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].

Core Viewpoint - Tianyue Advanced (02631.HK) has officially launched its IPO, with a global offering of 47.74 million H-shares, aiming to capitalize on the growing demand for silicon carbide (SiC) substrates in the semiconductor industry [1][3] Group 1: Industry Dynamics - The global SiC power device market is projected to grow at a compound annual growth rate (CAGR) of 35.2% from 2024 to 2030, with the market size expected to exceed $19.7 billion by 2030 [1] - The penetration rate of SiC in the overall power semiconductor market is anticipated to rise from 6.5% to 22.6% during the same period [1] - In 2024, Tianyue Advanced achieved a revenue of 1.768 billion RMB, a year-on-year increase of 41.4%, while major international competitors faced revenue declines [3] Group 2: Company Performance - Tianyue Advanced's overseas revenue reached 845 million RMB in 2024, marking a 104% increase and accounting for 47.8% of total revenue [3] - The company holds a 16.7% share of the global substrate market, ranking among the top three, and a 22.8% share in the conductive segment, placing it second globally [3] - Tianyue Advanced has successfully transitioned to mass production of 8-inch conductive substrates and plans to launch 12-inch substrates in 2024, achieving full coverage of 6/8/12-inch products [5] Group 3: Technological Advancements - The company is recognized as a leader in the mass delivery of 8-inch wafers and is listed among the top five core players in the SiC substrate patent field [5] - Tianyue Advanced's Shanghai Lingang factory has initiated large-scale production, with a current annual capacity exceeding 400,000 wafers, and plans to expand to 1 million wafers per year [5] Group 4: Market Applications - The application of SiC in electric vehicles is increasing, with partnerships established with major automotive electronics manufacturers [8] - Tianyue Advanced is also penetrating the AI sector, supplying materials for data center power systems and AI/AR glasses, with significant collaborations including entry into NVIDIA's supply chain [9][10] - The company has made technological breakthroughs in the application of SiC in optical waveguide technology for AR glasses, positioning itself favorably in a rapidly growing market [10] Group 5: Future Outlook - The company's growth is supported by its capacity expansion and technological advancements, particularly in transitioning from 8-inch to 12-inch substrates [11] - Continued collaboration with automotive and AI/AR sectors is expected to drive order volume and revenue growth [11] - The structural certainty of high growth and high realization in Tianyue Advanced's investment value is emphasized, with potential shifts in valuation from "supply scarcity premium" to "scale leader premium" [11]

Group 1: Company Overview - Tianyue Advanced (02631.HK) has officially launched its IPO, with the offering period from August 11 to August 14, 2025, and a maximum offer price of HKD 42.80 per share [1] - The company plans to globally issue 47.7457 million H-shares, including 2.3873 million shares for Hong Kong and 45.3584 million shares for international offerings, with a 15% over-allotment option [1] - The cornerstone investors for the IPO include several international long-term funds and industry investors, indicating strong confidence in the company's long-term investment value [1] Group 2: Industry Dynamics - The global SiC power device market is projected to grow at a compound annual growth rate (CAGR) of 35.2% from 2024 to 2030, with the market size expected to exceed USD 19.7 billion by 2030 [2] - The penetration rate of SiC in the overall power semiconductor market is anticipated to rise from 6.5% to 22.6% during the same period [2] Group 3: Company Performance - In contrast to international giants facing revenue declines, Tianyue Advanced achieved a revenue of RMB 1.768 billion in 2024, a year-on-year increase of 41.4%, with a net profit of RMB 179 million [4] - The company's overseas revenue reached RMB 845 million in 2024, a 104% increase, accounting for 47.8% of total revenue [4] - Tianyue Advanced holds a 16.7% global market share in the substrate market, ranking among the top three, and a 22.8% market share in the conductive segment, ranking second globally [4] Group 4: Technological Advancements - The company is one of the few globally to achieve mass production of 8-inch conductive substrates and plans to launch 12-inch substrates in 2024, covering a full range of 6/8/12-inch products [6] - Tianyue Advanced is recognized as a leader in the large-scale delivery of 8-inch wafers and is listed among the top five core players in the SiC substrate patent field [6] - The company has initiated mass production at its Shanghai Lingang factory, with a total annual capacity exceeding 400,000 pieces, aiming to expand to 1 million pieces per year [6] Group 5: Market Applications - Tianyue Advanced is expanding its application scenarios from power semiconductors to consumer electronics, achieving breakthroughs in new energy, AI server power supplies, and AR optical displays [8] - The penetration of SiC devices in electric drive systems is increasing, supporting the efficiency and long range of electric vehicles [10] - The company has established business collaborations with over half of the top ten power semiconductor manufacturers, ensuring long-term partnerships and high switching costs for clients [10] Group 6: Future Growth Potential - The AI-related business, including data center power systems and AI/AR glasses, is expected to become a significant growth driver for the company [11] - Tianyue Advanced has entered the supply chain of NVIDIA, indicating its role in the AI computing industry [12] - The company has made technological breakthroughs in the application of SiC in optical waveguide technology for AR glasses, positioning itself favorably in a rapidly growing market [12] Group 7: Investment Value - The investment value of Tianyue Advanced is driven by high growth and structural certainty, supported by capacity expansion and technological advancements [13] - Key factors to monitor include the impact of capacity expansion on performance, deep collaborations with automotive and AI/AR sectors, and competitive advantages through scale effects and cost control [13] - If these factors continue to materialize, the company's valuation may shift from a "supply scarcity premium" to a "scale leader premium" [13]

Core Viewpoint - Tianyue Advanced (02631.HK) is advancing its capital layout by launching a Hong Kong IPO, marking a significant step in its internationalization strategy following its listing on the Sci-Tech Innovation Board [1][10]. Group 1: IPO Details - The company plans to issue 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, and the public offering period is from August 11 to August 14 [1]. - The global offering is expected to raise approximately HKD 2.044 billion, with a net amount of HKD 1.938 billion, allocating 70% for capacity expansion, 20% for R&D, and 10% for working capital [1]. - Key cornerstone investors have committed HKD 740.2 million, representing 36.23% of the total offering [2]. Group 2: Financial Performance - In 2024, the company reported a revenue of CNY 1.768 billion, a year-on-year increase of 41.37%, and a net profit of CNY 179 million, marking a turnaround from losses [4]. - The sales from overseas customers accounted for 57.03% of total sales, with a gross margin of 42.05% from international sales, significantly higher than the domestic margin of 20.8% [4]. - For Q1 2025, the company experienced a revenue decline of 4.25% to CNY 408 million and a net profit drop of 81.52% to CNY 8.5 million, attributed to increased costs related to the IPO and R&D [6]. Group 3: Production and Capacity Expansion - The company achieved a production volume of 410,200 silicon carbide substrates in 2024, a 56.56% increase year-on-year, with a target to enhance its 8-inch substrate capacity to 30,000 pieces per month by the end of 2026 [6]. - The IPO proceeds will primarily support the second phase of the Jinan base project [6]. Group 4: Industry Context - The silicon carbide substrate market is facing short-term challenges, with a projected 9% decline in global revenue to USD 1.04 billion in 2024 due to weakened demand and increased competition [7]. - Despite current pressures, the long-term growth trend remains intact, with expectations for broader applications in industrial sectors as costs decrease and semiconductor technology advances [7]. - Tianyue Advanced is positioned among the top three global players in the silicon carbide substrate market, with a strong focus on technological innovation, having achieved mass production of 8-inch substrates and launched the first 12-inch product in the industry [7].

Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. is in the process of issuing H-shares for overseas listing on the Hong Kong Stock Exchange, with the aim to raise capital and enhance its market presence [1][2][3]. Group 1: H-Share Issuance Process - The company submitted its application for H-share issuance to the Hong Kong Stock Exchange on February 24, 2025, and published the application materials on the same day [1]. - On June 13, 2025, the China Securities Regulatory Commission confirmed the company's filing for the overseas issuance [2]. - The listing hearing by the Hong Kong Stock Exchange took place on June 19, 2025, to review the company's application [2]. Group 2: H-Share Offering Details - The total number of H-shares for global offering is set at 47,745,700 shares, with 2,387,300 shares allocated for public offering in Hong Kong, accounting for 5% of the total [5]. - The maximum price for the H-shares is capped at 42.80 HKD, with the public offering starting on August 11, 2025, and expected to conclude on August 14, 2025 [5]. - The shares are anticipated to be listed and commence trading on the Hong Kong Stock Exchange on August 19, 2025 [5].

Group 1 - The stock price of Tianyue Advanced is reported at 61.02 yuan, down by 0.76 yuan from the previous trading day, with an opening price of 61.69 yuan, a high of 62.08 yuan, and a low of 60.80 yuan, with a trading volume of 60,921 hands and a transaction amount of 374 million yuan [1] - Tianyue Advanced primarily engages in the research and production of semiconductor materials, focusing on the silicon carbide substrate sector, with applications in electric vehicles, photovoltaic power generation, and smart grids [1] - The company has officially published its H-share prospectus, planning to globally issue 47.75 million shares at a maximum price of 42.8 HKD, with the public offering period in Hong Kong from August 11 to August 14, and expected listing on the Hong Kong Stock Exchange on August 19 [1] Group 2 - In the first quarter, the company achieved a revenue of 408 million yuan and a net profit attributable to shareholders of 8.52 million yuan [1]

证券代码：688234 证券简称：天岳先进 公告编号：2025-052 山东天岳先进科技股份有限公司 关于刊发 H 股招股说明书、H 股发行价格区间 日在香港联交所网站刊登了申请资料。具体内容详见公司于 2025 年 2 月 25 日在 上海证券交易所网站披露的《关于向香港联交所递交境外上市外资股（H 股）发 行并上市的申请并刊发申请资料的公告》（公告编号：2025-015）。 监会"）就公司本次发行上市出具的《关于山东天岳先进科技股份有限公司境外 发行上市备案通知书》（国合函〔2025〕1010 号），对公司本次发行上市备案信 息予以确认。具体内容详见公司于 2025 年 6 月 14 日在上海证券交易所网站披露 的《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》 （公告编号： 发行上市的申请。具体内容详见公司于 2025 年 6 月 21 日在上海证券交易所网站 披露的《关于香港联交所审议公司发行境外上市外资股（H 股）的公告》（公告 编号：2025-046）。 具体内容详见公司于 2025 年 8 月 1 日在上海证券交易所网站披露的《关于刊发 境外上市外资股（H 股）发行聆讯后资料集的公告 ...

在业务上跑出成长"加速度"的同一时间，天岳先进在资本市场里，也正朝着新的目标发起冲刺。据悉，继7月30日通过港交所上市聆讯后，目前天岳先进正 紧锣密鼓地进行H股招股，其计划全球发售4774.57万股H股，其中香港发售占5%，国际发售占95%，发售价将不高于42.8港元，招股完成后天岳先进预计将 于8月19日正式登陆港股。 技术卡位打造衬底领域的"台积电" 在谈及企业愿景时，宗艳民曾公开表示，天岳先进期望成为"碳化硅衬底领域的'台积电'"，把碳化硅衬底做成最优，成本最低。 "现在是预选赛，大家都还可以参赛，或许有些虚假繁荣。一旦进行淘汰赛，就都离不开经济属性了。每个行业最后也就剩那几家。"这是天岳先进 （688234.SH,02631）董事长、总经理宗艳民一年多前出席某活动时，对于公司所处的碳化硅衬底赛道的点评。 这段出自第三代半导体碳化硅（SiC）衬底龙头企业掌门人的讲话，拿到今天来看，"含金量"似乎还在继续上升。根据国际权威研究机构Yole发布的最新市 场报告，受到终端市场放缓、库存调整，以及产能过剩导致的价格下跌等因素影响，2024年全球碳化硅衬底市场增长节奏有所降低。 尽管"赛程"难度显著上升，但令人感 ...

格隆汇8月11日丨天岳先进(688234.SH)公布，2025年8月11日，公司在香港联交所网站刊登并派发本次 发行上市H股招股说明书。公司本次H股发行的价格最高不超过42.80港元。公司H股香港公开发售于 2025年8月11日开始，预计于2025年8月14日结束，并预计于2025年8月15日前（含当日）公布发行价 格，相关情况将刊登于香港联交所网站和公司网站。公司本次发行的H股预计于2025年8月19日在香港 联交所挂牌并开始上市交易。 ...