天岳先进2025年中期报告

(A joint stock company incorporated in the People’s Republic of China with limited liability)Stock Code: 2631 INTERIM REPORT2025 CONTENTS目錄 02Definitions06Corporate Information10Financial Summary11Management Discussion and Analysis74Condensed Consolidated Statement of Profit or Lossand Other Comprehensive Income75Condensed Consolidated Statement of FinancialPosition77Condensed Consolidated Statement of Changes inEquity79Condensed Consolidated Statement of Cash Flows81Notes to Condensed Consolidated FinancialStatements In this report, unless the context otherwise requires, the followingterms and expressions shall have the following meanings: DEFINITION OF COMMON TERMS H Hong Kong Listing Rules Hong Kong Stock Exchange orStock Exchange Main Board RMB or Renminbi SFO or Securities and FuturesOrdinance 2024 Restricted Share IncentiveScheme 2024 Shanghai Maiming Shanghai Zhuao CORPORATE INFORMATION I. I.PROFILE OF THE COMPANY The Company’s Chinese nameAbbreviation of the Company’s ChinesenameThe Company’s English nameAbbreviation of the Company’s EnglishnameThe legal representative of the CompanyThe registered address of the Company Zong Yanmin ()No. 99, South Tianyue Road, Huaiyin District, Jinan City,Shandong Province, PRC.99No. 99, South Tianyue Road, Huaiyin District, Jinan City,Shandong Province, PRC.99250118 II. III. INFORMATION DISCLOSURE ANDLOCATION OF PREPARATIONIII. IV. CONTACT PERSON AND CONTACTINFORMATIONIV. CORPORATE INFORMATION I. I.KEY ACCOUNTING DATA ANDFINANCIAL INDICATORS (I)Key Accounting Data Unit: thousands Currency: RMB RevenueProfit attributable to ownersof the CompanyNet cash flow generated fromoperating activitiesBasic earnings per share(RMB/share)Diluted earnings per share(RMB/share) At theend of theReportingPeriodAt theend ofpreviousyearIncrease ordecrease atthe end ofthe ReportingPeriodcomparedwith theend of theprevious year MANAGEMENT DISCUSSION AND ANALYSIS I. I.SITUATION OF THE INDUSTRY INWHICH THE COMPANY OPERATESDURING THE REPORTING PERIOD 1. 1.Situation of the relevant industry (GB/T4754-2017)39398(2018)1.2.33.4.3.1 According to the Industrial Classification for National EconomicActivities () (GB/T4754–2017) issuedby the National Bureau of Statistics, the Company operatesunderthe Division 398“Electronic Components andSpecialized Electronic Materials Manufacturing” in the Class 39“Computer, Communication and Other Electronic EquipmentManufacturing”. According to the Classification of StrategicEmerging Industries (2018) ((2018))issued by the National Bureau of Statistics, the Company’sproducts fall under “1.2.3 High-Energy Storage and KeyElectronic Materials Manufacturing” and “3.4.3.1 SemiconductorCrystal Manufacturing”, both designated as strategic emergingindustries that are actively encouraged and supported by thestate in China. 2. 2.Industry development status anddevelopment trends (AI)AIAI Inthe current era,energy transition and ar tificialintelligence(AI)are two critical engines driving thef u turete chnolog y revolu tion.Building a wor ld ofgrowth,innovation,and sustainability stands as thecoreobjective of the advancement and integrateddevelopment of energy transition and AI technologies.Silicon Carbide (SiC) materials have emerged as one ofthe cornerstones empowering energy transition and AI toachieve their core development goals. SiC,a compound material composed of carbon andsilicon elements, features high hardness and excellentphysicaland chemical properties.Characterized byhigh-voltageresistance,high-frequency resistance,highthermal conductivity,high-temperature stability,anda high refractive index,SiC materials serve ascrucialmaterials for cost-reduction and ef ficiency-enhancementin numerous industries.SiC materialstakethe lead in promoting the transformation of thesemiconductor industry, and are beginning to acceleratetheir penetration into and application in more fields, withbroad industry prospects. MANAGEMENT DISCUSSION AND ANALYSIS Comparedwith silicon-based semiconductors,widebandgapsemiconductors represented by SiC andgalliumnitride(GaN)have prominent per formanceadvantages from the material to the device level. Theyfeature high frequency, high efficiency, high power, high-voltage resistance, and high-temperature resistance, andare an important direction for the future development ofthe semiconductor industry. Among them, SiC exhibitsunique physical and chemical properties. Characteristicssuch as its high band-gap width, high breakdown electricfield strength, high electron saturated drift velocity, andhigh thermal conductivity make it play a crucial role inapplicationssuch as power-electronic devices.Theseproperties endow SiC with significant advantages in highperformance application fields such as electric vehiclesandphotovoltaics,especially in terms of stability anddurability. TF-SAWAI SiCsubstrates can be widely applied in downstreamproducts such as power semiconductor devices, radio-frequencysemiconductor devic