Group 1 - The field of controllable nuclear fusion is accelerating towards commercialization, with significant advancements reported from China and Germany, marking an intensifying global competition in the "artificial sun" race [1] - In China, the BEST project in Hefei has achieved a key breakthrough with the successful development and delivery of the main component, the Dewar base. The total assembly work for BEST is set to officially start in May 2025, with completion expected in two years, aiming for the first demonstration of fusion energy generation globally [1] - Germany's government has approved an action plan to build the world's first nuclear fusion power plant, with over 2 billion euros allocated for research and infrastructure support by 2029 [1] Group 2 - China Galaxy Securities emphasizes the importance of controllable nuclear fusion as the sole direction for future energy, with around 35 countries engaged in fusion research, led by China, the US, Russia, Europe, and Japan [2] - The nuclear fusion industry chain consists of upstream materials, midstream superconducting magnets, first wall structures, vacuum modules, and downstream power plant operations. Companies are advised to focus on core projects in terms of industry development stages, high value, certainty, elasticity, and AI empowerment [2] - Industrial growth potential is highlighted for Tian Gong International (00826), which is positioned in the scarce core materials sector, particularly in titanium alloys and fusion materials, with significant growth opportunities in humanoid robotics [2]

Tiangong International Company Limited 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。 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九月二十六日的「北京市中倫律師事務所關於江蘇天 工科技股份有限公司 2025 年第二次臨時股東會的法律意見書」，僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年九月二十六日 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 GIUN 北京市朝阳区金和东路 20号院正大中心 3 号楼南塔 22-24 层及 27-31层 22-2441 & 27-31/8 ...

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 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九月二十六日的「2025 年第二次臨時股東會決議公 告」，僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年九月二十六日 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:2025-118 江苏天工科技股份有限公司 1.会议召开时间: 2025年9月26日 2.会议召开地点:公司会议室 3.会议召开方式 ...

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。 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九月二十六日的「江蘇天工科技股份有限公司章程」， 僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年九月二十六日 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 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） 江苏天工科技股份有限公司 章 程 2025 年 9 月 | - र | | --- | | . | | 第一章 | 总 则 | | --- | --- | | 第二章 | 经营宗旨和范围 | | ...

Core Insights - China Fusion Energy Company was established on July 22 with a registered capital of 15 billion yuan, aiming for commercial fusion energy by 2050 [1] - The company has set up its headquarters and R&D base in Shanghai, focusing on fusion engineering, including overall design, high-temperature superconducting magnet technology, and digital fusion reactor development [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be built in Shanghai to validate the high-temperature superconducting magnets developed there [1] Industry Developments - Three new teams were introduced at the Pujiang Innovation Forum on September 21, including plans for a megawatt-class laser fusion power station by the Li Zhengdao Research Institute, a "deuterium-helium-3" fusion power station by Dongsheng Fusion, and the first high-temperature superconducting stellarator by Honghu Fusion [2] - The nuclear fusion industry is experiencing accelerated development with increased capital expenditure (CAPX) and a growing number of projects from state-owned and private enterprises, as well as academic teams [3] - The industry is entering a rapid incubation phase, with various controllable nuclear fusion technology routes showing significant changes, indicating a move towards commercialization [3] Investment Opportunities - Shanghai Electric is the only company in China covering all four generations of nuclear power technology, with significant orders and successful delivery of key components for major fusion projects [4] - Tiangong International is positioned in the core materials sector, focusing on RAFM steel and high-boron steel, which are critical for fusion reactor development, indicating a broad market potential for fusion materials [5]

Core Insights - China Fusion Energy Company was established on July 22 with a registered capital of 15 billion yuan, aiming for commercial fusion energy by 2050 [1] - The company has set up its headquarters and R&D base in Shanghai, focusing on fusion engineering, including overall design, high-temperature superconducting magnet technology, and digital fusion reactor development [1] - A new fusion experimental device named "China Circulation No. 4 (HL-4)" will be built in Shanghai to validate the high-temperature superconducting magnets developed there [1] - The national team has introduced three new projects at the Pujiang Innovation Forum, including a million-kilowatt laser fusion power station and a high-temperature superconducting simulator [2] Industry Developments - The nuclear fusion industry is experiencing accelerated development with two main trends: faster construction of devices leading to increased bidding and performance, and rising capital expenditure (CAPX) due to the growing number of national teams, private enterprises, and university teams [3] - The industry is entering a rapid incubation phase, with various controllable nuclear fusion technology routes showing significant changes, indicating a move towards commercialization [3] - Investment opportunities are emerging in upstream equipment and materials sectors due to accelerated capital expenditures in fusion projects [3] Company Highlights - Shanghai Electric is the only company in China covering all four generations of nuclear power technology, with significant orders and contributions to fusion projects, including the ITER project [4] - Tian Gong International is positioned in the core materials sector, focusing on RAFM steel and high-boron steel, which are critical for fusion reactor development [5] - The company aims to enhance the performance of fusion reactor materials through advanced powder metallurgy techniques, addressing key technological bottlenecks in the industry [5]

Group 1 - Tian Gong International (00826) saw a significant increase in stock price, rising over 8% and currently trading at 2.66 HKD with a transaction volume of 116 million HKD [1] - China Fusion Energy Company, established with a registered capital of 15 billion RMB and only two months old, made its debut at the 25th China International Industry Fair, showcasing its technology and business layout [1] - The company aims for commercial fusion energy by 2050, following the typical nuclear energy development path from experimental to demonstration to commercial reactors, with R&D activities in Shanghai and Chengdu [1] Group 2 - Industrial analysts at Industrial Securities believe that Tian Gong International is well-positioned in the scarce core materials sector, with significant growth potential in titanium alloys, fusion materials, and humanoid robots [2] - Materials are identified as a major technical bottleneck in the development of fusion reactors, with RAFM steel and high-boron steel being primary candidates for reactor structures, requiring 4,000 to 7,000 tons of RAFM steel and 400 to 1,000 tons of high-boron steel per reactor [2] - The company leverages its powder metallurgy advantages to significantly enhance beneficial alloy element composition while achieving a dispersion of nano-scale strengthening phases, which may greatly improve the key performance of fusion reactor materials in the future [2]

Group 1 - Tian Gong International (00826) saw a significant increase in stock price, rising over 8% in the afternoon and currently trading at 2.66 HKD with a transaction volume of 116 million HKD [1] - The China Fusion Energy Company, established with a registered capital of 15 billion CNY and only two months since its inception, made its debut at the 25th China International Industry Fair, showcasing its technological roadmap and business layout [1] - The company aims for commercial fusion energy by 2050, with research and development activities linked between Shanghai and Chengdu, and plans to build a fusion experimental device named "China Circulation No. 4 (HL-4)" in Shanghai [1] Group 2 - Industrial analysts at Industrial Securities believe that Tian Gong International is strategically positioned in the scarce core materials sector, with significant growth potential in titanium alloys, fusion materials, and humanoid robots [2] - Materials are identified as a major technical bottleneck in the development of fusion reactors, with RAFM steel and high-boron steel being primary candidates for structural materials due to their excellent radiation resistance [2] - Each fusion reactor requires between 4,000 to 7,000 tons of RAFM steel and 400 to 1,000 tons of high-boron steel, indicating a vast market for fusion materials [2] - The company leverages its powder metallurgy advantages to significantly enhance beneficial alloy element composition while achieving a dispersion of nano-level strengthening phases, which is expected to greatly improve the key performance of fusion reactor materials in the future [2]

Company Information [Company Basic Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) Key company information for Tiangong International Company Limited, including governance structure and contact details, is provided - The company's registered name is Tiangong International Company Limited, with stock code HKEX: **826**[11](index=11&type=chunk) - The Board of Directors includes Executive Directors Zhu Xiaokun (Chairman), Zhu Zefeng (CEO), Wu Suojun, Jiang Guangqing, and Independent Non-executive Directors Li Zhuoran, Wang Xuesong, Qin Ke[11](index=11&type=chunk) - Li Zhuoran chairs the Audit Committee and Nomination Committee, while Wang Xuesong chairs the Remuneration Committee[11](index=11&type=chunk) - The company's auditor is KPMG, with its principal place of business in Zhenjiang City, Jiangsu Province, China[11](index=11&type=chunk) Management Discussion and Analysis [Business Review](index=4&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's total revenue decreased by **7.1%** to RMB **2.34 billion** in H1 2025, impacted by US tariff policy uncertainties and reduced demand for titanium wire in consumer electronics, despite a recovery in domestic demand for die steel and high-speed steel | Business Segment | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Die Steel | 1,154,590 | 49.3 | 1,181,417 | 46.9 | (26,827) | (2.3) | | High-Speed Steel | 394,434 | 16.8 | 436,145 | 17.3 | (41,711) | (9.6) | | Cutting Tools | 397,365 | 17.0 | 463,607 | 18.4 | (66,242) | (14.3) | | Titanium Alloy | 348,786 | 14.9 | 384,832 | 15.2 | (36,046) | (9.4) | | Others | 47,320 | 2.0 | 55,647 | 2.2 | (8,327) | (15.0) | | **Total** | **2,342,495** | **100.0** | **2,521,648** | **100.0** | **(179,153)** | **(7.1)** | - Overall revenue decline was primarily due to reduced exports from uncertain US tariff policies and a temporary decrease in demand for titanium wire in the consumer electronics industry[28](index=28&type=chunk) [Die Steel](index=4&type=section&id=%E6%A8%A1%E5%85%B7%E9%8B%BC) The Die Steel segment experienced an overall revenue decrease of **2.3%**, with domestic sales growing **4.7%** due to cost pass-through and industry recovery, while exports fell **8.2%** amid a sluggish European market and North American tariff uncertainties | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 565,627 | 49.0 | 540,024 | 45.7 | 25,603 | 4.7 | | Exports | 588,963 | 51.0 | 641,393 | 54.3 | (52,430) | (8.2) | | **Total** | **1,154,590** | **100.0** | **1,181,417** | **100.0** | **(26,827)** | **(2.3)** | - Die steel is primarily used in manufacturing industries such as automotive, home appliances, electronic products, medical devices, aerospace, and daily consumer goods[14](index=14&type=chunk) [High-Speed Steel](index=5&type=section&id=%E9%AB%98%E9%80%9F%E9%8B%BC) The High-Speed Steel segment's revenue decreased by **9.6%**, with domestic sales growing **14.1%** due to higher average selling prices and slight demand recovery, while exports significantly dropped **35.4%** due to US tariff policies | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 259,800 | 65.9 | 227,657 | 52.2 | 32,143 | 14.1 | | Exports | 134,634 | 34.1 | 208,488 | 47.8 | (73,854) | (35.4) | | **Total** | **394,434** | **100.0** | **436,145** | **100.0** | **(41,711)** | **(9.6)** | - The unit price of key raw materials for high-speed steel, such as tungsten, significantly increased, driving up average selling prices[17](index=17&type=chunk) [Cutting Tools](index=5&type=section&id=%E5%88%87%E5%89%8A%E5%B7%A5%E5%85%B7) The Cutting Tools segment's revenue decreased by **14.3%**, with domestic revenue slightly down **5.4%** due to sales network optimization, expected to improve in H2, while exports fell **19.4%** due to escalating US tariffs | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 159,524 | 40.1 | 168,631 | 36.4 | (9,107) | (5.4) | | Exports | 237,841 | 59.9 | 294,976 | 63.6 | (57,135) | (19.4) | | **Total** | **397,365** | **100.0** | **463,607** | **100.0** | **(66,242)** | **(14.3)** | - The Group implements vertical integration, expanding from upstream high-speed steel production to downstream high-speed steel cutting tool production, providing a cost advantage[19](index=19&type=chunk) [Titanium Alloy](index=6&type=section&id=%E9%88%A6%E5%90%88%E9%87%91) The Titanium Alloy segment's revenue decreased by **9.4%**, with domestic revenue down **8.5%** due to reduced demand for titanium wire in consumer electronics, leading the Group to shift its sales mix towards lower-value titanium plates and tubes, while remaining optimistic about export demand for 3D printing and additive manufacturing applications | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 347,213 | 99.5 | 379,375 | 98.6 | (32,162) | (8.5) | | Exports | 1,573 | 0.5 | 5,457 | 1.4 | (3,884) | (71.2) | | **Total** | **348,786** | **100.0** | **384,832** | **100.0** | **(36,046)** | **(9.4)** | - Titanium alloy is widely used in aerospace, consumer electronics, and medical industries due to its corrosion resistance and lightweight properties[23](index=23&type=chunk) [Others](index=7&type=section&id=%E5%85%B6%E4%BB%96) The "Others" segment's revenue decreased by **15.0%**, primarily due to reduced orders for power tools and power tool sets exported to the US, driven by US tariff uncertainties | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Exports | 47,320 | 100.0 | 55,647 | 100.0 | (8,327) | (15.0) | - This segment primarily provides assembly and export sales of power tool products, including electric drill sets and electric toothbrush sets, to existing cutting tool customers[26](index=26&type=chunk) [Financial Review](index=7&type=section&id=%E8%B2%A1%E5%8B%99%

Group 1 - Tian Gong International (00826.HK) announced that its subsidiary, Tian Gong Co., received a written resignation application from Jin Wen, a member of the Board Audit Committee, on September 19, 2025 due to work reasons [1] - Jin Wen will continue to serve as an independent director of Tian Gong Co. after resigning from the Board Audit Committee [1]