Core Viewpoint - Xiaomi's founder and CEO Lei Jun emphasized the importance of accurate marketing in the automotive sector, specifically regarding the specifications of the new Xiaomi SU7 electric vehicle, which features a silicon carbide high-voltage platform with precise voltage ratings of 752V and 897V, rejecting the industry's previous practices of rounding up numbers [1]. Group 1 - The new Xiaomi SU7 model is set to launch in April of the same year, featuring significant upgrades in its core systems, including the "silicon carbide high-voltage platform" as a key configuration strategy, marking a milestone for the application of silicon carbide semiconductor technology in the mid-range luxury electric vehicle market [1]. - The standard and Pro versions of the new vehicle are equipped with a 752V silicon carbide high-voltage platform, while the Max version is upgraded to an 897V platform, leveraging the excellent thermal conductivity and low loss characteristics of silicon carbide materials to create a gradient ultra-long range matrix [2]. Group 2 - The standard version of the SU7 has a CLTC range of 720 km, the Pro version achieves 902 km, and the Max version offers 835 km, with a minimum energy consumption of only 11.7 kWh/100 km [2]. - The Max version can achieve a remarkable charging efficiency, with real-world tests showing that it can recharge to provide a CLTC range of 670 km in just 15 minutes under normal temperature conditions, significantly alleviating user charging anxiety [2].

Core Viewpoint - Tianyue Advanced, a leading semiconductor material company, successfully listed on the Hong Kong capital market with a market capitalization of HKD 20.636 billion, holding a 16.7% market share in silicon carbide substrates, ranking second globally and first in China [1]. Industry Overview - Silicon carbide (SiC) is a third-generation semiconductor material composed of carbon and silicon, representing approximately 15.1% of the semiconductor materials market last year [5]. - SiC substrates are utilized in power semiconductor devices, RF semiconductor devices, and various applications including electric vehicles, photovoltaics, energy storage systems, and AI technologies. The market size for SiC substrates reached CNY 8.8 billion last year and is projected to grow to CNY 58.5 billion by 2030 [5]. Company Profile - Tianyue Advanced, established in November 2010 and headquartered in Jinan, Shandong, is one of the first companies to commercialize 2-8 inch silicon carbide substrates, with an annual production capacity exceeding 400,000 pieces [7]. - The founder, Zong Yanmin, transitioned from a successful career in machinery to establish Tianyue Advanced, investing over CNY 1.2 billion in R&D to achieve mass production of SiC substrates, breaking foreign monopolies [10]. Financial Performance - The company has seen significant revenue growth over the past three years, with revenues of CNY 417 million, CNY 1.251 billion, and CNY 1.768 billion, primarily from silicon carbide semiconductor materials [15]. - The sales volume of silicon carbide substrates increased from 64,000 pieces to 361,000 pieces during the same period, with net profits turning positive in 2024 [15].