Company Overview - Tianyue Advanced focuses on the research, production, and sales of wide bandgap semiconductor silicon carbide substrate materials, ranking among the top three manufacturers globally with a market share of 16.7% [1] - The company's products are widely used in electric vehicles, AI data centers, and photovoltaic systems [1] Financial Performance - For the year 2024, the company is projected to achieve a revenue of 1.768 billion yuan and a net profit of 179 million yuan, with overseas revenue accounting for 57.03% of total income [1] Stock Market Activity - As of August 20, 2025, Tianyue Advanced's stock price was 66.26 yuan, down 0.61 yuan from the previous trading day, with an opening price of 66.88 yuan and a closing price of 45.54 HKD on its listing day [1] - The company was officially listed on the Hong Kong Stock Exchange on August 20, 2025, with an issue price of 42.80 HKD per share, reflecting a 6.4% increase from the issue price [1] Capital Flow - On August 20, 2025, the net outflow of main funds was 105.98 million yuan, accounting for 0.37% of the circulating market value, with a cumulative net outflow of 169.28 million yuan over the past five days, representing 0.59% of the circulating market value [1]

8月20日，天岳先进正式在港交所挂牌上市。 据公司在港交所公告显示，公司全球发售47745700股H股，最终发售价每股42.80港元。 | 公司資料 | | | --- | --- | | 股份代號 | 2631 | | 股份簡稱 | SICC | | 開始買賣日 | 2025年8月20日* | | * 施為用八年度如果社 | | | 慣格資料 | | | --- | --- | | 最终發售價 | 42.80 港元 | | 最高發售價 | 42.80 港元 | | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 47,745,700 | | 公開發售的最終發售股份數目(經重新分配後) | 16,711,000 | | 國際發售的最終發售股份數目(經重新分配後) | 31,034,700 | | 於上市時已發行的股份數目（於行使超額配股權之前） | 477.456.744 | 截至收盘，天岳先进港股股价上涨6.4%，报45.54港元，总市值217.43亿港元（约合人民币200亿元）。 公开资料显示，山东天岳先进科技股份有限公司成立于2010年11月，是一家专注于宽禁带（第三代）半导体 ...

Group 1 - Weicai Technology achieved a net profit of 101 million yuan in the first half of 2025, a year-on-year increase of 831.03% [1] - The company reported an operating income of 634 million yuan, up 47.53% year-on-year, with a basic earnings per share of 0.68 yuan [1] - Weicai Technology specializes in wafer testing, chip finished product testing, and related integrated circuit testing services [1] Group 2 - Changhua Group received a project development notification from a domestic automotive company, with an expected total sales amount of approximately 190 million yuan over an 8-year lifecycle [2] - The project is set to begin mass production in the third quarter of 2026 [2] - Changhua Group focuses on the research, production, and sales of automotive metal components [2][3] Group 3 - Junhe Co. reported a net profit of 30.99 million yuan in the first half of 2025, a year-on-year decrease of 19.53% [3] - The company achieved an operating income of 578 million yuan, up 5.53% year-on-year, with a basic earnings per share of 0.08 yuan [3][4] - Junhe Co. specializes in the research, design, manufacturing, and sales of household water pumps and their accessories [4] Group 4 - Tonghua Jinma reported a net profit of 16.80 million yuan in the first half of 2025, a year-on-year increase of 34.77% [5] - The company achieved an operating income of 650 million yuan, a slight increase of 0.12% year-on-year, with a basic earnings per share of 0.0174 yuan [5] - Tonghua Jinma focuses on the research, production, and sales of pharmaceutical products [5][6] Group 5 - Xing Shuai reported a net profit of 122 million yuan in the first half of 2025, a year-on-year increase of 31.79% [8] - The company achieved an operating income of 1.132 billion yuan, up 8.59% year-on-year, with a basic earnings per share of 0.37 yuan [8] - Xing Shuai specializes in the research, production, and sales of various types of refrigeration compressor thermal protectors, starters, and temperature controllers [8] Group 6 - Ice Wheel Environment reported a net profit of 266 million yuan in the first half of 2025, a year-on-year decrease of 19.71% [9] - The company achieved an operating income of 3.118 billion yuan, down 6.92% year-on-year, with a basic earnings per share of 0.27 yuan [9] - Ice Wheel Environment focuses on the research, design, and sales of artificial environment control technology and energy comprehensive utilization technology [9][10] Group 7 - Jiangsu Huachen reported a net profit of 47.27 million yuan in the first half of 2025, a year-on-year increase of 18.37% [18] - The company achieved an operating income of 938 million yuan, up 40.46% year-on-year, with a basic earnings per share of 0.2901 yuan [18] - Jiangsu Huachen specializes in the research, production, and sales of energy-saving transformers and smart electrical equipment [18] Group 8 - Hanma Technology reported a net profit of 27.73 million yuan in the first half of 2025, reversing from a loss of 153 million yuan in the same period last year [18] - The company achieved an operating income of 2.847 billion yuan, a year-on-year increase of 50.03% [18] - Hanma Technology focuses on the production, research, and sales of heavy trucks, special vehicles, and automotive components [18] Group 9 - Tianyue Advanced announced the listing of its H-shares on the Hong Kong Stock Exchange, raising approximately 1.938 billion HKD [19] - The global offering consisted of 47.7457 million shares, with a price of 42.80 HKD per share [19] - Tianyue Advanced specializes in the research, production, and sales of silicon carbide semiconductor materials [19][20] Group 10 - Kesi Technology signed a sales framework contract worth up to 401 million yuan with Beijing Tianyuan Innovation Technology Co., Ltd. [21] - The contract is valid for two years and involves a comprehensive information integration service project [21] - Kesi Technology focuses on the research, development, manufacturing, and sales of electronic information equipment [21][22]

Core Viewpoint - The article highlights the successful IPO of Tianyue Advanced on the Hong Kong Stock Exchange, marking a significant step in the company's internationalization strategy and its ambition to enhance its capital strength and competitiveness in the semiconductor materials sector [4][5][19]. Group 1: Company Overview - Tianyue Advanced, a leading player in the silicon carbide substrate industry, was listed on the Hong Kong Stock Exchange on August 20, 2023, with an initial share price of HKD 42.8, which rose by 6% on its first day, giving it a market capitalization of approximately HKD 22 billion [4]. - The company aims to accelerate its international strategy and overseas business layout through this listing, achieving an "A+H" dual listing format [4][5]. - The founder, Zong Yanmin, previously ranked as the wealthiest individual in Jinan, has seen fluctuations in his wealth due to changes in the company's market value but remains a prominent figure in the region [4][10]. Group 2: Financial Performance - In 2024, Tianyue Advanced reported a revenue of CNY 1.768 billion, representing a 41.37% increase from 2023, continuing a trend of revenue growth over three consecutive years [18]. - The company holds a top-three global market share in conductive silicon carbide substrate materials and has introduced the industry's first 12-inch silicon carbide substrate, enhancing its production capabilities [18][19]. - The anticipated growth in AI data center capacity and the increasing demand for high-quality silicon carbide materials in various applications, including electric vehicles and renewable energy, are expected to significantly boost the company's profitability [19]. Group 3: Market Trends - The Hong Kong Stock Exchange has seen a surge in IPO activities, with over 50 A-share companies applying for listings in 2025, indicating a strong trend of domestic companies seeking international capital markets [23][25]. - The total IPO fundraising in Hong Kong for the first half of 2025 reached HKD 107.1 billion (approximately USD 13.9 billion), marking a 22% increase compared to the previous year [25]. - The Chinese government's supportive policies for capital market development are expected to further enhance Hong Kong's position as a global financial hub, attracting more companies to list [26].

Core Viewpoint - Tianyue Advanced successfully listed on the Hong Kong Stock Exchange, raising its market capitalization to approximately HKD 22.8 billion (around RMB 21 billion) with a strong demand for its shares during the IPO process [2][3] Group 1: IPO Details - Tianyue Advanced's H-share was issued at HKD 42.80 per share, opening at HKD 45.60, reflecting a 6.54% increase [2] - The Hong Kong public offering accounted for 35% of the total shares, with a subscription rate of 2809.19 times, while the international offering made up 65% with a subscription rate of 9.04 times [2] - The company attracted cornerstone investors including Guoneng Environmental Investment Group, Future Asset Securities, and others [2] Group 2: Company Positioning and Market - Tianyue Advanced is a leading player in the wide bandgap semiconductor materials sector, focusing on the research and industrialization of silicon carbide (SiC) substrates [3][6] - According to Frost & Sullivan, the company ranks among the top three global manufacturers of SiC substrates, holding a market share of 16.7% as of 2024 [3][7] - The company's SiC substrates are essential for industries such as electric vehicles and AI, with applications in power devices and RF devices [4][6] Group 3: Production Capabilities - Tianyue Advanced has achieved mass production of 8-inch SiC substrates and is set to launch the industry's first 12-inch SiC substrate in 2024 [6] - The company is one of the first to industrialize semi-insulating and conductive SiC substrates, enhancing production efficiency and cost-effectiveness [6][7] Group 4: Financial Performance - The company reported revenues of approximately RMB 417 million, RMB 1.251 billion, RMB 1.768 billion, and RMB 408 million for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [7] - Profit figures for the same periods were approximately -RMB 176 million, -RMB 46 million, RMB 179 million, and RMB 9 million [7] Group 5: Future Plans - The company plans to allocate approximately 70% of the net proceeds from the IPO to expand its production capacity for 8-inch and larger SiC substrates, 20% for enhancing R&D capabilities, and 10% for working capital and general corporate purposes [8]

Group 1 - Tianyue Advanced Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 20, marking Shandong's first "A+H" listed company of the year [1][3] - Tianyue Advanced achieved the highest subscription multiple for a public offering in Hong Kong, with over 2000 times oversubscription [1] - The company is recognized as a "hidden champion" in the domestic silicon carbide substrate sector, ranking among the top three global manufacturers with a market share of 16.7% [3] Group 2 - The trend of A-share listed companies seeking to list in Hong Kong is driven by favorable policies, global strategic needs, and narrowing AH share premiums [3] - As of August 20, Shandong has 14 "A+H" listed companies, with Tianyue Advanced being the first information technology company in this category [3][4] - The successful listing of Tianyue Advanced is seen as a model for other Shandong companies, encouraging them to leverage capital markets for innovation and development [4]

8月20日，国内"碳化硅衬底第一股"天岳先进(688234.SH，02631.HK)登陆港股，成为两市唯一"A+H"上市的碳化硅衬底公司。 继2022年年初登陆科创板后，2024年年底，天岳先进披露了赴港上市计划，8个月后正式登陆港交所。 天岳先进本次全球发售4774.57万股H股，发行价为每股42.8港元，募集资金总额约20.4亿港元。截至8月20日收盘，天岳先进H股涨6.4%，收报45.54港元/ 股。 今年以来，多家碳化硅企业组团赴港上市。不止天岳先进，碳化硅功率器件企业基本半导体、碳化硅外延晶片企业瀚天天成以及天域半导体也向港股发起冲 击。下游需求高涨 此外，天岳先进还在拓展AR眼镜等新兴领域。 天岳先进预计，从2024年到2030年，xEV领域将继续引领全球碳化硅功率半导体器件市场的增长，光伏储能、电网、轨道交通领域也表现出强劲的增长势 头，家用电器、低空飞行和数据中心等碳化硅功率半导体器件新兴应用领域将展现出最快的增长速度。2024年扭亏 2022年、2023年、2024年，天岳先进分别实现收入4.17亿元、12.51亿元、17.68亿元，逐年增长。 作为第三代半导体材料的一种，碳化硅(SiC)材 ...

Core Viewpoint - Tianyue Advanced Technology Co., Ltd. (Tianyue Advanced) has successfully listed on the Hong Kong Stock Exchange, with its shares closing at HKD 45.54, reflecting a 6.40% increase on the first day of trading [1]. Summary by Relevant Sections Share Issuance and Pricing - The total number of shares issued under the global offering is 47,745,700 H-shares, with 16,711,000 shares allocated for public offering in Hong Kong and 31,034,700 shares for international offering [2][3]. - The final offering price was set at HKD 42.80 per share, resulting in total proceeds of HKD 2,043.5 million, with a net amount of HKD 1,938.1 million after deducting estimated listing expenses of HKD 105.4 million [2][3]. Use of Proceeds - Approximately 70% of the net proceeds from the global offering is expected to be used for expanding the production capacity of 8-inch and larger silicon carbide substrates. About 20% will be allocated to enhancing research and development capabilities, while the remaining 10% will be used for working capital and other general corporate purposes [5]. Key Investors - The cornerstone investors include Guoneng Environmental Investment Group Co., Ltd., Future Asset Securities (Hong Kong) Co., Ltd., Shanjin Asset Management (Hong Kong) Co., Ltd., Heertai Intelligent Control International Co., Ltd., and Lankun [5]. Previous Fundraising - Tianyue Advanced previously listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with an issuance price of RMB 82.79 per share, raising a total of RMB 3.558 billion, which was higher than the initial target of RMB 2 billion for silicon carbide semiconductor material projects [6][7].

事件：公司正在进行申请发行境外上市外资股（H 股）股票并在香港联交所主板挂牌上市的相关工作。 公司已确定本次H股发行的最终价格为每股42.80港元（不包括1%经纪佣金、0.0027%香港证券及期货事 务监察委员会交易征费、0.00565%香港联交所交易费及0.00015%香港会计及财务汇报局交易征费）。 公司本次发行的H 股预计于2025 年8 月20 日在香港联交所主板挂牌并开始上市交易。 投资建议：我们预计公司2025-2027 年实现营业收入25.38/32.68/41.12亿元，归母净利润3.12/5.19/8.15 亿 元。对应PE 分别为92.0/55.3/35.3倍，维持"增持"评级。 风险提示：下游行业需求不及预期；产能扩张不及预期；技术研发不及预期。 AI 服务器电源新需求：碳化硅衬底前期主要用于电动汽车领域，为支持高功耗高性能AI 计算日益增长 的需求，碳化硅衬底逐渐被用于AI 数据中心电源供应单元的交直流转换阶段，以降低能耗、改进散热 解决方案并提升服务器的功率密度，打开了碳化硅产品的应用领域和天花板。 全球前三碳化硅制造商：公司已跻身为国际知名半导体公司的重要供货商，产品在国际上获得广 ...

【财华社讯】8月20日，天岳先进(688234.SH)公告，公司正在进行申请发行境外上市外资股(H股)股票 并香港联交所主板挂牌上市。本次全球发售H股总数为4775万股，其中香港公开发售1671万股，约占全 球发售总数的35.00%；国际发售3103.47万股，约占全球发售总数的65.00%。每股H股发售价42.80港 元，公司将收取的全球发售所得款项净额估计约为19.38亿港元。 经香港联交所批准，公司本次发行上市于2025年8月20日在香港联交所主板挂牌并上市交易。公司H股 股票中文简称为天岳先進;，英文简称为SICC;，股份代号02631.HK;。 本文源自：财华网 ...