Core Viewpoint - Tianyue Advanced (02631) has made significant breakthroughs in business expansion, recently announcing a collaboration with Toshiba Electronic Components to enhance the characteristics and quality of silicon carbide power semiconductors, aiming to expand the supply of high-quality substrates [1][3] Group 1: Collaboration and Market Position - The partnership with Toshiba, a well-established semiconductor manufacturer in Japan, underscores Tianyue's growing influence in the power semiconductor sector [3] - Tianyue Advanced won the "Semiconductor Electronic Materials" gold award from the authoritative Japanese media "Electronic Device Industry News" in June, marking the first time a Chinese company has achieved this in 31 years [3] - The company has established a sales presence in Japan and has been supplying silicon carbide substrate materials to the Japanese market, with notable clients including Sumitomo [3][4] Group 2: Competitive Landscape - Chinese substrate manufacturers, represented by Tianyue Advanced, are gaining traction among local and European semiconductor firms due to their quality and price advantages [3][4] - The financial report from Japanese manufacturer Rohm indicated a significant drop of over 80% in operating profit, attributing this to the competitive pressure from Chinese manufacturers whose silicon carbide substrate technology has reached top levels [3][4] Group 3: Strategic Advantages - The collaboration with Toshiba may signify a shift where Tianyue, through local innovation, gradually "replaces" foreign competitors and plays a more significant role in the international power semiconductor supply chain [4] - Tianyue's overseas expansion is not limited to Japan, with ongoing developments in other regions also being noteworthy [4] Group 4: Partnerships and Future Prospects - Tianyue Advanced has a prior agreement with German semiconductor manufacturer Infineon, which includes supplying 150mm substrates and assisting in transitioning to 200mm silicon carbide wafers [5] - Infineon announced a 50 billion yuan investment to build the world's largest 200mm silicon carbide power semiconductor factory in Malaysia, indicating a growing demand for Tianyue's products [5] - The company has established partnerships with major global semiconductor giants, with over half of the top ten power semiconductor manufacturers collaborating with Tianyue Advanced [6] Group 5: Emerging Applications - Silicon carbide is recognized for its superior performance in high-pressure and high-temperature scenarios, making it a key material for emerging fields such as data centers and AI glasses [9] - Tianyue Advanced has signed a strategic cooperation agreement with Sunny Optical Technology Group to collaborate in the fields of micro-nano optics and new materials, positioning itself to capture opportunities in these growing markets [9]

智通财经8月24日讯（编辑 冯轶）智通财经为您带来每周港股新股资讯。 据利弗莫尔证券显示，截至发稿，本周(8月18日-8月24日)有12家公司向港交所递表，另有两家公司招股，及一只新股上市。 先看递表，本周共有12家公司递表： 1）8月18日，星环科技(688031.SH)向港交所主板递表，海通国际为其独家保荐人。 招股书显示，沪鸽是一家专业的口腔材料公司，提供涵盖口腔临床类产品、口腔技工类产品及口腔数字化产品的多元化产品组合，适用于牙科核心专业领域 的多种应用场景。2024年，中国口腔材料市场占整体口腔医疗器械市场（包括口腔设备及器具）的42.2%，该市场具有高度分散的特点。同年，沪鸽在中国 口腔材料市场按收入计的市场占有率为1.3%。 招股书显示，星环科技是一家AI基础设施软件提供商，通过深度融合人工智能、大数据与云技术，助力企业高效构建AI基础设施软件，推动各行业智能化 转型与商业模式创新。按收入计，2024年公司在中国AI基础设施软件市场排名第五，亦为最大的纯AI基础设施软件提供商。 财务方面，于2022年度、2023年度、2024年度及2025年截至3月31日止三个月，星环科技实现收益分别约为3.7 ...

业内分析指出，天岳先进所生产的碳化硅衬底具备高压、高频、高温等性能优势，其典型下游应用方向 ——如新能源车主驱系统、AI服务器、智能电源管理模块——在技术原理和产品形态上均与智能控制 领域存在协同关系。和而泰的此次投资对象拥有的材料能力、产业地位和客户基础，具备与其既有业务 链条形成潜在技术协同或产业延伸的基础条件。 不仅如此，天岳先进也是和而泰旗下浙江铖昌科技股份有限公司产业链的一部分，该碳化硅衬底材料也 为其提供了稳定的上游材料供应。 在碳化硅行业整体发展趋势方面，弗若斯特沙利文预计全球碳化硅衬底市场规模将由2023年的12亿美元 增长至2030年的82亿美元，年均复合增长率达31.1%。受益于汽车电动化、AI数据中心扩张以及高端能 源电子设备需求提升，碳化硅材料产业链整体有望迎来扩容周期。 根据招股书披露，公司已与全球前十大功率半导体器件制造商中的多数建立合作关系。2024年度，公司 实现营业收入17.68亿元人民币，同比增长41.4%；同期净利润为1.79亿元人民币，实现扭亏为盈。 公开信息显示，和而泰是一家智能控制器解决方案供应商，在产业端，其产品广泛应用于家电、智能家 居、健康护理、汽车电子、工业 ...

Core Viewpoint - Tianyue Advanced (02631.HK) officially listed on the Hong Kong Stock Exchange on August 20, 2025, becoming the only "A+H" listed silicon carbide substrate company in both markets, reflecting strong market interest and investor confidence in the company’s growth potential [1][2]. Group 1: IPO and Market Performance - Tianyue Advanced's IPO involved a global offering of 47.7457 million H-shares, accounting for 10% of the total share capital post-issue, with an issue price of HKD 42.80 per share [1]. - The company experienced a high subscription rate of 2809.19 times for its shares, indicating significant investor enthusiasm [1]. - The company's A-shares have shown a strong performance, with a maximum increase of approximately 16% since the start of the subscription on August 11 [1]. Group 2: Company Position and Strategy - Tianyue Advanced focuses on high-quality silicon carbide substrate research and industrialization, being one of the few companies capable of mass production of 8-inch silicon carbide substrates [2]. - The company holds a 22.80% market share, making it the second-largest silicon carbide substrate manufacturer globally, with a strong brand presence in international markets [2]. - The IPO is part of the company's internationalization strategy, with funds allocated for overseas capacity construction and further research on large-size products [2]. Group 3: Technological Advancements - The company has achieved mass supply of 8-inch conductive substrates and is set to launch the industry's first 12-inch silicon carbide substrate in November 2024, enhancing chip production efficiency [3]. - Tianyue Advanced has made breakthroughs in substrate types and production processes, including the successful delivery of high-quality low-resistance P-type silicon carbide substrates [3]. Group 4: Intellectual Property and Recognition - As of the end of 2024, the company has obtained 194 invention patents and 308 utility model patents, ranking among the top five globally in terms of patent quantity [4]. - The company received the "Golden Bull Listed Company Innovation Award" and a prestigious semiconductor materials award, marking significant achievements in the field [5]. Group 5: Market Growth and Applications - The global silicon carbide substrate market is projected to grow from RMB 2.6 billion in 2019 to RMB 66.4 billion by 2030, with a compound annual growth rate (CAGR) of 39.0% [7]. - The demand for silicon carbide is primarily driven by the electric vehicle sector, which accounts for nearly 80% of the demand [7]. - Tianyue Advanced is actively expanding into emerging applications such as AI data centers and AR glasses, positioning itself for future growth [8][9]. Group 6: Global Expansion and Revenue Growth - The company reported overseas revenue of RMB 840 million in 2024, a year-on-year increase of 104.43%, with overseas revenue surpassing domestic revenue for the first time [10]. - Tianyue Advanced has established partnerships with over half of the top ten power semiconductor manufacturers globally, enhancing its market reach [10]. - The funds raised from the IPO will support overseas capacity construction to meet the growing demand from international clients [10].

Group 1: Hong Kong Stock Exchange Performance - Hong Kong Stock Exchange reported a record high total revenue of HKD 14.076 billion and a shareholder profit of HKD 8.519 billion for the first half of 2025, marking a historical peak for the semi-annual performance [1] - The new stock market financing amount has returned to the top of global exchanges, reinforcing Hong Kong's leading position in the global capital market [1] Group 2: Tianyue Advanced Listing - Tianyue Advanced, a semiconductor silicon carbide substrate manufacturer, officially listed on the Hong Kong Stock Exchange, with its stock price rising by 6.4% on the first day of trading [2] - The company issued 47.7457 million shares at a price of HKD 42.80 per share, focusing on the research and industrialization of silicon carbide substrates [2] Group 3: Zhaochuang Information's IPO Plans - Zhaochuang Information announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [3] - The details of the H-share issuance and listing are yet to be determined, but this move aims to provide new opportunities in the international market [3] Group 4: Hansoh Pharmaceutical Fundraising - Hansoh Pharmaceutical announced a placement agreement to raise approximately HKD 3.897 billion by issuing 108 million shares at a price of HKD 36.30 per share, representing a discount of about 6.49% from the previous closing price [4] - The fundraising is expected to improve the company's financial position and support future research and business expansion [4] Group 5: Hong Kong Stock Market Overview - The Hong Kong stock market index closed at 25,165.94, with a slight increase of 0.17% on August 20 [5] - Other indices showed minor fluctuations, indicating a stable market environment [5]

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 ...

Core Viewpoint - The article highlights the successful IPO of Tianyue Advanced on the Hong Kong Stock Exchange, marking a significant step in the company's internationalization strategy and its ambition to enhance its capital strength and competitiveness in the semiconductor materials sector [4][5][19]. Group 1: Company Overview - Tianyue Advanced, a leading player in the silicon carbide substrate industry, was listed on the Hong Kong Stock Exchange on August 20, 2023, with an initial share price of HKD 42.8, which rose by 6% on its first day, giving it a market capitalization of approximately HKD 22 billion [4]. - The company aims to accelerate its international strategy and overseas business layout through this listing, achieving an "A+H" dual listing format [4][5]. - The founder, Zong Yanmin, previously ranked as the wealthiest individual in Jinan, has seen fluctuations in his wealth due to changes in the company's market value but remains a prominent figure in the region [4][10]. Group 2: Financial Performance - In 2024, Tianyue Advanced reported a revenue of CNY 1.768 billion, representing a 41.37% increase from 2023, continuing a trend of revenue growth over three consecutive years [18]. - The company holds a top-three global market share in conductive silicon carbide substrate materials and has introduced the industry's first 12-inch silicon carbide substrate, enhancing its production capabilities [18][19]. - The anticipated growth in AI data center capacity and the increasing demand for high-quality silicon carbide materials in various applications, including electric vehicles and renewable energy, are expected to significantly boost the company's profitability [19]. Group 3: Market Trends - The Hong Kong Stock Exchange has seen a surge in IPO activities, with over 50 A-share companies applying for listings in 2025, indicating a strong trend of domestic companies seeking international capital markets [23][25]. - The total IPO fundraising in Hong Kong for the first half of 2025 reached HKD 107.1 billion (approximately USD 13.9 billion), marking a 22% increase compared to the previous year [25]. - The Chinese government's supportive policies for capital market development are expected to further enhance Hong Kong's position as a global financial hub, attracting more companies to list [26].

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 ...

Group 1 - Tianyue Advanced Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 20, marking Shandong's first "A+H" listed company of the year [1][3] - Tianyue Advanced achieved the highest subscription multiple for a public offering in Hong Kong, with over 2000 times oversubscription [1] - The company is recognized as a "hidden champion" in the domestic silicon carbide substrate sector, ranking among the top three global manufacturers with a market share of 16.7% [3] Group 2 - The trend of A-share listed companies seeking to list in Hong Kong is driven by favorable policies, global strategic needs, and narrowing AH share premiums [3] - As of August 20, Shandong has 14 "A+H" listed companies, with Tianyue Advanced being the first information technology company in this category [3][4] - The successful listing of Tianyue Advanced is seen as a model for other Shandong companies, encouraging them to leverage capital markets for innovation and development [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is preparing for its H-share issuance and listing on the Hong Kong Stock Exchange, with a final price set at HKD 42.80 per share [7] - The company has established itself as a significant supplier in the semiconductor industry, ranking among the top three global manufacturers of silicon carbide (SiC) substrates, with a market share of 16.7% [7] - The demand for SiC substrates is expanding into AI server power supply units, driven by the increasing need for high-performance AI computing [7] - Revenue projections for 2025-2027 are estimated at CNY 25.38 billion, CNY 32.68 billion, and CNY 41.12 billion, with corresponding net profits of CNY 3.12 billion, CNY 5.19 billion, and CNY 8.15 billion [7] Financial Performance Summary - The company reported a revenue of CNY 1,251 million in 2023, with a projected growth rate of 199.9% [6] - The net profit is expected to turn positive in 2024, reaching CNY 179 million, and continue to grow to CNY 815 million by 2027 [6] - The earnings per share (EPS) is projected to increase from -0.11 in 2023 to 1.90 by 2027 [6] - The price-to-earnings (PE) ratio is expected to decrease from 121.9 in 2024 to 35.3 in 2027, indicating improving profitability [6] Market Performance - The company has shown a significant market performance compared to the Shanghai and Shenzhen 300 index, with a 12-month performance of 76% [4]