山東天岳先進科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：2631 全球發售 聯席賬簿管理人及聯席牽頭經辦人 聯席保薦人、保薦人兼整體協調人、整體協調人、聯席全球協調人、 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 山東天岳先進科技股份有限公司 山東天岳先進科技股份有限公司 C M Y CM MY CY CMY K Project 216 Cover V08T_32mm_CHI_OP.pdf 1 7/8/2025 7:02 PM 重要提示 重要提示：如閣下對本招股章程任何內容有任何疑問，應徵詢獨立專業意見。 SICC CO., LTD. 山東天岳先進科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 47,745,700股H股（視乎超額配股權行使與 否而定） 香港發售股份數目 ： 2,387,300股H股（可予重新分配） 國際發售股份數目 ： 45,358,400股H股（可予重新分配及視乎超 額配股權行使與否而定） 最高發售價 ： 每股H股42.80港元，另加1.0%經 ...

Core Viewpoint - Tianyue Advanced, a leading global manufacturer of silicon carbide substrates, has passed the Hong Kong Stock Exchange listing hearing, with CICC and CITIC Securities as joint sponsors [1] Company Summary - Tianyue Advanced ranks among the top three silicon carbide substrate manufacturers globally, holding a market share of 16.7% in 2024 [1] - The company focuses on the research and industrialization of silicon carbide substrates, providing core materials for the new energy and AI industries [1] - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch silicon carbide substrates and has been a pioneer in commercializing 2-inch to 8-inch substrates, as well as launching 12-inch silicon carbide substrates [1] - The company's silicon carbide substrates are widely used in electric vehicles, AI data centers, and photovoltaic systems [1] - Tianyue Advanced has established business partnerships with over half of the world's top ten power semiconductor device manufacturers [1] Industry Summary - The global silicon carbide substrate market is highly competitive and concentrated, with the top five players accounting for 68.0% of the market share [1] - Silicon carbide materials are rapidly developing in the power semiconductor device sector due to their superior performance [1] - The global power semiconductor device market is expected to reach a scale of $19.7 billion by 2030, with a compound annual growth rate of 35.8% from 2024 to 2030 [1]

Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. is a leading player in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide substrates, and is ranked among the top three global manufacturers in this sector with a market share of 16.7% as of 2024 [1][3]. Company Overview - Tianyue Advanced specializes in silicon carbide substrates, which are essential for the new energy and AI industries, with applications in electric vehicles, AI data centers, photovoltaic systems, and more [1][2]. - The company has established business relationships with over half of the top ten power semiconductor device manufacturers globally, leveraging its silicon carbide substrates for power and RF devices [2]. Product Development - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch silicon carbide substrates and is set to launch the industry's first 12-inch silicon carbide substrate in 2024 [1][2]. - The transition to larger substrate sizes enhances production efficiency and cost-effectiveness by increasing the number of chips produced per substrate and reducing edge waste [2]. Market Dynamics - The global silicon carbide substrate market is highly competitive, characterized by rapid technological advancements and evolving customer demands, with the top five market players holding a combined market share of 68.0% as of 2024 [3]. - The power semiconductor device market is projected to reach $19.7 billion by 2030, with a compound annual growth rate of 35.8% from 2024 to 2030 [3]. Financial Performance - Tianyue Advanced reported revenues of approximately 417 million RMB, 1.251 billion RMB, 1.768 billion RMB, and 408 million RMB for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [3]. - The company experienced losses in the first two fiscal years, with profits of 179 million RMB and 9 million RMB in 2024 and the first quarter of 2025, respectively [3].

Core Viewpoint - Tianyue Advanced is a leading player in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide (SiC) substrates, and is ranked among the top three global manufacturers with a market share of 16.7% in 2024 [3][4]. Company Overview - The company specializes in SiC substrates, which are essential for the new energy and AI industries, with applications in electric vehicles, AI data centers, photovoltaic systems, and more [3]. - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch SiC substrates and has pioneered the commercialization of 2-inch to 8-inch substrates, as well as the introduction of 12-inch substrates [3][4]. Market Position - The global SiC substrate market is highly competitive, characterized by rapid technological advancements and changing customer preferences, with the top five market participants holding a combined market share of 68.0% [4]. - The global power semiconductor device market is expected to reach USD 19.7 billion by 2030, with a compound annual growth rate (CAGR) of 35.8% from 2024 to 2030 [4]. Financial Performance - In the fiscal years 2022, 2023, and 2024, Tianyue Advanced reported revenues of approximately RMB 417 million, RMB 1.25 billion, and RMB 1.77 billion, respectively, with a profit of RMB 1.79 million in 2024 [5][7]. - The company experienced a loss of RMB 1.76 billion in 2022, which decreased to RMB 0.46 billion in 2023, and turned profitable in 2024 with a profit of RMB 1.79 billion [5][7].

智通财经APP获悉，据港交所7月30日披露，山东天岳先进科技股份有限公司(688234.SH)通过港交所上市聆讯，中金公司和中信证券为其联席保荐人。 招股书显示，天岳先进深耕宽禁带半导体材料行业，专业技术实力雄厚，自成立以来即专注于碳化硅衬底的研发与产业化。根据弗若斯特沙利文的资料，按 2024年碳化硅衬底的销售收入计，公司是全球排名前三的碳化硅衬底制造商，市场份额为16.7%。 天岳先进的碳化硅材料为新能源与AI两大产业提供核心支撑。公司的碳化硅衬底可广泛应用于电动汽车、AI数据中心、光伏系统、AI眼镜、轨道交通、电 网、家电及先进通信基站等领域。根据弗若斯特沙利文的资料，截至2025年3月31日，公司是全球少数能够实现8英寸碳化硅衬底量产、率先实现2英寸到8英 寸碳化硅衬底的商业化的公司之一、也是率先推出12英寸碳化硅衬底的公司，并且是率先使用液相法生产P型碳化硅衬底的公司之一。 天岳先进已跻身为国际知名半导体公司的重要供货商，其产品亦在国际上获得广泛认可。截至2025年3月31日，公司已与全球前十大功率半导体器件制造商 (按2024年的收入计)中一半以上的制造商建立业务合作关系。公司的客户主要利用公司的 ...

罗姆开发出的碳化硅 半导体模块 新产品在内部电路设计上进行改进，提高了用电效率。与单独使用半导体时相比，合计的安 装面积可减少一半，实现轻量化。还有助于延长纯电动汽车的续航里程…… 日本罗姆开发出了用于纯电动汽车（EV）车载充电器的功率半导体的新产品。该产品使用了节能性能 好的碳化硅（SiC）,通过巧妙的设计将使力效率比一般竞争产品提高了50%。新款半导体有助于缩短纯 电动汽车的充电时间和延长续航里程。罗姆力争年销售额达到100亿日元。 视频号推荐内容： 罗姆开发出了除纯电动汽车的车载充电器外、还可用于充电站的半导体。将此前销售的功率半导体以 4~6个一组组合为模块。还可应对车载充电器输出功率为22千瓦级的大型纯电动汽车。将推出耐压程度 等不同的13种。 车载充电器是在给纯电动汽车充电时将电源供应的电流转换为适合电池的电压的装置。新产品在内部电 路设计上进行改进，提高了用电效率。与单独使用半导体时相比，合计的安装面积可减少一半，实现轻 量化。还有助于延长纯电动汽车的续航里程。 样品价格为每个1.65万日元，已有两家海外企业确定采用。在基板上形成电路的前工序将在福冈县和宫 崎县的工厂进行，进行零件组装的后工序将 ...