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]

据悉，该公司为一家主要专注于自制碳化硅(碳化硅)外延片的碳化硅外延片制造商。以2024年全球市场 中自制碳化硅外延片所产生的收入及销量计，该公司是中国第三大碳化硅外延片制造商，市场份额分别 为6.7%(以收入计)及7.8%(以销量计)。以2024年中国市场中自制碳化硅外延片所产生的收入及销量计， 该公司亦是最大的自制碳化硅外延片制造商，市场份额分别为30.6%(以收入计)及32.5%(以销量计)。 于 往绩记录期间，该公司的收入主要来自销售自制4英吋、6英吋及8英吋碳化硅外延片及提供与碳化硅外 延片相关的若干增值服务。公司分别于2014年及2018年实现4英吋及6英吋碳化硅外延片的量产，及于 2023年拥有量产8英吋碳化硅外延片的能力。截至2025年5月31 日，公司6英吋及8英吋外延片的年度产 能约为420,000片。 财务资料显示，收入由2022年的人民币4.37亿元增至2023年的人民币11.71亿元，但降至 2024年的人民 币5.196亿元。净溢利由2022年的人民币280万元激增至2023年的人民币9590万元。然而，于2024年取得 净亏损人民币5亿元，主要由于年内取得存货撇减拨备而产生毛损，主 ...