Group 1 - Tianyue Advanced (02631) plans to conduct an IPO from August 11 to August 14, 2025, offering a total of 47.7457 million H-shares, with 5% allocated for Hong Kong and 95% for international sales [1] - The proposed maximum offer price for the H-shares is set at HKD 42.80, with a minimum purchase of 100 shares per lot [1] - The company specializes in the semiconductor materials industry, particularly in the research and industrialization of silicon carbide substrates, and is recognized as a global leader in sales revenue for silicon carbide substrates in 2024 according to Frost & Sullivan [1] Group 2 - The company's revenue has shown significant growth, increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and is projected to rise by 41.4% to RMB 1.768 billion in 2024 [1]

Group 1 - The company plans to globally offer 47.7457 million H-shares, with 2.3873 million shares available in Hong Kong and 45.3584 million shares for international offering, along with an over-allotment option of approximately 15% [1] - The expected pricing date for the shares is August 15, 2025, with a maximum offer price of HKD 42.80 per share, and trading on the Hong Kong Stock Exchange is anticipated to commence on August 19, 2025 [1] - The company is a leading player in the wide-bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide substrates, holding a market share of 16.7% as one of the top three manufacturers globally by sales revenue in 2024 [1][2] Group 2 - The company's silicon carbide materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, photovoltaic systems, and more [2] - The company is recognized for its technological innovation and strong production capabilities, being one of the few able to mass-produce 8-inch silicon carbide substrates and the first to commercialize 2-inch to 8-inch substrates [2] - The company has established business relationships with over half of the top ten power semiconductor device manufacturers globally, utilizing its silicon carbide substrates for power and RF devices [2] Group 3 - The company has entered cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling HKD 740.2 million, including notable firms such as Guoneng Environmental Investment Group and Hearta Intelligent Control [3] - Assuming a share price of HKD 42.80, the company estimates a net amount of approximately HKD 1.9381 billion from the global offering after deducting underwriting commissions and other expenses [3] - The net proceeds from the offering are planned to be allocated as follows: approximately 70% for expanding production capacity for 8-inch and larger silicon carbide substrates, 20% for enhancing R&D capabilities, and 10% for working capital and general corporate purposes [3]

Core Viewpoint - Tianyue Advanced (02631) is set to launch an IPO from August 11 to August 14, 2025, aiming to globally offer 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, and is expected to start trading on August 19, 2025 [1][2] Group 1: Company Overview - The company specializes in the semiconductor materials industry, focusing on the research and industrialization of silicon carbide substrates, and is ranked among the top three global manufacturers in this sector with a market share of 16.7% based on 2024 sales revenue [1] - The company has shown strong revenue growth, with revenue increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and further rising by 41.4% to RMB 1.768 billion in 2024 [2] Group 2: Financial Performance - The company reported losses of RMB 176 million in 2022 and RMB 45.7 million in 2023, but turned a profit of RMB 179 million in 2024 [2] - For the three months ending March 31, 2024, the profit was RMB 46.1 million, which decreased to RMB 8.5 million for the same period in 2025 [2] Group 3: IPO Details and Use of Proceeds - The cornerstone investors have agreed to subscribe for shares worth HKD 740 million, which translates to approximately 17.2952 million shares at the maximum offer price [2] - The estimated net proceeds from the global offering are approximately HKD 1.938 billion, with 70% allocated for expanding production capacity, 20% for enhancing R&D capabilities, and 10% for working capital and general corporate purposes [3] - If the over-allotment option is fully exercised, the company expects to receive an additional net amount of HKD 296 million, which will be allocated proportionally to the aforementioned uses [3]

格隆汇8月11日丨天岳先进(02631.HK)发布公告，公司拟全球发售4774.57万股H股，中国香港发售股份 238.73万股，国际发售股份4535.84万股，另有约15%的超额配股权；2025年8月11日至8月14日招股，预 期定价日为8月15日；发售价将为每股发售股份不高于42.80港元，每手买卖单位为100股，中金公司及 中信证券为联席保荐人；预期股份将于2025年8月19日开始在联交所买卖。 ...

Core Viewpoint - Tianyue Advanced (02631) is set to launch an IPO from August 11 to August 14, 2025, aiming to issue 47.75 million H-shares, with a maximum offer price of HKD 42.80 per share, and is positioned as a leading player in the silicon carbide substrate manufacturing industry [1][2]. Group 1: Company Overview - The company specializes in the semiconductor materials industry, particularly in the research and industrialization of silicon carbide substrates, and ranks among the top three global manufacturers with a market share of 16.7% based on sales revenue in 2024 [1]. - The company has shown strong revenue growth, with revenue increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and further rising by 41.4% to RMB 1.768 billion in 2024 [2]. Group 2: Financial Performance - The company reported losses of RMB 176 million in 2022 and RMB 45.7 million in 2023, but turned a profit of RMB 179 million in 2024, with profits of RMB 46.1 million and RMB 8.5 million for the three months ending March 31 in 2024 and 2025, respectively [2]. - The estimated net proceeds from the global offering, assuming the maximum offer price, are approximately HKD 1.938 billion, which will be allocated primarily for capacity expansion, R&D enhancement, and general corporate purposes [3]. Group 3: Use of Proceeds - Approximately 70% (HKD 1.357 billion) of the net proceeds is expected to be used for expanding the company's capacity for 8-inch and larger silicon carbide substrates [3]. - About 20% (HKD 388 million) is planned for strengthening R&D capabilities to maintain innovation leadership, while 10% (HKD 194 million) will support working capital and other general corporate needs [3].

山東天岳先進科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：2631 全球發售 聯席賬簿管理人及聯席牽頭經辦人 聯席保薦人、保薦人兼整體協調人、整體協調人、聯席全球協調人、 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 山東天岳先進科技股份有限公司 山東天岳先進科技股份有限公司 C M Y CM MY CY CMY K Project 216 Cover V08T_32mm_CHI_OP.pdf 1 7/8/2025 7:02 PM 重要提示 重要提示：如閣下對本招股章程任何內容有任何疑問，應徵詢獨立專業意見。 SICC CO., LTD. 山東天岳先進科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 47,745,700股H股（視乎超額配股權行使與 否而定） 香港發售股份數目 ： 2,387,300股H股（可予重新分配） 國際發售股份數目 ： 45,358,400股H股（可予重新分配及視乎超 額配股權行使與否而定） 最高發售價 ： 每股H股42.80港元，另加1.0%經 ...

Core Viewpoint - Tianyue Advanced (688234.SH), a leading company in the silicon carbide (SiC) sector, is progressing steadily towards its IPO in Hong Kong, having passed the listing hearing on July 30. The company is recognized for its significant market share in SiC substrates and is poised to become a major player in the "hard technology" field with its upcoming listing [1][2]. Group 1: Company Overview - Tianyue Advanced specializes in the research, production, and sales of SiC single crystal substrate materials, having been established in November 2010. It became the first domestic company focused on wide bandgap semiconductor materials to be listed on the Science and Technology Innovation Board in January 2022 [2][4]. - The company has rapidly increased its market share, projected to reach 22.8% in 2024, making it the second-largest player globally, following Wolfspeed [2][3]. Group 2: Financial Performance - From 2022 to 2024, Tianyue Advanced's revenue is expected to grow from 417 million yuan to 1.768 billion yuan, with a compound annual growth rate (CAGR) of 96.75%, significantly outpacing competitors like Wolfspeed [3][4]. - The company is forecasted to achieve a market share of nearly 26% by 2025, indicating its potential to become a global leader in the SiC substrate market [3]. Group 3: Technological Advancements - Tianyue Advanced holds 503 patents, including 198 invention patents, ranking among the top five globally in terms of SiC substrate-related patents. The company has received recognition for its technological breakthroughs, including a prestigious award from a Japanese semiconductor media outlet [4][10]. - The company has developed an innovative method for producing 8-inch SiC substrates without macro defects and plans to launch the first 12-inch SiC substrate in November 2024, enhancing production efficiency and reducing costs [9][10]. Group 4: Market Applications and Growth Potential - SiC materials are increasingly applied in various sectors, including electric vehicles, photovoltaic energy storage, and AI glasses. The SiC power device market in the electric vehicle sector is projected to grow from $2.31 billion in 2024 to $14.69 billion by 2030, with a CAGR of 36.1% [11][13]. - The rapid growth of AI glasses, which are expected to see a shipment increase of 82.3% in 2023, is closely linked to the application of SiC materials, indicating a promising second growth curve for Tianyue Advanced [13]. Group 5: Future Plans and Funding - The company plans to allocate 70% of its IPO proceeds to expand its production capacity for 8-inch and larger SiC substrates, while also enhancing its R&D capabilities to improve defect control and detection [14]. - Tianyue Advanced's strategic focus on expanding its market presence and product offerings positions it well for future growth in the rapidly evolving semiconductor landscape [14][15].

Core Viewpoint - Tianyue Advanced (688234.SH), a leading company in the silicon carbide (SiC) sector, is progressing steadily towards its IPO in Hong Kong, having passed the listing hearing on July 30. The company is recognized for its significant market share in SiC substrates and is poised to become a major player in the "hard technology" field with its upcoming listing [1][2]. Company Overview - Tianyue Advanced focuses on the research, production, and sales of SiC single crystal substrate materials since its establishment in November 2010. It became the first domestic company to list on the Sci-Tech Innovation Board, specializing in wide bandgap semiconductor materials [2][4]. - The company has rapidly increased its market share, projected to reach 22.8% in 2024, making it the second-largest player globally, following Wolfspeed [2][3]. Financial Performance - From 2022 to 2024, Tianyue Advanced's revenue is expected to grow from 417 million yuan to 1.768 billion yuan, with a compound annual growth rate (CAGR) of 96.75%, significantly outpacing competitors like Wolfspeed [3][4]. - The company is forecasted to achieve a market share of nearly 26% by 2025, indicating its potential to become a global leader in the SiC sector [3]. Technological Advancements - Tianyue Advanced holds 503 patents, including 198 invention patents, ranking among the top five globally in SiC substrate-related patents. The company has received recognition for its technological breakthroughs, including a prestigious award from a Japanese semiconductor media outlet [4][9]. - The company has developed an innovative method for producing 8-inch SiC substrates and plans to launch the first 12-inch SiC substrate in 2024, enhancing production efficiency and reducing costs [8][10]. Market Applications - SiC materials are increasingly utilized in various sectors, including electric vehicles, photovoltaic energy storage, and AI glasses. The SiC power device market in the electric vehicle sector is projected to grow from $2.31 billion in 2024 to $14.69 billion by 2030, with a CAGR of 36.1% [10][12]. - The rapid growth of AI glasses, which are expected to see a shipment increase of 82.3% in 2023, is closely linked to the application of SiC materials, enhancing user experience and reducing manufacturing complexity [12][10]. Strategic Initiatives - Tianyue Advanced plans to allocate 70% of its IPO proceeds to expand its production capacity for 8-inch and larger SiC substrates, focusing on quality and efficiency through automation [12][13]. - The company aims to enhance its R&D capabilities and defect control measures, further solidifying its market position and product offerings [13][9].

通过天眼查大数据分析，山东天岳先进科技股份有限公司共对外投资了13家企业，参与招投标项目42 次，知识产权方面有商标信息16条，专利信息598条，此外企业还拥有行政许可56个。 金融界消息 截至2025年8月8日收盘，天岳先进（688234）报收于61.78元，下跌1.15%，换手率1.39%， 成交量5.96万手，成交金额3.70亿元。 来源：金融界 资金流向方面，今日主力资金净流出1115.14万元，占比成交额3.01%。其中，超大单净流出2009.80万 元、占成交额5.43%，大单净流入894.65万元、占成交额2.42%，中单净流出流入1484.59万元、占成交 额4.01%，小单净流出369.44万元、占成交额1.0%。 天岳先进最新一期业绩显示，截至2025一季报，公司营业总收入4.08亿元、同比减少4.25%，归属净利 润851.82万元，同比减少81.52%，扣非净利润359.58万元，同比减少91.75%，流动比率2.157、速动比率 1.492、资产负债率29.42%。 天眼查商业履历信息显示，山东天岳先进科技股份有限公司，成立于2010年，位于济南市，是一家以从 事计算机、通信和其他电 ...

Group 1 - Meta CEO Mark Zuckerberg envisions "personal superintelligence" as a partner rather than a tool, aiming to redefine AI with AI glasses as the main computing device, potentially creating a trillion-dollar market [1] - AI glasses are expected to revolutionize the market, similar to how e-commerce transformed the internet, with companies like Tianyue Advanced becoming key suppliers in the global supply chain [2] - The core technology for AI glasses remains debated, with silicon carbide (SiC) optical waveguides emerging as the ideal choice due to their high refractive index and lightweight properties [3] Group 2 - The commercialization of SiC waveguides is anticipated to accelerate as market demand grows, with projections indicating over 60 million units shipped by 2030 [4] - The cost of SiC optical components is a significant barrier to widespread adoption, as they account for over 40% of the total cost of AR glasses [5] - The cost of SiC waveguides is expected to decrease significantly, with current costs around $1000 per piece, driven by improvements in manufacturing processes [6] Group 3 - Collaborations between companies like Tianyue Advanced and Sunny Optical aim to enhance the production of SiC waveguides, which will help reduce costs and increase supply capacity [7] - The market for SiC waveguides is projected to grow exponentially, with estimates suggesting a market size of 30 billion yuan in the AR sector by 2030 [8] - Tianyue Advanced is leading the industry in producing 12-inch SiC wafers, which will further lower costs and support the mass production of AR glasses [9]