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九月九日的「2025 年第一次臨時股東會決議公告」， 僅供參閱。 证券代码:920068 证券简称:天工股份 公告编号:2025-072 江苏天工科技股份有限公司 2025 年第一次临时股东会决议公告 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、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 承董事會命 主席 朱小坤 香港，二零二五年九月九日 於本公告日期，本公司董事為 ...

智通财经APP讯，天工国际(00826)公布，为进一步深化公司产业链布局，开拓更为广阔的市场空间，公 司附属江苏天工科技股份有限公司于2025年8月22日与天德投资(南通)有限公司、龙海明、南通协辉投 资有限公司等签订《江苏天工钛晶新材料有限公司合资协议》，并于当日设立江苏天工钛晶新材料有限 公司(以下简称"天工钛晶")。根据合资协议约定，由天工钛晶成立全资子公司收购江苏品德新材料有限 公司(以下简称"品德新材")的相关资产。天工钛晶已于2025年8月28日设立全资子公司江苏天工品德新 材料有限公司(以下简称"天工品德")，现天工品德已于2025年9月8日与品德新材签订《资产收购协 议》。转让价款为4250万元(含增值税)。 本次拟购买的标的资产为品德新材主营业务相关的固定资产、存货及长期待摊费用，其中固定资产主要 包括用于钛合金粉末、铜合金粉末、高温合金粉末研发与生产的相关机械设备及器具工具等，均具备正 常生产能力，符合继续投入使用的要求。 ...

天工国际(00826)公布，为进一步深化公司产业链布局，开拓更为广阔的市场空间，公司附属江苏天工 科技股份有限公司于2025年8月22日与天德投资(南通)有限公司、龙海明、南通协辉投资有限公司等签 订《江苏天工钛晶新材料有限公司合资协议》，并于当日设立江苏天工钛晶新材料有限公司(以下简 称"天工钛晶")。根据合资协议约定，由天工钛晶成立全资子公司收购江苏品德新材料有限公司(以下简 称"品德新材")的相关资产。天工钛晶已于2025年8月28日设立全资子公司江苏天工品德新材料有限公司 (以下简称"天工品德")，现天工品德已于2025年9月8日与品德新材签订《资产收购协议》。转让价款为 4250万元(含增值税)。 本次拟购买的标的资产为品德新材主营业务相关的固定资产、存货及长期待摊费用，其中固定资产主要 包括用于钛合金粉末、铜合金粉末、高温合金粉末研发与生产的相关机械设备及器具工具等，均具备正 常生产能力，符合继续投入使用的要求。 ...

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九月八日的「關於間接控股子公司購買資產暨對外投 資進展的公告」，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 江苏天工科技股份有限公司 关于间接控股子公司购买资产暨对外投资进展的公告 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、 误导性陈述或者重 ...

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 申万宏源证券承销保荐有限责任公司(以下简称"申万宏源承销保荐"或"保 荐机构"）作为江苏天工科技股份有限公司(以下简称"天工股份"或"公司"） 的保荐机构。根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上 市规则》等有关法律法规、规范性文件的规定,对天工股份进行持续督导,并出 具 2025 年半年度持续督导跟踪报告。 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八日的「申萬宏源證券承銷保薦有限責任公司 - 關於江蘇天工科技股份有限公司 2025 年半年度持續督導 ...

Core Viewpoint - The company's 1H25 performance aligns with expectations, showing a mixed trend in product sales and profitability, with a focus on high-end product development and future growth potential in titanium alloy and powder metallurgy sectors [1][2][3] Financial Performance - Revenue for 1H25 was 2.343 billion yuan, a year-on-year decrease of 7.3%, while net profit attributable to shareholders was 204 million yuan, an increase of 6.8%, meeting expectations [1] - Product sales showed slight declines: high-speed steel, mold steel, and cutting tools saw decreases of 10.4%, 5.2%, and 20.4% respectively, while titanium alloy sales increased by 65.2% [1] - The gross margin for high-speed steel and mold steel improved due to rising raw material prices, with high-speed steel's price and margin increasing by 0.9% and 1.5 percentage points to 54,090 yuan and 15.6% respectively [1] Product Trends - Titanium alloy prices and gross margins decreased by 45.1% and 14.8 percentage points to 76,716 yuan and 24.2% respectively, attributed to adjustments in 3C product order structures [2] - The company is advancing its high-end transformation strategy, expecting significant profit contributions from titanium alloy business post-2024, with enhanced melting technology and increased competitiveness [2] - Powder metallurgy products are anticipated to see continued growth, with the company being a leading supplier in this sector, leveraging its manufacturing capabilities and exploring new applications [2] Profit Forecast and Valuation - Due to uncertainties in export business for 2H25, the company's 2025 net profit forecast has been reduced by 24.3% to 366 million yuan, while a new forecast for 2026 is introduced at 538 million yuan [3] - The current stock price corresponds to 17.0x and 11.4x P/E for 2025 and 2026 estimates respectively, with a target price increase of 20% to 3.01 yuan, implying a 20.8% upside potential [3]

Core Viewpoint - The company's 1H25 results showed a revenue decline of 7.3% YoY to Rmb2.34 billion, while net profit attributable to shareholders increased by 6.8% YoY to Rmb204 million, aligning with expectations [1]. Financial Performance - Sales volume of high-speed steel, die steel, cutting tools, and titanium alloys experienced mixed results, with declines in high-speed steel (-10.4%), die steel (-5.2%), and cutting tools (-20.4%), while titanium alloys saw a significant increase of 65.2% YoY [1]. - The gross margin for high-speed steel rose by 1.5 percentage points to 15.6%, and for die steel, it increased by 0.5 percentage points to 13.8% due to domestic recovery and rising raw material prices [2]. - Conversely, the gross margin for cutting tools fell by 4.6 percentage points to 28.5% due to high raw material costs and intense price competition, while titanium alloys saw a price drop of 45.1% and a gross margin decline of 14.8 percentage points to 24.2% [3]. Foreign Exchange Impact - Foreign exchange gains increased to Rmb129.7 million in 1H25, attributed to the euro's sharp appreciation against the renminbi, impacting euro-denominated trade receivables [3]. Strategic Trends - The company is focusing on high-end product expansion and organic growth, with expectations for the titanium alloy business to significantly contribute to profits by 2026 [4]. - The firm has upgraded its smelting technology to produce various titanium alloy grades and aims to enhance competitiveness in the titanium alloy sector [4]. - The powder metallurgical products segment is expected to ramp up, with the company exploring new applications and establishing a joint venture to bolster its powder material business [5]. Financial Forecasts - Due to uncertainties in the export business for 2H25, the 2025 attributable net profit forecast has been reduced by 24.3% to Rmb366 million, while a new forecast for 2026 is introduced at Rmb538 million, anticipating growth from the alloy material business [6]. - The stock is currently trading at 17.0x and 11.4x P/E for 2025 and 2026, respectively, with a target price increase of 20% to HK$3.01, reflecting a 2026 P/E ratio of 13.8x and an upside potential of 20.8% [6].

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]