天工国际(00826) - 2025 - 中期财报

Company Information Company Basic Information 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] - 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] - Li Zhuoran chairs the Audit Committee and Nomination Committee, while Wang Xuesong chairs the Remuneration Committee[11] - The company's auditor is KPMG, with its principal place of business in Zhenjiang City, Jiangsu Province, China[11] Management Discussion and Analysis Business Review 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] Die Steel 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] High-Speed Steel 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] Cutting Tools 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] Titanium Alloy 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] Others 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] [Financial Review](index=7&type=section&id=%E8%B2%A1%E5%8B%99%