天岳先进正在港交所招股，拟全球发售4774.57万股H股，募资约20亿港元。回顾公司的A股发行历程，公司上市 首日盘中破发、上市首年即业绩"变脸"。 投资者对此有所不满，仅在上证e互动平台，涉及天岳先进股价破发的相关问题就出现了十多次，同时存在诸多声 音质疑公司是否存在欺诈投资者等行为。 A股IPO时，天岳先进原拟募资20亿元，最终超募12亿元，承销保荐费用超3亿元。当时的联席主承销商之一是原 海通证券，IPO前，其直接或间接控制的辽宁中德、海通新能源、海通创新三家主体合计持有天岳先进12.05%股 权。 2025年2月24日，天岳先进向港交所递表。就在1月27日，公司收到辽宁中德、海通新能源以及海通创新出具的 《关于股份减持结果的告知函》，2024年10月至2025年1月，上述三家主体合计减持787.02万股股份，套现约4.34 亿元。 此外，辽宁中德、海通新能源在2023年6月5日至14日还通过集中竞价交易合计减持425.74万股股份，套现约3.27亿 元。上述两次减持合计套现约7.6亿元。 A股上市首年业绩由盈转亏 来源：摄图网 A股上市首日盘中破发，递表前遭机构股东减持套现 8月11日，天岳先进（68 ...

Group 1 - Tianyue Advanced (2631.HK) has postponed its public offering due to adverse weather conditions in Hong Kong, with the new deadline for subscription set for August 15, pricing on August 18, and listing on August 20 [1] - The company plans to issue 47.746 million H-shares, with 5% allocated for public offering, and the maximum offer price set at HKD 42.8, aiming to raise up to HKD 2.04 billion [1] - As of Thursday noon, the subscription for Tianyue Advanced has surged, with brokers lending at least HKD 189 billion in margin financing, a significant increase from approximately HKD 17.3 billion the previous afternoon, resulting in an oversubscription rate of 1849 times [1]

Core Insights - The article highlights the significant role of private enterprises in Shandong's economy, particularly in driving investment, trade, and consumption growth during the first half of the year [3][4][10]. Investment Growth - Private investment in Shandong increased by 0.9% year-on-year, outperforming the overall investment growth by 1.1 percentage points, accounting for 61.6% of total investment, an increase of 0.7 percentage points from the previous year [3]. - Major private investment projects, such as the 30 million tons/year UPC technology demonstration project by Dongming Petrochemical, are expected to contribute to the establishment of a high-end petrochemical industry cluster [3]. Trade Performance - Private enterprises in Shandong contributed significantly to foreign trade, with an import and export value of 1.31 trillion yuan, a growth of 7.7%, surpassing the overall provincial growth rate by 0.9 percentage points [4]. - The number of private enterprises engaged in foreign trade exceeded 60,000, with private enterprises accounting for 76.1% of Shandong's foreign trade, including 78.1% of exports and 72.9% of imports [4]. Industrial Development - The industrial added value of private enterprises in Shandong grew by 10.1%, outpacing the overall industrial growth by 2.4 percentage points, indicating a robust performance in the industrial sector [7]. - High-end manufacturing exports from private enterprises reached 34.93 billion yuan, a growth of 58.9%, with significant increases in exports of ships, electric vehicles, and machine tools [7]. Consumption and Employment - The retail sales of consumer goods in Shandong increased by 5.6%, with private enterprises playing a crucial role in implementing consumption upgrade policies [10]. - The province saw the addition of 658,000 urban jobs, with private enterprises contributing significantly to employment stability and income growth, as the per capita disposable income reached 22,592 yuan, a nominal increase of 5.3% [11].

Market Performance - The A-share market is experiencing a significant rise, with the Kexin New Materials ETF (589180) increasing by 2.65% [1] - Notable stocks include China Shipbuilding Gas, which hit the daily limit with a 20% increase, and Guanggang Gas, which rose over 13% [1] New Materials Industry Outlook - The new materials sector is identified as a crucial direction for the chemical industry, currently witnessing rapid downstream demand growth [3] - With policy support and technological breakthroughs, the domestic new materials industry is expected to enter an accelerated growth phase [3] Sector Focus Areas 1. **Electronic Information Sector** - Key areas of focus include semiconductor materials, display materials, and 5G materials [4] - In Q2 2025, global silicon wafer shipments reached 3,327 million square inches, a 9.6% increase year-over-year [4] 2. **Aerospace Sector** - Focus on PI films, precision ceramics, and carbon fibers [5] - The successful launch of the "Forged Star 1" satellite marks a significant milestone in space manufacturing technology [5] 3. **New Energy Sector** - Key areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [6] 4. **Biotechnology Sector** - Focus on synthetic biology and scientific services [7] - Hainan Province is enhancing cooperation in biomedicine and high-end consumer goods manufacturing [7] 5. **Energy Conservation and Environmental Protection Sector** - Focus on adsorbent resins, membrane materials, and biodegradable plastics [8] - A new action plan for heavy metal pollution prevention has been issued, aiming for significant improvements by 2030 [8]

Group 1 - Tianyue Advanced (2631) is set to launch its IPO on the Hong Kong Stock Exchange from August 11 to August 14, 2025, with a focus on silicon carbide substrates [3][9] - The company specializes in the research, production, and sales of silicon carbide single crystal substrate materials, which are widely used in various sectors including electric vehicles, AI data centers, and renewable energy systems [5][7] - Tianyue Advanced has rapidly increased its market share, becoming one of the top three silicon carbide substrate manufacturers globally, with a market share of 16.7% in 2024 [7] Group 2 - The financial performance of Tianyue Advanced shows significant growth, with revenues increasing from 417 million RMB in 2022 to 1.768 billion RMB in 2024, while net profit turned positive in 2024 at 179 million RMB [8] - The company plans to use 70% of the funds raised from the IPO to expand production capacity for 8-inch and larger silicon carbide substrates, 20% for enhancing R&D capabilities, and 10% for daily operations [16] - The IPO aims to raise approximately 2 billion HKD, with a total market capitalization estimated at around 20 billion HKD [9][13] Group 3 - The IPO will offer 47.7457 million H-shares, with a maximum offer price of 42.8 HKD per share, and the minimum investment amount is set at 4,323.17 HKD [9][13] - The company has attracted five cornerstone investors who have collectively subscribed to approximately 740.2 million HKD of the offering [18] - Tianyue Advanced's stock was previously listed on the STAR Market in China, where it had a peak price of 137.5 RMB per share, but has since experienced volatility [22]

Group 1 - Tianyue Advanced (02631.HK) has launched its H-share IPO, with the offering period from August 11 to August 14, and is expected to list on the Hong Kong Stock Exchange on August 19 [1] - The company plans to issue 47.7457 million H-shares globally, with 95% allocated for international offering and 5% for public offering, and an overallotment option of 15% [1] - The expected price per share is HKD 42.80, with a total fundraising target of approximately HKD 2.044 billion, and a net amount of about HKD 1.938 billion after expenses [1] Group 2 - The company has attracted a strong lineup of cornerstone investors for its IPO, raising a total of approximately HKD 740.2 million from five investors, including Jinan Energy Group and Future Asset Securities [2] - Tianyue Advanced specializes in wide-bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide substrates, ranking among the top three global manufacturers with a market share of 16.7% [2] - The company's silicon carbide materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, photovoltaic systems, and advanced communication bases [2] Group 3 - The company is recognized for its technological innovation, strong production capacity, and effective management, leading advancements in the silicon carbide industry [3] - It is one of the few companies capable of mass-producing 8-inch silicon carbide substrates and has pioneered the commercialization of substrates from 2 inches to 8 inches, as well as the introduction of 12-inch substrates [3] - The company has established strategic partnerships, including collaboration with OmniLight for the industrialization of silicon carbide optical waveguide lenses [2][3]

通过天眼查大数据分析，山东天岳先进科技股份有限公司共对外投资了13家企业，参与招投标项目42 次，知识产权方面有商标信息16条，专利信息598条，此外企业还拥有行政许可57个。 金融界消息 截至2025年8月12日收盘，天岳先进（688234）报收于61.55元，上涨0.87%，换手率 1.82%，成交量7.83万手，成交金额4.77亿元。 资金流向方面，今日主力资金净流入2516.50万元，占比成交额5.27%。其中，超大单净流入2441.77万 元、占成交额5.12%，大单净流入74.72万元、占成交额0.16%，中单净流出流入1550.02万元、占成交额 3.25%，小单净流出4066.51万元、占成交额8.52%。 天岳先进最新一期业绩显示，截至2025一季报，公司营业总收入4.08亿元、同比减少4.25%，归属净利 润851.82万元，同比减少81.52%，扣非净利润359.58万元，同比减少91.75%，流动比率2.157、速动比率 1.492、资产负债率29.42%。 天眼查商业履历信息显示，山东天岳先进科技股份有限公司，成立于2010年，位于济南市，是一家以从 事计算机、通信和其他电子设备制造 ...

Investment Rating - The report assigns an IPO-specific rating of 5.9 out of 10 for the company, based on operational performance, industry outlook, valuation, and market sentiment [7]. Core Insights - The company specializes in the research and production of silicon carbide substrates, being one of the first in China to industrialize semi-insulating silicon carbide substrates and further achieve the industrialization of conductive silicon carbide substrates [9]. - The company has established partnerships with over half of the top ten global power semiconductor manufacturers, with applications in electric vehicles, AI data centers, and other fields [9]. - The global silicon carbide substrate market is highly competitive, with the company holding a market share of 16.7%, ranking among the top three manufacturers globally [9]. - The report highlights the significant growth potential in the power semiconductor market, projected to reach USD 19.7 billion by 2030, with a compound annual growth rate of 35.8% from 2024 to 2030 [9]. Financial Overview - The company’s revenue is expected to grow from approximately CNY 417 million in 2022 to CNY 1.768 billion in 2024, with a net profit of CNY 179 million anticipated in the fiscal year 2024 [9]. - The IPO price is set at a maximum of HKD 42.80, with a projected market capitalization of approximately HKD 20.435 billion post-IPO [12][13]. - The report indicates a significant discount of approximately 35.7% compared to the A-share closing price, suggesting a reasonable valuation in the context of the semiconductor sector [13]. Use of Proceeds - The company plans to allocate approximately 70% of the net proceeds from the IPO to expand its production capacity for 8-inch and larger silicon carbide substrates, 20% for enhancing R&D capabilities, and 10% for working capital and general corporate purposes [12].

天岳先进，于2022年1月12日在A股科创板上市，截至2025年7月30日收市，总市值逾人民币256亿元。 碳化硅衬底的适用行业及适用终端产品 根据弗若斯特沙利文的资料，截至2025年3月31日，天岳先进是全球少数能够实现8英寸碳化硅衬底量产、率先实现2 英寸到8英寸碳化硅衬底的商业化的公司之一、也是率先推出12英寸碳化硅衬底的公司，并且是率先使用液相法生产P 型碳化硅衬底的公司之一。 2025年8月11日正式开启港股招股，成为国内首家实现"A+H"两地上市的第三代半导体核心材料企业。 基本面速览——全球排名前三的碳化硅衬底制造商 天岳先进成立于2010年，专注于碳化硅衬底的研发与产业化，是全球宽禁带半导体材料行业的领军企业。根据弗若斯 特沙利文的资料，按2024年碳化硅衬底的销售收入计，天岳先进是全球排名前三的碳化硅衬底制造商，市场份额为 16.7%。 碳化硅材料为新能源与AI两大产业提供核心支撑。天岳先进的碳化硅衬底可广泛应用于电动汽车、AI数据中心、光伏 系统、AI眼镜、轨道交通、电网、家电及先进通信基站等领域。 财务数据方面，2022年度、2023年、2024年度及2025年截至3月31日止三个月，天 ...

Core Viewpoint - The demand for silicon carbide (SiC) is rapidly increasing due to its applications in electric vehicles and renewable energy, leading to a surge in production and investment in SiC projects across China [1][2][3]. Industry Overview - The application scenarios for silicon carbide primarily include electric vehicles, photovoltaic power generation, charging stations, and power electronics [1]. - The silicon carbide industry has transitioned from the introduction phase to the growth phase, driven by increasing demand from downstream sectors like electric vehicles and photovoltaics [2]. Market Growth - The silicon carbide market is projected to grow at a compound annual growth rate (CAGR) of 35%, increasing from $1.2 billion in 2022 to $5.3 billion by 2027, with expectations to reach $9.4 billion (approximately 663 billion RMB) by 2029, with China accounting for half of this market [2]. Recent Developments - Multiple regions have recently signed contracts and launched silicon carbide material projects, with significant investments announced, such as a nearly 2 billion RMB project in Jiangsu and an 830 million RMB expansion in Jiangsu [3]. - Companies like Sanan Optoelectronics and Jingsheng Mechanical & Electrical are ramping up production of silicon carbide substrates, with Sanan's subsidiary signing long-term procurement agreements exceeding 7 billion RMB [3][4]. Technological Advancements - New technologies in silicon carbide processing, such as laser slicing, have been developed, with companies like Delong Laser reporting successful testing and securing bulk orders from major clients [4]. - The production capacity for silicon carbide equipment is also increasing, with companies like Jingsheng capable of producing over 100 units annually [4]. Demand Trends - The demand for silicon carbide in downstream applications remains strong, with clear expansion plans from clients in the electric vehicle sector, indicating a long-term growth trajectory for silicon carbide products [4].