Group 1 - The global N-type SiC substrate industry revenue is expected to decline by 9% in 2024, reaching $1.04 billion due to weakened automotive and industrial demand, increased market competition, and significant price drops [1] - Despite facing dual pressures of weak demand and oversupply in 2025, the long-term growth trend for SiC remains unchanged, with broader applications anticipated, especially in the industrial sector [1] - The intense market competition is expected to accelerate industry consolidation, reshaping the development landscape of the SiC substrate market [1] Group 2 - Wolfspeed maintains its position as the leading supplier in the SiC materials market with a market share of 33.7% in 2024, despite operational challenges [4] - Chinese companies TanKeBlue and SICC are rapidly developing, with market shares of 17.3% and 17.1%, respectively, ranking second and third [4] - The 6-inch SiC substrate is expected to continue dominating the market due to rapid price declines, while the 8-inch substrate is seen as essential for further cost reduction and technology upgrades, with an estimated market share of over 20% by 2030 [4]

山东天岳先进科技股份有限公司 （山东省济南市槐荫区天岳南路 99 号） （证券代码：688234 证券简称：天岳先进） 2024 年年度股东大会 会议资料 二〇二五年五月 | | | 2024 年年度股东大会会议须知 根据《公司法》《证券法》以及《公司章程》《股东大会议事规则》等相关规 定，为维护股东合法利益，确保股东会议的正常秩序和议事效率，山东天岳先进 科技股份有限公司（以下简称"公司"）特制定会议须知如下，请出席股东大会 的全体人员共同遵守： 1、为保证本次大会的严肃性和正常秩序，切实维护与会股东（或股东代理 人）的合法权益，除出席会议的股东（或股东代理人）、公司董事、监事、高级 管理人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他无关人员进 入会场。 5、要求发言的股东及股东代理人，应提前在股东大会签到处进行登记，会 议进行中只接受股东及股东代理人发言或提问，股东现场提问请举手示意，经会 议主持人许可方可发言。有多名股东及股东代理人同时要求发言时，先举手者发 言；不能确定先后时，由主持人指定发言者。股东及股东代理人发言或提问应围 绕本次会议议题进行，简明扼要，时间不超过 5 分钟。 6、股东及 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-039 山东天岳先进科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度中英双语 业绩说明会的公告 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： 会议线上交流时间：2025 年 5 月 12 日（星期一）下午 14:00-16:00 会议召开方式：直播及线上文字互动 直播和线上文字互动平台：上海证券交易所上证路演中心（此链接将于 活 动 开 始 前 一 天 下 午 16:00 生 效 ） （https://roadshow.sseinfo.com/activityDetails/33573） 投资者可于 2025 年 5 月 9 日（星期五）下午 16:00 前通过邮件、电话、 传真等形式将需要了解和关注的问题提前提供给山东天岳先进科技股份有限公 司（以下简称"公司"），公司将在业绩说明会中对投资者普遍关注的问题进行回 答。 本次中英双语业绩说明会拟邀请全球投资者参与，将同步提供实时中英 文字幕翻译服务。 公司已于 2025 年 ...

Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

Investment Rating - The investment rating for the company is "Buy-A" with a six-month target price of 69.82 CNY [4][7]. Core Views - The company has shown consistent revenue growth, achieving 1.768 billion CNY in 2024, a 41.37% increase from 2023, and maintaining a global market share among the top three in conductive silicon carbide substrates [2][3]. - The company is increasing its R&D investment in large-size products, with R&D expenses rising to 0.45 billion CNY in Q1 2025 from 0.22 billion CNY in the same period last year [2]. - The demand for silicon carbide is expected to grow significantly due to its applications in AI data centers and emerging markets like AI glasses, with projections indicating a market size exceeding 800 billion CNY in AI data centers by 2030 [3]. Financial Summary - The company reported a revenue of 4.08 billion CNY in Q1 2025, a decrease of 4.25% year-on-year, and a net profit of 0.09 billion CNY, down 81.52% year-on-year [1]. - Forecasted revenues for 2025, 2026, and 2027 are 2.502 billion CNY, 3.217 billion CNY, and 4.118 billion CNY respectively, with net profits expected to be 0.271 billion CNY, 0.415 billion CNY, and 0.549 billion CNY [4][8]. - The company’s market capitalization is approximately 24.96 billion CNY, with a circulating market value of about 17.45 billion CNY [4].

Group 1 - Tianyue Advanced (688234.SH) reported its Q1 2025 results, with 24 institutional investors holding a total of 161 million shares, representing 37.47% of the total share capital [1] - The top ten institutional investors collectively hold 36.77% of the shares, with a decrease of 1.07 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, seven funds increased their holdings, accounting for a 0.26% increase, while six funds decreased their holdings, representing a 0.58% decrease [2] - Four new public funds were disclosed this quarter, while 206 funds were not disclosed compared to the previous quarter [2]

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 ...