Group 1 - The company reported a quarterly revenue of 410 million yuan, showing a slight year-on-year decline, but its market share continues to grow steadily [1] - Despite a complex macroeconomic environment affecting terminal demand recovery, the company’s performance significantly outperformed other companies in the industry [1] - The company maintains a strong position in the global conductive silicon carbide substrate market, ranking among the top three according to a report by Fuji Economic [1] Group 2 - The company has a broad market space in emerging fields such as new energy vehicles, AI glasses, and smart grids, driven by the expanding domestic demand market [2] - The company has established relationships with over half of the top ten power semiconductor companies globally, enhancing its brand presence in the international semiconductor materials market [2] - The company has increased its R&D investment, with 44.94 million yuan spent in the first quarter, accounting for 11.02% of its revenue, focusing on product matrix improvement and new application market layout [2]

Core Viewpoint - Tianyue Advanced (688234) reported a revenue of 410 million yuan for Q1 2025, maintaining its industry-leading position despite a slight decline in net profit due to increased R&D expenses and decreased product prices [1] Group 1: Company Performance - The company achieved a revenue of 410 million yuan, showing a slight year-on-year decline in revenue while steadily increasing market share [1] - R&D expenses increased by 101.67% year-on-year to 44.94 million yuan, focusing on product matrix improvement, emerging application markets, and optimization of product quality and costs [2] - The product shipment volume continued to grow, indicating robust operational strategies centered on high-quality products [2] Group 2: Industry Trends - The demand for third-generation semiconductor materials, particularly silicon carbide (SiC), is driven by the rapid development of renewable energy and AI technologies, making SiC a key material for high-power semiconductor devices [1] - SiC is becoming essential in applications such as electric vehicle (EV) inverters, onboard chargers, and DC/DC converters, especially with the adoption of 800V high-voltage platforms in EVs [2] - The company is expanding into new application areas, including AR glasses, leveraging the high refractive index of SiC to enhance visual performance and reduce lens thickness [2] Group 3: Technological Advancements - Tianyue Advanced launched 12-inch conductive substrates at Semicon Europe in November 2024 and showcased a full range of SiC substrates at Semicon China in March 2025, marking the entry into the "12-inch era" for the SiC industry [3] - The company has achieved breakthroughs across the entire technology chain, including crystal growth, defect control, processing detection, and component self-manufacturing [3] - Future R&D investments will focus on large-size products and new application fields, providing strong momentum for performance growth [3]

Core Viewpoint - Tianyue Advanced continues to maintain its industry-leading position in the wide bandgap semiconductor materials sector, despite a slight decline in revenue due to falling product prices, with a focus on expanding market share and investing in R&D for new applications [1][2][3]. Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 410 million yuan, showing a slight year-on-year decline, but significantly outperforming other companies in the industry [1][2]. - The company's R&D expenditure increased to 44.94 million yuan, representing 11.02% of its revenue, primarily due to investments in large-size products and emerging applications [4][6]. Group 2: Market Position and Growth - Tianyue Advanced's product shipment volume continues to grow, and it is projected to maintain a top-three position in the global conductive silicon carbide substrate market by 2024 [2][3]. - The company is well-positioned to benefit from the increasing demand for silicon carbide in applications such as AI, electric vehicles, and smart grids, driven by the ongoing technological revolution [2][3]. Group 3: Technological Advancements - The company has made significant innovations, including the launch of 12-inch silicon carbide substrates, enhancing its competitive edge in the market [3][6]. - Tianyue Advanced has developed core technologies across various stages of production, including equipment design and substrate processing, which are crucial for maintaining its market leadership [4][6]. Group 4: Emerging Applications - The company is focusing on the application of optical-grade silicon carbide materials in AR glasses, which is expected to open new avenues for growth in consumer electronics [4][5]. - The expanding application fields for silicon carbide include power semiconductor devices, RF semiconductor devices, and various industries such as electric vehicles and telecommunications [5][6].

证券代码：688234 证券简称：天岳先进 公告编号：2025-035 山东天岳先进科技股份有限公司 关于调整董事会专门委员会成员的公告 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。 董 事 会 山东天岳先进科技股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日 召开第二届董事会第十二次会议，审议通过了《关于调整董事会专门委员会成员 的议案》，同意公司相关董事会专门委员会组成人员进行调整。 一、董事会专门委员会调整原因 因公司董事王欢先生辞任董事职务。为填补委员空缺，保障第二届董事会专 门委员会的正常运行，公司计划对相关专门委员会成员进行相应调整。公司对王 欢先生任职期间的勤勉工作及专业贡献表示诚挚感谢。 二、董事会专门委员会调整情况 公司拟调整审计委员会成员，其他专门委员会成员保持不变。调整后的专门 委员会成员组成情况如下： | 序号 | 专门委员会名称 | 主任委员（召集人） | 委员 | | --- | --- | --- | --- | | 1 | 审计委员会 | 李洪辉 | 李洪辉、黎国鸿、刘华 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-034 山东天岳先进科技股份有限公司 关于使用部分超募资金永久补充流动资金的公告 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。 重要内容提示： 1、超募资金永久补充流动资金额度：拟使用人民币 35,000 万元的超募资金 进行永久补充流动资金，占超募资金总额的比例为 29.08%。 2、承诺事项：山东天岳先进科技股份有限公司（以下简称"公司"、"天岳 先进"）承诺每 12 个月内累计使用超募资金用于永久补充流动资金不超过超募资 金总额的 30%；在补充流动资金后的 12 个月内不进行高风险投资以及为控股子 公司以外的对象提供财务资助。 3、本议案尚需提交公司股东大会审议。 公司拟使用人民币 35,000 万元的超募资金进行永久补充流动资金，占超募资 金总额的比例为 29.08%，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意山东天岳先进科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2021〕3935 号），公司首次公开 ...

根据《公司法》《上海证券交易所科创板股票上市规则》《公司章程》等相关 规定，公司将按照法定程序尽快完成公司董事补选相关工作。 证券代码：688234 证券简称：天岳先进 公告编号：2025-036 山东天岳先进科技股份有限公司 关于董事辞职的公告 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"）董事会于近日收到公 司董事王欢先生递交的书面辞职报告。王欢先生因个人工作原因，申请辞去公司 董事职务。辞职后，王欢先生不再担任公司任何职务。 截至本公告披露日，王欢先生未持有公司股份。根据《公司法》《公司章程》 等相关法律法规文件的规定，王欢先生的辞职报告自送达公司董事会之日起生效， 王欢先生辞职不会导致公司董事会人数低于法定人数，不会影响董事会和公司经 营正常运行，不会对公司日常管理、生产经营产生影响。 王欢先生在担任公司董事期间恪尽职守、勤勉尽责，切实履行了董事相关职 责，在公司规范运作等方面发挥了重要作用。公司及公司董事会对王欢先生在任 职期间为公司作出的贡献表示衷心感谢。 特此 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-033 山东天岳先进科技股份有限公司 关于变更会计政策的公告 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。 重要内容提示： 本次变更会计政策系山东天岳先进科技股份有限公司（以下简称"公司"、"本 公司"）根据财政部相关规定进行的变更，不会对公司的财务状况、经营成果和 现金流量产生重大影响。 公司于 2025 年 4 月 29 日召开第二届董事会第十二次会议，审议通过了《关 于公司变更会计政策的议案》，同意根据中华人民共和国财政部发布《企业会计 准则解释第 18 号》（财会〔2024〕24 号）（以下简称"准则解释第 18 号"）对公 司相关会计政策进行变更。现将具体事项说明如下： 一、本次会计政策变更概述 本次变更前，公司执行财政部发布的《企业会计准则——基本准则》及各项 具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规 定。 2024 年 12 月 6 日，财政部公布了《准则解释第 18 号》，准则解释第 18 号对 "关于不属于单项 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-037 山东天岳先进科技股份有限公司 关于2024年年度股东大会增加临时提案的公告 本公司董事会及全体董事保证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。 一、 股东大会有关情况 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688234 | 天岳先进 | 2025/5/13 | 二、 增加临时提案的情况说明 公司已于2025 年 3 月 28 日公告了股东大会召开通知，单独持有30.09%股份 的股东宗艳民，在2025 年 4 月 29 日提出临时提案并书面提交股东大会召集人。 股东大会召集人按照《上海证券交易所科创板上市公司自律监管指引第 1 号—规 范运作》有关规定，现予以公告。 网络投票结束时间：2025 年 5 月 16 日 3. 临时提案的具体内容 2025 年 4 月 29 日，公司 2024 年年度股东大会召集人公司董事会收到公司控 股股东宗艳民先生提交的《关于向山东天岳先进科技股份有限 ...

山东天岳先进科技股份有限公司 第二届监事会第十一次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 山东天岳先进科技股份有限公司（以下简称"公司"）第二届监事会第十一 次会议于 2025 年 4 月 29 日在公司会议室以现场结合通讯方式召开。会议由监事 会主席张红岩女士主持，应出席会议的监事 3 名，实际出席会议的监事 3 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。 二、监事会会议审议情况 本次监事会会议审议并通过了以下议案： （一）审议通过《关于公司 2025 年第一季度报告的议案》 监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法律、法规 及监管机构的相关规定；公司 2025 年第一季度报告公允地反映了公司报告期内 的财务状况和经营成果，所包含的信息能从各个方面真实地反映公司报告期内经 营管理和财务状况等事项；公司 2025 年第一季度报告内容真实、准确、完整， 不存在任何虚假记载、误导性陈述或重 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 407,961,034.96, a decrease of 4.25% compared to CNY 426,068,533.52 in the same period last year[3] - Net profit attributable to shareholders was CNY 8,518,174.22, down 81.52% from CNY 46,099,895.98 year-on-year[3] - Basic and diluted earnings per share were both CNY 0.02, reflecting an 81.82% decrease from CNY 0.11 in the same period last year[3] - Total operating revenue for Q1 2025 was CNY 407,961,034.96, a decrease of 4.6% compared to CNY 426,068,533.52 in Q1 2024[19] - Net profit for Q1 2025 was CNY 8,518,174.22, a decline of 81.5% from CNY 46,099,895.98 in Q1 2024[20] - Basic and diluted earnings per share for Q1 2025 were both CNY 0.02, down from CNY 0.11 in Q1 2024[21] Research and Development - R&D investment totaled CNY 44,937,664.51, representing an increase of 101.67% compared to CNY 22,283,293.95 in the previous year, accounting for 11.02% of operating revenue[3] - R&D expenses rose significantly to CNY 44,937,664.51 in Q1 2025, compared to CNY 22,283,293.95 in Q1 2024, reflecting a 101.5% increase[20] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 143,963,575.72, a significant improvement from a negative cash flow of CNY -39,060,029.41 in the previous year[3] - Cash received from sales of goods and services in Q1 2025 was CNY 431,234,586.13, an increase of 6.8% from CNY 403,766,822.99 in Q1 2024[23] - The net cash flow from operating activities was $143,963,575.72, a significant improvement compared to a net outflow of $39,060,029.41 in the previous period[24] - Cash inflows from operating activities were $553,657,962.04, an increase from $431,348,761.67 in the previous period, indicating growth in operational efficiency[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,549,065,939.54, an increase of 2.61% from CNY 7,356,705,041.15 at the end of the previous year[3] - Total liabilities increased to CNY 2,220,582,213.29, compared to CNY 2,043,723,276.03 in the previous period[16] - Non-current liabilities totaled CNY 667,384,101.49, an increase from CNY 500,947,884.87[16] - The company reported a total equity of CNY 5,328,483,726.25, slightly up from CNY 5,312,981,765.12[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 18,195[10] - The top shareholder, Zong Yanmin, holds 30.09% of the shares, totaling 129,302,726 shares[10] Government Support - The company received government subsidies amounting to CNY 6,000,000, which are expected to have a sustained impact on its profits[5] Current Assets - The company reported a total current assets of RMB 3,350,082,734.55 as of March 31, 2025, an increase from RMB 3,124,652,583.59 on December 31, 2024, representing a growth of approximately 7.24%[14] - Cash and cash equivalents increased to RMB 1,474,765,516.80 from RMB 1,239,198,322.57, reflecting a growth of about 19.00%[14] - Accounts receivable slightly rose to RMB 529,991,511.75 from RMB 520,263,327.64, indicating a marginal increase of 1.40%[14] - Inventory levels were reported at RMB 1,032,851,809.31, showing a slight increase from RMB 1,021,875,768.82, which is a growth of approximately 1.00%[14] Fixed Assets - The company’s long-term equity investments decreased to RMB 25,397,436.83 from RMB 26,899,414.16, a decline of about 5.58%[14] - Fixed assets were valued at RMB 3,573,533,264.25, down from RMB 3,614,761,253.75, representing a decrease of approximately 1.14%[14] Strategic Direction - The company has not reported any significant new product launches or technological advancements during the reporting period[13] - There are no updates on market expansion or mergers and acquisitions in the recent financial report[13] - The company has not indicated any changes in its strategic direction or new strategies implemented in the current reporting period[13] Financial Statement Reliability - The financial statements are unaudited, which may affect the reliability of the reported figures[14]