香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不會對本公告的全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 山東天岳先進科技股份有限公司 SICC CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：2631） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 茲載列山東天岳先進科技股份有限公司於上海證券交易所網站( www.sse.com.cn ) 所刊發的公告，僅供參考。 承董事會命 山東天岳先進科技股份有限公司 董事長、執行董事兼總經理 宗艷民先生 香港，2026年3月27日 於本公告日期，董事會成員包括(i)執行董事宗艷民先生、高超先生及王俊國先生；(ii)非執行 董事邱宇峰先生、李婉越女士及方偉先生；及(iii)獨立非執行董事李洪輝先生、劉華女士及 黎國鴻先生。 山东天岳先进科技股份有限公司 2025 年年度报告摘要 公司代码：688234 公司简称：天岳先进 山东天岳先进科技股份有限公司 2025 年年度报告摘要 山东天岳先进科技股份有限公 ...

Summary of Silicon Carbide Industry Conference Call Industry Overview - The conference call focuses on the silicon carbide (SiC) industry, highlighting its transition from "electric scenarios" to "computing/optical scenarios" driven by AI computing power and advanced packaging heat dissipation substrates [1][2]. Key Insights and Arguments - **Market Dynamics**: The SiC substrate price for 12-inch wafers is approximately $3,000. If CoWoS packaging achieves a 30% replacement, it could generate an additional market of $900 million, with full replacement potentially exceeding $3 billion [1][11][12]. - **Supply Chain Changes**: The industry is witnessing a supply-side clearing signal, with the bankruptcy restructuring of overseas leader Wolfspeed and domestic substrate prices stabilizing. Chinese manufacturers have made breakthroughs in 12-inch technology [1][15][16]. - **Demand Recovery**: Traditional power semiconductor demand is recovering, with companies like Silan Micro and Yangjie Technology issuing price increase notices. The overseas high-end demand is benefiting domestic manufacturers [1][17]. - **New Application Spaces**: The new computing space is expected to be 2-3 times larger than the traditional automotive market, with a focus on companies like Tianyue Advanced, Jingcheng Machinery, and Sanan Optoelectronics [1][2]. Additional Important Points - **AI Chip Power Management**: AI chip power density is increasing, with Nvidia GPUs potentially reaching a TDP of 2000W, making thermal management a critical bottleneck. SiC's thermal conductivity is 3-4 times that of silicon, making it a viable solution [1][5]. - **Interposer Material Replacement**: The current interposer material, silicon, has limitations in thermal conductivity. Alternatives like glass, diamond, and SiC are being considered, with SiC being favored due to its balance of performance and manufacturability [6][7]. - **Market Size Projections**: The global SiC substrate market is projected to be around $1-1.3 billion by 2025, with device market size around $4.4 billion. The potential for growth is significant, especially with the shift towards computing applications [9][10]. - **Supply Chain Restructuring**: The SiC industry is undergoing a restructuring phase, with domestic players gaining ground over traditional overseas leaders. This shift is expected to enhance the competitive landscape and stabilize supply [15][16]. Conclusion - The SiC industry is at a pivotal moment, transitioning towards new applications driven by AI and advanced packaging needs. The market is expected to grow significantly, with domestic manufacturers poised to benefit from this shift. Key companies to watch include Tianyue Advanced, Jingcheng Machinery, and Sanan Optoelectronics, as they are well-positioned to capitalize on the emerging opportunities in the SiC space [17].

Summary of BYD's Second-Generation Battery Fast Charging Technology Conference Call Industry and Company Involved - **Company**: BYD (Build Your Dreams) - **Industry**: Electric Vehicle (EV) Battery Supply Chain Key Points and Arguments 1. Battery Core Components - **Cathode Materials**: - **Fengyuan Co., Ltd. (002805)**: Exclusive supplier of high-pressure lithium iron phosphate for BYD's fast-charging battery, involved in joint R&D and exclusive adaptation [1] - **Defang Nano (300769)**: Core supplier of lithium manganese iron phosphate, supporting the second-generation blade battery's high rate and energy density improvements [1] - **Hunan YN Energy (301358)**: Leading supplier of lithium iron phosphate cathodes, deeply integrated with BYD, benefiting from the ramp-up of fast-charging batteries [1] 2. Electrolytes and Separators - **Tinci Materials (002709)**: Leading supplier of high-rate electrolytes, utilizing LiFSI technology to reduce internal resistance, suitable for fast-charging needs [1] - **Enjie Co., Ltd. (002812)**: Supplier of ultra-thin wet separators (4μm), enhancing ionic conductivity and ensuring fast charging stability [1] 3. Structural Components and Equipment - **Kodali (002850)**: Core supplier of blade battery casings, meeting the structural requirements of the second-generation short blade and high-rate designs [1] - **Haimeixing (688559)**: Provides laser equipment for the second-generation blade, covering the entire process from electrode processing to welding, with BYD as its second-largest customer (approximately 15% of revenue) [1] - **Lianying Laser (688518)**: Main supplier for cell/PACK laser welding, utilizing blue laser technology for copper-aluminum welding, with a high market share [1] 4. Onboard High Voltage and Control - **Silicon Carbide Chips**: - **San'an Optoelectronics (600703)**: The only domestic company with a full silicon carbide supply chain, providing automotive-grade SiC chips for high-voltage fast charging and efficient energy conversion [1] - **Tianyue Advanced (688234)**: Holds a 25% global market share in silicon carbide substrates, entering BYD's supply chain to support SiC chip production [1] 5. High Voltage Connectors and Charging Guns - **Yonggui Electric (300351)**: Validated 1000V liquid-cooled high-voltage connectors and charging guns by BYD, with a single vehicle supply value of approximately 1200 yuan [1] 6. Onboard Power Modules - **Xinrui Technology (300745)**: Supplier of high-power charging SCM super-fast charging modules, suitable for megawatt fast-charging high-voltage platforms [1] 7. Charging Infrastructure - **Ultra Charging Piles and Power Modules**: - **XJ Electric (000400)**: Awarded the first batch of megawatt fast charging station equipment by BYD, providing 600kW liquid-cooled ultra charging piles [1] - **Shenghong Co., Ltd. (300693)**: Signed a strategic agreement with BYD for core power modules of megawatt charging stacks [1] 8. Charging Modules and Power Supplies - **Yingkerui (300713)**: Supplier of 1000V efficient power modules, achieving a conversion efficiency of 98.5%, supporting peak power output [1] Core Conclusions - **Key Certainties**: Exclusive long-term agreements for cathode materials, exclusive adaptation of laser equipment, and full-chain support for SiC chips [1] - **Leading Suppliers for Fast Charging Components**: Tinci Materials (electrolytes), Enjie Co., Ltd. (separators), Yonggui Electric (high-voltage connectors), and XJ Electric (ultra charging piles) [1]

Summary of Conference Call Notes Company and Industry Overview - The company is a leading player in the global emerging market smartphone sector, with a market share exceeding 50% in Africa. It operates three major smartphone brands: TECNO, itel, and Infinix. [1][2] - According to IDC data, the company's global smartphone market share is projected to be 8.6% in 2024, ranking it fourth globally. [2][5] - The company reported a revenue of 68.743 billion yuan for 2024, reflecting a year-on-year increase of 10.35%, and a net profit of 5.590 billion yuan, up 0.96% year-on-year. [2][5] Key Insights and Arguments 1. **Market Position and Growth**: - In Q3 2024, the company's smartphone market share in Africa reached 50%, an increase of approximately 2 percentage points year-on-year. The company has successfully replicated its localized strategy in Africa to achieve leading positions in Pakistan and Bangladesh, contributing to revenue growth from emerging markets. [2][5] - Short-term outlook indicates a positive trend for the smartphone business, aided by declining upstream storage prices and a resolution of patent disputes with Qualcomm. [2][5] 2. **AI Integration and Product Diversification**: - The company is leveraging the AI trend by collaborating with major model and chip manufacturers like Google, Alibaba, and MediaTek to launch AI smartphones and applications. [3][5] - The company is also expanding its product categories beyond smartphones, focusing on digital accessories, home appliances, and energy storage solutions, while actively exploring innovative terminal forms such as AR devices. [3][5] 3. **Market Leadership in Accessories**: - According to Canalys data, the company achieved a 50% market share in TWS (True Wireless Stereo) earphones in Africa in Q3 2024, ranking first in the market. [3][5] Additional Important Information - The company’s strategy emphasizes local market adaptation, which has proven effective in maintaining its competitive edge in emerging markets. [2][5] - The collaboration with major tech firms for AI applications signifies a strategic shift towards integrating advanced technologies into its product offerings, potentially opening new growth avenues. [3][5] - The company’s focus on diversifying its hardware offerings may mitigate risks associated with reliance on smartphone sales alone, especially in fluctuating market conditions. [3][5]

Core Viewpoint - Tianyue Advanced (02631) has seen a stock price increase of over 6%, driven by expectations of rising demand for silicon carbide (SiC) due to advancements in AI server cabinet computing power [1] Group 1: Market Performance - Tianyue Advanced's stock rose by 6.25% to HKD 63.75, with a trading volume of HKD 205 million [1] Group 2: Industry Insights - According to Zheshang Securities, the iteration of AI server cabinets is driving a rapid increase in power density, which in turn is expanding the demand for power semiconductors [1] - SiC is expected to see accelerated penetration in high-power scenarios due to its high voltage resistance and low loss characteristics [1] Group 3: Company Positioning - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and is the first to launch 12-inch silicon carbide substrates [1] - With its first-mover advantage in large-size substrates and technological accumulation, the company is poised to capture further market share [1] Group 4: Strategic Initiatives - Zhongyou Securities noted the company's proactive layout in the electric vehicle sector, having obtained automotive-grade IATF16949 certification in 2022 [1] - The company's silicon carbide substrate products have passed stringent validation from leading international power semiconductor manufacturers and have achieved continuous large-scale supply [1] - The company is also actively exploring emerging fields such as optics, having established partnerships with leading global optical manufacturers and secured multiple orders [1]

Core Viewpoint - Tianyue Advanced (02631) has seen a stock price increase of over 6%, currently at 63.75 HKD, with a trading volume of 205 million HKD, driven by the rising demand for power semiconductors due to advancements in AI server cabinet computing power [1] Group 1: Company Overview - The company is one of the few globally capable of mass-producing 8-inch silicon carbide (SiC) substrates and is the first to launch 12-inch SiC substrates [1] - The company is expected to further capture market share due to its first-mover advantage and technological accumulation in large-size substrates [1] Group 2: Industry Trends - According to Zheshang Securities, the iteration of AI server cabinet computing power is rapidly increasing the power density of single cabinets, directly driving the expansion of power semiconductor demand [1] - SiC is anticipated to see accelerated penetration in high-power scenarios due to its high voltage resistance and low loss characteristics [1] Group 3: Strategic Initiatives - The company has strategically positioned itself in the electric vehicle sector, having obtained the automotive quality management system IATF16949 certification in 2022 [1] - SiC substrate products have been validated by leading international power semiconductor manufacturers and have achieved continuous large-scale supply [1] - The company is also actively exploring emerging fields such as optics, having established partnerships with leading global optical manufacturers and secured multiple orders [1]

Core Viewpoint - Loushow Technology is advancing its research and development of large-size silicon carbide substrates, achieving significant breakthroughs in both conductive and semi-insulating types, particularly with the successful production of 12-inch silicon carbide single crystal samples [2][3][4]. Group 1: Technological Advancements - The company has made key technological breakthroughs in the development of 12-inch silicon carbide substrates, marking a transition from "following" to "running alongside" and in some areas "leading" in the industry [5]. - The successful development of 12-inch silicon carbide single crystal samples indicates the company's capability in large-size crystal growth, which is crucial for future competitiveness in the semiconductor industry [4][5]. Group 2: Market Outlook and Financial Performance - The company is optimistic about its revenue performance in the first half of the year, expecting significant growth compared to previous years, and is confident about sales growth in the first and second quarters of 2026 [5]. - In 2024, the company achieved a record revenue of 3.717 billion yuan, a year-on-year increase of 34.07%, and a net profit of 258 million yuan, up 97.03% [6]. - For the first three quarters of 2025, the company reported revenues of 2.761 billion yuan, a slight decline of 0.82%, while net profit increased by 5.17% to 246 million yuan [6]. Group 3: Production and R&D Strategy - The company plans to expand its production capacity, focusing on the large-scale production of 8-inch conductive silicon carbide substrates and 12-inch semi-insulating substrates to meet the growing market demand in various sectors such as electric vehicles and renewable energy [4][7]. - Since 2022, the company has consistently invested over 100 million yuan in R&D annually, indicating a strong commitment to innovation [11]. - The company has established several research platforms and has participated in the formulation of 48 national and industry standards, showcasing its leadership in technological advancements [12].

Core Viewpoint - Luxshare Technology is accelerating the research and development of large-size silicon carbide substrates along the path of "6-inch—8-inch—12-inch" [1][2] Group 1: Technological Advancements - Luxshare Technology has achieved a key technological breakthrough in the semi-insulating silicon carbide sector, successfully producing 12-inch silicon carbide single crystal samples [1][2] - The company has developed a full-process technology from crystal growth to substrate for 12-inch silicon carbide, marking a significant advancement in its product matrix of "conductive + semi-insulating" [1][2] - The advancements indicate a shift from "catching up" to "keeping pace" and even "leading" in certain areas, showcasing the company's commitment to independent innovation [3] Group 2: Market Outlook and Revenue Projections - The company is optimistic about achieving breakthrough performance in revenue for the first half of the year compared to previous years, with confidence in sales growth for the first and second quarters of 2026 [3] - Luxshare Technology's revenue reached 3.717 billion yuan in 2024, a year-on-year increase of 34.07%, marking a historical high [4] - For the first three quarters of 2025, the company reported revenue of 2.761 billion yuan, a slight year-on-year decrease of 0.82%, while net profit increased by 5.17% to 246 million yuan [5] Group 3: Production and Expansion Plans - The company is planning to expand production lines focusing on 8-inch conductive silicon carbide substrates and 12-inch semi-insulating substrates to meet the growing market demand in sectors like electric vehicles, photovoltaic power, energy storage, consumer electronics, and industrial control [2] - Luxshare Technology has adjusted its investment plans for a third-generation power semiconductor (silicon carbide) industrial park, reducing the total investment from 21 billion yuan to 11.5 billion yuan [6] Group 4: Financial Performance and Margins - The company's gross margin increased to 21.98% in the first three quarters of 2025, up 0.36 percentage points from the previous year [9] - Gross margins for Luxshare Technology were 14.27%, 21.84%, and 20.66% from 2022 to 2024, indicating a trend of improving profitability [8] Group 5: Research and Development - Since 2022, the company has consistently invested over 100 million yuan in R&D annually, with a strong research team and participation in the formulation of 48 national/industry standards [10] - Luxshare Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategic layout and international brand image [10]

Core Viewpoint - The article highlights the significant technological advancements made by Luxshare Technology in the field of silicon carbide (SiC) materials, particularly in the development of 12-inch semi-insulating SiC substrates, which positions the company as a key player in the future of the semiconductor industry [2][3]. Group 1: Technological Breakthroughs - Luxshare Technology's subsidiary, Hefei Luxshare Semiconductor Materials Co., has achieved a critical breakthrough in the semi-insulating SiC sector by successfully producing 12-inch single crystal samples, completing the entire process from crystal growth to substrate development [2]. - The company has mastered the coupling mechanisms of various process parameters in large-size crystal growth, ensuring stability and quality in the produced crystals, which are essential for high-performance power devices in sectors like new energy vehicles and photovoltaic storage [2]. Group 2: Product Development and Market Strategy - The newly developed semi-insulating SiC substrates exhibit excellent optical parameters and processing precision, meeting stringent standards for advanced applications such as AR glasses and high-performance RF devices [3]. - Luxshare Technology plans to expand its production capacity, focusing on the mass production of 8-inch conductive SiC substrates and 12-inch semi-insulating substrates to meet the growing market demand in various sectors, including new energy vehicles and consumer electronics [3][4]. Group 3: Industry Position and Partnerships - The company has signed a three-year minimum purchase agreement with BYD for 500,000 pieces, which helps address capacity utilization issues [4]. - Luxshare Technology's Hefei production facility is expected to ramp up production from 200,000 pieces per year to 300,000-500,000 pieces per year by 2026, aiming to become a leading supplier of SiC substrates in China [4].

Group 1: Company Performance - Tianyue Advanced's stock price closed at 91.24 yuan on February 13, 2026, down 1.47% for the day, with a cumulative decline of 2.08% over the past five days and 17.94% over the past twenty days, underperforming the Shanghai Composite Index and the semiconductor sector [1] - The company announced a revenue forecast of 1.45 to 1.5 billion yuan for 2025, representing a year-on-year decline of 15.17% to 17.99%, and a net loss of 185 to 225 million yuan, a significant drop from a profit of 179 million yuan in 2024 [2] - The main reasons for the loss include a decrease in substrate prices, increased R&D and sales expenses, foreign exchange losses, and asset impairment provisions [2] Group 2: Industry Conditions - From 2024 to 2025, the global price of 6-inch silicon carbide substrates is expected to decline by nearly 30%, with some product prices approaching the cost line for domestic manufacturers [3] - Industry overcapacity, slowing demand for new energy vehicles, and intensified price competition have led to a price war, which has negatively impacted Tianyue Advanced's revenue despite an increase in substrate sales [3] Group 3: Financial and Technical Aspects - To maintain technological leadership, the company continues to invest in R&D for 8-inch and 12-inch large-size substrates, with R&D expenses increasing by 34.93% year-on-year to 75.8467 million yuan in the first half of 2025 [4] - Historical tax payments of approximately 82.97 million yuan and foreign exchange losses due to currency fluctuations have further squeezed profit margins [4] - On February 10, there was a net outflow of 40.266 million yuan in main funds, accounting for 8.08% of total trading volume, indicating market concerns about short-term performance risks [5] Group 4: Stock Price Trends - The stock price has experienced increased volatility, reaching a low of 91.24 yuan on February 13, down approximately 7.8% from a high of 98.99 yuan on January 16 [6] - Some technical indicators, such as KDJ, are at low levels, but market pessimism regarding the price war and the company's profitability has not been fully digested [6] Group 5: Industry Policy Landscape - On February 12, Shenzhen released an AI industry action plan aimed at strengthening the semiconductor industry through AI chips, but it does not directly alleviate the price competition pressure in the silicon carbide substrate sector [7] - Long-term opportunities exist for silicon carbide in the 800V platform for new energy vehicles and AI data centers, but short-term focus should be on the impact of price wars on small and medium-sized manufacturers [7]