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。 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，2026年3月27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、劉華女士及 黎國鴻先生。 山东天岳先进科技股份有限公司 2025 年年度报告摘要 公司代码：688234 公司简称：天岳先进 山东天岳先进科技股份有限公司 2025 年年度报告摘要 山东天岳先进科技股份有限公 ...

Summary of Silicon Carbide Industry Conference Call Industry Overview - The conference call focuses on the silicon carbide (SiC) industry, highlighting its transition from "electric scenarios" to "computing/optical scenarios" driven by AI computing power and advanced packaging heat dissipation substrates [1][2]. Key Insights and Arguments - **Market Dynamics**: The SiC substrate price for 12-inch wafers is approximately $3,000. If CoWoS packaging achieves a 30% replacement, it could generate an additional market of $900 million, with full replacement potentially exceeding $3 billion [1][11][12]. - **Supply Chain Changes**: The industry is witnessing a supply-side clearing signal, with the bankruptcy restructuring of overseas leader Wolfspeed and domestic substrate prices stabilizing. Chinese manufacturers have made breakthroughs in 12-inch technology [1][15][16]. - **Demand Recovery**: Traditional power semiconductor demand is recovering, with companies like Silan Micro and Yangjie Technology issuing price increase notices. The overseas high-end demand is benefiting domestic manufacturers [1][17]. - **New Application Spaces**: The new computing space is expected to be 2-3 times larger than the traditional automotive market, with a focus on companies like Tianyue Advanced, Jingcheng Machinery, and Sanan Optoelectronics [1][2]. Additional Important Points - **AI Chip Power Management**: AI chip power density is increasing, with Nvidia GPUs potentially reaching a TDP of 2000W, making thermal management a critical bottleneck. SiC's thermal conductivity is 3-4 times that of silicon, making it a viable solution [1][5]. - **Interposer Material Replacement**: The current interposer material, silicon, has limitations in thermal conductivity. Alternatives like glass, diamond, and SiC are being considered, with SiC being favored due to its balance of performance and manufacturability [6][7]. - **Market Size Projections**: The global SiC substrate market is projected to be around $1-1.3 billion by 2025, with device market size around $4.4 billion. The potential for growth is significant, especially with the shift towards computing applications [9][10]. - **Supply Chain Restructuring**: The SiC industry is undergoing a restructuring phase, with domestic players gaining ground over traditional overseas leaders. This shift is expected to enhance the competitive landscape and stabilize supply [15][16]. Conclusion - The SiC industry is at a pivotal moment, transitioning towards new applications driven by AI and advanced packaging needs. The market is expected to grow significantly, with domestic manufacturers poised to benefit from this shift. Key companies to watch include Tianyue Advanced, Jingcheng Machinery, and Sanan Optoelectronics, as they are well-positioned to capitalize on the emerging opportunities in the SiC space [17].

Core Insights - The article emphasizes the importance of efficiently navigating through a large volume of announcements to identify key investment opportunities and risks [1] Group 1: Selected Highlights - On March 3, a recommendation was made regarding a company involved in semiconductor and storage chip production for Meta's AI smart glasses, predicting a nearly tenfold year-on-year net profit growth for January-February. Following this, the stock of Baiwei Storage hit a 20% limit up on March 4, and continued to rise by 8.81% on March 5 and 9.31% on March 6, resulting in a cumulative increase of nearly 40% over three trading days [2] Group 2: Today's Overview - A company plans to invest 5.5 billion yuan in a high-frequency, high-speed printed circuit board project, focusing on PCB, chips, computing power, AI, industrial internet, and high-end manufacturing [3] - Another company intends to invest 3.5 billion yuan in the construction of perovskite stacked battery equipment, targeting the perovskite battery, HJT battery, photovoltaic, and advanced manufacturing sectors [3] - A third company aims to raise 5.8 billion yuan through a private placement to fund an 8×75MW back-pressure unit project, with a focus on photovoltaic, silicon-based anode batteries, silicon carbide, organic silicon, and graphite electrodes [3]

Summary of Conference Call for Shenghong Co., Ltd. Company Overview - Shenghong Co., Ltd. operates in a diversified business model with key segments including charging piles (40%), energy storage (30%), traditional power quality (20%), and battery formation and capacity (10%) [2][3][6]. Core Business Insights - The company has benefited from the explosive growth in the new energy vehicle and energy storage markets, with charging piles and energy storage being the main growth drivers from 2022 to 2023. The overall gross margin remains above 40%, with a net margin around 12%, indicating strong profitability [2][6]. - The data center market for low-voltage power quality is projected to reach approximately 1.6 billion yuan domestically and 5 billion yuan globally by 2024, representing about 10% of the global APF+SVG market [2][9]. - The company is actively developing HVDC (High Voltage Direct Current) and SST (Solid State Transformer) technologies, leveraging its existing UPS (Uninterruptible Power Supply) capabilities [4][12]. Market Dynamics - The energy quality product technology is evolving towards silicon carbide, which offers advantages such as higher switching frequencies and reduced equipment size [11]. - The competitive landscape for low-voltage power quality products is fragmented, with domestic players like Ailinco and Delta having a competitive edge over foreign brands due to pricing advantages [10]. Financial Projections - Revenue projections for 2025 estimate around 3.6 billion yuan, with energy quality contributing approximately 800 million yuan, energy storage around 850 million yuan, and charging piles between 1.5 to 1.6 billion yuan [3][17]. - For 2026, the company anticipates a revenue growth rate of about 25%, with charging piles expected to grow by 20%-30% and energy storage recovering to a similar growth rate [19][20]. Challenges and Risks - The narrowing of peak and valley electricity price differentials poses a challenge to independent energy storage profitability, requiring more sophisticated operational capabilities to manage price fluctuations effectively [13][14]. - Changes in the pricing mechanism for commercial energy storage may lead to increased operational demands, necessitating a deeper understanding of regional load fluctuations [14]. Strategic Initiatives - The company is focusing on expanding its overseas market presence, particularly in Europe and North America, and is enhancing its partnerships with global oil giants like BP for charging pile projects [17][22]. - The company aims to leverage its strong product performance and overseas certifications to enhance its competitive position in the energy storage market [15]. Conclusion - Shenghong Co., Ltd. is positioned as a leading player in the power electronics sector, with a robust growth trajectory driven by its diversified business model and strategic focus on emerging markets. The company faces challenges related to market dynamics and pricing mechanisms but is well-equipped to navigate these through innovation and operational excellence.

Performance Overview - The company announced a projected net loss of 12 million to 17 million yuan for the fiscal year 2025, marking a shift from profit to loss compared to the previous year, primarily due to intensified competition in the traditional LED packaging sector, declining product prices, and rising raw material costs [1] - Emerging businesses such as smart automotive and optocouplers are still in the market introduction phase, with performance contributions not yet scaled [1] Fundraising and Investment - The company plans to issue A-shares to specific investors to raise no more than 981 million yuan, focusing on five major projects including ultra-high-definition display Mini/Micro LED modules, optoelectronic sensors, and smart automotive devices, aiming to transition into a high-value solution provider through capacity upgrades and technological collaboration [2] Strategic Focus - The revenue share from emerging business segments, such as integrated circuit packaging and testing, is steadily increasing, supported by national policies favoring new display technologies. The company's strategy is focused on cutting-edge fields like Mini/Micro LED and silicon carbide to address industry cyclical fluctuations [3] Shareholder Information - As of January 30, 2026, the number of shareholders decreased to 61,900, a reduction of 2.67% from the previous period, while the average shareholding per circulating shareholder has slightly increased [4]

Market Environment - On February 13, 2026, Huazhu Microelectronics (688396) experienced a stock price adjustment, closing at 59.77 yuan, down 3.92% due to overall market conditions. The A-share indices all declined, with the Shanghai Composite Index down 1.26%, Shenzhen Component Index down 1.28%, and ChiNext Index down 1.57%. The semiconductor sector showed mixed performance, with semiconductor equipment stocks rising 0.14%, while individual stocks in the integrated circuit manufacturing sector faced corrections [1]. Fund Flow Situation - On February 13, Huazhu Microelectronics saw a net outflow of 14.71 million yuan in main funds, contrasting with a net inflow of 90.32 million yuan on the previous day (February 12). This rapid change in fund flow indicates that some investors chose to take profits after the stock had risen continuously, with a cumulative increase of 3.28% from February 9 to 12, and a single-day increase of over 6% on February 12 [2]. Company Fundamentals - For the first three quarters of 2025, the company reported revenue of 8.069 billion yuan, a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 526 million yuan, up 5.25% year-on-year. The company is actively expanding into emerging fields such as AI power devices and silicon carbide, with steady progress in capacity construction for the Chongqing 12-inch power semiconductor project. There have been no significant negative changes in the company's fundamentals [3]. Company Valuation - The stock price has fluctuated between 55.65 yuan and 70.90 yuan from January 15 to February 13, 2026. The closing price of 59.77 yuan on February 13 is close to the average cost of shares at 55.85 yuan, and the stock is facing short-term resistance levels, leading to increased adjustments as some shares become loose. Overall, the decline on February 13 was primarily influenced by market sentiment, short-term fund outflows, and technical factors, rather than changes in the company's fundamentals [4].

Group 1 - The core point of the article is that Hantian Technology has received IPO approval to issue up to 37.68 million shares for listing on the Hong Kong Stock Exchange [1] - Hantian Technology is the world's first mass producer of 8-inch silicon carbide (SiC) epitaxial chips and the first in China to achieve commercial supply of 3-inch, 4-inch, 6-inch, and 8-inch SiC epitaxial chips [4] - The company has also led the establishment of the first and only international industry standard for SiC epitaxial semiconductor equipment and materials under the Semiconductor Equipment and Materials International (SEMI) association [4] Group 2 - In 2024, the company is expected to sell over 164,000 SiC epitaxial chips through sales and foundry services, with total deliveries exceeding 500,000 chips during the past performance period [4] - SiC epitaxial chips produced by the company are stable in high-temperature and high-power scenarios, suitable for electric vehicles, charging infrastructure, renewable energy, energy storage systems, and emerging industrial applications such as AI computing and smart grids [7] - The SiC market has rapidly expanded due to growth in end-user industries such as new energy vehicles, photovoltaic energy storage, data centers, and AR glasses, with SiC being recognized for its advantages in efficient power control and processing across a wide temperature range [7]

Core Viewpoint - Hantian Technology (Xiamen) Co., Ltd. is preparing for an IPO in Hong Kong, aiming to issue up to 37.68 million shares and convert 97.43 million shares held by existing shareholders for overseas listing, highlighting its position as a leading supplier of silicon carbide epitaxial wafers globally [3][4]. Company Overview - Hantian Technology is the first company globally to achieve mass production of 8-inch silicon carbide epitaxial wafers and is the first in China to commercialize 3-inch, 4-inch, 6-inch, and 8-inch silicon carbide epitaxial wafers [3]. - According to a report by Zhaosheng Consulting, Hantian Technology has become the largest supplier of silicon carbide epitaxial wafers globally since 2023, with a market share exceeding 30% in 2024 [3]. Financial Performance - For the fiscal years ending December 31, 2022, and 2023, Hantian Technology reported revenues of approximately RMB 440.69 million and RMB 1.14 billion, respectively [4]. - The company’s net profit for the same periods was approximately RMB 143.37 million and RMB 121.89 million [4]. - In the first five months of 2024, the company reported revenue of approximately RMB 380.52 million, a decrease of 30.18% year-on-year, and a net profit of approximately RMB 21.14 million, down 33.09% year-on-year [5]. Shareholder Structure - Prior to the IPO, the founder Dr. Zhao Jianhui holds 28.85% of the shares, while Huawei's Hubble Technology holds 4.03% [6].

Group 1 - The core point of the article is that Kailong High-Tech has achieved a four-day consecutive limit-up in stock price, indicating strong market interest and potential growth prospects [1] - The company plans to acquire 70% of Shenzhen Jinwangda Electromechanical Co., Ltd. to enhance its robotics industry chain [1] - Kailong High-Tech is a leading enterprise in the field of exhaust gas post-treatment equipment, with a complete industrial chain covering urea pumps, catalysts, and carriers, and is preparing for key technologies related to National Seven standards [1] Group 2 - Silicon carbide materials have been applied in automotive brake systems, with recrystallized silicon carbide carriers recognized by clients in Spain and Germany [1] - The company is focusing on lightweight solutions for new energy vehicles through aluminum silicon carbide brake discs [1] - The stock has seen a trading volume of 0.24 billion yuan and a turnover rate of 0.68% during the limit-up period [1]

Core Viewpoint - Hantian Technology (Xiamen) Co., Ltd. has received approval from the China Securities Regulatory Commission for its overseas listing in Hong Kong, marking a significant step in its IPO process [1][3]. Group 1: Company Overview - Hantian Technology plans to issue up to 37,678,900 shares for its overseas listing and convert 97,431,581 shares held by 39 shareholders into shares for trading on the Hong Kong Stock Exchange [1]. - The company is a leader in the global silicon carbide (SiC) epitaxy industry, focusing on the research, mass production, and sales of SiC epitaxial chips [3]. - Hantian Technology has become the largest supplier of SiC epitaxy by sales volume since 2023, with a projected market share exceeding 30% in 2024 [3]. Group 2: Financial Performance - The company has delivered over 164,000 SiC epitaxial chips in 2024, with cumulative deliveries exceeding 500,000 chips during the historical performance period [5]. - Financial data shows revenues of approximately 441 million RMB, 1.143 billion RMB, 974 million RMB, and 266 million RMB for the years 2022 to 2024 and the first five months of 2025, with corresponding gross profits of 197 million RMB, 445 million RMB, 332 million RMB, and 49.74 million RMB [5]. - The gross profit margins for the same periods were 44.7%, 39%, 34.1%, and 18.7%, with net profits of approximately 143 million RMB, 122 million RMB, 166 million RMB, and 14 million RMB [5]. Group 3: Market Opportunities - The silicon carbide market is expanding due to growth in downstream industries, with global sales of SiC power semiconductor devices expected to reach $2.6 billion in 2024, reflecting a compound annual growth rate of 45.4% from 2020 to 2024 [11]. - The market for SiC epitaxy foundries is highly concentrated, with the top five foundries holding 93.4% of the global market share, presenting significant opportunities for Hantian Technology [11]. - Notable shareholders include major companies such as Huawei-controlled Hubble Technology and Shenzhen Hongyuan, indicating strong industry backing for Hantian Technology's growth [11].