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。 ...

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 及 H 股香港公开发售等事宜的公告 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）。 2025 年 6 月 19 日，香港联交所上市委员会举行上市聆讯，审议了公司本次 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）。 2025 年 7 月 30 日，公司在香港联交所网站刊登了本次发行聆讯后资料集。 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》（公告编号：2025-049）。 2 ...

Core Viewpoint - Tianyue Advanced (02631.HK) is launching a global offering of 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, aiming to raise approximately HKD 1.9381 billion for capacity expansion and R&D [2][7] Group 1: Company Overview - Tianyue Advanced specializes in wide-bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide (SiC) substrates [3] - The company ranks among the top three global manufacturers of SiC substrates, holding a market share of 16.7% as of 2024 [3] - Tianyue Advanced's SiC materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, and photovoltaic systems [3][4] Group 2: Market Position and Technology - The company has established partnerships with over half of the top ten power semiconductor manufacturers globally [4] - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch SiC substrates and has pioneered the commercialization of 12-inch SiC substrates [6] - The global SiC substrate market is highly competitive, with the top five players holding a combined market share of 68.0% [6] Group 3: Financial Performance - For the fiscal years ending March 31, 2022, 2023, 2024, and the three months ending March 31, 2025, the company reported revenues of approximately CNY 417 million, CNY 1.251 billion, CNY 1.768 billion, and CNY 408 million, respectively [7] - The company expects to allocate approximately 70% of the net proceeds from the global offering to expand its 8-inch and larger SiC substrate production capacity [7]

Group 1 - Tianyue Advanced Technology Co., Ltd. (天岳先进) plans to list its H-shares on the Hong Kong Stock Exchange starting August 19, 2025, with a maximum offering price of HKD 42.80 per share [1] - The company intends to issue a total of 47,745,700 H-shares, with 2,387,300 shares available for public offering in Hong Kong and 45,358,400 shares for international offering [1] - Assuming the offering price of HKD 42.80 per share, the estimated net proceeds from the global offering will be approximately HKD 1,938.1 million, after deducting underwriting commissions and other estimated expenses [1] Group 2 - Tianyue Advanced was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with an initial offering price of CNY 82.79 per share and a total of 42,971,100 shares issued [2] - The company is currently in a state of share price decline (破发状态) [2] - The total funds raised from the initial public offering amounted to CNY 35.58 billion, with a net amount of CNY 32.03 billion after deducting issuance costs, exceeding the original plan by CNY 1.203 billion [2] Group 3 - The total issuance costs for the initial public offering were CNY 354 million, with underwriting and sponsorship fees amounting to CNY 319 million [3]