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].

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 部 分 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） 股 東 週 年 大 會 通 告 茲 通 告 本 公 司 謹 訂 於 二 零 二 五 年 六 月 十 九 日（星 期 四）上 午 十 時 正 假 座 香 港 金 鐘 道95號 統 一 中 心 十 樓 統 一 會 議 中 心 舉 行 股 東 週 年 大 會，以 處 理 下 列 事 項： 普 通 決 議 案 作 為 普 通 事 項，考 慮 及 酌 情 通 過 下 列 決 議 案 為 普 通 決 議 案（不 論 有 否 修 訂）： 作 為 特 別 事 項，考 慮 及 酌 情 通 過 下 ...

此 乃 要 件 請 即 處 理 閣 下 如 對 本 通 函 任 何 方 面 或 應 採 取 的 行 動 有 疑 問，應 諮 詢 閣 下 的 股 票 經 紀 或 其 他 註 冊 證 券 商、銀 行 經 理、律 師、專 業 會 計 師 或 其 他 專 業 顧 問。 閣 下 如 已 將 名 下 天 工 國 際 有 限 公 司 股 份 全 部 出 售 或 轉 讓，應 立 即 將 本 通 函 連 同 隨 附 的 代 表 委 任 表 格 送 交 買 主 或 承 讓 人 或 經 手 買 賣 或 轉 讓 的 銀 行、股 票 經 紀 或 其 他 代 理 商，以 便 轉 交 買 主 或 承 讓 人。 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 通 函 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 會 對 因 本 通 函 全 部 或 任 何 部 分 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 Internatio ...

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].

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 或部分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。 天工股份 建議於北京證券交易所上市之 進展及須予披露交易 公開發行事項（及超額配售權） 董事會謹此宣佈，保薦人兼承銷商代表天工股份向北京證券交易所提交公開發 行方案，方案已於二零二五年四月二十四日獲北京證券交易所批准。 根據公開發行方案，天工股份將透過保薦人兼承銷商以配售及發行方式發行最 多69,000,000股新天工股份股票（ 包括根據超額配售權可發行最多9,000,000股新 天 工股 份 股 票 ）， 佔 已發 行 股 本 約 11.76 % 及 經 擴大 股 本 約 10.52 % 。 每 股 發行 價 為人民 幣3.94 元。售股 章程已於 北京證券 交易所上 載。預期 有關公開 發行結果 將於二零二五年五月六日或前後公佈。 Tiangong International Company Limited （於開曼群島註冊成立的有限公司 ...

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。 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四月二十四日的「招股說明書」，僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年四月二十四日 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。 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 证券简称: 天工股份 证券代码:920068 江苏大 限公司 1184093 江苏省句容市下蜀镇临港工业区 9 号 江苏天工科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市,该市场具有较高的投资风险 ...

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四月二十四日的「向不特定合格投資者公開發行股票 並在北京證券交易所上市發行公告」，僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年四月二十四日 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 公告编号: 2025-031 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并在北京证券交易所上市 发行公告 保荐机构(主承销商):申万宏源证券承销保荐 ...

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。 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）於中國全國 中小企業股份轉讓系統網站刊登日期為二零二五年四月二十四日的「關於向不特定合格 投資者公開發行股票並在北京證券交易所上市所涉代碼變更相關事宜的提示性公告」， 僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年四月二十四日 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 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。 * 僅供識別 公告编号: 2025-034 证券代码:834549 证券简称:天工股份 主办券商:申万宏源承销保荐 江苏天工科技股份 ...

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）於中國全國 中小企業股份轉讓系統網站刊登日期為二零二五年四月二十一日的「北京市中倫律師事 務所關於江蘇天工科技股份有限公司 2024 年年度股東大會的法律意見書」，僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年四月二十一日 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 北京市朝阳区金村东路 20号 22-31/F South Tower of CP Center 2 北京市中伦律师事务所 ...