Financial Performance - The company achieved total operating revenue of CNY 1.768 billion in 2024, an increase of 41.37% compared to the previous year[22]. - The net profit attributable to shareholders reached CNY 179 million, recovering from a loss of CNY 45.72 million in 2023[22]. - The basic and diluted earnings per share for 2024 were CNY 0.42, a significant improvement from a loss of CNY 0.11 per share in 2023[21]. - The net cash flow from operating activities increased by 407.49% to CNY 65.93 million in 2024[22]. - The company's weighted average return on equity rose to 3.37%, an increase of 4.24 percentage points from the previous year[21]. - The total assets of the company at the end of 2024 were CNY 7.357 billion, reflecting a 6.44% increase from the previous year[22]. - The net assets attributable to shareholders increased by 1.65% to CNY 5.313 billion at the end of 2024[22]. - The company successfully turned around its performance, achieving a net profit after excluding non-recurring items of CNY 156 million in 2024[22]. Research and Development - Research and development expenses accounted for 8.02% of operating revenue, a decrease of 2.95 percentage points compared to 2023[21]. - The company is focused on enhancing R&D innovation and technical competitiveness, leading to a significant increase in revenue compared to the previous year[23]. - Research and development expenses for 2024 amounted to 142 million yuan, a 3.38% increase from 2023, focusing on core technology and product development[38]. - The R&D team comprises nearly 50% of personnel with doctoral or master's degrees, supporting technological innovation and product iteration[110]. - The company has developed a structured R&D process that involves project management and collaboration with industry participants to drive innovation and meet market demands[48]. Market Expansion and Strategy - The company aims to become a globally recognized semiconductor materials company, focusing on long-term strategic goals and market expansion[33]. - The company is actively expanding into new application areas for silicon carbide substrates, with ongoing developments in 6-inch, 8-inch, and 12-inch substrates[33]. - The company has established business cooperation with over half of the top ten power semiconductor device manufacturers globally, enhancing its market presence[36]. - The company is positioned to benefit from the growing demand for more efficient power semiconductor devices driven by the renewable energy and AI technology revolutions[44]. - The company is committed to sustainable innovation through a forward-looking R&D strategy, building technological barriers in the silicon carbide sector[95]. Corporate Governance - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[3]. - The company has not implemented any special arrangements for corporate governance[7]. - The company has not reported any changes in shareholding for the current board members during the reporting period[177]. - The company held 10 board meetings and 9 supervisory meetings during the reporting period, ensuring compliance with governance regulations[173]. - The total remuneration for the board members and senior management during the reporting period amounted to CNY 1,285.53 million[178]. Production and Quality Control - The production of silicon carbide substrates reached 410,200 pieces in 2024, representing a growth of 56.56% compared to 2023[35]. - The company has developed a comprehensive technology system covering all key production processes for SiC substrates, achieving international standards in product defect control and cost optimization[64]. - The company has implemented a comprehensive production control plan to ensure product quality, including procedures for handling non-conforming products and root cause analysis[52]. - The company’s silicon carbide substrates have achieved near-zero micropipe defects, with low dislocation densities, ensuring high-quality product delivery[103]. - The company has developed proprietary technologies covering all stages of silicon carbide substrate production, including equipment design and material quality characterization[71]. Future Outlook - The company aims to enhance its production capacity and product quality while expanding its product range to meet global customer demands[42]. - The company plans to strengthen R&D capabilities, focusing on material performance and crystal growth methods, to maintain its technological leadership in the silicon carbide industry[157]. - The company plans to enhance production capacity for silicon carbide substrates, with a focus on its Jinan and Shanghai factories, and establish new overseas production facilities[165]. - The company is expected to implement a three-year shareholder dividend return plan from 2024 to 2026[193]. - The company plans to conduct foreign exchange derivative trading business[193].

委托单位：山东天岳先进科技股份有限公司 审计单位：立信会计师事务所（特殊普通合伙） 联系电话：021-63391166 山东天岳先进科技股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 二〇二四年度 关于山东天岳先进科技股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 报告 关于山东天岳先进科技股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025]第 ZA10390 号 山东天岳先进科技股份有限公司全体股东: 我们审计了山东天岳先进科技股份有限公司(以下简称"天岳先 进")2024年度的财务报表,包括 2024年12月 31日的合并及母公司 资产负债表、2024年度合并及母公司利润表、合并及母公司现金流量 表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 3 月 27 日出具了报告号为信会师报字(2025) 第 ZA10388 号的无 保留意见审计报告。 天岳先进管理层根 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-026 山东天岳先进科技股份有限公司 2024 年度募集资金存放与使用情况专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求）》《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》以及《上海证券交易所上市公司自律监管指南第 1 号——公 告格式》的相关规定，山东天岳先进科技股份有限公司（以下简称"公司"）董 事会编制了 2024 年度（以下简称"报告期"、"本报告期"）募集资金存放与使用 情况专项报告，具体情况如下： 一、 募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会出具的《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）核准，公司向社会 公开发行人民币普通股（A 股）42,971,105 股，每股面值人民币 1.00 元，每股发 行价为人民币 82.79 ...

国内碳化硅头部企业去年已披露了最新一代12英寸碳化硅衬底，这也带来了12英寸以上的超大尺寸碳化 硅衬底切片需求。 为此，西湖仪器推出了"超大尺寸碳化硅衬底激光剥离技术"，率先解决了12英寸及更大尺寸的碳化硅衬 底"切片"难题，该技术能够实现对碳化硅晶锭的精准定位、均匀加工、连续剥离，具有自动化、低损耗 与高效率等优势。 天岳先进、西湖仪器12英寸碳化硅领域新动态！ 在全球新能源汽车、光伏储能、轨道交通等产业需求爆发的背景下，第三代半导体材料碳化硅（SiC） 正成为半导体领域的新主角。当前，12英寸碳化硅领域的研发与量产能力，已成为衡量第三代半导体行 业竞争力的重要标尺，吸引多家厂商布局。近期，西湖仪器、天岳先进传出新动态。 1、西湖仪器率先实现12英寸碳化硅衬底激光剥离 3月26日消息，西湖仪器近日成功实现12英寸碳化硅衬底激光剥离自动化解决方案，大幅降低损耗，提 升加工速度，推进了碳化硅行业的降本增效。 此前，西湖仪器已推出"8英寸导电型碳化硅衬底激光剥离设备"，并于今年1月荣获"国内首台（套）装 备"认定。 碳化硅领域，衬底材料成本占据整体成本的比例居高不下，阻碍了碳化硅器件大规模的产业化推广。西 湖仪器 ...

近日，山东天岳先进科技股份有限公司（下称"天岳先进"，股票代码"688234"）申请港交所上市，中金公司和中信证券为其联 席保荐人。 IPO日报注意到，这家山东济南首富创立的公司科创板上市后出现业绩"变脸"、股价破发、股东减持等情况，此次港股上市能顺 利吗？ 上市三年，股价破发 天岳先进成立于2010年11月，是全球宽禁带半导体材料行业领军企业。公司专注于高质量碳化硅衬底的研发与产业化，为新能 源与AI产业提供核心支撑，业务涉及电动汽车、AI数据中心、AI眼镜等领域。 招股书显示，根据弗若斯特沙利文的资料，按2023年碳化硅衬底的销售收入计，天岳先进是全球排名前三的碳化硅衬底制造 商。截至2024年9月30日，天岳先进已与全球前十大功率半导体器件制造商（按2023年收入计）中一半以上的制造商建立业务合 作关系，其生产的碳化硅衬底经客户制成功率器件及射频器件，最终应用于电动汽车、AI数据中心及光伏系统等多领域的终端 产品中。 碳化硅单晶衬底材料是一种宽禁带半导体材料，和传统材料相比具有更加优异的物理性能，可以有效提升下游器件的功率密度 和整体性能，在电力电子以及微波电子领域有着广泛的应用前景。但优越的物理性能背 ...

山东天岳先进科技股份有限公司关于发行境外上市 股份（H股）备案申请材料获中国证监会接收的公 告 登录新浪财经APP 搜索【信披】查看更多考评等级 公司本次发行尚需取得中国证监会、香港证券及期货事务监察委员会和香港联交所等相关监管机构、证 券交易所的批准、核准或备案，该事项仍存在不确定性。公司将根据法律法规相关规定，根据本次发行 的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 山东天岳先进科技股份有限公司 证券代码：688234 证券简称：天岳先进 公告编号：2025-017 董事会 山东天岳先进科技股份有限公司 关于发行境外上市股份（H股）备案申请材料 获中国证监会接收的公告 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"）已于2025年2月24日向香港联合交易所有限公司 （以下简称"香港联交所"）递交了发行H股股票并在香港联交所主板挂牌上市（以下简称"本次发行"） 的申请，并于同日在香港联交所网站刊登了本次发行的申请资料。具体内容详见公司于2025 ...

公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"） 报送了本次发行的备案申请材料并于近日获得中国证监会接收。 公司本次发行尚需取得中国证监会、香港证券及期货事务监察委员会和香港 联交所等相关监管机构、证券交易所的批准、核准或备案，该事项仍存在不确定 性。公司将根据法律法规相关规定，根据本次发行的进展情况及时履行信息披露 义务，敬请广大投资者注意投资风险。 特此公告。 证券代码：688234 证券简称：天岳先进 公告编号：2025-017 山东天岳先进科技股份有限公司 关于发行境外上市股份（H 股）备案申请材料 获中国证监会接收的公告 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"）已于 2025 年 2 月 24 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票并 在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在香港 联交所网站刊登了本次发行的申请资料。具体内容详见公司于 2025 年 2 月 25 日 在上海证 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the AR industry, including Tianyue Advanced, Goer, Lante Optics, and Crystal Optoelectronics [4][5]. Core Insights - The report highlights the significance of Silicon Carbide (SiC) in the development of AR glasses, emphasizing its advantages such as improved display quality, reduced weight, and enhanced heat dissipation [1][2][3]. - The collaboration among companies like Longqi, XREAL, Kunyou Optoelectronics, and Jing Sheng Machinery in the AR glasses sector is noted, indicating a strategic move towards innovation and market expansion [1]. - The report discusses the ongoing advancements in SiC technology, including the reduction of material and processing costs, which are crucial for the mass production of AR glasses [2][3]. Summary by Sections Industry Developments - SiC-based SRG waveguides are identified as a revolutionary innovation, offering high refractive index (2.6-2.7), wide field of view (FOV), and full-color integration, significantly enhancing the immersive experience of AR glasses [1]. - The report mentions that traditional high-refractive index glass provides a maximum full-color FOV of less than 40°, while SiC allows for over 80° [1]. - The report also notes that SiC waveguides can effectively mitigate environmental light diffraction, reducing visual artifacts like "rainbow patterns" [1]. Cost and Production Efficiency - The report indicates that the current challenge in adopting SiC for AR waveguides lies in the material and processing costs, but advancements in production lines for 8-inch SiC substrates are expected to lower costs further [2]. - It is mentioned that a 6-inch wafer can produce 2 pairs of glasses, an 8-inch wafer can yield 3-4 pairs, and a 12-inch wafer can produce 8-12 pairs [2]. Key Companies and Investment Suggestions - The report suggests focusing on companies involved in the assembly and production of SiC materials, including Goer, Tianyue Advanced, and Lante Optics, as well as Crystal Optoelectronics [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned as a leader in silicon carbide (SiC) substrates, which are critical for the AR glasses market, with a projected market space of 30 billion RMB in the long term [3][4] - The report highlights the significant advantages of SiC waveguides in AR applications, including improved color fidelity, reduced weight, and enhanced optical performance [3] - The anticipated cost reduction in SiC substrates is expected to drive AR glasses pricing down to 3,500 RMB, potentially leading to a market volume of 20 to 30 million units [3][4] Financial Projections - Total revenue is projected to grow from 1,250.70 million RMB in 2023 to 3,324.63 million RMB in 2026, reflecting a compound annual growth rate (CAGR) of approximately 40.16% [1][12] - The net profit is expected to turn positive by 2024, reaching 315.06 million RMB by 2025, with a significant growth rate of 76.21% [1][12] - The earnings per share (EPS) is forecasted to improve from -0.11 RMB in 2023 to 1.14 RMB in 2026 [1][12] Market Position and Competitive Landscape - The company is noted for its strategic collaborations with key players in the AR industry, enhancing its competitive edge [4] - The report emphasizes the company's unique position as a domestic leader in SiC substrates, which is expected to be a critical component in the expanding AR market [4]

证券代码：688234 证券简称：天岳先进 公告编号：2025-016 山东天岳先进科技股份有限公司 关于归还暂时用于补充流动资金的闲置募集资金的公告 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。 山东天岳先进科技股份有限公司（以下简称"公司"）于 2024 年 3 月 1 日召 开第二届董事会第一次会议及第二届监事会第一次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司在确保不影响募集资金 投资项目建设进度的前提下，使用不超过人民币 50,000.00 万元（含本数）的闲 置募集资金暂时补充流动资金，期限自公司董事会审议通过之日起不超过 12 个 月。具体内容详见公司于 2024 年 3 月 2 日在上海证券交易所网站披露的《关于 使用部分闲置募集资金暂时补充流动资金的公告》（公告编号：2024-014）。根据 上述决定，公司在规定期限内实际使用了 11,000.00 万元闲置募集资金暂时补充 流动资金，并对资金进行了合理的安排与使用，没有影响募集资金投资计划的正 常进行，资金运用情况良好 ...