业内分析指出，天岳先进所生产的碳化硅衬底具备高压、高频、高温等性能优势，其典型下游应用方向 ——如新能源车主驱系统、AI服务器、智能电源管理模块——在技术原理和产品形态上均与智能控制 领域存在协同关系。和而泰的此次投资对象拥有的材料能力、产业地位和客户基础，具备与其既有业务 链条形成潜在技术协同或产业延伸的基础条件。 不仅如此，天岳先进也是和而泰旗下浙江铖昌科技股份有限公司产业链的一部分，该碳化硅衬底材料也 为其提供了稳定的上游材料供应。 在碳化硅行业整体发展趋势方面，弗若斯特沙利文预计全球碳化硅衬底市场规模将由2023年的12亿美元 增长至2030年的82亿美元，年均复合增长率达31.1%。受益于汽车电动化、AI数据中心扩张以及高端能 源电子设备需求提升，碳化硅材料产业链整体有望迎来扩容周期。 根据招股书披露，公司已与全球前十大功率半导体器件制造商中的多数建立合作关系。2024年度，公司 实现营业收入17.68亿元人民币，同比增长41.4%；同期净利润为1.79亿元人民币，实现扭亏为盈。 公开信息显示，和而泰是一家智能控制器解决方案供应商，在产业端，其产品广泛应用于家电、智能家 居、健康护理、汽车电子、工业 ...

8月20日，天岳先进(02631.HK)成功在港交所主板上市，中金公司、中信证券为联席保荐人。 今日开盘，其H股发行价为42.80港元/股，开盘价为45.60港元/股，上涨6.54%。截至09点55分，天岳先进最高股价上涨11.68%至47.80港元/股，最 新总市值为228亿港元（约合人民币210亿元）。 天岳先进本次香港公开发售股份数目占全球发售股份数目35.00%，获认购2809.19倍；国际发售股份数目占全球发售股份65.00%，获认购9.04倍。 天岳先进本次香港IPO引入基石投资者包括国能环保投资集团有限公司("国能环保")、未来资产证券(香港)有限公司("未来资产证券")、山金资产管 理(香港)有限公司("山金资产")、和而泰智能控制国际有限公司("和而泰"，由和而泰(002402.SZ)全资拥有)、以及兰坤先生。 天岳先进深耕宽禁带半导体材料行业，专业技术实力雄厚，自成立以来即专注于碳化硅衬底的研发与产业化。根据弗若斯特沙利文的资料，按 2024年碳化硅衬底的销售收入计，集团是全球排名前三的碳化硅衬底制造商，市场份额为16.7%。 作为国内碳化硅衬底领域的龙头企业，天岳先进近年来在资本市场动作 ...

Investment Rating - The report assigns an IPO-specific rating of 5.9 out of 10 for the company, based on operational performance, industry outlook, valuation, and market sentiment [7]. Core Insights - The company specializes in the research and production of silicon carbide substrates, being one of the first in China to industrialize semi-insulating silicon carbide substrates and further achieve the industrialization of conductive silicon carbide substrates [9]. - The company has established partnerships with over half of the top ten global power semiconductor manufacturers, with applications in electric vehicles, AI data centers, and other fields [9]. - The global silicon carbide substrate market is highly competitive, with the company holding a market share of 16.7%, ranking among the top three manufacturers globally [9]. - The report highlights the significant growth potential in the power semiconductor market, projected to reach USD 19.7 billion by 2030, with a compound annual growth rate of 35.8% from 2024 to 2030 [9]. Financial Overview - The company’s revenue is expected to grow from approximately CNY 417 million in 2022 to CNY 1.768 billion in 2024, with a net profit of CNY 179 million anticipated in the fiscal year 2024 [9]. - The IPO price is set at a maximum of HKD 42.80, with a projected market capitalization of approximately HKD 20.435 billion post-IPO [12][13]. - The report indicates a significant discount of approximately 35.7% compared to the A-share closing price, suggesting a reasonable valuation in the context of the semiconductor sector [13]. Use of Proceeds - The company plans to allocate approximately 70% of the net proceeds from the IPO to expand its production capacity for 8-inch and larger silicon carbide substrates, 20% for enhancing R&D capabilities, and 10% for working capital and general corporate purposes [12].

Core Viewpoint - Tianyue Advanced (02631.HK) is launching a global offering of 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, aiming to raise approximately HKD 1.9381 billion for capacity expansion and R&D [2][7] Group 1: Company Overview - Tianyue Advanced specializes in wide-bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide (SiC) substrates [3] - The company ranks among the top three global manufacturers of SiC substrates, holding a market share of 16.7% as of 2024 [3] - Tianyue Advanced's SiC materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, and photovoltaic systems [3][4] Group 2: Market Position and Technology - The company has established partnerships with over half of the top ten power semiconductor manufacturers globally [4] - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch SiC substrates and has pioneered the commercialization of 12-inch SiC substrates [6] - The global SiC substrate market is highly competitive, with the top five players holding a combined market share of 68.0% [6] Group 3: Financial Performance - For the fiscal years ending March 31, 2022, 2023, 2024, and the three months ending March 31, 2025, the company reported revenues of approximately CNY 417 million, CNY 1.251 billion, CNY 1.768 billion, and CNY 408 million, respectively [7] - The company expects to allocate approximately 70% of the net proceeds from the global offering to expand its 8-inch and larger SiC substrate production capacity [7]

山東天岳先進科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：2631 全球發售 聯席賬簿管理人及聯席牽頭經辦人 聯席保薦人、保薦人兼整體協調人、整體協調人、聯席全球協調人、 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 山東天岳先進科技股份有限公司 山東天岳先進科技股份有限公司 C M Y CM MY CY CMY K Project 216 Cover V08T_32mm_CHI_OP.pdf 1 7/8/2025 7:02 PM 重要提示 重要提示：如閣下對本招股章程任何內容有任何疑問，應徵詢獨立專業意見。 SICC CO., LTD. 山東天岳先進科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 47,745,700股H股（視乎超額配股權行使與 否而定） 香港發售股份數目 ： 2,387,300股H股（可予重新分配） 國際發售股份數目 ： 45,358,400股H股（可予重新分配及視乎超 額配股權行使與否而定） 最高發售價 ： 每股H股42.80港元，另加1.0%經 ...

Core Viewpoint - Tianyue Advanced, a leading global manufacturer of silicon carbide substrates, has passed the Hong Kong Stock Exchange listing hearing, with CICC and CITIC Securities as joint sponsors [1] Company Summary - Tianyue Advanced ranks among the top three silicon carbide substrate manufacturers globally, holding a market share of 16.7% in 2024 [1] - The company focuses on the research and industrialization of silicon carbide substrates, providing core materials for the new energy and AI industries [1] - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch silicon carbide substrates and has been a pioneer in commercializing 2-inch to 8-inch substrates, as well as launching 12-inch silicon carbide substrates [1] - The company's silicon carbide substrates are widely used in electric vehicles, AI data centers, and photovoltaic systems [1] - Tianyue Advanced has established business partnerships with over half of the world's top ten power semiconductor device manufacturers [1] Industry Summary - The global silicon carbide substrate market is highly competitive and concentrated, with the top five players accounting for 68.0% of the market share [1] - Silicon carbide materials are rapidly developing in the power semiconductor device sector due to their superior performance [1] - The global power semiconductor device market is expected to reach a scale of $19.7 billion by 2030, with a compound annual growth rate of 35.8% from 2024 to 2030 [1]

罗姆开发出的碳化硅 半导体模块 新产品在内部电路设计上进行改进，提高了用电效率。与单独使用半导体时相比，合计的安 装面积可减少一半，实现轻量化。还有助于延长纯电动汽车的续航里程…… 日本罗姆开发出了用于纯电动汽车（EV）车载充电器的功率半导体的新产品。该产品使用了节能性能 好的碳化硅（SiC）,通过巧妙的设计将使力效率比一般竞争产品提高了50%。新款半导体有助于缩短纯 电动汽车的充电时间和延长续航里程。罗姆力争年销售额达到100亿日元。 视频号推荐内容： 罗姆开发出了除纯电动汽车的车载充电器外、还可用于充电站的半导体。将此前销售的功率半导体以 4~6个一组组合为模块。还可应对车载充电器输出功率为22千瓦级的大型纯电动汽车。将推出耐压程度 等不同的13种。 车载充电器是在给纯电动汽车充电时将电源供应的电流转换为适合电池的电压的装置。新产品在内部电 路设计上进行改进，提高了用电效率。与单独使用半导体时相比，合计的安装面积可减少一半，实现轻 量化。还有助于延长纯电动汽车的续航里程。 样品价格为每个1.65万日元，已有两家海外企业确定采用。在基板上形成电路的前工序将在福冈县和宫 崎县的工厂进行，进行零件组装的后工序将 ...