SICC CO.(SH:688234) Bei Jing Shang Bao·2025-07-28 03:02Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. (referred to as "Tianyue Advanced") has officially launched its IPO on the Sci-Tech Innovation Board, aiming to become the first listed company in China focused on silicon carbide substrates, a type of wide bandgap semiconductor material [1][2]. Company Overview - Tianyue Advanced was established in 2010 and specializes in the research, production, and sales of silicon carbide substrates, which are applicable in microwave and power electronics [2]. - The company plans to raise 2 billion yuan through its IPO, with all proceeds directed towards silicon carbide semiconductor material projects [2]. Financial Performance - Tianyue Advanced has not yet achieved profitability, with reported revenues of approximately 136 million yuan, 269 million yuan, and 425 million yuan for the years 2018 to 2020, respectively. Corresponding net losses were approximately 42.14 million yuan, 201 million yuan, and 642 million yuan [2]. - The company reported a cumulative unabsorbed loss of 158 million yuan as of December 31, 2020 [3]. - Research and development expenses for the years 2018 to 2020 were approximately 25.10 million yuan, 24.75 million yuan, and 62.53 million yuan, respectively [3]. Shareholder Structure - The actual controller of Tianyue Advanced is Zong Yanmin, who controls 42.75% of the voting rights. Huawei indirectly holds 7.05% of the shares through its investment arm, Habo Technology Investment Co., Ltd. [4]. Customer Concentration - Over 80% of Tianyue Advanced's revenue comes from its top five customers, with sales to these customers amounting to approximately 109 million yuan, 223 million yuan, and 380 million yuan from 2018 to 2020, representing 80.15%, 82.94%, and 89.45% of total revenue, respectively [5]. - The company has a significant reliance on its largest customer, with sales to this customer accounting for 54.57%, 59.88%, and 45.43% of total revenue from 2018 to 2020 [6]. Sales Dynamics - In 2020, Tianyue Advanced experienced a significant increase in sales to an associated customer, referred to as Customer B, which became the second-largest customer, contributing 142 million yuan, or 33.32% of total revenue [7]. - The sales to Customer A decreased to below 50% of total revenue in 2020 due to the rise in sales to Customer B [7][8].