山东天岳先进科技股份有限公司 （山东省济南市槐荫区天岳南路 99 号） 简式权益变动报告书 二〇二五年十二月 山东天岳先进科技股份有限公司 （证券代码：688234 证券简称：天岳先进） （证券代码：02631 证券简称：天岳先进） 简式权益变动报告书 上市公司名称：山东天岳先进科技股份有限公司 股票简称：天岳先进 股票代码：688234 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反其章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本报 告书已全面披露信息披露义务人在山东天岳先进科技股份有限公司中拥有权益 的股份变动情况。 股票上市地点：上海证券交易所 信息披露义务人：哈勃科技创业投资有限公司 住所：深圳市福田区福田街道福安社区福华一路 123 号中国人寿 大厦 23 楼 通讯地址：深圳市福田区福田街道福安社区福华一路 123 号中国 人寿大厦 23 楼 股份变动性质：股份减少 签署日期：2025 年 12 月 16 日 1 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司收 ...

Core Viewpoint - Tianyue Advanced (688234.SH) announced its H-share listing on the Hong Kong Stock Exchange, scheduled for August 20, 2025, with an overallotment option fully exercised by September 14, 2025, leading to an increase in total share capital [1] Group 1 - The total share capital of the company will increase following the H-share listing and the exercise of the overallotment option [1] - Hubble Investment's shareholding remains unchanged in quantity but is passively diluted due to the increase in total share capital [1] - After the equity change, Hubble Investment holds 24.2309 million shares, representing 5.00% of the total share capital calculated post-H-share issuance [1]

Group 1 - The core point of the article is that Hub Technology Venture Capital Co., Ltd. has reduced its shareholding in Tianyue Advanced from 6.34% to 5.00% due to a share reduction plan and passive dilution from the issuance of overseas listed foreign shares (H shares) [1] - Hub Investment's shareholding quantity remains unchanged after the H shares listing and the exercise of the over-allotment option on August 20, 2025, but the percentage has been passively diluted [1] - Hub Investment has reduced its shares by 3.0316 million shares through centralized bidding, resulting in a change of -0.63% [1] Group 2 - The equity change does not trigger a mandatory tender offer and will not have a significant impact on the company's ongoing operations [1]

Core Viewpoint - The announcement details a change in shareholding by Hubble Technology Venture Capital Co., Ltd. in Tianyue Advanced, following the company's issuance of H-shares and listing on the Hong Kong Stock Exchange, which led to a dilution of Hubble's shareholding percentage. Group 1 - Before the equity change, Hubble Technology held 27,262,500 shares, accounting for 6.34% of the total share capital of the company [1] - Due to the issuance of H-shares and the full exercise of the over-allotment option, Hubble's shareholding was diluted to 5.63% [1] - From October 28 to December 16, 2025, Hubble reduced its holdings by 3,031,600 unrestricted A-shares, representing 0.63% of the total share capital [1] Group 2 - After the equity change, Hubble Technology now holds 24,230,900 shares, which is 5.00% of the total share capital [1] - The equity change has been completed, and as of the report signing date, Hubble's shares are not subject to any pledges, seizures, or freezes [1]

Core Viewpoint - The semiconductor sector showed strong performance in the afternoon trading session, with significant gains in various stocks, indicating a bullish trend in the market [2][4]. A-Share Market Summary - On the 12th, major A-share indices experienced a surge in the afternoon, driven by sectors such as brokerage, insurance, and semiconductors. The Shanghai Composite Index rose by 0.41% to 3889.35 points, while the Shenzhen Component increased by 0.84%, and the ChiNext Index gained 0.97% [2]. - The total trading volume in the Shanghai and Shenzhen markets reached 21.193 billion yuan, an increase of over 2.3 billion yuan compared to the previous day [2]. Semiconductor Sector Performance - The semiconductor sector saw a notable rise, with stocks like Jingfeng Mingyuan (688368) hitting the daily limit with a 20% increase, and others like Huahai Chengke and Tianyue Advanced rising over 10% [5][6]. - According to WSTS, the global semiconductor market is projected to grow by 22.5% year-on-year in 2025, driven by increased investments in data centers by major IT companies, particularly in memory and logic chips [6]. Nuclear Power Sector Surge - The nuclear power sector experienced a strong performance, with stocks such as Tianli Composite rising by 30% and others like Zhongzhou Special Materials and Boying Special Welding also hitting the daily limit [8][9]. - The demand for nuclear energy is expected to increase due to the surge in AI computing power needs, with significant projects underway in China [8]. Market Volatility of Moer Thread - Moer Thread (688795) experienced a significant drop, closing down 13.4% after a previous surge of approximately 28%. The stock's trading volume exceeded 10.38 billion yuan [11]. - The company warned of potential risks due to its recent stock price increase, which significantly outpaced related indices, and highlighted uncertainties regarding its new products and future profitability [11].

Group 1 - Tianyue Advanced (02631.HK) experienced a rise of over 7%, specifically 7.01%, reaching a price of 59.55 HKD [1] - The trading volume for Tianyue Advanced was reported at 188 million HKD [1]

Core Viewpoint - Tianyue Advanced (02631) has seen a stock price increase of over 7%, currently trading at 59.55 HKD with a transaction volume of 188 million HKD, highlighting strong market interest in the company [1] Company Summary - Tianyue Advanced is a leading enterprise in the silicon carbide (SiC) semiconductor materials industry, having achieved technological breakthroughs in the full series of 12-inch SiC substrates, marking the industry's transition to the 12-inch era [1] Industry Summary - Silicon carbide (SiC), as a third-generation wide bandgap semiconductor, is gaining traction across four major industries: renewable energy, AI, communications, and augmented reality (AR), due to its superior characteristics in breakdown electric field, bandgap width, thermal conductivity, electron saturation drift velocity, and refractive index [1] - According to Wukuang Securities, the demand side is experiencing a comprehensive explosion, leading to rapid industry expansion. By 2027, a tight balance between supply and demand for SiC substrates is expected, with potential supply shortages [1] - By 2030, the global demand for substrates is projected to reach 16.76 million pieces, with an estimated production capacity shortfall of about 12 million pieces compared to the supply in 2025. The three core growth points identified are AI intermediary layers, electric vehicles, and AR glasses, with expected demand shares of 37%, 26%, and 23% respectively by 2030 [1] - If SiC can be industrialized in the "substrate layer," "intermediate layer," and "heat sink" segments for advanced packaging thermal materials in AI chips, the global demand for SiC substrates could reach approximately 30 million pieces by 2030 [1]

Group 1 - Tianyue Advanced (02631) has seen a stock price increase of over 7%, currently trading at 59.55 HKD with a transaction volume of 1.88 billion HKD [1] - The company is a leader in the silicon carbide (SiC) semiconductor materials industry and has achieved technological breakthroughs in the full series of 12-inch SiC substrates, marking the entry of the SiC substrate industry into the 12-inch era [1] - According to Wenkang Securities, SiC, as a third-generation wide bandgap semiconductor, is penetrating four major industries: renewable energy, AI, communication, and AR, becoming a key support for technological upgrades and efficiency revolutions [1] Group 2 - The demand explosion is driving rapid industry expansion, with expectations of a balanced supply-demand situation for SiC substrates by 2027, and potential supply tightness [1] - By 2030, the global demand for substrates is projected to reach 16.76 million pieces, with an estimated production capacity shortfall of about 12 million pieces compared to the supply in 2025 [1] - The three core growth points identified are AI intermediary layers, electric vehicles, and AR glasses, with projected demand shares by 2030 of 37%, 26%, and 23% respectively [1] - If SiC can be industrialized in the "substrate layer," "intermediate layer," and "heat sink" for advanced packaging thermal materials in AI chips, the global demand for SiC substrates could reach approximately 30 million pieces by 2030 [1]

Group 1 - The semiconductor sector experienced a strong surge on the 12th, with stocks like Jingfeng Mingyuan hitting a 20% limit up and Yandongwei rising nearly 17% [1] - According to the latest forecast by WSTS, the global semiconductor market size is expected to grow by 22.5% year-on-year in 2025, driven particularly by accelerated investments in data centers by large IT companies, with strong growth anticipated in memory and logic chips [1] - WSTS predicts that the global semiconductor market growth rate may reach 26.3% year-on-year in 2026, with data center investments expected to continue as a major growth driver [1] Group 2 - Huatai Securities reported that in the third quarter of 2025, the combined revenue of semiconductor equipment companies in China and overseas is projected to be $14.5 billion, representing an 8% year-on-year increase, with a domestic production rate of 22%, up 6 percentage points year-on-year [1] - Looking ahead to 2026, the Chinese market size is expected to grow by 2% year-on-year, reaching $51 billion; with companies like Changxin Technology advancing their listing guidance and SMIC and Huahong completing mergers and acquisitions, investments in advanced process logic and memory in China are expected to accelerate [1] - In addition to local companies likely gaining market share, some non-U.S. companies are expected to maintain stable market shares in China [1]

Group 1 - The semiconductor industry is projected to achieve a significant milestone, with global semiconductor revenue expected to reach $216.3 billion in Q3 2025, marking the first time quarterly revenue surpasses $200 billion, and an annual revenue forecast of $800 billion [1] - The strong growth in the semiconductor industry is attributed to the expansion of AI advanced processes and a super cycle in storage, with logic chip revenue expected to grow by 37.1% in 2025 and global storage market growth projected at 39.4% in 2026, surpassing the 27.8% growth expected in 2025 [2] - The semiconductor equipment sector is positioned as a critical upstream component of the industry, with expectations for a significant increase in domestic semiconductor equipment orders and performance in 2025, driven by advancements in AI and the expansion projects of major domestic storage manufacturers [2] Group 2 - The semiconductor equipment ETF (561980) tracks the CSI Semiconductor Industry Index, with over 50% equipment content, and has seen a year-to-date increase of over 55%, outperforming similar indices in the semiconductor sector [2] - The semiconductor equipment segment is recognized as a foundational element of the industry, with a clear long-term growth logic supported by structural strong dynamics [2]