Group 1 - Tian Gong International (00826) saw a significant increase in stock price, rising over 8% and currently trading at 2.66 HKD with a transaction volume of 116 million HKD [1] - China Fusion Energy Company, established with a registered capital of 15 billion RMB and only two months old, made its debut at the 25th China International Industry Fair, showcasing its technology and business layout [1] - The company aims for commercial fusion energy by 2050, following the typical nuclear energy development path from experimental to demonstration to commercial reactors, with R&D activities in Shanghai and Chengdu [1] Group 2 - Industrial analysts at Industrial Securities believe that Tian Gong International is well-positioned in the scarce core materials sector, with significant growth potential in titanium alloys, fusion materials, and humanoid robots [2] - Materials are identified as a major technical bottleneck in the development of fusion reactors, with RAFM steel and high-boron steel being primary candidates for reactor structures, requiring 4,000 to 7,000 tons of RAFM steel and 400 to 1,000 tons of high-boron steel per reactor [2] - The company leverages its powder metallurgy advantages to significantly enhance beneficial alloy element composition while achieving a dispersion of nano-scale strengthening phases, which may greatly improve the key performance of fusion reactor materials in the future [2]

Group 1 - Tian Gong International (00826) saw a significant increase in stock price, rising over 8% in the afternoon and currently trading at 2.66 HKD with a transaction volume of 116 million HKD [1] - The China Fusion Energy Company, established with a registered capital of 15 billion CNY and only two months since its inception, made its debut at the 25th China International Industry Fair, showcasing its technological roadmap and business layout [1] - The company aims for commercial fusion energy by 2050, with research and development activities linked between Shanghai and Chengdu, and plans to build a fusion experimental device named "China Circulation No. 4 (HL-4)" in Shanghai [1] Group 2 - Industrial analysts at Industrial Securities believe that Tian Gong International is strategically positioned in the scarce core materials sector, with significant growth potential in titanium alloys, fusion materials, and humanoid robots [2] - Materials are identified as a major technical bottleneck in the development of fusion reactors, with RAFM steel and high-boron steel being primary candidates for structural materials due to their excellent radiation resistance [2] - Each fusion reactor requires between 4,000 to 7,000 tons of RAFM steel and 400 to 1,000 tons of high-boron steel, indicating a vast market for fusion materials [2] - The company leverages its powder metallurgy advantages to significantly enhance beneficial alloy element composition while achieving a dispersion of nano-level strengthening phases, which is expected to greatly improve the key performance of fusion reactor materials in the future [2]

Company Information [Company Basic Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) Key company information for Tiangong International Company Limited, including governance structure and contact details, is provided - The company's registered name is Tiangong International Company Limited, with stock code HKEX: **826**[11](index=11&type=chunk) - The Board of Directors includes Executive Directors Zhu Xiaokun (Chairman), Zhu Zefeng (CEO), Wu Suojun, Jiang Guangqing, and Independent Non-executive Directors Li Zhuoran, Wang Xuesong, Qin Ke[11](index=11&type=chunk) - Li Zhuoran chairs the Audit Committee and Nomination Committee, while Wang Xuesong chairs the Remuneration Committee[11](index=11&type=chunk) - The company's auditor is KPMG, with its principal place of business in Zhenjiang City, Jiangsu Province, China[11](index=11&type=chunk) Management Discussion and Analysis [Business Review](index=4&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's total revenue decreased by **7.1%** to RMB **2.34 billion** in H1 2025, impacted by US tariff policy uncertainties and reduced demand for titanium wire in consumer electronics, despite a recovery in domestic demand for die steel and high-speed steel | Business Segment | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Die Steel | 1,154,590 | 49.3 | 1,181,417 | 46.9 | (26,827) | (2.3) | | High-Speed Steel | 394,434 | 16.8 | 436,145 | 17.3 | (41,711) | (9.6) | | Cutting Tools | 397,365 | 17.0 | 463,607 | 18.4 | (66,242) | (14.3) | | Titanium Alloy | 348,786 | 14.9 | 384,832 | 15.2 | (36,046) | (9.4) | | Others | 47,320 | 2.0 | 55,647 | 2.2 | (8,327) | (15.0) | | **Total** | **2,342,495** | **100.0** | **2,521,648** | **100.0** | **(179,153)** | **(7.1)** | - Overall revenue decline was primarily due to reduced exports from uncertain US tariff policies and a temporary decrease in demand for titanium wire in the consumer electronics industry[28](index=28&type=chunk) [Die Steel](index=4&type=section&id=%E6%A8%A1%E5%85%B7%E9%8B%BC) The Die Steel segment experienced an overall revenue decrease of **2.3%**, with domestic sales growing **4.7%** due to cost pass-through and industry recovery, while exports fell **8.2%** amid a sluggish European market and North American tariff uncertainties | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 565,627 | 49.0 | 540,024 | 45.7 | 25,603 | 4.7 | | Exports | 588,963 | 51.0 | 641,393 | 54.3 | (52,430) | (8.2) | | **Total** | **1,154,590** | **100.0** | **1,181,417** | **100.0** | **(26,827)** | **(2.3)** | - Die steel is primarily used in manufacturing industries such as automotive, home appliances, electronic products, medical devices, aerospace, and daily consumer goods[14](index=14&type=chunk) [High-Speed Steel](index=5&type=section&id=%E9%AB%98%E9%80%9F%E9%8B%BC) The High-Speed Steel segment's revenue decreased by **9.6%**, with domestic sales growing **14.1%** due to higher average selling prices and slight demand recovery, while exports significantly dropped **35.4%** due to US tariff policies | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 259,800 | 65.9 | 227,657 | 52.2 | 32,143 | 14.1 | | Exports | 134,634 | 34.1 | 208,488 | 47.8 | (73,854) | (35.4) | | **Total** | **394,434** | **100.0** | **436,145** | **100.0** | **(41,711)** | **(9.6)** | - The unit price of key raw materials for high-speed steel, such as tungsten, significantly increased, driving up average selling prices[17](index=17&type=chunk) [Cutting Tools](index=5&type=section&id=%E5%88%87%E5%89%8A%E5%B7%A5%E5%85%B7) The Cutting Tools segment's revenue decreased by **14.3%**, with domestic revenue slightly down **5.4%** due to sales network optimization, expected to improve in H2, while exports fell **19.4%** due to escalating US tariffs | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 159,524 | 40.1 | 168,631 | 36.4 | (9,107) | (5.4) | | Exports | 237,841 | 59.9 | 294,976 | 63.6 | (57,135) | (19.4) | | **Total** | **397,365** | **100.0** | **463,607** | **100.0** | **(66,242)** | **(14.3)** | - The Group implements vertical integration, expanding from upstream high-speed steel production to downstream high-speed steel cutting tool production, providing a cost advantage[19](index=19&type=chunk) [Titanium Alloy](index=6&type=section&id=%E9%88%A6%E5%90%88%E9%87%91) The Titanium Alloy segment's revenue decreased by **9.4%**, with domestic revenue down **8.5%** due to reduced demand for titanium wire in consumer electronics, leading the Group to shift its sales mix towards lower-value titanium plates and tubes, while remaining optimistic about export demand for 3D printing and additive manufacturing applications | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 347,213 | 99.5 | 379,375 | 98.6 | (32,162) | (8.5) | | Exports | 1,573 | 0.5 | 5,457 | 1.4 | (3,884) | (71.2) | | **Total** | **348,786** | **100.0** | **384,832** | **100.0** | **(36,046)** | **(9.4)** | - Titanium alloy is widely used in aerospace, consumer electronics, and medical industries due to its corrosion resistance and lightweight properties[23](index=23&type=chunk) [Others](index=7&type=section&id=%E5%85%B6%E4%BB%96) The "Others" segment's revenue decreased by **15.0%**, primarily due to reduced orders for power tools and power tool sets exported to the US, driven by US tariff uncertainties | Market | H1 2025 (RMB '000) | Share (%) | H1 2024 (RMB '000) | Share (%) | Change (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Exports | 47,320 | 100.0 | 55,647 | 100.0 | (8,327) | (15.0) | - This segment primarily provides assembly and export sales of power tool products, including electric drill sets and electric toothbrush sets, to existing cutting tool customers[26](index=26&type=chunk) [Financial Review](index=7&type=section&id=%E8%B2%A1%E5%8B%99%

Group 1 - Tian Gong International (00826.HK) announced that its subsidiary, Tian Gong Co., received a written resignation application from Jin Wen, a member of the Board Audit Committee, on September 19, 2025 due to work reasons [1] - Jin Wen will continue to serve as an independent director of Tian Gong Co. after resigning from the Board Audit Committee [1]

Core Viewpoint - Tian Gong International (00826) announced the resignation of Jin Wen from the Audit Committee due to work reasons, while he will continue to serve as an independent director [1] Group 1 - The resignation was submitted on September 19, 2025 [1] - Jin Wen's resignation leaves the Audit Committee with a need to appoint a new member, as the committee requires three members according to regulations [1] - Jin Wen will continue to fulfill his duties as an Audit Committee member until a new member is appointed [1]

智通财经APP讯，天工国际(00826)发布公告，江苏天工科技股份有限公司(以下简称"公司")董事会于 2025年9月19日收到董事会审计委员会委员金文递交的书面辞职申请。金文因工作原因申请辞去董事会 审计委员会委员职务，辞职后仍继续担任公司独立董事职务。根据《北京证券交易所股票上市规则》上 市公司独立董事管理办法》及《公司章程》相关规定，审计委员会委员人数应为3名，在新任审计委员 会委员正式任命前金文将继续履行审计委员会委员职责。 ...

格隆汇9月19日丨天工国际(00826.HK)公告，董事会于2025年9月19日收到董事会审计委员会委员金文递 交的书面辞职申请。金文因工作原因申请辞去董事会审计委员会委员职务，辞职后仍继续担任公司独立 董事职务。 ...

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。 天 工 國 際 有 限 公 司 * Tiangong International Company Limited （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九月十九日的「申萬宏源證券承銷保薦有限責任公司 關於江蘇天工科技股份有限公司新增預計 2025 年日常性關聯交易的核查意見」，僅供 參閱。 承董事會命 主席 朱小坤 香港，二零二五年九月十九日 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 天工股份召开了第四届董事会第八次会议及 2024年年度股东大会,审议通 过《关于预计公司 2025 年目常性关联交易的议案》。具体内 ...

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九月十九日的「關於新增預計 2025 年日常性關聯交 易公告」，僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年九月十九日 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: 2025-115 江苏天工科技股份有限公司 日常性关联交易预计情况 í (一) 预计情况 江苏天工科技股份有限公司 (以下简称 ...

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） 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。 （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九月十九日的「關於審計委員會委員辭職的公告」， 僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年九月十九日 江苏天工科技股份有限公司 关于审计委员会委员辞职的公告 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、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、董事会审计委员会委员离任的基本情况 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 ...