假设全球发售于2025年8月20日(星期三)上午八时整或之前成为无条件，预期H股将于2025年8月20日(星 期三)上午九时整在联交所主板开始买卖。H股将以每手100股H股进行交易。H股的股份代号为2631。 天岳先进(02631)发布公告，发售价已于2025年8月15日(星期五)厘定为每股H股42.8港元。 ...

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。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區） 發佈、刊發或派發。本公告並不構成亦不屬於在美國境內或於任何其他司法管轄區購買或認 購證券的任何要約或招攬的一部分。本公告所述證券並無亦不會根據《1933年美國證券法》（經 不時修訂）（「美國證券法」）或美國任何州或其他司法管轄區的證券法登記。證券不得在美國 境內提呈發售、出售、質押或以其他方式轉讓，惟獲豁免遵守美國證券法登記規定及符合任 何適用的州證券法則另作別論。證券根據美國證券法S規例以離岸交易的方式在美國境外提 呈發售及出售。證券不會在美國公開發售。 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」）所刊發的日期為2025年8月11日的招股章 ...

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]