天岳先进多维布局夯实全球碳化硅衬底龙头地位

Core Insights - Tianyue Advanced Technology Co., Ltd. reported a revenue of 794 million yuan and a net profit of 10.88 million yuan for the first half of 2025, highlighting its strong performance in the silicon carbide substrate market [1] - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has successfully commercialized the transition from 2-inch to 8-inch substrates, also being among the first to introduce 12-inch substrates [1][2] - Tianyue holds a 22.8% market share in the global conductive silicon carbide substrate market, ranking second worldwide, and has established itself as a key partner in the supply chain for power semiconductor companies [1][2] R&D and Innovation - In the first half of 2025, the company's R&D expenses reached 75.85 million yuan, a year-on-year increase of 34.94%, primarily focused on large-size substrate technology and emerging applications such as AR glasses [1] - The company has developed a product matrix for 6/8/12-inch silicon carbide substrates, including high-purity semi-insulating and conductive types, positioning itself to capitalize on the "12-inch era" in the silicon carbide industry [2] Production Capacity and Client Expansion - Tianyue's two production bases are working in synergy, with the Jinan factory optimizing processes to enhance capacity and the Shanghai Lingang factory on track to achieve an annual capacity of 300,000 conductive substrates by mid-2024 [2] - As of June 2025, the combined design capacity of both factories has exceeded 400,000 substrates, indicating significant growth potential [2] - The company has established business relationships with over half of the top ten global power semiconductor manufacturers, enhancing collaboration depth [2] New Application Areas and Global Strategy - Tianyue is actively exploring new application scenarios for silicon carbide substrates in the optical field, having secured multiple orders from leading optical manufacturers [3] - The company successfully listed its H-shares on the Hong Kong Stock Exchange on August 20, 2023, marking a significant step in its global strategy [3] - The H-share listing is expected to accelerate overseas business expansion, enhance international brand recognition, and attract high-quality global customers and partners [3]