Zheng Quan Shi Bao Wang·2025-08-22 03:52Group 1 - Tianyue Advanced (688234) officially launched its H-share global offering in August 2025, with Shenzhen Heertai (002402) as one of the cornerstone investors, subscribing for HKD 80 million [1] - Tianyue Advanced focuses on wide-bandgap semiconductor materials and is one of the few companies capable of mass production of 8-inch silicon carbide substrates, having also launched 12-inch silicon carbide substrate products [1] - In 2024, Tianyue Advanced is projected to capture 16.7% of the global silicon carbide substrate market, ranking among the top three [1] Group 2 - The company achieved a revenue of RMB 1.768 billion in 2024, representing a year-on-year growth of 41.4%, and net profit of RMB 179 million, marking a turnaround from losses [1] - The silicon carbide substrates produced by Tianyue Advanced have advantages in high voltage, high frequency, and high temperature, with applications in electric vehicle drive systems, AI servers, and smart power management modules [2] - The global silicon carbide substrate market is expected to grow from USD 1.2 billion in 2023 to USD 8.2 billion by 2030, with a compound annual growth rate of 31.1% [2]