SICC CO.(SH:688234) Zhong Guo Jing Ji Wang·2026-01-27 07:06Core Viewpoint - Tianyue Advanced (688234.SH) is expected to report a significant decline in both revenue and net profit for the year 2025, indicating potential challenges ahead for the company. Group 1: Financial Performance Forecast - The company anticipates a revenue range of 145,000.00 million to 150,000.00 million yuan for 2025, representing a decrease of 31,814.10 million to 26,814.10 million yuan compared to the previous year, which is a year-on-year decline of 17.99% to 15.17% [1] - The projected net profit attributable to the parent company for 2025 is expected to be between -22,500.00 million and -18,500.00 million yuan, reflecting a decrease of 40,402.51 million to 36,402.51 million yuan compared to the previous year, resulting in a year-on-year decline of 225.68% to 203.34% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is forecasted to be between -27,500.00 million and -23,500.00 million yuan, which is a reduction of 43,109.30 million to 39,109.30 million yuan compared to the previous year, indicating a year-on-year decrease of 276.18% to 250.55% [1] Group 2: Historical Financial Performance - In 2024, Tianyue Advanced achieved a revenue of 176,814.10 million yuan and a net profit of 17,902.51 million yuan, with a net profit of 15,609.30 million yuan after deducting non-recurring gains and losses [2] - The company went public on the Hong Kong Stock Exchange on August 20, 2025, with a final offer price of 42.80 HKD per share, raising a total of 2,043.5 million HKD, and a net amount of 1,938.1 million HKD after expenses [2] - Tianyue Advanced was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with an issue price of 82.79 yuan per share and a public offering of 4,297.11 million shares [2] Group 3: Fundraising and Use of Proceeds - The total amount raised from the initial public offering was 35.58 billion yuan, with a net amount of 32.03 billion yuan after deducting issuance costs, exceeding the original plan by 12.03 billion yuan [3] - The company initially planned to raise 20.00 billion yuan for a silicon carbide semiconductor materials project [3] - The total issuance costs for the IPO amounted to 3.54 billion yuan, with underwriting and sponsorship fees totaling 3.19 billion yuan [3]