SICC CO.(SH:688234) Zheng Quan Shi Bao Wang·2025-08-29 12:04Core Viewpoint - Tianyue Advanced (688234) reported a revenue of 794 million yuan and a net profit of 10.88 million yuan for the first half of 2025, focusing on increasing market penetration of silicon carbide substrates and enhancing R&D investment in large-size substrates [1][2][3] Financial Performance - The company achieved a revenue of 794 million yuan and a net profit of 10.88 million yuan in the first half of 2025 [1] - R&D expenses increased by 34.94% year-on-year, amounting to 75.85 million yuan, primarily for large-size substrate technology and emerging applications like AR glasses [1] Product Development and Market Position - Tianyue Advanced has made significant breakthroughs in large-size silicon carbide substrate technology, commercializing substrates from 2 inches to 8 inches and being one of the first to launch 12-inch substrates [1] - The company aims to strengthen its long-term layout in silicon carbide substrate products to capture new industry opportunities and increase market share [1] Production Capacity and Client Expansion - The company has two production bases: Jinan factory is optimizing processes to enhance capacity, while Shanghai Lingang factory has reached an annual capacity target of 300,000 conductive substrates ahead of schedule [2] - As of June 2025, the combined design capacity of both factories exceeded 400,000 substrates [2] - The company has established business relationships with over half of the top ten power semiconductor manufacturers globally and is deepening these collaborations [2] Strategic Partnerships - In August 2025, Tianyue Advanced reached a basic agreement with Toshiba Electronic Components to enhance the performance and quality of SiC power semiconductors [2] - The company is also expanding into new application scenarios for silicon carbide substrates, including partnerships with leading optical manufacturers [2] Global Expansion and Market Strategy - Tianyue Advanced successfully listed its H-shares on the Hong Kong Stock Exchange on August 20, 2025, marking a key step in its global strategy [3] - The listing is expected to accelerate overseas business development, enhance foreign financing capabilities, and improve international brand recognition [3] - The company plans to leverage the listing to capture the growing market demand for silicon carbide as a core material in the third-generation semiconductor sector, driven by the dual engines of new energy and artificial intelligence [3]