集中竞价□ 哈 勃科 技 创业 大宗交易□ 2025 年 8 投资有限公司 其他：增发股份 月 20 日 导致被动稀释 合计 231,272,220 53.82 231,272,220 48.44 -- -- -- 注：本公告中若出现合计数与各分项数据之和尾数不符的，均为四舍五入原因所致。 三、 其他说明 证券代码：688234 证券简称：天岳先进 公告编号：2025-056 山东天岳先进科技股份有限公司 关于持股 5%以上股东持股比例被动稀释跨越 5%整数倍及 触及 1%刻度的提示性公告 投资者宗艳民及其一致行动人上海麦明企业管理中心（有限合伙）、上海铸 傲企业管理中心（有限合伙）；国材股权投资基金（济南）合伙企业（有限合伙）； 哈勃科技创业投资有限公司保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 发行境外上市外资股（H 股）股票并在香港联合交易所有限公司主板挂牌上市引 起公司总股本增加，进而导致公司相关股东或者相关股东及其一致行动人持股比 例被动稀释，不触及要约收购。 上海铸傲企业管理中心 ...

天岳先进8月21日大宗交易平台出现一笔成交，成交量10.21万股，成交金额541.54万元，大宗交易成交 价为53.04元，相对今日收盘价折价16.51%。该笔交易的买方营业部为兴业证券股份有限公司北京复兴 门外大街证券营业部，卖方营业部为中国银河证券股份有限公司北京金融街证券营业部。 （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为3696.14万元。 证券时报·数据宝统计显示，天岳先进今日收盘价为63.53元，下跌4.12%，日换手率为2.63%，成交额为 7.32亿元，全天主力资金净流出1.34亿元，近5日该股累计上涨2.35%，近5日资金合计净流出2.91亿元。 两融数据显示，该股最新融资余额为7.24亿元，近5日增加3259.23万元，增幅为4.71%。（数据宝） 8月21日天岳先进大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | ...

8月21日，天岳先进大宗交易成交10.21万股，成交额541.54万元，占当日总成交额的0.73%，成交价53.04元，较市场收盘价63.53元折价16.51%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-21 | 天岳先进 | 688234 | 53.04 541.54 | 10.21 | 兴业证券股份有限 | 中国银河证券股份 | | | | | | | | 公司北京复兴门外 | 有限公司北京金融 | | | | | | | | 十年江井市川坝 | 在江北市山坝 | | ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-056 山东天岳先进科技股份有限公司 关于持股 5%以上股东持股比例被动稀释跨越 5%整数倍及 触及 1%刻度的提示性公告 投资者宗艳民及其一致行动人上海麦明企业管理中心（有限合伙）、上海铸 傲企业管理中心（有限合伙）；国材股权投资基金（济南）合伙企业（有限合伙）； 哈勃科技创业投资有限公司保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 1、本次权益变动属于山东天岳先进科技股份有限公司（以下简称"公司"） 发行境外上市外资股（H 股）股票并在香港联合交易所有限公司主板挂牌上市引 起公司总股本增加，进而导致公司相关股东或者相关股东及其一致行动人持股比 例被动稀释，不触及要约收购。 2、本次权益变动不会导致公司控股股东及实际控制人发生变化。 3、本次权益变动后宗艳民及一致行动人上海麦明企业管理中心（有限合伙）、 上海铸傲企业管理中心（有限合伙）所持公司股份数量不变，合计仍为 165,335,726 股，持股比例由 38.48%减少至 3 ...

Core Viewpoint - Tianyue Advanced (688234.SH) has experienced a significant decline in its stock prices, with its Hong Kong shares closing at 43.22 HKD, down 5.09%, marking a new low on its second trading day [1] Group 1: Stock Performance - Tianyue Advanced's A-share price also fell, closing at 63.53 CNY, a decrease of 4.12% [1] - The company is currently in a state of stock price decline, having broken its initial offering price of 82.79 CNY per share [1] Group 2: IPO Details - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with an initial public offering (IPO) price of 82.79 CNY per share and issued 42.97 million shares [1] - The total funds raised from the IPO amounted to 3.558 billion CNY, with a net amount of 3.203 billion CNY after deducting issuance costs, exceeding the original plan by 1.203 billion CNY [1] - The funds were intended for a silicon carbide semiconductor materials project [1] Group 3: Hong Kong Listing - Tianyue Advanced is set to be listed on the Hong Kong Stock Exchange on August 20, 2025, with a final offering price of 42.80 HKD per share [2] - The total amount raised from the Hong Kong listing is approximately 2.0435 billion HKD, with a net amount of about 1.9381 billion HKD after estimated listing expenses [2] - The global offering included 47,745,700 H-shares, with 16,711,000 shares allocated for the Hong Kong offering [2]

2025年8月20日，天岳先进（02631.HK）正式在香港联交所主板挂牌上市，成为两市唯一"A+H"上市的碳化硅衬底公司，迈出公司国际化发展的关键一 步。 在天岳先进上市后，山东已经拥有71家港股上市企业，国资港股上市企业18家。 同时，8月18日，来自山东日照东港区的山东沪鸽口腔医疗集团有限公司的控股公司Huge Dental Limited(简称：沪鸽口腔)在港交所递交招股书，这是继其 于2025年2月18日递表失效后的再一次申请，该公司是一家专业的口腔材料公司。2024年和2025年前六个月，营收分别是3.99亿和1.97亿元，相应的净利润 分别为7656.9万元和2610.0万元。 今年以来，山东企业明显加快香港资本市场进军步伐，除了"沪鸽口腔，目前排队的还有山东重工集团旗下的山推股份、潍柴雷沃智慧农业科技，山东黄 金集团旗下的山金国际，济南知名企业建邦集团旗下的建邦高科，潍坊高科技企业歌尔股份旗下的歌尔微电子，以及烟台企业玲珑轮胎、青岛企业酷特智 能、国恩股份、圣桐特医、文达通，泰安企业快驴科技、东营企业胜软科技。 天岳先进自成立以来即专注于高品质碳化硅衬底的研发与产业化。公司是全球少数能够实现8 ...

Core Viewpoint - Tianyue Advanced (02631.HK) officially listed on the Hong Kong Stock Exchange on August 20, 2025, becoming the only "A+H" listed silicon carbide substrate company in both markets, reflecting strong market interest and investor confidence in the company’s growth potential [1][2]. Group 1: IPO and Market Performance - Tianyue Advanced's IPO involved a global offering of 47.7457 million H-shares, accounting for 10% of the total share capital post-issue, with an issue price of HKD 42.80 per share [1]. - The company experienced a high subscription rate of 2809.19 times for its shares, indicating significant investor enthusiasm [1]. - The company's A-shares have shown a strong performance, with a maximum increase of approximately 16% since the start of the subscription on August 11 [1]. Group 2: Company Position and Strategy - Tianyue Advanced focuses on high-quality silicon carbide substrate research and industrialization, being one of the few companies capable of mass production of 8-inch silicon carbide substrates [2]. - The company holds a 22.80% market share, making it the second-largest silicon carbide substrate manufacturer globally, with a strong brand presence in international markets [2]. - The IPO is part of the company's internationalization strategy, with funds allocated for overseas capacity construction and further research on large-size products [2]. Group 3: Technological Advancements - The company has achieved mass supply of 8-inch conductive substrates and is set to launch the industry's first 12-inch silicon carbide substrate in November 2024, enhancing chip production efficiency [3]. - Tianyue Advanced has made breakthroughs in substrate types and production processes, including the successful delivery of high-quality low-resistance P-type silicon carbide substrates [3]. Group 4: Intellectual Property and Recognition - As of the end of 2024, the company has obtained 194 invention patents and 308 utility model patents, ranking among the top five globally in terms of patent quantity [4]. - The company received the "Golden Bull Listed Company Innovation Award" and a prestigious semiconductor materials award, marking significant achievements in the field [5]. Group 5: Market Growth and Applications - The global silicon carbide substrate market is projected to grow from RMB 2.6 billion in 2019 to RMB 66.4 billion by 2030, with a compound annual growth rate (CAGR) of 39.0% [7]. - The demand for silicon carbide is primarily driven by the electric vehicle sector, which accounts for nearly 80% of the demand [7]. - Tianyue Advanced is actively expanding into emerging applications such as AI data centers and AR glasses, positioning itself for future growth [8][9]. Group 6: Global Expansion and Revenue Growth - The company reported overseas revenue of RMB 840 million in 2024, a year-on-year increase of 104.43%, with overseas revenue surpassing domestic revenue for the first time [10]. - Tianyue Advanced has established partnerships with over half of the top ten power semiconductor manufacturers globally, enhancing its market reach [10]. - The funds raised from the IPO will support overseas capacity construction to meet the growing demand from international clients [10].

Core Viewpoint - Tianyue Advanced has successfully listed on the Hong Kong Stock Exchange, becoming the first company in China to achieve an "A+H" dual-platform layout in the silicon carbide substrate industry, attracting significant market interest and investment [1][8]. Group 1: Global Leadership Potential - The company has established a strong market presence, with a projected global silicon carbide substrate market size of 8.8 billion RMB in 2024, expected to grow to 58.5 billion RMB by 2030, representing a compound annual growth rate (CAGR) of 37.1% from 2024 to 2030 [2]. - Tianyue Advanced is projected to capture 16.7% of global substrate revenue in 2024, ranking among the top three, and has a 22.8% market share in the conductive segment, making it the second globally [2]. - Revenue is expected to grow from 417 million RMB in 2022 to 1.768 billion RMB in 2024, with a turnaround to profitability and a gross margin of 24.6%, resulting in a net profit of 179 million RMB [2]. Group 2: Technological Advancements - The company has achieved significant technological breakthroughs, completing the commercialization of 2-8 inch substrates and planning to launch the first 12-inch samples in 2024, indicating advancements in size scaling and defect control [3]. - Tianyue Advanced holds over 500 patents, transitioning from "point innovations" to a "systematic moat" in technology, validated by international authorities and clients [3]. Group 3: Manufacturing Scale - The company has established a dual-base production strategy in Shandong and Shanghai, with a total production capacity of approximately 420,000 wafers per year and a utilization rate of 97.6% [3]. - The operational efficiency of the Shanghai factory, which began mass production in May 2023, has led to reduced fixed costs and improved yield rates, enhancing gross margins and cash flow [3]. Group 4: High-Quality Customer Base - Tianyue Advanced has formed partnerships with over half of the top ten power semiconductor manufacturers globally, including Infineon, Bosch, and ON Semiconductor, indicating a strong demand-side position [4]. - The company's overseas revenue is projected to grow by 104% year-on-year in 2024, accounting for nearly half of total revenue, reflecting a robust global sales and quality system [4]. Group 5: AI Glasses and NVIDIA Ecosystem - The company is positioned at the intersection of the rapidly growing AI glasses market, with global shipments expected to reach approximately 870,000 units in Q2 2025, driven by demand from brands like Meta and Xiaomi [5][6]. - Tianyue Advanced's silicon carbide substrates are integral to the optical waveguide technology used in AI glasses, marking it as a key player in this emerging market [6]. - The company is also embedded in NVIDIA's ecosystem, benefiting from the demand expansion in AI accelerators and data centers, which could enhance its valuation significantly [6][7]. Group 6: Market Position and Future Outlook - The listing on the Hong Kong Stock Exchange provides Tianyue Advanced with efficient financing channels for capacity expansion, with an issue price of 42.8 HKD creating a safety margin of over 40% compared to A-shares [8]. - The company has begun supplying major clients in Japan and has received industry recognition, indicating a shift from being a "Chinese leader" to an "international brand" [8]. - The current valuation mismatch between deep discounts in H-shares and high growth in performance suggests potential for valuation recovery as AI supply chain news unfolds [9].

Group 1 - The company, Shandong Tianyue Advanced Technology Co., Ltd., is in the process of applying for the issuance of overseas listed foreign shares (H-shares) and listing on the Main Board of the Hong Kong Stock Exchange [1] - The total number of H-shares for global offering is 47,745,700 shares, with 16,711,000 shares (approximately 35.00%) allocated for public offering in Hong Kong and 31,034,700 shares (approximately 65.00%) for international offering [1] - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately HKD 1.938 billion, calculated based on an H-share price of HKD 42.80 per share [1] Group 2 - The H-shares are scheduled to be listed and traded on the Hong Kong Stock Exchange on August 20, 2025, with the Chinese stock name "天岳先进" and the English stock name "SICC," stock code "2631" [1] - After the completion of the issuance and listing, there will be changes in the shareholding structure of shareholders holding more than 5% of the company's shares [2]

Core Viewpoint - Tianyue Advanced officially listed on the Hong Kong Stock Exchange on August 20, 2025, becoming the first domestic company to achieve an "A+H" dual-platform layout in the silicon carbide substrate industry [1] Group 1: Market Position and Financial Performance - The company has established itself as a global leader in the silicon carbide substrate market, with a projected market size of 8.8 billion RMB in 2024, expected to grow to 58.5 billion RMB by 2030, representing a compound annual growth rate (CAGR) of 37.1% from 2024 to 2030 [2] - Tianyue Advanced is projected to capture 16.7% of global substrate revenue in 2024, ranking among the top three, and has a market share of 22.8% in the conductive segment, making it the second globally [2] - Revenue is expected to grow from 417 million RMB in 2022 to 1.768 billion RMB in 2024, with a turnaround to profitability and a gross margin of 24.6%, resulting in a net profit of 179 million RMB [2] Group 2: Technological Advancements - The company has achieved significant technological advancements, completing the commercialization of 2-8 inch substrates and planning to launch the first 12-inch sample in 2024, marking a breakthrough in size and defect control [3] - Tianyue Advanced holds over 500 patents, transitioning from "point innovations" to a "systematic moat" in technology, validated by international authorities and clients [3] Group 3: Manufacturing and Supply Chain - The company has established a dual-base layout in Shandong and Shanghai, with a total production capacity of approximately 420,000 pieces per year and a utilization rate of 97.6% [3] - The Tianyue Advanced factory has effectively reduced fixed costs and improved yield rates since ramping up production in May 2023, with a mid-term goal of reaching a million pieces per year [3] Group 4: Customer Base and Global Expansion - Tianyue Advanced has formed partnerships with over half of the top ten power semiconductor manufacturers globally, including Infineon, Bosch, and ON Semiconductor, with overseas revenue expected to grow by 104% year-on-year in 2024 [4] - The company is positioned to benefit from the increasing demand for silicon carbide substrates in AI glasses and has established deep collaborations with clients like Sunny Optical [6] Group 5: Strategic Positioning and Future Outlook - The company is at a pivotal intersection of the "AI glasses + NVIDIA ecosystem" dual concept, tapping into the rapidly growing AI smart glasses market and embedding itself within NVIDIA's supply chain [6] - The listing on the Hong Kong Stock Exchange provides a significant financing channel for capacity expansion, with an issue price of 42.8 HKD creating a safety margin of over 40% compared to A-shares [7] - The company has received recognition in Japan, winning a semiconductor materials award, which enhances its brand influence from a "Chinese leader" to an "international brand" [7]