Youyan Silicon

Business

Youyan Silicon (GRINM Semiconductor Materials) makes 6-inch to 8-inch silicon wafers and silicon materials for chipmaking and chipmaking equipment (2026 interim report, p. 12). Its main products are Czochralski-pulled single crystals, polished wafers, float-zone single crystals and polished wafers, and silicon materials and parts for etch equipment. Power devices are the core of its wafer business: the filing says it is optimising its product mix toward higher value-added power device wafers (p. 9).

The company traces its lineage to GRINM, the state-backed metals research group, which remains a major shareholder alongside Japan's RSTechnologies. Its Shandong subsidiary is the main wafer operation; in the half it brought in ¥554.79m of revenue and ¥140.71m of net profit (p. 21).

Scale and moves

• Revenue was ¥664.81m in the first half of 2026, up 21.20%, and net profit attributable to owners was ¥132.83m, up 25.71%. The company attributes the growth to recovering demand and higher sales volumes across product lines, plus the newly consolidated DG Technologies (p. 17).
• Its 8-inch wafer expansion project added 50,000 wafers a month in the second quarter, taking 8-inch capacity to 300,000 wafers a month (p. 10). New products certified and sold in volume in the half include 8-inch float-zone gas-doped wafers and 8-inch heavily phosphorus-doped ultra-low-resistivity wafers for power devices (p. 9).
• In January 2026 it completed the acquisition of 70% of Japan's DG Technologies for a first payment of ¥37.67m, extending it from wafer material into finished etch equipment parts (pp. 7, 10). DG Technologies contributed ¥111.67m of revenue in the half at a small loss of ¥1.87m (p. 21).
• In July 2026 it completed the acquisition of 60% of Anhui Jinglong Semiconductor for ¥450.71m, extending downstream into epitaxial wafers (p. 10). Its 12-inch business is still an associate, not a consolidated operation: Shandong Youyan AIS lost ¥98.51m in the half on ¥163.45m of revenue, and the filing warns that its ramp and customer qualification will take time (pp. 16, 21).

Caveats

The company lists price volatility as a live risk: if downstream demand recovers more slowly than expected, or capacity is released in a rush, prices could fall again and hit its margin (p. 15). It also warns that its 12-inch associate could keep losing money while it climbs the qualification curve, and that the Anhui Jinglong acquisition may underperform if the cycle turns (p. 16). Its etch materials project was also slowed by plant design and tendering delays, and part of its funding was redirected to the 8-inch expansion (p. 39).