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 天工國際有限公司* (於開曼群島註冊成立的有限公司) (股份代號: 826) 自願公告 激光熔覆及增材製造業務股權投資 此自願公告乃由天工國際有限公司（「本公司」，連同其附屬公司統稱「本集團」）作出。 激光熔覆及增材製造業務股權投資 本公司董事會（「董事會」）欣然宣佈，於二零二五年九月三日，本公司的間接全資附屬公 司江蘇天工投資管理有限公司（「天工投資」）完成對上海蓋澤激光科技有限公司（「上海 蓋澤」）增資，據此，天工投資同意以總價人民幣3,000,000元認購上海蓋澤的294,367股新 股，佔上海蓋澤經擴大註冊股本約5.56%。 股份認購方的資料 1. 天工投資 天工投資為一間於中國成立的有限責任公司，主要經營的業務為從事投資管理及相關諮 詢服務；企業管理諮詢、財務管理諮詢、商業資訊諮詢、經濟信息諮詢。 2. 上海蓋澤 上 ...

呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | USD | | 0.0025 | USD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 4,000,000,000 | USD | | 0.0025 | USD | | 10,000,000 | 本月底法定/註冊股本總額： USD 10,000,000 FF301 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 | | 2025年8月31日 | | --- | --- ...

Core Viewpoint - The report from CICC indicates that Tian Gong International (00826) is expected to see significant growth in alloy materials by 2026, with a projected net profit of 538 million yuan for 2026, and the current stock price corresponds to a P/E ratio of 17.0x for 2025 and 11.4x for 2026. The valuation has been switched to 2026 due to limited contribution from alloy materials in 2025, maintaining an outperform rating and raising the target price by 20% to HKD 3.01, implying a 20.8% upside potential for 2026 at a P/E of 13.8x [1]. Group 1 - The company's 1H25 performance met expectations with revenue of 2.343 billion yuan and a net profit of 204 million yuan, reflecting a year-on-year increase of 6.8% [2]. - Product sales experienced a slight decline, with sales figures for high-speed steel, tool steel, cutting tools, and titanium alloys at 7,000 tons, 68,000 tons, 95 million pieces, and 5,000 tons respectively [2]. - Profitability of main products showed divergence, with high-speed steel and tool steel benefiting from domestic industry recovery and rising raw material prices, leading to price and margin increases [2]. Group 2 - The company is accelerating its high-end transformation strategy, which is expected to yield results by 2026, particularly in the titanium alloy business, where profit contributions are anticipated to grow significantly [3]. - The company is a leading domestic supplier of powder metallurgy products, with a manufacturing capacity of 8,000 to 10,000 tons of alloy powder, and is expanding into new application areas [3]. - A recent joint venture with Pinde New Materials to establish Tiangong Titanium Crystal marks a new chapter in the company's development in the powder materials sector, with positive growth prospects for powder products [3].

Core Viewpoint - CICC reports that Tiangong International (00826) is expected to ramp up alloy material production by 2026, with a projected net profit of 538 million yuan for 2026, and the current stock price corresponds to 17.0x/11.4x P/E for 2025/2026. The valuation has been switched to 2026 due to limited contribution from alloy materials in 2025, maintaining an outperform rating with a target price increase of 20% to HKD 3.01, implying a 20.8% upside potential for 2026 at 13.8x P/E [1] Group 1 - 1H25 performance met expectations with revenue of 2.343 billion yuan and net profit of 204 million yuan, reflecting a year-on-year increase of 6.8% [2] - Product sales showed slight decline: high-speed steel, tool steel, cutting tools, and titanium alloy sales were 7,000 tons, 68,000 tons, 95 million pieces, and 5,000 tons respectively [2] - Main product profitability showed divergence: high-speed steel and tool steel benefited from domestic industry recovery and rising raw material prices, with high-speed steel price and gross margin increasing by 0.9% and 1.5 percentage points to 54,090 yuan and 15.6% respectively; tool steel price and gross margin increased by 3.0% and 0.5 percentage points to 17,039 yuan and 13.8% respectively [2] Group 2 - The company is accelerating its high-end transformation strategy, expected to yield results by 2026, particularly in titanium alloy business, which is projected to significantly increase profit contributions [3] - The company has enhanced its melting technology for titanium alloys and is capable of producing various grades, with expectations of increased profitability driven by recovering demand in consumer electronics [3] - Powder metallurgy products are anticipated to continue ramping up, with the company being a leading domestic supplier with a manufacturing capacity of 8,000-10,000 tons of alloy powder, exploring new applications in various industries [3]

Investment Rating - The report does not provide a specific investment rating for the company [5] Core Views - The company, Tiangong International, reported a steady performance in 1H25, with revenue decreasing by 7.1% year-on-year to RMB 2.34 billion, primarily due to overseas export business disruptions and the impact of tariffs [2] - Despite the revenue decline, the net profit attributable to shareholders increased by 10.4% year-on-year to RMB 200 million, with a net profit margin improvement of 1 percentage point [2] - The company is focusing on high-end manufacturing through powder metallurgy technology, which is expected to drive future growth [8] Financial Performance Summary - Revenue for 1H25 was RMB 2.34 billion, down from RMB 2.52 billion in 1H24 [9] - Gross profit margin decreased by 3.2 percentage points, attributed to a higher sales proportion of lower-margin titanium alloy products [2] - The company’s main revenue sources include tool steel, high-speed steel, cutting tools, and titanium alloy, with tool steel accounting for approximately 66.1% of total revenue [8] Business Segment Performance - Tool steel revenue was RMB 1.15 billion, high-speed steel revenue was RMB 390 million, cutting tools revenue was RMB 400 million, and titanium alloy revenue was RMB 350 million [8] - Domestic revenue for tool steel grew by 4.7% year-on-year and 21% quarter-on-quarter, while high-speed steel domestic revenue increased by 14.1% year-on-year and 33.7% quarter-on-quarter [8] Strategic Developments - The company has signed a strategic cooperation framework agreement with Heng Erda, expecting to supply at least 100 tons of powder high-speed steel annually starting in 2026 [8] - The company is innovating in high-nitrogen steel production, which has applications in humanoid robots and other fields, with successful deliveries to partners [8] - Plans are in place to develop key materials for nuclear fusion, with significant market potential identified [8]

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八月二十八日的「關於控股子公司對外投資設立全資 子公司的公告」，僅供參閱。 承董事會命 主席 朱小坤 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。 香港，二零二五年八月二十八日 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 证券简称:天工股份 公告编号:2025-069 江苏天工科技股份有限公司 关于控股子公司对外投资设立全资子公司的公告 本公司及董事会全体成员保证公告内容的真 ...

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八月二十七日的「投資者關係活動記錄表」，僅供參 閱。 承董事會命 主席 朱小坤 香港，二零二五年八月二十七日 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:2025-068 江苏天工科技股份有限公司 投资者关系活动记录表 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 ...

Core Viewpoint - Tian Gong International Limited reported a significant increase in revenue and net profit for the first half of 2025, driven by the recovery of the domestic market and advancements in high-end manufacturing technologies [2][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 2.343 billion yuan and a net profit attributable to shareholders of 204 million yuan, representing a year-on-year growth of 10.4% [2]. - The revenue from mold steel reached 1.155 billion yuan, with domestic revenue of 566 million yuan, up 4.7% year-on-year [2]. - The high-speed steel revenue was 394 million yuan, with domestic revenue of 228 million yuan, reflecting a year-on-year increase of 14.1% [2]. Group 2: Technological Advancements - The company possesses exclusive domestic powder metallurgy technology and has established a national-level enterprise technology center, enabling breakthroughs in high-end manufacturing sectors such as aerospace, robotics, nuclear fusion, and medical devices [2]. - During the reporting period, the company successfully developed high-nitrogen alloy materials using powder metallurgy technology, addressing challenges related to nitrogen content control and purity enhancement [2]. Group 3: Market Opportunities - The company has the largest powder production equipment in the country, with an annual capacity of 8,000 to 10,000 tons of high-alloy powder, which includes titanium and copper alloys [3]. - The successful spin-off of Tian Gong's titanium alloy subsidiary to the Beijing Stock Exchange is expected to leverage capital markets for breakthroughs in the high-end titanium alloy industry [3]. - The company is also focusing on the nuclear fusion materials market, producing advanced low-activation steel and high-boron steel for nuclear power applications, which have significant market potential as the nuclear power industry develops [3].

Core Viewpoint - Tian Gong International (00826) reported a strong performance in the first half of 2025, with revenue of 2.342 billion RMB and a net profit of 204 million RMB, reflecting a year-on-year growth of 10.87% despite challenging market conditions [1][2]. Group 1: Financial Performance - In the first half of 2025, Tian Gong International's revenue reached 2.342 billion RMB, with a net profit of 204 million RMB, marking a 10.87% increase year-on-year [1]. - Domestic revenue accounted for 56.87% of total revenue, amounting to 1.332 billion RMB, showing a slight increase [2]. - Revenue from the Asian market (excluding China) grew by 26.22% to 361 million RMB, indicating potential for new growth in this region [2]. Group 2: Market Environment - The global economic landscape remains complex due to geopolitical instability and trade tensions, impacting export revenues across various product lines [2]. - Domestic economic growth is stable, with a GDP growth rate of 5.3% in the first half of 2025, contributing to a recovery in domestic demand for special steel [2]. Group 3: Product Performance - The internal sales revenue of tool steel increased by 4.7% to 566 million RMB, driven by demand recovery in the automotive, home appliance, and electronics sectors [3]. - The cutting tools segment experienced a slight decline due to a systematic optimization of the sales network, which is expected to improve in the second half of the year [3]. - Titanium alloy business faced a decline due to reduced sales in consumer electronics, but new orders in other applications are anticipated to enhance capacity utilization [4]. Group 4: Future Outlook - The market environment is expected to improve in the second half of 2025, driven by successful trade negotiations and anticipated interest rate cuts in the U.S., which may boost overseas demand [5]. - Tian Gong International's multi-dimensional layout in powder metallurgy technology is expected to enhance its commercial value and support its transition to a high-end materials manufacturer [7][12]. Group 5: Technological Advancements - Tian Gong International has made significant advancements in powder metallurgy, with 144 R&D projects and 583 new product developments from 2021 to the first half of 2025 [7]. - The company has established a comprehensive powder metallurgy technology platform, enhancing the value of its tool steel products and achieving a compound annual growth rate of 79.2% in sales volume from 83 tons in 2020 to an estimated 1500 tons in 2025 [8][9]. - The company is also expanding into the 3D printing titanium alloy powder market, with plans to acquire production capabilities to meet growing demand [10][11].

Core Viewpoint - Tian Gong International (00826) demonstrated strong business resilience in a challenging environment, achieving a revenue of 2.342 billion RMB and a net profit of 204 million RMB for the first half of 2025, reflecting a year-on-year profit growth of 10.87% [1] Group 1: Financial Performance - The company's revenue for the first half of 2025 was 2.342 billion RMB, with a net profit of 204 million RMB, marking a 10.87% increase year-on-year [1] - Domestic revenue accounted for 56.87% of total revenue, amounting to 1.332 billion RMB, showing a slight increase [2] - Revenue from the Asian region (excluding China) grew by 26.22% to 361 million RMB, indicating potential new growth points [2] Group 2: Market Environment - The global economic landscape remains complex due to geopolitical instability and trade tensions, impacting export revenues across various product lines [2] - Domestic economic growth is stable, with a GDP growth rate of 5.3% in the first half of 2025, contributing to a recovery in domestic special steel demand [2] Group 3: Product Performance - The internal sales revenue of tool steel increased by 4.7% to 566 million RMB, driven by demand recovery in the automotive, home appliance, and electronics sectors [3] - The internal sales revenue of high-speed steel rose by 14.1% to 260 million RMB, benefiting from ongoing equipment upgrades [3] - The titanium alloy business saw a decline due to reduced sales in consumer electronics, but new orders in other applications are expected to improve capacity utilization [4] Group 4: Future Outlook - The market environment is expected to improve in the second half of 2025, driven by trade negotiations with the U.S. and anticipated interest rate cuts [5] - The company is accelerating the commercialization of powder metallurgy technology, with significant R&D investments leading to 144 projects and 583 new products developed from 2021 to mid-2025 [8] - The company aims to transition from a special steel manufacturer to a high-end materials enterprise, which could lead to a higher valuation in the market [14] Group 5: Strategic Developments - Tian Gong International is establishing a joint venture, Jiangsu Tian Gong Titanium Crystal New Materials Co., Ltd., to expand its titanium alloy 3D powder metallurgy product line [11] - The company is also developing high-nitrogen alloy materials for various applications, with significant market demand and high commercial value [13] - The global 3D printing market is projected to grow significantly, and the company is preparing to capture market share through capacity expansion and strategic acquisitions [12]