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 ...

Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for the semiconductor materials sector in Hong Kong [1][3]. Group 1: Company Overview - Tianyue Advanced is a leading player in the global silicon carbide materials industry, being one of the few participants capable of mass-producing 8-inch silicon carbide substrates [3][6]. - The company was established in November 2010 and has focused on the research and industrialization of silicon carbide substrates since its inception [6]. - Tianyue Advanced has achieved the industrialization of semi-insulating silicon carbide substrates and is advancing towards the production of conductive silicon carbide substrates [6]. Group 2: Market Highlights - The IPO raised HKD 20.44 billion, making it the first silicon carbide materials stock in the Hong Kong market [1][3]. - It is the first A to H project in the semiconductor materials sector in Hong Kong in 2023, with a subscription rate exceeding 2,800 times, the highest for an A to H project this year [3][5]. - The company plans to launch the industry's first 12-inch silicon carbide substrate in November 2024 [3][6]. Group 3: Role of CITIC Securities - CITIC Securities acted as the joint sponsor and coordinator for Tianyue Advanced's IPO, showcasing its commitment to supporting the development of China's semiconductor industry [1][4]. - The firm utilized its strong research capabilities and understanding of industry regulations to ensure the efficient progress of the project [4][5]. - CITIC Securities organized multiple high-quality investor meetings, successfully attracting a diverse range of high-quality investors, contributing to the successful completion of the IPO [5].

Group 1 - Tianyue Advanced (02631.HK) has launched its H-share IPO, with the offering period from August 11 to August 14, and is expected to list on the Hong Kong Stock Exchange on August 19 [1] - The company plans to issue 47.7457 million H-shares globally, with 95% allocated for international offering and 5% for public offering, and an overallotment option of 15% [1] - The expected price per share is HKD 42.80, with a total fundraising target of approximately HKD 2.044 billion, and a net amount of about HKD 1.938 billion after expenses [1] Group 2 - The company has attracted a strong lineup of cornerstone investors for its IPO, raising a total of approximately HKD 740.2 million from five investors, including Jinan Energy Group and Future Asset Securities [2] - Tianyue Advanced specializes in wide-bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide substrates, ranking among the top three global manufacturers with a market share of 16.7% [2] - The company's silicon carbide materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, photovoltaic systems, and advanced communication bases [2] Group 3 - The company is recognized for its technological innovation, strong production capacity, and effective management, leading advancements in the silicon carbide industry [3] - It is one of the few companies capable of mass-producing 8-inch silicon carbide substrates and has pioneered the commercialization of substrates from 2 inches to 8 inches, as well as the introduction of 12-inch substrates [3] - The company has established strategic partnerships, including collaboration with OmniLight for the industrialization of silicon carbide optical waveguide lenses [2][3]

Group 1 - The company plans to globally offer 47.7457 million H-shares, with 2.3873 million shares available in Hong Kong and 45.3584 million shares for international offering, along with an over-allotment option of approximately 15% [1] - The expected pricing date for the shares is August 15, 2025, with a maximum offer price of HKD 42.80 per share, and trading on the Hong Kong Stock Exchange is anticipated to commence on August 19, 2025 [1] - The company is a leading player in the wide-bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide substrates, holding a market share of 16.7% as one of the top three manufacturers globally by sales revenue in 2024 [1][2] Group 2 - The company's silicon carbide materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, photovoltaic systems, and more [2] - The company is recognized for its technological innovation and strong production capabilities, being one of the few able to mass-produce 8-inch silicon carbide substrates and the first to commercialize 2-inch to 8-inch substrates [2] - The company has established business relationships with over half of the top ten power semiconductor device manufacturers globally, utilizing its silicon carbide substrates for power and RF devices [2] Group 3 - The company has entered cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling HKD 740.2 million, including notable firms such as Guoneng Environmental Investment Group and Hearta Intelligent Control [3] - Assuming a share price of HKD 42.80, the company estimates a net amount of approximately HKD 1.9381 billion from the global offering after deducting underwriting commissions and other expenses [3] - The net proceeds from the offering are planned to be allocated as follows: approximately 70% for expanding 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 [3]

Core Viewpoint - Tianyue Advanced (02631) is set to launch an IPO from August 11 to August 14, 2025, aiming to issue 47.75 million H-shares, with a maximum offer price of HKD 42.80 per share, and is positioned as a leading player in the silicon carbide substrate manufacturing industry [1][2]. Group 1: Company Overview - The company specializes in the semiconductor materials industry, particularly in the research and industrialization of silicon carbide substrates, and ranks among the top three global manufacturers with a market share of 16.7% based on sales revenue in 2024 [1]. - The company has shown strong revenue growth, with revenue increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and further rising by 41.4% to RMB 1.768 billion in 2024 [2]. Group 2: Financial Performance - The company reported losses of RMB 176 million in 2022 and RMB 45.7 million in 2023, but turned a profit of RMB 179 million in 2024, with profits of RMB 46.1 million and RMB 8.5 million for the three months ending March 31 in 2024 and 2025, respectively [2]. - The estimated net proceeds from the global offering, assuming the maximum offer price, are approximately HKD 1.938 billion, which will be allocated primarily for capacity expansion, R&D enhancement, and general corporate purposes [3]. Group 3: Use of Proceeds - Approximately 70% (HKD 1.357 billion) of the net proceeds is expected to be used for expanding the company's capacity for 8-inch and larger silicon carbide substrates [3]. - About 20% (HKD 388 million) is planned for strengthening R&D capabilities to maintain innovation leadership, while 10% (HKD 194 million) will support working capital and other general corporate needs [3].

Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. is a leading player in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide substrates, and is ranked among the top three global manufacturers in this sector with a market share of 16.7% as of 2024 [1][3]. Company Overview - The company has established itself as a significant supplier to international semiconductor firms, having formed business partnerships with over half of the top ten power semiconductor device manufacturers globally by revenue as of March 31, 2025 [2]. - Tianyue Advanced is recognized for its pioneering efforts in the industrialization of semi-insulating silicon carbide substrates and has successfully scaled production from 2-inch to 8-inch substrates, with plans to launch the first 12-inch silicon carbide substrate in 2024 [2]. Market Dynamics - The global silicon carbide substrate market is characterized by intense competition, rapid technological advancements, and evolving customer demands, with the top five market participants holding a combined market share of 68.0% as of 2024 [3]. - Silicon carbide materials are gaining traction due to their superior characteristics compared to traditional silicon materials, particularly in power semiconductor devices, with the global power semiconductor device market expected to reach $19.7 billion by 2030, growing at a compound annual growth rate of 35.8% from 2024 to 2030 [3]. Financial Performance - The company reported revenues of approximately 417 million RMB, 1.251 billion RMB, 1.768 billion RMB, and 408 million RMB for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [3]. - Profit figures for the same periods were approximately -176 million RMB, -46 million RMB, 179 million RMB, and 9 million RMB [3].

Core Viewpoint - Tianyue Advanced (688234) reported a revenue of 410 million yuan for Q1 2025, maintaining its industry-leading position despite a slight decline in net profit due to increased R&D expenses and decreased product prices [1] Group 1: Company Performance - The company achieved a revenue of 410 million yuan, showing a slight year-on-year decline in revenue while steadily increasing market share [1] - R&D expenses increased by 101.67% year-on-year to 44.94 million yuan, focusing on product matrix improvement, emerging application markets, and optimization of product quality and costs [2] - The product shipment volume continued to grow, indicating robust operational strategies centered on high-quality products [2] Group 2: Industry Trends - The demand for third-generation semiconductor materials, particularly silicon carbide (SiC), is driven by the rapid development of renewable energy and AI technologies, making SiC a key material for high-power semiconductor devices [1] - SiC is becoming essential in applications such as electric vehicle (EV) inverters, onboard chargers, and DC/DC converters, especially with the adoption of 800V high-voltage platforms in EVs [2] - The company is expanding into new application areas, including AR glasses, leveraging the high refractive index of SiC to enhance visual performance and reduce lens thickness [2] Group 3: Technological Advancements - Tianyue Advanced launched 12-inch conductive substrates at Semicon Europe in November 2024 and showcased a full range of SiC substrates at Semicon China in March 2025, marking the entry into the "12-inch era" for the SiC industry [3] - The company has achieved breakthroughs across the entire technology chain, including crystal growth, defect control, processing detection, and component self-manufacturing [3] - Future R&D investments will focus on large-size products and new application fields, providing strong momentum for performance growth [3]