32亿募资画饼六年后九成补流：露笑科技碳化硅“产业化”的虚与实｜钛媒体深度

This article exposes how Luxiao Technology, a listed company on China's A-share market, raised capital by overhyping its cross-industry foray into the silicon carbide (SiC) sector with empty promises. Key findings are as follows:

1. Luxiao Technology made a high-profile entry into the third-generation semiconductor SiC track in 2020. Over six years, it raised a total of around 3.2 billion yuan via two private placements, but less than 300 million yuan was actually invested in SiC project construction. The remaining 2.9 billion yuan was misappropriated for supplementary working capital and debt repayment. In July this year, the company officially terminated its two major SiC investment projects funded by the private placement, and reallocated the remaining 1.217 billion yuan to supplementary working capital. The stock price fell by nearly 40% cumulatively over the 8 trading days following the announcement.

2. In the 15 years since its listing, Luxiao Technology has consistently pursued hype-driven expansion by chasing market hot spots. Its core business has shifted from enameled wire to multiple hot sectors including electrical machinery, sapphire, new energy vehicles, photovoltaics, and SiC, with extremely low success rates. It has raised a total of 7.069 billion yuan in direct financing, while recording total net profit of only 221 million yuan and total dividends of only 88.83 million yuan. Since 2018, the controlling family of the actual controller has cashed out approximately 1.993 billion yuan, and still has a large-scale reduction plan in place.

3. Practical reminder for retail investors: When investing in A-shares, stay alert to capital operations that rely on hot-spot hype and empty promises. Focus on actual project investment and implementation progress of enterprises, and do not be misled by grand blueprints.

This article sorts out the complete case of Luxiao Technology's capital operation leveraging the SiC hype, and provides multiple insights for brands planning cross-industry布局 into hot sectors. Key takeaways are as follows:

1. Clear current trends in the SiC industry: Driven by downstream demand from new energy vehicles, energy storage, AI computing infrastructure and AR, the industry is shifting toward 8-inch and 12-inch large-size substrates. Currently, 6-inch substrates are already oversupplied, with the average price dropping from 4,780 yuan per wafer in 2023 to a projected 1,695 yuan per wafer in 2025. It is estimated that 8-inch substrates will account for 35% of total shipments by 2030. The industry landscape has now taken initial shape, with leading players already completing mass production of 8-inch substrates and starting布局 for 12-inch.

2. Warning for brand布局: Concept-driven布局 chasing hot spots is far less valuable than grounded operation. Luxiao Technology only made empty promises without actual investment, which not only eroded market trust but also led to a sharp stock drop and severe damage to its brand image, bringing no benefits to long-term corporate development.

3. Reference for technology and talent: High-tech sectors like SiC are technology-intensive. The R&D expense ratio of industry peers averages over 8%, and the proportion of R&D staff with master's or doctoral degrees exceeds 29%. Opaque information on core technical talents will significantly increase external doubts. Brands need to disclose core resource information clearly.

This article discloses the current development status of the SiC industry, and provides clear opportunity alerts and risk warnings for practitioners布局 in the semiconductor sector. Key insights are as follows:

1. Current industry development stage: The SiC substrate track has entered the second half of the game, where competition has shifted from concept comparisons to contests over stable mass production capacity and complete independent supply chain capabilities. The era of profiting from concept hype is over.

2. Opportunity sorting for the track: Downstream demand is clearly shifting to 8-inch and 12-inch large-size substrates, and 8-inch will account for 35% of total shipments by 2030. New demand from new energy vehicles, energy storage, AI and AR creates market space. Some existing early-stage 6-inch production lines can be transformed into 8-inch lines by adjusting crystal growth furnaces and crucibles. New布局 can prioritize the large-size direction.

3. Risk warning: Currently, the planned production capacity of 8-inch SiC substrates in China already exceeds 4 million wafers. The industry expects 8-inch capacity may be oversupplied by 2027, leading to cut-throat competition. Stay alert to hot-spot-chasing companies where controlling shareholders frequently cash out and project investment is extremely low, to avoid pitfalls in investment and cooperation.

This article sorts out the production demand and competitive landscape of the SiC substrate industry, and provides multiple insights for manufacturing factories planning to enter or布局 in this field. Key takeaways are as follows:

1. Product production and design requirements: Current downstream demand has shifted from 6-inch to 8-inch and 12-inch large-size substrates. Large-size substrates have lower edge loss and higher material utilization, which is more conducive to cost control and meets downstream demand for cost reduction and efficiency improvement. New production lines should prioritize adaptation for large-size production. Early-built 6-inch old production lines cannot be modified for large-size production, and no longer have value for additional investment.

2. Core requirements for industry competition: The SiC industry has now entered a phase of competition based on production capacity and technology. Leading players have already achieved production scales of hundreds of thousands or even millions of wafers annually. To maintain basic technological competitiveness, the industry requires R&D investment to account for more than 8% of revenue, and R&D staff with master's or doctoral degrees to account for more than 29%. It is very difficult for factories with small production capacity and low R&D investment to gain a foothold in the industry.

3. Commercial opportunity hints: 6-inch substrates still have a certain amount of stock market demand, but there will be no new incremental demand. New entrants should avoid the already oversupplied 6-inch track and focus on large-size布局. However, it should also be noted that the 8-inch track may face overcapacity as early as 2027, so clear technological and cost advantages are required to enter the market.

This article analyzes the current development stage of the SiC industry, and clarifies industry trends, client pain points and potential opportunities for service providers serving the semiconductor industry. Key insights are as follows:

1. Industry development trends: The SiC industry has transitioned from the early concept incubation stage to a phase of production capacity implementation and rapid technological upgrading. The industry mainstream is upgrading from 6-inch to 8-inch and 12-inch substrates. Leading players are expanding production at a fast pace, leading to a sharp increase in demand for services such as large-size substrate production equipment retrofitting and old production line upgrading. Demand for 6-inch related supporting services has already peaked, while the market space for large-size related supporting services is broad.

2. Core client pain points in the industry: Many companies that enter the SiC sector via cross-industry entry generally face problems such as insufficient core technical talents, inadequate R&D investment, and slow production capacity implementation. For many of these companies, capital operations outweigh actual production, and the lack of core technical leadership is a common pain point for new entrants.

3. Potential service opportunities: Service providers can develop supporting upgrading services such as adaptable crystal growth furnaces and crucibles for converting 6-inch production lines to 8-inch production, to meet the demand for old production line upgrading. They can also provide services matching market demand, including technical R&D consulting, high-end talent matchmaking, and R&D project outsourcing connections, to fill the talent gap for small and medium-sized new entrants.

This article exposes the practice of Luxiao Technology, an A-share listed company, raising capital via hot-spot hype with empty promises, and provides clear inspiration for regulation, operation and risk prevention of capital market platforms. Key insights are as follows:

1. Core current problems in the market: Some listed companies are keen on fraudulent capital operations by chasing hot spots, raising funds by exaggerating project prospects, while actually investing very little in project construction, and misappropriating large amounts of funds for working capital and debt repayment to facilitate cash-out by actual controllers. This severely damages the interests of small and medium investors. Luxiao Technology, which raised more than 7 billion yuan, recorded total profit of only more than 200 million yuan, and saw its actual controller cash out nearly 2 billion yuan, is a typical example.

2. Directions for improving platform operation and management: Platforms need to strengthen continuous tracking and supervision over listed companies' private placement investment projects, require enterprises to regularly disclose authentic information such as actual project investment, production capacity implementation, and core team changes. Enterprises that frequently change the use of raised funds and reallocate a large proportion of raised funds to working capital should be placed under key monitoring, and risk warnings should be issued to the market in a timely manner.

3. Directions for risk prevention: Platforms should stay alert to concept hype around cross-industry entry into hot sectors. For private placement projects in high-growth sectors such as semiconductors, platforms should urge enterprises to disclose the real progress of core technology, talent and production capacity, to prevent false information from misleading investors, maintain normal market order, and protect the rights and interests of small and medium investors.

This article reviews the entire process of Luxiao Technology's cross-industry entry into SiC, providing a typical sample for research on capital operation patterns of A-share listed companies and the development of the third-generation semiconductor industry. Key insights are as follows:

1. New trends in the SiC industry: The domestic SiC substrate industry landscape is now clear. Leading enterprises have achieved mature mass production of 6-inch substrates, large-scale shipment of 8-inch substrates, and entered the small-batch R&D stage for 12-inch substrates. Industry iteration is much faster than expected, and 8-inch capacity may face oversupply as early as 2027. The industry has entered an elimination phase, and the living space for small and medium-sized enterprises is continuously shrinking.

2. New emerging problems in the capital market: A hollow capital operation pattern of "financing - hot-spot concept hype - share price boost - actual controller cash-out" has emerged in the A-share market. After listing, some listed companies do not focus on their core business, and continuously cross into hot sectors, with very few actual projects落地. They rely on financing to maintain operations, while actual controllers profit and exit via cash-out, ultimately leaving risks to small and medium investors. Luxiao Technology is a very typical sample of this pattern.

3. Research implications: When studying the development of hot-track industries, researchers cannot only rely on the planning blueprints released by enterprises. It is necessary to focus on verifying real indicators such as actual capital investment, production capacity implementation, and core talent changes. Concept hype not only misleads investors but also disrupts the healthy development of the real industry. This case also provides a practical reference for improving capital market regulatory policies.