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]

Major Events - Tianyue Advanced (02631) plans to globally offer 47.7457 million H-shares from August 11 to August 14 [1] - Hengrui Medicine (01276) has its injection drugs listed in the proposed breakthrough treatment varieties public notice [1] - Shoucheng Holdings (00697) invests in Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT [1] - Boyaa Interactive (00434) is included in the MSCI Global Small Cap Index [1] Financial Performance - Yum China (09987) reports a net profit of $507 million, an increase of 1.6% year-on-year [1] - Master Kong Holdings (00322) announces a profit attributable to shareholders of 2.271 billion yuan, up 20.5% year-on-year [1] - Q Tech (01478) reports a profit of 308 million yuan, a significant increase of 167.59% year-on-year [1] - Hang Wan Technology (01523) announces a net profit of approximately $21.665 million, up about 13.4% year-on-year, with a dividend of 12.34 HK cents per share [1] - Ruipu Lanjun (00666) reports a gross profit of approximately 829 million yuan, a year-on-year growth of 177.8% [1] - Kingdee International (00268) sees a revenue increase of 11.24% to 3.192 billion yuan, with strong growth in cloud business [1] - Yuyuan Group (00551) reports a profit attributable to shareholders of $171 million, a decrease of 7.2% year-on-year [1] - Boyaa Interactive (00434) reports a profit attributable to shareholders of 226 million HKD, down 27.8% year-on-year [1] - Chongqing Machinery and Electric (02722) expects a net profit attributable to shareholders to increase by about 50% year-on-year [1] - Anton Oilfield Services (03337) anticipates a significant profit increase of 41.6% to 60.5% year-on-year [1] - Sany International (00631) expects a net profit of approximately 1.234 billion to 1.332 billion yuan, an increase of 25% to 35% year-on-year [1] - Datang Renewable (01798) reports a cumulative power generation of approximately 21.3563 million MWh in the first seven months, an increase of 11.75% year-on-year [1] - China Jinmao (00817) reports a cumulative contracted sales amount of 61.807 billion yuan in the first seven months, up 23.12% year-on-year [1] - New Town Development (01030) reports a cumulative contract sales amount of approximately 11.99 billion yuan in the first seven months, down 55.66% year-on-year [1] - Dongfeng Motor Group (00489) reports automobile sales of approximately 978,500 units in the first seven months, a decrease of about 8.9% year-on-year [1] - Hopson Development Holdings (00754) reports a total contracted sales amount of approximately 9.047 billion yuan in the first seven months, down 12.49% year-on-year [1] - Yuyuan Group (00551) reports a net operating income of approximately $667.5 million in July, a year-on-year decrease of 1.9% [1]

Core Viewpoint - Tianyue Advanced (02631.HK) is launching a global offering of 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, aiming to raise approximately HKD 1.9381 billion for capacity expansion and R&D [2][7] Group 1: Company Overview - Tianyue Advanced specializes in wide-bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide (SiC) substrates [3] - The company ranks among the top three global manufacturers of SiC substrates, holding a market share of 16.7% as of 2024 [3] - Tianyue Advanced's SiC materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, and photovoltaic systems [3][4] Group 2: Market Position and Technology - The company has established partnerships with over half of the top ten power semiconductor manufacturers globally [4] - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch SiC substrates and has pioneered the commercialization of 12-inch SiC substrates [6] - The global SiC substrate market is highly competitive, with the top five players holding a combined market share of 68.0% [6] Group 3: Financial Performance - For the fiscal years ending March 31, 2022, 2023, 2024, and the three months ending March 31, 2025, the company reported revenues of approximately CNY 417 million, CNY 1.251 billion, CNY 1.768 billion, and CNY 408 million, respectively [7] - The company expects to allocate approximately 70% of the net proceeds from the global offering to expand its 8-inch and larger SiC substrate production capacity [7]

山東天岳先進科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：2631 全球發售 聯席賬簿管理人及聯席牽頭經辦人 聯席保薦人、保薦人兼整體協調人、整體協調人、聯席全球協調人、 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 山東天岳先進科技股份有限公司 山東天岳先進科技股份有限公司 C M Y CM MY CY CMY K Project 216 Cover V08T_32mm_CHI_OP.pdf 1 7/8/2025 7:02 PM 重要提示 重要提示：如閣下對本招股章程任何內容有任何疑問，應徵詢獨立專業意見。 SICC CO., LTD. 山東天岳先進科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 47,745,700股H股（視乎超額配股權行使與 否而定） 香港發售股份數目 ： 2,387,300股H股（可予重新分配） 國際發售股份數目 ： 45,358,400股H股（可予重新分配及視乎超 額配股權行使與否而定） 最高發售價 ： 每股H股42.80港元，另加1.0%經 ...

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