Core Viewpoint - The company, Tianyue Advanced Technology Co., Ltd., has successfully launched an IPO, offering 47,745,700 H-shares at a final price of HKD 42.80 per share, with significant interest from investors and a notable increase in stock price post-listing [1][3][10]. Company Overview - Tianyue Advanced was established in November 2010 and specializes in the research, production, and sales of wide-bandgap (third-generation) semiconductor silicon carbide substrate materials [4][6]. - The company ranks among the top three global manufacturers of silicon carbide substrates, holding a market share of 16.7% as of 2024 [4]. Financial Performance - In 2021, the company reported revenue of CNY 494 million, a year-on-year increase of 16.25%, and a net profit of CNY 89.95 million, up 114.02% [10]. - However, in 2022, revenue declined by 15.56% to CNY 417 million, resulting in a net loss of CNY 175 million [10]. - In 2023, revenue surged by 199.9% to CNY 1.25 billion, but the company still reported a loss [10][11]. - The company is projected to achieve profitability in 2024, with expected revenue of CNY 1.768 billion, a 41.37% increase year-on-year, and a net profit of CNY 179 million [11]. Market Position and Growth - The growth in 2024 is attributed to the increasing penetration of silicon carbide semiconductor materials in downstream applications such as new energy vehicles, photovoltaics, and AI [11]. - The company has also expanded its overseas business, with international revenue reaching CNY 840 million, a 104.43% increase, marking the first time that overseas revenue surpassed domestic revenue [12]. Shareholder Structure - The largest shareholder, Zong Yanmin, holds 30.09% of the shares, while other significant shareholders include a private equity fund and Hubble Technology Investment, which holds 6.34% [8][10].

Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. is a leading manufacturer of silicon carbide substrates, ranking among the top three globally with a market share of 16.7% as of 2024 [3][4]. Company Overview - Founded in November 2010, Tianyue Advanced focuses on the research, production, and sales of wide-bandgap (third-generation) semiconductor silicon carbide substrate materials [3]. - The company has gained significant attention from capital markets since 2019, with notable investments from major players like Huawei's Hubble Investment [4][10]. Financial Performance - In 2021, Tianyue Advanced reported revenue of 494 million yuan, a year-on-year increase of 16.25%, and a net profit of 89.95 million yuan, up 114.02% [9]. - The company faced a revenue decline of 15.56% in 2022, with total revenue dropping to 417 million yuan and a net loss of 175 million yuan [9]. - In 2023, revenue surged by 199.9% to 1.25 billion yuan, although the company continued to report losses [10]. - The company is projected to achieve profitability in 2024, with expected revenue of 1.768 billion yuan, a 41.37% increase year-on-year, and a net profit of 179 million yuan [10]. Market Position and Applications - Tianyue Advanced's silicon carbide materials are essential for renewable energy and AI industries, with applications in electric vehicles, AI data centers, photovoltaic systems, and advanced communication bases [4][10]. - The company has expanded its overseas business significantly, with international revenue reaching 840 million yuan, a 104.43% increase, marking the first time overseas revenue surpassed domestic revenue [11]. Shareholder Structure - The largest shareholder, Zong Yanmin, holds 30.09% of the shares, followed by other significant investors including Hubble Investment with 6.34% [9][10]. - Strategic placements include investments from industry leaders such as CATL, SAIC Group, and XPeng Motors [9].