Group 1 - Hubble Investment plans to reduce its stake in Tianyue Advanced by up to 3.8769 million shares, which is approximately 0.80% of the total share capital, potentially worth around 335 million yuan at the closing price on September 26 [1][4] - Hubble Investment originally invested 111 million yuan for a 10% stake in Tianyue Advanced in August 2019, and its current holdings are valued at approximately 2.354 billion yuan, resulting in a paper profit of about 224.3 million yuan [1][5][6] - The semiconductor industry is experiencing a revaluation, particularly in the context of AI advancements, which is benefiting companies like Tianyue Advanced that specialize in silicon carbide substrates [4][12] Group 2 - As of mid-2023, Hubble Investment appears in the top ten shareholders of eight A-share listed companies, with a total holding value of approximately 4.415 billion yuan [2][12] - If Hubble Investment does not reduce its holdings in the third quarter, the total value of its shares would reach approximately 6.482 billion yuan, with a quarterly paper profit of about 206.7 million yuan [2][12] - The stock price of Tianyue Advanced reached a high of 99.88 yuan per share in September 2023, reflecting a year-to-date increase of over 50% [4][12] Group 3 - Hubble Investment has invested in over 112 projects, with more than ten companies successfully going public, including Tianyue Advanced and others [1][9] - The investment strategy of Hubble Investment is closely tied to Huawei, which has provided not only capital but also industry chain collaboration and business empowerment [14][16] - The financial performance of Tianyue Advanced has been inconsistent, with projected net profits of -176 million yuan in 2022, -46 million yuan in 2023, and a forecasted profit of 179 million yuan in 2024 [6][12]

Core Insights - Tianyue Advanced Technology Co., Ltd. reported a revenue of 794 million yuan and a net profit of 10.88 million yuan for the first half of 2025, highlighting its strong performance in the silicon carbide substrate market [1] - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has successfully commercialized the transition from 2-inch to 8-inch substrates, also being among the first to introduce 12-inch substrates [1][2] - Tianyue holds a 22.8% market share in the global conductive silicon carbide substrate market, ranking second worldwide, and has established itself as a key partner in the supply chain for power semiconductor companies [1][2] R&D and Innovation - In the first half of 2025, the company's R&D expenses reached 75.85 million yuan, a year-on-year increase of 34.94%, primarily focused on large-size substrate technology and emerging applications such as AR glasses [1] - The company has developed a product matrix for 6/8/12-inch silicon carbide substrates, including high-purity semi-insulating and conductive types, positioning itself to capitalize on the "12-inch era" in the silicon carbide industry [2] Production Capacity and Client Expansion - Tianyue's two production bases are working in synergy, with the Jinan factory optimizing processes to enhance capacity and the Shanghai Lingang factory on track to achieve an annual capacity of 300,000 conductive substrates by mid-2024 [2] - As of June 2025, the combined design capacity of both factories has exceeded 400,000 substrates, indicating significant growth potential [2] - The company has established business relationships with over half of the top ten global power semiconductor manufacturers, enhancing collaboration depth [2] New Application Areas and Global Strategy - Tianyue is actively exploring new application scenarios for silicon carbide substrates in the optical field, having secured multiple orders from leading optical manufacturers [3] - The company successfully listed its H-shares on the Hong Kong Stock Exchange on August 20, 2023, marking a significant step in its global strategy [3] - The H-share listing is expected to accelerate overseas business expansion, enhance international brand recognition, and attract high-quality global customers and partners [3]

Group 1 - Tianyue Advanced Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 20, marking the first "A+H" listed company in Shandong province this year [1][3] - Tianyue Advanced achieved the highest subscription multiple for public offerings in Hong Kong, with over 2000 times oversubscription [1] - The company is recognized as a "hidden champion" in the domestic silicon carbide substrate sector and ranked among the top three global manufacturers in this field, holding a market share of 16.7% [3][4] Group 2 - The recent trend of A-share listed companies seeking listings in Hong Kong is driven by favorable policies, global strategic needs, and narrowing AH share premiums [3][4] - Tianyue Advanced's dual listing is a strategic move to leverage resources from both capital markets, enhancing international visibility and attracting global investors [4] - The number of Hong Kong-listed companies from Shandong has been steadily increasing, with 71 companies across various sectors as of August 20, and over 10 more companies in the pipeline for IPOs [5]

Core Viewpoint - Tianyue Advanced (02631.HK) has officially launched its IPO, with a global offering of 47.74 million H-shares, aiming to capitalize on the growing demand for silicon carbide (SiC) substrates in the semiconductor industry [1][3] Group 1: Industry Dynamics - The global SiC power device market is projected to grow at a compound annual growth rate (CAGR) of 35.2% from 2024 to 2030, with the market size expected to exceed $19.7 billion by 2030 [1] - The penetration rate of SiC in the overall power semiconductor market is anticipated to rise from 6.5% to 22.6% during the same period [1] - In 2024, Tianyue Advanced achieved a revenue of 1.768 billion RMB, a year-on-year increase of 41.4%, while major international competitors faced revenue declines [3] Group 2: Company Performance - Tianyue Advanced's overseas revenue reached 845 million RMB in 2024, marking a 104% increase and accounting for 47.8% of total revenue [3] - The company holds a 16.7% share of the global substrate market, ranking among the top three, and a 22.8% share in the conductive segment, placing it second globally [3] - Tianyue Advanced has successfully transitioned to mass production of 8-inch conductive substrates and plans to launch 12-inch substrates in 2024, achieving full coverage of 6/8/12-inch products [5] Group 3: Technological Advancements - The company is recognized as a leader in the mass delivery of 8-inch wafers and is listed among the top five core players in the SiC substrate patent field [5] - Tianyue Advanced's Shanghai Lingang factory has initiated large-scale production, with a current annual capacity exceeding 400,000 wafers, and plans to expand to 1 million wafers per year [5] Group 4: Market Applications - The application of SiC in electric vehicles is increasing, with partnerships established with major automotive electronics manufacturers [8] - Tianyue Advanced is also penetrating the AI sector, supplying materials for data center power systems and AI/AR glasses, with significant collaborations including entry into NVIDIA's supply chain [9][10] - The company has made technological breakthroughs in the application of SiC in optical waveguide technology for AR glasses, positioning itself favorably in a rapidly growing market [10] Group 5: Future Outlook - The company's growth is supported by its capacity expansion and technological advancements, particularly in transitioning from 8-inch to 12-inch substrates [11] - Continued collaboration with automotive and AI/AR sectors is expected to drive order volume and revenue growth [11] - The structural certainty of high growth and high realization in Tianyue Advanced's investment value is emphasized, with potential shifts in valuation from "supply scarcity premium" to "scale leader premium" [11]

Group 1: Company Overview - Tianyue Advanced (02631.HK) has officially launched its IPO, with the offering period from August 11 to August 14, 2025, and a maximum offer price of HKD 42.80 per share [1] - The company plans to globally issue 47.7457 million H-shares, including 2.3873 million shares for Hong Kong and 45.3584 million shares for international offerings, with a 15% over-allotment option [1] - The cornerstone investors for the IPO include several international long-term funds and industry investors, indicating strong confidence in the company's long-term investment value [1] Group 2: Industry Dynamics - The global SiC power device market is projected to grow at a compound annual growth rate (CAGR) of 35.2% from 2024 to 2030, with the market size expected to exceed USD 19.7 billion by 2030 [2] - The penetration rate of SiC in the overall power semiconductor market is anticipated to rise from 6.5% to 22.6% during the same period [2] Group 3: Company Performance - In contrast to international giants facing revenue declines, Tianyue Advanced achieved a revenue of RMB 1.768 billion in 2024, a year-on-year increase of 41.4%, with a net profit of RMB 179 million [4] - The company's overseas revenue reached RMB 845 million in 2024, a 104% increase, accounting for 47.8% of total revenue [4] - Tianyue Advanced holds a 16.7% global market share in the substrate market, ranking among the top three, and a 22.8% market share in the conductive segment, ranking second globally [4] Group 4: Technological Advancements - The company is one of the few globally to achieve mass production of 8-inch conductive substrates and plans to launch 12-inch substrates in 2024, covering a full range of 6/8/12-inch products [6] - Tianyue Advanced is recognized as a leader in the large-scale delivery of 8-inch wafers and is listed among the top five core players in the SiC substrate patent field [6] - The company has initiated mass production at its Shanghai Lingang factory, with a total annual capacity exceeding 400,000 pieces, aiming to expand to 1 million pieces per year [6] Group 5: Market Applications - Tianyue Advanced is expanding its application scenarios from power semiconductors to consumer electronics, achieving breakthroughs in new energy, AI server power supplies, and AR optical displays [8] - The penetration of SiC devices in electric drive systems is increasing, supporting the efficiency and long range of electric vehicles [10] - The company has established business collaborations with over half of the top ten power semiconductor manufacturers, ensuring long-term partnerships and high switching costs for clients [10] Group 6: Future Growth Potential - The AI-related business, including data center power systems and AI/AR glasses, is expected to become a significant growth driver for the company [11] - Tianyue Advanced has entered the supply chain of NVIDIA, indicating its role in the AI computing industry [12] - The company has made technological breakthroughs in the application of SiC in optical waveguide technology for AR glasses, positioning itself favorably in a rapidly growing market [12] Group 7: Investment Value - The investment value of Tianyue Advanced is driven by high growth and structural certainty, supported by capacity expansion and technological advancements [13] - Key factors to monitor include the impact of capacity expansion on performance, deep collaborations with automotive and AI/AR sectors, and competitive advantages through scale effects and cost control [13] - If these factors continue to materialize, the company's valuation may shift from a "supply scarcity premium" to a "scale leader premium" [13]

Group 1 - Zhonghui Biotech-B successfully listed on the Hong Kong Stock Exchange on August 11, with a closing price of HKD 33.28, reflecting a surge of 157.98% and a total market capitalization of HKD 13.094 billion [1] - The company received over 4000 times oversubscription in its public offering, with total subscription amount exceeding HKD 200 billion [1] - Zhonghui Biotech-B focuses on the development, manufacturing, and commercialization of innovative vaccines, with two core products: a quadrivalent influenza subunit vaccine and an in-development lyophilized human rabies vaccine [1] Group 2 - Tianyue Advanced announced its global offering of 47.7457 million shares, with 2.3873 million shares available for Hong Kong and 45.3584 million shares for international offering, along with an overallotment option of 7.1618 million shares [2] - The maximum offer price is set at HKD 42.80, with the total expected fundraising amounting to HKD 2.044 billion and net proceeds of HKD 1.938 billion, aimed at expanding production capacity for 8-inch and larger silicon carbide substrates, enhancing R&D capabilities, and general corporate purposes [2] - As a leading player in the silicon carbide substrate sector, Tianyue Advanced's fundraising strategy aligns with the industry's trend towards larger sizes, although it faces intensified competition and price volatility [2] Group 3 - Dongfeng Group's H shares were suspended from trading on August 11, with all related structured products also halted [3] - Dongfeng Group's controlling shareholder stated that the suspension would not significantly impact the normal operations of Dongfeng Shares, which will continue to monitor developments and fulfill disclosure obligations [3] - Market speculation surrounds potential capital operations or changes behind the suspension, prompting investors to await further official announcements [3] Group 4 - Shuangdeng Group passed the hearing at the Hong Kong Stock Exchange, positioning itself as a leading supplier of data center energy storage batteries, with a global market share of 11.1% in 2024 [4] - The company plans to use the proceeds from its listing to construct a lithium-ion battery production facility in Southeast Asia, aimed at producing batteries for data centers [4] - Shuangdeng Group's successful hearing marks a significant step in its internationalization strategy, with potential to strengthen its industry position in the competitive global energy storage market [4]

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]

Core Viewpoint - Tianyue Advanced, known as the "first stock of silicon carbide substrates," is planning to issue up to 87.21 million H-shares to accelerate international expansion and enhance its capital strength and competitive advantage [1][2]. Group 1: Company Overview - Tianyue Advanced was established in November 2010 and focuses on the research, production, and sales of silicon carbide substrates, which are widely used in microwave electronics and power electronics [2]. - The company ranked third globally in the semi-insulating silicon carbide substrate market by sales from 2019 to 2020, according to Yole report [2]. Group 2: Financial Performance - The actual issuance price of Tianyue Advanced's shares was 82.79 CNY per share, nearly double the previously expected price of 46.54 CNY, resulting in a total fundraising of 3.203 billion CNY, exceeding the target by 1.203 billion CNY [3]. - Despite increased production capacity, Tianyue Advanced reported a total net loss of 221 million CNY from 2022 to 2023, with a significant drop in gross margin from 25%-35% to -5.75% in 2022 [4][5]. - In the first quarter of 2025, the company recorded a net profit of 8.52 million CNY, a year-on-year decrease of 81.52%, with a net margin of 2.09% [5]. Group 3: Stock Performance - Tianyue Advanced's stock has been underperforming, with approximately 70% of the time trading below its initial public offering price, and as of June 20, 2025, the stock price was 57.38 CNY, down 30.69% from the IPO price [6][7]. - The stock price fell to a low of 41.00 CNY within four months of listing, indicating a significant decline from the initial offering price [6]. Group 4: Shareholder Activity - Major shareholders, including those associated with Haitong Securities, have reduced their holdings twice, cashing out approximately 760 million CNY, raising concerns about the company's future prospects [8].

作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 上月末，由于难以解决巨额债务问题，全球 SiC （碳化硅）巨头 Wolfspeed 宣布准备在几周内申请破产。 先发优势并不代表企业护城河坚不可摧。在国产厂商的奋力追赶下，部分企业的市场份额已经能够望其项背。 最后一个靴子落地，随着供应链重新洗牌， SiC 衬底行业有望走出价格低迷的阴霾，竞争格局或将重塑。 对于技术工艺实力领先的国内企业如天岳先进、天科合达，随着产能供需逐渐走向平衡，争夺行业话语权的机会或在酝酿之中。 01 激进扩产埋下危机 Wolfspeed 的高光时刻发生在 2021 年，那年 10 月之前还叫做 Cree ，而 Wolfspeed 作为后者的三大部门之一，主要从事第三代半导体 业务。 成立于 1987 年的 Cree ，在上世纪 90 年代是全球最大的蓝光 LED 芯片制造商， 1991 年就已推出全球首片商业化碳化硅晶圆，一举奠定 行业鼻祖地位。 2011 年， Wolfspeed 率先推出全球第一款 SiC MOSFET ，在行业内树立起技术标杆。 但另外两个业务（ LED 芯片和组件、照明系统及灯具 ...

Core Viewpoint - Wolfspeed, a leading silicon carbide substrate company, has seen its stock price plummet over 78%, raising concerns about potential bankruptcy due to ongoing losses and increased competition in the silicon carbide market [1][5]. Company Performance - Wolfspeed's stock price peaked at $142.33 per share during 2021-2022 but has now dropped to $1.28 per share, indicating a significant decline [1]. - The company reported a net loss of $286 million for the third fiscal quarter of 2025, despite a revenue of $185 million, which represents an 8% year-over-year decline [8]. - The Mohawk Valley wafer plant, which was expected to be a key revenue driver, achieved only a 20% utilization rate by June 2024, with projections to reach 25% by the end of 2024 [5][8]. Market Position and Competition - Wolfspeed's market share in silicon carbide substrates has decreased from approximately 80% to 33.7% from 2018 to 2024, with Chinese companies like TanKeBlue and SICC gaining significant ground [2]. - The company faces intense price competition, with silicon carbide substrate prices reportedly halving over a three-year cycle, diminishing Wolfspeed's technological advantages [9][10]. - The global market for N-type silicon carbide substrates is projected to decline by 9% in 2024, largely due to weakened demand in the automotive and industrial sectors [11]. Industry Dynamics - The silicon carbide industry is experiencing a shift, with increased competition from both domestic and international players, particularly in China, which is seen as a key market for silicon carbide applications [11][12]. - Domestic Chinese companies are reportedly more efficient and responsive compared to their overseas counterparts, which may enhance their competitive position in the market [11]. - The transition from 6-inch to 8-inch wafers has been debated, with concerns about yield and cost implications, impacting Wolfspeed's strategic decisions [7]. Financial Support and Future Outlook - Wolfspeed is expected to receive $750 million in funding from the U.S. government and an additional $750 million from a consortium of investors, totaling $2.5 billion in anticipated capital [8]. - The company is undergoing management changes to improve its financial situation, including the appointment of a new CEO and board members with experience in the semiconductor industry [7][8].