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].