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 | | | 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 呈交日期: 2025年12月2日 第 1 頁 共 10 頁 v 1.1.1 FF301 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 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. ...

Group 1: Market Performance - Hong Kong steel stocks experienced a general rise, with Tian Gong International increasing over 5%, and Angang Steel and Maanshan Iron & Steel rising by 3% [1] - Other notable increases include Chongqing Steel and China Oriental Group, both rising over 2.3% [1][2] Group 2: Export Data - In October, China's steel exports totaled 9.782 million tons, a decrease of 683,000 tons from September, representing a month-on-month decline of 6.5% and a year-on-year decline of 12.5% [1] - Cumulative steel exports from January to October reached 97.737 million tons, showing a year-on-year increase of 6.6% [1] Group 3: Industry Outlook - The global manufacturing PMI is stabilizing, and China's steel export order index has returned to an expansion zone, indicating improved competitiveness in steel export prices [1] - Despite this, external demand remains weak, influenced by trade frictions and related tax policies, which continue to suppress China's steel exports [1] - The potential for steel consumption in countries along the "Belt and Road" initiative is expected to benefit exports next year, helping to alleviate domestic demand pressures [1] - Signs of easing trade frictions may further enhance indirect exports next year [1] Group 4: Company-Specific Updates - UBS downgraded Maanshan Iron & Steel's rating to "Sell," citing unfavorable Q4 outlook, while the company plans to hold a Q3 earnings briefing on November 13 [3] - UBS raised the target price for Angang Steel's H-shares to HKD 2.45, noting that core products will benefit from strong manufacturing performance [3] - China Oriental Group reported Q3 steel sales of 2.1 million tons and an operating profit of 403 million yuan, with a mid-term net profit of 243 million yuan, reflecting a year-on-year increase of approximately 97.5% [3] - Tian Gong International is positioned for a value reassessment due to its near-net-shaping technology leading high-end manufacturing [3]

Core Viewpoint - Hong Kong steel stocks experienced a general rise, with notable increases in Tian Gong International and other companies, reflecting a positive sentiment in the market despite a decline in steel exports in October [1] Group 1: Market Performance - Tian Gong International saw a rise of over 5%, while Ansteel and Maanshan Iron & Steel increased by 3%, and Chongqing Steel and other companies rose by over 2.3% [2] - The overall performance of steel stocks indicates a recovery trend in the sector, driven by various market factors [1] Group 2: Export Data - In October, China exported 9.782 million tons of steel, a decrease of 683,000 tons from September, representing a month-on-month decline of 6.5% and a year-on-year decline of 12.5% [1] - Cumulative steel exports from January to October reached 97.737 million tons, showing a year-on-year increase of 6.6% [1] Group 3: Market Outlook - The global manufacturing PMI is stabilizing, and China's steel export order index has returned to the expansion zone, indicating improved competitiveness in steel export prices [1] - Despite the weak external demand and trade friction, the potential for steel consumption in countries along the "Belt and Road" initiative is expected to benefit exports next year, potentially alleviating domestic demand pressures [1] - Signs of easing trade friction may further enhance indirect exports in the coming year [1]

天工国际 20251120 摘要 钛合金需求激增：公司与苹果签订约 4,000 吨钛合金订单，较 2025 年 增长 4 倍，预计 2026 年钛合金总销量达 5,000-6,000 吨，受益于手机 厂商如苹果、三星、小米、华为等新机型对钛合金的大量使用。 钛合金业务盈利预测：预计 2026 年钛合金业务营收达 10 亿元，受益 于海绵钛价格下降至每吨 4 万元，公司未调整供货价格，净利润率预计 达 45%，对应净利润约 4.5 亿元。 粉末钢业务增长强劲：2025 年粉末钢销售目标 1,500 吨已基本确定， 2026 年目标 3,000 吨，增量主要来自核聚变相关项目，如贝斯堆硼钢 和去活化钢招标 1,100 吨，核聚变市场前景广阔。 公司整体盈利能力稳健：2025 年主业扣除钛合金后利润预计 3.5-4 亿 元，同比增长 10%-15%，加上钛合金业务 3 亿元，总体盈利有望达 7 亿多元，收购 3D 打印钛粉企业将进一步增加营收和利润。 核聚变材料商业应用前景：核聚变商业堆中材料将成为耗材，需定期更 换，为材料企业带来持续需求和市场价值增长，公司在核聚变领域粉末 技术应用前景广阔，与科研院所合作顺利， ...

在全球新能源汽车与智能装备产业快速发展的背景下，一体化压铸作为行业公认的"颠覆式制造工艺"，正成为决定未来竞争格局的关键技术高地。国际 上，特斯拉在北美率先实现大型一体化压铸车身量产，欧洲多家高端汽车品牌也同步推进轻量化结构件研发；国内方面，宁德时代与主流车企联合开 展"CTC结构+一体化压铸"项目，产业链集中攻关关键模具材料与近净成形技术，呈现百亿级资本投入、千亿级市场潜力的系统化布局态势。 四大核心部件整体突破，引领模具系统性能全面提升。天工国际在核心部件技术上实现全面突破：浇口套采用高致密粉末材料与优化内置水路设计，在高 温高速金属液冲刷下仍能长期稳定运行，显著提升铸造质量；冲头通过热等静压近净成形工艺全面升级耐磨性与抗热疲劳能力，满足新能源汽车高压高频 压铸需求；料筒内壁精度高、表面光洁，保证金属液流动均匀稳定、减少缺陷发生；分流锥经过结构优化与材料性能提升，实现金属液均匀分配、降低卷 气与局部凝固、提高铸件致密度。整体性能提升不仅有效帮助客户提高生产效率、降低成本，也显著提升产品一致性与良品率，为国内高端压铸行业树立 了中国样本。 市场规模迎来高速增长，布局千亿级未来赛道。随着一体化压铸快速扩张，浇 ...

Core Viewpoint - Tiangong International is experiencing significant growth in its revenue and profit margins, driven by increased demand for its products in the aerospace and defense sectors [1] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching 1.5 billion [1] - Net profit surged by 30%, amounting to 300 million [1] - Gross margin improved to 40%, up from 35% in the previous year [1] Market Demand - There is a notable rise in demand for aerospace components, attributed to the expansion of the global aerospace industry [1] - The defense sector is also contributing to growth, with increased government spending on military technology [1] Strategic Initiatives - Tiangong International is investing in R&D to enhance product offerings and maintain competitive advantage [1] - The company plans to expand its production capacity by 20% over the next two years to meet growing demand [1]

Macro Strategy - The core view indicates that actual interest rates remain the key anchor for gold prices, with fluctuations in monetary policy impacting market sentiment and gold's value [1][6] - In October, gold prices experienced a "rise then fall" pattern, influenced by geopolitical tensions and economic data, leading to a 5.27% increase in the Shanghai gold futures by the end of the month [1][6] - The outlook for November suggests that gold prices will be driven by geopolitical situations, trade negotiations, and macroeconomic policies, with expectations of continued high volatility [1][6] Fixed Income - The report on Qizhong Convertible Bonds anticipates a listing price between 126.64 and 140.59 CNY, with a subscription rate of 0.0028% [2][7] - The bond has a total issuance scale of 850 million CNY, with proceeds allocated for advanced packaging and testing projects [7][8] Industry Analysis - The food and beverage industry report highlights a 5.5% decline in total revenue and a 6.7% drop in net profit for the liquor sector in the first three quarters of 2025, with a more pronounced 18.3% revenue decline in Q3 [3][10] - The report notes that the recovery of consumption scenarios is slow, particularly in business and personal dining contexts, leading to sustained pressure on demand for high-end and mid-range liquor [3][10] - Investment recommendations suggest focusing on companies that are likely to see early signs of recovery and have strong growth potential, such as Luzhou Laojiao and Shanxi Fenjiu, while also considering companies with solid governance and dividend yields [4][11] Company Recommendations - Tiangong International is highlighted for its potential growth in titanium alloy production, with projected revenues of 5.2 billion, 6.1 billion, and 7 billion CNY from 2025 to 2027, reflecting growth rates of 8%, 16%, and 14% respectively [5][11] - The company is positioned well in the consumer electronics sector and is expanding into new materials for robotics and nuclear fusion applications, which are expected to drive future growth [5][11]

Core Viewpoint - Dongwu Securities projects Tian Gong International (00826.HK) to achieve revenues of 5.2 billion, 6.1 billion, and 7.0 billion CNY from 2025 to 2027, with corresponding growth rates of 8%, 16%, and 14% respectively. The net profit attributable to shareholders is expected to be 430 million, 610 million, and 810 million CNY, with growth rates of 20%, 41%, and 35% respectively, leading to price-to-earnings ratios of 17, 12, and 9 times. The firm is optimistic about the company's titanium alloy expansion in consumer electronics and its forward-looking layout in new materials, initiating coverage with a "Buy" rating [1][2]. Group 1: Financial Projections - Revenue projections for Tian Gong International from 2025 to 2027 are 5.2 billion, 6.1 billion, and 7.0 billion CNY, with growth rates of 8%, 16%, and 14% respectively [1]. - Expected net profit attributable to shareholders for the same period is 430 million, 610 million, and 810 million CNY, with growth rates of 20%, 41%, and 35% respectively [1]. - Corresponding price-to-earnings ratios are projected to be 17, 12, and 9 times for the years 2025, 2026, and 2027 [1]. Group 2: Market Ratings - The stock has received a "Buy" rating from four investment firms in the last 90 days, with a target average price of 3.7 HKD [1]. - Specific ratings from various firms include: - Huayuan Securities: Buy [1] - Aoyishangguo: Buy with a target price of 4.38 HKD [1] - Xingzheng International: Upgrade [1] - CICC: Outperform with a target price of 3.01 HKD [1] - Northeast Securities: Buy [1] Group 3: Company and Industry Metrics - Tian Gong International has a market capitalization of 7.848 billion HKD, ranking first in the steel industry [2]. - Key performance indicators include: - Return on Equity (ROE): 5.27%, compared to the industry average of -39.13%, ranking 3rd [2]. - Net profit margin: 9.33%, leading the industry average of -15.34%, ranking 1st [2]. - Gross margin: 18.95%, second to the industry average of 1.59% [2]. - Debt ratio: 43.31%, significantly lower than the industry average of 73.15%, ranking 3rd [2].

Group 1 - The core viewpoint of the report is that Tian Gong International (00826) is expected to see revenue growth from 5.2 billion to 7 billion yuan from 2025 to 2027, with corresponding growth rates of 8%, 16%, and 14% [1] - The net profit attributable to the parent company is projected to increase from 430 million to 810 million yuan during the same period, with growth rates of 20%, 41%, and 35% [1] - The report assigns a "buy" rating to the company, highlighting its potential in titanium alloy applications in consumer electronics and its forward-looking layout in new materials [1] Group 2 - The company is developing high-nitrogen steel for humanoid robot screw materials and has initiated cooperation with domestic enterprises [1] - High-nitrogen steel is recognized for its high performance and low cost, making it an ideal material for manufacturing planetary roller screws [1] - The company has overcome foreign technical barriers by utilizing unique domestic smelting technology to control nitrogen content and improve purity in high-nitrogen alloy materials [1] Group 3 - Tian Gong International is also focusing on specialized materials for nuclear fusion core components, specifically boron steel and RAFM steel, with boron steel already achieving small-scale trial production [2] - The blanket is a core component of magnetic confinement fusion devices, requiring excellent radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation properties [2] - The company has successfully developed core technology for high-boron steel (304B7) used in neutron shielding for nuclear fusion devices and is accelerating the application development of advanced low-activation steel (RAFM steel) [2]

Group 1 - The core viewpoint of the report is that Dongwu Securities has initiated coverage on Tiangong International (00826) with a "Buy" rating, forecasting revenue growth from 5.2 billion to 7 billion yuan from 2025 to 2027, with corresponding growth rates of 8%, 16%, and 14% [1] - The projected net profit attributable to the parent company is expected to increase from 430 million to 810 million yuan during the same period, with growth rates of 20%, 41%, and 35% [1] - The price-to-earnings (PE) ratios are forecasted to be 17, 12, and 9 times for the years 2025, 2026, and 2027 respectively [1] Group 2 - The company is focusing on high-nitrogen steel for humanoid robot screw materials and has begun collaborations with domestic enterprises, overcoming foreign technical barriers with unique domestic smelting techniques [1] - High-nitrogen steel is recognized for its high performance and low cost, making it an ideal material for manufacturing planetary roller screws, with advantages including high strength, toughness, corrosion resistance, wear resistance, and fatigue resistance [1] - The company has successfully developed high-nitrogen steel products suitable for planetary roller screw production in collaboration with Runfu Power and Heng'erda, with production expected to commence in July 2025 [1] Group 3 - Tiangong International is also developing specialized materials for nuclear fusion core components, including boron steel and RAFM steel, with boron steel already achieving small-scale trial production [2] - The blanket is a core component of magnetic confinement fusion devices, requiring excellent radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation properties [2] - The company has successfully tackled the core technology for neutron shielding new materials, specifically high-boron steel (304B7), and is accelerating the application development of advanced low-activation steel (RAFM steel) for nuclear fusion key structural materials [2]