“A+H”碳化硅衬底第一股，天岳先进港股上市

Core Viewpoint - Tianyue Advanced officially listed on the Hong Kong Stock Exchange on August 20, 2023, with a first-day opening price of HKD 45.60 per share, representing a 6.54% increase from the issue price [1][3] Company Overview - Shandong Tianyue Advanced Technology Co., Ltd. was established in November 2010 and focuses on the research, production, and sales of silicon carbide single crystal substrate materials [3] - The company offers semi-insulating and conductive silicon carbide substrates applicable in microwave electronics and power electronics [3] - Tianyue Advanced is the only company listed on both the A-share and H-share markets for silicon carbide substrates [3] Market Position - According to Frost & Sullivan, Tianyue Advanced ranks among the top three global manufacturers of silicon carbide substrates by sales revenue, holding a market share of 16.7% as of 2024 [3] - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and was the first to commercialize the transition from 2-inch to 8-inch substrates [3] - Tianyue Advanced was also the first company to launch 12-inch silicon carbide substrates [3] Financial Performance - In 2024, the company achieved operating revenue of CNY 1.768 billion, a year-on-year increase of 41.37% [4] - The net profit attributable to the parent company was CNY 180.464 million, an increase of CNY 226.1845 million, marking a turnaround to profitability [4] - The net profit after deducting non-recurring gains and losses was CNY 157.532 million, also reflecting a significant year-on-year increase [4] - In the first quarter of 2025, Tianyue Advanced reported operating revenue of CNY 408 million and a net profit of CNY 8.5182 million [4]