Core Viewpoint - Heertai (002402) has invested in Tianyue Advanced, a technology company focused on the research, production, and sales of silicon carbide single crystal substrate materials, which are essential for upstream power device core materials in the artificial intelligence value chain [1] Group 1: Company Overview - Tianyue Advanced specializes in silicon carbide single crystal substrate materials, primarily used in power electronics and microwave electronics [1] - The investment in Tianyue Advanced is based on the consideration of upstream synergy within the company's industry [1] Group 2: Industry Outlook - The company is optimistic about the development prospects in the relevant technology fields and will continue to monitor industries related to its main business [1] - Future industrial layout will be conducted reasonably around the main business [1]

Investment Rating - Industry investment rating: Overweight [1] Core Insights - The collaboration between Sunyu Optical and Goer Group aims to accelerate the development of smart glasses, with a clear transaction process outlined in their memorandum of understanding [4] - Sunyu's Shanghai Aolai has established a comprehensive system from technology research and development to equipment implementation, which serves as a solid foundation for mass production of AI/AR hardware components [5] - Goer Optical has accumulated mature technology in the optical waveguide component field and leverages its parent company's resources to connect with leading clients in the AI smart glasses and AR sectors [5] - The integration of Shanghai Aolai's production capacity and equipment into Goer Optical's existing system will enhance market competitiveness and shorten the production ramp-up cycle [5] - Silicon carbide (SiC) is emerging as an excellent solution in the AR glasses optical waveguide field, with applications extending to various sectors including renewable energy, aerospace, electric vehicles, telecommunications, and quantum computing [6] Summary by Sections - **Collaboration Details**: Sunyu and Goer Group have signed a memorandum to collaborate, with Sunyu's Ningbo Aolai acquiring a 33.33% stake in Goer Optical post-restructuring [4] - **Business Synergy**: The partnership is characterized by precise business complementarity, enhancing both companies' positions in the AI/AR industry [5] - **Material Innovation**: SiC's application in optical components is highlighted, showcasing its potential in various high-tech fields [6]

Core Viewpoint - The company Heertai has confirmed its investment in Tianyue Advanced, a technology enterprise focused on the research, production, and sales of silicon carbide single crystal substrate materials, which are essential for power devices in the artificial intelligence value chain [1] Group 1 - Tianyue Advanced specializes in silicon carbide single crystal substrate materials, which are crucial for applications in power electronics and microwave electronics [1] - The investment in Tianyue Advanced is based on the strategic consideration of upstream industry collaboration and the positive outlook on the development prospects in related technology fields [1] - The company plans to continue monitoring industries related to its main business and will rationally conduct industrial layout around its core operations [1]

Core Viewpoint - Tianyue Advanced (02631) has made significant breakthroughs in business expansion, recently announcing a collaboration with Toshiba Electronic Components to enhance the characteristics and quality of silicon carbide power semiconductors, aiming to expand the supply of high-quality substrates [1][3] Group 1: Collaboration and Market Position - The partnership with Toshiba reinforces Tianyue's growing influence in the power semiconductor sector, as evidenced by its recent award from a Japanese semiconductor media outlet, marking the first time a Chinese company has won in this category [3] - Tianyue has established a strong presence in Japan, with sales offices and notable clients including Sumitomo, indicating a strategic focus on this market [3][4] - Chinese substrate manufacturers, represented by Tianyue, are gaining traction in Japan due to their quality and pricing advantages, leading local and European semiconductor firms to switch to Chinese products [3][4] Group 2: Competitive Landscape - The financial struggles of Japanese manufacturer Rohm, which reported an over 80% drop in operating profit, highlight the competitive pressure from Chinese firms like Tianyue, whose silicon carbide substrate technology is now considered top-tier [3][4] - The contrasting operational models between Japanese companies, which often pursue vertical integration, and Chinese firms, which focus on specific production processes, contribute to the competitive dynamics in the semiconductor industry [4] Group 3: International Expansion and Partnerships - Tianyue's collaboration with Infineon, signed in 2023, involves supplying 150mm substrates and assisting in the transition to 200mm silicon carbide wafers, with expected supply volumes representing a significant portion of Infineon's long-term needs [5] - Infineon's recent announcement of a 50 billion investment in Malaysia to build the largest 200mm silicon carbide power semiconductor factory indicates a growing demand for Tianyue's products [5] - The company has established partnerships with major global semiconductor players, including Bosch and ON Semiconductor, with over half of the top ten power semiconductor manufacturers collaborating with Tianyue [6] Group 4: Emerging Applications and Future Opportunities - Silicon carbide's superior performance characteristics position it as a key material in emerging fields such as data centers and AI technologies, with Tianyue poised to capitalize on these trends [9] - The company's strategic partnership with Sunny Optical's subsidiary focuses on micro-nano optics and new materials, further expanding its application scope [9] - As silicon carbide finds broader applications, Tianyue's role as a leading global supplier is expected to grow, providing valuable insights for other Chinese tech firms aiming for international markets [9]

Core Viewpoint - Tianyue Advanced (02631) has made significant breakthroughs in business expansion, recently announcing a collaboration with Toshiba Electronic Components to enhance the characteristics and quality of silicon carbide power semiconductors, aiming to expand the supply of high-quality substrates [1][3] Group 1: Collaboration and Market Position - The partnership with Toshiba, a well-established semiconductor manufacturer in Japan, underscores Tianyue's growing influence in the power semiconductor sector [3] - Tianyue Advanced won the "Semiconductor Electronic Materials" gold award from the authoritative Japanese media "Electronic Device Industry News" in June, marking the first time a Chinese company has achieved this in 31 years [3] - The company has established a sales presence in Japan and has been supplying silicon carbide substrate materials to the Japanese market, with notable clients including Sumitomo [3][4] Group 2: Competitive Landscape - Chinese substrate manufacturers, represented by Tianyue Advanced, are gaining traction among local and European semiconductor firms due to their quality and price advantages [3][4] - The financial report from Japanese manufacturer Rohm indicated a significant drop of over 80% in operating profit, attributing this to the competitive pressure from Chinese manufacturers whose silicon carbide substrate technology has reached top levels [3][4] Group 3: Strategic Advantages - The collaboration with Toshiba may signify a shift where Tianyue, through local innovation, gradually "replaces" foreign competitors and plays a more significant role in the international power semiconductor supply chain [4] - Tianyue's overseas expansion is not limited to Japan, with ongoing developments in other regions also being noteworthy [4] Group 4: Partnerships and Future Prospects - Tianyue Advanced has a prior agreement with German semiconductor manufacturer Infineon, which includes supplying 150mm substrates and assisting in transitioning to 200mm silicon carbide wafers [5] - Infineon announced a 50 billion yuan investment to build the world's largest 200mm silicon carbide power semiconductor factory in Malaysia, indicating a growing demand for Tianyue's products [5] - The company has established partnerships with major global semiconductor giants, with over half of the top ten power semiconductor manufacturers collaborating with Tianyue Advanced [6] Group 5: Emerging Applications - Silicon carbide is recognized for its superior performance in high-pressure and high-temperature scenarios, making it a key material for emerging fields such as data centers and AI glasses [9] - Tianyue Advanced has signed a strategic cooperation agreement with Sunny Optical Technology Group to collaborate in the fields of micro-nano optics and new materials, positioning itself to capture opportunities in these growing markets [9]

Summary of New IPOs in Hong Kong Stock Market Core Viewpoint The article provides an overview of the recent IPO activities in the Hong Kong stock market, highlighting the companies that have submitted applications, those that are currently in the process of going public, and the performance of a recently listed company. Group 1: Companies Submitting Applications - A total of 12 companies submitted applications to the Hong Kong Stock Exchange from August 18 to August 24 [3] - StarRing Technology (688031.SH) focuses on AI infrastructure software and is projected to rank fifth in China's AI infrastructure software market by revenue in 2024, with revenues of approximately RMB 3.73 billion in 2022 and a loss of RMB 2.72 billion [4] - Luxshare Precision (002475.SZ) is a leading precision manufacturing technology company, expected to rank fourth globally in precision manufacturing solutions by revenue in 2024, with revenues of RMB 214.03 billion in 2022 and a profit of RMB 10.49 billion [5] - Huge Dental Limited specializes in dental materials, holding a 1.3% market share in China's dental materials market, with revenues of RMB 2.8 billion in 2022 and a profit of RMB 64.03 million [6] - Zebra Network Technology Co., Ltd. is a leader in smart cockpit solutions, projected to be the largest software-centric smart cockpit solution provider in China by revenue in 2024, with revenues of RMB 8.05 billion in 2022 and a loss of RMB 8.78 billion [7] - Victory Technology (300476.SZ) is a leading supplier of AI and high-performance computing PCBs, expected to hold the largest market share globally in 2025, with revenues of RMB 78.85 billion in 2022 and a profit of RMB 7.91 billion [8] - Sichuan Yingfa Ruineng Technology Co., Ltd. is a top manufacturer of photovoltaic cells, projected to be the third-largest N-type TOPCon cell manufacturer globally by shipment volume in 2024, with revenues of RMB 56.43 billion in 2022 and a profit of RMB 350 million [9] - Qianyuan Microco Holdings Limited provides coal logistics services, with revenues of RMB 45.24 billion in 2022 and a profit of RMB 165 million [10] - Tianchen Biopharmaceutical (Suzhou) Co., Ltd. focuses on innovative drug development, with revenues of RMB 2.23 million in 2023 and a loss of RMB 95.78 million [11] - Shanghai Baoji Pharmaceutical Co., Ltd. is a biotechnology company developing recombinant biopharmaceuticals, with revenues of RMB 6.93 million in 2023 and a loss of RMB 160 million [12] - Xinhua Technology International Limited provides customized software development services, with revenues of RMB 1.63 billion in 2022 and a profit of RMB 182 million [13] - Xiaoe Inc. is a leading SaaS solution provider in private domain operations, with revenues of RMB 2.99 billion in 2022 and a loss of RMB 33.99 million [14] - Manycore Technology is a leading provider of cloud-native space design software, with revenues of RMB 6.01 billion in 2022 and a loss of RMB 704 million [15] Group 2: Companies in the Process of Going Public - Shuangdeng Co., Ltd. is offering 58.57 million H-shares at a price of HKD 14.51 per share, with the subscription period from August 18 to August 21, 2025 [16] - Jiaxin International Resources is offering 110 million shares at a price of HKD 10.92 per share, with the subscription period from August 20 to August 25, 2025 [17] Group 3: Recent IPO Performance - Tianyue Advanced (02631.HK) was listed on the Hong Kong Stock Exchange on August 20, with a first-day increase of 6.40%, but later experienced fluctuations, closing with a cumulative increase of 4.35% from its issue price by August 22 [18] - The company is recognized as one of the top three manufacturers of silicon carbide substrates globally, with a market share of 16.7% [19]

登录新浪财经APP 搜索【信披】查看更多考评等级 投资者宗艳民及其一致行动人上海麦明企业管理中心（有限合伙）、上海铸傲企业管理中心（有限合 伙）；国材股权投资基金（济南）合伙企业（有限合伙）；哈勃科技创业投资有限公司保证向本公司提 供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 1、身份类别 ■ 2、信息披露义务人信息 ■ 3、一致行动人信息 ■ （二）国材股权投资基金（济南）合伙企业（有限合伙） 1、身份类别 本次权益变动属于公司发行境外上市外资股（H股）股票并在香港联合交易所有限公司主板挂牌上市引 起公司总股本增加，进而导致公司相关股东及其一致行动人持股比例被动稀释。 1、本次权益变动属于山东天岳先进科技股份有限公司（以下简称"公司"）发行境外上市外资股（H 股）股票并在香港联合交易所有限公司主板挂牌上市引起公司总股本增加，进而导致公司相关股东或者 相关股东及其一致行动人持股比例被动稀释，不触及要约收购。 2、本次权益变动不会导致公司控股股东及实际控制人发生变化。 3、本次权益变动后宗艳民及一致行动人上海麦 ...

承董事會命 山東天岳先進科技股份有限公司（「本公司」）之董事會（「董事會」）謹此宣佈， 本公司將於2025年8月29日（星期五）舉行董事會會議。董事會將於會上通過議 案，其中包括考慮及批准本公司及其附屬公司截至2025年6月30日止六個月之 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佈的內容概不負責，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佈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. 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） 董事長、執行董事兼總經理 董事會召開通告 香港，2025年8月22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輝先生、劉華女士及 黎國鴻先生。 未經審核綜合中期業績以及其刊發之事宜，並考慮建議派付中期股息（如有）。 宗艷民先生 ...

Core Viewpoint - Tianyue Advanced (02631) has seen a stock price increase of over 4%, currently trading at 44.6 HKD with a transaction volume of 1.08 billion HKD, following a partnership agreement with Toshiba Electronic Components and Storage Devices Corporation for the development of SiC power semiconductor substrates [1]. Company Summary - Tianyue Advanced has reached a basic agreement with Toshiba for technical collaboration aimed at enhancing the characteristics and quality of SiC power semiconductors [1]. - The collaboration will focus on expanding the commercial supply of high-quality and stable substrates for SiC power semiconductors [1]. Industry Summary - Toshiba is accelerating the development of SiC devices for applications such as server power supplies and automotive uses, leveraging its experience in railway SiC power semiconductors [1]. - The partnership with Tianyue Advanced, a global leader in SiC substrate development and mass production technology, is expected to provide optimal solutions for various application scenarios and accelerate business expansion [1].

Group 1 - Tianyue Advanced (02631) saw its stock rise over 4% in the afternoon, currently trading at 44.6 HKD with a transaction volume of 1.08 million HKD [1] - On August 22, Tianyue Advanced reached a basic agreement with Toshiba Electronic Components and Storage Devices Corporation to collaborate on the development and manufacturing of SiC power semiconductor substrates [1] - The collaboration will focus on technical cooperation to enhance the characteristics and quality of SiC power semiconductors, as well as commercial cooperation to expand the supply of high-quality stable substrates [1] Group 2 - Toshiba is accelerating the development of SiC devices for server power supplies and automotive applications, aiming to reduce losses in SiC power semiconductors and develop high-reliability, high-efficiency products for efficient power conversion [1] - The partnership with Tianyue Advanced, a global leader in SiC substrate development and mass production technology, is expected to provide optimal solutions for various application scenarios and accelerate business expansion [1]