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]

Core Viewpoint - The powder high-speed steel market is expanding due to increasing demand in high-end manufacturing sectors such as aerospace and automotive, with the market size in China projected to reach 3.9 billion yuan in 2024, a year-on-year increase of 4% [1][12]. Industry Overview - Powder high-speed steel is produced using powder metallurgy technology, which offers significant advantages over traditional casting methods, such as uniform distribution of carbide particles, leading to improved strength, toughness, and hardness [2][4]. - The production process involves high-pressure inert gas or water atomization to create fine, uniform steel powder, which is then shaped and sintered [2]. Industry Development History - The powder high-speed steel industry has evolved over decades, with the first generation emerging in the 1960s. The introduction of new technologies in the 1990s significantly reduced impurity levels, leading to the second generation, while the third generation, post-2000, features finer steel powder and further improved properties [6][10]. Industry Chain - The upstream materials for powder high-speed steel include hard alloy steel powder, carbon steel, tungsten, molybdenum, chromium, vanadium, and cobalt. The midstream involves the production of powder high-speed steel, while the downstream applications span mechanical processing, automotive, aerospace, and mold manufacturing [8]. Current Industry Status - Domestic production of powder high-speed steel has increased significantly, with a production volume of 15,600 tons in 2018, projected to grow to 19,500 tons by 2024, reflecting a compound annual growth rate of 3.8% [10][12]. Competitive Landscape - International companies like Sandvik, Erasteel, Toshiba Materials, and Kennametal dominate the high-end market, while domestic leaders like Tiangong International are making strides in mid-to-high-end market segments through technological advancements [14]. Key Companies - Tiangong International, established in 1981, is a leading manufacturer of high-speed steel and cutting tools, with a revenue of 4.832 billion yuan in the 2024 fiscal year, a decrease of 6.42% year-on-year [16]. - HeYe Technology, a subsidiary of Antai Technology, specializes in high-speed tool steel and has a broad market presence across various industrial sectors [18]. Industry Trends - Continuous technological innovation is expected to enhance the performance of powder high-speed steel, with a focus on optimizing alloy compositions and improving sintering processes [20]. - The market is becoming increasingly competitive, necessitating domestic companies to strengthen their technological capabilities and brand positioning [21]. - The industry is also moving towards green transformation, with companies adopting energy-efficient production methods and cleaner technologies to reduce environmental impact [23].

在高速钢业务中观察到与模具钢相似的情况，高速钢的整体毛利率由2024年上半年的14.1%上升至2025 年上半年的15.6%。 回顾期内，公司附属公司天工股份的股份成功于2025年5月13日，登陆北京证券交易所，成为北交所首 家红筹港股分拆其附属公司至A股上市的企业，战投长期锁定，显示资本市场看好天工股份高端材料与 消费电子渗透力，标志着集团资本运营迈出重要一步。 天工国际(00826)发布截至2025年6月30日止六个月业绩，营业额23.425亿元(人民币，下同)，同比下降 7.1%;公司股权持有人应占溢利2.04亿元，同比增长10.4%;每股基本盈利0.075元，拟派中期股息每股 0.0262元。 模具钢的毛利率由2024年上半年的13.3%上升至2025年上半年的13.8%。有关主要原因为国内产业景气 回升，使采购成本顺利转嫁至客户。原材料成本上升加上采购成本的顺利转嫁，提升了毛利率的增长。 ...

在高速钢业务中观察到与模具钢相似的情况，高速钢的整体毛利率由2024年上半年的14.1%上升至2025 年上半年的15.6%。 回顾期内，公司附属公司天工股份的股份成功于2025年5月13日，登陆北京证券交易所，成为北交所首 家红筹港股分拆其附属公司至A股上市的企业，战投长期锁定，显示资本市场看好天工股份高端材料与 消费电子渗透力，标志着集团资本运营迈出重要一步。 模具钢的毛利率由2024年上半年的13.3%上升至2025年上半年的13.8%。有关主要原因为国内产业景气 回升，使采购成本顺利转嫁至客户。原材料成本上升加上采购成本的顺利转嫁，提升了毛利率的增长。 智通财经APP讯，天工国际(00826)发布截至2025年6月30日止六个月业绩，营业额23.425亿元(人民币， 下同)，同比下降7.1%;公司股权持有人应占溢利2.04亿元，同比增长10.4%;每股基本盈利0.075元，拟派 中期股息每股0.0262元。 ...

Core Viewpoint - Tian Gong International (00826.HK) reported a decline in overall revenue for the first half of 2025, despite an increase in net profit attributable to equity holders [1] Financial Performance - The company's revenue for the first half of 2025 reached RMB 2.34 billion, a decrease of 7.1% compared to the first half of 2024 [1] - Net profit attributable to equity holders increased by 10.4% to RMB 204 million [1] - Basic earnings per share were RMB 0.075 [1] Industry Context - The domestic demand and market conditions for mold steel and high-speed steel are gradually recovering, yet overall revenue is still on a downward trend due to various factors [1] - Uncertainty in U.S. tariff policies has led to a reduction in exports across various divisions, with clients exhibiting a cautious attitude and a decrease in order volume [1] - The demand for titanium wire in the consumer electronics sector has temporarily declined, primarily due to end customers reducing the use of titanium alloy frames for the next generation of mobile phone frames [1] - Although the company has adjusted its titanium alloy division's product mix towards titanium plates and pipes, the lower added value of these products has resulted in a continued decline in revenue for the titanium alloy division [1]

EF001 免責聲明 | 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。 | 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 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 天工國際有限公司 | | 股份代號 | 00826 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年六月三十日止年度之中期股息 | | 公告日期 | 2025年8月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.0262 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.0287 HKD | | 匯率 | 1 RMB : 1.095 ...

Core Viewpoint - Tian Gong International (00826) announced the resignation of its non-independent director and financial officer, Zhu Jingjing, effective August 25, 2025, who will take on the role of Investor Relations Director at the company's indirect controlling shareholder, Tian Gong International Limited [1] Group 1 - Zhu Jingjing submitted her resignation request on August 25, 2025, from her positions as non-independent director and financial officer of the company [1] - The company convened its 12th meeting of the fourth board of directors on the same day to review and approve the proposal for the election of a new non-independent director and the appointment of a financial officer [1] - Dai Lingfei has been nominated as the candidate for the non-independent director position and appointed as the new financial officer [1] Group 2 - Zhu Jingjing will continue to fulfill her responsibilities as non-independent director and financial officer until the appointment of Dai Lingfei takes effect, in accordance with relevant laws, regulations, and the company's articles of association [1]

智通财经APP讯，天工国际(00826)发布公告，公司非独立董事兼财务负责人朱晶晶于2025年8月25日向 公司提交了辞职申请,申请辞去公司第四届董事会非独立董事及财务负责人职务。辞职后，朱晶晶将赴 公司间接控股股东天工国际有限公司任投资者关系总监。为规范公司治理，公司于2025年8月25日召开 第四届董事会第十二次会议，审议通过《关于补选第四届董事会非独立董事及聘任财务负责人的议 案》，提名戴凌飞为公司董事会非独立董事候选人，并聘任戴凌飞为公司财务负责人。朱晶晶将依照相 关法律、行政法规及《公司章程》的规定，于董事会非独立董事候选人及财务负责人戴凌飞任命生效 前,继续履行董事会非独立董事及财务负责人职责。 ...

（股份代號：826） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 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 分 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） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月（未 經 審 核） | | | | | | | | | | | | | | | 日 止 六 | 月 | | | | 個 | | | 截 | 至 六 | 月 三 十 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...