Core Viewpoint - Tianyue Advanced has received approval from the China Securities Regulatory Commission for its plan to issue up to 87,206,050 overseas listed shares and list on the Hong Kong Stock Exchange, pending further regulatory approvals [1][3]. Group 1: Company Overview - Tianyue Advanced specializes in the research, production, and sales of silicon carbide semiconductor materials [3]. - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has pioneered the commercialization of silicon carbide substrates from 2 inches to 8 inches, as well as being among the first to produce 12-inch silicon carbide substrates [3]. Group 2: Recent Achievements - Tianyue Advanced won the "Gold Award" in the semiconductor electronic materials category at the 31st Semiconductor of the Year 2025 awards, marking a historic breakthrough for Chinese companies in the critical foundational materials sector of semiconductors [4].

Core Insights - The "Eight Articles" of the Sci-Tech Innovation Board have revitalized the capital market ecosystem, with significant growth in M&A activities and IPOs for unprofitable companies [1] - Since the release of the "Eight Articles," there have been 106 new M&A transactions on the Sci-Tech Innovation Board, with 60 completed and a total transaction value exceeding 140 billion yuan [1] - Institutional innovations are strengthening the connection between "hard tech" companies and the capital market, enhancing the flexibility of capital to promote technological advancements [1] Group 1: Company Responses to "Eight Articles" - Baili Tianheng's chairman highlighted that the "Eight Articles" have deepened reforms and increased support for high-quality development of unprofitable companies, allowing for successful IPOs even before profitability [1] - Jinghe Integrated's chairman noted that the "Eight Articles" have improved financing efficiency and innovation mechanisms, enabling the company to issue 2 billion yuan in technology innovation bonds [2] - Chip Origin's chairman mentioned that the "Eight Articles" support refinancing for R&D, allowing the company to accelerate its strategic layout in Chiplet technology [3] Group 2: Recommendations for Future Reforms - Tianyue Advanced's chairman expressed the need for more long-term capital to focus on outstanding Sci-Tech Innovation Board companies and suggested enhancing the inclusivity of capital operations for hard tech companies [7] - Du Jinhao from Ailis proposed increasing liquidity by attracting more long-term funds and promoting international connectivity for quality Sci-Tech enterprises [7] - The emphasis on improving corporate governance and enhancing profitability through cash dividends was also highlighted as a key area for development [4]

证券代码：688234 证券简称：天岳先进 公告编号：2025-043 山东天岳先进科技股份有限公司 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。 重要内容提示： 子元器件制造；电力电子元器件销售；半导体器件专用设备销售；半导体器件专 用设备制造；半导体分立器件制造；合成材料制造（不含危险化学品）；货物进 出口；技术进出口；半导体照明器件制造；半导体照明器件销售；半导体分立器 件销售；电子元器件制造；集成电路芯片及产品制造；集成电路制造；集成电路 销售；集成电路芯片及产品销售；集成电路芯片设计及服务；集成电路设计；电 子元器件批发；电子元器件零售；合成材料销售；光电子器件制造；光电子器件 销售，电子专用材料销售。（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动） 全资子公司上海天岳半导体材料有限公司（以下简称"上海天岳"）。 担保的金额合计为人民币 100,000.00 万元。截至本公告披露日，公司已实际为上 海天岳提供的担保余额为 0 元（不含本次担保）。 一、担保情况概述 为满足上海天岳经营发展需要，近日公 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-043 山东天岳先进科技股份有限公司 关于为全资子公司提供担保的进展公告 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。 重要内容提示： 1、被担保人名称：山东天岳先进科技股份有限公司（以下简称"公司"）的 全资子公司上海天岳半导体材料有限公司（以下简称"上海天岳"）。 2、本次担保金额及已实际为其提供的担保余额：本次公司为上海天岳提供 担保的金额合计为人民币 100,000.00 万元。截至本公告披露日，公司已实际为上 海天岳提供的担保余额为 0 元（不含本次担保）。 3、本次担保无反担保。 4、本次担保事项已经公司股东大会审议通过。 一、担保情况概述 为满足上海天岳经营发展需要，近日公司与中国工商银行股份有限公司上海 自贸试验区新片区分行（以下简称"工行自贸区分行"）签订了《保证合同》，为 上海天岳向工行自贸区分行申请固定资产借款事项提供连带责任保证担保，本次 公司为上海天岳提供担保的金额合计为人民币 100,000.00 万元。 以上担保事项已经公司第二 ...

四、公司自备案通知书出具之日起 12 个月内未完成境外发行上市，拟继续 推进的，应当更新备案材料。 备案通知书仅对企业境外发行上市备案信息予以确认，不表明中国证监会对 公司证券的投资价值或者投资者的收益作出实质性判断或者保证，也不表明中国 证监会对公司备案材料的真实性、准确性、完整性作出保证或者认定。 公司申请发行境外上市外资股（H 股）并上市尚需取得香港证券及期货事务 监察委员会和香港联合交易所有限公司等相关政府机关、监管机构、证券交易所 的批准，该事项仍存在不确定性。公司将根据该事项的进展情况及时履行信息披 露义务，敬请广大投资者注意投资风险。 特此公告。 证券代码：688234 证券简称：天岳先进 公告编号：2025-042 山东天岳先进科技股份有限公司 关于发行境外上市外资股（H 股）获得 中国证监会备案的公告 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。 山东天岳先进科技股份有限公司（以下简称"公司"）于近日收到中国证券 监督管理委员会（以下简称"中国证监会"）出具的《关于山东天岳先进科技股 份有限公司境外发行 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued a notification regarding the overseas issuance and listing of Shandong Tianyue Advanced Technology Co., Ltd [1] - The company plans to issue no more than 87,206,050 overseas listed ordinary shares [1] - The shares are intended to be listed on the Hong Kong Stock Exchange [1]

Investment Rating - The report maintains a "Recommended" rating for key companies in the smart glasses industry, including GoerTek, Lante Optics, Sunny Optical Technology, Espressif Technology, and others [5][6]. Core Insights - Smart glasses are identified as one of the most promising carriers for AI large models, with the potential for significant transformation in human-computer interaction due to advancements in AI capabilities [1][11]. - The market consensus on AI glasses has evolved, particularly with the launch of RayBan Meta, which combines hardware, AI functionality, and user-friendly features, achieving sales of over 1.4 million units in 2024 [2][20]. - The integration of optical display modules is crucial for the evolution of smart glasses towards augmented reality (AR) applications, with a focus on lightweight and high-performance optical components [3][23]. Summary by Sections Smart Glasses: AI First, Exploring AR - The report discusses the transition of AI from research to application, highlighting the increasing importance of multi-modal interactions, including text, images, and voice [11][13]. - Smart glasses are positioned as a suitable platform for AI applications due to their proximity to key sensory organs, enabling seamless interaction with AI [16][19]. Optical Waveguide and Micro LED as Core Bottlenecks - The report identifies the challenges in optical module manufacturing, emphasizing the need for lightweight and high-performance solutions to facilitate mass production of AR glasses [3][34]. - The combination of diffraction waveguides and Micro LED technology is seen as a potential solution for enhancing the display and user experience of AR glasses [3][39]. Investment Recommendations - The report suggests focusing on various segments within the smart glasses industry, including brands, solution providers, and optical component manufacturers, highlighting companies like Xiaomi, GoerTek, and Lante Optics as key players [4][5]. - The report emphasizes the importance of SoC processors for AI glasses and optical components for AR glasses, indicating a clear distinction in hardware requirements between the two types [26][28].

近日，第31届半导体年度颁奖典礼在日本东京举行，山东天岳先进科技股份有限公司（以下简称"天岳先进"）凭借其在碳化硅衬底材料技术上取得的突 破，获得"半导体电子材料"类金奖。这是中国企业自该奖项设立31年以来首次问鼎，标志着中国在半导体关键基础材料领域实现重大突破，也彰显了中国 新一代半导体材料技术的国际领先地位。 今日《济南时报》 邀您速览 国内统一连续出版物号; CN 37-0026 济南时报编辑部出版 第10446期 今日16 陇 零售价1.00元 值班总编/卢明 值班主任/杨宗帅 责编/明金: 英编孔惯例 权对刘括 据了解，半导体年度奖由日本半导体产业专业媒体《电子器件产业新闻》主办，旨在从全球范围内表彰在设备、器件及材料三大领域的杰出技术创新，其 奖项以严苛的评选标准和行业权威性著称。 碳化硅材料已经成为赋能能源变革及AI 实现核心发展目标的基石之一。长期以来，高品质、大尺寸碳化硅衬底的制备技术壁垒极高，是国际竞争的焦 点。天岳先进此次问鼎半导体国际金奖，其硬实力可见一斑。 "这个奖项是由日本行业专家从全球的优秀技术中投票选举产生，之前获奖的都是英伟达、索尼、美光、东芝等知名企业，本次能荣获金奖体现了 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-041 山东天岳先进科技股份有限公司 公司此次获得中国专利银奖，是对公司技术创新能力和技术发明产业化能力 的重大肯定，也是对公司在碳化硅半导体领域核心关键技术重大突破以及自主可 控的充分认可。 公司作为全球宽禁带半导体领域的创新者，以国家重大战略需求为导向，深 耕半导体材料领域，始终站在科技创新的前沿，高度重视知识产权的积累与保护， 致力于打造具有国际竞争力的碳化硅产品。截至 2024 年 12 月 31 日，公司及下 属子公司累计获得发明专利授权 194 项，实用新型专利授权 308 项，其中境外发 明专利授权 14 项。公司先后获得国家制造业单项冠军、国家级专精特新"小巨 人"企业、国家科学技术进步一等奖、国家知识产权优势企业、国家知识产权示 范企业、山东省技术发明一等奖、山东省科技进步一等奖、山东省新材料领军企 业、济南市优秀企业等荣誉称号。 未来，公司将继续秉承自主创新的理念，不断强化知识产权保护力度，用知 识产权为核心技术保驾护航，不断提高核心竞争力，促进公司经营持续、健康、 稳健的发展。 本次公司获得第二十五届中国专利银奖，不会对公司 ...

Group 1 - The company, Tianyue Advanced Technology Co., Ltd., has been awarded the Silver Prize at the 25th China Patent Awards, recognizing its significant achievements in technology innovation and industrialization capabilities in the silicon carbide semiconductor field [1] - The China Patent Awards are co-evaluated by the National Intellectual Property Administration and the World Intellectual Property Organization, aimed at promoting innovation and economic development through intellectual property [1] - A total of 60 Silver Prizes were awarded in this edition of the China Patent Awards, alongside 30 Gold Prizes for patents and 10 for design [1] Group 2 - The company has accumulated 194 invention patents and 308 utility model patents as of December 31, 2024, including 14 overseas invention patents [2] - The company has received multiple honors, including National Manufacturing Single Champion and National Specialized and Innovative "Little Giant" Enterprise [2] - The company aims to continue enhancing its intellectual property protection and core competitiveness to ensure sustainable and healthy development [2]