天岳先进通过聆讯 中金公司和中信证券为联席保荐人

Core Viewpoint - Tianyue Advanced, a leading global manufacturer of silicon carbide substrates, has passed the Hong Kong Stock Exchange listing hearing, with CICC and CITIC Securities as joint sponsors [1] Company Summary - Tianyue Advanced ranks among the top three silicon carbide substrate manufacturers globally, holding a market share of 16.7% in 2024 [1] - The company focuses on the research and industrialization of silicon carbide substrates, providing core materials for the new energy and AI industries [1] - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch silicon carbide substrates and has been a pioneer in commercializing 2-inch to 8-inch substrates, as well as launching 12-inch silicon carbide substrates [1] - The company's silicon carbide substrates are widely used in electric vehicles, AI data centers, and photovoltaic systems [1] - Tianyue Advanced has established business partnerships with over half of the world's top ten power semiconductor device manufacturers [1] Industry Summary - The global silicon carbide substrate market is highly competitive and concentrated, with the top five players accounting for 68.0% of the market share [1] - Silicon carbide materials are rapidly developing in the power semiconductor device sector due to their superior performance [1] - The global power semiconductor device market is expected to reach a scale of $19.7 billion by 2030, with a compound annual growth rate of 35.8% from 2024 to 2030 [1]