Tianyue Advanced (02631)'s mid-term revenue increased 15.1% year-on-year to 914 million yuan, focusing on the release volume of large products and promoting continuous optimization and upgrading of the product structure

According to the Zhitong Finance App, Tianyue Advanced (02631) announced results for the six months ended June 30, 2026, with revenue of 914 million yuan, an increase of 15.10% over the previous year, and a comprehensive gross profit margin of 22.86%. As new energy vehicles accelerate to high-voltage platforms and AI computing power infrastructure continues to expand, the value of silicon carbide in downstream application scenarios continues to be highlighted, and the market penetration rate is steadily increasing. During the reporting period, the company's product production and sales increased steadily, and revenue increased year over month; relying on the market leading advantage of large-size silicon carbide substrates, measures to reduce costs and increase efficiency continued to be implemented. At the same time, the recovery in downstream demand gradually stabilized product prices, and the company's gross margin level increased.

On a quarterly basis, the second quarter of 2026 achieved operating income of 548 million yuan, a record high in a single quarter, with a year-on-year increase of 42.06%, a month-on-month increase of 49.97%, a quarterly gross profit of 25.36%, and a net profit attributable to shareholders of listed companies of 1.893 million yuan in a single quarter.

Larger sizing is one of the core directions of reducing costs and increasing efficiency and expanding applications in the silicon carbide substrate industry. It is also a key endogenous variable in the company's business improvement in the first half of 2026. During the reporting period, the company followed the industry's trend of upgrading from 6 inches to 8 inches and forwardly laid out 12-inch products, forming a relatively clear “6-inch stable supply, 8-inch accelerated release, and continuous 12-inch breakthrough” product echelon. Among them, 8-inch products have gradually moved from a technology-leading stage to mainstream application, and the company's 8-inch products account for more than 50% of the company's main business revenue. According to Fuji Economic Data, the company's market share for 8-inch conductive silicon carbide substrates reached 51.3% in 2025, ranking first in the world.

In terms of larger layout, the company launched the industry's first 12-inch silicon carbide substrate in November 2024, and completed technical research on a full range of 12-inch conductive N-type, conductive P-type and semi-insulating products in the first quarter of 2025. Currently, 12-inch products have received orders from leading customers, which means that the company is already at the forefront of the industry in the direction of next-generation large-size substrates. The significance of 12 inches is not only technical display, but also that mass production of 12 inches will enable successful implementation in many emerging fields. As an advanced platform material, SiC will further reduce unit costs in many fields and open up space for large-scale commercialization.

In the first half of 2026, the company spent 74.5744 million yuan on R&D, which is basically the same as the same period last year. R&D investment is mainly used for 12-inch silicon carbide substrates, 8-inch substrate yield improvement and cost reduction, P-type substrates, and development in emerging fields such as optics and advanced packaging. The company did not weaken R&D investment during the period when the industry boom was under pressure. Instead, it continued to increase the layout of forward-looking technology and new application directions, showing strong long-term investment strength.