证券代码：920068 证券简称：天工股份 公告编号：2026-001 江苏天工科技股份有限公司 2025 年年度业绩快报公告 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。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 报告期末，预计公司资产总额为 1,599,884,572.46 元，较报告期初增长 31.47%；预计归属于上市公司股东的所有者权益为 1,341,593,768.14 元，较报告 期初增长 30.74%；股本 655,600,015.00 元，较报告期初增长 11.76%；预计归属 于上市公司股东的每股净资产为 2.13 元，较报告期初增长 21.60%。 公司在本报告期内由于下游消费电子领域终端客户需求阶段性减少，公司消 费电子类线材产品收入降低，导致公司报告期内收入和利润同比有所下降。 （二）业绩变动的主要原因 一、2025 年年度主要财务数据和指标 单位 ...

2026 年 02 月 26 日 天工股份、广信科技等预计调入北 证 50 成分股 —— 2026 年 3 月北证 50 指数成分调整名单预测 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 A0230124070002 lvjh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 A 股 | | | 过去六个月日均成交 | 过去六个月日均 | | --- | --- | --- | --- | | 代码 | 简称 | | 总市值/亿元 | | | | 额/万元 | | | | | 预测调入成分股 | | | 920068.BJ | 天工股份 | 10083 | 127.1 | | 920037.BJ | 广信科技 | 17102 | 83.6 | | 920879.BJ ...

Index Adjustment - The North Exchange 50 Index will undergo its first adjustment of 2026 on March 16, with three companies expected to be added: Tiangong Co., Ltd., Guangxin Technology, and Jikang Technology[2][14] - The adjustment will remove companies that rank low based on average daily market capitalization, with no substantial impact on the operations of the companies being removed[2][18] Index Fund Growth - The scale of North Exchange 50 index funds has seen significant growth from 2.94 billion CNY in 2022 to 14.165 billion CNY by January 31, 2026[2][18] - The number of products tracking the North Exchange 50 index increased from 16 in 2022 to 79 by the end of January 2026[2][18] Market Performance - The North Exchange 50 Index closed at 1,531.55 points, down 3.59% from the previous week, with a price-to-earnings ratio (PETTM) of 64.12X[2][32] - The overall PE ratio for North Exchange A-shares decreased to 47.58X, while the ChiNext and STAR Market also saw declines in their PE ratios[2][23][32] Liquidity and Trading Activity - The average daily trading volume for North Exchange A-shares was 29.948 billion CNY, reflecting an increase of 11.62% week-over-week[2][26] - The average turnover rate for North Exchange A-shares was 5.88%, up by 0.44 percentage points[2][26] Valuation Trends - As of January 31, 2026, 44.86% of North Exchange companies had a PETTM exceeding 45X, indicating a high valuation environment[2][37] - The valuation gap between North Exchange and other markets is widening, suggesting a relative valuation advantage for North Exchange stocks[2][47]

Group 1 - The "Space+" industry is becoming a key focus for investment, with plans to develop space digital infrastructure, resource development, traffic management, and tourism [4][17][21] - There are currently 15 companies related to commercial space and space photovoltaics on the Beijing Stock Exchange, with a total market capitalization of 105.715 billion yuan as of January 30, 2026 [4][21] - Notable companies include Fujida (920640.BJ), which specializes in RF coaxial connectors and cables for communication and defense markets, and Starry Technology (920885.BJ), which provides ground equipment for rocket launches [4][21] Group 2 - The average weekly change for the consumption services sector was -2.02%, with the median P/E ratio dropping to 47.8X [5][40] - The high-end equipment sector saw a median P/E ratio decrease to 36.6X, while the information technology sector's median P/E ratio fell to 79.3X [5][43] - The chemical new materials sector's median P/E ratio decreased to 41.3X, and the pharmaceutical and biological sector's median P/E ratio dropped to 29.5X [5][52] Group 3 - In the technology new industries, the median P/E ratio for 159 companies decreased from 44.7X to 41.5X, with a total market capitalization decline from 560.692 billion to 531.795 billion yuan [6][59][60] - The average weekly change for the technology new industries was -6.53%, with only 14 out of 159 companies experiencing an increase [6][58] - Leading companies in terms of growth included Liancheng CNC (920368.BJ), which saw a 21.73% increase, and Hengtong Light (920045.BJ), which increased by 14.83% [6][63] Group 4 - Companies with high growth expectations for 2025 include Hengtong Light, with a projected net profit increase of 82.95% to 110.05%, and Fujida, expecting a net profit increase of 50.41% to 65.86% [7][27] - Starry Technology anticipates a net profit increase of 105.30% to 117.74%, while Tian Gong Co. (920068.BJ) is expected to deliver its first aerospace-grade titanium alloy wire order by March 2025 [7][29][30] - Liancheng CNC is projected to have a significant decline in net profit, with estimates ranging from a decrease of 72.39% to 81.50% [7][36]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company is a leading enterprise in titanium processing materials, with an expected increase in demand from consumer electronics and new layouts in titanium alloy powder, which are anticipated to drive long-term growth [4][5]. - The company is transitioning from rough processing to precision and deep processing, expanding into emerging markets such as consumer electronics and 3D printing [5]. - The company has established strong partnerships with key clients in the chemical and energy sectors, focusing on the development of new customers in various fields [5]. Financial Performance - The company achieved a revenue of 450 million yuan in the first three quarters of 2025, with a projected revenue of 800 million yuan and a net profit of 170 million yuan for 2024 [5][6]. - The expected revenue for 2024 is 800 million yuan, with a net profit of 172 million yuan, and for 2025, the revenue is projected to be 594 million yuan with a net profit of 127 million yuan [7]. - The company anticipates a significant increase in revenue to 1.27 billion yuan by 2027, with a corresponding net profit of 299 million yuan [6][7]. Industry Insights - The titanium processing material production in China is expected to reach 172,000 tons in 2024, with a year-on-year growth of 8.1% [5]. - The global titanium processing material production is projected to be around 260,000 tons in 2024, reflecting an 8% increase from the previous year [5]. - The main applications for titanium and titanium alloy products include chemical, aerospace, and consumer electronics sectors, with the largest consumption in chemicals at 73,000 tons [5]. Growth Potential - The company is actively expanding its titanium alloy powder business, which is expected to open up new growth opportunities in additive manufacturing for aerospace and medical applications [5][6]. - The company has plans to achieve an annual production capacity of 1,000 tons for titanium powder, which will support various applications in consumer electronics, aerospace, and medical devices [6].

Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage with a current price of 19.52 yuan [6]. Core Insights - The company is focused on expanding its production capacity while awaiting a recovery in demand for titanium and titanium alloy products, which are increasingly used in consumer electronics [4]. - The company has a concentrated ownership structure, with the largest shareholder, Jiangsu Tiangong Investment Management Co., Ltd., holding 67.63% of the shares [6]. - The report highlights the significant reliance on a single major customer, Changzhou Soloman, which accounted for 27.88%, 83.45%, and 71.72% of revenue from 2022 to 2024, indicating a high customer dependency risk [6][41]. Company Overview - Jiangsu Tiangong Technology Co., Ltd. was established in January 2010 and is headquartered in Zhenjiang, Jiangsu Province. The company primarily engages in the research, production, and sales of titanium and titanium alloy materials, with its main products being wire, plate, and pipe [12]. - The company has two subsidiaries, holding 55% of Jiangsu Tiangong Soloman Alloy Materials Co., Ltd. and 60% of Jiangsu Tiangong Titanium Crystal New Materials Co., Ltd. [13]. Titanium Industry Analysis - The titanium industry is characterized by a supply chain that includes titanium ore processing into sponge titanium, which is then cast into ingots and processed into various titanium products for applications in chemical, aerospace, and consumer electronics sectors [20]. - The report emphasizes the growing penetration of titanium and titanium alloys in consumer electronics due to their high strength, corrosion resistance, and unique surface texture, with applications expanding from mobile phone casings to cameras and laptops [21]. Financial Forecast - The company is projected to achieve total revenues of 678.27 million yuan, 1,007.10 million yuan, and 1,156.22 million yuan from 2025 to 2027, with growth rates of -15.35%, 48.48%, and 14.81% respectively [5]. - The net profit attributable to shareholders is expected to be 104.59 million yuan, 184.80 million yuan, and 252.86 million yuan for the same period, with growth rates of -39.34%, 76.68%, and 36.83% respectively [5]. Business Analysis - The company's production capacity for titanium and titanium alloy materials is expected to remain stable at 7,000 tons from 2023 to 2024, with production and sales figures showing a positive trend [39]. - Revenue from titanium and titanium alloy products accounted for approximately 94.78% to 95.62% of total revenue from 2022 to 2025, indicating a strong focus on this segment [38]. Management Team - The core management team is primarily composed of individuals born in the 1980s and 1990s, with a strong educational background and extensive industry experience [16].

Core Viewpoint - The medical titanium alloy industry is experiencing significant growth driven by an aging population and increasing chronic disease rates, leading to higher demand for medical devices and implants. The market size for medical titanium alloys in China is projected to reach 4.32 billion yuan in 2024, reflecting a 9% year-on-year increase [1][6]. Group 1: Industry Overview - Medical titanium alloys are specialized biocompatible materials used for manufacturing human implants, characterized by excellent biocompatibility, high specific strength (over 300 MPa·cm³/g), and moderate elastic modulus (approximately 110 GPa) [3]. - The development of medical titanium alloys has progressed through three generations, with the latest generation focusing on reducing toxicity and improving compatibility with human bone [3][4]. Group 2: Market Size and Growth - The market for medical titanium alloys is expected to continue growing, with the orthopedic implant sector (including artificial joints and spinal correction devices) holding the largest market share at 50%, projected to reach 2.16 billion yuan in 2024 [6]. - Factors driving demand in the orthopedic implant sector include an aging population (over 300 million people aged 60 and above in China), advancements in medical technology, and supportive policies [6]. Group 3: Competitive Landscape - The medical titanium alloy industry features a concentrated head with leading companies like Baotai Co., West Superconductor, and Xiangtou Jintian dominating the mid-to-high-end market, while smaller firms focus on niche segments to avoid direct competition [7]. - Key players in the industry include Jiangsu Tiangong Technology Co., Baotai Co., and others, with a focus on R&D and production of titanium and titanium alloy materials [7][8]. Group 4: Industry Trends - The industry is moving towards functional upgrades of materials to meet diverse clinical needs, emphasizing the development of new alloys that are aluminum and vanadium-free for enhanced biocompatibility [9]. - Integration of smart technologies into titanium alloy products is becoming a significant innovation direction, with the incorporation of micro-sensors for real-time monitoring of implant conditions [10]. - The industry is accelerating its green and low-carbon transformation, focusing on energy-efficient production processes and recycling systems for titanium alloy materials to reduce waste and production costs [11].

申万宏源证券承销保荐有限责任公司 关于江苏天工科技股份有限公司 使用募集资金置换已预先通过银行承兑汇票等方式支付的 募投项目资金的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保 荐机构"）作为江苏天工科技股份有限公司（以下简称"天工股份"或"公司"） 向不特定合格投资者公开发行股票并在北京证券交易所上市的保荐机构，根据 《证券发行上市保荐业务管理办法》、《北京证券交易所股票上市规则》、《北京证 券交易所上市公司持续监管指引第 9 号—募集资金管理》等相关法律、法规和规 范性文件的规定，对天工股份使用募集资金置换已预先通过银行承兑汇票等方式 支付的募投项目资金事项进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 2025 年 3 月 31 日，中国证券监督管理委员会出具《关于同意江苏天工科技 股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可〔2025〕 635 号），同意公司向不特定合格投资者公开发行股票的注册申请。 公司向不特合格投资者公开发行人民币普通股 6,900.00 万股（超额配售选择 权行使后），每股面值为人民币 1.00 元，每股发行价格为 ...

证券代码：920068 证券简称：天工股份 公告编号：2025-126 近日，公司收到毕马威华振出具的《关于变更江苏天工科技股份有限公司 2025 年度签字注册会计师的函》，现将具体情况公告如下： 一、本次签字会计师变更的基本情况 毕马威华振作为公司 2025 年度财务报表和内部控制的审计机构，原指项目 合伙人为徐侃瓴、原指派签字注册会计师为徐侃瓴和汤然，质量控制复核人为徐 海峰。现因工作调整，毕马威华振指派刘昊权接替汤然作为签字注册会计师，继 续完成公司 2025 年度财务报表和内部控制的审计工作。变更后的财务报表和内 部控制审计项目合伙人为徐侃瓴，签字注册会计师为徐侃瓴和刘昊权，质量控制 复核人为徐海峰。 二、本次变更签字注册会计师的基本信息和诚信情况 江苏天工科技股份有限公司 关于变更签字注册会计师的公告 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。 江苏天工科技股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开第 四届董事会第十二次会议、第四届董事会审计委员会第六次会议，于 ...

江苏天工科技股份有限公司 关于使用银行承兑汇票等方式支付募投项目所需资金并 以募集资金等额置换的公告 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。 证券代码：920068 证券简称：天工股份 公告编号：2025-128 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 2025 年 3 月 31 日，中国证券监督管理委员会出具《关于同意江苏天工科技 股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可〔2025〕 635 号），同意江苏天工科技股份有限公司（以下简称"公司"）向不特定合格投资 者公开发行股票的注册申请。2025 年 5 月 7 日，北京证券交易所（以下简称"北 交所"）出具《关于同意江苏天工科技股份有限公司股票在北京证券交易所上市的 函》（北证函〔2025〕352 号），公司股票于 2025 年 5 月 13 日在北交所上市。 公司本次向不特定合格投资者公开发行股票（以下简称"公开发行"）实际发 行人民币普通股 69,000,000 股（含行使超额配售选择权所发新 ...