Core Viewpoint - Tianyue Advanced, a leading semiconductor materials manufacturer in Shandong, successfully listed on the Hong Kong Stock Exchange, with an initial share price of HKD 42.80, rising to a peak of HKD 47.80, giving it a market capitalization of approximately HKD 228 billion (around RMB 210 billion) [1][2]. Company Overview - Tianyue Advanced is recognized as the top manufacturer of silicon carbide substrates in China and ranks among the top three globally, holding a market share of 16.7% as of 2024 [4]. - The company was established in 2010 and has pioneered the industrialization of semi-insulating and conductive silicon carbide substrates, with production sizes evolving from 2 inches to 8 inches, and plans to launch the first 12-inch silicon carbide substrate in November 2024 [6][8]. Financial Performance - The revenue figures for Tianyue Advanced from 2022 to 2025 (Q1) are as follows: RMB 4.17 billion (2022), RMB 12.51 billion (2023), RMB 17.68 billion (2024), and RMB 4.08 billion (Q1 2025). The net profits for the same periods were -RMB 1.76 billion, -RMB 0.46 billion, RMB 1.79 billion, and RMB 0.085 billion respectively [9][12]. - The gross profit margins for the same periods were -7.9% (2022), 14.6% (2023), 24.6% (2024), and 22.7% (Q1 2025) [12]. Production and Sales - Tianyue Advanced's production capacity for silicon carbide substrates has increased significantly, with annual production figures of 71,000 pieces (2022), 262,000 pieces (2023), 410,200 pieces (2024), and 83,700 pieces (Q1 2025) [25]. - The average selling prices for silicon carbide substrates have decreased from RMB 5,110.4 (2022) to RMB 3,369.4 (Q1 2025) [18]. Research and Development - The company has a dedicated R&D team of 154 members, with over 40% holding doctoral or master's degrees, and has accumulated 503 patents and 176 patent applications [16][17]. Customer Base - Revenue from the largest customer accounted for 26.0% of total revenue in 2022, decreasing to 15.3% in Q1 2025. Revenue from the top five customers represented 65.0% in 2022 and 52.9% in Q1 2025 [20][22]. Supply Chain - Tianyue Advanced has two production bases located in Shandong and Shanghai, with total construction areas of 69,732 square meters and 93,897 square meters respectively [25]. - The procurement from the largest supplier accounted for 14.4% of total procurement in 2022, increasing to 23.9% in Q1 2025 [25][30].

Core Viewpoint - Tianyue Advanced has successfully listed on the Hong Kong Stock Exchange, establishing itself as the only company in the silicon carbide semiconductor materials sector with an "A+H" dual platform [1][3]. Group 1: Listing and Market Response - The company achieved a record-breaking subscription rate of over 2800 times for the public offering in Hong Kong and over 9 times for the international offering, raising approximately HKD 19.38 billion globally, surpassing other "A+H" companies [3][4]. - On its first day of trading, Tianyue Advanced's market capitalization exceeded HKD 22 billion, indicating strong market performance and investor confidence [4]. Group 2: Company Background and Achievements - Founded in 2010, Tianyue Advanced has made significant advancements in silicon carbide substrate technology, transitioning from 4-inch to 12-inch substrates, and is recognized as a leading example of a Chinese tech company achieving international leadership through independent research and development [4][5]. - The company received the "Semiconductor Electronic Materials" gold award from a prestigious Japanese semiconductor media outlet, marking the first time a Chinese company has won this award in 31 years [4]. Group 3: Clientele and Market Position - Tianyue Advanced has established itself in the global supply chain, with major clients including Infineon, Bosch, and ON Semiconductor, and has partnerships with over half of the top ten power semiconductor manufacturers [5]. - The company is also involved with high-profile tech companies like NVIDIA and Meta, indicating its strong position in the semiconductor supply chain [5]. Group 4: Future Prospects and Strategic Initiatives - The company is actively preparing for growth in emerging fields, particularly in AI glasses, leveraging its proprietary 300mm SiC seed crystal technology [5]. - A strategic partnership with Sunny Optical Technology Group aims to explore opportunities in micro-nano optics and new materials, particularly in the AI glasses and electric vehicle display markets [5]. - The chairman emphasized that the successful listing is a milestone for the company, which will continue to innovate and expand its product offerings while enhancing production capacity and global collaboration [6].

Group 1 - Tianyue Advanced officially listed on the Hong Kong Stock Exchange on August 20, completing its "A+H" dual-platform capital structure [1] - The company is the only listed carbon silicon semiconductor materials company in China, having previously listed on the A-share Sci-Tech Innovation Board in January 2022 [1][3] - The listing attracted significant interest, with over 2800 times subscription in the Hong Kong public offering and over 9 times in the international offering, raising approximately HKD 19.38 billion [3][4] Group 2 - Tianyue Advanced's market capitalization exceeded HKD 22 billion on its first trading day, marking a strong start for its global expansion [4] - The company has achieved significant technological advancements, transitioning from 4-inch to 12-inch substrates, and is recognized as a leading global silicon carbide substrate provider [4][5] - Tianyue Advanced has received numerous awards, including the "Semiconductor Electronic Materials" gold award from Japan's authoritative semiconductor media, marking a first for a Chinese company in 31 years [4] Group 3 - The company has established partnerships with major semiconductor manufacturers, including Infineon, Bosch, and ON Semiconductor, and is involved in the supply chains of leading tech companies like NVIDIA and Meta [5] - Tianyue Advanced is actively preparing for growth in emerging fields, such as AI glasses, leveraging its proprietary 300mm SiC seed crystal technology [5] - The company signed a strategic cooperation agreement with Sunny Optical Technology Group to explore opportunities in the optical field of AI glasses and electric vehicle displays [5] Group 4 - The chairman of Tianyue Advanced stated that the successful listing is a milestone and will serve as a catalyst for continued innovation and expansion into more application areas for silicon carbide substrate materials [6] - The company aims to enhance its R&D capabilities, improve production efficiency, and strengthen its global cooperation ecosystem [6] - The dual-platform structure is expected to provide new capital momentum and development vision, supporting Tianyue Advanced's goal of leading in the high-end semiconductor materials sector [6]

Group 1 - Tianyue Advanced (02631) has officially listed, with a share price set at HKD 42.8, issuing 47.7457 million shares, resulting in a net proceeds of approximately HKD 1.9381 billion [1] - As of the report, the stock price has increased by 6.54%, currently trading at HKD 45.6 [1] - The company specializes in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide substrates since its establishment [1] Group 2 - According to Frost & Sullivan, Tianyue Advanced's silicon carbide materials provide core support for the new energy and AI industries [1] - The company's silicon carbide substrates have extensive applications in electric vehicles, AI data centers, photovoltaic systems, AI glasses, rail transit, power grids, home appliances, and advanced communication base stations [1]

Core Viewpoint - Tianyue Advanced (2631.HK) debuted on the Hong Kong Stock Exchange with a 6.54% increase, opening at HKD 45.6, following a global offering of 47,745,700 H-shares priced at HKD 42.80 per share, raising a net amount of HKD 1.938 billion [1]. Group 1: Company Overview - Tianyue Advanced specializes in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide (SiC) substrates since its establishment [1]. - According to Frost & Sullivan, Tianyue Advanced ranks among the top three global manufacturers of silicon carbide substrates based on sales revenue projected for 2024 [1]. - The company has over 14 years of experience in the silicon carbide materials sector and was one of the first in China to industrialize semi-insulating silicon carbide substrates [1]. Group 2: Product Development - Tianyue Advanced has successfully industrialized conductive silicon carbide substrates and has improved its advantages in producing larger-sized products [1]. - The company has upgraded its mass production of silicon carbide substrates from 2 inches to 8 inches, with plans to launch the industry's first 12-inch silicon carbide substrate in 2024 [1]. Group 3: Market Performance - The Hong Kong public offering accounted for 35% of the total shares, with a subscription rate of 2809.19 times, while the international offering made up 65% with a subscription rate of 9.04 times [1]. - The stock's opening price was HKD 45.6, with a trading volume of 9.5773 million shares and a total market capitalization of HKD 21.772 billion [2].

Core Viewpoint - Tianyue Advanced (02631) has successfully listed, with an initial share price of HKD 42.8, raising approximately HKD 1.9381 billion from the issuance of 47.7457 million shares, indicating strong market interest and a 6.54% increase in share price to HKD 45.6 at the time of reporting [1][1][1] Company Overview - Tianyue Advanced specializes in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide (SiC) substrates since its inception [1][1] - According to Frost & Sullivan, the company ranks among the top three global manufacturers of SiC substrates, holding a market share of 16.7% based on sales revenue for 2024 [1][1] Product Applications - The company's SiC materials provide essential support for the new energy and AI industries, with applications in electric vehicles, AI data centers, photovoltaic systems, AI glasses, rail transportation, power grids, home appliances, and advanced communication base stations [1][1][1] - As of March 31, 2025, Tianyue Advanced is one of the few companies capable of mass-producing 8-inch SiC substrates and has been a pioneer in commercializing the transition from 2-inch to 8-inch SiC substrates, as well as being among the first to introduce 12-inch SiC substrates [1][1][1]

今日天岳先进(2631.HK)上市，双登股份(6960.HK)申购。 本文源自：金融界AI电报 ...

格隆汇8月19日丨天岳先进(02631.HK)公告，公司全球发售47,745,700股H股，最终发售价每股H股42.80 港元，所得款项净额19.38亿港元。香港公开发售股份数目占全球发售股份数目35.00%，获认购2809.19 倍；国际发售股份数目占全球发售股份65.00%，获认购9.04倍。假设全球发售于2025年8月20日(星期三) 上午八时整(香港时间)或前成为无条件，预期H股将于2025年8月20日(星期三)上午九时整(香港时间)开 始在联交所买卖。H股将以每手买卖单位100股H股进行买卖，H股的股份代号将为2631。 ...

天岳先进(02631)公布配发结果，公司全球发售4774.57万股股份，公开发售占35%，国际发售占65%。 每股发售价42.8港元，全球发售净筹约19.38亿港元。每手100股，预期H股将于2025年8月20日(星期三) 上午九时整(香港时间)开始在联交所买卖。 其中，公开发售获2809.19倍认购，国际发售获9.04倍认购。 ...

Group 1 - The company Tianyue Advanced (02631) announced the results of its share placement, with a total of 47.7457 million shares being offered globally [1] - The public offering accounted for 35% of the total shares, while the international offering made up 65% [1] - The share price was set at HKD 42.8 per share, resulting in a net fundraising of approximately HKD 1.938 billion from the global offering [1] Group 2 - The public offering was oversubscribed by 2,809.19 times, indicating strong demand from investors [1] - The international offering was oversubscribed by 9.04 times, reflecting significant interest from international investors [1] - The H-shares are expected to commence trading on the Hong Kong Stock Exchange on August 20, 2025, at 9:00 AM Hong Kong time [1]