Summary of SICC (688234.SS) Conference Call Company Overview - **Company**: SICC (688234.SS) - **Industry**: Power Semiconductors, specifically focusing on Silicon Carbide (SiC) technology Key Points and Arguments Industry Dynamics - The demand for power semiconductors, particularly SiC, is expected to rise due to increasing computing power in AI servers. The TDP (thermal design power) of NVIDIA's GPUs has significantly increased, indicating a shift towards higher power requirements in data centers [1][3] - Major power semiconductor suppliers are collaborating with NVIDIA to support the transition to 800V DC power architectures, which is expected to enhance the penetration of SiC technology in AI data centers [1][2] Technological Advancements - SICC is transitioning from 6-inch to 8-inch wafer production, which is anticipated to reduce costs and improve competitiveness. This shift is expected to support gross margin (GM) expansion [1][9] - SiC technology is being utilized in various applications, including power supply units (PSUs) and battery backup units (BBUs), which enhance energy efficiency and cooling solutions in AI data centers [3][4] Financial Performance and Projections - The company maintains a target price of Rmb115, reflecting a positive outlook based on expected growth in SiC applications and product mix upgrades [1][13] - Revenue estimates for 2026 and 2027 have been revised down by 5% due to intense pricing competition, but net income estimates for the same years have been increased by 6% and 7% respectively, indicating a positive view on GM improvements [9][10] - Despite revenue cuts, SICC is projected to achieve a 53% CAGR in revenues from 2025 to 2028, with operating income expected to turn positive in 2026 [9][10] Risks and Challenges - Potential risks include slower-than-expected capacity expansion, intense competition in the SiC substrate market, and potential supply chain issues [18] - The company faces challenges related to pricing competition and the need for rapid technological advancements to maintain market position [18] Market Position and Growth Potential - SICC is well-positioned to benefit from the growing demand for SiC in various sectors, including electric vehicles (EVs) and AI data centers, which are expected to drive significant revenue growth [5][8] - The company is also collaborating with global-tier brand makers in the AI glasses segment, further diversifying its application portfolio [8] Additional Important Information - The company’s market cap is approximately Rmb39.9 billion ($5.7 billion), with a current share price of Rmb88.88, indicating a potential upside of 29.4% to the target price [20] - The earnings revision reflects a strategic focus on enhancing product mix and reducing costs, which is crucial for sustaining profitability in a competitive landscape [9][10] This summary encapsulates the critical insights from the conference call, highlighting SICC's strategic direction, financial outlook, and the broader industry context.

Group 1: Company Announcements - Zhongwei Company plans to acquire 64.69% equity of Hangzhou Zhonggui through a combination of share issuance and cash payment, aiming to enhance its capabilities in CMP equipment and solutions [1] - Lixun Precision intends to repurchase shares worth between 1 billion to 2 billion RMB for employee stock ownership plans or equity incentives, with a maximum repurchase price of 86.96 RMB per share [2] - ZaiJing Pharmaceutical has reached a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, receiving an upfront payment of 100 million USD [3] - Tianci Materials expects a net profit increase of 127% to 231% for 2025, driven by significant growth in lithium-ion battery material sales [4] - Meike Home plans to acquire 100% equity of Shenzhen Wande Technology through share issuance and cash payment, with stock resuming trading on January 5, 2026 [6][7] - ST KeliDa is planning a change in control, with stock suspension starting January 5, 2026, due to the transfer of 100% equity of its controlling shareholder [8] - Xinzhou Bang intends to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia, enhancing its global capacity and supply chain [9] Group 2: Financial Performance - Kid's King anticipates a net profit increase of 51.72% to 82.06% for 2025 [9] - Guangku Technology expects a net profit growth of 152% to 172% for 2025 [9] Group 3: Mergers and Acquisitions - Xidi Micro plans to acquire 100% equity of Chengxin Micro for 310 million RMB [9] - Haili Biological's subsidiary intends to acquire 51% equity of seven dental chain companies for 61.2 million RMB [9]

Group 1: Mergers and Acquisitions - Haili Biological's subsidiary, Ruisheng Biological, plans to invest 61.2 million yuan to acquire 51% equity in seven dental chain companies located in Yangzhou and Changzhou, which is expected to increase the company's revenue by approximately 100 million yuan and net profit by over 7 million yuan [1] - Yanggu Huatai has decided to terminate the issuance of shares and cash payment to acquire 99.64% equity in Bomi Technology, opting to negotiate for partial equity acquisition in cash instead [2] - Yachuang Electronics intends to issue shares and pay cash totaling 317 million yuan to purchase 40% equity in Shenzhen Ouchuang Semiconductor and 45% equity in Shenzhen Yihai Nengda, constituting a major asset restructuring [3] Group 2: Earnings Forecasts - Guangku Technology anticipates a net profit attributable to shareholders of 169 million to 182 million yuan for 2025, representing a year-on-year growth of 152% to 172% [4] Group 3: Shareholding Changes - Jianzhijia's actual controller, Yunnan Xiangqun, plans to increase its stake in the company by up to 2% through a concentrated bidding process, with an investment amount of 50 million yuan sourced from its own funds and a loan of up to 45 million yuan from CITIC Bank [5] - Zhenzhong Investment, a significant shareholder of Lvdiaofeng, plans to reduce its stake by no more than 1% through a concentrated bidding process, equating to a maximum of 680,000 shares [6] - Two shareholders of Lingzhi Software plan to reduce their holdings by a combined total of up to 1.43%, with one shareholder reducing by up to 3.281 million shares (0.82% of total shares) and the other by up to 2.4492 million shares (0.61% of total shares) [7] Group 4: Tax Issues - Tianyue Advanced announced that it needs to pay a total of 82.9728 million yuan in corporate income tax and late fees, which will be recorded in the 2025 financial results, expected to reduce the company's net profit for that year [8] - China Pharmaceutical's wholly-owned subsidiary, Hainan Tongyong Sanyang Pharmaceutical and Hainan Kangli Pharmaceutical, received tax notices requiring a total payment of approximately 65.2178 million yuan in taxes and late fees, which will also impact the company's net profit for 2025 [9][10] Group 5: Regulatory Issues - Platelite has received a notice from the China Securities Regulatory Commission regarding a case of suspected illegal information disclosure, leading to an official investigation [11] Group 6: Legal Matters - Baotailong announced that its subsidiary, Shuangyashan Longmei Tiantai Coal Chemical Co., is involved in a significant lawsuit that has entered the second instance, with a ruling requiring it to pay 316 million yuan in contract price and interest, while also receiving compensation and a return of a quality guarantee deposit [12]

A 股证券代码：688234 证券简称：天岳先进 公告编号：2026-001 本事项不会影响公司的正常经营，敬请广大投资者注意投资风险。 港股证券代码：02631 证券简称：天岳先进 山东天岳先进科技股份有限公司 关于补缴税款的公告 本公司董事会、全体董事及相关股东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"）近期根据税务部门要求， 对涉税事项开展自查。现将有关情况公告如下： 一、基本情况 经自查，2019 年-2020 年应补缴企业所得税及滞纳金合计 8,297.28 万元。 二、对公司的影响及风险提示 根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》相关 规定，上述补缴税款及滞纳金事项不属于前期会计差错，不涉及前期财务数据追 溯调整。公司补缴上述税款及滞纳金将计入 2025 年当期损益，预计相应减少公司 2025 年度净利润，最终以 2025 年度经审计的财务报表为准。 特此公告。 山东天岳先进科技股份有限公司董事会 2026 年 1 月 1 日 - 1 - ...

人民财讯12月31日电，天岳先进(688234)12月31日公告，公司近期根据税务部门要求，对涉税事项开展 自查。经自查，2019年—2020年应补缴企业所得税及滞纳金合计8297.28万元。公司补缴上述税款及滞 纳金将计入2025年当期损益，预计相应减少公司2025年度净利润。 ...

Core Viewpoint - The announcement details the expected daily related transactions for the year 2026 by Shandong Tianyue Advanced Technology Co., Ltd, emphasizing that these transactions are necessary for normal business operations and do not harm the interests of the company or minority shareholders [1][2]. Group 1: Daily Related Transactions Overview - The board of directors approved the expected daily related transactions for 2026, ensuring compliance with relevant laws and regulations, and independent directors confirmed the fairness and necessity of these transactions [3][11]. - The expected daily related transactions are essential for the company's normal production and business development, adhering to fair market principles [2][13]. - The company will not rely heavily on related parties, ensuring its independence is maintained [2][13]. Group 2: Transaction Details - The specific expected amount and categories of daily related transactions for 2026 are outlined, with amounts expressed in millions of RMB [5]. - The company can adjust transaction amounts among different related parties under the same control based on actual transaction conditions [6][12]. - Previous related transactions did not exceed the expected total amount, indicating a consistent execution of planned transactions [6]. Group 3: Related Parties Information - The related party, Jining Weishi Special Information Technology Development Co., Ltd, is controlled by the brother of the company's major shareholder, ensuring a clear connection [9]. - The company has followed the necessary procedures to exempt certain sensitive information from disclosure to protect competitive interests [4][8]. Group 4: Impact on Company Operations - The related transactions are regular and ongoing, beneficial for the company's operations and aligned with the interests of all shareholders [13]. - Pricing for related transactions is determined based on market prices and mutual agreement, ensuring no detriment to the company or minority shareholders [13]. - The transactions are not expected to significantly impact the company's operations or independence [13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][16]. Core Insights - The company is a leading player in the global wide-bandgap semiconductor materials industry, having achieved early industrialization of semi-insulating silicon carbide substrates and further advancing to conductive silicon carbide substrates [3][13]. - The company is expanding its production capacity, with the Jinan plant steadily increasing output through technological improvements, and the Shanghai Lingang plant achieving an annual production capacity of 300,000 conductive substrates ahead of schedule [3][4]. - The company has established a comprehensive product matrix for silicon carbide substrates, including 6/8/12-inch products, and is positioned to benefit from the industry's transition to a "12-inch era" [4][5]. - The company is actively expanding its applications in electric vehicles, renewable energy, and AI, having achieved significant partnerships with leading power semiconductor manufacturers and optical firms [5][6]. Financial Projections - Revenue projections for the company are estimated at 1.73 billion, 2.74 billion, and 3.80 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 33.19 million, 143.93 million, and 278.49 million yuan for the same years [10][11]. - The company is expected to experience significant growth in net profit, with a projected increase of 491.56% in 2025, followed by 333.71% in 2026, and 93.48% in 2027 [10][11].

现将具体情况公告如下： 一、日常关联交易基本情况 （一）日常关联交易履行的程序 2025 年 12 月 30 日，山东天岳先进科技股份有限公司（以下简称"公司"） 召开第二届董事会第十八次会议，审议通过了《关于公司 2026 年度日常关联交 易预计的议案》，关联董事回避表决，出席会议的非关联董事一致同意该议案。 表决程序符合《公司法》《证券法》等法律法规以及《公司章程》的有关规定。 | A | 股证券代码：688234 | 证券简称：天岳先进 | 公告编号：2025-080 | | --- | --- | --- | --- | | 港股证券代码：02631 | | 证券简称：天岳先进 | | 山东天岳先进科技股份有限公司 关于公司 2026 年度日常关联交易预计的公告 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、是否需提交股东大会审议：否 2、日常关联交易对上市公司的影响：本次预计关联交易事项为日常经营所 必需，遵循公平公允的市场原则和交易条件，不存在损害公司利益和中小股东利 益的情形，不会对关联方 ...

南财智讯12月29日电，天岳先进公告，公司股东哈勃科技创业投资有限公司本次减持计划实施完毕。在 2025年10月28日至2025年12月26日期间，哈勃科技创业投资有限公司通过集中竞价方式合计减持公司股 份3,876,948股，占公司总股本的0.80%，减持价格区间为66.99至94.39元/股，减持总金额为3.15亿元。 本次减持后，哈勃科技创业投资有限公司持有公司股份23,385,552股，占公司总股本的4.83%。本次实 际减持情况与此前披露的减持计划一致，减持计划已按期完成。 ...

来源：新浪证券-红岸工作室 2025年12月30日，山东天岳先进科技股份有限公司（简称"天岳先进"，港股代码：02631）发布公告 称，公司持股5%以上股东哈勃科技创业投资有限公司（简称"哈勃投资"）的减持计划已实施完毕。本 次减持期间，哈勃投资通过集中竞价方式累计减持公司387.69万股，占公司总股本的0.8%，套现总金额 约3.15亿元。 截至2025年12月26日，哈勃投资本次减持计划已实施完毕，具体情况如下： 股东名称 哈勃科技创业投资有限公司 减持计划首次披露日期 2025年9月27日 减持数量 3,876,948股 减持 期间 2025年10月28日～2025年12月26日 减持方式及对应减持数量 集中竞价减持，3,876,948股 减持价格 区间 66.99～94.39元/股 减持总金额 315,327,254.58元 减持完成情况 已完成 减持比例 0.8% 原计划减持 比例 不超过：0.80% 当前持股数量 23,385,552股 减持后持股情况 本次减持完成后，哈勃投资仍持有天岳先进2338.5552万股股份，持股比例相应从5.63%降至4.83%（以 公司发行H股并行使超额配售权后的总股 ...