Core Insights - Huawei's Hubble Investment achieved a remarkable 20-fold return on its investment in Tianyue Advanced, turning an initial investment of 111 million yuan into a market value exceeding 2.2 billion yuan over six years [1][3]. Investment Performance - In 2019, Hubble Investment acquired a 10% stake in Tianyue Advanced for 111 million yuan [3]. - Tianyue Advanced went public on the STAR Market on January 12, 2022, leading to a significant increase in its stock price, which peaked at 99.88 yuan per share in September 2023 [3]. - As of September 26, 2025, Hubble's investment in Tianyue Advanced had a market value of approximately 235.4 million yuan, resulting in a floating profit of about 224.3 million yuan [3]. Company Performance - Tianyue Advanced is a leading player in China's silicon carbide semiconductor substrate market, achieving significant breakthroughs in substrate production [4]. - In 2024, the company reported a 41.37% year-on-year increase in revenue and a staggering 491.56% increase in net profit [4]. - However, in the first half of 2025, the company experienced a 12.98% decline in revenue and an 89.32% drop in net profit, attributed to lower substrate sales prices and increased R&D expenses [4]. Market Trends - The demand for silicon carbide is driven by its advantages in high-voltage and high-temperature applications, particularly in the electric vehicle sector [7]. - The global market for silicon carbide power semiconductor devices is projected to grow at a compound annual growth rate of 35.2%, increasing from $3.24 billion in 2024 to $19.745 billion by 2030 [7]. Investment Strategy - Hubble Investment, established in 2019, focuses on building Huawei's semiconductor supply chain and has invested in 112 projects, with over 10 companies successfully going public [8]. - As of mid-2025, Hubble's investments in eight A-share listed companies had a combined market value of approximately 4.415 billion yuan [8]. - The overall value of Hubble's holdings increased to 6.482 billion yuan by September 26, 2025, reflecting a quarterly floating profit of about 2.067 billion yuan [9].

Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, attributed to advancements in silicon carbide (SiC) technology for optical applications, particularly in the production of waveguide lenses for consumer use [1] Company Developments - The chairman of Tianyue Advanced, 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, expanding the application of silicon carbide optics from high-end markets to consumer markets [1] - Tianyue Advanced is actively collaborating with leading global optical clients to expedite product introduction, with expectations for silicon carbide optical glasses to soon enter the market [1] Market Potential - The market size for silicon carbide optical waveguide glasses is projected to reach hundreds of millions of units in the future [1] - SiC's high thermal conductivity and processing window are expected to significantly enhance the thermal management of CoWoS (Chip-on-Wafer-on-Substrate) structures and reduce packaging size [1] Industry Trends - Reports indicate that NVIDIA is transitioning the intermediate substrate material for its next-generation Rubin processor design from silicon to silicon carbide to improve thermal performance, with large-scale adoption anticipated by 2027 [1]

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 ...

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 ...

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 ...

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].