On the evening of January 26th, Tianyue Advanced's performance forecast, like a giant stone thrown into a calm lake, stirred up waves in the silicon carbide industry. Data shows that Tianyue Advanced is expected to achieve a revenue of 1.45-1.5 billion yuan in 2025, a decrease of 15.17% -17.99% compared to 1.768 billion yuan in 2024, indicating a significant contraction in revenue scale. What is even more astonishing is the profit situation, with an expected loss of 185-225 million yuan in net profit attributable to the parent company, and a profit of 179 million yuan in 2024. In just one year, from profit to huge loss, the drastic reversal of performance caught all parties in the market off guard. The performance of deducting non net profit is even worse, with losses further expanding to 235-275 million yuan, compared to a profit of 156 million yuan in 2024. This gap intuitively reflects the huge impact that Tianyue's advanced core business will suffer in 2025.

The capital market has always been a barometer of corporate performance, and the day after Tianyue Advanced's performance forecast was released, the stock price gave the most direct response. On that day, the stock price of Tianyue Advanced fell sharply by 9.50%, with a closing price of 101.27 yuan per share, and the total market value also shrank to 49.08 billion yuan. This drop not only caused a significant reduction in investors' asset books, but also seemed to knock down the domino effect of industry sentiment. In the secondary market, investors vote with their feet, expressing concerns about Tianyue Advanced's short-term performance. As a leading enterprise in the silicon carbide substrate industry, Tianyue Advanced's stock price fluctuations undoubtedly reflect the collective anxiety of the entire silicon carbide substrate industry during the price downturn cycle. Peer enterprises may also be secretly pondering, who will be the next to be impacted in this wave of price decline?