Core Viewpoint - Tian Gong Co., Ltd. (920068.BJ) has been listed on the Beijing Stock Exchange, focusing on the research, production, and sales of titanium and titanium alloy materials, with applications in various industries including chemicals and consumer electronics [1][3]. Company Overview - Tian Gong Co., Ltd. is recognized as a national-level specialized and innovative "little giant" enterprise and a high-tech enterprise [1]. - The company has a current annual production capacity of 7,000 tons of titanium materials, covering major product categories such as plates, pipes, and wires [4]. Financial Information - The initial offering price was set at 3.94 yuan per share, with a projected market capitalization in the billions [3]. - The company has a historical net profit of 12.0 billion yuan in 2021, with significant growth rates projected for 2022 and 2023 [3]. - The company plans to invest 400 million yuan, representing 100% of the raised funds, into the construction of a production line for high-end titanium and titanium alloy rods and wires [3]. Business Partnerships - Tian Gong has established a deep collaboration with Changzhou Soloman, a supplier in Apple's supply chain, which has become the company's largest customer since November 2022 [4]. - Sales to Changzhou Soloman and its affiliates are expected to reach 575 million yuan in 2024, a fivefold increase compared to 2022, with revenue contribution rising from 27.88% to 71.72% [4]. Research and Development - The company is actively developing products for aerospace and medical applications, with ongoing projects including titanium and titanium alloy fasteners for commercial aerospace and high-precision medical implants [4]. - As of December 31, 2024, the company holds 51 patents, including 14 invention patents [4].

Group 1 - Jiangsu Tiangong Technology Co., Ltd. (Tiangong Co.) has become the first new company listed on the Beijing Stock Exchange in 2025 and the first "H-share A-share" company to list on the exchange [1] - Tiangong Co. focuses on the research, production, and sales of titanium and titanium alloy materials, which are considered strategic materials for both national defense and civilian technology development [1][2] - The company plans to raise funds to build a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires, increasing its total capacity from 7,000 tons to 10,000 tons [4] Group 2 - The titanium industry is experiencing a shift from rough processing to precision and deep processing, with significant applications in consumer electronics, 3D printing, and other fields [2][3] - In 2023, China's titanium processing material consumption reached 148,400 tons, with over 70% used in the chemical, salt, and aerospace sectors; the consumer electronics sector saw a growth rate of 43.76% year-on-year [3] - Tiangong Co. has developed over 10 types of titanium materials and has gained recognition from globally renowned manufacturers in the consumer electronics sector [3] Group 3 - Tiangong Co. aims to enhance its research and development capabilities and diversify its titanium product offerings to meet market demands [5] - The company emphasizes the importance of technological innovation to strengthen its competitive edge and contribute to the advancement of high-end manufacturing [5] - In 2024, Tiangong Co. plans to invest 34.41 million yuan in R&D, accounting for 4.29% of its total revenue, reflecting its commitment to developing new production capabilities [5]