Core Viewpoint - Tianyue Advanced (02631) is experiencing a significant stock price increase due to advancements in silicon carbide (SiC) technology, which is expected to expand the market for optical applications from high-end to consumer use [1] Group 1: Company Developments - Tianyue Advanced's chairman, 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, significantly increasing production capacity compared to the previous 8-inch substrate, which could only produce 3-5 pairs of glasses [1] - Tianyue Advanced is closely collaborating with leading global optical clients to expedite product introduction, with expectations that silicon carbide optical glasses will soon enter the market [1] Group 2: Market Potential - The market size for silicon carbide optical waveguide glasses is projected to reach hundreds of millions of pairs in the future [1] - SiC's high thermal conductivity and wide processing window are anticipated to enhance the thermal management of CoWoS (Chip-on-Wafer-on-Substrate) structures and reduce packaging size [1] - Reports indicate that NVIDIA plans to switch the intermediate substrate material for its next-generation Rubin processor design from silicon to silicon carbide to improve thermal performance, with large-scale adoption expected by 2027 [1]

Core Insights - Tianyue Advanced's stock price has increased by 63.98% year-to-date, with a recent decline of 1.36% over the past five trading days [2] - The company reported a revenue of 794 million yuan for the first half of 2025, a year-on-year decrease of 12.98%, and a net profit of 10.88 million yuan, down 89.32% year-on-year [2] Company Overview - Tianyue Advanced, established on November 2, 2010, is located in Jinan, Shandong Province, and was listed on January 12, 2022 [2] - The company's main business involves the research, production, and sales of silicon carbide substrates, with 82.83% of its revenue coming from silicon carbide semiconductor materials [2] Stock Performance - As of October 9, the stock price was 83.96 yuan per share, with a market capitalization of 40.689 billion yuan [1] - The stock has seen a trading volume of 403 million yuan and a turnover rate of 1.13% on the same day [1] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3] - The largest shareholder, 华夏上证科创板50成份ETF, reduced its holdings by 56,200 shares, while 易方达上证科创板50ETF increased its holdings by 203,700 shares [3]

Group 1 - Hubble Investment plans to reduce its stake in Tianyue Advanced by up to 3.8769 million shares, which is approximately 0.80% of the total share capital, potentially worth around 335 million yuan at the closing price on September 26 [1][4] - Hubble Investment originally invested 111 million yuan for a 10% stake in Tianyue Advanced in August 2019, and its current holdings are valued at approximately 2.354 billion yuan, resulting in a paper profit of about 224.3 million yuan [1][5][6] - The semiconductor industry is experiencing a revaluation, particularly in the context of AI advancements, which is benefiting companies like Tianyue Advanced that specialize in silicon carbide substrates [4][12] Group 2 - As of mid-2023, Hubble Investment appears in the top ten shareholders of eight A-share listed companies, with a total holding value of approximately 4.415 billion yuan [2][12] - If Hubble Investment does not reduce its holdings in the third quarter, the total value of its shares would reach approximately 6.482 billion yuan, with a quarterly paper profit of about 206.7 million yuan [2][12] - The stock price of Tianyue Advanced reached a high of 99.88 yuan per share in September 2023, reflecting a year-to-date increase of over 50% [4][12] Group 3 - Hubble Investment has invested in over 112 projects, with more than ten companies successfully going public, including Tianyue Advanced and others [1][9] - The investment strategy of Hubble Investment is closely tied to Huawei, which has provided not only capital but also industry chain collaboration and business empowerment [14][16] - The financial performance of Tianyue Advanced has been inconsistent, with projected net profits of -176 million yuan in 2022, -46 million yuan in 2023, and a forecasted profit of 179 million yuan in 2024 [6][12]

Group 1 - The core viewpoint of the news highlights the positive performance of the semiconductor sector, particularly the rise of the Sci-Tech Innovation Board Semiconductor Materials and Equipment Index and related ETFs, indicating strong investor interest and market momentum [1][3] - The Sci-Tech Semiconductor ETF (588170) has seen a significant increase of 15.52% over the past week, reaching a new high in both scale at 2.604 billion yuan and shares at 1.725 billion [1] - Continuous net inflows into the Sci-Tech Semiconductor ETF over the past nine days, with a peak single-day inflow of 632 million yuan, totaling 1.721 billion yuan, demonstrate robust investor confidence [1] Group 2 - The adaptation of the DeepSeek V3.2 model by Cambrian and Huawei Ascend signifies advancements in domestic computing power, enhancing the efficiency of domestic chips and reducing training costs in long-sequence scenarios [2] - Analysts from Shengan Securities predict that ongoing investments in computing infrastructure will lead to sustained breakthroughs in domestic computing power, potentially outpacing overseas growth [2] - The semiconductor equipment and materials sector is identified as a key area for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives, driven by the AI revolution and technological advancements [3]

SICC CO., LTD. 山東天岳先進科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 2631) Dear Registered Shareholder(s), 30 September 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corpora ...

Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 December 2023, SICC CO., LTD. (the "Company") is writing to inform you that the Company has adopted electronic dissemination of corporate communications (the "Corporate Commu ...

山東天岳先進科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） Stock Code 股份代號 : 2631 Adhering to the Value of TECHNOLOGY QUALITY and SUSTAINABILITY 秉持 先進 品質 持續 的理念 INTERIM REPORT 中期報告 2025 山東天岳先進科技股份有限公司 INTERIM REPORT 2025 中期報告 山東天岳先進科技股份有限公司 C M Y CM MY CY CMY K SICC IR2025 Cover V02A_7.5mm_OP.pdf 1 23/9/2025 9:50 AM CONTENTS目錄 | 02 | Definitions | | --- | --- | | | 釋義 | | 06 | Corporate Information | | | 公司資料 | | 10 | Financial Summary ...

Core Viewpoint - Hubble Technology Venture Capital Co., Ltd. plans to reduce its holdings in Tianyue Advanced by up to 3.8769 million shares, representing no more than 0.8% of the total share capital, which will lower its stake below 5% if the plan is executed [2][4][14]. Group 1: Shareholding and Reduction Plan - Hubble Investment currently holds 5.63% of Tianyue Advanced, equating to 27,262,500 shares, all acquired before the company's IPO [6][7]. - The reduction plan will be implemented within three months starting from 15 trading days after the announcement, specifically from October 27, 2025, to January 26, 2026 [4][18]. - This is the first time Hubble Investment has announced a reduction plan since Tianyue Advanced's IPO on January 12, 2022 [4][5]. Group 2: Stock Performance and Market Context - Tianyue Advanced's A-share price has increased by 68.61% year-to-date, closing at 86.33 yuan per share, with a total market capitalization of 40.02 billion yuan as of September 26 [2][19]. - Other shareholders with over 5% stakes have also begun to reduce their holdings, indicating a trend among major shareholders [10]. Group 3: Financial Performance - For the first half of 2025, Tianyue Advanced reported a 12.98% decline in revenue to 794 million yuan and a significant 89.32% drop in net profit to approximately 10.88 million yuan [21][22]. - The company has increased its R&D investment in large-size substrates, which has contributed to a decrease in sales prices for related products [22].

Core Viewpoint - Habo Investment plans to reduce its stake in Tianyue Advanced by no more than 0.8%, which amounts to a maximum of 3.8769 million shares [2][10]. Group 1: Shareholding Information - As of the end of Q2 2025, Habo Investment is the second-largest circulating shareholder of Tianyue Advanced, holding 5.63% of the shares [5]. - Habo Investment has not sold any shares since Tianyue Advanced's IPO, and if the current reduction plan is completed, its stake will fall below 5% [6][19]. - Habo Investment currently holds 27,262,500 shares, all acquired before the IPO [12]. Group 2: Market Performance - Tianyue Advanced's A-share price has increased by 68.61% year-to-date, closing at 86.33 yuan per share on September 26, with a total market capitalization of 40.02 billion yuan [6]. - The reduction plan will be executed within three months starting from 15 trading days after the announcement, specifically from October 27, 2025, to January 26, 2026 [10]. Group 3: Financial Performance - In the first half of 2025, Tianyue Advanced's revenue decreased by 12.98% year-on-year to 794 million yuan, while net profit attributable to shareholders dropped by 89.32% to 10.88 million yuan [27][28]. - The company has increased its R&D investment in large-size substrates, which has contributed to a decline in sales prices [28].

Group 1 - The National Development and Reform Commission (NDRC) is accelerating the construction of a nationwide integrated computing power network, aiming to create a new type of infrastructure that integrates computing power coordination, monitoring, unified scheduling, elastic supply, and security assurance [2][3] - Six departments have jointly issued measures to strengthen the cultivation of innovative digital economy enterprises, encouraging financial institutions to provide market-oriented financial services tailored to the needs of digital economy enterprises [3][4] - The CEO of Yushutech announced that the company will release a 1.8-meter humanoid robot in the second half of the year, highlighting significant growth in the domestic robotics industry, with an average growth rate of 50% to 100% among related companies [6][7] Group 2 - The implementation opinions on "Artificial Intelligence + Transportation" have been released, promoting the development of intelligent driving systems, remote driving cockpits, and new equipment such as drones and all-terrain vehicles [4] - The IPO application of Moer Thread has been approved by the Shanghai Stock Exchange, with plans to raise 8 billion yuan for the development of new AI training and graphics chips [8] - The company Hush Silicon Industry has received approval from the China Securities Regulatory Commission for a share issuance and cash payment to purchase assets, with a fundraising cap of 21.05 billion yuan [10]