Core Viewpoint - Tianyue Advanced (02631) announced a reduction in shareholding by Guocai Fund, which is part of a previously disclosed share reduction plan [1] Summary by Relevant Sections - **Shareholding Change** - Guocai Fund's shareholding decreased from 7.88% to 7.00%, resulting in a reduction of approximately 4.2746 million shares [1] - **Current Shareholding Status** - After the reduction, Guocai Fund holds a total of 33,899,427 shares in the company [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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 茲載列山東天岳先進科技股份有限公司於上海證券交易所網站( www.sse.com.cn ) 所刊發的公告，僅供參考。 承董事會命 山東天岳先進科技股份有限公司 董事長、執行董事兼總經理 宗艷民先生 香港，2025年9月26日 於本公告日期，董事會成員包括(i)執行董事宗艷民先生、高超先生及王俊國先生；(ii)非執行 董事邱宇峰先生、李婉越女士及方偉先生；及(iii)獨立非執行董事李洪輝先生、劉華女士及 黎國鴻先生。 | 股证券代码：688234 | 证券简称：天岳先进 | 公告编号：2025-067 | A | | --- | --- | --- | --- | | 港股证券代码：02631 | ...

（股份代號：2631） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 茲載列山東天岳先進科技股份有限公司於上海證券交易所網站( www.sse.com.cn ) 所刊發的公告，僅供參考。 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） 重要内容提示： 1、会议召开时间：2025 年 10 月 13 日（星期一）14:00-15:00 2 、 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 承董事會命 山東天岳先進科技股份有限公司 董事長、執行董事兼總經理 宗艷民先生 香港，2025年9月26日 於本公告日期，董事會成員包括(i)執行董事宗艷民先生、高超先生及王俊國 ...

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。 於本公告日期，董事會成員包括(i)執行董事宗艷民先生、高超先生及王俊國先生；(ii)非執行 董事邱宇峰先生、李婉越女士及方偉先生；及(iii)獨立非執行董事李洪輝先生、劉華女士及 黎國鴻先生。 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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 茲載列山東天岳先進科技股份有限公司於上海證券交易所網站( www.sse.com.cn ) 所刊發的公告，僅供參考。 承董事會命 山東天岳先進科技股份有限公司 董事長、執行董事兼總經理 宗艷民先生 香港，2025年9月26日 | 股证券代码：688234 | A | 证券简称：天岳先进 | 公告编号：2025-066 | | --- | --- | --- | --- | | 港股证券代码：02631 | ...

Group 1 - The core point of the article is that Shandong Tianyue Advanced Technology Co., Ltd. announced a share reduction plan by a major shareholder, Hubble Technology Venture Capital Co., Ltd. [1] Group 2 - Hubble Investment holds 27.6225 million shares, accounting for 5.63% of the total share capital of Tianyue Advanced, and has not reduced its holdings since the company's IPO [2] - Hubble Investment plans to reduce its holdings by up to 3.876948 million shares, which is not more than 0.8% of the total share capital, through centralized bidding from October 27, 2025, to January 26, 2026 [3] - The reduction plan is based on internal decisions and exit needs, and it will not significantly impact the company's governance structure or ongoing operations [4]

Group 1 - Tianyue Advanced (02631.HK) saw its stock price increase by over 4% on September 24, reaching a rise of 4.42% to HKD 63.8 [1] - The trading volume for Tianyue Advanced was reported at HKD 138 million [1]

Core Viewpoint - Tianyue Advanced (02631) saw a stock price increase of over 4%, currently trading at 63.8 HKD, driven by Meta's announcement of new AI smart glasses at the Connect conference, which reignited enthusiasm in the global AR glasses market [1] Company Summary - Tianyue Advanced has taken the lead in the silicon carbide AR glasses sector, having launched a 12-inch silicon carbide substrate and is currently promoting the industrialization of 12-inch optical-grade substrates [1] - The chairman of Tianyue Advanced, Zong Yanmin, indicated that as the technology for large-size silicon carbide substrates matures, the prices of silicon carbide lenses for AR glasses are expected to gradually decrease [1] Industry Summary - The introduction of larger silicon carbide substrates enhances production efficiency, with a 6-inch substrate capable of producing approximately 2 pairs of AR glasses, an 8-inch substrate producing about 3-5 pairs, and a 12-inch substrate producing around 10-12 pairs [1] - Larger substrate sizes reduce edge waste, leading to lower unit costs, thus providing a better cost-performance ratio for large-size silicon carbide substrates [1]

Group 1 - Tianyue Advanced (02631) saw a stock price increase of over 4%, currently trading at 63.8 HKD with a transaction volume of 138 million HKD [1] - Meta announced the launch of three new AI smart glasses at the Connect conference, reigniting enthusiasm in the global AR glasses market [1] - Tianyue Advanced has taken the lead in the silicon carbide AR glasses sector, having already introduced a 12-inch silicon carbide substrate and is pushing for the industrialization of 12-inch optical-grade substrates [1] Group 2 - The chairman of Tianyue Advanced, Zong Yanmin, stated that as the technology for large-size silicon carbide substrates matures, the prices of silicon carbide lenses for AR glasses are expected to gradually decrease [1] - The substrate utilization rates indicate that a 6-inch silicon carbide substrate can produce approximately 2 pairs of AR glasses, an 8-inch can produce 3-5 pairs, and a 12-inch can produce 10-12 pairs [1] - Larger silicon carbide substrates result in less edge waste, leading to lower unit costs, thus providing a better cost-performance ratio [1]

Summary of SICC (688234.SS) Conference Call Company Overview - **Company**: SICC (688234.SS) - **Market Cap**: Rmb41.2 billion / $5.8 billion - **Enterprise Value**: Rmb39.0 billion / $5.5 billion - **Industry**: Greater China Technology, specifically in SiC (Silicon Carbide) substrates Key Points and Arguments Financial Performance - **Share Price Increase**: SICC's share price has increased by 68% year-to-date, outperforming the Shanghai-Shenzhen 300 Index which increased by 14% [1][10] - **Target Price**: The target price has been raised to Rmb111, implying a 29.2% upside from the current price of Rmb85.90, with an implied 101.2x 2026E PE based on 100% net income growth year-over-year in 2027E [1][40] Revenue and Earnings Forecast - **Revenue Growth**: Projected revenues are expected to grow from Rmb1,768.1 million in 2024 to Rmb4,625.7 million by 2027, reflecting a compound annual growth rate (CAGR) of 41.4% [3][13] - **Net Income Growth**: Anticipated net income growth of +81% CAGR from 2024 to 2027, driven primarily by the 8-inch SiC substrate [15][32] - **Earnings Per Share (EPS)**: EPS is expected to increase from Rmb0.42 in 2024 to Rmb2.20 in 2027, with significant growth in 2026 [3][13] Capacity Expansion and Product Mix - **Capacity Plans**: SICC plans to increase annual capacity in China by 500k by 2027E and establish a new production site in Southeast Asia [7][27] - **Product Mix Upgrade**: The company is shifting towards 8-inch and larger substrates, with expectations that 8-inch revenues will contribute up to 90% by 2027, up from 25% in 2024 [7][34] - **ASP Increase**: The average selling price (ASP) of SiC substrates is projected to increase by 7% CAGR from 2024 to 2027, reaching US$698 [7][34] Market Position and Customer Base - **Customer Penetration**: SICC's substrates serve over half of the global top-10 power semiconductor device suppliers, with 48% of revenues coming from outside mainland China [7][15] - **Market Share**: Expected to increase global market share in conductive SiC substrates from 19% in 2024 to 24% by 2027 [15][34] Application Expansion - **EV Adoption**: SiC substrates are increasingly used in electric vehicles (EVs) for fast charging and improved power efficiency, with expectations that SiC adoption in EVs in China will rise to 50% by 2027 [21][22] - **AI Data Centers**: SiC is being adopted in AI data centers for power supply units, enhancing energy efficiency and power density [24][25] - **AI Glasses**: SiC substrates are also being utilized in AI glasses, contributing to a reduction in size and weight while improving display quality [26] Capital Expenditure (Capex) - **Investment Plans**: SICC has invested Rmb2.5 billion in Shanghai for 300k/year capacity of 6-inch SiC substrates and plans to invest an additional Rmb976 million to expand capacity for 8-inch and larger substrates by the end of 2027E [27][31] - **Capex Ratio**: The capex ratio is expected to normalize to 32% in 2024, with further expansions planned across China and Southeast Asia [31] Earnings Revision - **Revised Projections**: Net income estimates for 2026-27E have been raised by 14% and 43% respectively, reflecting better product mix and higher gross margins [32][38] - **Revenue Adjustments**: Revenue estimates for 2026E have been reduced by 8% due to pricing competition in the 6-inch SiC substrate market [33][38] Valuation Methodology - **Target P/E**: The valuation methodology has shifted to a long-term discounted P/E approach, with a target price of Rmb111 based on 2029E EPS [40][41] Additional Important Insights - **Strong Execution**: SICC has successfully transitioned from 6-inch to 8-inch substrates and is on track to launch 12-inch substrates, enhancing its competitive position [15] - **Industry Dynamics**: The competitive landscape is expected to improve due to industry consolidation and rising demand across various applications [33][34] This summary encapsulates the key insights from the conference call, highlighting SICC's growth trajectory, market positioning, and strategic initiatives in the SiC substrate industry.

Core Viewpoint - Tianyue Advanced (02631) shares rose over 8% following Huawei's announcement of two patents related to silicon carbide (SiC) heat dissipation, indicating a positive market response to advancements in SiC technology [1] Group 1: Company Developments - Tianyue Advanced's stock increased by 8.05%, reaching HKD 65.8, with a trading volume of HKD 115 million [1] - The company continues to innovate in forward-looking technologies, expanding its offerings beyond SiC substrates for power and RF devices to include SiC products and technologies in emerging fields such as optical waveguides and TF-SAW filters [1] Group 2: Industry Trends - Huawei's patents focus on heat-conducting compositions and their applications, utilizing SiC as a filler to enhance the thermal conductivity of electronic devices [1] - NVIDIA is reportedly shifting the substrate material for its next-generation Rubin processor design from silicon to silicon carbide to improve heat dissipation, with large-scale adoption expected by 2027 [1] - According to Dongfang Securities, the excellent thermal performance of SiC is anticipated to benefit related manufacturers in applications such as intermediary layers and heat dissipation substrates, with Tianyue Advanced identified as a leading player in the SiC substrate industry [1]