公司利用粉末冶金技术制备核聚变材料——先进低活化钢（RAFM钢）和核电用高硼钢（304B7）。先 进低活化钢是核聚变堆的首选结构材料，一座核聚变堆需要4000吨至7000吨。核电用高硼钢是核能领域 的关键功能材料，一座核聚变堆需要400-1000吨，在生产中材料成型和加工难度极大。随着核电产业发 展，核聚变材料的市场前景极为广阔。 在复杂外部环境下，公司聚焦高端制造与材料创新，报告期内实现多领域从0到1的突破。未来，随着高 端制造的持续突破及传统业务需求回暖，公司有望迈向更高质量增长。 公司拥有国产独家粉末冶金工艺，依托国家级企业技术中心及多年冶金技术积淀，实现航空航天、机器 人、核聚变、医疗器械等高端制造领域的突围，研发项目总数144项，新品开发583项，申请发明专利 111项。 报告期内，公司利用粉末冶金技术制备高氮合金材料，攻克高氮合金材料的氮含量控制、纯净度提升等 难题，打破高氮合金材料依赖进口以及产业化发展等痛点。由此，润孚动力、恒而达与公司合作达成供 应协议，共同推动高氮丝杠在高端装备与机器人丝杠材料国产化的进程，强化行业领导地位。此外，高 氮合金材料正积极应用于医疗器械、高端刀具及海洋船舶领域。 ...

在7个交易日放量累涨近40%后，天工国际(00826)于8月25日迎来中报"放榜"。 据业绩公告显示，天工国际2025年上半年的收入为23.42亿元(人民币，下同)，股东净利润为2.04亿元，同比增长10.87%，实现了利润端的两位数增长。 若对当前行业环境有深入了解，便能发现天工国际此份业绩的"含金量"，其于"逆风"环境下仍展现出了强大的业务韧性，而这背后，得益于公司长期坚持的 产品高端化战略渐入收获期，特别是在粉末冶金领域，其搭建的平台已实现对粉末冶金技术的多维商业化，这意味着天工国际已持续引领我国高端制造的粉 末冶金之路，其价值也正被市场所挖掘和重视。 国内市场成业绩稳健发展"压舱石 钛合金业务收入的下滑则是因为于消费电子领域的销售减少所致，但公司已在销售组合中加入了其他应用范畴的新订单，以此提高公司的产能利用率，这虽 然在短期内会对收入有所影响，但随着覆盖行业及客户数量的持续增加，钛合金业务有望重回增长。 2025年上半年，由于全球地缘政治的持续不稳以及贸易摩擦的加剧，全球经济的复杂性和不确定性仍深度交织，我国出口贸易面对着更复杂的挑战，这令出 口企业的经营面临着相对较大的压力，天工国际亦不可避免的受 ...

在7个交易日放量累涨近40%后，天工国际(00826)于8月25日迎来中报"放榜"。 若对当前行业环境有深入了解，便能发现天工国际此份业绩的"含金量"，其于"逆风"环境下仍展现出了强大的业务韧性，而这背后，得益于公司长期坚持的 产品高端化战略渐入收获期，特别是在粉末冶金领域，其搭建的平台已实现对粉末冶金技术的多维商业化，这意味着天工国际已持续引领我国高端制造的粉 末冶金之路，其价值也正被市场所挖掘和重视。 国内市场成业绩稳健发展"压舱石 2025年上半年，由于全球地缘政治的持续不稳以及贸易摩擦的加剧，全球经济的复杂性和不确定性仍深度交织，我国出口贸易面对着更复杂的挑战，这令出 口企业的经营面临着相对较大的压力，天工国际亦不可避免的受到了影响，各产品线的外销收入有不同程度的下滑。 但国内经济发展势头稳健，据国家统计局数据显示，2025年上半年我国的GDP增长率为5.3%，较同期上升0.3个百分点，规模以上的高技术制造业增加值同 比增长9.7%，其中运输指标制造业、电气机械、器材制造这三个行业的增加值分别为11.4%、10.1%、11.4%的双位数增幅，这令国内的特钢需求呈现回暖趋 势。 作为持续发力高端化产品的 ...

Core Viewpoint - Dongmu Co., Ltd. (600114.SH) continues to achieve steady growth in operating performance, driven by market expansion and technological innovation [1][2]. Financial Performance - In the first half of 2025, Dongmu Co., Ltd. reported operating revenue of 2.93 billion yuan, a year-on-year increase of 24.51%, and a net profit attributable to shareholders of 261 million yuan, up 37.61% [1]. - The company’s quarterly performance showed consistency, with net profits of 112 million yuan and 149 million yuan in Q1 and Q2 respectively, both reflecting a growth of approximately 37.6% [1]. - From 2022 to 2024, the company’s operating revenue was 3.726 billion yuan, 3.861 billion yuan, and 5.143 billion yuan, with year-on-year growth rates of 3.76%, 3.62%, and 33.2% respectively [2]. Market and Industry Trends - The powder metallurgy industry is experiencing a trend towards high-end, green, and intelligent development, with Dongmu Co., Ltd. increasing its R&D investment to enhance its technology [3]. - The demand in the consumer electronics market is recovering, and the company benefits from the growth in automotive, new energy, photovoltaic, and energy storage sectors [2]. Shareholder Returns - Dongmu Co., Ltd. has consistently returned value to shareholders, having distributed cash dividends for 21 consecutive years, with a cumulative net profit of 2.895 billion yuan and cash dividends of 1.56 billion yuan since its listing [3]. - The average dividend payout ratio stands at 53.89% [3]. Research and Development - The company’s R&D investments have increased over the years, with expenditures of 271 million yuan, 278 million yuan, and 322 million yuan from 2022 to 2024, and 162 million yuan in the first half of 2025, accounting for 5.54% of operating revenue [3]. - As of June 30, the company holds 922 authorized patents, including 231 invention patents [4].

Core Insights - The global powder metallurgy industry is experiencing significant growth, with the market size projected to reach approximately $25.1 billion in 2024 and nearly $33 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.5% from 2025 to 2030 [8][10]. Industry Overview - The development of powder metallurgy has evolved through three main stages: the nascent period, the technological formation period, and the industrial explosion period, dating back to 300 BC [1]. - The automotive industry is the primary driver of the powder metallurgy market, accounting for about 40% of applications in 2023, followed by aerospace at 36%, and commercial machinery and electrical electronics at 10% and 7%, respectively [6]. Competitive Landscape - GKN Group is identified as the leading player in the global powder metallurgy market, with significant historical development, technological reserves, and strategic influence [3]. - Other notable companies in the first tier include Sumitomo Electric, Bohai Licheng, and Sandvik, which possess strong technical accumulation and market positions [3]. - Domestic companies such as Dongmu Co. and Antai Technology are positioned in the second tier, making strides in the rapidly growing Asian market [3]. Market Dynamics - The recovery of the global macroeconomic environment and the revitalization of the manufacturing industry are contributing to the gradual return of the market to pre-pandemic levels, with increased applications of powder metallurgy products across various downstream sectors [9]. - The demand for powder metallurgy products in the automotive sector is expected to continue growing steadily, alongside expanding applications in the medical field and rapid demand growth in aerospace and military sectors [10].

Industry Overview - Powder metallurgy is a technology for producing metal materials and components using metal powders, characterized by energy efficiency, material savings, and high precision, making it suitable for mass production [1][12] - The industry is classified into nine categories based on usage and characteristics, including structural materials, friction materials, porous materials, tool materials, refractory materials, corrosion-resistant materials, electrical materials, magnetic materials, and others [3][4] Industry Chain Analysis - The powder metallurgy industry chain consists of upstream raw materials and equipment, midstream product manufacturing, and downstream applications in automotive, aerospace, medical devices, and engineering machinery [6][7] - Leading companies in the industry include upstream material suppliers like Yuyuan New Materials and midstream manufacturers like Antai Technology and Dongmu Co., which are increasingly integrating their operations [7] Current Industry Status - The average production and sales rate of representative companies in the powder metallurgy sector has shown a fluctuating growth trend, increasing from 96.6% to 98.7% from 2021 to 2023, indicating a balance between supply and demand [20][22] - The Chinese powder metallurgy market is projected to exceed 16 billion yuan in 2024, driven by diverse applications across various sectors, particularly in the automotive industry [22][23] Competitive Landscape - The industry is divided into three tiers based on revenue, with Antai Technology leading at over 2.9 billion yuan, followed by Dongmu Co. with approximately 2.2 billion yuan, and other companies like Tianyi Shangjia and Haichang New Materials in the 100 million to 500 million yuan range [23][26] - The market share for Antai Technology and Dongmu Co. was 18.2% and 13.8% respectively in 2023, while other companies held less than 4% [26] Future Development Trends - The powder metallurgy industry is expected to see significant growth in applications, particularly in high-end markets such as new energy, medical devices, and aerospace, with a projected market size of 24.4 billion yuan by 2030, reflecting a compound annual growth rate of 6.9% [34] - Technological innovations, including metal powder injection molding and 3D printing, are anticipated to enhance product performance and expand application boundaries [31][33]

Core Viewpoint - The global powder metallurgy powder market is projected to grow from approximately $8.86 billion in 2024 to $15.01 billion by 2031, with a compound annual growth rate (CAGR) of 7.55% from 2025 to 2031, driven primarily by the automotive industry and the rise of new energy vehicles [8][9]. Global Powder Metallurgy Powder Market Analysis - The automotive sector is the largest application area for powder metallurgy powders, with increasing demand for localized production and cost reduction in China [8]. - The rise of new energy vehicles presents new opportunities for powder metallurgy powders, particularly in battery materials and lightweight structures [8]. - The market is supported by government policies encouraging technological innovation and industry upgrades, attracting more investments [9]. Market Segmentation - The powder metallurgy powder market is mainly divided into iron-based powders and non-ferrous metal powders, with iron-based powders accounting for approximately 81.86% of the global market revenue in 2024, estimated at $7.25 billion [12]. - Advances in powder metallurgy technology, such as improved sintering techniques, have significantly enhanced the quality and performance of iron-based powders [12]. Industry Growth Drivers - The growth of the automotive industry, particularly in lightweight and energy-efficient components, is a major driver for the powder metallurgy powder market [13]. - The aerospace industry demands high-performance materials, and powder metallurgy can meet these stringent requirements [13]. - The electronics sector is increasingly utilizing powder metallurgy for high-precision magnetic materials and electronic packaging [15]. - The advancement of additive manufacturing (3D printing) technology is creating new opportunities for complex component production using powder metallurgy powders [15]. - The rise of the new energy sector, especially in electric vehicle battery materials, is driving demand for powder metallurgy powders [15]. Key Players in the Market - Major global manufacturers in the powder metallurgy powder market include Hoganas AB, Sumitomo Metal Mining, 有研粉材, 章源钨业, GKN Powder Metallurgy, and others [9][20].