为使各承授人与公司建立长期共同利益，分享本公司快速成长带来的收益，在工资、奖金等传统薪酬模 式之外，特推出本次购股权激励计画，实现利益最大化，最大限度地激发出每位承授人的热情及贡献。 格隆汇1月20日丨天工国际(00826.HK)宣布，公司根据其于2017年5月26日采纳的购股权计划，已授出合 共3000万股购股权予公司董事及员工，惟须待承授人接纳，方可作实。承授人有权认购公司股本中每股 面值美金 0.0025 元的普通股股份，占2026年1月20日27.25亿股已发行股份约1.10%。 ...

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 | 如本公司截至 年 12 | 2027 | | | 月 31 | | | 日止年度之綜 | | | 所授出購股權總數之三分之一 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合經審計的營業額較截至 | | | | 2026 | 年 | 12 | 月 | 31 | 日 | | | 止年度金額增加 25%或者以上。 | | | | | | | | | | | | 如本公司截至 | 2028 | 年 | 12 | 月 31 | | | 日止年度之綜 | | | 所授出購股權總數之三分之一 | | 合經審計的營業額較截至 | | | | 2027 | 年 | 12 | 月 | 31 | 日 | | | 止年度金額增加 25%或者以上。 ...

Core Viewpoint - Tian Gong International Limited's subsidiary, Jiangsu Tian Gong Ai He Technology Co., has officially signed an agreement to join the "Fusion High-end Metal Materials Research Joint Laboratory," marking a significant step in the company's strategic layout in the nuclear fusion key metal materials sector [1][2] Group 1: Company Developments - The joint laboratory focuses on the major material needs of magnetic confinement nuclear fusion devices, conducting fundamental research, key technology breakthroughs, and engineering validation for high-end metal materials used in fusion [1] - Tian Gong International will leverage its full-process manufacturing capabilities in powder metallurgy, high-alloy tool steel, and hot isostatic pressing to undertake material design, smelting, powder production, sintering, thermal processing, and performance testing [2] - The company aims to establish ton-level manufacturing capabilities for large-size materials and tackle engineering challenges related to composition uniformity, organizational stability, and strength-toughness synergy [1][2] Group 2: Industry Collaboration - The Energy Research Institute will propose material design and performance requirements based on actual application scenarios of fusion reactors and will evaluate mechanical properties, microstructure, neutron shielding effects, and service performance [2] - A closed-loop collaborative system will be constructed between the two parties, accelerating the transformation of research results into practical applications [2] - Tian Gong International's integration into the national nuclear fusion material research system reflects its solid technical accumulation and manufacturing strength, as well as its commitment to supporting major national scientific projects [2] Group 3: Future Outlook - The company plans to continue strengthening original technology breakthroughs and deepen collaborative innovation with research institutions [2] - Tian Gong International aims to promote the transition of nuclear fusion high-end metal materials from technological breakthroughs to engineering validation and industrial application, contributing to China's nuclear fusion and clean energy development [2]

Core Viewpoint - Tian Gong International Limited's subsidiary, Jiangsu Tian Gong Ai He Technology Co., has officially signed an agreement to join the "Fusion High-end Metal Materials Research Joint Laboratory," marking a significant step in the company's strategic layout in the nuclear fusion key metal materials sector [1][2] Group 1: Company Developments - The joint laboratory focuses on the major material needs of magnetic confinement nuclear fusion devices, conducting fundamental research, key technology breakthroughs, and engineering validation for high-end metal materials used in fusion [1] - Tian Gong International will leverage its full-process manufacturing capabilities in powder metallurgy, high-alloy tool steel, and hot isostatic pressing to undertake material design, smelting, powder production, sintering, thermal processing, and performance testing [2] - The company aims to establish ton-level manufacturing capabilities for large-size materials and tackle engineering challenges related to composition uniformity, organizational stability, and strength-toughness synergy [1][2] Group 2: Industry Collaboration - The Energy Research Institute will propose material design and performance requirements based on actual application scenarios of fusion reactors and will evaluate mechanical properties, microstructure, neutron shielding effects, and service performance [2] - A closed-loop collaborative system will be constructed between the two parties, accelerating the transformation of research results into practical applications [2] - Tian Gong International's integration into the national nuclear fusion material research system reflects its solid technical accumulation and manufacturing strength, as well as its commitment to supporting major national scientific projects [2] Group 3: Future Outlook - The company plans to continue enhancing original technology breakthroughs and deepen collaborative innovation with research institutions [2] - Tian Gong International aims to provide verifiable, manufacturable, and applicable "Chinese material solutions" for the nuclear fusion sector and clean energy development, thereby enhancing China's influence and leadership in the global nuclear fusion materials arena [2]

Summary of Tian Gong International Conference Call Industry and Company Overview - **Company**: Tian Gong International - **Industry**: High-performance materials, specifically focusing on high-boron steel and titanium alloys for applications in nuclear fusion, consumer electronics, and aerospace Key Points and Arguments High-Boron Steel Development - Tian Gong International has achieved a breakthrough in high-boron steel technology, producing neutron shielding steel plates with over 3.2% boron content using powder metallurgy, surpassing the traditional limit of 2% [2][3] - The company anticipates receiving procurement orders in the first half of 2026, with a unit price of 150,000 yuan per ton and an initial order volume of approximately 400 tons [2][8] - For the CFBD project, expected to be operational by 2030, the demand for high-boron steel is projected to reach 4,000 tons, with a unit price of 250,000 yuan per ton [2][6][7] Titanium Alloy Business - The titanium alloy segment is benefiting from demand for Apple's Air and Fold models, with an estimated market share of 60% for the 18th generation and maintaining the same for the 19th generation [2][11] - The expected delivery volume for titanium alloys is 3,500 tons in 2026, increasing to 5,000-5,500 tons in 2027, with a pre-tax unit price of 250,000 yuan [2][22] - The market for titanium alloy powder is still in its infancy, with no single company in China exceeding annual sales of 300 tons; Tian Gong plans to establish a production capacity of 3,000 tons [2][19] 3D Printing Technology - Tian Gong is expanding the application of 3D printing technology in military and aerospace sectors, focusing on high-nitrogen steel powder to enhance corrosion resistance in marine engineering [2][16][17] - The company is collaborating with domestic universities to research applications in marine engineering and aims to replace bearing materials with domestic alternatives [2][17] Market Outlook and Financial Projections - The mold steel business is expected to recover starting in the first half of 2025, with orders and profit margins increasing year-on-year due to rising raw material prices [2][4][24] - The company anticipates a significant increase in revenue from powder metallurgy applications in the automotive sector, particularly in integrated die-casting for electric vehicles [2][26][27] - Tian Gong expects to achieve a profit of 650-700 million yuan in 2026, driven by traditional business stability and new orders from Apple [2][32] Additional Important Information - Tian Gong has signed a cooperation agreement with the Chinese Academy of Sciences for a high-end metal laboratory, focusing on developing high-quality boron steel for nuclear fusion applications [2][28][29] - The company is confident in its ability to meet future material demands for advanced nuclear fusion reactors, with ongoing research to overcome technical challenges in producing high-boron and low-activation steels [2][30][31]

Core Viewpoint - The signing of an agreement by Jiangsu Tiangong Aihe Technology Co., a subsidiary of Tiangong International, to join the "Fusion High-end Metal Materials Research Joint Laboratory" marks a significant breakthrough in the field of nuclear fusion materials and demonstrates the company's commitment to aligning with national strategies and exploring new energy material sectors [1][3]. Group 1: Conference and Laboratory Establishment - The 2026 Nuclear Fusion Energy Technology and Industry Conference held in Hefei focused on the theme "Gathering Nuclear Power, Creating the Future," bringing together various stakeholders to discuss the transition of nuclear fusion technology from scientific exploration to engineering and industrial application [1][4]. - The joint laboratory, led by the Hefei Comprehensive National Science Center Energy Research Institute, aims to systematically address the urgent demand for high-performance materials in fusion devices, conducting comprehensive research from basic studies to engineering validation [1][4]. Group 2: Research and Development Focus - The laboratory has outlined clear research priorities to tackle the extreme operating conditions of fusion reactors, including strong neutron radiation and high thermal loads, with a focus on the large-scale engineering preparation of 304B7 materials and the development of new neutron shielding steel with a boron equivalent exceeding 3.2% [2][4]. - The goal is to create integrated materials that provide both effective neutron attenuation and good mechanical properties to meet the functional and load-bearing requirements of key components in fusion devices [2][4]. Group 3: Collaborative Efforts and Future Outlook - Tiangong International will leverage its full-chain manufacturing advantages in high-alloy tool steel and powder metallurgy to lead critical processes such as material composition design, smelting, powder production, sintering, and subsequent thermal processing and performance evaluation [5]. - The collaboration with the Energy Research Institute will focus on defining material requirements based on actual fusion scenarios and conducting systematic performance and service evaluations, accelerating the pace of material research and application [5]. - As a pioneer in the large-scale production of powder metallurgy tool steel, Tiangong International's deep involvement in the national nuclear fusion materials research system reflects its technological accumulation and manufacturing strength, as well as its strategic practice of integrating into major national scientific projects for long-term development [3][6].

Core Insights - The top three companies with the highest short positions as of January 9 are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.74%, 17.39%, and 16.49% respectively [1][2] - The companies with the largest absolute increase in short positions are Goldwind Technology (02208), Zhaoyan New Drug (06127), and Jingtai Holdings (02228), with increases of 6.84%, 2.14%, and 1.85% respectively [1][2] - The companies with the largest absolute decrease in short positions are COSCO Shipping Energy (01138), Sanhua Intelligent Control (02050), and Huahong Semiconductor (01347), with decreases of -1.77%, -0.80%, and -0.71% respectively [1][3] Top 10 Short Positions - Vanke Enterprises (02202) has a short position of 413 million shares, representing a short ratio of 18.74% [2] - Dongfang Electric (01072) has a short position of 70.93 million shares, with a short ratio of 17.39% [2] - COSCO Shipping Holdings (01919) has a short position of 475 million shares, with a short ratio of 16.49% [2] - Other notable companies in the top 10 include Heng Rui Medicine (01276) at 15.19% and Ping An Insurance (02318) at 14.74% [2] Largest Increases in Short Positions - Goldwind Technology (02208) saw its short ratio increase from 4.35% to 11.18%, an increase of 6.84% [2] - Zhaoyan New Drug (06127) increased from 6.65% to 8.79%, an increase of 2.14% [2] - Jingtai Holdings (02228) increased from 3.34% to 5.19%, an increase of 1.85% [2] Largest Decreases in Short Positions - COSCO Shipping Energy (01138) decreased from 7.11% to 5.34%, a decrease of -1.77% [3] - Sanhua Intelligent Control (02050) decreased from 6.52% to 5.72%, a decrease of -0.80% [3] - Huahong Semiconductor (01347) decreased from 4.85% to 4.13%, a decrease of -0.71% [3]

天工国际(00826)发布公告，于2026年1月16日，合肥综合性国家科学中心能源研究院(能源研究院)批准 公司的间接附属公司江苏天工爱和科技有限公司(天工爱和)成为聚变高端金属材料研发联合实验室(联合 实验室)的新成员。本协议自签字盖章之日起生效，有效期五年。联合实验室成立期满后，各联合实验 室成员根据合作情况，另行商议。 天工爱和将专注于的联合实验室工作如下：实现粉末冶金 304B7 高硼钢大尺寸研制的吨级制造;及完成 硼当量>3.2wt%新型中子屏蔽钢的研制。能源研究院将提出聚变堆材料的设计和使用需求，为材料推广 应用，提供必要的应用场景;开展高硼钢性能屏蔽，包括力学性能、微观组织、成分测试以及服役性能 评估。天工爱和将针对聚变堆材料需求，联合需求方组建研发团队，制定研发方案，开展技术攻关，包 括钢材原料的选择、冶炼、雾化制粉、热等静压烧结、热加工，以及力学等性能测试。 董事会认为联合实验室协议将协助集团开拓可控核聚变的下游应用领域，预期将丰富集团的粉末冶金的 业务，提高粉末冶金的产能使用率，进一步提高公司核心竞争力。同时亦可能为集团开拓其他高科技领 域的应用。 能源研究院成立于2019年底，是中国科学 ...

董事会认为联合实验室协议将协助集团开拓可控核聚变的下游应用领域，预期将丰富集团的粉末冶金的 业务，提高粉末冶金的产能使用率，进一步提高公司核心竞争力。同时亦可能为集团开拓其他高科技领 域的应用。 能源研究院成立于2019年底，是中国科学院和安徽省政府共同发起，依托中科院合肥物质科学研究院等 离子体所、中国科学技术大学、合肥工业大学、安徽理工大学四家单位合作共建的研发机构，重点围绕 煤炭清洁高效利用、可再生能源、智慧电力及磁约束聚变四个方向，开展前沿基础和应用技术研究及关 键核心技术攻关，提供系统解决方案，目标是为国家能源安全、国际能源技术发展以及解决人类能源终 极问题提供科学和技术支持。 天工爱和将专注于的联合实验室工作如下：实现粉末冶金 304B7 高硼钢大尺寸研制的吨级制造;及完成 硼当量>3.2wt%新型中子屏蔽钢的研制。能源研究院将提出聚变堆材料的设计和使用需求，为材料推广 应用，提供必要的应用场景;开展高硼钢性能屏蔽，包括力学性能、微观组织、成分测试以及服役性能 评估。天工爱和将针对聚变堆材料需求，联合需求方组建研发团队，制定研发方案，开展技术攻关，包 括钢材原料的选择、冶炼、雾化制粉、热等静压烧结 ...

来源：格隆汇APP 天工爱和将专注于的联合实验室工作如下：(1) 实现粉末冶金 304B7 高硼钢大尺寸研制的吨级制造；及 (2) 完成硼当量＞3.2wt%新型中子屏蔽钢的研制。 能源研究院将提出聚变堆材料的设计和使用需求，为材料推广应用，提供必要的应用场景；开展高硼钢 性能屏蔽，包括力学性能、微观组织、成分测试以及服役性能评估。 天工爱和将针对聚变堆材料需求，联合需求方组建研发团队，制定研发方案，开展技术攻关，包括钢材 原料的选择、冶炼、雾化制粉、热等静压烧结、热加工，以及力学等性能测试。 董事会认为联合实验室协议将协助集团开拓可控核聚变的下游应用领域，预期将丰富集团的粉末冶金的 业务，提高粉末冶金的产能使用率，进一步提高公司核心竞争力。同时亦可能为集团开拓其他高科技领 域的应用。经考虑上述情况，公司认为联合实验室协议的条款属公平合理，并符合公司及其股东的整体 利益。 格隆汇1月16日丨天工国际(00826.HK)宣布，于2026年1月16日，合肥综合性国家科学中心能源研究院 ("能源研究院")批准公司的间接附属公司江苏天工爱和科技有限公司("天工爱和")成为聚变高端金属材料 研发联合实验室("联合实验室" ...