List Announcement | Frost & Sullivan Congratulates Yuexin Semiconductor Technology Co., Ltd. on Successfully Listing on GEM (301660.SZ)

YUAN CAPITAL, Frost & Sullivan, successfully listed on October 13, 2026, with a share issuance amount of 51,264.6 million shares at a price of 12.01 yuan per share.

Silicon photonics technology is a technique that uses CMOS-compatible processes to manufacture and integrate photonic devices on silicon substrates. Its core advantage lies in achieving high-speed data transmission within and between chips through "using light instead of electricity." Compared to traditional discrete optical components, silicon photonics technology offers significant advantages in integration density, transmission bandwidth, power consumption, and mass production costs, making it considered one of the key paths to break through the artificial intelligence computing bottleneck and the performance growth limitations of the post-Moore era. Silicon photonics wafers are the physical foundation for implementing the "light-based" interconnection architecture and the core carrier for advancing silicon photonics technology from individual devices to system integration and from the laboratory to industry application.

Global Silicon Photonics Wafer Market Size from 2021-2030E

Source: Sullivan Report

The core driving force for the growth of the China Silicon Optical Wafer Market stems from the explosive construction of AI computing infrastructure. As manufacturers such as NVIDIA promote the evolution of intelligent computing centers towards higher computing density, the demand for 800G/1.6T ultra-high-speed optical modules within data centers has increased significantly. Leveraging its physical advantages in cost and power consumption, Silicon Optical Technology has become the mainstream solution for solving the "optical interconnection bottleneck," directly driving the procurement demand for Silicon Optical Wafers from upstream players. The market size of China Silicon Optical Wafers increased from 80 million yuan in 2021 to 470 million yuan in 2025, with a compound annual growth rate of 57.2%. It is expected that by 2030, the market will reach 5.14 billion yuan, with a compound annual growth rate of 61.2%.

China Silicon Optical Wafer Market Size from 2021-2030E

Source: Frost & Sullivan Report

The global Silicon Optical Wafer Foundry market is still in a stage of rapid development. Market participants mainly include mature wafer foundries, specialized Silicon Optical Foundries, and IDM manufacturers with Silicon Optical platform capabilities. Among major manufacturers, Tower Semiconductor, GlobalFoundries, and TSMC are important players in the global Silicon Optical Wafer Foundry market. Leading overseas manufacturers have established relatively clear division of labor for 8-inch and 12-inch platforms. Tower Semiconductor started early with its 8-inch Silicon Optical platform and is gradually expanding into the 12-inch platform. Currently, the production capacity for 8-inch Silicon Optical Wafers is approximately 15,000 pieces per month, and for 12-inch, it is about 3,000 pieces per month. GlobalFoundries has mature manufacturing capabilities for Silicon Optical and SOI-related technologies, covering both 8-inch and 12-inch platforms. Its current production capacity for 8-inch is approximately 10,000 pieces per month, and for 12-inch, it is about 5,000 pieces per month. TSMC focuses on the 12-inch platform, entering the Silicon Optical field through advanced manufacturing, customer ecosystem, and packaging coordination capabilities. Currently, its production capacity for 12-inch Silicon Optical Wafers is approximately 8,000 pieces per month. Leading overseas manufacturers have accumulated extensive experience in Silicon Optical process platforms, customer acquisition, PDK ecosystem, mass production expertise, and production scale, forming relatively mature platform-based service capabilities.

The Mainland China Silicon Optical Wafer Foundry market is still in the industrialization introduction phase, with 8-inch platforms currently being the primary focus. The 8-inch platform was developed relatively early, primarily responsible for Silicon Optical process development, customer validation, small-scale trial production, and early mass production introduction. Participants include SMIC, Wuhan XinXin, and other wafer manufacturing companies. The 12-inch platform has been rapidly developed in recent years due to the growing demand for high-speed interconnections in AI data centers, 1.6T and higher optical modules, and CPOs. It features higher single-wafer output, stronger cost reduction capabilities, better process consistency, and more obvious synergy with CMOS production lines. Compared to the 8-inch platform, 12-inch Silicon Optical Wafers require higher standards for SOI substrate supply, internal uniformity, low-loss waveguide etching, Ge detector consistency, wafer-level testing, and customer acquisition capabilities. Therefore, there are still few manufacturers in Mainland China that have truly entered the large-scale mass production stage of 12-inch Silicon Optical Wafers.

SOI wafer is the core substrate material for Silicon Optical Wafer manufacturing. The supply stability, size structure, and purchase scale of SOI wafers are important external indicators for assessing the actual wafer production capacity and mass production progress of Silicon Optical Wafer factories. In China, the purchase demand for SOI wafers mainly comes from wafer manufacturers with Silicon Optical Wafer manufacturing capabilities, such as SMIC, Wuhan XinXin, and Yuexin Semiconductor. In 2025, approximately 80% of the total SOI wafer purchases in Mainland China were 8-inch SOI wafers, while 12-inch SOI wafers accounted for about 20%, indicating that the current stage of China's Silicon Optical Wafer manufacturing still relies primarily on the 8-inch platform, with the 12-inch platform still in the introduction and ramp-up phase. In terms of purchase structure, in 2025, SMIC accounted for approximately 45.0% of the total Chinese SOI wafer purchases, Wuhan XinXin for about 20.0%, and Yuexin Semiconductor for about 10.0%, mainly due to their 12-inch Silicon Optical platform mass production needs; other customers together accounted for approximately 25.0%, including pilot lines, research platforms, laboratory R&D, and other small-scale purchase requirements.

2025 Chinese SOI Wafer Market Purchase Situation

Source: Frost & Sullivan Report