity utilization rate of high gross profit 8-inch epitaxial wafers. The landing of this overseas order also provides an opportunity for early layout of high-end production capacity digestion in the new base, enabling Tianyu Semiconductor to achieve a positive cycle of "capacity expansion order landing profit improvement".
At the same time, EYEQ Lab's mass production level recognition of Tianyu Semiconductor's 8-inch high-end epitaxial wafer supply capability fills the gap in international mass production verification of domestic high-end products, and is expected to become an important milestone in the internationalization of domestic SiC materials, in line with the core development trend of industry high-end and globalization.
From an industry perspective, this strategic move is also highly aligned with national strategy. Silicon carbide materials are widely used in fields such as new energy vehicles, photovoltaic power generation, and rail transit, and are important basic materials for developing new quality productivity. The 14th Five Year Plan of Guangdong Province clearly proposes to focus on the development of third-generation semiconductor industries such as silicon carbide. The increase in production capacity of Tianyu Semiconductor will effectively alleviate the pressure of raw material supply in the global market, help China achieve independent and controllable development in key material fields, and provide solid support for the high-quality development of strategic emerging industries.
Overall, this cooperation provides a valuable opportunity for Tianyu Semiconductor to further expand its international market. It has not only experienced rapid growth in its overseas business, but also achieved dual breakthroughs in technology and market with the endorsement of international high-quality customers, enabling it to advance from a "domestic leader" to an "international core player" in the global market competition. At the same time, during the critical period of global semiconductor industry supply and demand reshaping and technological upgrading in 2026, it firmly occupies the first mover advantage of international layout.
From the perspective of the capital market, this cooperation will directly catalyze the stock price performance of Tianyu Semiconductor in the short term and boost the sentiment of the third-generation semiconductor sector. On the day of the announcement, the company's stock price showed strong performance, rising all the way in the morning and fluctuating at a high level in the afternoon. The stock price closed at HKD 48.9, rising 4.09% against the trend, which is a direct positive feedback from the capital market.
From a long-term perspective, this cooperation will allow the market to see the potential for Tianyu Semiconductor to increase its share in the global silicon carbide supply chain. Its valuation logic is expected to shift from simply benchmarking domestic semiconductor policy dividends to benchmarking the growth space of the global silicon carbide market and the scarcity value as an international supplier. The upgrading of this narrative logic will attract more long-term funds that focus on the global technology industry chain, enhancing the company's recognition and liquidity in the Hong Kong stock technology sector. In the future, Tianyu Semiconductor will firmly grasp this strategic opportunity and transform it into continuous technological breakthroughs, stable customer relationships, and solid financial returns, leaving its own mark in the magnificent global semiconductor material revolution.