Core Insights - The report highlights the IPO activities in Jiangsu province for October 2025, indicating a stable trend with 9 new A-share companies listed, similar to previous months [1][10]. Group 1: IPO Overview - In October 2025, Jiangsu saw the listing of 1 new company, Changjiang Energy Materials, on the Beijing Stock Exchange, with a fundraising amount of 1.84 billion [2][10]. - For the first ten months of 2025, Jiangsu ranked first among provinces with 21 new A-share companies, surpassing Guangdong by 4 companies [10][17]. - The total fundraising amount for Jiangsu's IPOs in the first ten months reached 129.27 billion, placing it third nationally [17][29]. Group 2: City-wise IPO Distribution - Suzhou led the province with 7 new A-share companies in the first ten months, followed by Wuxi and Changzhou with 3 each [10][17]. - The distribution of new A-share companies by city in October 2025 shows that Jiangsu's cities are actively participating in the IPO market, with various cities contributing to the overall count [5][10]. Group 3: Fundraising Analysis - The total fundraising for Jiangsu's IPOs in October was relatively low at 1.84 billion, indicating a need for more robust fundraising activities [17]. - Suzhou's total fundraising amount for the first ten months was 57.48 billion, maintaining its position as the top city in Jiangsu for IPO fundraising [17][13]. Group 4: Sector and Board Distribution - The newly listed companies in Jiangsu for the first ten months were distributed across four boards, with the Growth Enterprise Market (GEM) having the highest number at 7 companies [17][11]. - The breakdown of the newly listed companies by board shows a diverse participation across different sectors, reflecting the province's economic landscape [11][17]. Group 5: IPO Pipeline and Support - As of the end of October, there were 301 companies in the IPO application queue nationwide, with Jiangsu having 51, ranking third in the country [29]. - Jiangsu also leads in the number of companies undergoing IPO guidance, with 243 firms, indicating a strong support system for potential IPO candidates [29][26].

证券代码：920068 证券简称：天工股份 公告编号：2025-123 江苏天工科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 √路演活动 □其他 二、 投资者关系活动情况 上市公司接待人员：董事会秘书梁巍浩先生 三、 投资者关系活动主要内容 问题 1：国家提倡老旧化工设备升级改造背景下，公司产品在化工能源领域 的需求是否有增长？公司在该领域产品生产情况及未来产能是否能满足需求？ 回答：化工能源一直是钛加工材行业下游应用中需求量最大的领域，公司长 期供应化工能源领域的钛及钛合金板材和管材，公司 2024 年在化工能源领域的 营业收入规模较 2023 年也有所上升。公司产品结构调整灵活性较高，未来可根 据市场需求与经济效益适配生产，调节订单结构，实现公司收益最大化。 问题 2：钛合金材料在消费电子中的主要应用场景有哪些？除手机外壳外， 还有哪些细分应用及未来替 ...

Core Insights - Jiangsu Tiangong Technology Co., Ltd. reported a total revenue of 447 million yuan and a net profit of 64.82 million yuan for the first three quarters of 2025, indicating a strong financial performance [1] Group 1: Strategic Developments - The company is accelerating its long-term strategic layout, which is becoming a core engine for future growth [1] - In the aerospace sector, the company achieved mass production breakthroughs and successfully delivered its first aerospace-grade titanium alloy wire order in 2025, signing a joint development agreement with Aerospace Precision Engineering Co., Ltd. to advance the TC4 titanium alloy wire project [1] - The company is entering the additive manufacturing sector by establishing a joint venture, Tiangong Titanium Crystal New Materials, to introduce plasma atomization powder technology and fill the domestic high-end titanium alloy powder gap, with an expected total production capacity of approximately 3,000 tons per year [1] Group 2: Healthcare Sector Initiatives - The company is focusing on the high-value "blue ocean market" in the healthcare sector, leveraging the excellent biocompatibility of titanium alloys [2] - It has completed ISO13485 medical device quality system certification and is developing high-end titanium alloy materials for medical applications, covering various sub-markets such as dental, trauma, spine, joints, and medical consumables [2] - The company has the capability to produce h8 grade precision medical rod wire and is accelerating the construction of new rod and wire rolling projects to enhance material uniformity and performance stability, aiming to seize opportunities in the domestic medical implant material market [2] Group 3: Market Trends and Opportunities - Industry analysts note that the company's strategic layout aligns with national industrial policy and industry development trends [2] - The market demand for titanium alloys is driven by three major trends: the high-endization of consumer electronics, rapid development in aerospace (civil aviation components), and the domestic production of medical implants due to an aging population [2] - These trends are expected to open up a trillion-yuan market space for titanium alloy materials [2]

Core Viewpoint - The company, Tiangong Co., Ltd., is expanding its application of titanium alloys across various industries, including consumer electronics and aerospace, emphasizing innovation and technology development as its core strategy [2][3][4]. Group 1: Company Overview - Tiangong Co., Ltd. successfully listed on the Beijing Stock Exchange in May 2025, marking a significant milestone as the first Hong Kong red-chip structure company to spin off a subsidiary for listing on the exchange [2]. - The company has been focused on the titanium and titanium alloy sector since 2010, with a comprehensive approach covering research, production, and sales [3]. - Key products include titanium alloy wire, plates, and pipes, which are widely used in critical fields such as consumer electronics and energy chemistry [3]. Group 2: Market Expansion and Innovation - The company has made significant strides in the consumer electronics sector, launching a titanium alloy wire smartphone in Q4 2022, with the first Apple phone using Tiangong's titanium alloy materials released in September 2023 [3][4]. - Titanium alloys are recognized for their superior properties, including lightweight, high stability, wear resistance, heat resistance, and excellent corrosion resistance, making them suitable for diverse industry needs [3]. Group 3: Future Outlook - The company anticipates that by 2030, titanium alloys will be widely adopted in the smartphone industry, leading to sustained growth in demand for titanium materials [4]. - Tiangong Co., Ltd. is committed to long-term technological development, focusing on high-end titanium materials that meet future demands in electronics and low-carbon industries [5]. Group 4: Capital and Strategic Development - The IPO raised funds aimed at constructing a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires, increasing total capacity from 7,000 tons to 10,000 tons [6]. - The company plans to utilize the raised capital for technological innovation and expanding the application of titanium materials across various industries [6]. - Tiangong Co., Ltd. is also pursuing horizontal mergers to enter new markets, including the establishment of a new company focused on powder new materials and additive manufacturing [7]. Group 5: Corporate Responsibility and Market Position - The choice to list on the Beijing Stock Exchange aligns with the company's specialized and innovative attributes, which match the exchange's focus on supporting specialized enterprises [7]. - The company emphasizes its responsibility to investors and society, aiming to strengthen its market position and product structure rather than solely pursuing market capitalization [7].

Core Insights - Tian Gong Co., Ltd. (920068.BJ) reported its Q3 2025 financial results on October 28, 2025, highlighting significant institutional ownership in the company [1] Institutional Ownership - A total of 12 institutional investors disclosed their holdings in Tian Gong Co., Ltd. A-shares, with a combined shareholding of 565 million shares, representing 86.11% of the total share capital [1] - The top ten institutional investors include Jiangsu Tian Gong Investment Management Co., Ltd., Nanjing Steel Co., Ltd., and Suzhou Yidian Capital Management Co., Ltd., among others, with their combined shareholding accounting for 86.02% [1] - Compared to the previous quarter, the combined shareholding percentage of the top ten institutions increased by 0.12 percentage points [1] Public Fund Disclosure - In the current period, one public fund, namely the GF Innovation-Driven Mixed Fund, was disclosed, which was not reported in the previous quarter [2]

Group 1 - Tian Gong International (00826.HK) reported a revenue of 447 million RMB for the first three quarters of 2025, with a net profit attributable to shareholders of 64.82 million RMB and basic earnings per share of 0.099 RMB [1] - As of October 28, 2025, Tian Gong International's stock closed at 3.05 HKD, down 4.09%, with a trading volume of 42.186 million shares and a turnover of 131 million HKD [1] - The stock has received a majority "buy" rating from investment banks, with two firms issuing buy ratings in the last 90 days and a target average price of 3.7 HKD [1] Group 2 - Tian Gong International has a market capitalization of 8.666 billion HKD, ranking first in the steel industry [2] - Key performance indicators show a Return on Equity (ROE) of 5.27%, a net profit margin of 9.33%, and a gross profit margin of 18.95%, all ranking first or second in the industry [2] - The company's debt ratio stands at 43.31%, significantly lower than the industry average of 73.15%, ranking third in the industry [2]

Core Insights - Tian Gong International (00826) announced that its subsidiary Jiangsu Tian Gong Technology Co., Ltd. achieved a revenue of 447 million RMB in the first three quarters of 2025 [1] - The net profit attributable to shareholders of the listed company was 64.82 million RMB [1] - The basic earnings per share were reported at 0.099 RMB [1]

Core Insights - Tian Gong International (00826) announced that its subsidiary Jiangsu Tian Gong Technology Co., Ltd. achieved a revenue of 447 million RMB in the first three quarters of 2025 [1] - The net profit attributable to shareholders of the listed company was 64.82 million RMB [1] - The basic earnings per share were reported at 0.099 RMB [1]

会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于公司 2025 年三季度报告的议案》 江苏天工科技股份有限公司 第四届董事会第十五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 会议的召开符合《公司法》和《公司章程》的有关规定。 （二）会议出席情况 证券代码：920068 证券简称：天工股份 公告编号：2025-122 1.议案内容： 根据《公司法》等有关法律法规、规范性文件的规定和《公司章程》的要求， 公司根据 2025 年三季度的经营情况，已完成 2025 年三季度报告的编制。 （一）会议召开情况 1.会议召开时间：2025 年 10 月 28 日 2.会议召开地点：公司会议室 3.会议召开方式：现场与通讯相结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 18 日以书面方式发出 5.会议主持人：朱泽峰 6.会议列席人员：董事会秘书及公司其他高管 7.召开情况合法合规的说明： 本议案内容详见公司于 2 ...

Core Viewpoint - The company, Tiangong Co., Ltd., is expanding its application of titanium alloys across various industries, including aerospace and consumer electronics, emphasizing innovation and technology development as its core strategy [2][3][4]. Group 1: Company Overview - Tiangong Co., Ltd. successfully listed on the Beijing Stock Exchange in May 2025, marking a significant milestone as the first Hong Kong red-chip structure company to spin off a subsidiary for listing [2]. - The company has been focused on the titanium and titanium alloy industry since 2010, with a comprehensive approach covering research, production, and sales [3]. - Key products include titanium alloy wire, plates, and pipes, which are widely used in critical sectors such as consumer electronics and energy chemistry [3]. Group 2: Market Expansion and Innovation - The company has made significant strides in the consumer electronics sector, launching a titanium alloy wire smartphone in Q4 2022, with the first Apple phone using Tiangong's titanium alloy materials released in September 2023 [3][4]. - Titanium alloys are recognized for their lightweight, high stability, wear resistance, heat resistance, and excellent corrosion resistance, making them suitable for diverse applications in high-end manufacturing [4]. - The company anticipates that by 2030, titanium alloys will be widely adopted in the smartphone industry, leading to sustained growth in demand [4]. Group 3: Future Development and Capital Utilization - Tiangong Co., Ltd. plans to use funds raised from its IPO to build a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires, increasing total capacity from 7,000 tons to 10,000 tons [6]. - The company is also pursuing horizontal mergers to expand into new markets, including the establishment of Jiangsu Tiangong Titanium Crystal New Materials Co., Ltd. and a wholly-owned subsidiary focused on advanced materials [6][7]. - The company aims to enhance its production capacity for titanium alloy powders used in additive manufacturing, which is seen as a key growth area in high-end manufacturing [7].