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 ...

Group 1 - The company expects a net loss of between -3 billion to -2.6 billion for the first half of 2025, a year-on-year decrease of 214.06% to 231.60% [1] - The main reasons for the expected loss include a decline in product orders and prices due to market demand, lower-than-expected production from new projects, and increased quality control costs [1] - In 2024, the company produced 603,900 tons of steel, a decrease of 10.91% year-on-year, and achieved an operating income of 8.484 billion, a decrease of 1.06% year-on-year [2] Group 2 - The company reported a net profit of -1.25 billion in Q1 2025, compared to a profit of 1.15 billion in the same period last year [2] - The company is focusing on high-value-added products, with a continuous increase in their production to stabilize revenue despite a decrease in overall steel production [2] - The company exports mainly tool steel and automotive steel, with significant growth in exports to Europe and Southeast Asia, generating approximately 30 million USD in annual export revenue [3]

Group 1 - The company operates in the special steel and alloy materials sector, focusing on high-temperature alloys, ultra-high-strength steel, stainless steel, and tool steel, with applications in aerospace, energy, petrochemicals, and transportation [8][14][15] - The company reported a steel production of 603,900 tons in 2024, a decrease of 10.91% year-on-year, and a steel product output of 440,500 tons, down 13.04% year-on-year, while "three high and one special" products increased by 14.25% [18] - The company achieved an operating income of 8.484 billion yuan, a decrease of 1.06% year-on-year, and a net profit of 112 million yuan, down 69.18% year-on-year [18] Group 2 - The steel industry in China is facing overcapacity and weak demand, with traditional sectors like real estate and infrastructure showing only a "weak recovery," while emerging demands in new energy and electric vehicles are growing [4][3] - The global crude steel production in 2024 is projected to be 1.883 billion tons, a year-on-year decrease of 0.8%, with China's crude steel output at 1.005 billion tons, a slight decline [3] - The special steel industry is experiencing intensified competition in mid-low and mid-high-end products, while high-end products still lag behind developed countries in quality and stability [6][7] Group 3 - The company has established long-term procurement agreements with quality suppliers for raw materials, ensuring stable supply channels [10] - The production model is based on customer orders, with a focus on efficiency and flexibility in production planning [11] - The company has implemented a quality monitoring system certified by ISO9001 and AS9100, enhancing its quality management capabilities [13] Group 4 - The company plans to distribute a cash dividend of 0.018 yuan per share, totaling approximately 35.32 million yuan, which accounts for 31.62% of the net profit attributable to shareholders [1] - The company is seeking a comprehensive credit facility of up to 6.5 billion yuan for operational funding in 2025 [46][79] - The company has proposed to continue its bill pool business with a limit of 800 million yuan to improve liquidity and reduce management costs [49][81]