Core Viewpoint - Tianyue Advanced reported a decrease in total revenue for the first half of 2025, primarily due to a decline in substrate sales prices, while increasing R&D expenditures to enhance its product offerings in the silicon carbide substrate market [1][2]. Group 1: Financial Performance - Total revenue for the first half of 2025 was approximately 794 million yuan, representing a year-on-year decrease of about 12.98% [1]. - R&D expenditures were around 75.85 million yuan, showing a year-on-year increase of approximately 34.94% [1]. - Net profit attributable to shareholders was about 10.88 million yuan, with earnings per share of 0.03 yuan [1]. Group 2: Product Development and Market Position - The company is focusing on enhancing its market penetration of silicon carbide substrates, which has led to a decrease in sales prices [1]. - Tianyue Advanced has established a comprehensive product matrix for silicon carbide substrates, including 6/8/12-inch products, and is one of the few global participants capable of mass-producing 8-inch silicon carbide substrates [1]. - The company aims to leverage its advanced technology in larger substrate sizes to continue exploring the blue ocean market of silicon carbide semiconductor materials [1]. Group 3: Industry Collaboration - The company is committed to building a close cooperation ecosystem with customers and suppliers to promote the development of the silicon carbide industry [2]. - Currently, the company has established business relationships with more than half of the top ten power semiconductor device manufacturers based on projected 2024 revenues [2]. - Key customers such as Infineon and Onsemi have successfully integrated into the supply chains of industry giants like NVIDIA, becoming essential components of AI computing infrastructure [2].