【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 ...

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。 山东天岳先进科技股份有限公司（以下简称"公司"）正在进行申请发行境 外上市外资股（H 股）股票并在香港联合交易所有限公司（以下简称"香港联交 所"）主板挂牌上市（以下简称"本次发行上市"）的相关工作。 公司本次全球发售 H 股总数为 47,745,700 股（行使超额配售权之前），其中， 香港公开发售 16,711,000 股，约占全球发售总数的 35.00%（行使超额配售权之 前）；国际发售 31,034,700 股，约占全球发售总数的 65.00%（行使超额配售权之 前）。根据每股 H 股发售价 42.80 港元计算，经扣除全球发售相关承销佣金及其 他估计费用后，并假设超额配售权未获行使，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。 证券代码：688234 证券简称：天岳先进 公告编号：2025-055 山东天岳先进科技股份有限公司 关于境外上市外资股（H 股）挂牌并上市交易的公告 注：上述合计数与各明细数直接相加之和在尾数上如有差异系四舍五入所造成。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is preparing for its H-share issuance and listing on the Hong Kong Stock Exchange, with a final price set at HKD 42.80 per share [7] - The company has established itself as a significant supplier in the semiconductor industry, ranking among the top three global manufacturers of silicon carbide (SiC) substrates, with a market share of 16.7% [7] - The demand for SiC substrates is expanding into AI server power supply units, driven by the increasing need for high-performance AI computing [7] - Revenue projections for 2025-2027 are estimated at CNY 25.38 billion, CNY 32.68 billion, and CNY 41.12 billion, with corresponding net profits of CNY 3.12 billion, CNY 5.19 billion, and CNY 8.15 billion [7] Financial Performance Summary - The company reported a revenue of CNY 1,251 million in 2023, with a projected growth rate of 199.9% [6] - The net profit is expected to turn positive in 2024, reaching CNY 179 million, and continue to grow to CNY 815 million by 2027 [6] - The earnings per share (EPS) is projected to increase from -0.11 in 2023 to 1.90 by 2027 [6] - The price-to-earnings (PE) ratio is expected to decrease from 121.9 in 2024 to 35.3 in 2027, indicating improving profitability [6] Market Performance - The company has shown a significant market performance compared to the Shanghai and Shenzhen 300 index, with a 12-month performance of 76% [4]

格隆汇8月20日丨天岳先进(688234.SH)公布，经香港联交所批准，公司本次发行的47,745,700股H股股票 （行使超额配售权之前）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"，股份代号为"2631"。 ...

天岳先进(688234.SH)公告称，公司本次全球发售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31,034,700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。公司H股股票中文简称为"天岳先 進"，英文简称为"SICC"，股份代号为"2631"。 ...

Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for the semiconductor materials sector in Hong Kong [1][3]. Group 1: Company Overview - Tianyue Advanced is a leading player in the global silicon carbide materials industry, being one of the few participants capable of mass-producing 8-inch silicon carbide substrates [3][6]. - The company was established in November 2010 and has focused on the research and industrialization of silicon carbide substrates since its inception [6]. - Tianyue Advanced has achieved the industrialization of semi-insulating silicon carbide substrates and is advancing towards the production of conductive silicon carbide substrates [6]. Group 2: Market Highlights - The IPO raised HKD 20.44 billion, making it the first silicon carbide materials stock in the Hong Kong market [1][3]. - It is the first A to H project in the semiconductor materials sector in Hong Kong in 2023, with a subscription rate exceeding 2,800 times, the highest for an A to H project this year [3][5]. - The company plans to launch the industry's first 12-inch silicon carbide substrate in November 2024 [3][6]. Group 3: Role of CITIC Securities - CITIC Securities acted as the joint sponsor and coordinator for Tianyue Advanced's IPO, showcasing its commitment to supporting the development of China's semiconductor industry [1][4]. - The firm utilized its strong research capabilities and understanding of industry regulations to ensure the efficient progress of the project [4][5]. - CITIC Securities organized multiple high-quality investor meetings, successfully attracting a diverse range of high-quality investors, contributing to the successful completion of the IPO [5].

Group 1 - Tianyue Advanced Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 20, marking a significant step in its international strategic layout, with an opening increase of 6.54% to HKD 45.6 on the first day of trading [1] - Established in 2010, Tianyue Advanced specializes in the research and production of silicon carbide semiconductor materials, having previously listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, and is the only company in the silicon carbide substrate field to be listed in both markets [3] - The company is among the few globally capable of mass-producing 8-inch silicon carbide substrates and is set to launch the world's first 12-inch silicon carbide substrate in November 2024, representing a significant technological breakthrough [3] Group 2 - The Huaiyin District has accelerated its semiconductor industry layout, with Tianyue Advanced as the leading enterprise, gathering over 50 chain-related companies and forming a closed-loop industrial chain from "materials-equipment-design-packaging-application" [5] - Tianyue Advanced has established multiple research platforms, including a national-local joint engineering research center for silicon carbide semiconductor materials, and has received several prestigious awards, including the first-class award for technological progress from Shandong Province [6] - The company has a significant customer base, including major semiconductor firms like Infineon and Bosch, with its semi-insulating products ranking among the top three globally for five consecutive years, and its conductive products expected to achieve a global market share of 22.8% in 2024, a substantial increase from 12% in 2023 [6] Group 3 - The recent listing on the Hong Kong Stock Exchange is a crucial move for the company's internationalization strategy, with part of the raised funds allocated for overseas capacity construction and further research and development of large-size products [6] - The company aims to enhance its international visibility and broaden financing channels through the Hong Kong capital market, providing financial support for future technological research and overseas market expansion [6]

Core Viewpoint - Tianyue Advanced, a leading semiconductor materials manufacturer in Shandong, successfully listed on the Hong Kong Stock Exchange, with an initial share price of HKD 42.80, rising to a peak of HKD 47.80, giving it a market capitalization of approximately HKD 228 billion (around RMB 210 billion) [1][2]. Company Overview - Tianyue Advanced is recognized as the top manufacturer of silicon carbide substrates in China and ranks among the top three globally, holding a market share of 16.7% as of 2024 [4]. - The company was established in 2010 and has pioneered the industrialization of semi-insulating and conductive silicon carbide substrates, with production sizes evolving from 2 inches to 8 inches, and plans to launch the first 12-inch silicon carbide substrate in November 2024 [6][8]. Financial Performance - The revenue figures for Tianyue Advanced from 2022 to 2025 (Q1) are as follows: RMB 4.17 billion (2022), RMB 12.51 billion (2023), RMB 17.68 billion (2024), and RMB 4.08 billion (Q1 2025). The net profits for the same periods were -RMB 1.76 billion, -RMB 0.46 billion, RMB 1.79 billion, and RMB 0.085 billion respectively [9][12]. - The gross profit margins for the same periods were -7.9% (2022), 14.6% (2023), 24.6% (2024), and 22.7% (Q1 2025) [12]. Production and Sales - Tianyue Advanced's production capacity for silicon carbide substrates has increased significantly, with annual production figures of 71,000 pieces (2022), 262,000 pieces (2023), 410,200 pieces (2024), and 83,700 pieces (Q1 2025) [25]. - The average selling prices for silicon carbide substrates have decreased from RMB 5,110.4 (2022) to RMB 3,369.4 (Q1 2025) [18]. Research and Development - The company has a dedicated R&D team of 154 members, with over 40% holding doctoral or master's degrees, and has accumulated 503 patents and 176 patent applications [16][17]. Customer Base - Revenue from the largest customer accounted for 26.0% of total revenue in 2022, decreasing to 15.3% in Q1 2025. Revenue from the top five customers represented 65.0% in 2022 and 52.9% in Q1 2025 [20][22]. Supply Chain - Tianyue Advanced has two production bases located in Shandong and Shanghai, with total construction areas of 69,732 square meters and 93,897 square meters respectively [25]. - The procurement from the largest supplier accounted for 14.4% of total procurement in 2022, increasing to 23.9% in Q1 2025 [25][30].

Core Viewpoint - Tianyue Advanced has successfully listed on the Hong Kong Stock Exchange, establishing itself as the only company in the silicon carbide semiconductor materials sector with an "A+H" dual platform [1][3]. Group 1: Listing and Market Response - The company achieved a record-breaking subscription rate of over 2800 times for the public offering in Hong Kong and over 9 times for the international offering, raising approximately HKD 19.38 billion globally, surpassing other "A+H" companies [3][4]. - On its first day of trading, Tianyue Advanced's market capitalization exceeded HKD 22 billion, indicating strong market performance and investor confidence [4]. Group 2: Company Background and Achievements - Founded in 2010, Tianyue Advanced has made significant advancements in silicon carbide substrate technology, transitioning from 4-inch to 12-inch substrates, and is recognized as a leading example of a Chinese tech company achieving international leadership through independent research and development [4][5]. - The company received the "Semiconductor Electronic Materials" gold award from a prestigious Japanese semiconductor media outlet, marking the first time a Chinese company has won this award in 31 years [4]. Group 3: Clientele and Market Position - Tianyue Advanced has established itself in the global supply chain, with major clients including Infineon, Bosch, and ON Semiconductor, and has partnerships with over half of the top ten power semiconductor manufacturers [5]. - The company is also involved with high-profile tech companies like NVIDIA and Meta, indicating its strong position in the semiconductor supply chain [5]. Group 4: Future Prospects and Strategic Initiatives - The company is actively preparing for growth in emerging fields, particularly in AI glasses, leveraging its proprietary 300mm SiC seed crystal technology [5]. - A strategic partnership with Sunny Optical Technology Group aims to explore opportunities in micro-nano optics and new materials, particularly in the AI glasses and electric vehicle display markets [5]. - The chairman emphasized that the successful listing is a milestone for the company, which will continue to innovate and expand its product offerings while enhancing production capacity and global collaboration [6].

Group 1 - Tianyue Advanced officially listed on the Hong Kong Stock Exchange on August 20, completing its "A+H" dual-platform capital structure [1] - The company is the only listed carbon silicon semiconductor materials company in China, having previously listed on the A-share Sci-Tech Innovation Board in January 2022 [1][3] - The listing attracted significant interest, with over 2800 times subscription in the Hong Kong public offering and over 9 times in the international offering, raising approximately HKD 19.38 billion [3][4] Group 2 - Tianyue Advanced's market capitalization exceeded HKD 22 billion on its first trading day, marking a strong start for its global expansion [4] - The company has achieved significant technological advancements, transitioning from 4-inch to 12-inch substrates, and is recognized as a leading global silicon carbide substrate provider [4][5] - Tianyue Advanced has received numerous awards, including the "Semiconductor Electronic Materials" gold award from Japan's authoritative semiconductor media, marking a first for a Chinese company in 31 years [4] Group 3 - The company has established partnerships with major semiconductor manufacturers, including Infineon, Bosch, and ON Semiconductor, and is involved in the supply chains of leading tech companies like NVIDIA and Meta [5] - Tianyue Advanced is actively preparing for growth in emerging fields, such as AI glasses, leveraging its proprietary 300mm SiC seed crystal technology [5] - The company signed a strategic cooperation agreement with Sunny Optical Technology Group to explore opportunities in the optical field of AI glasses and electric vehicle displays [5] Group 4 - The chairman of Tianyue Advanced stated that the successful listing is a milestone and will serve as a catalyst for continued innovation and expansion into more application areas for silicon carbide substrate materials [6] - The company aims to enhance its R&D capabilities, improve production efficiency, and strengthen its global cooperation ecosystem [6] - The dual-platform structure is expected to provide new capital momentum and development vision, supporting Tianyue Advanced's goal of leading in the high-end semiconductor materials sector [6]