根据协议，双方围绕"粉末金属材料、切削刀具、高精度滚动功能部件及高精度螺纹磨床等领域的联合 研发、制造、产业化应用及联合对外投资等事项"建立战略合作关系，旨在通过产业资源共享与技术优 势互补，实现产业协同创新与公司价值最大化，共同为中国高端制造业发展贡献力量。 业内人士认为，此次金属材料领域两大领军企业的合作不仅是双方加快产业链协同的里程碑，更是响应 国家高端装备与核心材料自主可控战略的关键落子，有望重塑细分领域竞争格局。 深度协同打通技术壁垒 恒尔达是专注于金属新材料领域的国家高新技术企业，致力于各种高强韧材料、多金属复合材料、模切 工具、等系列产品的研发生产、销售及服务。天工国际是中国知名的高速钢、模具钢等金属合金新材料 和切削刀具生产制造商，高速工具钢、模具钢、切削刀具产品产量连续多年位居全球前列。 值得一提的是，智能数控装备领域，恒而达将依托其国产化的SMS高精度螺纹磨床，向天工国际首批丝 锥全自动生产线供应30—50台设备，天工国际依托其全球领先的切削工具产能，为SMS磨床提供规模化 验证场景，双向打通"高端装备—尖端材料"协同链条。 夯实"技术互锁"护城河打造国际竞争力 业内认为，双方此次合作将直 ...

Group 1 - The company has signed a strategic cooperation framework agreement with existing supplier Fujian Heng'erda New Materials Co., Ltd. to enhance collaboration in the development and application of specialized powder high-speed steel materials for cutting tools [1] - The agreement aims to establish a competitive advantage in the industry through technological upgrades and import substitution, with Heng'erda providing testing facilities and technical support based on its decades of production experience [1] - Starting from 2026, Heng'erda is expected to purchase no less than 100 tons of specialized materials annually for five years, totaling at least 600 tons, with the company committing to offer Heng'erda the best procurement prices [1] Group 2 - The board believes that the framework agreement strengthens cooperation with an important client in the supply chain, aligning with the company's strategy to upgrade its products and expand downstream applications [2] - The collaboration is expected to create a "research-validation-optimization" closed loop, enhancing product optimization and allowing the company to gain a leading position in advanced fields through joint investments [2] - The board considers the terms of the framework agreement to be in the overall interest of the company and its shareholders [2]

恒而达（300946）今日晚间公告，公司与天工国际(00826.HK)7月16日签订了《战略合作框架协议》。 双方将以"长期合作、互利共赢、共同发展"为宗旨，整合双方优势资源，在技术创新、产业链协同与市 场开拓等领域开展深度合作。 此外双方还计划在高氮钢在行星滚柱丝杠制造领域运用、金属切削刀具连续热处理生产工艺、产业链联 合投资等领域进行合作。 恒而达表示，协议的签署将助力公司进一步巩固"横向拓宽"(产品系列化、产品矩阵)与"纵向延伸"(智能 数控装备、滚动功能部件及上游高强韧轻量化金属材料)的业务架构，同时加快公司滚珠丝杠副及行星 滚柱丝杠副等滚动功能部件产品的研发及产业化速度，加速突破制约国内滚动功能部件加工精度、加工 效率、良品率等关键的生产工艺和核心装备环节，提升公司在智能数控装备及滚动功能部件领域的国际 综合竞争力。 恒而达董事长林正华在签约仪式中强调："单打独斗难以快速实现国产化重大突破，天工国际作为志同 道合的战略伙伴加入，让我们对推动行业进步充满信心。"天工国际董事局主席朱小坤表示，此次携手 合作，不仅是双方资源互补、优势互联的深度融合，更是共同服务高端制造、加快国产化进程的重要战 略举措。 ...

Group 1 - Heng Er Da (300946.SZ) signed a strategic cooperation framework agreement with Tian Gong International (00826) to collaborate on the application of powder high-speed steel and high-nitrogen steel in planetary roller screw manufacturing [1][2] - Tian Gong International is the only global manufacturer of a full range of powder products, with its powder steel certified by the North American Die Casting Association (NADCA), breaking a 30-year monopoly held by European and American companies [1] - Heng Er Da will purchase no less than 100 tons of cutting tool materials annually from Tian Gong International for five years starting in 2026, totaling at least 600 tons [1] Group 2 - Tian Gong International's self-developed high-nitrogen alloy TPMDC02A was delivered to Jiangsu Runfu Power in early July for mass production of planetary roller screws, making it the first domestic company to apply high-nitrogen steel in this area [2] - The collaboration aims to enhance the precision and yield of Heng Er Da's rolling components, addressing the issues of low processing efficiency and high costs in domestic screw manufacturing [2] - This partnership marks a commercial milestone for Tian Gong International's powder steel and high-nitrogen steel technologies, highlighting its strategic positioning in the humanoid robot and high-end equipment sectors [2]

Group 1 - Tiande Yu achieved a net profit of 1.52 billion yuan in the first half of 2025, a year-on-year increase of 50.89% [1] - Tiande Yu's operating income for the same period was 12.08 billion yuan, reflecting a growth of 43.35% year-on-year [1] - Fule New Materials plans to reduce its shareholding by up to 1.33%, amounting to 376.25 million shares, due to personal funding needs [1] - Jindi Co. signed an industrial project investment contract with a total investment of no less than 1.5 billion yuan [1] Group 2 - Tuo Xin Pharmaceutical intends to invest 10 million yuan in Jiangsu Jinsan Biotechnology, acquiring a 1.75% stake [1] - Pinming Technology expects a net profit of 28 million to 34 million yuan for the first half of 2025, a year-on-year increase of 231.79% to 302.89% [4] - Shuanglin Co. anticipates a net profit of 251 million to 310 million yuan, representing a growth of 1% to 25% year-on-year [7] Group 3 - Kangxino received approval for clinical trials of its trivalent poliovirus vaccine [8] - Bailian Co. signed a land storage compensation contract worth approximately 2 billion yuan [9] - Wukuang Development plans to issue short-term financing bonds and medium-term notes totaling up to 2 billion yuan each [10] Group 4 - Hengxin Life intends to invest 10 million yuan in a targeted equity investment [12] - Hengyin Technology expects a net profit of 13.5 million to 16.2 million yuan, marking a turnaround from losses [14] - *ST Jinglun anticipates a net loss of 19 million to 22 million yuan for the first half of 2025 [15] Group 5 - Baiyun Electric won a bid for a State Grid project worth 164 million yuan [16] - Zhejiang Energy completed a power generation of 788.48 billion kWh in the first half of 2025, a year-on-year increase of 4.48% [17] - Sheneng Co. reported a power generation of 259.51 billion kWh, a decrease of 1.7% year-on-year [19] Group 6 - Hengerd signed a strategic cooperation framework agreement with Tiangong International [21] - Baotai's application for the listing of Golimumab injection has been accepted by the FDA [23] - Yishitong received a government subsidy of 2 million yuan [24] Group 7 - Jinggong Steel signed a contract worth approximately 550 million yuan for the Jeddah Stadium project in Saudi Arabia [26] - Zhongwang Software received a government subsidy of 28 million yuan [27] - Rongxin Culture used idle funds of 100 million yuan to purchase financial products [29] Group 8 - Lingxiao Pump Industry invested 80 million yuan in financial products [31] - China Pacific Insurance reported a total original insurance premium income of 282 billion yuan from its subsidiaries [32] - Kema Technology expects a net profit of 165 million to 175 million yuan, a year-on-year increase of 18.59% to 25.77% [32] Group 9 - Qujiang Cultural Tourism anticipates a net loss of approximately 13 million to 16.9 million yuan [32] - Daoshi Technology expects a net profit of 220 million to 238 million yuan, a year-on-year increase of 98.77% to 115.03% [32] - Baicheng Medicine forecasts a net profit decline of 95.53% to 100% [33] Group 10 - Bertley plans to invest 198 million yuan to establish a partnership for investments in emerging fields [34] - China Merchants Highway announced the resignation of its chairman due to reaching retirement age [35] - Overseas Chinese Town A reported a 29% decrease in contract sales amount in June [36]

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

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 ...

Investment Rating - The report assigns a "Buy" rating to the company [3][5]. Core Views - The company is a global leader in the specialty steel segment, with four synergistic business lines: tool steel, high-speed steel, cutting tools, and titanium alloys [3][20]. - The company has successfully broken the overseas monopoly in powder metallurgy and is positioned to benefit from the growing demand in high-end manufacturing sectors such as robotics and aerospace [19][65]. - The company has a strong focus on R&D, with significant investments aimed at enhancing its competitive edge in high-end materials [35][39]. Summary by Sections Global Specialty Steel Leader - Established in 1981, the company has evolved from cutting tools to high-speed steel, mold steel, and titanium alloys, achieving vertical integration in the high-speed steel cutting tool industry [20][21]. - The company launched China's first large-scale powder metallurgy production line in 2019, becoming the only domestic enterprise capable of large-scale production in this field [20][21]. Powder Metallurgy - The company is tapping into a vast domestic replacement market for powder metallurgy, with applications in aerospace and automotive sectors [2][19]. - Current production capacity for powder metallurgy has reached 5,000 tons, with plans to expand to 10,000 tons [2][66]. - The company has developed a new high-nitrogen steel patent, which is expected to penetrate high-end markets such as aerospace and robotics [2][19]. Titanium Alloys - The company is entering the 3C (computer, communication, consumer electronics) market, leveraging the lightweight and high-strength properties of titanium alloys [2][19]. - Production capacity for titanium alloys has reached 7,000 tons, with plans for an IPO to further expand operations [2][19]. Financial Forecast - The company is projected to generate revenues of 5.1 billion, 5.6 billion, and 6.0 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 464 million, 533 million, and 577 million yuan [3][30]. - The expected price-to-earnings ratios for these years are 11.18, 9.73, and 8.99, indicating strong growth potential [3][30]. Market Perception - The market tends to view the company through the lens of traditional steel manufacturing, overlooking its differentiated competitive advantages in specialty steel [17][18]. - The company is expected to benefit from the structural growth in the specialty steel sector, which is less sensitive to macroeconomic fluctuations compared to traditional steel [18][19].

Core Viewpoint - The article highlights the remarkable economic and innovative achievements of Zhenjiang, a small city in Jiangsu Province, which has managed to establish itself as a hub for high-tech industries and manufacturing despite its limited size and population [3][6][13]. Group 1: Economic Performance - Zhenjiang has a GDP of 554 billion yuan in 2024, ranking 57th nationally, surpassing provincial capitals like Taiyuan and Urumqi [8]. - Despite being the smallest city in Jiangsu by area and population, Zhenjiang's GDP ranks higher than larger cities such as Huai'an and Suqian [6][8]. - The city has a high economic value relative to its size, with a focus on innovation and technology [13][24]. Group 2: Innovation and Technology - Zhenjiang ranks 77th globally in the Global Innovation Index, placing it 22nd among Chinese cities, indicating a strong innovation ecosystem [9][12]. - The city is recognized for its high innovation capacity, ranking 41st in the National Innovation City Capability Evaluation Report, which assesses 288 cities [10][12]. - Zhenjiang's high-value invention patents per ten thousand people stand at 29.71, ranking 4th in Jiangsu [24]. Group 3: Manufacturing Strength - Zhenjiang's manufacturing sector is robust, with a sales revenue of over 368.43 billion yuan in 2024, growing at 13.2%, which is above the provincial average [17][24]. - The city has established significant industrial clusters in high-end equipment manufacturing and new materials, each exceeding 100 billion yuan in scale [18][24]. - Key industries include medical devices, aerospace, and new energy equipment, with notable companies like Yiyuan Medical and Tianwei Technology leading in their respective fields [20][22]. Group 4: Strategic Development Approach - Zhenjiang has adopted a focused approach to industrial development, prioritizing sectors like artificial intelligence and low-altitude economy, avoiding over-saturation in common industries [27][29]. - The city leverages its geographical position within the Yangtze River Delta to integrate with larger cities like Shanghai and Nanjing, enhancing resource sharing and collaboration [31][32]. - Zhenjiang's development strategy emphasizes selective engagement in high-potential industries while fostering a supportive policy environment for innovation [33][34].

Financial Performance - The company's revenue for 2024 was approximately RMB 4.83 billion, a decrease of 6.4% compared to RMB 5.16 billion in 2023[3]. - Net profit attributable to shareholders for 2024 was RMB 358.76 million, down from RMB 370.21 million in 2023, resulting in basic earnings per share of RMB 0.131[3]. - The total revenue for the fiscal year 2024 decreased by 6.4% to RMB 4,832,036,000 compared to RMB 5,163,306,000 in 2023[19]. - The company's net profit attributable to equity holders decreased by 3.1% to RMB 358,757,000 in 2024 from RMB 370,209,000 in 2023[38]. - Total comprehensive income attributable to equity holders for 2024 was RMB 271,536,000, down from RMB 349,996,000 in 2023, impacted by foreign currency translation differences and fair value adjustments[55]. - The sales cost for 2024 was RMB 3,848,493,000, a reduction of 4.3% compared to RMB 4,019,922,000 in 2023, due to decreased revenue and related processing costs[40]. - The distribution costs increased to RMB 144,072,000 in 2024 from RMB 118,053,000 in 2023, representing about 3.0% of total revenue[48]. - The company's interest-bearing borrowings increased to RMB 3,284,666,000 as of December 31, 2024, up from RMB 2,895,021,000 in 2023[103]. - The adjusted net debt-to-equity ratio as of December 31, 2024, was 36%, slightly up from 35% in 2023[102]. - The net cash generated from operating activities for the year was RMB 501,762,000, a significant increase from RMB 55,129,000 in 2023, primarily due to stricter control over receivables[103]. Sales and Market Trends - The sales of mold steel, which accounted for 47.1% of total revenue, declined by 3.1% to RMB 2,273,870,000 from RMB 2,345,986,000 in the previous year[23]. - Domestic sales of mold steel increased by 16.2% to RMB 1,008,398,000, while export sales decreased by 14.4% to RMB 1,265,472,000[20][22]. - High-speed steel revenue, representing 17.0% of total revenue, saw a slight increase of 0.7% to RMB 821,478,000 from RMB 815,904,000[24][25]. - Domestic sales of high-speed steel rose by 9.8% to RMB 422,033,000, while export sales fell by 7.4% to RMB 399,445,000[24][26]. - The cutting tools segment, which accounted for 18.2% of total revenue, experienced a 2.9% decline in sales to RMB 879,342,000 from RMB 905,754,000[27][28]. - Domestic sales of cutting tools decreased by 13.6% to RMB 333,274,000, while export sales increased by RMB 26,040,000[27][29]. - Titanium alloy revenue, making up 15.6% of total revenue, dropped by 21.5% to RMB 756,370,000 from RMB 963,836,000[30][31]. - Domestic sales of titanium alloys fell by 21.8% to RMB 747,406,000, while export sales increased by 15.1% to RMB 8,964,000[30][31]. - The demand for high-performance materials in downstream high-end manufacturing sectors, including automotive and aerospace, is driving the growth of special steel, with a continuous increase in production and quality[69]. Research and Development - The company’s R&D expenditure rate exceeded 6% for two consecutive years, with 59 ongoing R&D projects and 16 new initiatives planned for 2025[10]. - The company plans to establish a precision tool research institute to enhance its technological influence and market coverage in high-performance cutting tools[14]. - The company invested RMB 301.55 million in R&D, accounting for 6% of total annual revenue[143]. - The company has applied for 89 patents during the reporting period, including 26 invention patents and 63 utility model patents, with a total of 277 patents held as of the end of 2024[159]. - The company initiated a national key R&D project in collaboration with Tsinghua University and other renowned institutions, focusing on new die-casting mold steel powder metallurgy and additive manufacturing technologies[78]. Product Development and Innovation - The company launched new products including TGE22 and TGE23 large-size die steel for die-casting, which have already been delivered to downstream customers[10]. - The company has made breakthroughs in key technologies related to powder preparation, forming, sintering, and heat treatment, establishing a comprehensive technical system for powder high-speed steel[62]. - The company developed a double-spiral hole hard alloy bar, which is set to enter mass production, optimizing cooling effects and improving processing efficiency for high-performance tools[76]. - The company successfully delivered its first aerospace-grade titanium alloy wire order, meeting high standards and passing strict certification processes[79]. - The company has established a postdoctoral research station in Jiangsu Province, which has been upgraded to a national level, focusing on research in die steel processes and powder metallurgy materials[153]. Sustainability and ESG Initiatives - The company emphasizes green development and resource management, focusing on reducing carbon emissions and optimizing production processes[90]. - The company has implemented measures to mitigate credit risk, including insurance for trade receivables and regular reviews of recoverable amounts[111]. - The ESG report covers the performance of Tian Gong International Limited and its subsidiaries for the fiscal year 2024, from January 1, 2024, to December 31, 2024[122]. - The company is committed to continuous monitoring of greenhouse gas emissions, energy efficiency, and waste management goals[129]. - The group has established a three-tier environmental management system, with five subsidiaries obtaining ISO 14001 certification by the end of 2024[176]. Market Expansion and Global Presence - The company is expanding its global footprint, with the precision tool factory in Thailand increasing production capacity to 12 million units per month[11]. - The company successfully penetrated the North American market with high-quality titanium alloy wire for 3D printing applications, establishing a reputation in the supply chain[34]. - The company has expanded its international presence by adding sales points in Canada and Vietnam, supplying raw materials to well-known enterprises in Europe and the United States[171]. - The company is actively exploring new markets to reduce dependence on any single economy, addressing risks related to global macroeconomic uncertainties[114]. Operational Efficiency - The company has implemented a strict product quality control system to ensure excellence from raw materials to finished products[142]. - The company has integrated various systems such as ERP, MES, and SCADA to optimize production and supply chain management[157]. - The company has streamlined its customer complaint handling process, simplifying issue categorization and conducting monthly reviews of complaints for continuous improvement[172]. - The company has invested in advanced quality inspection equipment, including a thermal expansion deformation testing instrument and a fluorescence spectrometer, to enhance steel performance testing capabilities[163]. Employee and Workforce Management - Employee costs for the year totaled RMB 421,605,000, up from RMB 397,116,000 in 2023, attributed to an increase in employee numbers and salary adjustments[109]. - The company employs 3,527 staff as of December 31, 2024, compared to 3,517 in 2023, maintaining a gender ratio of approximately 73% male to 27% female[109][117]. - The company has conducted regular training on intellectual property protection to enhance employee awareness and prevent infringement of third-party rights[159]. Future Projections and Industry Trends - The integrated die-casting industry in China is expected to reach a market size of RMB 38.9 to 40.5 billion by 2025, with new energy vehicles accounting for RMB 25.8 to 30 billion[93]. - The demand for high-strength, lightweight special steel is expected to continue rising, particularly driven by the rapid development of new energy vehicles and smart cars[91]. - By 2025, the automotive industry is projected to consume approximately 57.5 million tons of steel, with a year-on-year growth of 1.8%[93]. - The global market for high-speed steel cutting tools reached RMB 21.749 billion in 2023, with China's market size at RMB 6.794 billion, projected to grow to RMB 30.995 billion by 2029 at a CAGR of approximately 5.84%[73].