证券代码：688234 证券简称：天岳先进 公告编号：2025-051 山东天岳先进科技股份有限公司 关于修订《公司章程（草案）》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。 2025 年 2 月 19 日，山东天岳先进科技股份有限公司（以下简称"公司"）召 开了 2025 年第一次临时股东大会，审议通过了《关于制定公司于 H 股发行上市 后适用的<公司章程（草案）>及相关议事规则（草案）的议案》。本次股东大会 授权董事会及/或其授权人士，为公司首次公开发行 H 股股票并在香港联合交易 所有限公司上市（以下简称"本次发行上市"）之目的，根据境内外法律法规的 规定以及境内外监管机构的要求与建议及本次发行上市实际情况，对《公司章程 （草案）》不时进行调整和修改（包括但不限于对文字、章节、条款、生效条件 等进行调整和修改）。 根据上述股东大会的授权，为公司本次发行上市之目的，2025 年 8 月 6 日， 公司召开了第二届董事会第十四次会议，同意根据香港交易及结算所有限公司的 修改意见修订本次发行上市后适用的《公司章程 ...

董事会同意关于公司 H 股全球发售并在香港联合交易所有限公司上市（以下 简称"本次发行上市"）的相关安排，刊发符合相关法律法规要求的招股说明书 及其他相关文件，处理 H 股发行程序及相关事项，并授权相关人士按相关决议 处理与本次发行上市有关的具体事务。 表决结果：9 票同意，0 票反对，0 票弃权。 证券代码：688234 证券简称：天岳先进 公告编号：2025-050 山东天岳先进科技股份有限公司 第二届董事会第十四次会议决议公告 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"）第二届董事会第十四 次会议于 2025 年 8 月 6 日在公司会议室以现场结合通讯方式召开。会议由董事 长宗艳民先生主持，应出席会议的董事 9 名，实际出席会议的董事 9 名。会议参 与表决人数及召集、召开程序符合《中华人民共和国公司法》和《公司章程》的 有关规定，所作决议合法有效。 一、董事会会议审议情况 本次董事会会议审议并通过了以下议案： （一）审议通过《关于确认 H 股全球发售及在香港联合 ...

天岳先进（SH 688234，收盘价：61.39元）8月6日晚间发布公告称，公司第二届第十四次董事会会议于 2025年8月6日在公司会议室以现场结合通讯方式召开。会议审议了《关于修订的议案》等文件。 （文章来源：每日经济新闻） ...

港股市场，或许很快就会迎来又一家掌握硬核实力的科技企业。据港交所披露，天岳先进（688234.SH）已于7月30日成功通过港交所上市聆讯，中金公司 和中信证券为其联席保荐人。近期又有进一步消息指出，天岳先进正进行香港IPO预路演，募资规模约为2.5至3亿美元。 作为第三代半导体碳化硅（SiC）衬底龙头的天岳先进，近年来依靠科技创新，已按下了发展的"加速键"。以2024年为例，天岳先进在衬底端实现了高达 41%的营收增长。考虑到受市场节奏变化影响，这一年不少国际同行的增长步伐显著放缓，这也意味着，本就在市占率指标上处于领先地位的天岳先进， 正朝着放大竞争优势、实现断档式领先的目标又迈出了一大步。 发展势头正盛，更值得称道的是，到目前为止天岳先进的增长后劲很可能还是为外界所低估了。智通财经注意到，近日，国际权威研究机构Yole发布了最 新市场报告，该报告系统分析了碳化硅市场当前的行业现状、供应链格局及竞争动态，并对行业接下来的发展趋势与看点进行了全方位的展望。在这份报 告中，天岳先进正是与意法半导体、英飞凌、Wolfspeed等国际巨头一齐被选为重点分析的潜力标的之一。 Yole的报告显示，全球功率碳化硅器件市场 ...

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]