Core Viewpoint - Tianyue Advanced (02631) reported a decrease in total revenue for the first half of 2025, while increasing R&D expenditure to enhance its product offerings in the silicon carbide substrate market and emerging applications like AR glasses [1][2] Financial Performance - Total revenue for the first half of 2025 was approximately 794 million yuan, a year-on-year decrease of about 12.98% [1] - R&D expenditure was approximately 75.85 million yuan, reflecting a year-on-year increase of about 34.94% [1] - Net profit attributable to shareholders was approximately 10.88 million yuan, with earnings per share of 0.03 yuan [1] Product Development and Market Position - The company is advancing its product matrix in silicon carbide substrates, being one of the few market participants capable of mass-producing 8-inch silicon carbide substrates [1] - The product matrix includes 6/8/12-inch silicon carbide substrates, with a focus on high-purity semi-insulating and conductive types [1] - The company aims to leverage its technology in larger substrate sizes to penetrate the silicon carbide semiconductor materials market [1] 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] - It has established business relationships with over half of the top ten power semiconductor device manufacturers, based on projected 2024 revenues [2] - Key customers like Infineon and Onsemi have successfully integrated into the supply chains of industry giants such as NVIDIA, contributing to AI computing infrastructure [2]