Core Viewpoint - Tianyue Advanced is set to go public in Hong Kong, aiming to raise approximately $250 to $300 million, showcasing strong growth in the silicon carbide (SiC) substrate market with a projected revenue increase of 41% in 2024 [1][2]. Company Summary - Tianyue Advanced has successfully passed the listing hearing on July 30 and is currently conducting an IPO pre-roadshow [1]. - The company is recognized as a leader in the third-generation semiconductor SiC substrate sector, leveraging technological innovation to accelerate growth [1]. - In 2024, Tianyue Advanced's revenue from substrates is expected to grow significantly, contrasting with many international peers experiencing slowdowns [1][2]. Industry Summary - The global power SiC device market is projected to reach $10.3 billion by 2030, with a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030 [2]. - The shipment volume of 6-inch substrates is forecasted to increase from approximately 1.15 million pieces in 2024 to nearly 4.7 million pieces by 2030, reflecting a CAGR of 26% [2]. - Despite short-term fluctuations in the electric vehicle market, the long-term growth trend for SiC substrates remains intact, driven by demand from sectors like renewable energy storage, AI data centers, and electric vehicles [2]. Competitive Position - Yole identifies Tianyue Advanced as a representative enterprise in the upstream wafer materials sector within China's expanding SiC ecosystem [4]. - The company is expected to benefit from China's position as the largest electric vehicle market and the "China for China" strategy, enhancing its market presence [4]. - In 2024, while competitors like Wolfspeed and Coherent faced revenue declines, Tianyue Advanced's revenue in the N-type SiC substrate sector grew by 35% [4]. Strategic Partnerships - Tianyue Advanced has established significant supply agreements with leading international manufacturers such as Infineon, Bosch, and Onsemi, integrating into the global core supply chain [5]. - The company is recognized as a leader capable of delivering large volumes of 8-inch wafers to the open market, aligning with the industry's shift towards larger substrate sizes [5]. Future Outlook - The ongoing trend towards larger SiC substrates is expected to facilitate applications in emerging consumer electronics, such as AI glasses, which are projected to see substantial market growth [6]. - The anticipated explosion in the AI glasses market could provide Tianyue Advanced with a second growth curve, with expected shipments exceeding 65.9 million units by 2030 [6]. - With a solid fundamental outlook and promising growth expectations, Tianyue Advanced is positioned as a compelling investment opportunity in the upcoming Hong Kong IPO market [6].

Group 1 - Tianyue Advanced Technology Co., Ltd. has successfully passed the Hong Kong Stock Exchange's main board listing hearing, positioning itself as a leading supplier in the global market for 8-inch conductive substrates [1] - The company is the second-largest supplier of conductive substrates globally, which will provide strong capital momentum for its rapid expansion [1] Group 2 - Silicon Carbide (SiC) is emerging as a key player in the semiconductor industry, driven by its advantages in breakdown voltage, power density, high-temperature resistance, and high-frequency performance [2][3] - The demand for SiC power devices is growing significantly in sectors such as electric vehicles, photovoltaic energy storage, and grid upgrades, making SiC a core component for improving conversion efficiency [3] Group 3 - The AI infrastructure competition is increasing the demand for efficient cooling and energy-saving technologies, with SiC devices playing a crucial role in enhancing power supply unit efficiency in AI data centers [4] - The introduction of SiC materials in consumer electronics, particularly in AR glasses, is expected to revolutionize the market due to their superior optical properties [4][5] Group 4 - The SiC power device market is projected to grow at a compound annual growth rate (CAGR) of 35.2% from 2024 to 2030, reaching a market size of $19.7 billion by 2030 [5] - Tianyue Advanced is recognized as a leading player in the global SiC substrate market, with a market share of 16.7% in 2024, ranking among the top three manufacturers [10][11] Group 5 - The company has demonstrated significant financial growth, with revenue increasing from 417 million yuan in 2022 to 1.251 billion yuan in 2023, marking a 199.9% increase [14] - Tianyue Advanced achieved profitability in 2024, with a net profit of 179 million yuan, reversing previous losses [14][15] Group 6 - The company has established solid partnerships with major global power semiconductor manufacturers, enhancing its position in the high-performance computing sector [15][16] - Tianyue Advanced's global revenue share from outside mainland China increased from 12.6% in 2022 to 47.8% in 2024, indicating a strong international expansion strategy [16]

Group 1: IPO Market Overview - In the past week (July 28 - August 3, 2025), seven companies submitted IPO applications in the Hong Kong market, including YunTianLiFei (688343.SH), XinWangDa (300207.SZ), and DanNuo Pharmaceutical [3][4] - Two companies passed the Hong Kong Stock Exchange hearing: TianYue Advanced (688234.SH) and YinNuo Pharmaceutical [3][4] - One new company, ZhongHui Biological (02627.HK), initiated its IPO process, with no companies successfully listed during this period [3][4] Group 2: ZhongHui Biological - ZhongHui Biological officially launched its IPO on July 31, 2025, with a global offering of 33.4426 million shares, priced between HKD 12.90 and HKD 15.50 per share [3][17] - The expected listing date on the Hong Kong Stock Exchange is August 8, 2025 [3][17] - The company has secured cornerstone investors who agreed to subscribe for shares totaling approximately HKD 102 million [17][19] Group 3: YunTianLiFei - YunTianLiFei is a leading AI company in China, focusing on the research, design, and commercialization of AI inference chips [6] - The company ranks among the top three providers of AI inference chip-related products and services in China, based on revenue statistics for 2024 [7] - For the three months ending March 31, 2025, YunTianLiFei reported revenue of RMB 264 million, a year-on-year increase of 168.2%, but incurred a net loss of RMB 85.801 million, a decrease of 37.9% year-on-year [8] Group 4: XinWangDa - XinWangDa, a global leader in lithium battery technology, aims to provide integrated solutions for green and efficient energy [8] - The company has a diverse product matrix, including energy storage systems, consumer batteries, and power batteries [8] - For the three months ending March 31, 2025, XinWangDa recorded revenue of RMB 12.289 billion, a year-on-year increase of 12.0%, and a 21.3% increase in profit attributable to shareholders [9] Group 5: DanNuo Pharmaceutical - DanNuo Pharmaceutical is a biotechnology company focused on discovering, developing, and commercializing innovative drug products for bacterial infections and related diseases [10][11] - The company has established a pipeline of seven innovative assets, with no products currently approved for commercial sale [12][14] - For the three months ending March 31, 2025, DanNuo reported a net loss of RMB 38.011 million, an increase of 36.4% year-on-year [14] Group 6: TianYue Advanced - TianYue Advanced is a leading manufacturer of wide bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide substrates [15] - The company ranks among the top three global manufacturers of silicon carbide substrates based on sales revenue for 2024 [15] - For the three months ending March 31, 2025, TianYue reported revenue of RMB 408 million, a year-on-year decrease of 4.2%, and a net profit of RMB 8.518 million, a decrease of 81.5% year-on-year [16] Group 7: YinNuo Pharmaceutical - YinNuo Pharmaceutical is a science-driven biopharmaceutical company focused on providing innovative and affordable high-quality drugs for metabolic diseases [16] - The company has developed a pipeline of candidate drugs targeting diabetes and other metabolic diseases, including a core product for treating obesity and related conditions [16] - For the five months ending May 31, 2025, YinNuo reported revenue of RMB 38.144 million, with a net loss of RMB 97.875 million, an increase of 58.1% year-on-year [16]

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) reported that seven companies submitted applications for listing, with two companies passing the hearing and one company currently in the process of an initial public offering (IPO) without any new stocks listed during the week. Group 1: Companies Submitting Applications - **Wenzhi Traditional Chinese Medicine**: The largest AI-assisted TCM service provider in mainland China, with projected revenues of approximately 621.69 million RMB in 2022 and a loss of about 154 million RMB in the same year [2] - **Zhengpin Holdings Limited**: Engaged in the development and distribution of health and beauty supplements in Hong Kong, with revenues projected to reach approximately 110 million HKD in 2025 and a profit of about 35.5 million HKD in the same year [3] - **YunTian LiFei Technology Co., Ltd.**: A leading AI company focusing on AI inference chips, with revenues expected to be around 5.46 billion RMB in 2022 and a loss of approximately 4.47 billion RMB [4] - **Xinnengda Electronics Co., Ltd.**: A global leader in lithium battery technology, with projected revenues of about 521.62 billion RMB in 2022 and a profit of approximately 7.63 billion RMB [5] - **Danno Pharmaceutical (Suzhou) Co., Ltd.**: A biotech company focused on innovative drug development, with losses projected to be around 1.22 billion RMB in 2023 [6] - **Innovation International Industrial Group**: Engaged in the production of aluminum products, with revenues expected to reach approximately 134.90 billion RMB in 2022 and a profit of about 9.13 billion RMB [7] - **Wangshan Wangshui Biopharmaceutical Co., Ltd.**: Focused on small molecule drug development, with revenues projected to be around 200 million RMB in 2023 [8] Group 2: Companies Passing Hearings - **Shandong Tianyue Advanced Technology Co., Ltd.**: A leading manufacturer of silicon carbide substrates, with revenues projected to be approximately 4.17 billion RMB in 2022 and a loss of about 1.76 billion RMB [8] - **Guangzhou Yinnuo Pharmaceutical Group Co., Ltd.**: Focused on innovative drug development for metabolic disorders, with no recorded revenue in 2023 and a loss of approximately 733 million RMB [9] Group 3: IPO and Market Updates - **Zhonghui Biotechnology-B**: Plans to offer 33.44 million H-shares with a price range of 12.9 to 15.5 HKD per share, aiming for a total of approximately 1.02 billion HKD from cornerstone investors [10] - **HKEX New IPO Regulations**: New rules effective from August 4 aim to enhance the pricing and allocation framework for IPOs, requiring at least 40% of shares to be allocated to book-building investors [11] - **A+H Listing Trends**: Regulatory considerations are underway to increase the minimum market capitalization requirement for A-share companies seeking to list in Hong Kong from 10 billion to 20 billion RMB [12]

Core Viewpoint - Tianyue Advanced is approaching a significant milestone in its "A+H" capital layout, having successfully passed the Hong Kong Stock Exchange listing hearing, which positions the company closer to completing its listing on the Hong Kong market [1] Company Development - Tianyue Advanced has a history dating back to 2010, focusing on the industrialization of silicon carbide (SiC) semiconductor materials. The company achieved mass production of 4-inch SiC substrates in 2015 and 6-inch conductive substrates in 2017. In the 2020s, the company has accelerated its technological upgrades and market expansion, launching on the STAR Market in 2022 and signing a long-term order worth 1.393 billion yuan [2] - The company has introduced the industry's first 12-inch SiC substrate and has been recognized with a gold award in the "Semiconductor Electronic Materials" category at the 31st Annual Semiconductor Awards, marking the first time a Chinese company has received this honor [2] Financial Performance - In 2024, Tianyue Advanced reported record annual performance with revenue of 1.768 billion yuan, a year-on-year increase of 41.4%. Gross profit doubled to 435 million yuan, with a gross margin of 24.6%, up 10 percentage points year-on-year. Net profit reached 179 million yuan, also a historical high [3] - The company has become the second-largest manufacturer of SiC substrates globally, with a market share of approximately 16.7% [3] Market Position and Growth - Tianyue Advanced has established business relationships with over half of the top ten power semiconductor device manufacturers globally, enhancing its influence in the market. Recently, the company signed a strategic cooperation agreement with Sunny Optical Technology Group's subsidiary to focus on SiC optical waveguide lenses [3] - The revenue from N-type SiC substrates increased by 35% in 2024, ranking first among the top eight global manufacturers in this category, with a market share of 15%, up 4 percentage points from the previous year [4] Industry Trends - The market for SiC materials is expanding due to their superior performance in semiconductor applications. The potential for SiC materials in emerging fields, such as AI glasses, is being recognized, with significant commercial opportunities anticipated [6][7] - The trend towards larger SiC substrates is providing a technical foundation for widespread application in consumer electronics, including AI glasses and smartphones. Companies like Tianyue Advanced, which have advantages in large-size substrates, are expected to seize market opportunities [8] Capital Market Perspective - Tianyue Advanced is at a critical growth phase, with its visibility and growth potential expected to improve further. The company's pursuit of a Hong Kong listing aims to diversify its financing channels and support stronger growth momentum [9]

Core Viewpoint - Tianyue Advanced is on the verge of a significant milestone with its "A+H" capital layout, having successfully passed the Hong Kong Stock Exchange listing hearing, which will enhance its financing channels and support business development [1] Company Development - Tianyue Advanced has evolved from a technology breakthrough to an international leader in the silicon carbide (SiC) substrate industry since its establishment in 2010, achieving mass production of 4-inch SiC substrates in 2015 and 6-inch conductive substrates in 2017 [2] - The company has made significant advancements in technology and market expansion, launching on the STAR Market in 2022 and signing a long-term order worth 1.393 billion yuan [2] - Tianyue Advanced has introduced the industry's first 12-inch silicon carbide substrate and received the "Gold Award" in the semiconductor electronic materials category at the 31st Annual Semiconductor Awards, marking a first for a Chinese company [2] Financial Performance - In 2024, Tianyue Advanced reported record annual performance with revenue of 1.768 billion yuan, a year-on-year increase of 41.4%, and a gross profit of 435 million yuan, doubling from the previous year, resulting in a gross margin of 24.6% [3] - The net profit reached 179 million yuan, also a historical high, positioning the company as the second-largest silicon carbide substrate manufacturer globally with a market share of approximately 16.7% [3] Market Position and Growth - Tianyue Advanced has established business relationships with over half of the top ten power semiconductor manufacturers globally, enhancing its influence in the market [3] - The company has seen a 35% year-on-year increase in revenue from N-type silicon carbide substrates, leading the growth among the top eight manufacturers in this category, with a market share increase to 15% [4] Industry Trends - The silicon carbide material is recognized for its excellent performance and vast application potential in the semiconductor field, particularly in emerging areas like AI glasses, which are expected to revolutionize the industry [6][7] - The demand for silicon carbide materials is projected to significantly boost the commercialization of AI glasses, with expected shipments exceeding 65.9 million units by 2030 [7] - Tianyue Advanced is well-positioned to capitalize on the trend of larger substrate sizes, which will facilitate the widespread application of silicon carbide materials in consumer electronics [8] Capital Market Perspective - The company is at a critical growth phase, with its visibility and growth potential expected to improve as it seeks to list in Hong Kong, which will diversify its financing channels and support further global expansion [9]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [4] Core Viewpoints - The demand for AI computing facilities is expected to drive the growth of SiC/GaN power devices, opening up new growth opportunities in the industry [2][24] - The report emphasizes that the application potential of SiC/GaN in AI computing facility power supply systems has not been fully explored, and future demand is likely to continue increasing [7][24] Summary by Sections Investment Recommendations and Targets - AI server and data center demand is anticipated to create growth opportunities for SiC/GaN power devices. Key companies to watch include: - GaN industry leader Innoscience - Major power device manufacturers such as Wingtech Technology, China Resources Microelectronics, New Clean Energy, Star Semiconductor, and Tianyue Advanced - Wafer foundry company Chipone Integrated Circuits focusing on SiC power devices - Passive component companies like Farah Electronics and Jianghai Co., Ltd. - Companies in the third-generation semiconductor equipment market like Zhongwei Company [2][29] Industry Dynamics - The report highlights that AI computing facilities will increase the demand for SiC/GaN devices, particularly in high-voltage direct current (HVDC) and power module applications [7][8] - The transition from traditional power supply architectures to higher voltage systems (800V DC) is expected to enhance power transmission efficiency, thus driving the adoption of SiC/GaN devices [10][14] - The report notes that the penetration rate of SiC in global power semiconductors is projected to reach 4.9% by 2024, while GaN's penetration is at 0.5% in 2023, indicating room for growth [21][22] Company Insights - Innoscience is recognized as the global leader in the GaN industry, with a revenue of 830 million yuan in 2024, reflecting a year-on-year growth of 39.8% [30][34] - Wingtech Technology is focusing on semiconductor business growth, with a revenue of 58.4 billion yuan in 2024, and is strategically transforming to enhance its position in the power semiconductor industry [40][44] - China Resources Microelectronics is experiencing steady revenue growth, achieving 10.12 billion yuan in 2024, with a focus on enhancing its SiC/GaN product capabilities [50][51]

金融界消息 截至2025年8月1日收盘，天岳先进（688234）报收于59.98元，上涨1.49%，换手率2.04%， 成交量8.77万手，成交金额5.28亿元。 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。 资金流向方面，今日主力资金净流入2737.79万元，占比成交额5.19%。其中，超大单净流出263.79万 元、占成交额0.5%，大单净流入3001.58万元、占成交额5.69%，中单净流出流入692.10万元、占成交额 1.31%，小单净流出3429.89万元、占成交额6.5%。 来源：金融界 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、通信和其他电子 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688234 证券简称：天岳先进 公告编号：2025-049 山东天岳先进科技股份有限公司 关于刊发境外上市外资股（H股）发行聆讯后资料集的公告 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"）正在进行申请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（以下简称"香港联交所"）主板挂牌上市（以下简称"本次发行上市"）的相 关工作。 2025年2月24日，公司向香港联交所递交了本次发行上市的申请，并于同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）。 中文： https://www1.hkexnews.hk/app/sehk/2025/107138/documents/sehk25073001678_c.pdf 英文： https://www ...

山东天岳先进科技股份有限公司 关于刊发境外上市外资股（H 股）发行 聆讯后资料集的公告 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"）正在进行申请发行境 外上市外资股（H 股）股票并在香港联合交易所有限公司（以下简称"香港联交 所"）主板挂牌上市（以下简称"本次发行上市"）的相关工作。 证券代码：688234 证券简称：天岳先进 公告编号：2025-049 中文： https://www1.hkexnews.hk/app/sehk/2025/107138/documents/sehk25073001678 _c.pdf 英文： 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 ...