证券代码：688234 证券简称：天岳先进 公告编号：2025-034 山东天岳先进科技股份有限公司 关于使用部分超募资金永久补充流动资金的公告 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。 重要内容提示： 1、超募资金永久补充流动资金额度：拟使用人民币 35,000 万元的超募资金 进行永久补充流动资金，占超募资金总额的比例为 29.08%。 2、承诺事项：山东天岳先进科技股份有限公司（以下简称"公司"、"天岳 先进"）承诺每 12 个月内累计使用超募资金用于永久补充流动资金不超过超募资 金总额的 30%；在补充流动资金后的 12 个月内不进行高风险投资以及为控股子 公司以外的对象提供财务资助。 3、本议案尚需提交公司股东大会审议。 公司拟使用人民币 35,000 万元的超募资金进行永久补充流动资金，占超募资 金总额的比例为 29.08%，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《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），公司首次公开 ...

根据《公司法》《上海证券交易所科创板股票上市规则》《公司章程》等相关 规定，公司将按照法定程序尽快完成公司董事补选相关工作。 证券代码：688234 证券简称：天岳先进 公告编号：2025-036 山东天岳先进科技股份有限公司 关于董事辞职的公告 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"）董事会于近日收到公 司董事王欢先生递交的书面辞职报告。王欢先生因个人工作原因，申请辞去公司 董事职务。辞职后，王欢先生不再担任公司任何职务。 截至本公告披露日，王欢先生未持有公司股份。根据《公司法》《公司章程》 等相关法律法规文件的规定，王欢先生的辞职报告自送达公司董事会之日起生效， 王欢先生辞职不会导致公司董事会人数低于法定人数，不会影响董事会和公司经 营正常运行，不会对公司日常管理、生产经营产生影响。 王欢先生在担任公司董事期间恪尽职守、勤勉尽责，切实履行了董事相关职 责，在公司规范运作等方面发挥了重要作用。公司及公司董事会对王欢先生在任 职期间为公司作出的贡献表示衷心感谢。 特此 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-033 山东天岳先进科技股份有限公司 关于变更会计政策的公告 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： 本次变更会计政策系山东天岳先进科技股份有限公司（以下简称"公司"、"本 公司"）根据财政部相关规定进行的变更，不会对公司的财务状况、经营成果和 现金流量产生重大影响。 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 于公司变更会计政策的议案》，同意根据中华人民共和国财政部发布《企业会计 准则解释第 18 号》（财会〔2024〕24 号）（以下简称"准则解释第 18 号"）对公 司相关会计政策进行变更。现将具体事项说明如下： 一、本次会计政策变更概述 本次变更前，公司执行财政部发布的《企业会计准则——基本准则》及各项 具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规 定。 2024 年 12 月 6 日，财政部公布了《准则解释第 18 号》，准则解释第 18 号对 "关于不属于单项 ...

证券代码：688234 证券简称：天岳先进 公告编号：2025-037 山东天岳先进科技股份有限公司 关于2024年年度股东大会增加临时提案的公告 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。 一、 股东大会有关情况 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688234 | 天岳先进 | 2025/5/13 | 二、 增加临时提案的情况说明 公司已于2025 年 3 月 28 日公告了股东大会召开通知，单独持有30.09%股份 的股东宗艳民，在2025 年 4 月 29 日提出临时提案并书面提交股东大会召集人。 股东大会召集人按照《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》有关规定，现予以公告。 网络投票结束时间：2025 年 5 月 16 日 3. 临时提案的具体内容 2025 年 4 月 29 日，公司 2024 年年度股东大会召集人公司董事会收到公司控 股股东宗艳民先生提交的《关于向山东天岳先进科技股份有限 ...

山东天岳先进科技股份有限公司 第二届监事会第十一次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 山东天岳先进科技股份有限公司（以下简称"公司"）第二届监事会第十一 次会议于 2025 年 4 月 29 日在公司会议室以现场结合通讯方式召开。会议由监事 会主席张红岩女士主持，应出席会议的监事 3 名，实际出席会议的监事 3 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。 二、监事会会议审议情况 本次监事会会议审议并通过了以下议案： （一）审议通过《关于公司 2025 年第一季度报告的议案》 监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法律、法规 及监管机构的相关规定；公司 2025 年第一季度报告公允地反映了公司报告期内 的财务状况和经营成果，所包含的信息能从各个方面真实地反映公司报告期内经 营管理和财务状况等事项；公司 2025 年第一季度报告内容真实、准确、完整， 不存在任何虚假记载、误导性陈述或重 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 407,961,034.96, a decrease of 4.25% compared to CNY 426,068,533.52 in the same period last year[3] - Net profit attributable to shareholders was CNY 8,518,174.22, down 81.52% from CNY 46,099,895.98 year-on-year[3] - Basic and diluted earnings per share were both CNY 0.02, reflecting an 81.82% decrease from CNY 0.11 in the same period last year[3] - Total operating revenue for Q1 2025 was CNY 407,961,034.96, a decrease of 4.6% compared to CNY 426,068,533.52 in Q1 2024[19] - Net profit for Q1 2025 was CNY 8,518,174.22, a decline of 81.5% from CNY 46,099,895.98 in Q1 2024[20] - Basic and diluted earnings per share for Q1 2025 were both CNY 0.02, down from CNY 0.11 in Q1 2024[21] Research and Development - R&D investment totaled CNY 44,937,664.51, representing an increase of 101.67% compared to CNY 22,283,293.95 in the previous year, accounting for 11.02% of operating revenue[3] - R&D expenses rose significantly to CNY 44,937,664.51 in Q1 2025, compared to CNY 22,283,293.95 in Q1 2024, reflecting a 101.5% increase[20] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 143,963,575.72, a significant improvement from a negative cash flow of CNY -39,060,029.41 in the previous year[3] - Cash received from sales of goods and services in Q1 2025 was CNY 431,234,586.13, an increase of 6.8% from CNY 403,766,822.99 in Q1 2024[23] - The net cash flow from operating activities was $143,963,575.72, a significant improvement compared to a net outflow of $39,060,029.41 in the previous period[24] - Cash inflows from operating activities were $553,657,962.04, an increase from $431,348,761.67 in the previous period, indicating growth in operational efficiency[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,549,065,939.54, an increase of 2.61% from CNY 7,356,705,041.15 at the end of the previous year[3] - Total liabilities increased to CNY 2,220,582,213.29, compared to CNY 2,043,723,276.03 in the previous period[16] - Non-current liabilities totaled CNY 667,384,101.49, an increase from CNY 500,947,884.87[16] - The company reported a total equity of CNY 5,328,483,726.25, slightly up from CNY 5,312,981,765.12[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 18,195[10] - The top shareholder, Zong Yanmin, holds 30.09% of the shares, totaling 129,302,726 shares[10] Government Support - The company received government subsidies amounting to CNY 6,000,000, which are expected to have a sustained impact on its profits[5] Current Assets - The company reported a total current assets of RMB 3,350,082,734.55 as of March 31, 2025, an increase from RMB 3,124,652,583.59 on December 31, 2024, representing a growth of approximately 7.24%[14] - Cash and cash equivalents increased to RMB 1,474,765,516.80 from RMB 1,239,198,322.57, reflecting a growth of about 19.00%[14] - Accounts receivable slightly rose to RMB 529,991,511.75 from RMB 520,263,327.64, indicating a marginal increase of 1.40%[14] - Inventory levels were reported at RMB 1,032,851,809.31, showing a slight increase from RMB 1,021,875,768.82, which is a growth of approximately 1.00%[14] Fixed Assets - The company’s long-term equity investments decreased to RMB 25,397,436.83 from RMB 26,899,414.16, a decline of about 5.58%[14] - Fixed assets were valued at RMB 3,573,533,264.25, down from RMB 3,614,761,253.75, representing a decrease of approximately 1.14%[14] Strategic Direction - The company has not reported any significant new product launches or technological advancements during the reporting period[13] - There are no updates on market expansion or mergers and acquisitions in the recent financial report[13] - The company has not indicated any changes in its strategic direction or new strategies implemented in the current reporting period[13] Financial Statement Reliability - The financial statements are unaudited, which may affect the reliability of the reported figures[14]

国泰海通证券股份有限公司(以下简称"保荐机构")作为山东天岳先进科 技股份有限公司（以下简称"公司"）首次公开发行股票并在科创板上市的持续 督导保荐机构,根据《证券发行上市保荐业务管理办法》《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股 票上市规则》《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》等有关规定,对公司使用部分超募资金永久补充流动资金事项进行了核查, 具体情况如下: 一、募集资金基本情况 根据中国证券监督管理委员会《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），公司首次公开发行 人民币普通股(A 股)42,971,105 股,全部为公开发行新股。每股面值人民币 1.00 元,每股发行价格为人民币 82.79 元,募集资金总额为人民币 355,757.78 万元, 扣除各项发行费用后的实际募集资金净额为人民币 320,347.13 万元。 国泰海通证券股份有限公司 关于山东天岳先进科技股份有限公司 使用部分超募资金永久补充流动资金的核查意见 立信会计师事务所（特殊普 ...

天岳先进公告，2025年第一季度营收为4.08亿元，同比下降4.25%；净利润为851.82万元，同比下降 81.52%。 ...

Core Viewpoint - The radio frequency power amplifier market is experiencing unprecedented growth driven by advancements in wireless communication technologies such as 5G, IoT, and autonomous driving, with a projected market size of $6.254 billion in 2024 and expected to reach $9.976 billion by 2031, reflecting a compound annual growth rate (CAGR) of 6.90% [1][13]. Industry Overview - Radio frequency power amplifiers are essential electronic devices that amplify input RF signals to higher power levels, crucial for wireless communication, radar, and satellite communication [3]. - The operational principle involves key steps: signal input and matching, signal amplification, and output matching and load driving [3]. Market Dynamics - The market is segmented into linear power amplifiers and switch-type power amplifiers, with linear amplifiers having high frequency but narrow bandwidth, while switch-type amplifiers offer high efficiency and output power but lower linearity [5]. - The demand for RF power amplifiers is significantly driven by the increasing number of 5G base stations, with an expected construction of 4.251 million base stations in China by 2024, an increase of 874,000 from the previous year [11]. Industry Chain - The RF power amplifier industry chain includes upstream suppliers of EDA software, substrate materials, and packaging materials, midstream manufacturers of RF power amplifiers, and downstream manufacturers or operators in mobile terminals, communication base stations, IoT devices, and military radar [7]. Substrate Materials - Common substrates for RF power amplifiers include Si, GaAs, and GaN, with GaAs being the mainstream substrate due to its superior performance in mobile terminals and micro base stations [9]. - The global GaAs substrate market was approximately $200 million in 2019 and is projected to reach $348 million by 2025, with a CAGR of 9.67% [9]. Competitive Landscape - The RF power amplifier market is primarily dominated by American companies such as Skyworks, Qorvo, and Broadcom, while domestic companies in China are gaining competitive advantages through better understanding of local markets and cost control [15]. - Key domestic players include Weijie Chuangxin, Shenzhen Feixiang Technology, Guangzhou Huizhiwei Electronics, and Jiangsu Zhuosheng Microelectronics [15][16]. Company Performance - Weijie Chuangxin reported a revenue of 854 million yuan for its RF power amplifier modules in the first half of 2024, a year-on-year increase of 7.14% [16]. - Guangzhou Huizhiwei Electronics achieved a revenue of 384 million yuan in the first three quarters of 2024, a year-on-year decrease of 3.59%, with a net loss of 298 million yuan [18]. Future Trends - The industry is expected to pursue higher power density, efficiency, and linearity to meet the demands of complex communication environments, with a trend towards miniaturization and integration of RF power amplifiers [20]. - The integration of artificial intelligence technologies is anticipated to enable smart and adaptive RF power amplifiers that optimize power output, gain, and linearity in real-time [20].

Core Insights - The report by Dongwu Securities highlights the potential of silicon carbide (SiC) materials as ideal substrates for AR glasses due to their high refractive index and thermal conductivity [1][3] - AR glasses are positioned as a perfect carrier for AI applications, merging virtual and real-world information seamlessly [2] Industry Overview - The global shipment of AR glasses is projected to reach 553,000 units in 2024, representing a year-on-year increase of 7.8%, with China accounting for 286,000 units [2] - The optical display system, comprising optical combiners and micro-displays, is the core component of AR glasses, constituting over 40% of the total cost [2] Technology Trends - Surface relief grating (SRG) waveguide technology is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2] - SiC materials combined with SRG waveguides and etching processes are crucial for significant advancements in AR glasses, enhancing field of view (FOV) and addressing issues like color dispersion and light loss [3] Cost Reduction Strategies - The need for semi-insulating SiC substrates in large sizes is emphasized as a key factor for cost reduction, with breakthroughs in 12-inch substrate mass production being essential for making AR glasses more accessible to the consumer market [4] - It is estimated that if AR glasses reach a shipment volume of 100 million units, approximately 10 million 12-inch SiC substrates will be required [4] Investment Recommendations - The report recommends focusing on companies such as Jing Sheng Mechanical and Tian Yue Advanced as key investment opportunities in the AR glasses sector [5]