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]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [4] Core Viewpoints - The demand for AI computing facilities is expected to drive the growth of SiC/GaN power devices, opening up new growth opportunities in the industry [2][24] - The report emphasizes that the application potential of SiC/GaN in AI computing facility power supply systems has not been fully explored, and future demand is likely to continue increasing [7][24] Summary by Sections Investment Recommendations and Targets - AI server and data center demand is anticipated to create growth opportunities for SiC/GaN power devices. Key companies to watch include: - GaN industry leader Innoscience - Major power device manufacturers such as Wingtech Technology, China Resources Microelectronics, New Clean Energy, Star Semiconductor, and Tianyue Advanced - Wafer foundry company Chipone Integrated Circuits focusing on SiC power devices - Passive component companies like Farah Electronics and Jianghai Co., Ltd. - Companies in the third-generation semiconductor equipment market like Zhongwei Company [2][29] Industry Dynamics - The report highlights that AI computing facilities will increase the demand for SiC/GaN devices, particularly in high-voltage direct current (HVDC) and power module applications [7][8] - The transition from traditional power supply architectures to higher voltage systems (800V DC) is expected to enhance power transmission efficiency, thus driving the adoption of SiC/GaN devices [10][14] - The report notes that the penetration rate of SiC in global power semiconductors is projected to reach 4.9% by 2024, while GaN's penetration is at 0.5% in 2023, indicating room for growth [21][22] Company Insights - Innoscience is recognized as the global leader in the GaN industry, with a revenue of 830 million yuan in 2024, reflecting a year-on-year growth of 39.8% [30][34] - Wingtech Technology is focusing on semiconductor business growth, with a revenue of 58.4 billion yuan in 2024, and is strategically transforming to enhance its position in the power semiconductor industry [40][44] - China Resources Microelectronics is experiencing steady revenue growth, achieving 10.12 billion yuan in 2024, with a focus on enhancing its SiC/GaN product capabilities [50][51]

金融界消息 截至2025年8月1日收盘，天岳先进（688234）报收于59.98元，上涨1.49%，换手率2.04%， 成交量8.77万手，成交金额5.28亿元。 通过天眼查大数据分析，山东天岳先进科技股份有限公司共对外投资了13家企业，参与招投标项目42 次，知识产权方面有商标信息16条，专利信息598条，此外企业还拥有行政许可56个。 资金流向方面，今日主力资金净流入2737.79万元，占比成交额5.19%。其中，超大单净流出263.79万 元、占成交额0.5%，大单净流入3001.58万元、占成交额5.69%，中单净流出流入692.10万元、占成交额 1.31%，小单净流出3429.89万元、占成交额6.5%。 来源：金融界 天岳先进最新一期业绩显示，截至2025一季报，公司营业总收入4.08亿元、同比减少4.25%，归属净利 润851.82万元，同比减少81.52%，扣非净利润359.58万元，同比减少91.75%，流动比率2.157、速动比率 1.492、资产负债率29.42%。 天眼查商业履历信息显示，山东天岳先进科技股份有限公司，成立于2010年，位于济南市，是一家以从 事计算机、通信和其他电子 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688234 证券简称：天岳先进 公告编号：2025-049 山东天岳先进科技股份有限公司 关于刊发境外上市外资股（H股）发行聆讯后资料集的公告 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"）正在进行申请发行境外上市外资股（H股）股票并 在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（以下简称"本次发行上市"）的相 关工作。 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）。 中文： https://www1.hkexnews.hk/app/sehk/2025/107138/documents/sehk25073001678_c.pdf 英文： https://www ...

山东天岳先进科技股份有限公司 关于刊发境外上市外资股（H 股）发行 聆讯后资料集的公告 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"）正在进行申请发行境 外上市外资股（H 股）股票并在香港联合交易所有限公司（以下简称"香港联交 所"）主板挂牌上市（以下简称"本次发行上市"）的相关工作。 证券代码：688234 证券简称：天岳先进 公告编号：2025-049 中文： https://www1.hkexnews.hk/app/sehk/2025/107138/documents/sehk25073001678 _c.pdf 英文： 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 ...

格隆汇7月31日丨天岳先进(688234.SH)公布，根据本次发行上市的安排，公司按照有关规定在香港联交 所网站刊登本次发行上市聆讯后资料集，该聆讯后资料集为公司根据香港联交所、香港证券及期货事务 监察委员会的要求而刊发，刊发目的仅为提供资讯予香港公众人士和合资格的投资者，除此之外并无任 何其他目的。同时，该聆讯后资料集为草拟版本，其所载资料可能会适时作出更新和变动。 ...

天岳先进：刊发境外上市外资股（H股）发行聆讯后资料集。 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-049 山东天岳先进科技股份有限公司 关于刊发境外上市外资股（H 股）发行 聆讯后资料集的公告 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"）正在进行申请发行境 外上市外资股（H 股）股票并在香港联合交易所有限公司（以下简称"香港联交 所"）主板挂牌上市（以下简称"本次发行上市"）的相关工作。 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 13 日，公司收到中国证券监督管理委员会（以下简称"中国证 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）（以 ...

Group 1 - Tianyue Advanced, the world's second-largest silicon carbide substrate manufacturer, has passed the Hong Kong Stock Exchange hearing, while lithium battery giant XWANDA and AI inference chip service provider Yuntian Lifi have submitted their listing applications [1] - As of July 30, a total of 236 companies are queued for Hong Kong stock listings, with 42 A-share companies having submitted their applications [5][8] - In 2023, 10 companies successfully listed in Hong Kong, raising a total of HKD 88.286 billion, with CATL leading at HKD 41.006 billion, marking the largest IPO globally this year [2][4] Group 2 - The average cumulative increase for the 10 A+H shares listed this year is 38.55%, with notable performers including Jihong Co. at 117.71% and Hengrui Medicine at 79% [4] - The Hong Kong Stock Exchange has seen significant inflows, with over HKD 850 billion entering the market this year, surpassing the total for 2024 [12] - A growing number of A-share companies are choosing to list in Hong Kong due to supportive domestic policies and improved liquidity in the Hong Kong market [12][13]