Group 1 - Jiangsu Tiangong Technology Co., Ltd. successfully listed on the Beijing Stock Exchange on May 13 [1] - The company, established in 2010, specializes in the research, production, and sales of titanium and titanium alloy materials, focusing on precision alloying and advanced processing techniques [3] - Tiangong's main products include titanium and titanium alloy wire, plates, and pipes, which are widely used in various sectors such as consumer electronics, chemical energy, sports leisure, and additive manufacturing [3] Group 2 - Chairman Zhu Zefeng expressed strong confidence and ambition for the future, stating that the listing is a new starting point for the company [9] - The company aims to seize strategic opportunities in the titanium alloy industry, focusing on technological innovation, product high-end development, diversified applications, and internationalization [9] - Tiangong plans to increase investment in core areas such as consumer electronics, aerospace, and healthcare, while promoting green and intelligent manufacturing to enhance its competitive advantages [9]

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、募集资金情况概述 证券代码：920068 证券简称：天工股份 公告编号：2025-039 江苏天工科技股份有限公司 关于签署募集资金三方监管协议的公告 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 行股票并在北京证券交易所上市申请已于 2024 年 11 月 1 日经北京证券交易所上 市委员会审核通过，并于 2025 年 4 月 3 日收到中国证券监督管理委员会于 2025 年 3 月 31 日出具的《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）。 公司本次公开发行股票 6,000.00 万股（超额配售选择权行使前），每股发行价 格为人民币 3.94 元，募集资金总额为人民币 236,400,000.00 元（超额配售选择权 行使前），扣除不含税的发行费用人民币 30,083,350.96 元（超额配售选择权行使 前），实际募集资金净额为人民币 206,316,6 ...

Summary of Key Points Core Viewpoint - On May 15, the Beijing Stock Exchange (BSE) saw a total trading volume of 1.834 billion shares and a trading value of 38.191 billion yuan, marking an increase of 4.862 billion yuan compared to the previous trading day. A total of 131 stocks closed higher, while 130 stocks closed lower [1]. Trading Performance - The trading performance on the BSE included 131 stocks that closed higher, accounting for 49.25% of the tradable stocks. Notable gainers included WanDe Co., TianGong Co., and Wuxi Jinghai, with increases of 28.12%, 20.29%, and 17.44% respectively [1]. - Conversely, 130 stocks closed lower, with the largest declines seen in ZhiSheng Information, FangDa New Materials, and LingGe Technology, which fell by 12.08%, 11.64%, and 7.63% respectively [1]. Trading Volume and Turnover - A total of 116 stocks had a trading value exceeding 10 million yuan, with the highest trading values recorded for GuoHang YuanYang (1.890 billion yuan), TianGong Co. (1.089 billion yuan), and HuaGuang YuanHai (934 million yuan) [1]. - The trading activity indicated high liquidity, with 88 stocks having a turnover rate exceeding 10%, and 28 stocks exceeding 20%. The highest turnover rates were observed in TianGong Co. (75.59%), HuaGuang YuanHai (62.28%), and Bawei Co. (54.19%) [1]. Notable Stocks - The following stocks were highlighted for their performance: - GuoHang YuanYang: Closing price of 13.43 yuan, up 8.74%, turnover rate of 46.24%, trading value of 1.889 billion yuan [1]. - TianGong Co.: Closing price of 24.54 yuan, up 20.29%, turnover rate of 75.59%, trading value of 1.089 billion yuan [1]. - Bawei Co.: Closing price of 35.39 yuan, up 29.97%, turnover rate of 54.19%, trading value of 606.64 million yuan [1]. Market Dynamics - The overall market dynamics reflected a mixed sentiment, with a significant number of stocks experiencing both gains and losses. The increase in trading volume and value suggests heightened investor interest and activity in the BSE [1].

Core Viewpoint - Jiangsu Tiangong Technology Co., Ltd. successfully went public on the Beijing Stock Exchange, raising a total of 236 million yuan through the issuance of 60 million shares at a price of 3.94 yuan per share, with a price-to-earnings ratio of 14.98 times [1][3]. Group 1: Company Overview - Tiangong Co. specializes in the research, production, and sales of titanium and titanium alloy materials, utilizing sponge titanium and other metal elements through various processes to create high-performance products [3]. - The company has been recognized as a national-level specialized and innovative "little giant" enterprise and a high-tech enterprise, with its technology center certified as a provincial enterprise technology center in Jiangsu [3]. - As of December 31, 2024, Tiangong Co. has obtained 51 patents, including 14 invention patents, which support its market leadership in high-end product manufacturing and cost control [3]. Group 2: Financial Performance - From 2022 to 2024, Tiangong Co.'s operating revenue increased from 383 million yuan to 801 million yuan, while the net profit attributable to shareholders after deducting non-recurring gains and losses rose from 64 million yuan to 170 million yuan [3]. Group 3: Fundraising and Future Plans - The funds raised will be invested in the construction of a production line for 3,000 tons of high-end titanium and titanium alloy bars and wires, aimed at expanding production capacity and enhancing product performance to improve market competitiveness [4]. - The successful listing marks a significant milestone in Tiangong Co.'s development, enabling it to leverage capital market resources to advance its core business and explore new fields in high-end titanium and titanium alloy materials [6]. Group 4: Underwriter's Role - Shenwan Hongyuan Securities acted as the lead underwriter and sponsor for the issuance, conducting thorough due diligence and receiving full recognition from the client for its efficient and high-quality service [8]. - Since 2015, Shenwan Hongyuan has closely accompanied Tiangong Co.'s growth, successfully facilitating its entry into the domestic capital market and gaining high recognition from both the market and the enterprise [8].

如此优异的表现有些超出北研君的预期，现在复盘来看， 一是北交所对低价新股的热捧，二是公司赶上 了贸易争端缓和的黄金时点 。两日过后，公司总市值已来到132亿， 高居北交所第TOP5 ，更值得注意 的是公司由港股天工国际（00826.HK）分拆上市，现在的市值已经大幅超过了自己的母公司。 当前已上市的266家北交所公司中，有18家是其它上市公司的子公司， 其中 天工股份是首家"H+北" 。 本周二，北交所新股天工股份上市，首日上涨411.93%，超过星图测控（+407.23%）、宏海科技 （+246.14%）、开发科技（+150.36%）， 成为今年以来首日涨幅最大的新股 。到次日， 公司股价继 续上涨 、全天换手率53%，反映出在首日4倍涨幅的基础上，依然有资金看好、有更高预期。 如果放眼整个北交所历史， 天工这个涨幅可以排在第5 ，前4名分别是阿为特（+1008.33%）、铜冠矿 建（+731.41%）、方正阀门（+518.23%）和同心传动（+493.67%）。然而这4只票次日开始都出现了 大跌，反映出其首日的涨幅是有"泡沫"的， 从"站得住"首日涨幅的新股来看，天工股份排名第一 ，表 现目前仅次于星图测 ...

Market Overview - As of May 14, the Shanghai Composite Index closed at 3403.95 points, up 29.08 points, with a gain of 0.86% [1] - The Shenzhen Component Index closed at 10354.22 points, up 66.14 points, with a gain of 0.64% [1] - The ChiNext Index closed at 2083.14 points, up 20.88 points, with a gain of 1.01% [1] High Turnover Stocks - A total of 113 A-shares had a turnover rate exceeding 20% on May 14, indicating significant trading activity [1] - Notable stocks with high turnover rates include: - Huaguang Yuanhai (证券代码: 872351) with a turnover rate of 62.71% and a price increase of 30.00% [1] - Xinlei Co., Ltd. (证券代码: 301317) with a turnover rate of 61.73% and a price increase of 8.62% [1] - Huafang Co., Ltd. (证券代码: 600448) with a turnover rate of 56.17% and a price increase of 6.43% [1] Additional High Turnover Stocks - Other stocks with notable turnover rates include: - Hongqiang Co., Ltd. (证券代码: 002809) with a turnover rate of 53.74% and a price increase of 3.84% [1] - Changhua Chemical (证券代码: 301518) with a turnover rate of 53.66% and a price increase of 6.99% [1] - Qingdao Jinwang (证券代码: 002094) with a turnover rate of 52.89% and a price increase of 10.06% [1] Summary of Turnover Rates - The data indicates a trend of increased trading activity in the market, with several stocks experiencing significant price movements alongside high turnover rates [1][2][3][4]

Core Viewpoint - The article highlights the impressive debut performance of Tian Gong Co., Ltd. on the Beijing Stock Exchange, with a first-day increase of 411.93%, making it the second-highest debut gain of the year. The stock's low issuance price and favorable market conditions contributed to its success [1][3]. Summary by Sections Company Performance - Tian Gong Co., Ltd. had a listing price of 3.94 yuan, the lowest among new stocks this year. Its first-day performance was only surpassed by Jiangnan New Materials, which had a debut increase of 606.83% [1][4]. - The company reported revenues of 283 million yuan and 383 million yuan for 2021 and 2022, respectively, with year-on-year growth rates of 55.23% and 35.65%. However, in the previous year, revenue dropped to 801 million yuan, a decline of 22.59% [4][12]. Market Trends - A total of 38 new stocks have been listed this year, with a significant trend of low-priced stocks attracting investor interest. Many stocks with initial prices below 10 yuan have seen first-day gains exceeding 300% [1][6]. - The article notes that 60% of new stocks this year have experienced first-day increases of over 200%, indicating a strong market for new listings [6][9]. Industry Insights - The sectors with the most successful new listings include electric power equipment, non-ferrous metals, and basic chemicals. These industries have shown strong performance in terms of first-day gains [8]. - The article mentions that the average increase for the basic chemicals and non-ferrous metals sectors is 15.63% and 12.2%, respectively, indicating robust market conditions in these areas [8]. Strategic Changes - The Beijing Stock Exchange has optimized its new stock issuance strategy, increasing the number of strategic investors allowed and raising the strategic allocation ratio from 30% to 50% for larger offerings [5].

Core Viewpoint - Jiangsu Tiangong Technology Co., Ltd. (Tiangong Co., stock code: 920068.BJ) was listed on the Beijing Stock Exchange, with a closing price of 20.17 yuan, reflecting a significant increase of 411.93% from the opening price [1] Company Overview - Tiangong Co. specializes in the research, production, and sales of titanium and titanium alloy materials, utilizing sponge titanium and other metal elements to create products in various forms such as plates, pipes, and wires, which are widely used in the chemical and consumer electronics industries [1] Shareholding Structure - Before the issuance, Tiangong Investment held 75.58% of the company's shares, which decreased to 68.57% (pre-over-allotment) and 67.63% (post-over-allotment) after the issuance [1] - Zhu Xiaokun, Yu Yumei, and Zhu Zefeng, who are the actual controllers of the company, hold shares through Tiangong Investment, with Zhu Xiaokun directly holding 2.47% of the shares, which will decrease to 2.24% (pre-over-allotment) and 2.21% (post-over-allotment) [2] Financial Performance - The company reported revenues of 383 million yuan, 1.035 billion yuan, and 801 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 70.31 million yuan, 175 million yuan, and 174 million yuan for the same years [8] - The total assets as of December 31, 2024, were approximately 1.217 billion yuan, with total equity of about 1.047 billion yuan [9] Fundraising and Use of Proceeds - Tiangong Co. raised a total of 236.4 million yuan, with a net amount of 206.32 million yuan after deducting issuance costs of 30.08 million yuan [6] - The company plans to use the raised funds for the construction of a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires, with a total investment of 400 million yuan [7] Market and Business Challenges - The company is facing inquiries regarding the decline in line material revenue in the first half of 2024, with specific requests for data on sales volume and reasons for the decline [4] - There are concerns about the company's ability to maintain business sustainability and the impact of increased ESG requirements from customers on sales [5]

Core Viewpoint - Jiangsu Tiangong Technology Co., Ltd. successfully listed on the Beijing Stock Exchange, marking a significant milestone for the company and the industry [1][3]. Group 1: Company Overview - Jiangsu Tiangong Technology Co., Ltd. was established in 2010 and specializes in the research, production, and sales of titanium and titanium alloy materials [9]. - The company is recognized as a national-level "specialized, refined, and innovative" small giant enterprise, focusing on titanium alloy manufacturing and technological innovation [4]. Group 2: Market Performance - On its first day of trading, Tiangong shares surged by 458.63%, reaching a price of 22.01 yuan per share, indicating strong market vitality and investor confidence in the company's future [3]. Group 3: Leadership Statements - The Vice Mayor of Zhenjiang, Zhou Ka, praised Tiangong for its comprehensive product offerings and leadership in the industry, expressing hope for the company to leverage its listing to enhance its market position and deliver excellent performance [4]. - Chairman Zhu Zefeng emphasized that the listing is a new starting point, focusing on technological innovation and expanding into core fields such as consumer electronics, aerospace, and healthcare [6]. - Zhang Yifei from Shenwan Hongyuan Securities highlighted the importance of this listing as a new phase for Tiangong, encouraging the company to utilize capital market advantages for resource optimization and core competitiveness [8]. - Huang Yixin, Chairman of Nanjing Steel, expressed confidence in Tiangong's future, pledging support for its technological innovation and global expansion efforts [9].

Core Viewpoint - Jiangsu Tiangong Technology Co., Ltd. (Tiangong Co.) has become the first company to list on the Beijing Stock Exchange (BSE) as a "H-share A-share" company and has the lowest issuance price of new shares this year, with a significant opening price increase of 458.63% on its first trading day [1][2]. Group 1: Company Overview - Tiangong Co. specializes in the research, production, and sales of titanium and titanium alloy materials, utilizing sponge titanium and other metal elements through various processing techniques to create high-performance products [5]. - The company raised funds primarily for the construction of a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires to meet market demands in consumer electronics, aerospace, and medical devices [5]. Group 2: Financial Performance - In 2023, Tiangong Co. achieved a revenue of 1.035 billion yuan, a year-on-year increase of 170.05%, and a net profit attributable to shareholders of 170 million yuan, up 142.57% [5]. - However, in 2024, the company experienced revenue fluctuations, reporting 801 million yuan, a year-on-year decrease of 22.59%, while the net profit attributable to shareholders was 172 million yuan, a slight increase of 1.57% [5]. - For the first quarter of 2025, Tiangong Co. reported an unaudited revenue of 192 million yuan, a year-on-year increase of 4.35% [5]. Group 3: Market Context and Strategic Placement - The issuance price of Tiangong Co. was 3.94 yuan per share, with a price-to-earnings ratio of 14.98, marking it as the lowest issuance price for new shares this year [2]. - The public offering attracted 425,400 participants, with 117,500 ultimately receiving allocations, resulting in a total allocation of 51 million shares and an investment amount of 201 million yuan [2]. - The strategic placement involved 12 investors, with a lock-up period exceeding the minimum requirement, indicating strong institutional confidence in the company's long-term prospects [2][3].