Core Viewpoint - The upstream titanium concentrate supply-demand gap is expected to continue narrowing in the medium term, leading to a more relaxed raw material supply, which may reduce costs for titanium processing companies and enhance their profit margins [1] Supply - Titanium concentrate production has been declining in recent years, with global reserves expected to decrease by 25.3% year-on-year in 2024 due to the closure of old mines in Australia and slow exploration of new mines [2] - It is projected that titanium concentrate supply will increase to 9.84 million tons, 10.27 million tons, and 10.71 million tons from 2025 to 2027, with year-on-year growth rates of 4.7%, 4.4%, and 4.3% respectively [2] Demand - The demand for titanium concentrate may slow down in the medium term as the expansion rate of midstream smelting products, such as titanium dioxide and sponge titanium, is expected to decelerate [3] - Although domestic production of titanium dioxide and sponge titanium has been expanding, overall global production capacity growth is expected to decline, particularly in overseas markets [3] Price - The supply of titanium concentrate is anticipated to become more relaxed, with prices expected to decline, which will likely benefit downstream titanium material companies by lowering production costs and enhancing profit margins [4] - From 2025 to 2027, the growth rate of titanium concentrate demand is expected to be lower than that of supply, indicating a continued narrowing of the supply-demand gap and further price reduction potential [4]

天工国际(00826.HK)公布，于2025年10月21日，该公司(作为借款人)与一香港持牌银行订立股息贷款融 资协议，其总额为港币7820.75万元。该融资协议为无扺押及计息贷款，结欠金额的期限为一年。 截至2025年10月21日收盘，天工国际(00826.HK)报收于2.93港元，上涨1.74%，成交量1691.4万股，成交 额4957.89万港元。投行对该股的评级以买入为主，近90天内共有2家投行给出买入评级，近90天的目标 均价为3.7港元。第一上海最新一份研报给予天工国际买入评级，目标价4.38港元。 机构评级详情见下表： 天工国际港股市值78.48亿港元，在钢铁行业中排名第1。主要指标见下表： | 指标 | 天工国际 | 钢铁 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | 5.27% | -39.13% | 3 14 | | 港股流通市值 | 78.48 Z | 18.24 Z | 1 14 | | 营业收入 | 46.53 Z | 220.05亿 | 7 14 | | 净利率 | 9.33% | -15.34% | 1 14 | | 毛利率 | ...

根据该融资协议，公司的控股股东朱小坤先生及朱泽峰先生需于该融资可供使用期间维持直接或间接实 益拥有不少于公司股本45%。于本公告日期，朱小坤先生及朱泽峰先生合共实益拥有公司已发行股本约 54.36%。 天工国际(00826)公布，于2025年10月21日，该公司(作为借款人)与一香港持牌银行订立股息贷款融资协 议，其总额为港币7820.75万元。该融资协议为无扺押及计息贷款，结欠金额的期限为一年。 ...

天工國際有限公司* 香港交易及結算所有限公司以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，概不會就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Tiangong International Company Limited (於開曼群島註冊成立的有限公司) (股份代號: 826) 對本公司控股股東施加 特定履約責任之融資協議 違反特定履約責任可能導致該銀行宣佈終止其義務及/或宣佈所有未償還款項連同 應計利息及本公司及附屬公司的其他應付款項即時到期支付。 本公司在有關特定履約責任繼續存在之情況下，將根據上市規則第 13.21 條之規 定，於隨後的中期及年度報告內就此作出披露。 承董事會命 天工國際有限公司 主席 朱小坤 香港，二零二五年十月二十一日 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 本公告乃由天工國際有限公司（「本公司」）之董事會（「董事會」）根據香港聯 合交易所有限公司證券上市規則（「上市規則」）第 13.18 條之披露規定而作。 於二零二五年十月 ...

Core Viewpoint - Apple's first foldable screen product is expected to be released in 2026, showcasing extreme industrial design aesthetics with features such as no creases, ultra-thinness, and high durability, leading to a rapid increase in annual shipments [1][2] Group 1: Product Features and Material Usage - The use of titanium and titanium alloys is anticipated to significantly increase in foldable screens due to their high strength, corrosion resistance, and good surface texture [2] - The frame of the foldable phone must provide sufficient structural support while minimizing weight, making titanium alloy frames superior to aluminum in terms of bending resistance and lightweight properties [2] - The screen backing, which supports the flexible OLED screen, is likely to use pure titanium to balance weight, performance, and processing costs [2] Group 2: Industry Trends and Technological Advancements - The maturity of 3D printing and other forming processes is expected to enhance the penetration of titanium alloys in consumer electronics and aerospace sectors, with applications in products requiring extreme lightweight and structural strength [3] - As 3D printing technology matures, titanium alloys are projected to rapidly penetrate high-end consumer electronics such as foldable devices, AR/VR headsets, and drones [3] Group 3: Company Positioning and Market Opportunities - Domestic companies are actively positioning themselves in the titanium and titanium alloy industry chain, with Tian Gong International (subsidiary Tian Gong Co.) focusing on high-end titanium alloy wire and supplying several leading international consumer electronics companies [4] - The company is expected to benefit from the increased production of foldable devices by major clients [4] Group 4: Investment Recommendations - The demand for titanium alloys in high-end consumer electronics, represented by Apple's foldable device, is expected to continue rising, alongside the growth of 3D printing applications [5] - Relevant investment targets include Tian Gong International (00826), Industrial Fulian (601138.SH), BYD Electronics (00285), and Jie Bang Technology (301326.SZ) [5]

Core Viewpoint - Tian Gong International (00826) has emerged as a representative enterprise in the special steel industry, successfully navigating the "anti-involution" strategy amidst China's economic challenges, focusing on high-quality development through specialization and innovation [1][2]. Industry Overview - The "anti-involution" strategy aims to transition China's economy from a "price red sea" to a "value blue sea," optimizing resource allocation and enhancing industrial capacity utilization [1]. - The steel industry initiated its first "anti-involution" action in May 2023, leading to a recovery in the steel industry's PPI index, which rose to 99.5% by September, an increase of 3.9 percentage points year-on-year [1]. Company Development - Tian Gong International has established itself as a model for the "specialized, refined, distinctive, and innovative" development path, highlighted during the first China Special Steel and New Materials Summit [2]. - The company has accelerated the commercialization of its powder metallurgy technology, achieving significant market recognition for its high-end new materials [2][4]. Technological Advancements - Tian Gong International has built a comprehensive powder metallurgy technology platform, advancing from product upgrades to additive manufacturing materials and critical material development [4]. - The company is the only domestic enterprise capable of large-scale production of powder metallurgy tool steel, with sales projected to grow from 83 tons in 2020 to 1,500 tons by 2025, reflecting a compound annual growth rate of 79.2% [5]. Market Position and Collaborations - The company has secured a significant partnership with Heng Er Da, committing to supply at least 600 tons of specialized materials over five years, marking a breakthrough in its domestic client base [5]. - Tian Gong International is strategically entering the titanium alloy 3D printing powder market, aiming to capture opportunities in the rapidly growing global 3D printing market, projected to grow from $27.5 billion in 2024 to $150.2 billion by 2032 [6]. Future Growth Potential - The company is focusing on developing critical materials for high-end equipment manufacturing and advanced technologies, including high-nitrogen alloy materials for humanoid robots and nuclear fusion applications [7]. - Tian Gong International's trajectory indicates a shift from being merely a special steel enterprise to becoming a high-end materials company, which is expected to enhance its market valuation significantly [8]. - Recent reports suggest that high-end materials will be a key profit driver for the company, with a target price of HKD 4.38, indicating a potential upside of 55% from recent closing prices [8].

Core Viewpoint - Tian Gong International (00826) has emerged as a representative enterprise in the special steel industry, successfully navigating the "anti-involution" strategy amidst China's economic challenges, focusing on high-quality development through specialization and innovation [1][2]. Industry Overview - The "anti-involution" strategy aims to transition China's economy from a "price red sea" to a "value blue ocean," optimizing resource allocation and enhancing industrial capacity utilization [1]. - The steel industry initiated its first "anti-involution" action in May 2023, leading to a recovery in the steel industry's PPI index, which rose to 99.5% by September, an increase of 3.9 percentage points year-on-year [1]. Company Development - Tian Gong International is recognized as a key case study in the "specialized, refined, distinctive, and innovative" development path, highlighted during the first China Special Steel and New Materials Summit [2]. - The company has established a comprehensive powder metallurgy technology platform, advancing from product upgrades to additive manufacturing materials and critical material development [4]. Product and Market Expansion - In the field of tool steel, Tian Gong International is the only domestic enterprise producing powder metallurgy tool steel at scale, with sales projected to grow from 83 tons in 2020 to 1,500 tons by 2025, reflecting a compound annual growth rate of 79.2% [5]. - The company has secured a significant partnership with Heng Er Da, committing to purchase at least 100 tons of cutting tool materials annually for five years, indicating a breakthrough in the domestic market [5]. Technological Advancements - Tian Gong International's powder metallurgy technology allows for a material yield rate of over 80%, significantly enhancing product performance compared to traditional steel production methods [5]. - The company is strategically entering the titanium alloy 3D printing powder market, aiming to capture growth opportunities in the rapidly expanding global 3D printing market, projected to grow from $27.5 billion in 2024 to $150.2 billion by 2032 [6]. Strategic Collaborations - A strategic partnership with Ningbo Saiweida aims to innovate in high-end die materials and additive manufacturing technologies, further enhancing Tian Gong International's position in the advanced manufacturing sector [6]. - The company is also focusing on developing critical materials for high-end equipment manufacturing and frontier technologies, including high-nitrogen alloy materials for humanoid robots and nuclear fusion applications [7]. Future Outlook - Tian Gong International is transitioning from a traditional special steel enterprise to a high-end materials company, which is expected to enhance its market valuation as the steel industry accelerates its "anti-involution" efforts [8]. - Recent reports indicate that high-end materials will become a significant profit driver for the company, with a target price of HKD 4.38, representing a potential 55% upside from recent closing prices [8].

Core Insights - The visit by the company's chairman and technical team to Geely's Zeekr Meishan factory marks the initiation of a collaboration focused on "large integrated die-casting" technology, aiming to address manufacturing bottlenecks in the automotive industry and promote independent breakthroughs in key manufacturing technologies in China [1][3]. Group 1: Collaboration Objectives - The partnership aims to integrate advanced materials and technologies in powder metallurgy and additive manufacturing to meet Geely's urgent needs in large integrated die-casting manufacturing [3][4]. - The company will develop customized high-performance die-casting steel materials to enhance thermal stability, thermal conductivity, and lifespan, directly improving Geely's production efficiency and reducing costs associated with mold maintenance [3][4]. Group 2: Technological Innovations - The company plans to apply results from national key research projects to optimize the manufacturing and remanufacturing of molds, particularly for complex cooling channel molds, thereby improving cooling efficiency and reducing production cycles [4][6]. - Advanced repair technologies, such as laser cladding, will be utilized to perform precise repairs on existing molds, saving costs and minimizing downtime for Geely [4][6]. Group 3: Comprehensive Technical Support - The company commits to providing a full-spectrum technical support system for Geely, covering material selection, application guidance, and failure analysis, ensuring a collaborative approach to overcoming technical challenges [4][6]. - A joint technical working group will be established to facilitate ongoing cooperation and address various technical challenges during product development and mass production [4][6]. Group 4: Future Outlook - The collaboration is seen as a significant step towards enhancing supply chain resilience and achieving efficiency and quality in Geely's core manufacturing processes [6]. - Both parties express a commitment to exploring innovative materials and processes, aiming to elevate China's automotive industry in key manufacturing technologies and new material applications [6][7].

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 chairman and technical team visited Geely Auto's Zeekr Meishan factory, initiating a partnership focused on overcoming manufacturing bottlenecks in the automotive sector [1]. - The partnership aims to leverage Tiangong's expertise in powder metallurgy and additive manufacturing to meet Geely's urgent needs in large-scale integrated die-casting [2][3]. Group 2: Key Areas of Focus - Customized Material Development: Tiangong will develop a new generation of high-performance die-casting mold steel tailored to Geely's requirements, addressing common industry challenges such as thermal fatigue and wear [2]. - Additive Manufacturing Technology: Tiangong will apply its research outcomes to enhance mold manufacturing and repair processes, optimizing cooling efficiency and reducing production downtime [3]. - Comprehensive Technical Support: The companies will establish a joint technical working group to address various technical challenges throughout product development and mass production [3]. Group 3: 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 commitment to exploring innovative materials and processes, aiming to achieve higher levels of autonomy and global leadership in critical manufacturing technologies [4].

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].