8月21日，天岳先进大宗交易成交10.21万股，成交额541.54万元，占当日总成交额的0.73%，成交价53.04元，较市场收盘价63.53元折价16.51%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-21 | 天岳先进 | 688234 | 53.04 541.54 | 10.21 | 兴业证券股份有限 | 中国银河证券股份 | | | | | | | | 公司北京复兴门外 | 有限公司北京金融 | | | | | | | | 十年江井市川坝 | 在江北市山坝 | | ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-056 山东天岳先进科技股份有限公司 关于持股 5%以上股东持股比例被动稀释跨越 5%整数倍及 触及 1%刻度的提示性公告 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、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）所持公司股份数量不变，合计仍为 165,335,726 股，持股比例由 38.48%减少至 3 ...

天岳先进首次公开发行股票的发行费用合计3.54亿元，保荐机构获得承销及保荐费用3.19亿元。 天岳先进2025年8月20日在港交所上市。天岳先进的最终发售价为42.80港元，所得款项总额为 2,043.5百万港元，扣除按最终发售价计算的估计应付上市开支后，所得款项净额为1,938.1百万港元。 中国经济网北京8月21日讯 天岳先进(688234.SH)今日港股收报43.22港元，跌幅5.09%，港股盘中 最低至43.00港元，于港股上市第二个交易日创下新低。天岳先进今日A股股价同样下跌，截至收盘报 63.53元，跌幅4.12%。 天岳先进于2022年1月12日在上交所科创板上市，发行价格为82.79元/股，公开发行股份数量为 4297.11万股，联席保荐机构（主承销商）为国泰君安证券股份有限公司、海通证券股份有限公司（国 泰君安证券与海通证券合并后更名为国泰海通证券股份有限公司），保荐代表人为姜慧芬、蒋勇、邬凯 丞、邬岳阳。该股目前处于破发状态。 天岳先进首次公开发行股票募集资金总额为35.58亿元，扣除发行费用后，募集资金净额为32.03 亿元。该公司最终募集资金净额比原计划多12.03亿元。天岳先进于20 ...

2025年8月20日，天岳先进（02631.HK）正式在香港联交所主板挂牌上市，成为两市唯一"A+H"上市的碳化硅衬底公司，迈出公司国际化发展的关键一 步。 在天岳先进上市后，山东已经拥有71家港股上市企业，国资港股上市企业18家。 同时，8月18日，来自山东日照东港区的山东沪鸽口腔医疗集团有限公司的控股公司Huge Dental Limited(简称：沪鸽口腔)在港交所递交招股书，这是继其 于2025年2月18日递表失效后的再一次申请，该公司是一家专业的口腔材料公司。2024年和2025年前六个月，营收分别是3.99亿和1.97亿元，相应的净利润 分别为7656.9万元和2610.0万元。 今年以来，山东企业明显加快香港资本市场进军步伐，除了"沪鸽口腔，目前排队的还有山东重工集团旗下的山推股份、潍柴雷沃智慧农业科技，山东黄 金集团旗下的山金国际，济南知名企业建邦集团旗下的建邦高科，潍坊高科技企业歌尔股份旗下的歌尔微电子，以及烟台企业玲珑轮胎、青岛企业酷特智 能、国恩股份、圣桐特医、文达通，泰安企业快驴科技、东营企业胜软科技。 天岳先进自成立以来即专注于高品质碳化硅衬底的研发与产业化。公司是全球少数能够实现8 ...

Core Viewpoint - Tianyue Advanced (02631.HK) officially listed on the Hong Kong Stock Exchange on August 20, 2025, becoming the only "A+H" listed silicon carbide substrate company in both markets, reflecting strong market interest and investor confidence in the company’s growth potential [1][2]. Group 1: IPO and Market Performance - Tianyue Advanced's IPO involved a global offering of 47.7457 million H-shares, accounting for 10% of the total share capital post-issue, with an issue price of HKD 42.80 per share [1]. - The company experienced a high subscription rate of 2809.19 times for its shares, indicating significant investor enthusiasm [1]. - The company's A-shares have shown a strong performance, with a maximum increase of approximately 16% since the start of the subscription on August 11 [1]. Group 2: Company Position and Strategy - Tianyue Advanced focuses on high-quality silicon carbide substrate research and industrialization, being one of the few companies capable of mass production of 8-inch silicon carbide substrates [2]. - The company holds a 22.80% market share, making it the second-largest silicon carbide substrate manufacturer globally, with a strong brand presence in international markets [2]. - The IPO is part of the company's internationalization strategy, with funds allocated for overseas capacity construction and further research on large-size products [2]. Group 3: Technological Advancements - The company has achieved mass supply of 8-inch conductive substrates and is set to launch the industry's first 12-inch silicon carbide substrate in November 2024, enhancing chip production efficiency [3]. - Tianyue Advanced has made breakthroughs in substrate types and production processes, including the successful delivery of high-quality low-resistance P-type silicon carbide substrates [3]. Group 4: Intellectual Property and Recognition - As of the end of 2024, the company has obtained 194 invention patents and 308 utility model patents, ranking among the top five globally in terms of patent quantity [4]. - The company received the "Golden Bull Listed Company Innovation Award" and a prestigious semiconductor materials award, marking significant achievements in the field [5]. Group 5: Market Growth and Applications - The global silicon carbide substrate market is projected to grow from RMB 2.6 billion in 2019 to RMB 66.4 billion by 2030, with a compound annual growth rate (CAGR) of 39.0% [7]. - The demand for silicon carbide is primarily driven by the electric vehicle sector, which accounts for nearly 80% of the demand [7]. - Tianyue Advanced is actively expanding into emerging applications such as AI data centers and AR glasses, positioning itself for future growth [8][9]. Group 6: Global Expansion and Revenue Growth - The company reported overseas revenue of RMB 840 million in 2024, a year-on-year increase of 104.43%, with overseas revenue surpassing domestic revenue for the first time [10]. - Tianyue Advanced has established partnerships with over half of the top ten power semiconductor manufacturers globally, enhancing its market reach [10]. - The funds raised from the IPO will support overseas capacity construction to meet the growing demand from international clients [10].

Core Viewpoint - Tianyue Advanced has successfully listed on the Hong Kong Stock Exchange, becoming the first company in China to achieve an "A+H" dual-platform layout in the silicon carbide substrate industry, attracting significant market interest and investment [1][8]. Group 1: Global Leadership Potential - The company has established a strong market presence, with a projected global silicon carbide substrate market size of 8.8 billion RMB in 2024, expected to grow to 58.5 billion RMB by 2030, representing a compound annual growth rate (CAGR) of 37.1% from 2024 to 2030 [2]. - Tianyue Advanced is projected to capture 16.7% of global substrate revenue in 2024, ranking among the top three, and has a 22.8% market share in the conductive segment, making it the second globally [2]. - Revenue is expected to grow from 417 million RMB in 2022 to 1.768 billion RMB in 2024, with a turnaround to profitability and a gross margin of 24.6%, resulting in a net profit of 179 million RMB [2]. Group 2: Technological Advancements - The company has achieved significant technological breakthroughs, completing the commercialization of 2-8 inch substrates and planning to launch the first 12-inch samples in 2024, indicating advancements in size scaling and defect control [3]. - Tianyue Advanced holds over 500 patents, transitioning from "point innovations" to a "systematic moat" in technology, validated by international authorities and clients [3]. Group 3: Manufacturing Scale - The company has established a dual-base production strategy in Shandong and Shanghai, with a total production capacity of approximately 420,000 wafers per year and a utilization rate of 97.6% [3]. - The operational efficiency of the Shanghai factory, which began mass production in May 2023, has led to reduced fixed costs and improved yield rates, enhancing gross margins and cash flow [3]. Group 4: High-Quality Customer Base - Tianyue Advanced has formed partnerships with over half of the top ten power semiconductor manufacturers globally, including Infineon, Bosch, and ON Semiconductor, indicating a strong demand-side position [4]. - The company's overseas revenue is projected to grow by 104% year-on-year in 2024, accounting for nearly half of total revenue, reflecting a robust global sales and quality system [4]. Group 5: AI Glasses and NVIDIA Ecosystem - The company is positioned at the intersection of the rapidly growing AI glasses market, with global shipments expected to reach approximately 870,000 units in Q2 2025, driven by demand from brands like Meta and Xiaomi [5][6]. - Tianyue Advanced's silicon carbide substrates are integral to the optical waveguide technology used in AI glasses, marking it as a key player in this emerging market [6]. - The company is also embedded in NVIDIA's ecosystem, benefiting from the demand expansion in AI accelerators and data centers, which could enhance its valuation significantly [6][7]. Group 6: Market Position and Future Outlook - The listing on the Hong Kong Stock Exchange provides Tianyue Advanced with efficient financing channels for capacity expansion, with an issue price of 42.8 HKD creating a safety margin of over 40% compared to A-shares [8]. - The company has begun supplying major clients in Japan and has received industry recognition, indicating a shift from being a "Chinese leader" to an "international brand" [8]. - The current valuation mismatch between deep discounts in H-shares and high growth in performance suggests potential for valuation recovery as AI supply chain news unfolds [9].

Group 1 - The company, Shandong Tianyue Advanced Technology Co., Ltd., is in the process of applying for the issuance of overseas listed foreign shares (H-shares) and listing on the Main Board of the Hong Kong Stock Exchange [1] - The total number of H-shares for global offering is 47,745,700 shares, with 16,711,000 shares (approximately 35.00%) allocated for public offering in Hong Kong and 31,034,700 shares (approximately 65.00%) for international offering [1] - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately HKD 1.938 billion, calculated based on an H-share price of HKD 42.80 per share [1] Group 2 - The H-shares are scheduled to be listed and traded on the Hong Kong Stock Exchange on August 20, 2025, with the Chinese stock name "天岳先进" and the English stock name "SICC," stock code "2631" [1] - After the completion of the issuance and listing, there will be changes in the shareholding structure of shareholders holding more than 5% of the company's shares [2]

Core Viewpoint - Tianyue Advanced officially listed on the Hong Kong Stock Exchange on August 20, 2025, becoming the first domestic company to achieve an "A+H" dual-platform layout in the silicon carbide substrate industry [1] Group 1: Market Position and Financial Performance - The company has established itself as a global leader in the silicon carbide substrate market, with a projected market size of 8.8 billion RMB in 2024, expected to grow to 58.5 billion RMB by 2030, representing a compound annual growth rate (CAGR) of 37.1% from 2024 to 2030 [2] - Tianyue Advanced is projected to capture 16.7% of global substrate revenue in 2024, ranking among the top three, and has a market share of 22.8% in the conductive segment, making it the second globally [2] - Revenue is expected to grow from 417 million RMB in 2022 to 1.768 billion RMB in 2024, with a turnaround to profitability and a gross margin of 24.6%, resulting in a net profit of 179 million RMB [2] Group 2: Technological Advancements - The company has achieved significant technological advancements, completing the commercialization of 2-8 inch substrates and planning to launch the first 12-inch sample in 2024, marking a breakthrough in size and defect control [3] - Tianyue Advanced holds over 500 patents, transitioning from "point innovations" to a "systematic moat" in technology, validated by international authorities and clients [3] Group 3: Manufacturing and Supply Chain - The company has established a dual-base layout in Shandong and Shanghai, with a total production capacity of approximately 420,000 pieces per year and a utilization rate of 97.6% [3] - The Tianyue Advanced factory has effectively reduced fixed costs and improved yield rates since ramping up production in May 2023, with a mid-term goal of reaching a million pieces per year [3] Group 4: Customer Base and Global Expansion - Tianyue Advanced has formed partnerships with over half of the top ten power semiconductor manufacturers globally, including Infineon, Bosch, and ON Semiconductor, with overseas revenue expected to grow by 104% year-on-year in 2024 [4] - The company is positioned to benefit from the increasing demand for silicon carbide substrates in AI glasses and has established deep collaborations with clients like Sunny Optical [6] Group 5: Strategic Positioning and Future Outlook - The company is at a pivotal intersection of the "AI glasses + NVIDIA ecosystem" dual concept, tapping into the rapidly growing AI smart glasses market and embedding itself within NVIDIA's supply chain [6] - The listing on the Hong Kong Stock Exchange provides a significant financing channel for capacity expansion, with an issue price of 42.8 HKD creating a safety margin of over 40% compared to A-shares [7] - The company has received recognition in Japan, winning a semiconductor materials award, which enhances its brand influence from a "Chinese leader" to an "international brand" [7]

Group 1: Hong Kong Stock Exchange Performance - Hong Kong Stock Exchange reported a record high total revenue of HKD 14.076 billion and a shareholder profit of HKD 8.519 billion for the first half of 2025, marking a historical peak for the semi-annual performance [1] - The new stock market financing amount has returned to the top of global exchanges, reinforcing Hong Kong's leading position in the global capital market [1] Group 2: Tianyue Advanced Listing - Tianyue Advanced, a semiconductor silicon carbide substrate manufacturer, officially listed on the Hong Kong Stock Exchange, with its stock price rising by 6.4% on the first day of trading [2] - The company issued 47.7457 million shares at a price of HKD 42.80 per share, focusing on the research and industrialization of silicon carbide substrates [2] Group 3: Zhaochuang Information's IPO Plans - Zhaochuang Information announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [3] - The details of the H-share issuance and listing are yet to be determined, but this move aims to provide new opportunities in the international market [3] Group 4: Hansoh Pharmaceutical Fundraising - Hansoh Pharmaceutical announced a placement agreement to raise approximately HKD 3.897 billion by issuing 108 million shares at a price of HKD 36.30 per share, representing a discount of about 6.49% from the previous closing price [4] - The fundraising is expected to improve the company's financial position and support future research and business expansion [4] Group 5: Hong Kong Stock Market Overview - The Hong Kong stock market index closed at 25,165.94, with a slight increase of 0.17% on August 20 [5] - Other indices showed minor fluctuations, indicating a stable market environment [5]

Group 1 - The core viewpoint of the articles highlights the ongoing fluctuations in the semiconductor materials and equipment sector, with specific attention to the performance of the STAR Market Semiconductor Materials and Equipment Index and related ETFs [1][2]. - As of August 20, the STAR Market Semiconductor Materials and Equipment Index decreased by 0.18%, with mixed performance among constituent stocks, including Shanghai Hejing rising by 6.35% and Jing Sheng Co. falling by 3.83% [1]. - The STAR Market Semiconductor ETF (588170) saw a slight decline of 0.36%, with a recent price of 1.1 yuan, but has shown a cumulative increase of 3.18% over the past week [1]. Group 2 - The global semiconductor materials market is projected to reach approximately $70 billion by 2025, with a year-on-year growth of about 6%, driven by AI-related demand [2]. - The silicon wafer market is expected to reach around $14 billion by 2025, with a year-on-year growth of 3.8% and a projected increase in shipment area of 5.4% [2]. - The domestic semiconductor materials market is anticipated to benefit from a rising domestic production rate, presenting a favorable investment window [2]. Group 3 - The semiconductor materials ETF (562590) and its associated funds focus heavily on the upstream semiconductor sector, with 59% of the index comprising semiconductor equipment and 24% comprising semiconductor materials [3].