Market Overview - US stock indices, including the S&P 500 and Dow Jones, reached record closing highs, indicating strong market control and resilience against downturns, with a tendency for timely interventions to cool overheated conditions [1] - Hong Kong stocks experienced a rise of 1.75% following a recent adjustment and the conclusion of significant meetings [1] - Social financing data revealed a total increase of 33.39 trillion yuan in social financing for the first 11 months of the year, with RMB loans increasing by 15.36 trillion yuan [1] Economic Policies - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation with a six-month term to inject liquidity into the market by the end of the year, indicating an optimistic outlook for the market [2] - The Central Economic Work Conference did not present significant highlights but focused on the establishment of a "national unified market" to break local protectionism, benefiting industries like express delivery [2] Industry Trends - The domestic agricultural machinery market is seeing a significant increase in recognition, with tractor exports rising by 35% year-on-year in the first three quarters, and a notable 54% increase in October [3] - The AI sector is experiencing a surge in demand, with major companies like MiniMax and Zhiyu planning IPOs, which will further drive the demand for computing power and related technologies [5] Company Developments - Tian工 International is expanding its titanium alloy business, which is expected to benefit from the growing demand in the nuclear fusion sector, with a reported revenue of 447 million yuan and a net profit of 65 million yuan in Q3 2025 [8] - The company is also focusing on high-nitrogen steel for humanoid robots, having overcome technical barriers and established partnerships for production [9] Stock Performance - Companies in the express delivery sector, such as Jitu Express and Zhongtong Express, saw stock increases of over 5% due to market expectations of growth driven by the unified market initiative [2] - In the agricultural machinery sector, leading companies like First Tractor Co. experienced stock increases of over 11% as the market recognizes their potential for growth [3] - In the AI-related sector, stocks of companies like Cambridge Technology and Changfei Optical Fiber rose by nearly 8% and over 4%, respectively, due to the anticipated demand from upcoming IPOs [5]

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十二月十二日的「第四屆董事會第十六次會議決議公 告」，僅供參閱。 承董事會命 主席 朱小坤 香港，二零二五年十二月十二日 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 证券代码:920068 证券简称:天工股份 公告编号:2025-124 江苏天工科技股份有限公司 第四届董事会第十六次会议决议公告 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 ...

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 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 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十二月十二日的「證券事務代表變動公告」，僅供參 閱。 承董事會命 主席 朱小坤 香港，二零二五年十二月十二日 三、合规性说明及影响 证券简称:天工股份 公告编号: 2025-125 江苏天工科技股份有限公司证券事务代表变动公告 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 ...

等离子体所原所长、中国工程院院士李建刚出席交流活动。他高度肯定天工国际在先进特种钢和粉末冶金方向的长期投入，认为天工作为国内具备材料全 流程制造能力的民营高科技企业，具备参与国家核聚变重大工程的实力和潜力。他尤其赞赏朱小坤主席作为两届全国人大代表，坚持带领企业服务国家战 略需求的使命担当。交流中，等离子体所专家对天工提供的核聚变材料样品及其自测性能数据给予高度认可，认为其材料体系与粉末冶金技术储备已达到 核聚变材料研发的关键指标要求。相关技术瓶颈实现实质性突破，材料性能能够满足聚变堆使用标准，并在聚变堆关键部件中具备良好的工程化应用前 景。 朱小坤表示，核聚变材料是未来材料科技的"战略高地"，也是天工国际长期布局的重要方向。天工愿与等离子体所围绕核聚变结构材料、中子吸收材料 等关键领域开展联合攻关，积极探索共建联合实验室，加速科研成果向工程化和产业化转化进程。 12月10日，天工国际董事局主席朱小坤率集团技术团队赴中国科学院合肥等离子体物理研究所(以下简称"等离子体所")开展合作交流，围绕核聚变特种材 料研发、工程化路径及联合实验室建设等方向进行了深入探讨。 来源：微信公众号.天工国际 此次交流不仅深化了双方 ...

Core Insights - The collaboration between Tiangong International and the Beijing Institute of Aeronautical Materials signifies a strategic shift from providing basic materials to defining core material rules for commercial aerospace [2] - Powder metallurgy technology is identified as a key solution to overcome limitations of traditional metallurgy, enabling the production of advanced materials with enhanced strength, toughness, and reliability [2] - The focus on core component materials, such as aerospace high-end gear bearing steel, is crucial for addressing the demanding conditions faced by critical aerospace systems [2][3] Group 1: Strategic Significance - The recent seminar represents a national-level validation of Tiangong International's expertise in powder metallurgy, paving the way for joint efforts in ultra-high-strength powder steel and key structural materials [2] - The collaboration is expected to yield a more reliable and efficient domestic material solution for the commercial aerospace industry, moving beyond mere product substitution to providing superior performance and cost-effective options [3] Group 2: Commercial Aerospace Strategy - Tiangong International is constructing a comprehensive capability framework for commercial aerospace, focusing on material science as the core axis [4] - The company has established a new operational model combining special steel new materials, cutting tools, and titanium and titanium alloy new materials, with aerospace being a key direction for advanced materials [4][5] - The successful delivery of the first titanium alloy wire for civil aviation and drones marks a significant advancement in the company's aerospace-grade material development capabilities [5] Group 3: Collaborative Innovation - Tiangong International has built a multi-level R&D platform, including a nationally recognized laboratory and partnerships with leading universities, to ensure its technology development aligns with urgent industry needs [7] - The company actively collaborates with upstream research institutions and industry leaders to enhance its innovation network, exemplified by its involvement in national key R&D projects [7][6] Group 4: Conclusion - Tiangong International's recent initiatives reflect a clear and steady path into commercial aerospace, leveraging decades of expertise in special steel and titanium materials to align national strategies with industry demands [8] - The company's approach, focusing on its strengths and addressing real industry bottlenecks through open collaboration, serves as a practical model for advancing the domestic production process in commercial aerospace and other high-end manufacturing sectors [8]

Core Insights - The collaboration between Tiangong International and the Beijing Institute of Aeronautical Materials signifies a strategic shift for Tiangong International from merely providing basic materials to defining the "core material rules" for future commercial aerospace equipment [2] - Powder metallurgy technology is identified as a key solution to overcome the limitations of traditional metallurgy, enabling the production of advanced materials with enhanced strength, toughness, and reliability [2] - The focus on core component materials, such as aerospace high-end gear bearing steel, is crucial for addressing the demanding operational conditions of aerospace systems, directly impacting the lifespan and reliability of core components [2][3] Strategic Development - Tiangong International is constructing a comprehensive capability framework to support commercial aerospace, emphasizing both vertical deepening and horizontal expansion in material science [4] - The company has established a new strategic structure comprising "special steel new materials + cutting tools + titanium and titanium alloy new materials," with a strong focus on aerospace as a key direction for advanced materials [4] - The successful delivery of the first titanium alloy wire for civil aviation and drones marks a significant advancement in Tiangong International's aerospace-grade material development and engineering capabilities [5] Collaborative Innovation - The company has built a multi-level R&D platform, including a nationally recognized laboratory and partnerships with leading universities, to ensure that its technological advancements align with urgent industry needs [7] - Strategic collaborations with top research institutions and industry leaders are being pursued to enhance innovation and address market demands, exemplified by the recent discussions with the Beijing Institute of Aeronautical Materials [7] - The establishment of a collaborative network ensures rapid transformation from laboratory research to production, enhancing the company's responsiveness to industry requirements [7] Conclusion - Tiangong International's recent activities reflect a clear and steady approach to entering the commercial aerospace sector, leveraging decades of expertise in special steel and titanium materials [8] - The company's model of aligning national strategies, industry demands, and corporate strengths provides a practical and reliable framework for advancing the domestic production process in commercial aerospace and other high-end manufacturing sectors [8]

Core Insights - The core discussion revolves around the application of powder metallurgy technology in the aerospace high-end equipment sector, highlighting its potential to address challenges in traditional metallurgy processes and improve material properties [1][3]. Group 1: Collaboration and Technical Exchange - Experts from the Beijing Institute of Aeronautical Materials visited Tiangong International to discuss the application of powder metallurgy technology [1]. - The management and technical research team of Tiangong International participated in the discussions, focusing on the frontier directions and collaboration opportunities in special steel materials [1]. - The visit included a tour of Tiangong International's powder metallurgy production line, where the company's capabilities in powder preparation, uniformity control, material composition stability, and equipment configuration were showcased [1]. Group 2: Advantages and Future Directions - Both parties recognized the significant potential of powder metallurgy technology in addressing issues such as segregation control and performance consistency in traditional metallurgy [3]. - The discussions strengthened the technical interaction between Tiangong International and the Beijing Institute of Aeronautical Materials, laying a solid foundation for joint efforts in ultra-high-strength powder steel and key structural materials [3]. - Tiangong International aims to leverage its R&D advantages in powder metallurgy and special steel materials to promote the localization of key materials, supporting high-end manufacturing equipment in aerospace and other sectors [3].

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 | | | 致：香港交易及結算所有限公司 公司名稱: 天工國際有限公司 呈交日期: 2025年12月2日 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,725,000,000 | | 0 | | 2,725,000,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,725,000,000 | | 0 | | 2,725,000,000 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. ...

Group 1: Market Performance - Hong Kong steel stocks experienced a general rise, with Tian Gong International increasing over 5%, and Angang Steel and Maanshan Iron & Steel rising by 3% [1] - Other notable increases include Chongqing Steel and China Oriental Group, both rising over 2.3% [1][2] Group 2: Export Data - In October, China's steel exports totaled 9.782 million tons, a decrease of 683,000 tons from September, representing a month-on-month decline of 6.5% and a year-on-year decline of 12.5% [1] - Cumulative steel exports from January to October reached 97.737 million tons, showing a year-on-year increase of 6.6% [1] Group 3: Industry Outlook - The global manufacturing PMI is stabilizing, and China's steel export order index has returned to an expansion zone, indicating improved competitiveness in steel export prices [1] - Despite this, external demand remains weak, influenced by trade frictions and related tax policies, which continue to suppress China's steel exports [1] - The potential for steel consumption in countries along the "Belt and Road" initiative is expected to benefit exports next year, helping to alleviate domestic demand pressures [1] - Signs of easing trade frictions may further enhance indirect exports next year [1] Group 4: Company-Specific Updates - UBS downgraded Maanshan Iron & Steel's rating to "Sell," citing unfavorable Q4 outlook, while the company plans to hold a Q3 earnings briefing on November 13 [3] - UBS raised the target price for Angang Steel's H-shares to HKD 2.45, noting that core products will benefit from strong manufacturing performance [3] - China Oriental Group reported Q3 steel sales of 2.1 million tons and an operating profit of 403 million yuan, with a mid-term net profit of 243 million yuan, reflecting a year-on-year increase of approximately 97.5% [3] - Tian Gong International is positioned for a value reassessment due to its near-net-shaping technology leading high-end manufacturing [3]

Core Viewpoint - Hong Kong steel stocks experienced a general rise, with notable increases in Tian Gong International and other companies, reflecting a positive sentiment in the market despite a decline in steel exports in October [1] Group 1: Market Performance - Tian Gong International saw a rise of over 5%, while Ansteel and Maanshan Iron & Steel increased by 3%, and Chongqing Steel and other companies rose by over 2.3% [2] - The overall performance of steel stocks indicates a recovery trend in the sector, driven by various market factors [1] Group 2: Export Data - In October, China exported 9.782 million tons of steel, a decrease of 683,000 tons from September, representing a month-on-month decline of 6.5% and a year-on-year decline of 12.5% [1] - Cumulative steel exports from January to October reached 97.737 million tons, showing a year-on-year increase of 6.6% [1] Group 3: Market Outlook - The global manufacturing PMI is stabilizing, and China's steel export order index has returned to the expansion zone, indicating improved competitiveness in steel export prices [1] - Despite the weak external demand and trade friction, the potential for steel consumption in countries along the "Belt and Road" initiative is expected to benefit exports next year, potentially alleviating domestic demand pressures [1] - Signs of easing trade friction may further enhance indirect exports in the coming year [1]