香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司（「香港 結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表聲明，並明確表示概不會就因本公告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公告僅作說明用途，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。潛在投資 者於決定是否投資所提呈發售的 H 股前，應閱覽山東天岳先進科技股份有限公司（「本公司」）所刊發 日期為 2025 年 8 月 11 日的招股章程（「招股章程」），以獲得下文所述有關全球發售的詳細資料。有關 發售股份的投資決定應以招股章程所載資料為唯一依據。 除本公告另有界定者外，本公告所用詞彙與招股章程所界定者具有相同涵義。 SICC CO., LTD. 山東天岳先進科技股份有限公司 （於中華人民共和國成立的股份有限公司） 預期時間表 日期(1) | 香港公開發售開始……………………………………………………… | 2025 年 8 月 11 日（星期一） | | --- | --- | | 上午九時整 | | | 通過指定網站 www.eipo.com.hk 根據白 ...

| 新股 | 券商 | | 自率(%) | | --- | --- | --- | --- | | 天岳先进(02631) | 富途 | 276.00 | 0.00 | | | 辉立 | 109.00 | 0.00 | | | 産才 | 28.00 | 0.00 | | | रूछ | 16.80 | 0.00 | | | 信诚 | 8.00 | 0.00 | | | 图立 | 2.811 | 0.00 | | | 时富 | 0.35 | 0.00 | | | 艾德 | 0.1756 | 0.00 | | | 其他总和 | 50.9372 | | | | 并计 | 492.0738 | | | | | 集资额: 1.02亿元 | | | | | 认购:超购逾481倍 | | 智通财经APP获悉，天岳先进(02631)正在招股中。截止8月13日，富途、辉立、华盛等券商合计为天岳 先进借出492.0738亿港元，超购逾481倍。 ...

天岳先进(02631)正在招股中。截止8月12日，富途、辉立、华盛等券商合计为天岳先进借出64.1015亿港 元，超购逾61.8倍。 本文源自智通财经网 ...

| | 新股仔展(8月12日) | | | | --- | --- | --- | --- | | 新股 | 券商 | | 自率(%) | | 天岳先进(02631) | 富途 | 23.77 | 0.00 | | | 辉立 | 8.60 | 0.00 | | | 耀才 | 4.50 | 0.00 | | | 信诚 | 2.00 | 0.00 | | | 来 | 1.55 | 0.00 | | | 宮立 | 1.23 | 0.00 | | | 时富~ | 0.35 | 0.00 | | | 其他总和 | 12.5375 | | | | 共计 | 64.1015 | | | | | 集资额: 1.02亿元 | | | | | 认购:超购逾61.8倍 | | 智通财经APP获悉，天岳先进(02631)正在招股中。截止8月12日，富途、辉立、华盛等券商合计为天岳 先进借出64.1015亿港元，超购逾61.8倍。 ...

Group 1 - Tianyue Advanced (02631.HK) has launched its H-share IPO, with the offering period from August 11 to August 14, and is expected to list on the Hong Kong Stock Exchange on August 19 [1] - The company plans to issue 47.7457 million H-shares globally, with 95% allocated for international offering and 5% for public offering, and an overallotment option of 15% [1] - The expected price per share is HKD 42.80, with a total fundraising target of approximately HKD 2.044 billion, and a net amount of about HKD 1.938 billion after expenses [1] Group 2 - The company has attracted a strong lineup of cornerstone investors for its IPO, raising a total of approximately HKD 740.2 million from five investors, including Jinan Energy Group and Future Asset Securities [2] - Tianyue Advanced specializes in wide-bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide substrates, ranking among the top three global manufacturers with a market share of 16.7% [2] - The company's silicon carbide materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, photovoltaic systems, and advanced communication bases [2] Group 3 - The company is recognized for its technological innovation, strong production capacity, and effective management, leading advancements in the silicon carbide industry [3] - It is one of the few companies capable of mass-producing 8-inch silicon carbide substrates and has pioneered the commercialization of substrates from 2 inches to 8 inches, as well as the introduction of 12-inch substrates [3] - The company has established strategic partnerships, including collaboration with OmniLight for the industrialization of silicon carbide optical waveguide lenses [2][3]

Investment Rating - The report assigns an IPO-specific rating of 5.9 out of 10 for the company, based on operational performance, industry outlook, valuation, and market sentiment [7]. Core Insights - The company specializes in the research and production of silicon carbide substrates, being one of the first in China to industrialize semi-insulating silicon carbide substrates and further achieve the industrialization of conductive silicon carbide substrates [9]. - The company has established partnerships with over half of the top ten global power semiconductor manufacturers, with applications in electric vehicles, AI data centers, and other fields [9]. - The global silicon carbide substrate market is highly competitive, with the company holding a market share of 16.7%, ranking among the top three manufacturers globally [9]. - The report highlights the significant growth potential in the power semiconductor market, projected to reach USD 19.7 billion by 2030, with a compound annual growth rate of 35.8% from 2024 to 2030 [9]. Financial Overview - The company’s revenue is expected to grow from approximately CNY 417 million in 2022 to CNY 1.768 billion in 2024, with a net profit of CNY 179 million anticipated in the fiscal year 2024 [9]. - The IPO price is set at a maximum of HKD 42.80, with a projected market capitalization of approximately HKD 20.435 billion post-IPO [12][13]. - The report indicates a significant discount of approximately 35.7% compared to the A-share closing price, suggesting a reasonable valuation in the context of the semiconductor sector [13]. Use of Proceeds - The company plans to allocate approximately 70% of the net proceeds from the IPO to expand its production capacity for 8-inch and larger silicon carbide substrates, 20% for enhancing R&D capabilities, and 10% for working capital and general corporate purposes [12].

Core Viewpoint - Tianyue Advanced (02631.HK) has officially launched its IPO, with a global offering of 47.74 million H-shares, aiming to capitalize on the growing demand for silicon carbide (SiC) substrates in the semiconductor industry [1][3] Group 1: Industry Dynamics - The global SiC power device market is projected to grow at a compound annual growth rate (CAGR) of 35.2% from 2024 to 2030, with the market size expected to exceed $19.7 billion by 2030 [1] - The penetration rate of SiC in the overall power semiconductor market is anticipated to rise from 6.5% to 22.6% during the same period [1] - In 2024, Tianyue Advanced achieved a revenue of 1.768 billion RMB, a year-on-year increase of 41.4%, while major international competitors faced revenue declines [3] Group 2: Company Performance - Tianyue Advanced's overseas revenue reached 845 million RMB in 2024, marking a 104% increase and accounting for 47.8% of total revenue [3] - The company holds a 16.7% share of the global substrate market, ranking among the top three, and a 22.8% share in the conductive segment, placing it second globally [3] - Tianyue Advanced has successfully transitioned to mass production of 8-inch conductive substrates and plans to launch 12-inch substrates in 2024, achieving full coverage of 6/8/12-inch products [5] Group 3: Technological Advancements - The company is recognized as a leader in the mass delivery of 8-inch wafers and is listed among the top five core players in the SiC substrate patent field [5] - Tianyue Advanced's Shanghai Lingang factory has initiated large-scale production, with a current annual capacity exceeding 400,000 wafers, and plans to expand to 1 million wafers per year [5] Group 4: Market Applications - The application of SiC in electric vehicles is increasing, with partnerships established with major automotive electronics manufacturers [8] - Tianyue Advanced is also penetrating the AI sector, supplying materials for data center power systems and AI/AR glasses, with significant collaborations including entry into NVIDIA's supply chain [9][10] - The company has made technological breakthroughs in the application of SiC in optical waveguide technology for AR glasses, positioning itself favorably in a rapidly growing market [10] Group 5: Future Outlook - The company's growth is supported by its capacity expansion and technological advancements, particularly in transitioning from 8-inch to 12-inch substrates [11] - Continued collaboration with automotive and AI/AR sectors is expected to drive order volume and revenue growth [11] - The structural certainty of high growth and high realization in Tianyue Advanced's investment value is emphasized, with potential shifts in valuation from "supply scarcity premium" to "scale leader premium" [11]

Group 1: Company Overview - Tianyue Advanced (02631.HK) has officially launched its IPO, with the offering period from August 11 to August 14, 2025, and a maximum offer price of HKD 42.80 per share [1] - The company plans to globally issue 47.7457 million H-shares, including 2.3873 million shares for Hong Kong and 45.3584 million shares for international offerings, with a 15% over-allotment option [1] - The cornerstone investors for the IPO include several international long-term funds and industry investors, indicating strong confidence in the company's long-term investment value [1] Group 2: Industry Dynamics - The global SiC power device market is projected to grow at a compound annual growth rate (CAGR) of 35.2% from 2024 to 2030, with the market size expected to exceed USD 19.7 billion by 2030 [2] - The penetration rate of SiC in the overall power semiconductor market is anticipated to rise from 6.5% to 22.6% during the same period [2] Group 3: Company Performance - In contrast to international giants facing revenue declines, Tianyue Advanced achieved a revenue of RMB 1.768 billion in 2024, a year-on-year increase of 41.4%, with a net profit of RMB 179 million [4] - The company's overseas revenue reached RMB 845 million in 2024, a 104% increase, accounting for 47.8% of total revenue [4] - Tianyue Advanced holds a 16.7% global market share in the substrate market, ranking among the top three, and a 22.8% market share in the conductive segment, ranking second globally [4] Group 4: Technological Advancements - The company is one of the few globally to achieve mass production of 8-inch conductive substrates and plans to launch 12-inch substrates in 2024, covering a full range of 6/8/12-inch products [6] - Tianyue Advanced is recognized as a leader in the large-scale delivery of 8-inch wafers and is listed among the top five core players in the SiC substrate patent field [6] - The company has initiated mass production at its Shanghai Lingang factory, with a total annual capacity exceeding 400,000 pieces, aiming to expand to 1 million pieces per year [6] Group 5: Market Applications - Tianyue Advanced is expanding its application scenarios from power semiconductors to consumer electronics, achieving breakthroughs in new energy, AI server power supplies, and AR optical displays [8] - The penetration of SiC devices in electric drive systems is increasing, supporting the efficiency and long range of electric vehicles [10] - The company has established business collaborations with over half of the top ten power semiconductor manufacturers, ensuring long-term partnerships and high switching costs for clients [10] Group 6: Future Growth Potential - The AI-related business, including data center power systems and AI/AR glasses, is expected to become a significant growth driver for the company [11] - Tianyue Advanced has entered the supply chain of NVIDIA, indicating its role in the AI computing industry [12] - The company has made technological breakthroughs in the application of SiC in optical waveguide technology for AR glasses, positioning itself favorably in a rapidly growing market [12] Group 7: Investment Value - The investment value of Tianyue Advanced is driven by high growth and structural certainty, supported by capacity expansion and technological advancements [13] - Key factors to monitor include the impact of capacity expansion on performance, deep collaborations with automotive and AI/AR sectors, and competitive advantages through scale effects and cost control [13] - If these factors continue to materialize, the company's valuation may shift from a "supply scarcity premium" to a "scale leader premium" [13]

Core Viewpoint - Tianyue Advanced (02631.HK) is advancing its capital layout by launching a Hong Kong IPO, marking a significant step in its internationalization strategy following its listing on the Sci-Tech Innovation Board [1][10]. Group 1: IPO Details - The company plans to issue 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, and the public offering period is from August 11 to August 14 [1]. - The global offering is expected to raise approximately HKD 2.044 billion, with a net amount of HKD 1.938 billion, allocating 70% for capacity expansion, 20% for R&D, and 10% for working capital [1]. - Key cornerstone investors have committed HKD 740.2 million, representing 36.23% of the total offering [2]. Group 2: Financial Performance - In 2024, the company reported a revenue of CNY 1.768 billion, a year-on-year increase of 41.37%, and a net profit of CNY 179 million, marking a turnaround from losses [4]. - The sales from overseas customers accounted for 57.03% of total sales, with a gross margin of 42.05% from international sales, significantly higher than the domestic margin of 20.8% [4]. - For Q1 2025, the company experienced a revenue decline of 4.25% to CNY 408 million and a net profit drop of 81.52% to CNY 8.5 million, attributed to increased costs related to the IPO and R&D [6]. Group 3: Production and Capacity Expansion - The company achieved a production volume of 410,200 silicon carbide substrates in 2024, a 56.56% increase year-on-year, with a target to enhance its 8-inch substrate capacity to 30,000 pieces per month by the end of 2026 [6]. - The IPO proceeds will primarily support the second phase of the Jinan base project [6]. Group 4: Industry Context - The silicon carbide substrate market is facing short-term challenges, with a projected 9% decline in global revenue to USD 1.04 billion in 2024 due to weakened demand and increased competition [7]. - Despite current pressures, the long-term growth trend remains intact, with expectations for broader applications in industrial sectors as costs decrease and semiconductor technology advances [7]. - Tianyue Advanced is positioned among the top three global players in the silicon carbide substrate market, with a strong focus on technological innovation, having achieved mass production of 8-inch substrates and launched the first 12-inch product in the industry [7].

Group 1 - Zhonghui Biotech-B successfully listed on the Hong Kong Stock Exchange on August 11, with a closing price of HKD 33.28, reflecting a surge of 157.98% and a total market capitalization of HKD 13.094 billion [1] - The company received over 4000 times oversubscription in its public offering, with total subscription amount exceeding HKD 200 billion [1] - Zhonghui Biotech-B focuses on the development, manufacturing, and commercialization of innovative vaccines, with two core products: a quadrivalent influenza subunit vaccine and an in-development lyophilized human rabies vaccine [1] Group 2 - Tianyue Advanced announced its global offering of 47.7457 million shares, with 2.3873 million shares available for Hong Kong and 45.3584 million shares for international offering, along with an overallotment option of 7.1618 million shares [2] - The maximum offer price is set at HKD 42.80, with the total expected fundraising amounting to HKD 2.044 billion and net proceeds of HKD 1.938 billion, aimed at expanding production capacity for 8-inch and larger silicon carbide substrates, enhancing R&D capabilities, and general corporate purposes [2] - As a leading player in the silicon carbide substrate sector, Tianyue Advanced's fundraising strategy aligns with the industry's trend towards larger sizes, although it faces intensified competition and price volatility [2] Group 3 - Dongfeng Group's H shares were suspended from trading on August 11, with all related structured products also halted [3] - Dongfeng Group's controlling shareholder stated that the suspension would not significantly impact the normal operations of Dongfeng Shares, which will continue to monitor developments and fulfill disclosure obligations [3] - Market speculation surrounds potential capital operations or changes behind the suspension, prompting investors to await further official announcements [3] Group 4 - Shuangdeng Group passed the hearing at the Hong Kong Stock Exchange, positioning itself as a leading supplier of data center energy storage batteries, with a global market share of 11.1% in 2024 [4] - The company plans to use the proceeds from its listing to construct a lithium-ion battery production facility in Southeast Asia, aimed at producing batteries for data centers [4] - Shuangdeng Group's successful hearing marks a significant step in its internationalization strategy, with potential to strengthen its industry position in the competitive global energy storage market [4]