山东天岳先进科技股份有限公司 第二届监事会第十三次会议决议公告 | | | 本公司监事会及全体监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。 一、监事会会议召开情况 山东天岳先进科技股份有限公司（以下简称"公司"）第二届监事会第十三 次会议于 2025 年 10 月 14 日在公司会议室以现场结合通讯方式召开。会议由监 事会主席张红岩女士主持，应出席会议的监事 3 名，实际出席会议的监事 3 名。 会议参与表决人数及召集、召开程序符合《中华人民共和国公司法》和《公司章 程》的有关规定，所作决议合法有效。 表决结果：3 票同意，0 票反对，0 票弃权。 详见公司于同日披露的《关于增加外汇衍生品交易业务额度的公告》（公告 编号：2025-070）。 公司已完成 H 股股票发行并在香港联合交易所有限公司（以下简称"香港联 交所"）上市工作，公司注册资本增加至 484,618,544 元。同时，根据 2024 年 7 月 1 日起实施的《中华人民共和国公司法》（以下简称"《公司法》"）及中国证券 监督管理委员会（以下简称"中国证监会"）于 2024 ...

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index fell by 2.93% as of October 14, with mixed performance among constituent stocks [1] - The Sci-Tech Semiconductor ETF (588170) decreased by 3.27%, with a latest price of 1.51 yuan, and recorded an active trading volume with a turnover rate of 17.13% [1] - The latest scale of the Sci-Tech Semiconductor ETF reached 30.41 billion yuan, marking a new high since its establishment, with a total of 19.55 billion shares [1] Group 2 - Tianyue Advanced, the first A+H listed company in the silicon carbide substrate field, held a performance briefing discussing 12-inch capacity planning and collaboration with Nvidia [2] - The company has launched a full range of 12-inch silicon carbide products and is actively engaging with major global customers, securing multiple orders [2] - CITIC Securities projects that domestic wafer fabs' global market share could increase from 10% to 30%, indicating significant expansion potential [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the semiconductor materials and equipment index, focusing on companies in semiconductor equipment (59%) and materials (25%) [3] - The semiconductor equipment and materials sector is crucial for domestic substitution, benefiting from low domestic substitution rates and high ceilings for domestic replacement [3]

Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, attributed to its advancements in silicon carbide (SiC) products and potential opportunities linked to NVIDIA's future plans for advanced packaging materials [1] Group 1: Company Developments - Tianyue Advanced's stock rose nearly 6% in early trading, currently up 4.44% at HKD 60, with a trading volume of HKD 46.61 million [1] - The company held a performance briefing for the first half of 2025 on October 13, where it discussed its product offerings and market strategies [1] - The company has launched a full range of 12-inch silicon carbide products, including conductive, semi-insulating, and P-type substrates, and is actively engaging with downstream customers [1] Group 2: Market Opportunities - Reports indicate that NVIDIA plans to switch its CoWoS advanced packaging substrate material from silicon to silicon carbide by 2027, which could lead to a demand for approximately 77,000 substrates for the H100 alone [1] - Tianyue Advanced is positioned as a leading domestic player in 12-inch technology, making it a key beneficiary of this market shift [1] - The company's chairman mentioned that the second phase of the Shanghai Lingang base expansion will focus on 12-inch products, although specific capacity and collaboration details were not disclosed [1] Group 3: Strategic Outlook - In response to whether the company can meet 10% of NVIDIA's high-end GPU market demand by 2027, the company stated it has made forward-looking technological arrangements to seize market opportunities [1]

Core Viewpoint - Tianyue Advanced (02631) is experiencing a significant stock price increase, attributed to its strategic positioning in the silicon carbide (SiC) substrate market, particularly in relation to NVIDIA's upcoming demand for advanced packaging materials [1] Group 1: Company Developments - Tianyue Advanced's stock rose nearly 6% in early trading, currently up 4.44% at HKD 60, with a trading volume of HKD 46.61 million [1] - The company held a performance briefing for the first half of 2025 on October 13, where it discussed its advancements in SiC products [1] - The company has launched a full range of 12-inch SiC products, including conductive, semi-insulating, and P-type substrates, and is actively engaging with downstream customers [1] Group 2: Market Opportunities - NVIDIA plans to switch its CoWoS advanced packaging substrate material from silicon to silicon carbide by 2027, which could lead to a demand for approximately 77,000 substrates for the H100 alone [1] - Tianyue Advanced is recognized as a leading domestic enterprise in 12-inch technology, positioning it well to capture potential market opportunities arising from NVIDIA's transition [1] - The company has received multiple orders for its 12-inch SiC products from global leading customers, indicating strong market interest and demand [1] Group 3: Future Outlook - The chairman of Tianyue Advanced mentioned that the second phase of the Shanghai Lingang base expansion will focus on 12-inch products, although specific capacity and cooperation details were not disclosed [1] - In response to whether the company can meet 10% of NVIDIA's high-end GPU market demand by 2027, the company stated it has made forward-looking technological arrangements to seize market opportunities [1]

Core Viewpoint - The smart glasses sector is experiencing high demand, with Meta's glasses being in short supply, indicating a positive outlook for related companies in the industry [1] Industry Summary - The report from China Galaxy Securities highlights the strong growth potential in the smart glasses market, driven by high demand and supply constraints [1] - There is an optimistic view on Apple's supply chain, with expectations for shipment volumes to exceed forecasts, presenting additional investment opportunities [1] Company Recommendations - Recommended companies include: - Crystal Optoelectronics - Jiebang Technology - Tianyue Advanced [1] - Companies to watch include: - Luxshare Precision - GoerTek - Linyit Technology - Lens Technology - Yian Technology [1]

Group 1 - The Chinese Ministry of Commerce and the General Administration of Customs announced export controls on certain rare earth equipment and raw materials, marking the first time that overseas re-exports and rare earth-related technologies are included in the management, creating a closed-loop control of the entire industry chain [2][3] - The export control specifically involves five types of heavy rare earth elements and related products, including holmium, erbium, thulium, europium, and ytterbium, covering various forms such as metals, alloys, target materials, crystal materials, permanent magnetic materials, and luminescent materials [3] - The announcement indicates that if products manufactured overseas contain rare earth items originating from China, and their value exceeds 0.1%, they will be subject to control [3] Group 2 - The export controls are expected to severely impact the U.S. rare earth magnet industry, as efforts to reduce dependence on China are still in the early stages [4] - Major technology companies like Apple, Google, and Microsoft rely on rare earth materials for acoustic components, motors, and batteries in consumer electronics, and the latest restrictions are anticipated to cause further disruptions in the supply chain [4] - The U.S. President announced an additional 100% tariff on Chinese imports starting November 1, as a retaliation against China's recent export control measures [4][5] Group 3 - The U.S. export controls on key software are expected to impact the global supply chain, narrowing the channels for Chinese companies to access advanced software, which may lead to short-term "bottleneck" risks [5] - In the long term, these restrictions may drive domestic software development in China, while U.S. software companies could face revenue losses due to the loss of the Chinese market [5] Group 4 - The domestic EDA software sector is accelerating technology integration and expanding product lines to enhance competitiveness, with companies like Gaon Electronics completing acquisitions to strengthen their capabilities [6] - The acquisition of specific EDA tool assets by Chip Vision aims to enhance the core EDA technology stack and improve automation capabilities [7] - The carbon silicon industry is experiencing explosive growth driven by global energy transformation and AI, with significant advancements in technology and product development among A-share SiC concept stocks [8][9]

Group 1 - Tianyue Advanced's stock price increased by 3.33% on October 9, with a trading volume of 1.207 billion yuan. The financing buy-in amount was 202 million yuan, while the financing repayment was 225 million yuan, resulting in a net financing outflow of 23.05 million yuan. The total financing and securities lending balance reached 1.121 billion yuan as of October 9 [1] - The financing balance of Tianyue Advanced was 1.113 billion yuan, accounting for 3.05% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing [1] - On the same day, Tianyue Advanced repaid 6,600 shares in securities lending and sold 5,247 shares, with a selling amount of 445,500 yuan. The remaining securities lending volume was 97,000 shares, with a balance of 8.2344 million yuan, also exceeding the 90th percentile level over the past year [1] Group 2 - As of June 30, the number of shareholders of Tianyue Advanced was 17,000, a decrease of 6.53% from the previous period. The average circulating shares per person increased by 6.99% to 17,663 shares [2] - For the first half of 2025, Tianyue Advanced reported operating revenue of 794 million yuan, a year-on-year decrease of 12.98%. The net profit attributable to the parent company was 10.8802 million yuan, down 89.32% year-on-year [2] - Among the top ten circulating shareholders as of June 30, 2025, the Huaxia SSE Sci-Tech Innovation Board 50 ETF held 9.6279 million shares, a decrease of 56,200 shares. The E Fund SSE Sci-Tech Innovation Board 50 ETF increased its holdings by 203,700 shares to 7.1196 million shares. New shareholder Galaxy Innovation Mixed A held 5.7 million shares, while the Harvest SSE Sci-Tech Innovation Board Chip ETF increased its holdings by 38.03% to 4.079 million shares [2]

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 截至月份: 2025年9月30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: 2025年10月9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 | | | 47,745,700 | RMB | | 1 | RMB | | 47,745,700 | | 增加 / 減少 (-) | | | 7,161,800 | | | | RMB | | 7,161,800 | | 本月底結存 | | | 54,907,500 | RMB | | 1 | RMB | | 54,907,5 ...

Core Insights - Huawei's Hubble Investment achieved a remarkable 20-fold return on its investment in Tianyue Advanced, turning an initial investment of 111 million yuan into a market value exceeding 2.2 billion yuan over six years [1][3]. Investment Performance - In 2019, Hubble Investment acquired a 10% stake in Tianyue Advanced for 111 million yuan [3]. - Tianyue Advanced went public on the STAR Market on January 12, 2022, leading to a significant increase in its stock price, which peaked at 99.88 yuan per share in September 2023 [3]. - As of September 26, 2025, Hubble's investment in Tianyue Advanced had a market value of approximately 235.4 million yuan, resulting in a floating profit of about 224.3 million yuan [3]. Company Performance - Tianyue Advanced is a leading player in China's silicon carbide semiconductor substrate market, achieving significant breakthroughs in substrate production [4]. - In 2024, the company reported a 41.37% year-on-year increase in revenue and a staggering 491.56% increase in net profit [4]. - However, in the first half of 2025, the company experienced a 12.98% decline in revenue and an 89.32% drop in net profit, attributed to lower substrate sales prices and increased R&D expenses [4]. Market Trends - The demand for silicon carbide is driven by its advantages in high-voltage and high-temperature applications, particularly in the electric vehicle sector [7]. - The global market for silicon carbide power semiconductor devices is projected to grow at a compound annual growth rate of 35.2%, increasing from $3.24 billion in 2024 to $19.745 billion by 2030 [7]. Investment Strategy - Hubble Investment, established in 2019, focuses on building Huawei's semiconductor supply chain and has invested in 112 projects, with over 10 companies successfully going public [8]. - As of mid-2025, Hubble's investments in eight A-share listed companies had a combined market value of approximately 4.415 billion yuan [8]. - The overall value of Hubble's holdings increased to 6.482 billion yuan by September 26, 2025, reflecting a quarterly floating profit of about 2.067 billion yuan [9].

Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, attributed to advancements in silicon carbide (SiC) technology for optical applications, particularly in the production of waveguide lenses for consumer use [1] Company Developments - The chairman of Tianyue Advanced, Zong Yanmin, stated that silicon carbide is an ideal material for optical waveguide lenses, overcoming previous limitations related to substrate size and defects [1] - The company has introduced a 12-inch substrate that can produce 10-12 lenses per substrate, expanding the application of silicon carbide optics from high-end markets to consumer markets [1] - Tianyue Advanced is actively collaborating with leading global optical clients to expedite product introduction, with expectations for silicon carbide optical glasses to soon enter the market [1] Market Potential - The market size for silicon carbide optical waveguide glasses is projected to reach hundreds of millions of units in the future [1] - SiC's high thermal conductivity and processing window are expected to significantly enhance the thermal management of CoWoS (Chip-on-Wafer-on-Substrate) structures and reduce packaging size [1] Industry Trends - Reports indicate that NVIDIA is transitioning the intermediate substrate material for its next-generation Rubin processor design from silicon to silicon carbide to improve thermal performance, with large-scale adoption anticipated by 2027 [1]