Summary of SICC (688234.SS) 3Q25 Earnings Call Company Overview - **Company**: SICC (688234.SS) - **Industry**: Silicon Carbide (SiC) Substrate Manufacturing Key Financial Metrics - **3Q25 Revenues**: Rmb 318 million, down 18% QoQ and 14% YoY, significantly below expectations by 37% compared to Goldman Sachs and Bloomberg consensus [2][3] - **Gross Margin (GM)**: Improved to 20.6% in 3Q25 from 12.6% in 2Q25, reflecting a product mix upgrade towards 8-inch SiC substrates [1][2] - **Operating Income (OP)**: Reported a loss of Rmb 42 million in 3Q25, compared to a loss of Rmb 28 million in 2Q25 [3] - **Net Income**: Loss of Rmb 10 million in 3Q25, down from a profit of Rmb 2 million in 2Q25 [3] Core Insights - **Product Mix Upgrade**: The shift towards 8-inch and 12-inch SiC substrates is expected to drive future growth [1][5] - **Market Competition**: Intense pricing competition, particularly in the 6-inch SiC substrate market in mainland China, is impacting revenue and margins [2][5] - **R&D Investments**: Increased R&D and selling expenses due to new product developments have contributed to the operating loss [2][5] - **Future Growth Drivers**: Anticipated growth in SiC adoption in electric vehicles (EVs) for fast charging capabilities and expansion into AI applications such as AI glasses and servers [1][5] Earnings Revision - **EPS Forecast**: 2025-2027 EPS estimates reduced by 86%, 9%, and 7% respectively due to lower revenues and higher expenses [5][10] - **Revenue Growth Projection**: Despite the cuts, a strong revenue growth of 65% CAGR is expected from 2025 to 2027, driven by product mix upgrades and market expansion [5][10] - **Long-term Margin Recovery**: Blended GM is projected to recover to 37.6% by 2027, with an operating margin (OPM) of 24.9% expected as revenue scales normalize [5][10] Valuation and Price Target - **Target Price**: Rmb 101, reflecting a 36.7% upside from the current price of Rmb 73.86 [17] - **Valuation Methodology**: Based on a discounted P/E approach, with a target P/E multiple of 35.8x applied to 2029E EPS [10][15] Risks and Considerations - **Downside Risks**: Include slower-than-expected capacity expansion, intense competition, and potential supply chain issues [16] - **Market Volatility**: The company's relatively short trading history and the volatile nature of the SiC substrate market may affect valuation [16] Conclusion - Despite a challenging 3Q25 performance, SICC is positioned for long-term growth driven by product upgrades and market expansion in the EV and AI sectors. The current valuation presents a potential investment opportunity, albeit with associated risks from market competition and operational challenges.

Core Viewpoint - Tianyue Advanced (688234.SH) reported significant asset impairment losses for the first three quarters of 2025, impacting its profitability and revenue due to competitive pricing strategies in the silicon carbide market [1] Financial Performance - The company recognized a total asset impairment loss of 23.8792 million yuan, including credit impairment losses of 3.4371 million yuan and asset impairment losses of 20.4421 million yuan, which reduced the total profit for the first three quarters by the same amount (before tax effects) [1] - In Q3 2025, the company's revenue was 318 million yuan, a year-on-year decline of 13.76%; for the first three quarters, revenue totaled 1.1112 billion yuan, down 13.21% year-on-year [1] - The net profit attributable to the parent company for Q3 was -9.7603 million yuan, a year-on-year decrease of 123.72%; for the first three quarters, the net profit was 1.1199 million yuan, a drastic drop of 99.22% year-on-year [1] - The company's non-recurring net profit for the first three quarters was -29.7081 million yuan, a year-on-year decline of 121.94% [1]

Group 1 - Tianyue Advanced (688234.SH) reported its Q3 2025 results, with 13 institutional investors holding a total of 141 million shares, representing 29.11% of the company's total share capital as of October 27, 2025 [1] - The top ten institutional investors collectively hold 29.08% of the shares, with a notable decrease of 8.08 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds reduced their holdings compared to the previous quarter, with a total reduction rate of 0.94% [2] - Three new public funds were disclosed during this period, including招商安瑞进取债券A, 招商安泽稳利9个月持有期混合A, and 招商丰利灵活配置混合基金A [2] - A total of 285 public funds were not disclosed in this period, including notable funds such as 银河创新混合A and 嘉实上证科创板芯片ETF [2]

Core Insights - Tianyue Advanced experienced a slight increase of 0.14% in stock price on October 27, with a trading volume of 662 million yuan [1] - The company reported a significant decrease in revenue and net profit for the first nine months of 2025 compared to the previous year [2] Group 1: Financial Performance - As of September 30, 2025, Tianyue Advanced achieved a revenue of 1.112 billion yuan, representing a year-on-year decrease of 13.21% [2] - The net profit attributable to shareholders for the same period was 1.1199 million yuan, showing a drastic decline of 99.22% year-on-year [2] Group 2: Shareholder and Market Activity - The number of shareholders increased to 29,600, up by 73.90% from the previous period, while the average number of circulating shares per person decreased by 17.70% to 14,537 shares [2] - On October 27, the financing buy-in amount was 123 million yuan, with a net financing buy of 36.8958 million yuan, indicating strong market interest [1] - The total balance of margin trading for Tianyue Advanced reached 1.064 billion yuan, which is at a high level compared to the past year [1]

Core Viewpoint - The company announced a provision for asset impairment totaling 23.8792 million yuan for the first three quarters of 2025, reflecting a cautious approach to financial reporting and compliance with accounting standards [9][10][11]. Financial Data Summary - The company reported a total of 2,387.92 million yuan in credit impairment losses and asset impairment losses for the first three quarters of 2025 [9]. - The breakdown of the impairment includes 343.71 million yuan in credit impairment losses and 2,044.21 million yuan in asset impairment losses [10]. Compliance and Assurance - The board of directors and senior management confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for any misrepresentation or omissions [2][8]. - The asset impairment provision is in accordance with the relevant accounting standards and reflects the company's financial condition as of September 30, 2025 [11].

智通财经APP讯，天岳先进(02631)发布前三季度业绩，实现营业收入11.12亿元;归属于上市公司股东的 净利润为111.99万元。 ...

前三季度营收约为11.12亿元，同比减少13.21%。净利润约为112万元，同比减少99.22%。 格隆汇10月27日丨天岳先进(02631.HK)公布2025年第三季度报告。营业收入约为人民币3.18亿元，同比 减少13.76%。净亏损约为976万元，同比增加123.72%。基本每股收益为-0.03元。 ...

Core Viewpoint - Tianyue Advanced (688234) reported a significant decline in revenue and net profit for the first three quarters of 2025, primarily due to strategic price reductions and external factors such as foreign exchange fluctuations [1][2][4] Financial Performance - The company achieved a total revenue of 1.112 billion yuan, a year-on-year decrease of 13.21% [1] - The net profit attributable to shareholders was 1.1199 million yuan, down 99.22% year-on-year [1] Strategic Initiatives - The company implemented a strategic price reduction for certain products to enhance market share amid international competition, which contributed to revenue and gross margin contraction [1] - Research and development (R&D) investment reached 123 million yuan, a year-on-year increase of 29.75%, with R&D expenses accounting for 11.09% of revenue, up 3.67 percentage points from the previous year [2] R&D Focus - R&D efforts are concentrated on two main areas: large-size substrate technology and emerging applications, including collaboration with global leaders in the consumer electronics sector for AR glasses [2][3] - The company has developed a product matrix for 6/8/12-inch silicon carbide substrates, supporting the industry's transition to larger sizes [2] Market Position and Recognition - The company maintained a gross margin of 23.56% despite price reductions, reflecting its strong industry position and technological advantages [2] - Recent accolades include the Semiconductor Annual Award for "Semiconductor Electronic Materials" in Japan and recognition from Bosch Group as a "Global Supplier Award 2025," validating its technological strength and industry status [3] Long-term Outlook - The company has a robust cash reserve of 3.377 billion yuan, a year-on-year increase of 172.56%, supporting ongoing technological leadership and capacity expansion [3] - The market potential for silicon carbide materials is highlighted in sectors such as AI servers, electric vehicles, and AR glasses, with strategic partnerships and customer orders reinforcing its long-term growth prospects [3][4]

| A | 股证券代码：688234 | 证券简称：天岳先进 | 公告编号：2025-072 | | --- | --- | --- | --- | | 港股证券代码：02631 | | 证券简称：天岳先进 | | 山东天岳先进科技股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 根据《企业会计准则》以及山东天岳先进科技股份有限公司（以下简称"公 司"）的会计政策、会计估计的相关规定，为了真实、准确地反映公司截至 2025 年 9 月 30 日的财务状况，本着谨慎性原则，公司对截至 2025 年 9 月 30 日公司 及下属子公司的资产进行了减值测试，对可能发生资产减值损失的相关资产计提 减值准备，现将有关事项公告如下： 一、计提资产减值准备情况概述 2025 年前三季度，公司计提各类信用减值损失及资产减值损失总额为 2,387.92 万元，具体情况如下： 单位：万元 | 序号 | | 项目 | 本次计提金额 | 计提原因 | | --- | --- | --- ...

每经AI快讯，天岳先进（SH 688234，收盘价：73.86元）10月27日晚间发布三季度业绩公告称，2025年 前三季度营收约11.12亿元，同比减少13.21%；归属于上市公司股东的净利润约112万元，同比减少 99.22%。 截至发稿，天岳先进市值为358亿元。 每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 （记者 王晓波） ...