天岳先进：研发继续加码，A+H双平台布局为长期发展打下基础

Core Viewpoint - Tianyue Advanced (688234) reported a significant decline in revenue and net profit for the first three quarters of 2025, primarily due to strategic price reductions and external factors such as foreign exchange fluctuations [1][2][4] Financial Performance - The company achieved a total revenue of 1.112 billion yuan, a year-on-year decrease of 13.21% [1] - The net profit attributable to shareholders was 1.1199 million yuan, down 99.22% year-on-year [1] Strategic Initiatives - The company implemented a strategic price reduction for certain products to enhance market share amid international competition, which contributed to revenue and gross margin contraction [1] - Research and development (R&D) investment reached 123 million yuan, a year-on-year increase of 29.75%, with R&D expenses accounting for 11.09% of revenue, up 3.67 percentage points from the previous year [2] R&D Focus - R&D efforts are concentrated on two main areas: large-size substrate technology and emerging applications, including collaboration with global leaders in the consumer electronics sector for AR glasses [2][3] - The company has developed a product matrix for 6/8/12-inch silicon carbide substrates, supporting the industry's transition to larger sizes [2] Market Position and Recognition - The company maintained a gross margin of 23.56% despite price reductions, reflecting its strong industry position and technological advantages [2] - Recent accolades include the Semiconductor Annual Award for "Semiconductor Electronic Materials" in Japan and recognition from Bosch Group as a "Global Supplier Award 2025," validating its technological strength and industry status [3] Long-term Outlook - The company has a robust cash reserve of 3.377 billion yuan, a year-on-year increase of 172.56%, supporting ongoing technological leadership and capacity expansion [3] - The market potential for silicon carbide materials is highlighted in sectors such as AI servers, electric vehicles, and AR glasses, with strategic partnerships and customer orders reinforcing its long-term growth prospects [3][4]