Core Viewpoint - The collaboration between Tiangong International and Geely Auto marks a significant step in integrating advanced materials and manufacturing technologies in the automotive industry, specifically in the area of large-scale integrated die-casting [1][4]. Group 1: Collaboration Overview - Tiangong International's leadership visited Geely Auto's Zeekr Meishan factory to initiate a partnership focused on large-scale integrated die-casting technology [1]. - The partnership aims to address manufacturing bottlenecks and enhance China's automotive industry's capabilities in key manufacturing technologies [1][4]. Group 2: Technological Advancements - Tiangong International will leverage its expertise in powder metallurgy to develop customized high-performance die-casting mold steel for Geely Auto, targeting improvements in thermal stability, thermal conductivity, and lifespan [2][3]. - The collaboration will utilize advanced additive manufacturing techniques to optimize mold cooling efficiency and reduce production cycles, while also enabling precise repairs of existing molds to minimize costs and downtime [3]. Group 3: Comprehensive Technical Support - The partnership includes a commitment to provide comprehensive technical support throughout the entire lifecycle of the molds, from material selection to failure analysis and solution provision [3]. - A joint technical working group will be established to address various technical challenges during product development and mass production, ensuring the sustainability and effectiveness of the collaboration [3][4]. Group 4: Future Outlook - The collaboration is seen as a benchmark for the industrial application of national-level research project outcomes, enhancing supply chain resilience and efficiency for Geely Auto [4]. - Both companies expressed their intent to explore further innovations in materials and processes, aiming to achieve higher levels of autonomy and global leadership in critical manufacturing technologies and new material applications within the Chinese automotive industry [4].

天工国际成立于1981年。彼时，公司还是一家濒临破产的村办小厂，纸绳子、铜拉手、塑料瓶盖、电视 天线……为了维持企业运转，天工国际尝试过多种产品。1987年，公司开始研发生产切削刀具，以当时 颇具加工难度的麻花钻作为切入口，很快打开了市场、站稳了脚跟，成为一家刀具企业。 "1992年，公司的刀具产销已颇具规模，考虑到材料成本等综合因素，我们决定自行生产高速工具钢， 打通产业链上下游。"朱泽峰说，这一决定让天工国际的产品自主研发能力大大加强，经过此后30余年 的发展，公司不仅切削刀具产品不断丰富，涵盖了磨制钻、轧制钻、铣制钻、丝锥、车刀等一系列精密 刀具，而且高速工具钢的生产规模也不断攀升，走到了行业前列。 2018年，天工国际意识到粉末冶金钢能够对公司产品性能带来巨大提升，于是投入大量人力、物力、财 力上马当时在国内尚处空白的粉末冶金工模具钢规模化生产线。 用了4年时间，天工国际对其中的核心环节一一攻克，实现了粉末冶金工模具钢从无到有、技术达到世 界一流水平的跨越，公司也成为国内唯一规模化生产粉末冶金工模具钢的企业。 中国特钢企业协会近日消息，天工国际已成功攻克核聚变装置用中子屏蔽新材料的雾化制粉、筛分混匀 ...

Core Insights - Tian Gong International has gained recognition in the powder metallurgy field, highlighted by its feature on CCTV's "Morning News," showcasing its advanced metal powder materials and applications [1] - The company is positioned as a leader in high-end manufacturing, transitioning from a follower to a frontrunner in the industry [1] Group 1: Technological Breakthroughs - The powder metallurgy technology developed by Tian Gong International represents a significant leap from traditional steel-making processes, reducing material waste and internal structural defects [2] - The lifespan of products made using this technology has increased from 6,000 to 20,000 cycles, with potential future improvements to 50,000 or even 80,000 cycles, significantly lowering production costs for downstream manufacturing [3] - The company has achieved an annual production capacity of 8,000 tons of powder metallurgy, establishing itself as an industry leader [3] Group 2: Market Expansion and Applications - The global humanoid robot market is projected to reach $154 billion by 2035, with potential growth to $7 trillion by 2050, creating substantial demand for high-quality materials [5] - Tian Gong International has successfully produced high-nitrogen steel with superior hardness and corrosion resistance, which has been validated for use in planetary roller screw production [6] - The company is also making strides in the nuclear fusion materials sector, having overcome key production challenges and achieving small-scale trial production [6] Group 3: Strategic Partnerships - In the first half of the year, Tian Gong International signed a long-term supply agreement with Heng Er Da, committing to supply at least 100 tons of specialized powder high-speed steel annually for five years [4] Group 4: Future Outlook - The global powder metallurgy high-speed steel market is expanding, and Tian Gong International is well-positioned to capitalize on this growth due to its production scale, technological advancements, and diverse application scenarios [8] - The company's trajectory underscores the importance of material innovation as a foundation for a strong manufacturing nation, contributing to the restructuring of the global industrial landscape [8]

Core Viewpoint - Tian Gong International has successfully developed new neutron shielding materials for nuclear fusion devices, marking a significant advancement in its powder metallurgy capabilities [1] Group 1: Company Development and Transformation - Tian Gong International was established in 1981 and initially struggled as a small village factory, producing various low-demand products [2] - The company shifted focus to cutting tools in 1987, achieving market stability and expanding into high-speed tool steel production by 1992 [2] - Over 30 years, the company has diversified its product offerings in cutting tools and has become a leader in high-speed tool steel production [2] - In 2018, the company recognized the potential of powder metallurgy steel and invested heavily in establishing a large-scale production line, becoming the only domestic producer of powder metallurgy tool steel [2] Group 2: Innovations in Powder Metallurgy - The application of powder metallurgy steel has expanded beyond the company's own cutting tools, addressing performance issues in large die-casting molds through innovative collaborations [3] - Tian Gong International's powder metallurgy steel offers improved microstructure uniformity and superior performance compared to traditional materials [3] Group 3: Titanium Alloy Business - Tian Gong International's subsidiary, Tian Gong Co., successfully listed on the Beijing Stock Exchange, enhancing its capital market presence [4] - The titanium alloy business focuses on high-end applications, transitioning from rough processing to precision and deep processing, with products extending into various emerging markets [4] - The company has achieved significant milestones in titanium ingot production, enhancing its capabilities in high-end titanium and titanium alloy materials [4] Group 4: Research and Development Focus - The company emphasizes research and development as a key driver for advancing into high-end markets, with increasing R&D expenditures and collaborations with research institutions [6] - Tian Gong International has engaged with various universities and research institutes to strengthen its technological advantages and achieve significant breakthroughs [6] - The company is actively pursuing opportunities in the domestic market for precision tools, aiming to capture a larger share of the substantial market potential [6]

Core Insights - Tian Gong International has successfully developed new neutron shielding materials for nuclear fusion devices, marking a significant advancement in powder metallurgy technology and production capabilities [1][2] - The company has transitioned from producing cutting tools to high-end materials, including powder metallurgy and titanium alloys, driven by technological innovation [1][2] - Tian Gong International's subsidiary, Tian Gong Co., has recently gone public, enhancing its ability to expand its titanium alloy business and product offerings [2][3] Company Development - Established in 1981, Tian Gong International initially struggled but found success in cutting tool production, leading to the in-house manufacturing of high-speed tool steel in 1992 [1][2] - The company invested heavily in establishing a large-scale production line for powder metallurgy tool steel, becoming the only domestic enterprise to achieve this [2][3] - The application of powder metallurgy steel has expanded beyond cutting tools, addressing performance issues in large die-casting molds [2][3] Titanium Alloy Business - Tian Gong Co. focuses on high-end titanium and titanium alloy products, transitioning from rough processing to precision and deep processing [3][4] - The company has successfully produced high-quality titanium ingots, enhancing its production capabilities in the high-end titanium market [3][4] - A new joint venture, Jiangsu Tian Gong Titanium Crystal New Materials Co., has been established to develop and produce high-end titanium alloy powders, filling a domestic gap [4] Research and Development - The company emphasizes R&D as a key driver for advancing into high-end markets, with increased investment in talent and collaboration with research institutions [4][5] - Tian Gong International has engaged with various universities and research institutes to maintain its technological edge and achieve significant breakthroughs [5] - The company aims to capture market share in the domestic precision tool market, which is valued at hundreds of billions, by focusing on high-end precision tools [5]

Core Viewpoint - Tian Gong International and Ningbo Saivda signed a strategic cooperation agreement to jointly tackle key technologies in powder metallurgy and additive manufacturing for new die-casting mold steel, aiming to serve major automotive manufacturers and promote innovation in high-end mold materials and the high-quality development of China's advanced manufacturing industry [1][3][5] Group 1: Strategic Cooperation - The agreement marks a significant step in collaborative innovation and win-win development in the high-end die-casting mold materials sector [3] - Both companies will focus on the research and application of new die-casting mold steel materials, leveraging their respective strengths in material design, manufacturing processes, and large-scale die-casting applications [5] Group 2: Company Profiles - Ningbo Saivda is a global leader in lightweight technology and large-scale die-casting solutions, with a strong focus on automotive, rail transportation, and new energy equipment sectors, and has established partnerships with well-known domestic and international electric vehicle brands [3] - Tian Gong International is a high-end material R&D and manufacturing platform with a leading technology system and industry chain integration capabilities in powder metallurgy, tool steel, and precision cutting tools [3][5] Group 3: Future Plans - The agreement includes establishing regular communication and technical collaboration mechanisms to gradually advance results transformation and project implementation, covering the entire chain from material R&D to industrial promotion [5] - Tian Gong International aims to accelerate the industrial application of powder metallurgy technology and contribute to building a globally competitive advanced manufacturing industry cluster [5]

根据协议，双方将围绕新型压铸模具用钢材料的研发与应用，联合攻关粉末冶金及增材制造等关键核心技术。天工将充分发挥在材料设计、组织控制与制 造工艺方面的优势，提供高性能、高稳定性的模具材料;赛维达将依托其在大型压铸成型和客户应用验证方面的深厚积累，推动新材料的工艺验证与产业 化落地，共同探索新一代压铸模具材料在新能源汽车、智能制造及大型结构件领域的创新应用。 协议明确，双方将建立定期沟通与技术协同机制，逐步推进成果转化与项目落地，形成覆盖材料研发—模具制造—压铸工艺—客户验证—产业推广的全链 条合作模式。同时，在知识产权、成果共享及后续产业化布局方面，双方将秉持"优势互补、互利共赢"的原则，合力推动中国高端制造材料自主创新体系 建设。 10月16日，天工国际(00826)与宁波赛维达签署战略合作协议，双方将联合攻关新型压铸模具用钢粉末冶金与增材制造关键技术，服务国内外主流汽车制 造商，共同推动高端模具材料创新与中国先进制造业高质量发展。 10月16日，天工国际有限公司董事局主席朱小坤携技术及销售团队赴宁波赛维达技术股份有限公司，双方就"新型压铸模具用钢粉末冶金与增材制造关键 技术"展开深入交流，并正式签署战略合作 ...

公司此次引入具备深厚资本市场经验的专业高管，为公司与全球投资者之间搭建一座更顺畅、高效的沟 通桥梁。殷洪强先生的加入将显著提升天工国际在资本市场的透明度与吸引力，不仅强化了公司与投资 者的信任纽带，更为后续可能的海外并购及产业链整合埋下重要伏笔。 格隆汇10月15日｜天工国际称，资深投行家殷洪强先生已获任命为公司高级副总裁，主要负责本公司投 资者关系管理、境内外并购事务以及资本市场相关业务。殷先生具有超过20年的投行经验，曾深度参与 多宗境外上市融资和跨境并购项目，也曾在多间中外投资银行及港股上市公司担任高级管理职务，其中 包括花旗银行，摩根大通，苏格兰皇家银行，大和资本，中银国际和兴证国际等。 据悉，天工国际于2007年在香港联交所主板上市，是中国领先的高速工具钢、模具钢及钛材料生产商， 其通过自主研发填补了国内多项技术空白。自2020年跻身世界工模具钢强企首位后，持续巩固其全球市 场地位。公司目前正积极拓展高端材料市场，其业务已前瞻性地延伸至人形机器人和核聚变这两个前沿 领域，展现出强劲的发展潜力。在人形机器人领域，公司专注于行星滚柱丝杠等核心部件的专用材料研 发；同时积极投身核聚变领域，成功攻克核聚变装 ...

Group 1 - Tian Gong International has appointed Mr. Yin Hongqiang as Senior Vice President, responsible for investor relations, domestic and foreign mergers and acquisitions, and capital market-related businesses [1] - Mr. Yin has over 20 years of investment banking experience and has participated in numerous overseas listing financings and cross-border M&A projects [1] - The company, listed on the Hong Kong Stock Exchange since 2007, is a leading producer of high-speed tool steel, die steel, and titanium materials in China [1] Group 2 - Tian Gong International has been ranked first among global tool steel companies since 2020 and is actively expanding into high-end materials markets [1] - The company is focusing on core component material development for humanoid robots and has successfully developed new neutron shielding materials for nuclear fusion applications [1] - As part of its supply chain for Apple, the company provides titanium alloy materials for foldable iPhones and is establishing a joint venture to focus on titanium alloy powder for aerospace and medical applications [1][2]

Group 1 - The core viewpoint of the report is that the domestic market for tool steel is stabilizing and recovering, with high-end materials expected to be a profit explosion point for Tiangong International (00826) in the future [1] - Revenue forecasts for Tiangong International are projected to be 5.24 billion, 6.08 billion, and 6.93 billion RMB for the years 2025, 2026, and 2027 respectively, with net profit attributable to shareholders expected to be 430 million, 600 million, and 810 million RMB for the same years [1] - The report maintains a buy rating with a target price of 4.38 HKD for the next 12 months, corresponding to an 18 times PE for 2026, indicating a potential upside of 44.56% from the current price [1] Group 2 - Despite revenue pressure, Tiangong International's profitability is showing counter-cyclical growth, with a net profit attributable to shareholders of 203 million RMB in the first half of 2025, representing a year-on-year increase of approximately 10.4% [1] - The recovery of the domestic tool steel industry, combined with rising raw material prices, has offset short-term pressures from overseas markets, resulting in positive growth in revenue and gross profit [1] - Powder metallurgy materials are anticipated to be one of the future profit explosion points, with sales of 589 tons in the first half of 2025, a quarter-on-quarter increase of 66.4%, and a price of 149,000 RMB per ton, significantly higher than ordinary high-speed steel and tool steel products [1] Group 3 - The company has signed a long-term supply agreement with Heng Er Da, committing to supply no less than 100 tons of specialized powder high-speed steel materials annually for five years starting in 2026, totaling no less than 600 tons [1] - This agreement is expected to provide stable support for the company's future performance and further solidify its market position in the specialized powder high-speed steel segment [1] - Looking ahead, the company holds an optimistic outlook on the high-end titanium alloy business, anticipating that demand from downstream customers for new models will gradually be released [2]