Core Viewpoint - Hubble Technology Venture Capital Co., Ltd. plans to reduce its holdings in Tianyue Advanced by up to 3.8769 million shares, representing no more than 0.8% of the total share capital, which will lower its stake below 5% if the plan is executed [2][4][14]. Group 1: Shareholding and Reduction Plan - Hubble Investment currently holds 5.63% of Tianyue Advanced, equating to 27,262,500 shares, all acquired before the company's IPO [6][7]. - The reduction plan will be implemented within three months starting from 15 trading days after the announcement, specifically from October 27, 2025, to January 26, 2026 [4][18]. - This is the first time Hubble Investment has announced a reduction plan since Tianyue Advanced's IPO on January 12, 2022 [4][5]. Group 2: Stock Performance and Market Context - Tianyue Advanced's A-share price has increased by 68.61% year-to-date, closing at 86.33 yuan per share, with a total market capitalization of 40.02 billion yuan as of September 26 [2][19]. - Other shareholders with over 5% stakes have also begun to reduce their holdings, indicating a trend among major shareholders [10]. Group 3: Financial Performance - For the first half of 2025, Tianyue Advanced reported a 12.98% decline in revenue to 794 million yuan and a significant 89.32% drop in net profit to approximately 10.88 million yuan [21][22]. - The company has increased its R&D investment in large-size substrates, which has contributed to a decrease in sales prices for related products [22].

Core Viewpoint - Diamond is emerging as a key material in various industries, particularly in semiconductors, due to its unique properties such as high thermal conductivity and wide bandgap semiconductor characteristics, which can potentially surpass the physical limits of existing materials like silicon and silicon carbide [4][6]. Industry Dynamics - The diamond industry is experiencing rapid development, with significant interest from capital markets and the swift implementation of related projects, indicating an acceleration in diamond industrialization [4]. - However, challenges remain, including the immature processes for producing large single-crystal substrates and efficient cutting and polishing techniques, as well as a lack of scale in high-value semiconductor and optical applications [5]. Supply Chain Collaboration - To fully realize the potential of diamonds, a collaborative breakthrough across the entire industry chain is necessary. Material companies must enhance synthesis processes, explore green development paths, and expand diamond applications in emerging fields [6]. - Downstream processing and equipment companies need to innovate processes to convert material characteristics into actual productivity, creating a positive feedback loop driven by demand from sectors like new energy vehicles and data centers [6]. China's Position - China currently holds approximately 90% of the global synthetic diamond production capacity, with regions like Henan forming a relatively complete industrial cluster. The challenge lies in transforming this production advantage into technological and industrial advantages [6]. Future Outlook - The future of the diamond industry relies on the joint progress of material research, equipment upgrades, and application expansion. Events like the 9th International Carbon Materials Conference and Exhibition (Carbontech 2025) serve as important platforms for collaboration and information exchange among industry players [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不會對本公告的全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 山東天岳先進科技股份有限公司 SICC CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：2631） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 茲載列山東天岳先進科技股份有限公司於上海證券交易所網站( www.sse.com.cn ) 所刊發的公告，僅供參考。 公司代码：688234 公司简称：天岳先进 港股代码：02631 证券简称：天岳先进 山东天岳先进科技股份有限公司 2025 年半年度报告 1 / 189 山东天岳先进科技股份有限公司2025 年半年度报告 承董事會命 山東天岳先進科技股份有限公司 董事長、執行董事兼總經理 宗艷民先生 香港，2025年8月29日 於本公告日期，董事會成員包括(i)執行董事宗艷民先生、高超先生及王俊國先生；(ii)非執行 董事邱宇峰先生、李婉越女士及方偉先生；及(iii)獨立非執行董事李洪輝先生、 ...

Core Viewpoint - The report highlights the financial performance and operational status of Shandong Tianyue Advanced Technology Co., Ltd. for the first half of 2025, indicating a significant decline in revenue and profit due to market conditions and increased R&D investments in silicon carbide substrates [1][3]. Company Overview and Financial Indicators - The company reported a revenue of approximately 793.81 million yuan, a decrease of 12.98% compared to the same period last year [3]. - The total profit for the period was approximately 7.60 million yuan, reflecting a substantial decline of 92.62% year-on-year [3]. - The net profit attributable to shareholders was approximately 10.88 million yuan, down 89.32% from the previous year [3]. - The company’s net assets increased slightly by 0.32% to approximately 5.33 billion yuan [3]. Industry and Main Business Situation - The company operates in the semiconductor materials industry, specifically focusing on silicon carbide (SiC) substrates, which are critical for power electronics and high-performance applications [4][10]. - Silicon carbide is recognized for its superior physical and chemical properties, making it essential for various industries, including electric vehicles and renewable energy [4][10]. - The company is a leading player in the global wide bandgap semiconductor materials sector, with a market share of 22.8% in the silicon carbide substrate market, ranking among the top three globally [11][12]. Operational Performance and Strategy - The company has made significant advancements in the production of 8-inch silicon carbide substrates and is set to launch the first 12-inch substrates in 2024, enhancing its competitive edge [12][19]. - The company has established production bases in Jinan and Shanghai, with a designed capacity exceeding 400,000 pieces annually [5][10]. - The company has formed partnerships with major global semiconductor manufacturers, enhancing its market presence and customer base [10][11]. Research and Development - The company invested approximately 75.85 million yuan in R&D during the first half of 2025, an increase of 34.94% year-on-year, focusing on large-size substrate technology and emerging applications [12][13]. - The company holds 197 authorized patents, positioning itself among the top five globally in the silicon carbide substrate patent field [13][14]. Future Outlook - The company aims to leverage the growing demand for silicon carbide materials driven by the renewable energy and AI sectors, enhancing its market share and competitive position [10][18]. - The company is committed to continuous innovation and cost reduction strategies to maintain its leadership in the silicon carbide industry [16][18].

Core Viewpoint - The article presents a new 1200 V fully-vertical GaN-on-Si trench MOSFET utilizing fluorine implanted termination (FIT), which significantly improves breakdown voltage and device performance compared to traditional structures [2][25]. Group 1: Introduction and Background - GaN and SiC wide bandgap semiconductors have great potential in developing efficient, high-density power systems, with GaN transistors widely used in 100 V to 650 V applications, while SiC transistors dominate in high-voltage applications above 1200 V [4]. - The competition between GaN and SiC in the 650 V to 1200 V market is intense, with SiC's high substrate costs limiting its competitiveness [4][5]. - Advances in low-cost, large-diameter silicon substrates for GaN epitaxy have opened new possibilities for high-performance GaN transistors [4]. Group 2: Device Structure and Performance - The newly developed FIT-MOS structure replaces the traditional mesa-etched termination (MET), effectively isolating discrete devices and alleviating electric field crowding effects [7][25]. - The FIT-MOS achieved a breakdown voltage of 1277 V, significantly higher than the 567 V of MET-MOS, with a threshold voltage of 3.3 V, an ON/OFF ratio of approximately 10^7, and a specific on-resistance of 5.6 mΩ·cm² [7][25]. - The device demonstrates a high conduction current density of 8 kA/cm², indicating its suitability for kV-level power electronic systems [7]. Group 3: Manufacturing Process - The manufacturing process of FIT-MOS involves several steps, including gate trench etching, rapid thermal annealing, and fluorine ion implantation to create the FIT region [12]. - The use of a conductive buffer layer made of AlGaN/AlN allows for a fully vertical current path while avoiding complex substrate engineering [15]. Group 4: Comparative Analysis - The FIT-MOS shows advanced performance metrics compared to previously reported GaN vertical trench MOSFETs on various substrates, achieving a Baliga figure of merit (BFOM) of 291 MW/cm² [24]. - The results indicate that the FIT technology enables GaN-on-Si vertical MOSFETs to reach performance levels comparable to those on GaN substrates, marking a significant step towards cost-effective kV-level power applications [24].

Company Overview - Tianyue Advanced focuses on the research, production, and sales of wide bandgap semiconductor silicon carbide substrate materials, ranking among the top three manufacturers globally with a market share of 16.7% [1] - The company's products are widely used in electric vehicles, AI data centers, and photovoltaic systems [1] Financial Performance - For the year 2024, the company is projected to achieve a revenue of 1.768 billion yuan and a net profit of 179 million yuan, with overseas revenue accounting for 57.03% of total income [1] Stock Market Activity - As of August 20, 2025, Tianyue Advanced's stock price was 66.26 yuan, down 0.61 yuan from the previous trading day, with an opening price of 66.88 yuan and a closing price of 45.54 HKD on its listing day [1] - The company was officially listed on the Hong Kong Stock Exchange on August 20, 2025, with an issue price of 42.80 HKD per share, reflecting a 6.4% increase from the issue price [1] Capital Flow - On August 20, 2025, the net outflow of main funds was 105.98 million yuan, accounting for 0.37% of the circulating market value, with a cumulative net outflow of 169.28 million yuan over the past five days, representing 0.59% of the circulating market value [1]

Core Viewpoint - The "Power Device Manufacturing Testing and Application Conference (IPF 2025)" will be held on August 21-22, 2025, in Wuxi, China, focusing on advancements in wide bandgap semiconductors and power devices [2][7]. Agenda Summary Forum Agenda - The conference will feature an Industry Leadership Summit with keynote speeches from prominent figures in the semiconductor field, including discussions on the latest research in wide bandgap semiconductor power devices [3][4]. - Key topics include advancements in power semiconductor materials, the impact of silicon carbide (SiC) defects on device performance, and the future trends of SiC technology [3][4]. - A roundtable discussion will address the challenges of GaN and SiC in power electronics applications, featuring industry leaders from various semiconductor companies [3][4]. Specific Sessions - Sessions will cover advanced materials and manufacturing techniques for power semiconductors, including the development of large-size SiC substrates and GaN integration technologies [4][5]. - The conference will also explore the challenges and solutions in achieving high reliability for power devices, particularly in automotive applications [4][5]. - Additional discussions will focus on the integration of AI in semiconductor manufacturing and the future of power semiconductor technologies [4][5]. Participation and Scale - The conference is expected to attract 800 to 1000 participants, including substrate and epitaxy manufacturers, design and manufacturing companies, and automotive manufacturers [7][10]. - Various sponsorship opportunities are available, with notable sponsors already confirmed [12][13]. Registration and Venue - Registration details include ticket pricing and conditions, with early bird and group discounts available [16][17]. - The event will take place at the Lianghong Wetland Radisson Hotel in Wuxi, providing convenient access for attendees [20].

Core Viewpoint - Tianyue Advanced (02631) is set to launch an IPO from August 11 to August 14, 2025, aiming to globally offer 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, and is expected to start trading on August 19, 2025 [1][2] Group 1: Company Overview - The company specializes in the 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% based on 2024 sales revenue [1] - The company has shown strong revenue growth, with revenue increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and further rising by 41.4% to RMB 1.768 billion in 2024 [2] Group 2: Financial Performance - The company reported losses of RMB 176 million in 2022 and RMB 45.7 million in 2023, but turned a profit of RMB 179 million in 2024 [2] - For the three months ending March 31, 2024, the profit was RMB 46.1 million, which decreased to RMB 8.5 million for the same period in 2025 [2] Group 3: IPO Details and Use of Proceeds - The cornerstone investors have agreed to subscribe for shares worth HKD 740 million, which translates to approximately 17.2952 million shares at the maximum offer price [2] - The estimated net proceeds from the global offering are approximately HKD 1.938 billion, with 70% allocated for expanding production capacity, 20% for enhancing R&D capabilities, and 10% for working capital and general corporate purposes [3] - If the over-allotment option is fully exercised, the company expects to receive an additional net amount of HKD 296 million, which will be allocated proportionally to the aforementioned uses [3]

Core Viewpoint - Tianyue Advanced (02631) is set to launch an IPO from August 11 to August 14, 2025, aiming to issue 47.75 million H-shares, with a maximum offer price of HKD 42.80 per share, and is positioned as a leading player in the silicon carbide substrate manufacturing industry [1][2]. Group 1: Company Overview - The company specializes in the semiconductor materials industry, particularly in the research and industrialization of silicon carbide substrates, and ranks among the top three global manufacturers with a market share of 16.7% based on sales revenue in 2024 [1]. - The company has shown strong revenue growth, with revenue increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and further rising by 41.4% to RMB 1.768 billion in 2024 [2]. Group 2: Financial Performance - The company reported losses of RMB 176 million in 2022 and RMB 45.7 million in 2023, but turned a profit of RMB 179 million in 2024, with profits of RMB 46.1 million and RMB 8.5 million for the three months ending March 31 in 2024 and 2025, respectively [2]. - The estimated net proceeds from the global offering, assuming the maximum offer price, are approximately HKD 1.938 billion, which will be allocated primarily for capacity expansion, R&D enhancement, and general corporate purposes [3]. Group 3: Use of Proceeds - Approximately 70% (HKD 1.357 billion) of the net proceeds is expected to be used for expanding the company's capacity for 8-inch and larger silicon carbide substrates [3]. - About 20% (HKD 388 million) is planned for strengthening R&D capabilities to maintain innovation leadership, while 10% (HKD 194 million) will support working capital and other general corporate needs [3].

Core Viewpoint - The article emphasizes the significance of Gallium Nitride (GaN) as a strategic material in modern technology, highlighting its potential applications and advantages over Silicon Carbide (SiC) in various sectors [1][10][25]. Group 1: Material Comparison - GaN and SiC are classified as compound semiconductors, composed of multiple elements, and their properties significantly impact the performance of electronic devices [2]. - SiC MOSFETs excel in high power applications, while GaN HEMTs are superior in high-frequency applications [3][4]. - The substrate for GaN can be silicon or sapphire, while SiC and silicon devices use their respective materials as substrates [6][7]. Group 2: Application Markets - In the automotive sector, GaN is still in the exploratory phase for high-power applications, with SiC currently dominating due to its superior short-circuit protection capabilities [10][11]. - GaN power devices have gained traction in consumer electronics, particularly in fast charging solutions, with significant market penetration since 2019 [12]. - The AI server power market demands high power density, where GaN's high-frequency switching and low-loss characteristics are advantageous [18]. - In humanoid robotics, GaN FETs enable faster switching speeds, enhancing the performance of joint motors [21][23]. - GaN shows promise in integrated solar-storage-charging systems, improving inverter size and dynamic performance [24]. Group 3: Technical Challenges - GaN faces challenges related to lattice and thermal mismatch when grown on silicon substrates, impacting the quality and reliability of devices [25]. - The cost structure of GaN devices is influenced by substrate costs, wafer manufacturing, depreciation, yield, and packaging [25]. Group 4: Industry Events - The IPF 2025 conference serves as a significant platform for discussions on GaN and SiC technologies, featuring prominent industry leaders and experts [34][35].