山东天岳先进科技股份有限公司 监事会议事规则（草案） （H股发行上市后适用） 第一章 总则 第一条 为进一步规范山东天岳先进科技股份有限公司（以下简称"公司"） 监事会的议事方式和表决程序，促使监事和监事会有效地履行监督职责，完善公 司法人治理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司治理准则》《香港联 合交易所有限公司证券上市规则》和《山东天岳先进科技股份有限公司章程》（以 下简称"《公司章程》"）等有关规定，制订本规则。 第二条 监事会的组成 公司设监事会。监事会由 3 名监事组成，监事会设主席 1 人，由全体监事过 半数选举产生。董事、高级管理人员不得兼任监事。 监事会主席召集和主持监事会会议；监事会主席不能履行职务或者不履行职 务时，由半数以上监事共同推举一名监事召集和主持监事会会议。 监事会应当包括股东代表和适当比例的公司职工代表，其中职工代表的比例 不低于 1/3。监事会中的职工代表由公司职工通过职工代表大会、职工大会或者 其他形式民主选举产生。 监事每届任期三年。股东提名的监事由股东大会选举或更换，职工担任的监 ...

山东天岳先进科技股份有限公司 关于对全资子公司增资的公告 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： 证券代码：688234 证券简称：天岳先进 公告编号：2025-010 5、相关风险提示：本次增资是对全资子公司上海天岳的增资，风险可控，不 会导致公司合并报表范围发生变更，不会对公司财务状况和经营成果产生不良影 响，不存在损害公司和全体股东利益的情形，亦不存在违反相关法律法规的情形。 一、本次增资概述 （一）本次增资的基本情况 为进一步优化公司全资子公司上海天岳的资本结构，降低其资产负债率，保 障上海天岳的可持续发展，完善公司战略发展规划，公司拟使用自有或自筹资金 对全资子公司上海天岳增资 50,000.00 万元人民币。本次增资后，上海天岳注册 资本由人民币 40,000.00 万元增加至 90,000.00 万元。本次增资完成后，公司仍持 有上海天岳 100%股权，上海天岳仍为公司全资子公司。 （二）履行的决策及审批程序 本次增资事项已经公司第二届董事会第十次会议审议通过，无需提交公司股 东大会审 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-004 山东天岳先进科技股份有限公司 第二届董事会第十次会议决议公告 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"）第二届董事会第十次会 议于 2025 年 1 月 27 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《关于公司发行 H 股股票并在香港联合交易所有限公司上市 的议案》 为加快公司的国际化战略及海外业务布局，增强公司的境外融资能力，进一 步提高公司的资本实力和综合竞争力，根据公司总体发展战略及运营需要，董事 会同意公司在境外公开发行股票 H 股并在香港联合交易所有限公司（以下简称 "香港联交所"）上市（以下简称"本次 H 股上市"）。 表决 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-011 山东天岳先进科技股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025 年第一次临时股东大会 召开日期时间：2025 年 2 月 19 日 14 点 30 分 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 2 月 19 日 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东大会召开日期：2025年2月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开地点：山东省济南市槐荫区天岳南路 99 号天岳先进公司会议室 （五） 网络投票的系统、起止日期和投票时间。 涉及融资融券、转融通业务 ...

Group 1 - Tianyue Advanced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance international strategy and overseas business layout [1] - The company aims to raise funds for expanding production capacity of 8-inch or larger substrates, improving production efficiency, and enhancing R&D [1] - The board has proposed a resolution for the H-share listing to be valid for 18 months after approval by the shareholders' meeting [1] Group 2 - Recent executive changes include the resignation of two directors and the nomination of new independent and non-independent directors with relevant backgrounds [2] - Shareholders have reduced their holdings, with a total of 7.87 million shares sold, amounting to approximately 434 million yuan [2] Group 3 - The company expects a significant increase in revenue for the previous year, projecting between 1.75 billion to 1.85 billion yuan, a year-on-year increase of 39.92% to 47.92% [3] - Tianyue Advanced has achieved batch supply of 4-8 inch substrate products and anticipates improved capacity utilization and sales growth in 2024 [3] - The company is benefiting from the global trend towards energy electrification and decarbonization, leading to increased demand for silicon carbide substrates [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company is expected to achieve profitability in 2024, with projected revenue between 1.75 billion to 1.85 billion yuan, representing a year-on-year growth of 39.92% to 47.92%. The net profit attributable to the parent company is forecasted to be between 170 million to 205 million yuan, a significant increase compared to the previous year's loss of 45.72 million yuan [4][8]. - The company has successfully commenced mass production of 4-8 inch substrate products and is ramping up production capacity, which is expected to enhance its economies of scale and optimize costs [8][9]. - The launch of the first 12-inch silicon carbide substrate product marks a strategic move into larger substrate sizes, catering to the growing demand in sectors such as electric vehicles and renewable energy [8][9]. Financial Summary - Revenue projections for the company are as follows: 1.25 billion yuan in 2023, increasing to 1.81 billion yuan in 2024, 2.42 billion yuan in 2025, and 3.01 billion yuan in 2026, with year-on-year growth rates of 199.9%, 44.7%, 33.4%, and 24.7% respectively [7][10]. - The net profit is expected to turn positive in 2024, with estimates of 197 million yuan in 2024, 324 million yuan in 2025, and 415 million yuan in 2026, reflecting substantial growth from a loss of 46 million yuan in 2023 [10][11]. - The company's gross margin is projected to improve significantly, reaching 27.2% in 2024 and further increasing to 31.0% in 2025 [11]. Market Position and Strategy - The company is positioning itself as a leader in the silicon carbide substrate market, with a focus on high-quality, automotive-grade products to meet the increasing demand from downstream applications [9][10]. - Plans for an overseas share issuance and listing on the Hong Kong Stock Exchange are in place to enhance the company's capital strength and competitiveness [9].

Core Viewpoint - Tianyue Advanced is expected to achieve significant revenue growth and profitability in 2024, driven by the increasing demand for silicon carbide substrates in various sectors, including electric vehicles and renewable energy [1][3]. Group 1: Financial Performance - The company forecasts 2024 revenue between 1.75 billion to 1.85 billion yuan, representing a year-on-year increase of 39.92% to 47.92% [1]. - Net profit is projected to turn positive, with an estimated profit of 170 million to 205 million yuan, an increase of 216 million to 251 million yuan compared to the previous year, reflecting a year-on-year growth of 471.82% to 548.38% [1]. Group 2: Market Trends and Demand - The global trend towards energy electrification and decarbonization is driving demand for silicon carbide substrates in electric vehicles, wind and solar energy, power grids, data centers, and low-altitude flight [1][3]. - The silicon carbide power device market is projected to grow from 1.8 billion USD in 2022 to 8.9 billion USD by 2028, with a CAGR of 31% [3]. Group 3: Technological Advancements - Tianyue Advanced has developed key technologies for the preparation of 2 to 8-inch semi-insulating and conductive substrates, achieving mass production of high-quality 4-inch and 6-inch substrates [2]. - The company plans to launch the world's first 12-inch silicon carbide substrate in November 2024, which will significantly enhance chip production efficiency and reduce costs [2]. Group 4: Production Capacity and Strategy - The Shanghai Lingang factory is expected to achieve an annual production capacity of 300,000 conductive substrates by the first half of 2024, with plans for further capacity expansion [3]. - The company aims to leverage its advantages in capacity layout, technological accumulation, and industry positioning to enhance product quality and profitability [3].

Revenue and Profit Expectations - Expected annual revenue for 2024 is between 1,750 million RMB and 1,850 million RMB, representing an increase of 39.92% to 47.92% compared to the previous year[2] - Expected net profit attributable to parent company owners for 2024 is between 170 million RMB and 205 million RMB, a significant turnaround from a loss of 45.72 million RMB in the previous year, with an increase of 471.82% to 548.38%[2] - Expected net profit attributable to parent company owners after deducting non-recurring gains and losses for 2024 is between 144 million RMB and 179 million RMB, an increase of 227.75% to 258.80% compared to the previous year[3] - Revenue for the previous year was 1,250.70 million RMB, with a net loss attributable to parent company owners of 45.72 million RMB[4] Production and Market Expansion - The company has achieved mass production of 4-8 inch substrate products, with capacity utilization gradually increasing in 2024, leading to significant growth in revenue and product gross profit[6] - The company's high-quality conductive silicon carbide substrate products are accelerating their expansion into international markets[6] Government Subsidies - The company has received government subsidies related to normal business activities, which have impacted the net profit attributable to parent company owners after deducting non-recurring gains and losses[6]

证券代码：688234 证券简称：天岳先进 公告编号：2025-002 山东天岳先进科技股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 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、本次权益变动属于股份减持，不触及要约收购。 2、股东持股基本情况 3、本次权益变动不会导致公司控股股东、实际控制人发生变化。 公司于 2025 年 1 月 20 日收到辽宁中德、海通新能源、海通创新发来的《关 于减持股份权益变动触及 1%的告知函》。结合公司于 2024 年 12 月 19 日披露的 《关于持股 5%以上股东权益变动达到 1%的提示性公告》（公告编号：2024-068）， 以及辽宁中德、海通新能源、海通创新本次减持计划实施情况，现将有关权益变 动情况告知如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 | 名称一 | 辽宁中德产业股权投资基金合伙企业（有限合伙） | | --- | --- | | 住所 | 辽宁省沈阳经济技术开发区沈辽西路 189-1 号 | | 名称二 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - The company has launched the industry's first 12-inch silicon carbide substrate, marking a significant advancement in the wide bandgap semiconductor industry, which is expected to enhance chip yield and reduce unit costs [5][6]. - The company has successfully entered the supply chains of major international manufacturers, with its silicon carbide substrates being recognized for their quality and consistency [6][7]. - The company's production capacity is steadily increasing, with its Shanghai Lingang factory projected to achieve an annual production capacity of 300,000 conductive substrates by mid-2024 [6]. - The company has made strategic advancements in 8-inch substrates, achieving domestic replacement and initiating bulk sales to overseas clients [7]. Financial Projections - The company is expected to achieve a net profit attributable to the parent company of 200 million, 373 million, and 563 million yuan for the years 2024, 2025, and 2026, respectively [8]. - Revenue projections for the years 2024 to 2026 are 1.685 billion, 2.401 billion, and 3.142 billion yuan, reflecting growth rates of 34.75%, 42.50%, and 30.84% respectively [10][12]. - The company's EBITDA is projected to grow significantly, reaching 773.24 million yuan in 2025 and 987.33 million yuan in 2026 [10].