Group 1 - Tian Gong International (00826) announced that its indirect wholly-owned subsidiary, Jiangsu Tian Gong Investment Management Co., Ltd., completed a capital increase in Shanghai Geze Laser Technology Co., Ltd. for a total price of RMB 3 million, acquiring 294,400 new shares, representing approximately 5.56% of Shanghai Geze's expanded registered capital [1] - Shanghai Geze specializes in intelligent laser solutions, core component design, research and manufacturing, and laser cladding with ultra-wear-resistant materials. The company has developed capabilities in laser cladding, laser spraying (including high-speed laser cladding), and 3D printing [1] - The laser cladding technology can be applied in mold repair, with 70% of molds being repairable. The mold repair market currently lacks specialized repair centers, and existing services are mostly small workshop-style repairs, unable to meet high-precision and intelligent repair demands [1] Group 2 - The group expects to leverage its collaboration with Shanghai Geze and its customer resources to engage end-users and deepen service offerings through partnerships with mold service providers, thereby opening up niche market spaces [2] - The subscription price was determined by considering various factors, including the industry in which Shanghai Geze operates, its growth potential, net asset per share, and the average industry price-to-earnings ratio [2] - The company believes that the terms of the share subscription agreement are fair and reasonable, aligning with the interests of its shareholders [2]

Group 1 - The company Tian Gong International (00826) announced an investment of RMB 3 million in Shanghai Gaize Laser Technology Co., Ltd., acquiring 294,400 new shares, representing approximately 5.56% of the expanded registered capital of Shanghai Gaize [1] - Shanghai Gaize specializes in intelligent laser solutions, core component design, research and manufacturing, and laser cladding with ultra-wear-resistant materials, along with 3D printing services [1] - The laser cladding technology can be applied in mold repair, with 70% of molds being repairable, and the current market lacks specialized mold repair centers, indicating a significant opportunity for high-precision and intelligent repair services [1] Group 2 - The group expects to leverage its collaboration with Shanghai Gaize and its customer resources to penetrate end-user markets and deepen service offerings through partnerships in the mold service sector [2] - The subscription price for the shares was determined based on various factors, including the industry, growth potential, net asset value per share, and average industry price-to-earnings ratio [2] - The company believes that the terms of the share subscription agreement are fair and reasonable, aligning with the interests of its shareholders [2]

Core Viewpoint - Tian Gong International (00826.HK) has completed a capital increase in Shanghai Gaize Laser Technology Co., Ltd., acquiring approximately 5.56% of its expanded registered capital for a total of RMB 3 million [1] Company Summary - Tian Gong International's indirect wholly-owned subsidiary, Jiangsu Tian Gong Investment Management Co., Ltd. ("Tian Gong Investment"), is primarily engaged in investment management and related consulting services [1] - Shanghai Gaize is involved in the development, consultation, and service of laser technology, including manufacturing and processing laser equipment [1] Industry Summary - The laser cladding technology can be applied in mold repair, with 70% of molds being repairable; however, the market lacks specialized mold repair centers, leading to a gap in high-precision and intelligent repair services [2] - The collaboration between the group and Shanghai Gaize is expected to leverage the group's customer resources to penetrate the end-user market and deepen service offerings through partnerships in the mold service sector [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Tiangong International Company Limited 天工國際有限公司* (於開曼群島註冊成立的有限公司) (股份代號: 826) 自願公告 激光熔覆及增材製造業務股權投資 此自願公告乃由天工國際有限公司（「本公司」，連同其附屬公司統稱「本集團」）作出。 激光熔覆及增材製造業務股權投資 本公司董事會（「董事會」）欣然宣佈，於二零二五年九月三日，本公司的間接全資附屬公 司江蘇天工投資管理有限公司（「天工投資」）完成對上海蓋澤激光科技有限公司（「上海 蓋澤」）增資，據此，天工投資同意以總價人民幣3,000,000元認購上海蓋澤的294,367股新 股，佔上海蓋澤經擴大註冊股本約5.56%。 股份認購方的資料 1. 天工投資 天工投資為一間於中國成立的有限責任公司，主要經營的業務為從事投資管理及相關諮 詢服務；企業管理諮詢、財務管理諮詢、商業資訊諮詢、經濟信息諮詢。 2. 上海蓋澤 上 ...

呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | USD | | 0.0025 | USD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 4,000,000,000 | USD | | 0.0025 | USD | | 10,000,000 | 本月底法定/註冊股本總額： USD 10,000,000 FF301 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 | | 2025年8月31日 | | --- | --- ...

Core Viewpoint - The report from CICC indicates that Tian Gong International (00826) is expected to see significant growth in alloy materials by 2026, with a projected net profit of 538 million yuan for 2026, and the current stock price corresponds to a P/E ratio of 17.0x for 2025 and 11.4x for 2026. The valuation has been switched to 2026 due to limited contribution from alloy materials in 2025, maintaining an outperform rating and raising the target price by 20% to HKD 3.01, implying a 20.8% upside potential for 2026 at a P/E of 13.8x [1]. Group 1 - The company's 1H25 performance met expectations with revenue of 2.343 billion yuan and a net profit of 204 million yuan, reflecting a year-on-year increase of 6.8% [2]. - Product sales experienced a slight decline, with sales figures for high-speed steel, tool steel, cutting tools, and titanium alloys at 7,000 tons, 68,000 tons, 95 million pieces, and 5,000 tons respectively [2]. - Profitability of main products showed divergence, with high-speed steel and tool steel benefiting from domestic industry recovery and rising raw material prices, leading to price and margin increases [2]. Group 2 - The company is accelerating its high-end transformation strategy, which is expected to yield results by 2026, particularly in the titanium alloy business, where profit contributions are anticipated to grow significantly [3]. - The company is a leading domestic supplier of powder metallurgy products, with a manufacturing capacity of 8,000 to 10,000 tons of alloy powder, and is expanding into new application areas [3]. - A recent joint venture with Pinde New Materials to establish Tiangong Titanium Crystal marks a new chapter in the company's development in the powder materials sector, with positive growth prospects for powder products [3].

Core Viewpoint - CICC reports that Tiangong International (00826) is expected to ramp up alloy material production by 2026, with a projected net profit of 538 million yuan for 2026, and the current stock price corresponds to 17.0x/11.4x P/E for 2025/2026. The valuation has been switched to 2026 due to limited contribution from alloy materials in 2025, maintaining an outperform rating with a target price increase of 20% to HKD 3.01, implying a 20.8% upside potential for 2026 at 13.8x P/E [1] Group 1 - 1H25 performance met expectations with revenue of 2.343 billion yuan and net profit of 204 million yuan, reflecting a year-on-year increase of 6.8% [2] - Product sales showed slight decline: high-speed steel, tool steel, cutting tools, and titanium alloy sales were 7,000 tons, 68,000 tons, 95 million pieces, and 5,000 tons respectively [2] - Main product profitability showed divergence: high-speed steel and tool steel benefited from domestic industry recovery and rising raw material prices, with high-speed steel price and gross margin increasing by 0.9% and 1.5 percentage points to 54,090 yuan and 15.6% respectively; tool steel price and gross margin increased by 3.0% and 0.5 percentage points to 17,039 yuan and 13.8% respectively [2] Group 2 - The company is accelerating its high-end transformation strategy, expected to yield results by 2026, particularly in titanium alloy business, which is projected to significantly increase profit contributions [3] - The company has enhanced its melting technology for titanium alloys and is capable of producing various grades, with expectations of increased profitability driven by recovering demand in consumer electronics [3] - Powder metallurgy products are anticipated to continue ramping up, with the company being a leading domestic supplier with a manufacturing capacity of 8,000-10,000 tons of alloy powder, exploring new applications in various industries [3]

Investment Rating - The report does not provide a specific investment rating for the company [5] Core Views - The company, Tiangong International, reported a steady performance in 1H25, with revenue decreasing by 7.1% year-on-year to RMB 2.34 billion, primarily due to overseas export business disruptions and the impact of tariffs [2] - Despite the revenue decline, the net profit attributable to shareholders increased by 10.4% year-on-year to RMB 200 million, with a net profit margin improvement of 1 percentage point [2] - The company is focusing on high-end manufacturing through powder metallurgy technology, which is expected to drive future growth [8] Financial Performance Summary - Revenue for 1H25 was RMB 2.34 billion, down from RMB 2.52 billion in 1H24 [9] - Gross profit margin decreased by 3.2 percentage points, attributed to a higher sales proportion of lower-margin titanium alloy products [2] - The company’s main revenue sources include tool steel, high-speed steel, cutting tools, and titanium alloy, with tool steel accounting for approximately 66.1% of total revenue [8] Business Segment Performance - Tool steel revenue was RMB 1.15 billion, high-speed steel revenue was RMB 390 million, cutting tools revenue was RMB 400 million, and titanium alloy revenue was RMB 350 million [8] - Domestic revenue for tool steel grew by 4.7% year-on-year and 21% quarter-on-quarter, while high-speed steel domestic revenue increased by 14.1% year-on-year and 33.7% quarter-on-quarter [8] Strategic Developments - The company has signed a strategic cooperation framework agreement with Heng Erda, expecting to supply at least 100 tons of powder high-speed steel annually starting in 2026 [8] - The company is innovating in high-nitrogen steel production, which has applications in humanoid robots and other fields, with successful deliveries to partners [8] - Plans are in place to develop key materials for nuclear fusion, with significant market potential identified [8]

茲載列江蘇天工科技股份有限公司（「天工股份」）（本公司之附屬公司）於北京証券 交易所網站刊登日期為二零二五年八月二十八日的「關於控股子公司對外投資設立全資 子公司的公告」，僅供參閱。 承董事會命 主席 朱小坤 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Tiangong International Company Limited 天 工 國 際 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：826） 海 外 監 管 公 告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 香港，二零二五年八月二十八日 於本公告日期，本公司董事為： 執行董事：朱小坤、朱澤峰、吳鎖軍及蔣光清 獨立非執行董事：李卓然、王雪松及秦珂 * 僅供識別 证券代码:920068 证券简称:天工股份 公告编号:2025-069 江苏天工科技股份有限公司 关于控股子公司对外投资设立全资子公司的公告 本公司及董事会全体成员保证公告内容的真 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Tiangong International Company Limited 天 工 國 際 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：826） 海 外 監 管 公 告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列江蘇天工科技股份有限公司（「天工股份」）（本公司之附屬公司）於北京証券 交易所網站刊登日期為二零二五年八月二十七日的「投資者關係活動記錄表」，僅供參 閱。 承董事會命 主席 朱小坤 香港，二零二五年八月二十七日 於本公告日期，本公司董事為： 執行董事：朱小坤、朱澤峰、吳鎖軍及蔣光清 獨立非執行董事：李卓然、王雪松及秦珂 * 僅供識別 证券代码:920068 证券简称：天工股份 公告编号:2025-068 江苏天工科技股份有限公司 投资者关系活动记录表 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 ...