Core Viewpoint - Tian Gong International (00826.HK) has completed a capital increase in Shanghai Gaize Laser Technology Co., Ltd., acquiring approximately 5.56% of its expanded registered capital for a total of RMB 3 million [1] Company Summary - Tian Gong International's indirect wholly-owned subsidiary, Jiangsu Tian Gong Investment Management Co., Ltd. ("Tian Gong Investment"), is primarily engaged in investment management and related consulting services [1] - Shanghai Gaize is involved in the development, consultation, and service of laser technology, including manufacturing and processing laser equipment [1] Industry Summary - The laser cladding technology can be applied in mold repair, with 70% of molds being repairable; however, the market lacks specialized mold repair centers, leading to a gap in high-precision and intelligent repair services [2] - The collaboration between the group and Shanghai Gaize is expected to leverage the group's customer resources to penetrate the end-user market and deepen service offerings through partnerships in the mold service sector [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) 自願公告 激光熔覆及增材製造業務股權投資 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。 激光熔覆及增材製造業務股權投資 本公司董事會（「董事會」）欣然宣佈，於二零二五年九月三日，本公司的間接全資附屬公 司江蘇天工投資管理有限公司（「天工投資」）完成對上海蓋澤激光科技有限公司（「上海 蓋澤」）增資，據此，天工投資同意以總價人民幣3,000,000元認購上海蓋澤的294,367股新 股，佔上海蓋澤經擴大註冊股本約5.56%。 股份認購方的資料 1. 天工投資 天工投資為一間於中國成立的有限責任公司，主要經營的業務為從事投資管理及相關諮 詢服務；企業管理諮詢、財務管理諮詢、商業資訊諮詢、經濟信息諮詢。 2. 上海蓋澤 上 ...

Core Viewpoint - The company has approved a share repurchase plan through a centralized bidding process, which does not require shareholder meeting approval as per its articles of association [1]. Group 1: Shareholder Information - The announcement includes details of the top ten shareholders and the top ten unrestricted shareholders as of August 27, 2025, including their names, shareholdings, and ownership percentages [1][2]. - The top shareholders include "Industrial Bank Co., Ltd. - Huaxia CSI Robot ETF" and "Guotai Junan Securities Co., Ltd. - Tianhong CSI Robot ETF" [3]. - The company confirms that all shares are unrestricted circulating shares, and the shareholding information for the top ten shareholders and top ten unrestricted shareholders is identical [4]. Group 2: Name Change Notification - The shareholder "Yancheng Haihe Henghui No. 2 Venture Capital Partnership (Limited Partnership)" has completed a name change to "Tai'an Haihe Henghui No. 2 Investment Partnership (Limited Partnership)" and is in the process of updating its registration with the China Securities Depository and Clearing Corporation [3][4]. Group 3: Official Announcement - The announcement is officially issued by the board of directors of the company on September 3, 2025 [5].

Summary of the Conference Call for 聚光科技 (Juguang Technology) Company Overview - **Company**: 聚光科技 (Juguang Technology) - **Industry**: Optical technology, semiconductor processing, automotive applications, and consumer electronics Key Financial Performance - **Revenue Growth**: In the first half of 2025, revenue reached 390 million RMB, a 26% year-on-year increase. Q2 revenue was 223 million RMB, up 32% from Q1 [2][4] - **Net Profit**: The company reported a net loss of 24.94 million RMB, an improvement from a loss of 28.12 million RMB in the same period of 2024. The adjusted net loss, excluding stock compensation, was 6.72 million RMB, down from 19.82 million RMB [2][4] - **Gross Margin**: Increased from 28% in 2024 to 33% in 2025, attributed to a higher proportion of high-margin businesses and effective cost control [2][4][5] - **Operating Cash Flow**: Positive operating cash flow of 15.89 million RMB as of June 2025, up from 3.89 million RMB in Q1 [5] Business Segment Performance - **Automotive Applications**: Q2 revenue grew 230% quarter-on-quarter and 25% year-on-year, driven by increased automotive lighting business [2][12] - **Photonics and Manufacturing Services**: Significant growth with Q2 revenue reaching 22.5 million RMB, a 101% increase from Q1. Total revenue for the first half was 33.72 million RMB [2][9] - **Laser Optics**: Contributed 50% to total revenue, but faced a 10% decline year-on-year due to challenges in overseas markets [2][10] Strategic Initiatives - **Market Expansion**: The company is focusing on expanding market share, increasing the proportion of high-margin businesses, and implementing cost control measures [2][7] - **Business Transformation**: Accelerating strategic transformation towards emerging sectors like optical communication, consumer electronics, and semiconductor processing while maintaining traditional businesses for cash flow support [3][39] - **M&A Activities**: Recent acquisitions aimed at entering new markets and enhancing capabilities in semiconductor processing and consumer electronics [25][28] Operational Improvements - **Cost Management**: Reduction in sales, management, and R&D expense ratios from 53% in Q1 to 36% in Q2 [4] - **Inventory Management**: Accounts receivable turnover days improved from 88 to 79 days, indicating better cash flow management [5] - **Digital Transformation**: Implementation of SIP ERP and MES systems to enhance operational efficiency [18] Future Outlook - **Growth Projections**: The company expects continued growth in the second half of 2025, with a focus on maintaining positive cash flow and profitability [67] - **Emerging Technologies**: Plans to develop high-precision multi-channel microwave technology and CPO solutions, with potential breakthroughs expected in the next few years [42][44] - **Market Positioning**: Aiming to become a key player in the optical communication and consumer electronics sectors, leveraging technological advantages and strategic partnerships [70][71] Additional Insights - **R&D Focus**: Emphasis on high-potential projects and reducing investment in low-return initiatives [21][34] - **Impact of Tariffs**: Minimal direct impact from tariffs due to a shift in production to Southeast Asia, although global economic conditions have affected business [24] - **Human Resource Strategy**: Focus on increasing business volume to improve efficiency rather than downsizing [17][64] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic initiatives, operational improvements, and future outlook of 聚光科技.

Core Viewpoint - The report highlights the financial performance and strategic direction of Appotronics Corporation Limited (光峰科技) for the first half of 2025, indicating a decline in revenue and profit due to increased competition and economic downturn, while emphasizing ongoing investments in R&D and innovation in laser technology [1][2][3]. Company Overview and Financial Indicators - Appotronics Corporation Limited reported a revenue of approximately 961.49 million yuan, a decrease of 11.09% compared to the same period last year [2][3]. - The total profit for the period was a loss of approximately 141.97 million yuan, a significant decline from a profit of 6.29 million yuan in the previous year, marking a decrease of 2,358.20% [2][3]. - The net profit attributable to shareholders was approximately -130.94 million yuan, down 1,300.25% from 10.91 million yuan in the previous year [2][3]. - The company’s net assets decreased by 5.88% to approximately 2.58 billion yuan compared to the end of the previous year [2][3]. Industry and Business Analysis - The laser industry in China is experiencing a shift towards domestic production of core components such as semiconductor laser chips and lasers, with applications expanding into AI, AR, and robotics [4][5]. - The company focuses on semiconductor laser source technology, which is becoming the mainstream technology in the laser display industry, offering advantages such as high brightness, compact size, and energy efficiency [4][5]. - The company is actively pursuing innovation in core components and applications, particularly in emerging fields like AR and AI, to enhance its competitive edge [5][6]. Operational Performance - The company has increased its R&D investment, which accounted for 12.98% of its revenue, up from 10.32% in the previous year, reflecting a commitment to innovation [2][3][4]. - The company launched a new ultra-compact AR optical engine at CES 2025, showcasing its advancements in AR technology [5][6]. - Appotronics has established strategic partnerships, such as with Valeo for automotive lighting solutions, to enhance its market presence and product offerings [6][7]. Competitive Advantages - The company has built a robust patent portfolio with over 3,033 patent applications globally, including 2,372 granted patents, which strengthens its market position [8][9]. - Appotronics' proprietary ALPD semiconductor laser source technology is recognized as a key innovation in the laser display sector, with significant citations from industry leaders [9][10]. - The company is focused on integrating its core technologies into various applications, ensuring long-term value and growth potential in the laser industry [8][9].

Core Viewpoint - The company proposes a share buyback to enhance long-term value and align interests of shareholders, employees, and the company itself [1][2]. Group 1: Proposal Details - The actual controller and chairman, Zhao Shengyu, suggested the company repurchase shares using self-funds or raised funds through the Shanghai Stock Exchange [1]. - The buyback aims to support the company's sustainable development and improve the long-term incentive mechanism [1][2]. - The maximum buyback amount is set at RMB 36 million, with a maximum price of RMB 46.70 per share, potentially repurchasing approximately 770,877 shares, representing 0.3111% of the total share capital [2]. Group 2: Implementation and Conditions - If shares are not fully transferred within three years post-buyback, untransferred shares will be canceled [2]. - The buyback plan will be adjusted according to any changes in national policies or regulations [2]. - The board of directors unanimously approved the buyback proposal with a vote of 9 in favor, 0 against, and 0 abstentions [3].

Overview - The company plans to provide financial assistance of up to 80 million yuan to its subsidiary, Xingneng Maoye, to support its business development without affecting its own operations [1][6]. Financial Assistance Details - The financial assistance will be charged at a rate not lower than the one-year Loan Prime Rate (LPR) published by the National Interbank Funding Center and not lower than the company's actual bank borrowing rate [1][6]. - The financial assistance is valid for 36 months from the date of board approval, with the borrowing amount being available for revolving use during this period [1][6]. Related Party Transactions - The company holds 64.20% of Xingneng Maoye, making it the controlling shareholder, while the chairman and vice president hold 8.00% and 7.30% of the subsidiary, respectively [2][4]. - The transaction constitutes a related party transaction as the chairman and vice president did not proportionally provide financial assistance to Xingneng Maoye [2][8]. Financial Status of Xingneng Maoye - As of December 31, 2024, Xingneng Maoye reported total assets of 1,476.62 million yuan and total liabilities of 564.90 million yuan, resulting in net assets of 911.72 million yuan [5]. - For the first quarter of 2025, the company reported a net profit of -537.79 million yuan [5]. Approval Process - The independent directors, board of directors, and supervisory board have all approved the financial assistance proposal, confirming that it aligns with the company's strategic goals and does not adversely affect its operations [8][9].

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025 compared to the same period in 2024, with revenue decreasing by 30.50% to approximately 1.66 billion RMB and a net loss of approximately 708 million RMB [1][2]. Financial Performance - Total assets increased by 8.83% from the end of the previous year, reaching approximately 12.51 billion RMB [1]. - The total profit for the period was reported as a loss of approximately 712.68 million RMB, contrasting with a profit of approximately 143 million RMB in the same period last year [1]. - The net profit attributable to shareholders also showed a significant decline, with a loss of approximately 717.78 million RMB compared to a profit of approximately 128 million RMB in the previous year [1]. Shareholder Information - The total number of shareholders as of the report date was 15,852 [2]. - The company has several major shareholders, including Nanjing Shengshi Haikang Venture Capital Partnership, which holds 15.78% of the shares [3][4]. Research and Development - The report does not provide specific details on R&D expenditures as a percentage of revenue, but it is implied that R&D remains a focus area for the company [2].

Group 1 - Suzhou Guoshou Laser Technology Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Hu Liangqiong [1] - The company's business scope includes technology services, equipment manufacturing, and sales of various electronic and mechanical products [1] Group 2 - The company is involved in the manufacturing of general and specialized equipment, including industrial robots and electronic components [1] - It also engages in technology transfer, consulting, and leasing of machinery and equipment [1] - The company is authorized to conduct import and export activities, as well as technology import and export [1]

Core Insights - Suzhou Ruize Laser Technology Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The company is engaged in various technical services and sales related to electronic components and industrial equipment [1] Company Overview - The legal representative of the company is Zhu Wenjuan [1] - The business scope includes technology services, development, consulting, and sales of optical electronic devices, electronic components, and industrial automation systems [1] Business Activities - The company will operate in areas such as technology transfer, technical promotion, and sales of electronic and electrical components [1] - Additional activities include research and development of mechanical equipment, software development, and information technology consulting services [1]