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月二十八日的「2025 年三季度報告」，僅供參閱。 承董事會命 主席 朱小坤 江苏天工科技股份有限公司 2025 年第三季度报告 香港，二零二五年十月二十八日 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 天工股份 证券代码：920068 第一节 重要提示 公司董事、高级管理人员保证本报告所载资料不存在虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实 ...

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月二十八日的「第四屆董事會第十五次會議決議公 告」，僅供參閱。 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。 承董事會命 主席 朱小坤 香港，二零二五年十月二十八日 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:2025-122 江苏天工科技股份有限公司 第四届董事会第十五次会议决议公告 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 ...

每经AI快讯，天工国际(00826.HK)涨超6%，截至发稿，涨6.1%，报3.13港元，成交额1.42亿港元。 ...

Core Viewpoint - Tian Gong International (00826) has seen a stock price increase of over 6%, currently trading at 3.13 HKD with a transaction volume of 142 million HKD, driven by strategic developments in nuclear fusion energy and titanium alloy applications [1] Group 1: Industry Developments - The Central Committee of the Communist Party of China has proposed forward-looking layouts for future industries, emphasizing nuclear fusion energy as a new economic growth point [1] - The market for nuclear fusion materials is expected to be broad, with significant strategic importance for companies involved in this sector [1] Group 2: Company Developments - Tian Gong International specializes in titanium alloy wire and is expanding into the 3D printing titanium alloy powder market, indicating a strategic move into high-demand areas [1] - The company has signed a long-term supply agreement with Heng Er Da, committing to supply at least 100 tons of specialized powder high-speed steel materials annually for five years, totaling no less than 600 tons [1] - The company is optimistic about the prospects of its high-end titanium alloy business, anticipating increased demand from downstream customers and progress in sectors such as aerospace, healthcare, and nuclear fusion [1]

Core Viewpoint - Tian Gong International (0826.HK) is positioned to benefit from both policy incentives and industrial upgrades, leveraging technological innovation and strategic planning to carve out a path in high-end materials [1] Group 1: Company Performance - The stock price of Tian Gong International rose nearly 8% to HKD 3.18, marking the second consecutive day of increase [1] - The company has demonstrated steady growth in performance, supported by positive ratings from institutional investors [1] Group 2: Technological and Strategic Advancements - Breakthroughs in powder metallurgy and titanium alloy technologies have established strong barriers to entry for competitors [1] - The company is actively engaging in capital operations and capacity planning to solidify its foundation [1] Group 3: Future Prospects - Tian Gong International is seizing opportunities in future sectors such as humanoid robots and nuclear fusion [1] - The company's journey reflects the strengthening of the real economy in China, with its future development being highly anticipated due to supportive policies [1]

Core Insights - The news highlights China's focus on economic and social development over the next five years, emphasizing four key dimensions: "solid foundation upgrade, innovation nurturing, expansion and quality improvement, and strengthening efficiency" [1] - The concept of "innovation nurturing" aims to cultivate and expand emerging and future industries, aligning with the projection that the contribution of the "three new" economies to GDP will exceed 18% in 2024 [1] - The report indicates that the next decade will see the addition of a scale equivalent to recreating China's high-tech industry, underscoring a clear vision for high-quality economic development [1] Industry Opportunities - Relevant policy documents position the new materials industry as a core component of emerging pillar industries, with a focus on accelerating the development of strategic emerging industry clusters such as new energy and new materials [3] - The high dependence on imports for certain high-end materials in China is being addressed through policies aimed at overcoming the challenges of "high-end reliance on imports and low-end overcapacity" [3] - The global demand for electricity is increasing, particularly in the context of AI and other rapidly developing industries, leading to a predicted global nuclear fusion market size exceeding $40 trillion by 2050 [3][5] Company Developments - Tiangong International is transitioning from a traditional materials manufacturer to a high-end manufacturing core materials supplier, leveraging its core competencies in technology, scene expansion, and strategic layout [1] - The company has established a leading position in powder metallurgy technology, which addresses traditional steelmaking bottlenecks and significantly enhances material performance [8] - In the first half of 2025, Tiangong International's powder metallurgy material sales reached 589 tons, a 66.4% increase, with a unit price of 149,000 yuan per ton, significantly higher than existing high-speed steel and mold steel products [9] Strategic Initiatives - The company has signed a five-year supply agreement with Heng'erda to provide at least 100 tons of specialized powder high-speed steel annually starting in 2026, ensuring stable future performance [9] - Tiangong International has made breakthroughs in the application of powder metallurgy technology in advanced fields, including the successful delivery of high-nitrogen steel for planetary roller screw production [9] - The company has also achieved significant milestones in the aerospace sector, securing its first order for aerospace-grade titanium alloy fasteners, thus breaking foreign monopolies in this field [13] Financial Performance - Despite challenges such as U.S. tariffs and fluctuations in consumer electronics demand, Tiangong International achieved a net profit of 203 million yuan in the first half of 2025, reflecting a 10.4% year-on-year increase [16] - The company’s strong cost control and product pricing power are evident in its ability to maintain growth amid external pressures [16] Market Outlook - Analysts have a positive outlook on Tiangong International's future, with First Shanghai Securities predicting a compound annual growth rate of over 30% for net profit from 2025 to 2027, and a target price of 4.38 HKD, indicating a potential upside of 48.47% from the closing price on October 24 [17] - The company is well-positioned to capitalize on policy benefits and industry upgrades, with its technological innovations and strategic layouts paving the way for growth in high-end materials [19]

Core Viewpoint - The news provides an overview of the upcoming IPOs, earnings announcements, shareholder meetings, and dividend distributions for various companies listed on the Hong Kong Stock Exchange as of October 23, 2025 [1]. New IPO Activities - Companies currently in the IPO process include: - Baima Tea Industry - Cambridge Technology - Sany Heavy Industry - Dipu Technology - Prada - Lijuz Pharmaceutical [1] Earnings Announcement Dates - Companies scheduled to announce earnings include: - Faraday - Ping An Good Doctor - Longyuan Power - Orient Overseas International - Qingdao Port - China Innovation Investment - Chongqing Machinery and Electric [1] Shareholder Meeting Dates - Companies holding shareholder meetings include: - Datang Power - Andeli Juice - Hongye Futures - Tibet Water Resources - China Anshun Energy [1] Dividend Distribution - Companies with upcoming dividend distributions include: - Hang Seng Bank (ex-dividend date) - Huaxun (dividend payment date) - Wansichang International (dividend payment date) - Zhifeng Industrial Electronics (dividend payment date) - Haitian Flavoring and Food (dividend payment date) - China Shipbuilding Defense (dividend payment date) - Dongfang Xingye Holdings (dividend payment date) - China Resources Mixc Life (dividend payment date) [1][3][4]

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。 ...