Core Insights - Tian Gong International has successfully developed new neutron shielding materials for nuclear fusion devices, marking a significant advancement in powder metallurgy technology and production capabilities [1][2] - The company has transitioned from producing cutting tools to high-end materials, including powder metallurgy and titanium alloys, driven by technological innovation [1][2] - Tian Gong International's subsidiary, Tian Gong Co., has recently gone public, enhancing its ability to expand its titanium alloy business and product offerings [2][3] Company Development - Established in 1981, Tian Gong International initially struggled but found success in cutting tool production, leading to the in-house manufacturing of high-speed tool steel in 1992 [1][2] - The company invested heavily in establishing a large-scale production line for powder metallurgy tool steel, becoming the only domestic enterprise to achieve this [2][3] - The application of powder metallurgy steel has expanded beyond cutting tools, addressing performance issues in large die-casting molds [2][3] Titanium Alloy Business - Tian Gong Co. focuses on high-end titanium and titanium alloy products, transitioning from rough processing to precision and deep processing [3][4] - The company has successfully produced high-quality titanium ingots, enhancing its production capabilities in the high-end titanium market [3][4] - A new joint venture, Jiangsu Tian Gong Titanium Crystal New Materials Co., has been established to develop and produce high-end titanium alloy powders, filling a domestic gap [4] Research and Development - The company emphasizes R&D as a key driver for advancing into high-end markets, with increased investment in talent and collaboration with research institutions [4][5] - Tian Gong International has engaged with various universities and research institutes to maintain its technological edge and achieve significant breakthroughs [5] - The company aims to capture market share in the domestic precision tool market, which is valued at hundreds of billions, by focusing on high-end precision tools [5]

Core Viewpoint - Tian Gong International and Ningbo Saivda signed a strategic cooperation agreement to jointly tackle key technologies in powder metallurgy and additive manufacturing for new die-casting mold steel, aiming to serve major automotive manufacturers and promote innovation in high-end mold materials and the high-quality development of China's advanced manufacturing industry [1][3][5] Group 1: Strategic Cooperation - The agreement marks a significant step in collaborative innovation and win-win development in the high-end die-casting mold materials sector [3] - Both companies will focus on the research and application of new die-casting mold steel materials, leveraging their respective strengths in material design, manufacturing processes, and large-scale die-casting applications [5] Group 2: Company Profiles - Ningbo Saivda is a global leader in lightweight technology and large-scale die-casting solutions, with a strong focus on automotive, rail transportation, and new energy equipment sectors, and has established partnerships with well-known domestic and international electric vehicle brands [3] - Tian Gong International is a high-end material R&D and manufacturing platform with a leading technology system and industry chain integration capabilities in powder metallurgy, tool steel, and precision cutting tools [3][5] Group 3: Future Plans - The agreement includes establishing regular communication and technical collaboration mechanisms to gradually advance results transformation and project implementation, covering the entire chain from material R&D to industrial promotion [5] - Tian Gong International aims to accelerate the industrial application of powder metallurgy technology and contribute to building a globally competitive advanced manufacturing industry cluster [5]

根据协议，双方将围绕新型压铸模具用钢材料的研发与应用，联合攻关粉末冶金及增材制造等关键核心技术。天工将充分发挥在材料设计、组织控制与制 造工艺方面的优势，提供高性能、高稳定性的模具材料;赛维达将依托其在大型压铸成型和客户应用验证方面的深厚积累，推动新材料的工艺验证与产业 化落地，共同探索新一代压铸模具材料在新能源汽车、智能制造及大型结构件领域的创新应用。 协议明确，双方将建立定期沟通与技术协同机制，逐步推进成果转化与项目落地，形成覆盖材料研发—模具制造—压铸工艺—客户验证—产业推广的全链 条合作模式。同时，在知识产权、成果共享及后续产业化布局方面，双方将秉持"优势互补、互利共赢"的原则，合力推动中国高端制造材料自主创新体系 建设。 10月16日，天工国际(00826)与宁波赛维达签署战略合作协议，双方将联合攻关新型压铸模具用钢粉末冶金与增材制造关键技术，服务国内外主流汽车制 造商，共同推动高端模具材料创新与中国先进制造业高质量发展。 10月16日，天工国际有限公司董事局主席朱小坤携技术及销售团队赴宁波赛维达技术股份有限公司，双方就"新型压铸模具用钢粉末冶金与增材制造关键 技术"展开深入交流，并正式签署战略合作 ...

Core Insights - Tian Gong International has appointed Mr. Yin Hongqiang as Senior Vice President, responsible for investor relations, domestic and overseas mergers and acquisitions, and capital market activities [1][2] - The company is a leading producer of high-speed tool steel, mold steel, and titanium materials, having been listed on the Hong Kong Stock Exchange since 2007 [1] - Tian Gong International has established a strong global market position, particularly in high-end materials, and is actively expanding into advanced fields such as humanoid robotics and nuclear fusion [1] Company Developments - Mr. Yin brings over 20 years of investment banking experience, having worked with major firms like Citibank, JPMorgan, and Royal Bank of Scotland [1] - The company aims to enhance communication with global investors, improving transparency and attractiveness in the capital market [2] - Tian Gong International is involved in the supply chain for Apple, providing titanium alloy materials for foldable iPhones [1]

Group 1 - Tian Gong International has appointed Mr. Yin Hongqiang as Senior Vice President, responsible for investor relations, domestic and foreign mergers and acquisitions, and capital market-related businesses [1] - Mr. Yin has over 20 years of investment banking experience and has participated in numerous overseas listing financings and cross-border M&A projects [1] - The company, listed on the Hong Kong Stock Exchange since 2007, is a leading producer of high-speed tool steel, die steel, and titanium materials in China [1] Group 2 - Tian Gong International has been ranked first among global tool steel companies since 2020 and is actively expanding into high-end materials markets [1] - The company is focusing on core component material development for humanoid robots and has successfully developed new neutron shielding materials for nuclear fusion applications [1] - As part of its supply chain for Apple, the company provides titanium alloy materials for foldable iPhones and is establishing a joint venture to focus on titanium alloy powder for aerospace and medical applications [1][2]

Group 1 - The core viewpoint of the report is that the domestic market for tool steel is stabilizing and recovering, with high-end materials expected to be a profit explosion point for Tiangong International (00826) in the future [1] - Revenue forecasts for Tiangong International are projected to be 5.24 billion, 6.08 billion, and 6.93 billion RMB for the years 2025, 2026, and 2027 respectively, with net profit attributable to shareholders expected to be 430 million, 600 million, and 810 million RMB for the same years [1] - The report maintains a buy rating with a target price of 4.38 HKD for the next 12 months, corresponding to an 18 times PE for 2026, indicating a potential upside of 44.56% from the current price [1] Group 2 - Despite revenue pressure, Tiangong International's profitability is showing counter-cyclical growth, with a net profit attributable to shareholders of 203 million RMB in the first half of 2025, representing a year-on-year increase of approximately 10.4% [1] - The recovery of the domestic tool steel industry, combined with rising raw material prices, has offset short-term pressures from overseas markets, resulting in positive growth in revenue and gross profit [1] - Powder metallurgy materials are anticipated to be one of the future profit explosion points, with sales of 589 tons in the first half of 2025, a quarter-on-quarter increase of 66.4%, and a price of 149,000 RMB per ton, significantly higher than ordinary high-speed steel and tool steel products [1] Group 3 - The company has signed a long-term supply agreement with Heng Er Da, committing to supply no less than 100 tons of specialized powder high-speed steel materials annually for five years starting in 2026, totaling no less than 600 tons [1] - This agreement is expected to provide stable support for the company's future performance and further solidify its market position in the specialized powder high-speed steel segment [1] - Looking ahead, the company holds an optimistic outlook on the high-end titanium alloy business, anticipating that demand from downstream customers for new models will gradually be released [2]

Core Insights - TianGong International's CTO Liao Jun and his technical team visited the Southwest Institute of Physics to discuss research and collaboration on nuclear fusion structural materials [1][3] - The Southwest Institute of Physics has been a key player in China's controlled nuclear fusion and plasma physics research since its establishment in 1965, contributing significantly to the ITER project [3] - Dr. Yu Yang, the chief scientist of TianGong International, presented on the development and industrialization of powder metallurgy high-alloy steel, highlighting breakthroughs in purity, uniformity, and toughness that address performance limitations of traditional materials in extreme fusion environments [3][5] Collaboration and Future Directions - Both teams discussed the current state of nuclear fusion structural materials, development bottlenecks, and future needs, agreeing that TianGong's advanced powder metallurgy technology is crucial for overcoming material challenges [5] - A consensus was reached to strengthen joint technical efforts and promote the domestic production and complete import substitution of nuclear fusion structural materials [5] - Plans for a follow-up visit by the Southwest Institute of Physics were established to align research directions with practical needs, laying a solid foundation for future collaboration [5] - TianGong International aims to leverage its innovation and industrialization capabilities to focus on cutting-edge fields such as nuclear fusion, aerospace, and healthcare, contributing to the transition from "catching up" to "leading" in high-end critical materials [5]

Summary of Tian Gong International Conference Call Company Overview - Tian Gong International focuses on high-end equipment materials, including tool steel, high-speed steel, cutting tools, and titanium alloys, with product prices significantly higher than ordinary alloy steels, targeting the high-end market and entering downstream applications such as new energy vehicles [2][3][10] Key Points and Arguments Growth Potential - The company's future growth hinges on breakthroughs in powder materials technology, which could replace traditional materials. The selling price of powder materials is approximately 7.5 times that of traditional materials, with potential annual revenue of 1.5 billion RMB if 10,000 tons of production capacity is achieved [2][3][10] - The stock price has increased by about 50% from 2 RMB to nearly 3 RMB since mid-August, reflecting market confidence in the company's growth logic and potential [3][10] Nuclear Fusion Sector - Tian Gong International is actively involved in the nuclear fusion sector, participating in key projects like the Shanghai HL-4 and Hefei EAST, with leading advantages in critical materials such as low-activation martensitic steel [2][5][7] - The company has developed boron steel and low-activation martensitic steel, with significant revenue potential from these materials in nuclear fusion applications, estimated to bring in tens of millions to billions of RMB [5][7] Demand in Humanoid Robotics - There is a strong demand for powder steel materials in the humanoid robotics sector, particularly for manufacturing screw and harmonic reducers. The company has partnered with several enterprises and received government validation, indicating a promising market outlook [2][8] Titanium Alloy Market - The titanium alloy market is expected to grow significantly, especially with potential increased usage in Apple's future products. The company is also investing in 3D printing technology for titanium alloys to reduce costs and enhance competitiveness [2][9] Additional Important Insights - The company's current valuation is low, with a TTM P/E ratio of about 1, and management has been actively buying shares, indicating confidence in future growth [3][10][11] - The company is positioned across multiple high-potential sectors, including nuclear fusion, humanoid robotics, and titanium alloys, which could lead to substantial business growth and profitability [11][12] - Upcoming developments in the second half of the year, including new projects in nuclear fusion and humanoid robotics, are expected to drive positive momentum for the company [13][14] Investment Outlook - The current investment climate is favorable, with expectations for the company's stock price to potentially double. The projected valuation for 2026 is between 15 to 20 times earnings, indicating significant upside potential [12][15]

Core Insights - The global competition in nuclear fusion energy is accelerating, with significant advancements reported in both China and Germany [1] - Tian Gong International is positioned to capitalize on the growing demand for high-performance nuclear steel, driven by national strategic needs and international collaboration opportunities in nuclear fusion projects [1] Group 1: Domestic Developments - The BEST project in Hefei has achieved a critical breakthrough with the successful development and installation of the key component, the Dewar base, marking a new phase in the construction of the compact fusion energy experimental device [1] - Tian Gong International has established itself as the first company in China to achieve large-scale production of powder metallurgy mold steel, actively collaborating with the Chinese Academy of Sciences on plasma physics research [3] Group 2: Technological Innovations - The adoption of "powder metallurgy + hot isostatic pressing" technology is expected to enhance the performance of fusion reactor materials by avoiding macro segregation and allowing precise control over the distribution of nano and sub-micron strengthening phases [3] - Tian Gong International has successfully developed core technologies for new neutron shielding materials, achieving small batch production of test pieces that meet international standards with high strength, toughness, and elongation [5] Group 3: Future Directions - The company plans to continue advancing the thermal processing and near-net-shape forming technologies for materials, while accelerating the research and application of another category of key structural materials for fusion [7] - The global energy revolution is underway, with Tian Gong International leading the way in the small-batch application of powder metallurgy, contributing significantly to the clean energy goals [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: 2025年9月30日 | | --- | | 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: 天工國際有限公司 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00826 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,725,000,000 | | 0 | | 2,725,000,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,725,000,000 | | 0 | | 2,725,000,000 | 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | ...