Core Viewpoint - Tianyue Advanced has indicated that the impact of the U.S. tariffs on its business is very limited, as sales revenue from the U.S. accounts for less than 0.1% of total revenue for the year 2024 [1] Group 1 - The company is positioned in the international first tier for substrate preparation and has mastered all core technologies involved in the production of silicon carbide substrates, including equipment design, thermal field design, powder synthesis, crystal growth, substrate processing, and quality inspection [1] - The company plans to leverage the dual engines of new energy and artificial intelligence to build a global capital and marketing network through a Hong Kong stock listing [1] - The company aims to establish a technological moat through innovation, leading the new direction of global silicon carbide industry development [1]

Core Viewpoint - Tianyue Advanced (688234.SH) is expected to report a significant decline in both revenue and net profit for the year 2025, indicating potential challenges ahead for the company. Group 1: Financial Performance Forecast - The company anticipates a revenue range of 145,000.00 million to 150,000.00 million yuan for 2025, representing a decrease of 31,814.10 million to 26,814.10 million yuan compared to the previous year, which is a year-on-year decline of 17.99% to 15.17% [1] - The projected net profit attributable to the parent company for 2025 is expected to be between -22,500.00 million and -18,500.00 million yuan, reflecting a decrease of 40,402.51 million to 36,402.51 million yuan compared to the previous year, resulting in a year-on-year decline of 225.68% to 203.34% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is forecasted to be between -27,500.00 million and -23,500.00 million yuan, which is a reduction of 43,109.30 million to 39,109.30 million yuan compared to the previous year, indicating a year-on-year decrease of 276.18% to 250.55% [1] Group 2: Historical Financial Performance - In 2024, Tianyue Advanced achieved a revenue of 176,814.10 million yuan and a net profit of 17,902.51 million yuan, with a net profit of 15,609.30 million yuan after deducting non-recurring gains and losses [2] - The company went public on the Hong Kong Stock Exchange on August 20, 2025, with a final offer price of 42.80 HKD per share, raising a total of 2,043.5 million HKD, and a net amount of 1,938.1 million HKD after expenses [2] - Tianyue Advanced was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with an issue price of 82.79 yuan per share and a public offering of 4,297.11 million shares [2] Group 3: Fundraising and Use of Proceeds - The total amount raised from the initial public offering was 35.58 billion yuan, with a net amount of 32.03 billion yuan after deducting issuance costs, exceeding the original plan by 12.03 billion yuan [3] - The company initially planned to raise 20.00 billion yuan for a silicon carbide semiconductor materials project [3] - The total issuance costs for the IPO amounted to 3.54 billion yuan, with underwriting and sponsorship fees totaling 3.19 billion yuan [3]

Core Viewpoint - The company, Shandong Tianyue Advanced Technology Co., Ltd., anticipates a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to market price decreases and increased expenses related to sales and R&D efforts [2][9]. Financial Performance Forecast - The company expects to achieve an operating revenue of between 1,450 million yuan and 1,500 million yuan for 2025, representing a decrease of 31.81 million yuan to 26.81 million yuan, or a year-on-year decline of 17.99% to 15.17% [2]. - The projected net profit attributable to the parent company is expected to be between -225 million yuan and -185 million yuan, indicating a decrease of 404.03 million yuan to 364.03 million yuan, or a year-on-year decline of 225.68% to 203.34% [2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is forecasted to be between -275 million yuan and -235 million yuan, reflecting a decrease of 431.09 million yuan to 391.09 million yuan, or a year-on-year decline of 276.18% to 250.55% [2]. Previous Year Performance - In the previous year, the company reported an operating revenue of 1,768.14 million yuan [4]. - The total profit for the previous year was 159.26 million yuan [5]. - The net profit attributable to the parent company was 179.03 million yuan [6]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 156.09 million yuan [7]. - The earnings per share for the previous year were 0.42 yuan [8]. Reasons for Performance Changes - The primary reason for the performance decline is the increase in sales volume of substrate products, which was offset by a decrease in market prices due to competitive pressures and strategic adjustments aimed at increasing market share [9]. - Increased sales expenses were incurred as the company actively explored new applications for larger-sized products [9]. - The company continued to invest in R&D to maintain its technological leadership, resulting in a rise in R&D expenses [9]. - Additional factors contributing to the decline include increased tax expenses and penalties, a decrease in overall gross profit due to falling product prices, foreign exchange losses from currency fluctuations, increased asset impairment provisions, and higher costs associated with overseas listings [10].

Group 1 - The company expects to achieve an operating income of between 1,450 million to 1,500 million yuan in 2025, representing a decrease of 31,814.10 million to 26,814.10 million yuan compared to the previous year, which is a year-on-year decline of 17.99% to 15.17% [2] - The net profit attributable to the parent company is expected to be between -225 million to -185 million yuan, a decrease of 40,402.51 million to 36,402.51 million yuan compared to the previous year, reflecting a year-on-year decline of 225.68% to 203.34% [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between -275 million to -235 million yuan, a decrease of 43,109.30 million to 39,109.30 million yuan compared to the previous year, indicating a year-on-year decline of 276.18% to 250.55% [2] Group 2 - The previous year's operating income was 1,768.14 million yuan [4] - The previous year's total profit was 159.26 million yuan [4] - The previous year's net profit attributable to the parent company was 179.03 million yuan [4] Group 3 - The main reason for the performance change is the increase in substrate product sales, but overall revenue decreased due to market price declines [7] - The average price of the company's products decreased due to domestic market competition and strategic adjustments to expand market share [7] - Increased sales expenses and R&D expenses due to efforts to explore new applications for large-size products contributed to the decline in net profit [8]

Core Viewpoint - Tianyue Advanced (02631) expects a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to market price decreases and strategic adjustments in market share expansion [1][2]. Group 1: Revenue and Profit Forecast - The company anticipates annual revenue for 2025 to be between 1.45 billion to 1.5 billion RMB, representing a decrease of 318 million to 268 million RMB, or a year-on-year decline of 17.99% to 15.17% [1]. - The expected net profit attributable to the parent company is projected to be a loss of 225 million to 185 million RMB, a reduction of 404 million to 364 million RMB compared to the previous year, indicating a year-on-year decrease of 225.68% to 203.34% [1]. Group 2: Factors Influencing Financial Performance - The increase in sales volume of substrate products was offset by a decline in overall revenue due to falling market prices, influenced by domestic market competition and strategic adjustments aimed at increasing market share [1]. - The company experienced increased sales expenses while actively exploring new applications for large-sized products, alongside a rise in R&D expenses to maintain technological leadership in the industry [1]. - Additional factors contributing to the decline in net profit include increased tax expenses and penalties, reduced gross profit due to lower product prices, foreign exchange losses from RMB fluctuations, increased asset impairment provisions, and higher costs associated with overseas listings [2].

Core Viewpoint - Tianyue Advanced (02631) expects a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to market price decreases and strategic adjustments in market share expansion [1][2] Group 1: Revenue and Profit Forecast - The company anticipates annual revenue for 2025 to be between 1.45 billion to 1.5 billion RMB, representing a decrease of 318 million to 268 million RMB, or a year-on-year decline of 17.99% to 15.17% [1] - The expected net profit attributable to the parent company is projected to be a loss of 225 million to 185 million RMB, a reduction of 404 million to 364 million RMB compared to the previous year, equating to a year-on-year decrease of 225.68% to 203.34% [1] Group 2: Factors Influencing Financial Performance - Despite an increase in sales volume of substrate products, overall revenue has declined due to falling market prices, influenced by domestic market competition and the company's strategic decision to expand market share [1] - Increased sales expenses are attributed to the company's efforts to explore new applications for large-sized products, while R&D expenses have risen to maintain technological leadership in the industry [1] - Additional factors contributing to the decline in net profit include increased tax expenses and penalties, reduced gross profit due to lower product prices, foreign exchange losses from RMB fluctuations, increased asset impairment provisions, and higher costs associated with overseas listings [2]

Performance Reports - Company Kexin New Energy (300731.SZ) expects a net profit of 30 million to 40 million yuan in 2025, representing a year-on-year growth of 73.62% to 131.49% due to the promotion of new battery applications [2] - Company AVIC Chengfei (302132.SZ) anticipates a net profit of 3.4 billion to 3.6 billion yuan in 2025, reflecting a growth of 5.47% to 11.67% compared to the previous year [2] - Company ST Jinggu (600265.SH) projects a revenue of 175 million to 205 million yuan in 2025, with a net loss of 265 million to 215 million yuan, potentially triggering delisting risk [2] - Company Yijiahe (603666.SH) expects a net loss of 35 million to 24 million yuan in 2025, an improvement from a loss of 218 million yuan in the previous year [3] - Company Guoke Micro (300672.SZ) forecasts a net loss of 180 million to 250 million yuan in 2025, a significant decline from a profit of 97.15 million yuan in the previous year [3] - Company Xinbeiyang (002376.SZ) anticipates a net profit of 70 million to 80 million yuan in 2025, a year-on-year increase of 44% to 65% driven by growth in smart logistics equipment [3] - Company Tianyue Advanced (688234.SH) expects a net loss of 185 million to 225 million yuan in 2025 due to increased costs and decreased market prices [4] - Company Jieshun Technology (002609.SZ) projects a net profit of 55 million to 75 million yuan in 2025, representing a growth of 75.23% to 138.96% [4] - Company Lante Optics (688127.SH) expects a net profit of 375 million to 400 million yuan in 2025, a growth of 70.04% to 81.38% [5] - Company Duofuduo (002407.SZ) anticipates a net profit of 200 million to 280 million yuan in 2025, recovering from a loss of 30.8 million yuan in the previous year [5] - Company Efort (688165.SH) expects a net loss of 450 million to 550 million yuan in 2025, with losses expected to widen significantly [5] - Company Pulit (002324.SZ) forecasts a net profit of 361 million to 416 million yuan in 2025, a year-on-year increase of 155.76% to 194.73% [6] - Company Jinchun Co. (300877.SZ) expects a net profit of 82 million to 88 million yuan in 2025, a growth of 165.04% to 184.43% [6] - Company Huahai Pharmaceutical (600521.SH) anticipates a net profit of 224 million to 335 million yuan in 2025, a decline of 70% to 80% [6] Orders and Investments - Company Dinglong Co. (300054.SZ) plans to acquire 70% of Shenzhen Haofei New Materials Co. for 630 million yuan, with a total valuation of 900 million yuan [7] - Company Chuanhuan Technology (300547.SZ) intends to invest approximately 1.1 billion yuan to establish a manufacturing headquarters in Anhui [7] - Company Mongcao Ecological (300355.SZ) has terminated a PPP project agreement, with a total project cost of 83.87 million yuan [7] - Company Fengfan Co. (601700.SH) plans to acquire 51% of Beijing Yanling Jiaye Intelligent Technology Co. for 383 million yuan [8] - Company Haowei Group (603501.SH) intends to invest up to 50 million USD in AI chip supplier Aixin Yuanzhi [8] - Company Chengda Bio (688739.SH) plans to establish a wholly-owned subsidiary with an investment of 1 billion yuan focused on innovative drug development [8] - Company Chengda Bio (688739.SH) is also setting up a pharmaceutical investment fund with a total scale of up to 1 billion yuan [9] - Company Efort (688165.SH) is planning to acquire shares of Shanghai Shengpu Fluid Equipment Co. through a combination of cash and stock [9] Major Shareholder Changes - Company Tongfu Microelectronics (002156.SZ) reports that its controlling shareholder has reduced its stake by 15 million shares, decreasing its holding from 19.79% to 18.80% [10] Listing on Beijing Stock Exchange - Company Xiamen Tungsten (600549.SH) announces that its subsidiary Jinlong Rare Earth is applying for public stock issuance and listing on the Beijing Stock Exchange [11]

Core Viewpoint - Tianyue Advanced Technology Co., Ltd. is expected to experience a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, indicating potential challenges in the company's financial performance and market position [1][2]. Group 1: Financial Projections - The company anticipates a revenue range of 1.45 billion to 1.5 billion RMB for 2025, representing a decrease of 318.14 million to 268.14 million RMB, or a year-on-year decline of 17.99% to 15.17% [1]. - The projected net profit attributable to the parent company is expected to be a loss between 225 million to 185 million RMB, reflecting a decrease of 404.03 million to 364.03 million RMB, which translates to a year-on-year decline of 225.68% to 203.34% [1]. - The net profit attributable to the parent company after excluding non-recurring gains and losses is projected to be a loss of 275 million to 235 million RMB, indicating a reduction of 431.09 million to 391.09 million RMB, or a year-on-year decrease of 276.18% to 250.55% [1]. Group 2: Market and Operational Factors - The company experienced an increase in substrate product sales; however, overall revenue declined due to falling market prices influenced by domestic competition and strategic adjustments aimed at increasing market share [2]. - Increased sales expenses were incurred as the company actively sought to expand the application of large-sized products in new markets, while R&D expenses rose due to ongoing investments in maintaining technological leadership [2]. - Factors contributing to the decline in net profit include increased tax expenses and penalties, reduced gross profit due to lower product prices, foreign exchange losses from RMB fluctuations, increased asset impairment provisions, and additional costs associated with overseas listings [2].

Core Viewpoint - Tianyue Advanced announced an expected revenue decline for the year 2025, projecting revenues between 1450 million yuan and 1500 million yuan, which represents a year-on-year decrease of 17.99% to 15.17% [1] Group 1 - The company anticipates a revenue range of 145000.00 thousand yuan to 150000.00 thousand yuan for 2025 [1] - The projected revenue decline indicates a significant downturn compared to previous years, with a decrease of up to 17.99% [1] - The announcement reflects potential challenges the company may face in maintaining its revenue growth trajectory [1]

Core Viewpoint - Tianyue Advanced anticipates a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to market price decreases and increased operational costs [2][3] Group 1: Revenue Forecast - The company expects to achieve an operating revenue of between 1.45 billion yuan and 1.5 billion yuan for 2025, representing a decrease of 15.17% to 17.99% compared to the previous year's revenue of 1.768 billion yuan [2] - The increase in sales volume of substrate products was not sufficient to offset the decline in overall revenue due to falling market prices [2] Group 2: Profit Forecast - The projected net loss attributable to shareholders of the parent company is between 185 million yuan and 225 million yuan, a stark contrast to the profit of 179 million yuan recorded in the previous year [2] - The net profit after deducting non-recurring gains and losses is expected to be a loss of between 235 million yuan and 275 million yuan, indicating a significant downturn [2] Group 3: Reasons for Performance Decline - The decline in revenue is attributed to both increased competition in the domestic market and strategic adjustments aimed at expanding market share, which led to lower average product prices [2] - Increased sales expenses due to efforts to penetrate emerging markets with larger-sized products and higher R&D expenses to maintain technological leadership contributed to the financial downturn [2] - Additional factors impacting net profit include increased tax-related expenses, reduced gross profit due to price declines, foreign exchange losses from currency fluctuations, increased asset impairment provisions, and additional costs associated with overseas listings [3]