Core Viewpoint - Tianyu Semiconductor (02658) experienced a rebound of over 12% on its second day of trading, reaching a high of 46.16 HKD, still 20% lower than its IPO price of 58 HKD [1] Company Overview - Tianyu Semiconductor is the largest manufacturer of silicon carbide (SiC) epitaxial wafers in China, holding market shares of 30.6% in revenue and 32.5% in sales for 2024 [1] - As of the end of May this year, the company's annual production capacity for 6-inch and 8-inch epitaxial wafers is approximately 420,000 pieces, making it one of the companies with the highest capacity in this field in China [1] Financial Performance - Revenue figures for Tianyu Semiconductor are projected at 437 million, 1.171 billion, and 520 million CNY for the years 2022, 2023, and 2024 respectively [1] - Net profit is expected to increase from 2.814 million CNY to 95.882 million CNY, followed by a projected loss of 500 million CNY in 2024 [1] - For the first five months of 2025, the company reported revenue of 257 million CNY and a net profit of 9.515 million CNY [1] Market Dynamics - The decline in the company's performance in 2024 is attributed to a decrease in market prices for silicon carbide epitaxial wafers and reduced overseas sales [1] - Hubble Technology, affiliated with Huawei, holds shares in the company, which is expected to provide significant growth potential for the business in the medium to long term [1]

Core Viewpoint - Tianyu Semiconductor (02658.HK) plans to globally offer 30.0705 million H-shares at a price of HKD 58.00 per share, with the offering period from November 27 to December 2, 2025, and expected trading commencement on December 5, 2025 [1] Group 1: Company Overview - The company specializes in the manufacturing of self-produced silicon carbide (SiC) epitaxial wafers, which are key raw materials for power semiconductor devices [2] - Compared to traditional semiconductor materials like silicon, SiC offers significant performance advantages, making it more suitable for high-voltage, high-temperature, and high-frequency environments [2] - As of 2024, the company is the third-largest manufacturer of self-produced SiC epitaxial wafers in China, holding a market share of 6.7% by revenue and 7.8% by volume [2] Group 2: Production Capacity and Historical Performance - The company's revenue primarily comes from the sale of self-produced 4-inch, 6-inch, and 8-inch SiC epitaxial wafers, along with related value-added services [3] - The company achieved mass production of 4-inch and 6-inch SiC epitaxial wafers in 2014 and 2018, respectively, and has the capability for 8-inch production as of 2023 [3] - As of May 31, 2025, the annual production capacity for 6-inch and 8-inch wafers is approximately 420,000 pieces, making the company one of the largest in China for these sizes [3] Group 3: Investment and Fund Utilization - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately HKD 161.5 million, representing about 9.26% of the offering [3] - Assuming the offering price of HKD 58.00 per share and no exercise of the over-allotment option, the estimated net proceeds from the global offering will be approximately HKD 1.6711 billion [4] - The net proceeds are planned to be utilized as follows: approximately 62.5% for expanding overall production capacity, 15.1% for enhancing R&D and innovation capabilities, 10.8% for strategic investments or acquisitions, 2.1% for expanding global sales and marketing networks, and 9.5% for working capital and general corporate purposes [4]

Group 1 - The company, Tianyu Semiconductor, plans to conduct an initial public offering (IPO) from November 27 to December 2, 2025, offering 30.07 million H-shares at a price of HKD 58.00 per share, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The company has entered cornerstone investment agreements with Guangdong Original Forest and Glory Ocean, with cornerstone investors agreeing to subscribe for shares worth approximately HKD 161.5 million under certain conditions [1] - The net proceeds from the global offering are expected to be approximately HKD 1.671 billion, with 62.5% allocated for capacity expansion, 15.1% for R&D and innovation, 10.8% for strategic investments or acquisitions, 2.1% for global sales and marketing, and 9.5% for working capital and general corporate purposes [1] Group 2 - The company is a major manufacturer of self-produced silicon carbide (SiC) epitaxial wafers, ranking as the third largest in China by revenue and sales volume, with market shares of 6.7% and 7.8% respectively for 2024 [2] - The company is the largest manufacturer of self-produced SiC epitaxial wafers in the Chinese market, holding a market share of 30.6% by revenue and 32.5% by sales volume for 2024 [2] - The company has achieved mass production of 4-inch and 6-inch SiC epitaxial wafers in 2014 and 2018, respectively, and has the capability for 8-inch wafer production as of 2023, with an annual capacity of approximately 420,000 pieces for 6-inch and 8-inch wafers as of May 31, 2025 [2] Group 3 - Financial data shows that revenue increased from RMB 437 million in 2022 to RMB 1.171 billion in 2023, but decreased to RMB 519.6 million in 2024 [3] - Net profit surged from RMB 2.8 million in 2022 to RMB 95.9 million in 2023, but the company reported a net loss of RMB 500 million in 2024 due to inventory write-downs and a decline in SiC wafer prices caused by temporary oversupply [3] - For the five months ending May 31, 2025, revenue decreased from RMB 297 million in the same period of 2024 to RMB 257 million, but the company transitioned from a state of gross loss and net loss in 2024 to gross profit and net profit in 2025 [3]