Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 23.932 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 1.845 billion yuan [1] - A total of 244 stocks saw net inflows, while 342 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 157 stocks rose, with one stock, Sangfor Technologies, hitting the daily limit, while 422 stocks declined [1] - C Hanbang, listed for five days, had the highest decline at 4.82% [1] Fund Flow Analysis - Among the stocks with net inflows, Tianyue Advanced led with a net inflow of 76.592 million yuan, followed by Ninebot and Rongbai Technology with inflows of 65.280 million yuan and 54.701 million yuan, respectively [2] - The stocks with the highest net outflows included SMIC, which saw a net outflow of 455 million yuan and a decline of 1.14%, followed by Liyang Chip and Shijia Photon with outflows of 160 million yuan and 141 million yuan, respectively [1][2] Continuous Fund Flow - There are 59 stocks that have seen continuous net inflows for more than three trading days, with BGI Genomics and Te Bao Bio leading at 10 consecutive days of inflow [2] - Conversely, 102 stocks have experienced continuous outflows, with Pioneer Technology seeing the longest streak at 25 days [2] Top Stocks by Net Inflow - The top stocks by net inflow include: - Tianyue Advanced: 76.592 million yuan, 8.01% inflow rate, 6.58% increase [2] - Ninebot: 65.280 million yuan, 15.53% inflow rate, 2.85% increase [2] - Rongbai Technology: 54.701 million yuan, 13.22% inflow rate, 1.13% increase [2] Stocks with Significant Outflows - The stocks with the most significant outflows include: - SMIC: 455 million yuan outflow, 1.14% decline [1][2] - Liyang Chip: 160 million yuan outflow [1] - Shijia Photon: 141 million yuan outflow [1]

Group 1 - The global N-type SiC substrate industry revenue is projected to decline by 9% in 2024, reaching $1.04 billion, primarily due to weakened demand in the automotive and industrial sectors, along with intensified market competition leading to significant price drops [2][3] - SiC, as a representative third-generation compound semiconductor material, is crucial in power electronic devices and is widely used in electric vehicles, photovoltaics, energy storage, industrial power supplies, and rail transportation [2] - The price of 6-inch SiC substrates has fallen below $500, approaching the manufacturers' cost line, due to the entry of Chinese companies into the market [2] Group 2 - Wolfspeed remains the most significant supplier in the SiC materials market with a 33.7% market share in 2024, while Chinese companies TanKeBlue and SICC hold the second and third positions with 17.3% and 17.1% market shares, respectively [5] - The aggressive pricing strategies of Chinese companies are disrupting the existing market structure, leading to concerns about increased internal competition and potential impacts on product quality [6][7] - The entire SiC device-related ecosystem is experiencing continuous capacity growth, raising concerns about the sustainability of the market dynamics [7] Group 3 - Silan Microelectronics has achieved a monthly production capacity of 9,000 pieces of 6-inch SiC MOS chips, with 50,000 units shipped to four domestic automotive manufacturers [9] - As the ecosystem improves, domestic companies are focusing on quality enhancement alongside competitive pricing, with Silan's 8-inch mini line achieving higher yield rates compared to the 6-inch line [9]

Core Viewpoint - The article highlights the rapid development and challenges in the silicon carbide (SiC) substrate industry, particularly in relation to the cost and application of SiC optical waveguide lenses in AR glasses, driven by innovations in materials and technology [1][2][3]. Group 1: Industry Trends - Meta's announcement regarding the use of SiC optical waveguide lenses in AR glasses has sparked significant interest and activity among various manufacturers in the AR hardware sector [1]. - Companies such as XREAL, 雷鸟创新, and 慕德微纳 are accelerating their investments in SiC optical waveguide technology, indicating a vibrant market environment [1]. - The industry is characterized by high technical enthusiasm and market vitality, with multiple SiC substrate companies actively participating in research and development [1]. Group 2: Cost Challenges - The high cost of SiC optical waveguide lenses, which can reach up to 2000 RMB per piece, is a major barrier to the widespread adoption of AR glasses [3][5]. - The production cost of Meta's AR glasses is significantly influenced by the SiC lenses, which account for a substantial portion of the overall cost [3][5]. - The article identifies four key challenges in reducing the cost of SiC substrates, including performance requirements, crystal growth, substrate processing, and production costs [7][12]. Group 3: Performance and Processing Differences - SiC substrates for optical applications have distinct performance requirements compared to traditional substrates, focusing on optical properties such as low light absorption and high transmittance [8][9]. - The processing techniques for optical-grade SiC substrates differ from those for conductive and semi-insulating substrates, necessitating higher precision and control [11][12]. - The article emphasizes the need for improved processing techniques to enhance yield and reduce costs in the production of optical-grade SiC substrates [11][12]. Group 4: Future Outlook and Innovations - Companies are optimistic about the potential for cost reduction through process optimization, scale effects, and technological advancements in SiC substrate production [15][16]. - The article suggests that if the AR glasses industry follows a growth trajectory similar to that of smartphones, the prices of optical-grade SiC substrates could significantly decrease by 2030 [16]. - The development of larger SiC substrates (8-inch and 12-inch) is expected to enhance production efficiency and lower costs, although challenges remain in achieving the necessary purity and defect control [19][20][21]. Group 5: Market Potential - The market for SiC-based optical waveguide lenses is projected to grow significantly, with estimates suggesting a demand for 60-180 million pieces by 2030 [21][24]. - The continuous efforts of leading SiC substrate companies to innovate and collaborate within the industry are seen as crucial for overcoming current cost barriers and driving market growth [21][24]. - The article concludes that advancements in SiC technology and cost reductions will likely lead to a new era of consumer-grade AR products, expanding the market for smart wearable devices [24].

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： 证券代码：688234 证券简称：天岳先进 公告编号：2025-040 山东天岳先进科技股份有限公司 2024年年度股东大会决议公告 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 16 日 （二） 股东大会召开的地点：山东省济南市槐荫区天岳南路 99 号天岳先进公司 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 108 | | --- | --- | | 普通股股东人数 | 108 | | 2、出席会议的股东所持有的表决权数量 | 265,802,332 | | 普通股股东所持有表决权数量 | 265,802,332 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 62.1462 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 62.1462 | （四） 表 ...

国浩律师（上海）事务所 上海市山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 电话: （8621） 5234-1668 传真: （8621） 5243-3320 网址：http://www.grandall.com.cn 关于 山东天岳先进科技股份有限公司 2024 年年度股东大会 之 法律意见书 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于山东天岳先进科技股份有限公司 2024 年年度股东大会之法律意见书 致：山东天岳先进科技股份有限公司 山东天岳先进科技股份有限公司（以下简称"公司"）2024 年年度股东大 会（以下简称"本次股东大会"）现场会议于 2025 年 5 月 16 日（星期五）下午 14:30 在山东省济南市槐荫区天岳南路 99 号天岳先进公司会议室召开。国浩律师 （上海）事务所（以下简称"本所"）接受公司的委托，指派陈杰律师、李晗律 师（以下简称"本所律师"）出席本次股东大会现场会议并见证。现依据《中华 人民共和国公司法》《中华人民共和国证券法》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》"）出具本法律意见书。 本所律师按照有 ...

Core Viewpoint - The article discusses the latest financial reports and market insights from various silicon carbide (SiC) companies, highlighting growth opportunities and challenges in the SiC industry. Group 1: Company Financial Performance - Infineon reported Q2 2025 revenue of €3.591 billion (approximately ¥29 billion) and a profit of €601 million (approximately ¥4.84 billion), with a profit margin of 16.7% [2] - ON Semiconductor's Q1 2025 revenue was $1.4457 billion, with a GAAP gross margin of 20.3% and a net loss of $486.1 million [7][6] - Wolfspeed's Q3 2025 revenue was $185.4 million (approximately ¥1.31 billion), with a gross loss of $22.5 million [13][11] - Tianyue Advanced reported Q1 2025 revenue of ¥410 million and a net profit of ¥8.52 million, with R&D investment of ¥44.94 million [14] Group 2: Market Insights and Trends - Infineon introduced its first SiC trench MOSFET product, which is expected to drive business growth despite a forecasted slowdown in SiC revenue growth for FY2025 [5][8] - ON Semiconductor is experiencing increased demand for SiC components in the automotive sector, particularly in China, where nearly 50% of new models are expected to use their SiC devices [9] - Tianyue Advanced anticipates strong demand for SiC in electric vehicles, photovoltaic energy storage, and AI data centers, emphasizing the technological barriers in SiC substrate production [16] Group 3: Product Developments - Infineon's SiC MOSFETs are noted for their superior area efficiency and performance compared to competitors [8] - ON Semiconductor's fourth-generation EliteSiC MOSFETs are expected to enhance their market position and revenue potential [10] - Wolfspeed's 8-inch SiC device factory contributed $78 million (approximately ¥560 million) in revenue, showing significant growth [15]

Core Insights - Jinan is focusing on building a modern industrial system characterized by "four beams, three supports, and four pillars," which includes key industries such as automotive manufacturing, electronic information, high-end equipment, and biomedicine [1][13] - The city aims to cultivate ten iconic industrial clusters, forming a "10+N" industrial matrix, and is prioritizing emerging fields like artificial intelligence, quantum technology, and low-altitude economy [1][13] - Jinan's economic performance is projected to improve, with a GDP of 13,527.6 billion yuan in 2024, reflecting a 5.4% year-on-year growth [3] Industrial Structure and Economic Performance - Jinan's industrial structure is evolving, with the primary industry contributing 440.0 billion yuan (3.6% growth), the secondary industry at 4,519.2 billion yuan (5.8% growth), and the tertiary industry at 8,568.4 billion yuan (5.2% growth), leading to a service-oriented economy [3][5] - The city has implemented over 2,000 industrial investment projects, with a focus on automotive manufacturing and electronic information, resulting in a 6.5% increase in industrial output value for 2024 [5] Innovation and Technology Development - Jinan is enhancing its innovation capabilities, with 1,189 new innovative SMEs and 720 specialized and innovative enterprises established in 2024 [7][8] - The city has made significant progress in building high-energy innovation platforms, including the Chinese Academy of Sciences Jinan Innovation City and the Shandong Institute of Industrial Technology [7] New Quality Productive Forces - The concept of "New Quality Productive Forces" was introduced by President Xi Jinping, emphasizing innovation-driven development and advanced production characteristics [2][10] - Jinan's government has launched several policies to support the development of new quality productive forces, including action plans for aerospace information and innovative pharmaceuticals [10][11] Future Industry Layout - Jinan is actively positioning itself in future industries, particularly in aerospace information, low-altitude economy, and quantum technology, with plans for significant infrastructure development [28] - The city aims to create a national-level future industry innovation demonstration zone, focusing on high-tech sectors and sustainable development [28] Key Enterprises and Sectors - Major companies in Jinan include Inspur Group in information technology, Qilu Pharmaceutical in biomedicine, and China National Heavy Duty Truck Group in high-end equipment manufacturing [20][21] - The automotive sector is represented by companies like BYD and Geely, which are driving the growth of the new energy vehicle industry in the region [20][21]

Core Viewpoint - Tianyue Advanced achieved significant revenue growth and profitability in 2024, with a revenue of 1.768 billion yuan, a year-on-year increase of 41.37%, and a net profit of 179 million yuan, marking a turnaround from losses [2]. Industry Overview - The silicon carbide substrate market in China has experienced notable price adjustments since 2024, particularly with a decline in the price of 6-inch substrates. The market is characterized by competition primarily in industrial-grade substrates, while automotive-grade substrates remain in high demand due to stringent reliability and safety requirements [3]. - Tianyue Advanced is the second-largest manufacturer of conductive silicon carbide substrates globally, holding a market share of 22.80% [3]. Product Development - The company is focusing on large-size silicon carbide substrates, having upgraded its production from 2-inch to 8-inch substrates and planning to launch the industry's first 12-inch substrate in 2024. This transition is seen as a necessary evolution similar to the shift from 6-inch to 12-inch silicon wafers [4]. - The demand for silicon carbide materials is expected to surge as cost-effectiveness improves, with large-size substrates playing a crucial role in achieving this goal [4]. Research and Development - In Q1 2025, Tianyue Advanced's R&D expenses reached 44.94 million yuan, a 101.67% increase year-on-year, representing 11.02% of its revenue. This increase is attributed to investments in strategic products, particularly optical products for AI glasses [5]. - The company is actively investing in the optical substrate sector for AI glasses, which is anticipated to revolutionize consumer electronics by enhancing human-computer interaction [6]. Market Trends - The application of silicon carbide in the electric vehicle sector has been growing rapidly, with a compound annual growth rate (CAGR) of 66.7% from 2019 to 2023. The electric vehicle market is projected to maintain a CAGR of 36.1% from 2024 to 2030, driving the growth of silicon carbide power semiconductor devices [7]. - Tianyue Advanced's production capacity is expanding, with its Shanghai Lingang factory achieving an annual production capacity of 300,000 conductive substrates ahead of schedule in 2024 [8]. Strategic Expansion - The company plans to use funds from its upcoming Hong Kong IPO to expand its production capacity for 8-inch and larger silicon carbide substrates, including domestic and overseas production bases [8]. - Despite concerns about potential overcapacity in the silicon carbide industry, Tianyue Advanced believes that the high technical barriers will prevent a scenario similar to that of the photovoltaic industry [8][9].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][7]. Core Views - The company reported a revenue of 408 million yuan in Q1 2025, a decrease of 4.25% year-on-year, with a net profit attributable to the parent company of 9 million yuan, down 81.52% [4]. - Despite the decline in performance, the overall gross margin improved to 23.95%, an increase of 2.03 percentage points year-on-year, indicating a focus on core business and optimization of product structure [4][5]. - The company is actively expanding its production capacity and exploring applications of silicon carbide materials in the AI glasses sector, with a significant revenue contribution from its main business [5][6]. Financial Performance - The company achieved a revenue of 1.251 billion yuan in 2023, with a year-on-year growth of 199.9%, and is projected to reach 2.328 billion yuan in 2025, reflecting a growth rate of 31.7% [10]. - The net profit for 2023 was -46 million yuan, but it is expected to turn positive with 264 million yuan in 2025, showing a significant recovery [10]. - The gross margin is projected to improve from 15.8% in 2023 to 27.8% in 2025, indicating better cost management and product pricing strategies [10]. Market Position - The company ranks second globally in the production of conductive silicon carbide substrates, holding a market share of 22.80% [6]. - It is one of the few companies capable of mass-producing 8-inch silicon carbide substrates, which positions it favorably in the market as the industry shifts towards larger substrate sizes [6][7].

Investment Rating - The report maintains an "Accumulate-A" rating for Tianyue Advanced (688234.SH) [4] Core Views - The company is expected to achieve revenue of 2.328 billion, 2.896 billion, and 3.487 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 264 million, 323 million, and 394 million yuan [4] - The earnings per share (EPS) are projected to be 0.62, 0.75, and 0.92 yuan for the same years, leading to price-to-earnings (PE) ratios of 95.8X, 78.4X, and 64.3X respectively based on the closing price of 58.92 yuan on May 12 [4] - The company is focusing on enhancing its core product capacity and exploring new applications in the AI glasses sector, which could further expand its market [6][8] Financial Performance - In Q1 2025, the company reported a revenue of 408 million yuan, a decrease of 4.25% year-on-year, and a net profit of 9 million yuan, down 81.52% year-on-year [5] - The overall gross margin for Q1 2025 was 23.95%, an increase of 2.03 percentage points year-on-year, despite the decline in net profit [5] - The company’s main business, silicon carbide semiconductor materials, achieved a revenue of 1.474 billion yuan in 2024, representing a year-on-year growth of 35.72% [6] Market Position - Tianyue Advanced is one of the few companies globally capable of mass-producing 8-inch silicon carbide substrates, holding a market share of 22.80% in this segment [7] - The company is actively pushing its leading customers to transition to 8-inch substrates and has introduced the industry's first 12-inch silicon carbide substrate [7]