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 本月底法定/註冊股本總額： RMB 484,618,544 截至月份: 2025年12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1月5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 ...

Summary of SICC (688234.SS) Conference Call Company Overview - **Company**: SICC (688234.SS) - **Industry**: Power Semiconductors, specifically focusing on Silicon Carbide (SiC) technology Key Points and Arguments Industry Dynamics - The demand for power semiconductors, particularly SiC, is expected to rise due to increasing computing power in AI servers. The TDP (thermal design power) of NVIDIA's GPUs has significantly increased, indicating a shift towards higher power requirements in data centers [1][3] - Major power semiconductor suppliers are collaborating with NVIDIA to support the transition to 800V DC power architectures, which is expected to enhance the penetration of SiC technology in AI data centers [1][2] Technological Advancements - SICC is transitioning from 6-inch to 8-inch wafer production, which is anticipated to reduce costs and improve competitiveness. This shift is expected to support gross margin (GM) expansion [1][9] - SiC technology is being utilized in various applications, including power supply units (PSUs) and battery backup units (BBUs), which enhance energy efficiency and cooling solutions in AI data centers [3][4] Financial Performance and Projections - The company maintains a target price of Rmb115, reflecting a positive outlook based on expected growth in SiC applications and product mix upgrades [1][13] - Revenue estimates for 2026 and 2027 have been revised down by 5% due to intense pricing competition, but net income estimates for the same years have been increased by 6% and 7% respectively, indicating a positive view on GM improvements [9][10] - Despite revenue cuts, SICC is projected to achieve a 53% CAGR in revenues from 2025 to 2028, with operating income expected to turn positive in 2026 [9][10] Risks and Challenges - Potential risks include slower-than-expected capacity expansion, intense competition in the SiC substrate market, and potential supply chain issues [18] - The company faces challenges related to pricing competition and the need for rapid technological advancements to maintain market position [18] Market Position and Growth Potential - SICC is well-positioned to benefit from the growing demand for SiC in various sectors, including electric vehicles (EVs) and AI data centers, which are expected to drive significant revenue growth [5][8] - The company is also collaborating with global-tier brand makers in the AI glasses segment, further diversifying its application portfolio [8] Additional Important Information - The company’s market cap is approximately Rmb39.9 billion ($5.7 billion), with a current share price of Rmb88.88, indicating a potential upside of 29.4% to the target price [20] - The earnings revision reflects a strategic focus on enhancing product mix and reducing costs, which is crucial for sustaining profitability in a competitive landscape [9][10] This summary encapsulates the critical insights from the conference call, highlighting SICC's strategic direction, financial outlook, and the broader industry context.

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） 內幕消息 補繳稅款 本公告由山東天岳先進科技股份有限公司（「本公司」，連同其附屬公司，統稱 「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2) (a)條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定義見 上市規則）作出。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東（「股東」）及本公司潛 在投資者，本公司近期根據稅務部門要求，對涉稅事項開展自查。截至本公告 日期本公司應補繳2019年至2020年期間企業所得稅及滯納金合計約人民幣83.0 百萬元。 根據《企業會計準則第28號 — 會計政策、會計估計變更和差錯更正》相關規定， 上述補繳稅款及滯納金事項不屬於前期會計差錯，不涉及前期財務資料追溯 調整。公司補繳上述稅款 ...

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因 倚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） （「本公司」） 有關續訂物業租賃協議的持續關連交易 茲提述本公司招股章程，內容有關（其中包括）訂立將於2025年12月31日屆滿 的現有物業租賃協議及其項下的持續關連交易。 2026年物業租賃協議 董事會謹此宣佈，為重續現有物業租賃協議項下的持續關連交易，於2025年 12月30日，本公司全資子公司濟寧新材料與濟寧緯世特簽訂2026年物業租賃 協議，據此，濟寧緯世特同意向本集團出租租賃物業，為期一(1)年，自2026 年1月1日起至2026年12月31日止。 上市規則涵義 於本公告日期，濟寧緯世特由本公司董事長、執行董事兼控股股東之一宗艷 民先生的兄弟間接控制90%。因此，根據上市規則，濟寧緯世特為本公司的 關連人士。因此，2026年物業租賃協議項下擬進行的交易構成本公司的持續 ...

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） 山东天岳先进科技股份有限公司 关于公司 2026 年度日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 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12月30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 ...

Core Viewpoint - Hubble Technology Venture Capital Co., Ltd. has completed its share reduction plan for Tianyue Advanced Technology Co., Ltd., selling a total of 3.8769 million shares, which is 0.8% of the company's total share capital, for approximately 315 million yuan [1][4]. Group 1: Reduction Plan Background - Tianyue Advanced announced on September 27, 2025, that Hubble Investment planned to reduce its holdings by up to 387.6948 million shares, representing no more than 0.80% of the total share capital, due to internal decisions and exit needs [2]. - The reduction period was set from October 28, 2025, to December 26, 2025, starting 15 trading days after the announcement [2]. Group 2: Pre-Reduction Shareholding Situation - Before the reduction, Hubble Investment held 27.2625 million shares, accounting for 5.63% of the total share capital, all acquired prior to the company's initial public offering and listed for trading since January 12, 2023 [3]. Group 3: Reduction Plan Implementation Details - As of December 26, 2025, Hubble Investment completed its reduction plan, selling 3,876,948 shares at prices ranging from 66.99 to 94.39 yuan per share, totaling approximately 315.3 million yuan [4]. - After the reduction, Hubble Investment retained 23.3855 million shares, reducing its ownership percentage from 5.63% to 4.83%, while still being a major shareholder with over 5% ownership [4]. - The company stated that this reduction was a normal behavior based on the shareholder's funding needs and would not significantly impact the company's governance structure or ongoing operations [4].

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. 香港，2025年12月29日 （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 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。 | A 股证券代码：688234 | 证券简称：天岳先进 公告编号：2025-079 | | --- | --- | | 港股证券代码：02631 | 证券简称：天岳先进 | 山东 ...

Core Viewpoint - Hubble Technology Venture Capital Co., Ltd. has completed its share reduction plan for Tianyue Advanced Technology Co., Ltd., selling a total of 3.8769 million shares, which is 0.8% of the company's total share capital, for approximately 315 million yuan [1][4]. Group 1: Background of the Reduction Plan - Tianyue Advanced announced on September 27, 2025, that Hubble Investment planned to reduce its holdings by up to 3.8769 million shares, representing no more than 0.8% of the total share capital, due to internal decisions and exit needs [2]. - The reduction period was set from October 28, 2025, to December 26, 2025, starting 15 trading days after the announcement [2]. Group 2: Shareholding Situation Before Reduction - Before the reduction, Hubble Investment held 27.2625 million shares, accounting for 5.63% of the total share capital, all of which were acquired prior to the company's initial public offering and became tradable on January 12, 2023 [3]. Group 3: Details of the Reduction Plan Implementation - The reduction was completed by December 26, 2025, with Hubble Investment selling 3,876,948 shares at prices ranging from 66.99 to 94.39 yuan per share, totaling approximately 315.3 million yuan [4]. - After the reduction, Hubble Investment retained 23.3855 million shares, reducing its ownership percentage from 5.63% to 4.83%, while still being a major shareholder with over 5% ownership [4]. - The company stated that this reduction was a normal behavior based on the shareholder's funding needs and would not significantly impact the company's governance structure or ongoing operations [4].

Group 1 - The core point of the article is that Hubble Investment has reduced its stake in Tianyue Advanced from 27.26 million shares (6.34% of total share capital) to 24.23 million shares (5.00% of total share capital) through centralized bidding transactions between October 28, 2025, and December 16, 2025 [1] Group 2 - Before the equity change, Hubble Investment held 27.26 million shares of the company [1] - After the equity change, Hubble Investment's shareholding decreased to 24.23 million shares [1] - The equity change triggered a drop below the 5% threshold in terms of shareholding percentage [1]

Core Viewpoint - Tianyue Advanced (02631) announced that Hubble Investment will reduce its stake in the company through centralized bidding transactions from October 28, 2025, to December 16, 2025 [1] Group 1: Shareholding Changes - Hubble Investment will reduce its holdings by 3.0316 million shares [1] - Prior to this change, Hubble Investment held 27.2625 million shares, representing 6.34% of the company's total share capital [1] - After the reduction, Hubble Investment will hold 24.2309 million shares, which will account for 5.00% of the company's total share capital post-H share issuance [1]