Investment Rating - The report maintains a "Buy" rating for the MIM industry, highlighting its core advantages in high-end precision manufacturing [5]. Core Insights - The MIM process, characterized by near-net shaping and high material utilization, is becoming a key technology in high-end precision manufacturing. The demand for small, precise, and integrated components in humanoid robots aligns well with MIM technology, which is increasingly being adopted by leading manufacturers like Figure [6][7]. - The MIM market in China is expected to grow significantly, reaching approximately 14.14 billion yuan by 2026, with a global market share increase to 31.2% [5][61]. Summary by Sections 1. MIM Process and Technology - The MIM process combines the advantages of plastic injection molding and powder metallurgy, allowing for the production of complex three-dimensional shapes with high density and strength, surpassing traditional powder metallurgy [10][17]. - MIM's core advantages include high forming capability, excellent material utilization, uniform microstructure, high production efficiency, and strong material adaptability [32][36]. 2. MIM Market Overview - The global MIM market reached approximately $3.776 billion in 2022 and is projected to grow to $7.388 billion by 2029, with a CAGR of 10.7% [52][57]. - In China, the MIM market was valued at about 9.12 billion yuan in 2022, with expectations to reach 14.14 billion yuan by 2026, indicating a strong growth trajectory [61][62]. 3. Application Areas - The primary application of MIM technology is in consumer electronics, accounting for about 40.3% of the market, followed by the automotive sector [58][60]. - MIM is increasingly utilized in the production of complex components for humanoid robots, electric tools, and automotive parts, showcasing its versatility across various high-end manufacturing sectors [47][49][58]. 4. Competitive Landscape - The MIM industry in China is characterized by a diverse competitive landscape, with key players like Dongmu Co., Haichang New Materials, and Tonglian Precision leading the market [5][61]. - The report emphasizes the importance of technological accumulation and scale effects for leading companies to maintain competitive advantages in the evolving MIM market [53][56].

Investment Rating - The report maintains a "Buy" rating for the MIM industry, highlighting its core advantages in high-end precision manufacturing [5]. Core Insights - The MIM process, with its near-net shaping, high material utilization, and ability to manufacture complex structures, is becoming a key technology in high-end precision manufacturing. The demand for small, precise, and integrated components in humanoid robots aligns well with MIM technology, opening up new market opportunities [7][6]. - The domestic MIM market is expected to grow significantly, reaching approximately 14.14 billion yuan by 2026, with a global market share increase to 31.2% [61][62]. Summary by Sections 1. MIM Process and Technology - The MIM process combines the advantages of plastic injection molding and powder metallurgy, allowing for the production of complex three-dimensional shapes with high material efficiency [17][21]. - MIM technology is particularly suited for high-precision, small-scale components, achieving a density of over 98% and mechanical properties close to forged parts [34][39]. 2. Market Overview - The global MIM market reached approximately $3.776 billion in 2022 and is projected to grow to $7.388 billion by 2029, with a CAGR of 10.7% [52][57]. - In China, the MIM market was valued at about 9.12 billion yuan in 2022, with expectations to grow to 14.14 billion yuan by 2026, indicating a strong domestic demand [61][62]. 3. Application Areas - The primary application of MIM technology is in consumer electronics, accounting for about 40.3% of the market, followed closely by the automotive sector [58][60]. - MIM is increasingly utilized in the production of complex components for humanoid robots, enhancing manufacturing efficiency and reducing costs [5][6]. 4. Key Players and Competitive Landscape - Major players in the MIM industry include Dongmu Co., Haichang New Materials, and Tonglian Precision, each with distinct competitive advantages in manufacturing capabilities and market focus [5][6]. - The competitive landscape is characterized by a mix of established firms and emerging players, with a focus on technological innovation and market expansion [53][54].

Core Viewpoint - Tian Gong International (00826) has seen a stock price increase of over 9%, currently trading at 4.19 HKD, with a transaction volume of 51.57 million HKD, following a strategic partnership with Bodycote, a leader in heat treatment and hot isostatic pressing technology [1] Group 1: Strategic Partnership - Tian Gong International has reached a deep strategic cooperation consensus with Bodycote to integrate core advantages in high-end manufacturing sectors such as aerospace, automotive, and energy [1] - The collaboration aims to create a new model of global collaborative development combining technology, capacity, and market [1] Group 2: Capacity Expansion - The company’s subsidiary, Jiangsu Tian Gong Xin Zhi Materials Co., Ltd., is planning a second phase project for powder metallurgy, which includes the addition of five hot isostatic pressing machines [1] - This expansion is intended to strengthen the company's capacity and technological advantages in high-end alloy material powder metallurgy, providing solid support for the strategic partnership [1] Group 3: Analyst Insights - CICC recently published a report indicating that starting from 2026, Tian Gong International's high-end materials are expected to see sustained growth, facilitating the company's transition from a leader in tool steel to a high-end new materials supplier [1] - The firm has adjusted the company's valuation to 2026, maintaining an outperform rating and raising the target price by 76% to 5.29 HKD, implying a 50% upside potential [1] - The current stock price corresponds to a 12.3x P/E for 2026 and 9.5x P/E for 2027 [1]

Core Viewpoint - Tian Gong International (00826) has seen a stock price increase of over 9%, currently trading at HKD 4.19, with a transaction volume of HKD 51.57 million, following a strategic partnership with Bodycote, a leader in heat treatment and hot isostatic pressing technology [1] Group 1: Strategic Partnership - Tian Gong International has reached a deep strategic cooperation consensus with Bodycote to integrate core advantages in high-end manufacturing sectors such as aerospace, automotive, and energy [1] - The collaboration aims to create a new model of global collaborative development combining technology, capacity, and market [1] Group 2: Capacity Expansion - The company’s subsidiary, Jiangsu Tian Gong Xin Zhi Materials Co., is planning a second phase project in powder metallurgy, which includes the addition of five hot isostatic pressing machines [1] - This expansion is intended to strengthen the company's capacity and technological advantages in high-end alloy material powder metallurgy, providing solid support for the strategic partnership [1] Group 3: Market Outlook and Valuation - CICC recently published a report indicating that starting from 2026, Tian Gong International's high-end materials are expected to see sustained growth, facilitating the company's transition from a leader in tool steel to a high-end new materials supplier [1] - The firm has adjusted the company's valuation to 2026, maintaining an "outperform" rating and raising the target price by 76% to HKD 5.29, which corresponds to an 18.4x P/E for 2026, implying a 50% upside potential [1] - The current stock price reflects a 12.3x P/E for 2026 and a 9.5x P/E for 2027 [1]

Core Viewpoint - The company, Steel Research High-Nickel Alloys (钢研高纳), is recognized as a leading domestic producer of high-end and new high-temperature alloy products, with a comprehensive product system [1] Group 1: Company Positioning - The company is one of the leading enterprises in the production scale of high-end and new high-temperature alloy products in China [1] - The company specializes in the nickel-based high-temperature alloy sector and is expanding into aluminum, magnesium, and titanium casting and forging fields [1] Group 2: Industry Development - The company is actively developing its layout in precision casting, centrifugal casting, die forging, ring rolling, powder metallurgy, fine manufacturing, and additive manufacturing industries [1]

Core Viewpoint - Tian Gong International (stock code: 0826.HK) announced a stock option grant plan to issue 30 million stock options, representing 1.10% of the current issued shares, aimed at binding the core team with the company's long-term development interests and driving high-quality growth through continuous innovation in the high-end materials sector [1][5] Group 1: Stock Option Grant Details - The 30 million stock options will vest in three phases, with each phase unlocking one-third of the options, contingent on achieving a minimum of 25% year-over-year revenue growth for the years 2026, 2027, and 2028 [2] - The exercise price of the stock options is set at HKD 3.50, which is above the closing price of HKD 3.43 on the grant date and the average closing price of HKD 3.366 over the previous five trading days, reflecting the company's confidence in its future stock value [2] - The incentive plan covers a wide range of participants, with 6.8% of the options allocated to core management and 93.2% to employees, fostering a shared interest community to maximize team motivation and creativity [2] Group 2: Innovation and Growth Strategies - Tian Gong International has made a milestone breakthrough in fusion materials, joining a research laboratory focused on high-end metal materials for magnetic confinement nuclear fusion, which is expected to provide reliable materials and solutions for future clean energy development [3] - The company has successfully broken the long-standing monopoly in the production of powder metallurgy tool steel, addressing industry pain points and meeting the increasing demand for large-scale die materials in the automotive sector [4] - The titanium alloy business is advancing towards high-end applications, with the company expanding into high-value sectors such as consumer electronics and aerospace, and establishing a new company to produce titanium alloy powders to meet urgent market needs [4] Group 3: Long-term Vision and Confidence - The stock option grant is seen as a recognition of past innovation achievements and a strategic move for future development, positioning the company to lead in the high-end materials sector and deliver stable long-term returns to investors [5]

Core Viewpoint - Tian Gong International (00826) has announced that its indirect subsidiary, Jiangsu Tian Gong Ai He Technology Co., Ltd. (Tian Gong Ai He), has been approved to join the Fusion High-End Metal Materials Research Joint Laboratory, which is expected to enhance the company's capabilities in powder metallurgy and expand its applications in controlled nuclear fusion [1][2]. Group 1 - The Joint Laboratory will focus on the large-scale manufacturing of powder metallurgy 304B7 high-boron steel and the development of new neutron shielding steel with a boron equivalent greater than 3.2 wt% [2]. - The Energy Research Institute will provide design and usage requirements for fusion reactor materials, facilitating the application of these materials in necessary scenarios [2]. - The establishment of the Joint Laboratory is anticipated to assist the company in exploring downstream applications in controlled nuclear fusion, thereby enriching its powder metallurgy business and improving production capacity utilization [2]. Group 2 - The Joint Laboratory will conduct research on the mechanical properties, microstructure, composition testing, and service performance evaluation of high-boron steel [2]. - Tian Gong Ai He will form a research and development team in collaboration with demand parties to create R&D plans and tackle technical challenges related to material selection, smelting, atomization, hot isostatic pressing, thermal processing, and performance testing [2]. - The board believes that the agreement will enhance the company's core competitiveness and may open up applications in other high-tech fields [2].

Core Viewpoint - Tian Gong International (00826) has been approved to join the Fusion High-End Metal Materials Research Joint Laboratory, which is expected to enhance its capabilities in powder metallurgy and expand its applications in controlled nuclear fusion [1][2]. Group 1: Joint Laboratory Agreement - The agreement with the Hefei Comprehensive National Science Center Energy Research Institute is effective for five years starting from January 16, 2026 [1]. - The Energy Research Institute focuses on clean and efficient coal utilization, renewable energy, smart electricity, and magnetic confinement fusion [1]. Group 2: Research Focus and Objectives - Tian Gong Ai He will work on the large-scale manufacturing of powder metallurgy 304B7 high-boron steel and the development of new neutron shielding steel with boron equivalent >3.2wt% [2]. - The Energy Research Institute will provide design and usage requirements for fusion reactor materials, facilitating the application of these materials [2]. Group 3: Strategic Implications - The joint laboratory agreement is expected to help the company explore downstream applications in controlled nuclear fusion, enhance its powder metallurgy business, and improve production capacity utilization [2]. - This collaboration may also open up opportunities for the company in other high-tech fields [2].

Core Viewpoint - Tian Gong International (00826.HK) has been approved to join the Fusion High-End Metal Materials R&D Joint Laboratory, enhancing its capabilities in advanced materials for nuclear fusion applications [1][2]. Group 1: Company Developments - Tian Gong International's subsidiary, Jiangsu Tian Gong Ai He Technology Co., Ltd. (Tian Gong Ai He), has become a new member of the Joint Laboratory focused on fusion materials [1]. - The Joint Laboratory aims to develop large-scale manufacturing of powder metallurgy 304B7 high-boron steel and new neutron shielding steel with boron equivalent >3.2wt% [1][2]. Group 2: Research and Development Focus - The Energy Research Institute will provide design and usage requirements for fusion reactor materials, facilitating the application of these materials in practical scenarios [1]. - Tian Gong Ai He will form a research team to address the material needs for fusion reactors, including raw material selection, smelting, atomization powdering, hot isostatic pressing, and mechanical performance testing [2]. Group 3: Strategic Implications - The Joint Laboratory agreement is expected to help the company expand into downstream applications of controlled nuclear fusion, enhancing its powder metallurgy business and increasing production capacity utilization [2]. - The agreement is considered fair and reasonable, aligning with the overall interests of the company and its shareholders [2].

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的內容概不負責，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的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的有限公司) (股份代號: 826) 此自願公告乃由天工國際有限公司（「本公司」，連同其附屬公司統稱「本集團」）作出。 聯合實驗室協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二六年一月十六日，合肥綜合性國 家科學中心能源研究院（「能源研究院」）批准本公司的間接附屬公司江蘇天工愛和科技有限 公司（「天工愛和」）成為聚變高端金屬材料研發聯合實驗室（「聯合實驗室」）的新成員。 有關合作方的資料 能源研究院成立於二零一九年底，是中國科學院和安徽省政府共同發起，依託中科院合肥物 質科學研究院等離子體所、中國科學技術大學、合肥工業大學、安徽理工大學四家單位合作 共建的研發機構，重點圍繞煤炭清潔高效利用、可再生能源、智慧電力及磁約束聚變四個方 向，開展前沿基礎和應用技術研究及關鍵核心技 ...