Core Viewpoint - Tianyue Advanced (688234) announced that its shareholder Hubble Investment, holding 5.63% of the shares, plans to reduce its stake by up to 3.8769 million shares, accounting for 0.8% of the total share capital [1] Summary by Category - **Shareholder Action** - Hubble Investment intends to reduce its holdings in Tianyue Advanced through a centralized bidding process [1] - The planned reduction amounts to a maximum of 3.8769 million shares [1] - This reduction represents 0.8% of the company's total share capital [1]

| 股证券代码：688234 | A | 证券简称：天岳先进 | 公告编号：2025-067 | | --- | --- | --- | --- | | 港股证券代码：02631 | | 证券简称：天岳先进 | | 哈勃投资自公司上市以来未减持公司股份。 山东天岳先进科技股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东持有的基本情况：本次减持计划实施前，山东天岳先进科技股份 有限公司（以下简称"公司"）股东哈勃科技创业投资有限公司（以下简称"哈 勃投资"）持有公司 27,262,500 股，占公司总股本的 5.63%。 上述股份来源为公司首次公开发行前取得的股份，已于 2023 年 1 月 12 日起 上市流通。 减持计划的主要内容：基于内部决策及退出需求，股东哈勃投资拟减持 公司股份合计不超过 3,876,948 股，即不超过公司总股本的 0.8%。其中，通过集 中竞价方式减持公司股份合计不超过 3,876,948 股，即不超过公司总股本 ...

每经AI快讯，9月26日，天岳先进(688234.SH)公告称，公司股东哈勃投资拟减持公司股份合计不超过 3,876,948股，即不超过公司总股本的0.8%。 ...

Group 1 - Tianyue Advanced experienced a decline of 0.35% on September 25, with a trading volume of 1.072 billion yuan. The financing buy amount was 182 million yuan, while the financing repayment was 173 million yuan, resulting in a net financing purchase of 8.6529 million yuan. The total financing and securities lending balance reached 1.172 billion yuan as of September 25 [1] - The financing balance of Tianyue Advanced on September 25 was 1.165 billion yuan, accounting for 3.20% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing [1] - On the securities lending side, Tianyue Advanced repaid 700 shares on September 25, with no shares sold. The remaining securities lending amount was 90,100 shares, with a balance of 7.6464 million yuan, also exceeding the 90th percentile level over the past year [1] Group 2 - As of June 30, the number of shareholders of Tianyue Advanced was 17,000, a decrease of 6.53% from the previous period. The average circulating shares per person increased by 6.99% to 17,663 shares [2] - For the first half of 2025, Tianyue Advanced reported operating revenue of 794 million yuan, a year-on-year decrease of 12.98%. The net profit attributable to the parent company was 10.8802 million yuan, down 89.32% year-on-year [2] - In terms of institutional holdings, as of June 30, 2025, the top ten circulating shareholders included Huaxia SSE Sci-Tech Innovation Board 50 ETF, which held 9.6279 million shares, a decrease of 56,200 shares from the previous period. Meanwhile, E Fund SSE Sci-Tech Innovation Board 50 ETF increased its holdings by 203,700 shares to 7.1196 million shares [2]

Group 1 - The company Tianyue Advanced (688234.SH) has achieved the localization of its main production equipment, the crystal growth furnace, with the design of the thermal field, control software, and assembly being completed independently by the company, marking it as a core technology [1] - The company emphasizes the intelligent and automated construction of its production facilities, exemplified by its Shanghai production base, which was designed as a smart factory equipped with high-performance intelligent devices and continuously optimized through AI and digital technologies [3] - The company utilizes information systems for real-time analysis, monitoring, and early warning of production quality, achieving comprehensive informatization in process control, information collection, and operational aspects [3] Group 2 - The company has deployed robotic systems and intelligent device units to automate the operation control and management of the main production equipment, the crystal growth furnace, laying a foundation for increasing capacity, reducing costs, and ensuring product quality [3]

Core Viewpoint - The company has achieved domestic production of its 12-inch crystal growth furnace, emphasizing its core technology and ongoing R&D efforts [1] Group 1: Production and Technology - The company has fully localized the production of its crystal growth furnace, including the design of the thermal field, control software, and assembly [1] - Continuous R&D is a key focus for the company, highlighting its commitment to innovation in core technologies [1] Group 2: Smart Manufacturing - The Shanghai production base is designed as a smart factory, equipped with high-performance and intelligent equipment [1] - The company utilizes AI and digital technologies to continuously optimize production processes, including real-time quality analysis, monitoring, and early warning systems [1] - Automation in the operation and management of the crystal growth furnace is achieved through the deployment of robotic systems and intelligent device units [1]

Company Overview - Tianyue Advanced Technology Co., Ltd. is located in Jinan, Shandong Province, and was established on November 2, 2010. The company went public on January 12, 2022. Its main business involves the research, production, and sales of silicon carbide substrates, with revenue composition being 82.83% from silicon carbide semiconductor materials and 17.17% from other sources [2]. Stock Performance - As of September 25, Tianyue Advanced's stock price increased by 69.92% year-to-date, with a 2.47% rise over the last five trading days, 31.20% over the last 20 days, and 51.81% over the last 60 days [2]. - The stock was traded at 87.00 CNY per share, with a market capitalization of 42.162 billion CNY as of September 25 [1]. Trading Activity - On September 25, the net outflow of main funds was 6.2956 million CNY, with large orders accounting for 20.92% of total buy and 25.57% of total sell [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on September 5, where it recorded a net buy of -28.6282 million CNY [2]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include various ETFs, with notable changes in holdings. For instance, the Huaxia SSE Sci-Tech 50 ETF reduced its holdings by 56,200 shares, while the E Fund SSE Sci-Tech 50 ETF increased its holdings by 203,700 shares [3].

Group 1 - Tianyue Advanced experienced a stock price increase of 5.06%, reaching 87.59 CNY per share, with a trading volume of 9.62 billion CNY and a turnover rate of 2.64%, resulting in a total market capitalization of 424.48 billion CNY [1] - The company, Shandong Tianyue Advanced Technology Co., Ltd., specializes in the research, production, and sales of silicon carbide substrates, with its main business revenue composition being 82.83% from silicon carbide semiconductor materials and 17.17% from other supplementary sources [1] Group 2 - According to data from the top ten holdings of funds, Bosera Fund has one fund heavily invested in Tianyue Advanced, specifically the Bosera SSE Sci-Tech Innovation Board New Materials ETF (588010), which reduced its holdings by 21,600 shares in the second quarter, now holding 148,900 shares, accounting for 3.41% of the fund's net value, ranking as the seventh largest holding [2] - The Bosera SSE Sci-Tech Innovation Board New Materials ETF (588010) was established on September 30, 2022, with a current scale of 256 million CNY, achieving a year-to-date return of 44.28%, ranking 779 out of 4,220 in its category, and a one-year return of 99.6%, ranking 594 out of 3,814, while experiencing a loss of 20.01% since inception [2]

Group 1 - Tianyue Advanced (02631.HK) saw its stock price increase by over 4% on September 24, reaching a rise of 4.42% to HKD 63.8 [1] - The trading volume for Tianyue Advanced was reported at HKD 138 million [1]

Core Viewpoint - Tianyue Advanced (02631) saw a stock price increase of over 4%, currently trading at 63.8 HKD, driven by Meta's announcement of new AI smart glasses at the Connect conference, which reignited enthusiasm in the global AR glasses market [1] Company Summary - Tianyue Advanced has taken the lead in the silicon carbide AR glasses sector, having launched a 12-inch silicon carbide substrate and is currently promoting the industrialization of 12-inch optical-grade substrates [1] - The chairman of Tianyue Advanced, Zong Yanmin, indicated that as the technology for large-size silicon carbide substrates matures, the prices of silicon carbide lenses for AR glasses are expected to gradually decrease [1] Industry Summary - The introduction of larger silicon carbide substrates enhances production efficiency, with a 6-inch substrate capable of producing approximately 2 pairs of AR glasses, an 8-inch substrate producing about 3-5 pairs, and a 12-inch substrate producing around 10-12 pairs [1] - Larger substrate sizes reduce edge waste, leading to lower unit costs, thus providing a better cost-performance ratio for large-size silicon carbide substrates [1]