A 股证券代码：688234 证券简称：天岳先进 公告编号：2025-063 港股证券代码：02631 证券简称：天岳先进 山东天岳先进科技股份有限公司 关于悉数行使超额配售权、稳定价格行动 及稳定价格期结束的公告 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。 一、悉数行使超额配售权情况 经香港联合交易所有限公司（以下简称"香港联交所"）批准，山东天岳先 进科技股份有限公司（以下简称"公司"）发行的 47,745,700 股（行使超额配售 权之前）境外上市外资股（H 股）已于 2025 年 8 月 20 日在香港联交所主板挂牌 并上市交易（以下简称"本次发行上市"）。公司 H 股股票中文简称为"天岳先 进"，英文简称为"SICC"，股份代号为"2631"，具体内容详见公司于 2025 年 8 月 21 日在上海证券交易所网站（www.sse.com.cn）披露的《关于境外上市外资 股（H 股）挂牌并上市交易的公告》（公告编号：2025-055）。 根据本次发行方案，招股章程所述超额配售权已于 2025 年 9 月 14 ...

Core Viewpoint - Tianyue Advanced (688234.SH) has seen significant stock price increases recently, driven by the growing demand for silicon carbide (SiC) substrates in the semiconductor industry, particularly in AI applications [1][2][4] Group 1: Stock Performance - On September 11, Tianyue Advanced's stock price rose over 10%, and on September 12, it continued to increase, reaching a high of 99.88 CNY per share, closing at 90.71 CNY, a 0.8% increase [1] - The stock had previously surged on September 5, hitting a daily limit increase and closing at 77.28 CNY [1] - In the Hong Kong market, Tianyue Advanced (02631.HK) also performed well, with stock price increases of 18.24% on September 5, 10.12% on September 11, and 8.26% on September 12 [5] Group 2: Company Overview - Tianyue Advanced is a leading domestic producer of wide bandgap semiconductor materials, focusing on the research, production, and sales of silicon carbide semiconductor materials, including semi-insulating and conductive SiC substrates [1][4] - The company was established in 2010, headquartered in Jinan, and became the only listed company in the SiC substrate field when it went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022. It also listed on the Hong Kong Stock Exchange in August 2023, making it the only "A+H" listed SiC substrate company [4] Group 3: Industry Applications - Tianyue Advanced's SiC substrates are widely used in power semiconductor devices, RF semiconductor devices, optical waveguides, TF-SAW filters, and thermal components, with applications in electric vehicles, photovoltaics, energy storage systems, power grids, rail transportation, communications, AI glasses, smartphones, and semiconductor lasers [1] - The company has established business relationships with over half of the top ten power semiconductor manufacturers globally, with clients like Infineon and ON Semiconductor successfully entering the supply chains of industry giants like NVIDIA [2]

Group 1 - Tianyue Advanced (02631) is expected to be included in the Hong Kong Stock Connect after the price stabilization period, which typically lasts for 30 days, with predictions for inclusion around September 15 or mid to late September [1] - Inclusion in the Hong Kong Stock Connect is anticipated to attract more southbound funds, enhance market liquidity, and increase the company's visibility in the capital market, which may also boost the entire silicon carbide industry chain [1] - The stock price has shown a significant upward trend, with an increase of over 30% since September, and on September 12, the stock price surged by as much as 15%, approaching a market capitalization of 30 billion HKD [1] Group 2 - Tianyue Advanced is recognized as a leading company in the domestic silicon carbide substrate sector, having achieved mass production of 8-inch substrates and being the first to launch 12-inch substrate products, demonstrating technological leadership [2] - The company's customer base includes top international semiconductor manufacturers such as Infineon, Bosch, and ON Semiconductor, with applications in electric vehicles, AI data centers, and photovoltaics, indicating strong customer recognition and downstream expansion capabilities [2]

Group 1 - Tianyue Advanced (02631) is expected to be included in the Hong Kong Stock Connect after the price stabilization period, which typically lasts for 30 days, with predictions for inclusion around September 15 or mid to late September [1][2] - Inclusion in the Hong Kong Stock Connect is anticipated to attract more southbound capital, enhance market liquidity, and increase the company's visibility in the capital market, which may also boost the entire silicon carbide industry chain [1] - Historical data indicates that stocks included in the Hong Kong Stock Connect often experience significant short-term benefits, with passive funds, especially ETF funds tracking related indices, likely to buy in for allocation needs, providing support for the stock price [1] Group 2 - Tianyue Advanced is recognized as a leading company in the domestic silicon carbide substrate sector, having achieved mass production of 8-inch substrates and being the first to launch 12-inch substrate products, demonstrating technological leadership [2] - The company's customer base includes top international semiconductor manufacturers such as Infineon, Bosch, and ON Semiconductor, with applications in electric vehicles, AI data centers, and photovoltaics, showcasing strong customer recognition and downstream expansion capabilities [2]

每经AI快讯，9月12日，天岳先进(02631.HK)午后涨幅扩大至15%，总市值逼近300亿港元。截至发稿， 涨14.26%，报60.9港元，成交额3.87亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, with a rise of 15% and a market capitalization approaching HKD 30 billion, driven by developments in silicon carbide substrate applications in advanced packaging for next-generation GPU chips [1] Group 1: Company Developments - Tianyue Advanced's stock price rose by 14.26% to HKD 60.9, with a trading volume of HKD 387 million [1] - The company is positioned as a leader in the silicon carbide substrate industry, which is gaining attention due to its potential applications in high-performance computing chips [1] Group 2: Industry Trends - NVIDIA plans to use silicon carbide substrates in the advanced packaging of its next-generation GPU chips, indicating a shift in material usage [1] - TSMC is also planning to apply 12-inch single crystal silicon carbide for thermal substrates, replacing traditional materials like aluminum oxide, sapphire, or ceramic substrates [1] - Despite concerns about the saturation of silicon carbide in the electric vehicle sector, there is still significant untapped potential for its application in high-end computing chips, particularly in advanced packaging [1]

Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, with a rise of 15% and a market capitalization approaching HKD 30 billion, driven by developments in silicon carbide substrate applications in advanced packaging for GPUs [1] Company Summary - Tianyue Advanced's stock price rose by 14.26%, reaching HKD 60.9, with a trading volume of HKD 387 million [1] - The company is positioned as a leader in the silicon carbide substrate industry, which is gaining attention due to its potential applications in high-performance computing chips [1] Industry Summary - Nvidia plans to use silicon carbide substrates in the advanced packaging of its next-generation GPU chips, indicating a shift in material usage [1] - TSMC is also planning to apply 12-inch single crystal silicon carbide for thermal substrates, replacing traditional materials like alumina, sapphire, or ceramic substrates [1] - Despite concerns about the saturation of silicon carbide in the electric vehicle sector, there is still significant untapped potential for its application in high-end computing chips, particularly in advanced packaging [1]

Core Insights - The performance of silicon carbide (SiC) power semiconductors is superior, especially for high voltage applications above 800 volts, with a significant supply issue resolved post-2022 due to advancements by Tianyue Advanced [2] - The establishment of the Sci-Tech Innovation Board (STAR Market) has been crucial for Tianyue Advanced's growth and competitive advantage, emphasizing the importance of long-term R&D for building a technological moat [2][7] - Tianyue Advanced has made significant strides in overcoming three major industry bottlenecks: quality, price, and yield, leading to a cost reduction in SiC MOSFETs below that of silicon-based IGBTs, which is expected to accelerate the adoption of SiC technology [4] Industry Developments - Wolfspeed is recognized as a pioneer in the SiC field, with its technology being complex and challenging, particularly in single crystal growth at high temperatures [3] - Tianyue Advanced has rapidly advanced from 6-inch to 12-inch substrates, significantly enhancing China's self-sufficiency in SiC materials [4] - The introduction of 12-inch substrates by Tianyue Advanced is set to revolutionize the optical applications of SiC, making it feasible for mass production of optical components, thus opening new markets [5] Future Opportunities - The potential market for SiC optical waveguide glasses is projected to reach hundreds of millions of units, with Tianyue Advanced actively collaborating with leading global optical companies [5] - The use of SiC substrates is becoming critical for advanced packaging and thermal management in high-performance computing, particularly for NVIDIA's upcoming GPU [5] - Tianyue Advanced's recent listing on the H-share market is expected to enhance its international market presence and resource integration [6]

Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, reaching a new high of 59.90 HKD, reflecting strong market interest and potential growth in the semiconductor materials sector [1] Company Summary - Tianyue Advanced's stock price rose over 12% during trading, with a current price of 59.35 HKD and a trading volume of 225 million HKD [1] - The company specializes in silicon carbide (SiC) substrates, which are widely applicable in power semiconductor devices, RF semiconductor devices, optical waveguides, TF-SAW filters, and heat dissipation components [1] - Tianyue Advanced is recognized as a global leader in SiC substrate materials, positioning itself to benefit from advancements in AI chip technology [1] Industry Summary - The primary application industries for Tianyue Advanced's products include electric vehicles and photovoltaics [1] - Huaxin Securities highlights the company's leadership in SiC substrates, while Dongfang Securities notes that the potential for SiC materials in high-end computing chips has not been fully realized [1] - There is an anticipated future application of silicon carbide materials in computing power chips, indicating a growing market opportunity [1]

Core Viewpoint - Tianyue Advanced (02631) has seen a significant increase in stock price, reaching a new high of 57.9 HKD, driven by its advancements in silicon carbide (SiC) substrate applications in various industries [1] Company Summary - Tianyue Advanced's silicon carbide substrates are widely applicable in power semiconductor devices, RF semiconductor devices, optical waveguides, TF-SAW filters, and heat dissipation components [1] - The main application industries for the company's products include electric vehicles, photovoltaics, energy storage systems, power grids, rail transportation, communications, AI glasses, smartphones, and semiconductor lasers [1] - The company has established itself as a significant supplier to internationally renowned semiconductor companies, with its products gaining broad recognition globally [1] Industry Summary - Recent reports indicate that NVIDIA plans to replace silicon with silicon carbide in the intermediate substrate materials of its next-generation Rubin processors to enhance performance [1] - Huaxin Securities highlights that Tianyue Advanced is a global leader in SiC substrate materials, positioning the company to benefit from the technological iteration of terminal AI chips [1] - Dongfang Securities notes that the potential applications of silicon carbide materials in high-end computing chips have not been fully explored, suggesting future growth opportunities in advanced packaging and other areas [1]