Core Viewpoint - Tianyue Advanced (02631) reported a total revenue of approximately 794 million yuan for the first half of 2025, representing a year-on-year decrease of about 12.98% [1] - The increase in R&D expenditure, which rose by approximately 34.94% to around 75.85 million yuan, is primarily aimed at advancing large-size substrate product technology and expanding into emerging application areas such as AR glasses [1] Group 1 - The decrease in revenue is attributed to the company's efforts to increase the penetration of silicon carbide substrate materials in downstream applications, which led to a decline in substrate sales prices [1] - The company has successfully enhanced the production capacity and output of its core products, with the Jinan factory steadily advancing through technical and process improvements [1] - The Shanghai Lingang factory has achieved its annual production capacity target of 300,000 conductive substrates ahead of schedule, and the total designed capacity of both factories has exceeded 400,000 pieces [1] Group 2 - The company has established business cooperation with more than half of the top ten power semiconductor manufacturers globally, further improving its customer base [1] - The company is actively expanding its customer base in emerging fields such as optics and has secured multiple orders from leading optical manufacturers, resulting in sales of silicon carbide substrates in the optical sector [1] - The company has a leading quality and mass supply capability for 8-inch conductive silicon carbide substrates, positioning itself as one of the few market participants capable of mass shipping these products [2] Group 3 - The company has developed a product matrix for silicon carbide substrates, including 6/8/12-inch sizes, and is prepared for the industry's transition to the "12-inch era" [2] - The company aims to leverage its ultra-large size technology and products to continue exploring the blue ocean market of silicon carbide semiconductor materials [2]