8月20日，山东天岳先进科技股份有限公司（以下简称为"天岳先进"）正式在香港联交所主板挂牌并上 市交易。这标志着山东省年内首家"A+H"上市公司诞生。 公开资料显示，成立于2010年的天岳先进，是国内碳化硅衬底领域的"隐形冠军"企业，于2022年1月登 陆A股科创板，成为"碳化硅第一股"，按2024年收入计位列全球碳化硅衬底制造商前三，市场份额占 16.7%，产品在国际市场上获广泛认可。 "此次港股上市是公司国际化战略的关键一步，借助'A+H'双重上市，公司能更好地利用两个资本市场 资源，推动在技术研发、产能扩张、市场拓展等方面加快发展；同时吸引更多国际投资者关注，提升国 际知名度，进而推动海外业务布局。"天岳先进董事长宗艳民告诉记者。 值得注意的是，这股港股IPO热潮里，不仅是"A+H"明显升温，不少山东上市公司积极把握机遇，纷纷 布局"A拆H"。潍柴动力拟分拆的潍柴雷沃、山东黄金拟分拆的山金国际，歌尔股份拟分拆的歌尔微均 向港交所主板递表，分拆自南山铝业的南山铝业国际则已于今年3月登陆港交所。 来源：天岳先进微信公众号 今年以来，港股IPO市场火热，"A+H"热度持续攀升。缘何出现A股上市公司赴港"上市潮 ...

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].