Core Viewpoint - Tianyue Advanced has successfully developed core technology for silicon carbide (SiC) substrate materials, becoming a leader in the industry and the first domestic company to be listed in both A and H shares [2][3]. Entry into the Market - In 2010, the silicon carbide industry in China was underdeveloped, with high technical barriers and long return cycles deterring many investors. However, the company’s founder, Zong Yanmin, was determined to make breakthroughs in semiconductor materials that are urgently needed by the country [3][4]. - The company faced significant challenges, particularly in funding, but began to gain traction in 2018 as domestic companies shifted focus to local products due to changing international circumstances [3][4]. Breakthroughs in Technology - Compared to traditional silicon materials, wide bandgap semiconductor materials like SiC offer significant advantages, including high breakdown electric field, high thermal conductivity, and strong radiation resistance. The company recognized the potential of these materials and invested heavily in R&D [4][5]. - The company achieved a major breakthrough in crystal growth technology, particularly in managing stress that can lead to crystal cracking. This advancement has been recognized within the industry [4][5]. - Tianyue Advanced introduced the world's first 12-inch silicon carbide substrate at the Munich Electronics Fair, challenging the industry’s perception of technological limits [5][6]. Market Position and Achievements - The company has established a comprehensive technology system covering all key production processes and holds over 500 patents, ranking first in China and among the top five globally [5][6]. - According to a report by Fuji Economic, Tianyue Advanced is projected to capture 22.80% of the global conductive silicon carbide substrate market by 2024, positioning itself as the second-largest player worldwide [5][6]. Future Plans and Strategic Moves - The company aims to expand its global market presence and has set a vision to become an internationally renowned semiconductor company. It won the "Global Semiconductor Materials Gold Award," marking a significant recognition for a Chinese enterprise [6][7]. - Tianyue Advanced has developed a product matrix for 6/8/12-inch silicon carbide substrates and plans to continue expanding applications in various fields, including power electronics and emerging sectors like optical and acoustic materials [6][7]. - The company has established three production bases in Jinan, Jining, and Shanghai, with an annual production capacity exceeding 400,000 pieces of silicon carbide substrates and has delivered over 1 million pieces since its inception [6][7]. Collaborations and Innovations - The company is actively exploring applications for silicon carbide substrates in new areas, including AR glasses and high-performance filters, and has formed strategic partnerships to enhance its technological capabilities [7]. - Recent collaborations with Toshiba and other industry leaders aim to improve the characteristics and quality of SiC power semiconductors, further solidifying the company's position in the Japanese market [7].

2025年8月20日，山东半导体材料龙头天岳先进成功登陆香港资本市场，截至发稿时，总市值为206.36亿港元。据弗若斯特沙利文资料，按2024年碳化硅衬 底的销售收入计，其市场份额为16.7%，排名全球第二、中国第一。 天岳先进创始人兼董事长、总经理宗艳民是一位60后，从山东轻工业学院（现齐鲁工业大学）硅酸盐工程专业毕业后，被分配到济南灯泡厂担任工艺工程 师。不过2002年灯泡厂由于经营不善倒闭了。宗艳民被迫走上创业之路，成立了济南天业工程机械有限公司，几年时间下来，成为沃尔沃挖掘机在国内的最 大经销商，年销售收入超过30亿元。 尽管事业有成，但宗艳民始终有一个材料梦。46岁那年，他毅然决定第二次创业，成立了天岳先进。一次偶然的机会，他得知山东大学晶体材料研究所拥有 培育碳化硅单晶的技术，但迟迟没能实现产业化，由于巨大的不确定因素，也没有企业愿意接手。 同为材料人的宗艳民，敏锐地察觉到碳化硅半导体技术的价值，便斥巨资买下这项技术。他成立了10多个自主创新攻关小组，累计投入12亿余元，进行了数 千次工程化实验。皇天不负有心人，2012年成功实现2英寸半绝缘型和导电型碳化硅衬底的量产，一举打破国外垄断。 此后一步 ...

Group 1 - Tianyue Advanced (2631.HK), a manufacturer of silicon carbide substrates, is set to be listed in Hong Kong on August 20, with its stock showing a significant increase in the dark market, rising by 28.5% to HKD 55 before closing at HKD 47.96, which is a 12.06% increase from the issue price of HKD 42.8 [1] - The company has been focused on the wide bandgap semiconductor materials industry for over 14 years and is recognized as one of the top three silicon carbide substrate manufacturers globally based on sales revenue projected for 2024, according to Frost & Sullivan [1] - Tianyue Advanced has achieved industrialization of semi-insulating silicon carbide substrates and is advancing towards the production of conductive silicon carbide substrates, with its substrate sizes increasing from 2 inches to 8 inches, and plans to launch the industry's first 12-inch silicon carbide substrate in 2024 [1] Group 2 - The stock's trading data shows a peak price of HKD 55, an opening price of HKD 50.4, and a trading volume of 4.5884 million shares, with a total transaction value of HKD 2.18 billion [2] - The company has a total market capitalization of HKD 22.899 billion, with a price-to-earnings ratio of 148.94 and a price-to-book ratio of 3.941 [2] - The stock has experienced a trading range of 23.36% and a turnover rate of 9.61%, with a 52-week high and low both recorded at HKD 55 and HKD 45 respectively [2]

Core Viewpoint - Tianyue Advanced, a leading silicon carbide manufacturer backed by Huawei, is set to list on the Hong Kong Stock Exchange, with its stock price showing a significant increase in pre-market trading [1] Company Overview - Tianyue Advanced specializes in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide substrates since its establishment [1] - The company is ranked among the top three global manufacturers of silicon carbide substrates based on sales revenue projected for 2024, according to Frost & Sullivan [1] Product Development - Tianyue Advanced has over 14 years of experience in the silicon carbide materials sector and was one of the first companies in China to industrialize semi-insulating silicon carbide substrates [1] - The company has successfully industrialized conductive silicon carbide substrates and has improved its product size capabilities, with mass production of silicon carbide substrates increasing from 2 inches to 8 inches, and plans to launch the industry's first 12-inch silicon carbide substrate in 2024 [1]

Group 1 - Tianyue Advanced (02631) plans to conduct an IPO from August 11 to August 14, 2025, offering a total of 47.7457 million H-shares, with 5% allocated for Hong Kong and 95% for international sales [1] - The proposed maximum offer price for the H-shares is set at HKD 42.80, with a minimum purchase of 100 shares per lot [1] - The company specializes in the semiconductor materials industry, particularly in the research and industrialization of silicon carbide substrates, and is recognized as a global leader in sales revenue for silicon carbide substrates in 2024 according to Frost & Sullivan [1] Group 2 - The company's revenue has shown significant growth, increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and is projected to rise by 41.4% to RMB 1.768 billion in 2024 [1]