On June 26, Tianyu Advanced rose 3.43% in regular trading, trading at 105.8 HKD/share, with turnover of HKD 220 million.

On the news front, the company disclosed its reply to the Shanghai Stock Exchange's regulatory inquiry letter on the previous trading day, addressing concerns over a 75% surge in SiC substrate shipments alongside declining revenue and a full-year net loss in fiscal 2025. The company clarified that losses were primarily driven by one-time factors including inventory impairment provisions and back-tax payments. Critically, Q1 revenue and gross margin have recovered on a quarter-over-quarter basis, with backlog orders reaching RMB 240 million, while the aforementioned non-recurring charges have been fully absorbed.

Additionally, AI power supply demand continues to catalyze the SiC sector. The company commands 51.3% global market share in 8-inch SiC substrates, with 12-inch products having indirectly entered NVIDIA's supply chain. Morgan Stanley previously raised its target price to HKD 106.6, maintaining an Overweight rating, citing 800V high-voltage DC architecture upgrades driving structural demand expansion for SiC substrates.

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