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].

Core Viewpoint - Tian Gong International has successfully developed new neutron shielding materials for nuclear fusion devices, marking a significant advancement in powder metallurgy technology and production capabilities [1] Group 1: Company Development and Transformation - Tian Gong International was established in 1981 as a struggling small factory and has evolved into a leading tool manufacturing company by focusing on high-end product development and technological innovation [2] - The company began producing cutting tools in 1987 and expanded its operations to include high-speed tool steel production, significantly enhancing its product development capabilities [2] - In 2018, the company recognized the potential of powder metallurgy steel and invested heavily in establishing a large-scale production line, becoming the only domestic enterprise capable of mass-producing powder metallurgy tool steel [2] Group 2: Technological Innovations - The application of powder metallurgy steel has extended beyond the company's own cutting tool production, addressing performance challenges in large-scale die materials through innovative processes [3] - Tian Gong International's differentiated processing methods for powder metallurgy die steel provide improved microstructure uniformity and overall performance, particularly in large die applications [3] Group 3: Titanium Alloy Business - Tian Gong International's subsidiary, Tian Gong Co., successfully listed on the Beijing Stock Exchange, enhancing its capabilities in the titanium alloy sector, which is recognized as a national-level specialized and innovative enterprise [4] - The titanium alloy business has transitioned from rough processing to precision and deep processing, expanding its product applications into consumer electronics and 3D printing [4] - The company has achieved significant milestones in high-end titanium alloy production, including the successful trial of a 10-ton titanium ingot, indicating enhanced production capabilities [4] Group 4: Research and Development Focus - The emphasis on research and development has been crucial for the company's advancement into high-end markets, supported by a strong talent pool and increased R&D expenditure [6] - Collaborations with various research institutions and universities have been established to maintain technological advantages and achieve significant breakthroughs [6] - The company is actively pursuing opportunities in the domestic market for precision tools, aiming to capture a larger market share in a sector valued at hundreds of billions [6]

Core Insights - Tian Gong International has gained recognition in the powder metallurgy field, highlighted by its feature on CCTV's "Morning News," showcasing its advanced metal powder materials and applications [1] - The company is positioned as a leader in high-end manufacturing, transitioning from a follower to a frontrunner in the industry [1] Group 1: Technological Breakthroughs - The powder metallurgy technology developed by Tian Gong International represents a significant leap from traditional steel-making processes, reducing material waste and internal structural defects [2] - The lifespan of products made using this technology has increased from 6,000 to 20,000 cycles, with potential future improvements to 50,000 or even 80,000 cycles, significantly lowering production costs for downstream manufacturing [3] - The company has achieved an annual production capacity of 8,000 tons of powder metallurgy, establishing itself as an industry leader [3] Group 2: Market Expansion and Applications - The global humanoid robot market is projected to reach $154 billion by 2035, with potential growth to $7 trillion by 2050, creating substantial demand for high-quality materials [5] - Tian Gong International has successfully produced high-nitrogen steel with superior hardness and corrosion resistance, which has been validated for use in planetary roller screw production [6] - The company is also making strides in the nuclear fusion materials sector, having overcome key production challenges and achieving small-scale trial production [6] Group 3: Strategic Partnerships - In the first half of the year, Tian Gong International signed a long-term supply agreement with Heng Er Da, committing to supply at least 100 tons of specialized powder high-speed steel annually for five years [4] Group 4: Future Outlook - The global powder metallurgy high-speed steel market is expanding, and Tian Gong International is well-positioned to capitalize on this growth due to its production scale, technological advancements, and diverse application scenarios [8] - The company's trajectory underscores the importance of material innovation as a foundation for a strong manufacturing nation, contributing to the restructuring of the global industrial landscape [8]

Core Viewpoint - Tian Gong International has successfully developed new neutron shielding materials for nuclear fusion devices, marking a significant advancement in its powder metallurgy capabilities [1] Group 1: Company Development and Transformation - Tian Gong International was established in 1981 and initially struggled as a small village factory, producing various low-demand products [2] - The company shifted focus to cutting tools in 1987, achieving market stability and expanding into high-speed tool steel production by 1992 [2] - Over 30 years, the company has diversified its product offerings in cutting tools and has become a leader in high-speed tool steel production [2] - In 2018, the company recognized the potential of powder metallurgy steel and invested heavily in establishing a large-scale production line, becoming the only domestic producer of powder metallurgy tool steel [2] Group 2: Innovations in Powder Metallurgy - The application of powder metallurgy steel has expanded beyond the company's own cutting tools, addressing performance issues in large die-casting molds through innovative collaborations [3] - Tian Gong International's powder metallurgy steel offers improved microstructure uniformity and superior performance compared to traditional materials [3] Group 3: Titanium Alloy Business - Tian Gong International's subsidiary, Tian Gong Co., successfully listed on the Beijing Stock Exchange, enhancing its capital market presence [4] - The titanium alloy business focuses on high-end applications, transitioning from rough processing to precision and deep processing, with products extending into various emerging markets [4] - The company has achieved significant milestones in titanium ingot production, enhancing its capabilities in high-end titanium and titanium alloy materials [4] Group 4: Research and Development Focus - The company emphasizes research and development as a key driver for advancing into high-end markets, with increasing R&D expenditures and collaborations with research institutions [6] - Tian Gong International has engaged with various universities and research institutes to strengthen its technological advantages and achieve significant breakthroughs [6] - The company is actively pursuing opportunities in the domestic market for precision tools, aiming to capture a larger share of the substantial market potential [6]