消息面上，浙商证券此前指，AI服务器机柜算力迭代驱动单机柜功率密度快速攀升，直接拉动功率半 导体需求扩容，而SiC凭借高耐高压、低损耗特性，在高功率场景的渗透率有望加速提升。公司是全球 少数能够实现8英寸碳化硅衬底量产、也是率先推出12英寸碳化硅衬底的公司。公司有望凭借在大尺寸 衬底的先发优势和技术积累，有望进一步抢占市场份额。 中邮证券表示，在核心应用领域，公司前瞻性布局电动汽车赛道，于2022年较早通过车规级IATF16949 体系认证，碳化硅衬底产品经国际一线领先功率半导体厂商严苛验证后，已实现持续大规模批量供货； 同时凭借前瞻性技术布局与创新能力，深度切入可再生能源及AI两大高增长赛道。此外，公司积极开 拓光学等新兴领域，已与全球头部光学厂商达成合作并斩获多个订单。 智通财经APP获悉，天岳先进(02631)涨超6%，截至发稿，涨6.25%，报63.75港元，成交额2.05亿港元。 （原标题：港股异动 | 天岳先进(02631)涨超6% 机构看好算力升级催化SiC需求） ...

天岳先进(02631)涨超6%，截至发稿，涨6.25%，报63.75港元，成交额2.05亿港元。 中邮证券表示，在核心应用领域，公司前瞻性布局电动汽车赛道，于2022年较早通过车规级IATF16949 体系认证，碳化硅衬底产品经国际一线领先功率半导体厂商严苛验证后，已实现持续大规模批量供货； 同时凭借前瞻性技术布局与创新能力，深度切入可再生能源及AI两大高增长赛道。此外，公司积极开 拓光学等新兴领域，已与全球头部光学厂商达成合作并斩获多个订单。 消息面上，浙商证券（601878）此前指，AI服务器机柜算力迭代驱动单机柜功率密度快速攀升，直接 拉动功率半导体需求扩容，而SiC凭借高耐高压、低损耗特性，在高功率场景的渗透率有望加速提升。 公司是全球少数能够实现8英寸碳化硅衬底量产、也是率先推出12英寸碳化硅衬底的公司。公司有望凭 借在大尺寸衬底的先发优势和技术积累，有望进一步抢占市场份额。 ...

Core Viewpoint - The Hong Kong stock market is facing a significant wave of lock-up share releases in February and March 2026, with many companies experiencing high percentages of shares being unlocked, potentially impacting stock prices and market sentiment [2][4]. Group 1: Companies Facing High Unlock Ratios - Several companies, including Mirxes-B, Nanshan Aluminium International, and Jiangsu Hongxin, have over 50% of their total share capital subject to unlock, indicating substantial potential selling pressure [2][3]. - The first tier of companies with high unlock ratios includes Different Group (84.67%), Nanshan Aluminium International (80.59%), and Jiangsu Hongxin (68.19%) [3]. Group 2: Market Impact and Investor Behavior - The upcoming unlocks may lead to market panic selling, particularly for small-cap stocks and loss-making companies, as investors may preemptively sell to mitigate risk [9]. - Companies with lock-up commitments, such as Mirxes-B, may experience reduced selling pressure due to commitments from founders and cornerstone investors to hold their shares for an extended period [5][9]. Group 3: Long-term Implications of Unlocks - The unlocking of shares may lead to a more diversified shareholder structure, reducing the risk of concentrated ownership and enhancing corporate governance transparency [10]. - Ultimately, the long-term impact on stock prices will depend on the companies' fundamentals, growth prospects, and industry conditions, rather than solely on the unlock events [10][11].

Core Viewpoint - Tianyue Advanced (02631) has seen a nearly 6% increase in stock price, driven by Goldman Sachs' report highlighting the growing demand for energy efficiency in AI data centers, which is becoming a new core driver for silicon carbide (SiC) applications [1] Group 1: Industry Insights - The demand for energy efficiency in AI data centers is increasing, making SiC applications crucial for 800V high-voltage direct current (HVDC), power supply units (PSU), baseband processing units (BBU), and advanced packaging [1] - SiC offers advantages such as higher energy conversion efficiency, better heat dissipation, higher power density, and smaller size, which align with the GPU computing power enhancement needs [1] - The performance upgrade and weight reduction requirements in the AI glasses sector, along with the existing demand for fast charging in electric vehicles, are identified as three major growth engines for the industry [1] Group 2: Company Positioning - Tianyue Advanced is positioned as a global leader in the semi-insulating silicon carbide substrate field, having pioneered the 12-inch silicon carbide substrate [1] - The company has early investments in liquid phase epitaxy (LPE) technology combined with vapor phase methods, and has independently designed crystal growth furnaces to continuously improve the thickness of silicon carbide ingots [1] - The quality advantage of Tianyue Advanced's products leads to higher yield rates for customers producing SiC devices, supporting product premium pricing [1] - The company is actively reducing costs to offset the impact of declining substrate prices, including a proactive price reduction of 8-inch silicon carbide substrates to capture market share and ensure profitability [1]

Core Viewpoint - Tianyue Advanced (02631) has seen a nearly 6% increase in stock price, driven by Goldman Sachs' report highlighting the growing demand for energy efficiency in AI data centers, positioning silicon carbide (SiC) applications as a new core growth driver [1] Group 1: Industry Insights - The demand for energy efficiency in AI data centers is continuously increasing, making SiC applications crucial for 800V high voltage direct current (HVDC), power supply units (PSU), baseband processing units (BBU), and advanced packaging [1] - Key growth engines identified include performance upgrades and weight reduction in AI glasses, as well as existing demand for fast charging in electric vehicles [1] Group 2: Company Positioning - Tianyue Advanced is a global leader in semi-insulating silicon carbide substrate, having pioneered the 12-inch silicon carbide substrate and early deployment of liquid phase epitaxy (LPE) technology combined with vapor phase methods [1] - The company has designed its own crystal growth furnace, continuously improving the thickness of silicon carbide ingots, resulting in significant product quality advantages [1] - Customers using Tianyue's substrates achieve higher yield rates in producing silicon carbide devices, supporting product premium pricing [1] - The company is actively reducing costs to offset the impact of declining substrate prices, including a proactive price cut on 8-inch silicon carbide substrates to capture market share and ensure profitability [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不會對本公告的全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 山東天岳先進科技股份有限公司 SICC CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：2631） 2025年年度業績預告的補充公告 茲提述山東天岳先進科技股份有限公司（「本公司」或「公司」）日期為2026年1月 26日內容有關本公司截至2025年12月31日止年度的業績預告（「該公告」）。除文 義另有界定外，本公告所用詞彙具備該公告所界定的相同涵義。 本公司董事（「董事」）會（「董事會」）謹此澄清「一、本期業績預告情況 —（二）業 績預告情況」一節第2及第3段應如下所示： 3.預計2025年年度歸屬於母公司所有者的扣除非經常性損益後的淨虧損介乎人 民幣27,500.00萬元至人民幣23,500.00萬元，與上年同期（法定披露數據）相比， 預計將減少人民幣43,109.30萬元至人民幣39,109.30萬元。」 – 1 – 本公告為該公告的補充，應與該公告一併閱讀。除上文所作 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東天岳先進科技股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02631 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 54,907,500 | RMB | | 1 RMB | | 54,907,500 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 54,907,500 | RMB | | 1 RMB | | 54,907,500 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Core Viewpoint - Tianyue Advanced (02631) has seen a stock price increase of over 7%, currently trading at 58.5 HKD, with a transaction volume of 69.01 million HKD, driven by strong demand in the transformer manufacturing sector and advancements in silicon carbide technology [1] Group 1: Industry Insights - A significant number of transformer factories in Guangdong and Jiangsu are operating at full capacity, with some orders for data center applications extending to 2027 [1] - In Hebei, the exploration of all-silicon carbide power electronic transformer technology is underway to address the challenges posed by high proportions of renewable energy integration, utilizing high-voltage silicon carbide devices to reduce energy loss and enhance renewable energy efficiency [1] Group 2: Company Developments - Guosheng Securities has indicated that silicon carbide (SiC) is a key electronic power device for Solid State Transformers (SST), which is expected to contribute new growth momentum for the company [1] - Zheshang Securities previously noted that Tianyue Advanced is actively expanding the application of silicon carbide in emerging fields, creating long-term growth opportunities [1] - Silicon carbide materials are anticipated to become ideal for the next generation of AR glasses due to their high refractive index and lightweight advantages, leading to improved display performance [1] - With the explosion of AI computing power demand, energy consumption issues in data centers are becoming prominent, and silicon carbide power devices can significantly enhance server power efficiency, aligning with the trend of major companies like NVIDIA pushing data centers towards an 800V high-voltage architecture [1]

Major Events - Dongpeng Beverage (09980) will conduct its IPO from January 26 to January 29, with an expected listing date of February 3 [1] - Zijin Mining (02899) plans to acquire 100% of Allied Gold Corporation for approximately CAD 5.5 billion [2] - AsiaInfo Technologies (01675) collaborates with ABB Robotics to establish an "Embodied Intelligence Laboratory" [3] - Dongyang Sunshine Pharmaceutical (06887) signs a strategic cooperation agreement with Shenzhen Jingtai to form a joint venture for an AI-driven drug research platform [4] - Howie Group (00501) intends to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [5] - Singularity Guofeng (01280) enters a GPU distribution cooperation agreement with Muxi Co., aiming to penetrate the domestic AI computing power market [6] - Guorui Life (00108) signs a strategic cooperation memorandum with Mingzhi Medical to promote deep integration and industrial upgrading of "medical + technology + scenarios" [7] Financial Reports - Harbin Electric (01133) anticipates a net profit attributable to shareholders of approximately CNY 2.65 billion for 2025 [8] - Joyson Electronics (00699) expects an annual net profit of about CNY 1.35 billion, representing a year-on-year growth of approximately 40.56% [9] - Guotai Junan International (01788) projects an annual net profit between HKD 1.28 billion and HKD 1.38 billion, a significant increase of 265% to 293% year-on-year [10] - Tianyue Advanced (02631) forecasts annual revenue of CNY 1.45 billion to CNY 1.5 billion [11] - China Power (02380) estimates a consolidated total electricity sales volume of approximately 126 million megawatt-hours for 2025 [12] - Chalco International (02068) expects a total new contract amount of CNY 46.836 billion for 2025, a year-on-year increase of 51.94% [13]

Core Viewpoint - Tianyue Advanced (02631) expects a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to market price decreases and strategic adjustments in market share expansion [1][2]. Group 1: Revenue and Profit Forecast - The company anticipates annual revenue for 2025 to be between 1.45 billion to 1.5 billion RMB, representing a decrease of 318 million to 268 million RMB, or a year-on-year decline of 17.99% to 15.17% [1]. - The expected net profit attributable to the parent company is projected to be a loss of 225 million to 185 million RMB, a reduction of 404 million to 364 million RMB compared to the previous year, indicating a year-on-year decrease of 225.68% to 203.34% [1]. Group 2: Factors Influencing Financial Performance - The increase in sales volume of substrate products was offset by a decline in overall revenue due to falling market prices, influenced by domestic market competition and strategic adjustments aimed at increasing market share [1]. - The company experienced increased sales expenses while actively exploring new applications for large-sized products, alongside a rise in R&D expenses to maintain technological leadership in the industry [1]. - Additional factors contributing to the decline in net profit include increased tax expenses and penalties, reduced gross profit due to lower product prices, foreign exchange losses from RMB fluctuations, increased asset impairment provisions, and higher costs associated with overseas listings [2].