BASiC Semiconductor (BASICSEMI) reported interim results for the six months ended 30 June 2026, highlighting a return to positive gross profitability and continued top-line expansion.

Revenue and Profitability • Revenue rose 15.5% year on year to RMB 120.57 million, driven by rapid uptake of SiC discrete devices and industrial-grade SiC power modules. • Gross profit swung from a RMB 30.10 million loss in H1 2025 to a RMB 3.33 million profit, lifting gross margin from ‑28.8% to +2.8%. • The period loss narrowed 8.8% to RMB 161.57 million. On a non-IFRS basis (excluding share-based payments and listing expenses), the adjusted net loss declined 15.1% to RMB 111.85 million.

Product-Mix Shift • Power semiconductor gate drivers remained the largest contributor at RMB 40.97 million, representing 34.0% of total sales (H1 2025: 39.9%). • SiC discrete device revenue surged 161.1% to RMB 26.06 million, buoyed by a five-fold increase in MOSFET demand from renewable energy, industrial and consumer electronics customers. • SiC power module sales fell 38.5% to RMB 30.64 million as automotive-grade volumes and pricing retreated, partly offset by industrial-grade module revenue, which expanded more than 28-fold. • “Others” revenue, including power stacks and auxiliary products, climbed to RMB 22.90 million (up 667.5%), albeit from a low base.

Cost Control and Margin Recovery • Cost of sales decreased 12.8% to RMB 117.25 million, supported by procurement savings and a RMB 5.53 million reversal of prior inventory write-downs. • Selling and distribution expenses grew 33.1% to RMB 29.02 million as the sales network scaled; R&D spending increased 14.2% to RMB 61.63 million, reflecting ongoing platform upgrades across SiC chips, modules and gate drivers. • Finance costs rose 40.4% to RMB 14.58 million amid higher borrowings.

Balance Sheet and Liquidity • Cash and equivalents stood at RMB 154.32 million at 30 June 2026, up RMB 55.65 million from end-2025. • Interest-bearing bank and other borrowings expanded to RMB 414.11 million (69% fixed-rate). • Net current liabilities totalled RMB 301.81 million. • Capital expenditure contracted 79.9% to RMB 8.89 million, while contracted but unprovided capex commitments rose to RMB 152.97 million. • Headcount reached 500; staff costs increased 29.1% to RMB 110.87 million.

Strategic Developments • The company advanced mini-pitch and micro-pitch SiC process platforms, launched new automotive and industrial module series, and completed development of a consumer electronics process platform. • Industrial module revenue benefited from over 60 new customers and initial deployments in AI data-center power supplies; electroplating power-supply orders exceeded 30,000 units. • Automotive-grade modules secured a nomination from a European Tier-1 supplier, while discrete devices gained traction in LED lighting, fast-charging and smart-appliance markets.

Post-Period Event • BASiC Semiconductor listed 27.39 million new H-shares on the Hong Kong Stock Exchange on 8 July 2026, raising net proceeds of HKD 766.13 million. Funds remain unutilised as of 30 June 2026.

Outlook and Strategy Management intends to: 1) deepen R&D across the SiC value chain and expand product offerings; 2) broaden application coverage in renewable energy, AI data centers, industrial power and consumer electronics; 3) accelerate international customer penetration; and 4) expand in-house and collaborative manufacturing capacity, including 8-inch wafer transition and new module packaging facilities in Pingshan and Zhongshan.

Dividend No interim dividend was declared for H1 2026.

Compliance and Governance The Audit Committee reviewed the interim results. The company reported adherence to the Corporate Governance Code and Model Code requirements following its July listing.