证券代码：300316 证券简称：晶盛机电 浙江晶盛机电股份有限公司投资者关系活动记录表 编号：2026-1 答：2025 年 9 月，公司首条 12 英寸碳化硅衬底加工中试线在 子公司浙江晶瑞 SuperSiC 正式通线，至此，子公司浙江晶瑞 SuperSiC 真正实现了从晶体生长、加工到检测环节的全线设备自主 研发，100%国产化，标志着晶盛在全球 SiC 衬底技术从并跑向领跑 迈进，迈入高效智造新阶段。今年 1 月份，依托自主搭建的 12 英寸 中试线，浙江晶瑞 SuperSiC 成功实现 12 英寸碳化硅衬底厚度均匀 | 性（TTV）≤1μm 的关键技术突破；这是继建成行业首条 12 英寸碳 | | --- | | 化硅中试线后，晶盛机电研发中心与浙江晶瑞 SuperSiC 联手取得的 | | 又一重大成果，充分彰显了晶盛机电"装备+材料"协同创新的核心 | | 优势。 | | 5、请问公司碳化硅衬底材料的产能布局？ | | 答：公司积极布局碳化硅产能，在上虞布局年产 30 万片碳化硅 | | 衬底项目；并基于全球碳化硅产业的良好发展前景和广阔市场，在 | | 马来西亚槟城投建 英寸碳化硅衬底产业化项 ...

Core Viewpoint - Tianyue Advanced's stock performance is influenced by the overall positive trend in the semiconductor sector, despite a forecasted decline in revenue and profit for 2025 [1][3][4]. Market Performance - On February 23, 2026, Tianyue Advanced's Hong Kong stock closed at HKD 60.00, up 5.26%, while its A-share closed at CNY 91.24, down 1.47% on February 13, 2026, due to the Chinese New Year holiday [1]. - The semiconductor sector in the Hong Kong market showed strong performance, with major companies like SMIC and Hua Hong Semiconductor rising over 5%, contributing to the overall sector increase of 4.36% [2]. Company Fundamentals - Despite a projected decline in revenue and profit for 2025, market focus may shift towards Tianyue Advanced's long-term technological positioning, particularly its first-mover advantage in the 12-inch silicon carbide substrate market and successful supply of 8-inch conductive substrate products [3]. - The analysis from E Fund highlights the increasing market share of domestic semiconductor equipment amid an AI-driven expansion wave, which may bolster confidence in the company's long-term growth [3]. Capital Flow - On February 23, 2026, Tianyue Advanced's Hong Kong stock experienced a net inflow of HKD 2.24 million from institutional investors and HKD 15.85 million from retail investors, indicating a favorable overall capital flow [4]. - The strong performance of the Hong Kong market, with the Hang Seng Index rising 2.46% and the Hang Seng Tech Index up 3.79%, has also contributed to the positive sentiment towards individual stocks [4].

证券日报网讯2月6日，合盛硅业（603260）在互动平台回答投资者提问时表示，公司加速研发中心升级 进程，以创新制造技术与智能生产模式为双轮驱动，培育硅基新材料领域的前沿技术生产力。有机硅技 术领域，公司根据研发计划平稳有序推进，2025年上半年，公司实现产业化的全新中下游产品包括氨基 硅油和有机硅乳液，产品品质已达到国际领先水平，能够满足纺织、化妆品行业的应用需求。同时，公 司其他在研项目包括但不限于0度人体硅胶、医疗用途混炼胶及液体硅橡胶、电子级有机硅凝胶等系列 产品。碳化硅技术领域，公司已完整掌握了碳化硅材料的原料合成、晶体生长、衬底加工以及晶片外延 等全产业链核心工艺技术，突破了关键材料(多孔石墨、涂层材料)和装备的技术壁垒，公司碳化硅产品 良率处于国内企业领先水平，在关键技术指标方面已追赶上国际龙头企业水平。6英寸碳化硅衬底已全 面量产，晶体良率达95%以上，外延良率稳定在98%以上，处于行业领先位置；在碳化硅衬底研发方 面，公司凭借自研体系和高效研发，8英寸碳化硅衬底已开始小批量生产，12英寸碳化硅衬底研发顺 利，目前正常推进中；公司在高端碳化硅粉料领域持续深耕，成功开发出可满足半导体、热喷涂、高 ...

Core Viewpoint - Tianyue Advanced (02631) has seen a nearly 6% increase in stock price, driven by Goldman Sachs' report highlighting the growing demand for energy efficiency in AI data centers, which is becoming a new core driver for silicon carbide (SiC) applications [1] Group 1: Industry Insights - The demand for energy efficiency in AI data centers is increasing, making SiC applications crucial for 800V high-voltage direct current (HVDC), power supply units (PSU), baseband processing units (BBU), and advanced packaging [1] - SiC offers advantages such as higher energy conversion efficiency, better heat dissipation, higher power density, and smaller size, which align with the GPU computing power enhancement needs [1] - The performance upgrade and weight reduction requirements in the AI glasses sector, along with the existing demand for fast charging in electric vehicles, are identified as three major growth engines for the industry [1] Group 2: Company Positioning - Tianyue Advanced is positioned as a global leader in the semi-insulating silicon carbide substrate field, having pioneered the 12-inch silicon carbide substrate [1] - The company has early investments in liquid phase epitaxy (LPE) technology combined with vapor phase methods, and has independently designed crystal growth furnaces to continuously improve the thickness of silicon carbide ingots [1] - The quality advantage of Tianyue Advanced's products leads to higher yield rates for customers producing SiC devices, supporting product premium pricing [1] - The company is actively reducing costs to offset the impact of declining substrate prices, including a proactive price reduction of 8-inch silicon carbide substrates to capture market share and ensure profitability [1]

半导体行业布局顺利，紧抓大尺寸碳化硅材料历史机遇。1）半导体材料领域，公司完成12 英寸碳化硅 衬底关键技术突破，并建设加工中试线，加快推进碳化硅衬底片海外产能布局，抢抓第三代半导体材料 市场机遇；不断提高石英坩埚产品品质及服务能力，石英坩埚市场份额持续提升。 2）半导体精密零部件领域，公司加强核心零部件国产化的延伸布局，持续深化与产业链核心客户的合 作，不断提升产品供应与综合服务能力，紧抓半导体产业链国产化提速的行业趋势，公司半导体精密零 部件业务实现产业规模快速提升，市场竞争力持续增强。3）半导体设备端，公司开发了应用于芯片制 造的8-12 英寸减压外延设备、ALD 设备等薄膜沉积类设备，应用于先进封装的12 英寸减薄抛光机、12 英寸减薄抛光清洗一体机、超快紫外激光开槽设备。以差异化的工艺和技术优势，为客户提供优质的产 品和服务，有望跟随客户放量。 盈利预测：预计公司25-27 年实现营业收入110.79/109.42/119.27 亿元，归母净利润10.50/17.77/20.31 亿 元。公司深耕光伏设备，单晶炉龙头地位明确，紧抓大尺寸碳化硅材料历史机遇，首次覆盖，给予"推 荐"评级。 风险提示:下 ...

Market Overview - The major indices showed mixed performance with the STAR Market 50 index rising by 2.13%, while the Shanghai Composite Index fell by 0.31% [1] - The TMT sector led the gains, particularly in sub-sectors like SW Portal Websites (+10.62%) and SW Communication Application Value-Added Services (+7.17%) [1] - Conversely, the TMT sector also saw declines in areas such as SW Robotics (-0.81%) and SW Military Electronics III (-0.57%) [1] Domestic News - Zhejiang Jingrui achieved a key technological breakthrough in 12-inch silicon carbide substrate uniformity, with a TTV of ≤1μm, marking a significant advancement in domestic equipment capabilities [2] - Rongbai Technology signed a procurement cooperation agreement with CATL for lithium iron phosphate cathode materials, expected to supply 3.05 million tons from Q1 2026 to 2031, with a total sales value exceeding 120 billion yuan [2] - The first underwater geological drilling and monitoring robot was successfully developed in China, featuring high-precision operation capabilities with a 3D positioning error of less than 0.3 meters [2] - LeKai Optoelectronics plans to invest in a TAC functional film coating production line, aiming for an annual production capacity of 18 million square meters [2] Overseas News - Global DRAM manufacturers are projected to have a total capacity of 18 million wafers in 2026, reflecting a 5% increase from 2025 [3] - Wolfspeed announced the successful production of 300mm silicon carbide wafers, enhancing capabilities for power electronics and optical systems [3] - Siemens acquired ASTER, integrating advanced design-for-test capabilities into its software suite [3] - The U.S. Industrial and Security Bureau revised its export licensing policy for specific semiconductor products to a case-by-case review, impacting products like NVIDIA's H200 chip [3] AI Insights - Aishi Technology launched the PixVerse R1 model, which significantly reduces video generation latency to real-time interaction, applicable in gaming and entertainment [4] - Baichuan Intelligence open-sourced its medical AI model Baichuan-M3, achieving top scores in global medical AI evaluations [4] - Tsinghua University developed the DrugCLIP platform, enhancing screening speed by a million times compared to traditional methods [4] - MiniMax released the OctoCodingBench, showing that some open-source models are nearing or surpassing closed-source models in compliance metrics [4] Industry Tracking - The Long March 6 and Long March 8 rockets successfully launched satellites into orbit, contributing to the development of the space economy [5] - Lianxun Instruments is set to undergo IPO review, with its high-end optical communication testing suite breaking the long-standing monopoly of U.S. and Japanese firms [5] - The first non-invasive brain-machine interface treatment was successfully implemented in China, improving symptoms in a patient with acute cerebral infarction [5] - Yongjin Co. reported successful production and market circulation of its titanium materials, which are widely used in aerospace and medical fields [5]

Core Viewpoint - The "China Manufacturing '14th Five-Year' Achievements Exhibition" showcased Tianyue Advanced's full series of 12-inch silicon carbide substrates, highlighting significant advancements in China's wide bandgap semiconductor industry and marking a historic leap in manufacturing capabilities [1] Group 1: Technological Advancements - Tianyue Advanced has achieved breakthroughs in the production of 2-6 inch silicon carbide substrates, addressing critical challenges in crystal growth stability at 2300℃ and achieving industry-leading defect density control [2] - The company pioneered the liquid phase method for 8-inch substrates, overcoming global technical bottlenecks and positioning itself competitively against international giants [2] - The introduction of 12-inch products has established Tianyue Advanced as one of the few companies globally to master this cutting-edge technology, with comprehensive defect control metrics surpassing industry standards [2] Group 2: Market Impact - The 12-inch silicon carbide substrates can produce 10-12 optical waveguide lenses for AR glasses, significantly improving production efficiency compared to 6-inch and 8-inch substrates [3] - In the AI sector, silicon carbide materials are selected for NVIDIA's next-generation Rubin GPU packaging, enhancing heat dissipation and integration density, positioning the company favorably in a high-growth market [3] Group 3: Strategic Developments - Tianyue Advanced has made significant strides in international market expansion, including bulk supply to Japan and listing on the Hong Kong Stock Exchange, enhancing its global brand influence [4] - The company has established partnerships with over half of the top ten power semiconductor manufacturers, fostering collaboration in emerging areas like AI glasses [4] Group 4: Recognition and Awards - The company has received multiple prestigious awards, including the "Semiconductor Electronic Materials" gold award from a Japanese media outlet, marking a significant achievement for a Chinese enterprise [5] - Tianyue Advanced has been recognized as a "National Manufacturing Single Champion" for its conductive silicon carbide substrates, becoming the first in the industry to achieve dual champion status [6]

Core Insights - Strong One Co., Ltd. (688809.SH) officially listed on the Sci-Tech Innovation Board, becoming the 600th company, marking a significant milestone in the board's growth since its inception in 2019 [1] - The Sci-Tech Innovation Board has established itself as a key platform for empowering hard-tech enterprises, reflecting China's commitment to innovation-driven development and the cultivation of new productive forces [1] Financial Performance - In the first three quarters of 2025, companies on the Sci-Tech Innovation Board achieved a total operating revenue of 1,105.01 billion yuan, representing a year-on-year growth of 7.9% [2] - Net profit reached 49.27 billion yuan, with an 8.9% year-on-year increase, while the net profit after deducting non-recurring items was 31.97 billion yuan, up 5.5% [2] - R&D investment totaled 119.75 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4%, indicating a strong focus on technological innovation [2] Industry Development - The Sci-Tech Innovation Board has formed a distinctive hard-tech industry cluster, particularly in the semiconductor sector, which includes over 100 companies, accounting for about 60% of the total in the A-share market [3] - Revenue in the integrated circuit industry grew by 25% year-on-year, with net profit increasing by 67% [3] - The biopharmaceutical sector saw the approval of nine Class 1 new drugs and potential total transaction amounts exceeding 13 billion USD from 16 outbound BD deals, enhancing industry competitiveness [3] Future Outlook - The emergence of the 600th company is seen as both a summary of past achievements and a starting point for future development [3] - The Sci-Tech Innovation Board aims to deepen reforms and enhance support for hard-tech enterprises, fostering the growth of high-quality tech companies through capital [3] - The board is expected to attract and cultivate more world-class technology enterprises, leading to the emergence of more innovative company stars in the future [3]

Core Insights - The article highlights the growth and transformation of Chinese tech companies, particularly Tianyue Advanced and Puyuan Precision Electric, showcasing their achievements in the capital market and technological innovation [8][12][19] Group 1: Company Achievements - Tianyue Advanced showcased the world's first 12-inch silicon carbide substrate at the 2024 Munich Electronics Fair, marking a significant milestone in the industry [8] - Puyuan Precision Electric's MHO900 series ultra-portable oscilloscope has entered the global high-end measurement instrument market, reflecting its competitive edge [8] - Tianyue Advanced achieved a revenue of 794 million yuan and a net profit of 10.88 million yuan in the first half of the year, with R&D expenses increasing by 34.94% [10] - Puyuan Precision Electric's net profit grew by 112.1% in the first half of the year, aided by its acquisition of a majority stake in Beijing Naisu Electronics [11] Group 2: Capital Market Support - Guotai Junan has developed a comprehensive financial service model that supports tech companies throughout their lifecycle, acting as a long-term partner in their growth [8][12] - The capital market has undergone structural changes that facilitate a virtuous cycle among technology, capital, and industry, shifting from "single-point support" to "ecological co-construction" [8][12] - Guotai Junan's involvement in Tianyue Advanced's IPO process helped bridge the knowledge gap between the silicon carbide industry and investors, enabling a successful listing on the Sci-Tech Innovation Board [10] Group 3: Industry Trends - The oscilloscope market in China is projected to grow at a compound annual growth rate (CAGR) of 8.16% from 2018 to 2024, indicating a robust demand for high-end measurement instruments [10] - The introduction of the "Eight Articles of the Sci-Tech Innovation Board" by the China Securities Regulatory Commission has encouraged tech companies to achieve technological synergies through mergers and acquisitions [11] - The capital market is evolving to provide a more supportive environment for tech innovation, with a focus on long-term capital and sustainable growth [17][19]

Core Viewpoint - The company has acknowledged the market news regarding NVIDIA's plan to adopt 12-inch silicon carbide substrates in the advanced packaging of its next-generation GPU chips, expected to be implemented by 2027 [1][3]. Group 1: Company Response and Product Development - The use of 12-inch silicon carbide as an intermediary layer material is expected to significantly enhance the thermal efficiency of packaging structures and achieve higher integration density within the same packaging area [3]. - The company has launched a full range of 12-inch substrate products, including semi-insulating, conductive P-type, and conductive N-type, to meet various end-user and process route requirements [3]. Group 2: Industry Insights and Market Trends - Industry experts believe that the continuous rise in AI computing power and high-performance computing demands will drive a full-link upgrade from wafer processes to packaging materials, which is crucial for the growth of silicon carbide and other third-generation semiconductors [4]. - The company's positioning in 12-inch silicon carbide substrates is expected to benefit from the upcoming industrialization of advanced packaging and high-end computing platforms, with market attention on the introduction pace and production scale of subsequent products among leading customers [4].