公司此次引入具备深厚资本市场经验的专业高管，为公司与全球投资者之间搭建一座更顺畅、高效的沟 通桥梁。殷洪强先生的加入将显著提升天工国际在资本市场的透明度与吸引力，不仅强化了公司与投资 者的信任纽带，更为后续可能的海外并购及产业链整合埋下重要伏笔。 格隆汇10月15日｜天工国际称，资深投行家殷洪强先生已获任命为公司高级副总裁，主要负责本公司投 资者关系管理、境内外并购事务以及资本市场相关业务。殷先生具有超过20年的投行经验，曾深度参与 多宗境外上市融资和跨境并购项目，也曾在多间中外投资银行及港股上市公司担任高级管理职务，其中 包括花旗银行，摩根大通，苏格兰皇家银行，大和资本，中银国际和兴证国际等。 据悉，天工国际于2007年在香港联交所主板上市，是中国领先的高速工具钢、模具钢及钛材料生产商， 其通过自主研发填补了国内多项技术空白。自2020年跻身世界工模具钢强企首位后，持续巩固其全球市 场地位。公司目前正积极拓展高端材料市场，其业务已前瞻性地延伸至人形机器人和核聚变这两个前沿 领域，展现出强劲的发展潜力。在人形机器人领域，公司专注于行星滚柱丝杠等核心部件的专用材料研 发；同时积极投身核聚变领域，成功攻克核聚变装 ...

Core Viewpoint - The company, Guangda Special Materials, is currently facing scrutiny as its chairman and general manager, Xu Weiming, has been placed under detention by the Suzhou Wuzhong District Supervisory Committee, although the company's operations remain normal and stable [1]. Company Overview - Xu Weiming, born in 1968, is a Chinese national with a background in business management and extensive experience in the refractory materials industry, having held various managerial positions since 1986 [2]. - As of June 17, 2025, Xu Weiming holds 12.65 million shares of Guangda Special Materials, representing 5.7% of the company's total equity, making him one of the top ten unrestricted shareholders [3]. Financial Performance - In 2024, Guangda Special Materials reported a total operating revenue of 4.003 billion yuan, a year-on-year increase of 5.67%, and a net profit attributable to shareholders of 115 million yuan, up 4.97% from the previous year [3]. - The company's cash flow from operating activities was negative 261 million yuan, an improvement from negative 795 million yuan in the previous year [3]. - For the first half of 2025, the company achieved an operating revenue of 2.534 billion yuan, a significant year-on-year increase of 34.74%, and a net profit of 185 million yuan, which represents a staggering growth of 332.67% [3]. - A voluntary disclosure on October 9, 2025, indicated that the company expects to achieve approximately 3.7 billion yuan in operating revenue for the first three quarters of 2025, reflecting a year-on-year increase of about 25.04% [4]. - The projected net profit for the same period is around 248 million yuan, which would be an increase of approximately 213.92% compared to the previous year [4].

Core Viewpoint - The company, Guangda Special Materials, has recently faced a significant event involving the detention of its chairman and general manager, Xu Weiming, which raises concerns about corporate governance and potential impacts on operations [1][3]. Group 1: Company Governance and Management - The company has a well-established corporate governance structure and internal control system, ensuring that daily operations are managed by the executive team, with other directors and senior management continuing their duties normally [3]. - As of the announcement date, the company's control has not changed, and it remains unaware of the developments and conclusions regarding the detention of Xu Weiming [3]. Group 2: Business Operations and Financial Performance - Guangda Special Materials specializes in the R&D, production, and sales of high-end steel materials and components, with key products including gear steel, tool steel, high-temperature alloys, and special stainless steel [5]. - The company has reported a positive trend in its business operations, with a focus on enhancing profitability and optimizing product structure through vertical and horizontal integration of its supply chain [5]. - The company is actively responding to national debt reduction policies by improving receivables collection and establishing a dedicated team to ensure efficient financial processes [5]. Group 3: Project Involvement and Future Prospects - The company is involved in significant projects such as the Yaxia Hydropower Station and controlled nuclear fusion projects, which are expected to positively contribute to its performance growth [6].

Core Viewpoint - The domestic special steel market shows a slight upward trend, with improved market sentiment reflected in price increases across various regions [3][4]. Price Movements - On the 16th, the average price of 45 carbon structural steel (85mm) in key domestic cities was reported at 3636 yuan, an increase of 14 yuan from the previous trading day; the average price of 40Cr alloy structural steel (85mm) was 3801 yuan, also up by 14 yuan [3]. - Key cities' prices include: Hangzhou 3580 yuan, Changzhou 3510 yuan, Chongqing 3730 yuan, and Tianjin 3390 yuan, all showing a rise of 20 yuan compared to the previous day [3]. Steel Mill Pricing - The price of 45 carbon structural steel at Changzhou Dongfang Special Steel remained stable at 3650 yuan; Hangzhou Steel's price was 3570 yuan; Linyi Steel's price was 3470 yuan; and Tianjin Steel increased its price by 30 yuan to 3380 yuan, all prices inclusive of tax [3]. Market Dynamics - The futures market for raw materials showed a positive trend, which has bolstered market sentiment for special steel, leading to price increases and improved transaction volumes [4]. - In East China, carbon alloy structural steel prices rose by 20-30 yuan, with some specific grades seeing price adjustments of around 10 yuan [4]. - In North and Central China, the market stabilized after initial price increases, with carbon alloy structural steel prices up by 20 yuan and bearing steel and tool steel prices rising by 10-30 yuan [4].

Core Viewpoint - The company's 1H25 performance aligns with expectations, showing a mixed trend in product sales and profitability, with a focus on high-end product development and future growth potential in titanium alloy and powder metallurgy sectors [1][2][3] Financial Performance - Revenue for 1H25 was 2.343 billion yuan, a year-on-year decrease of 7.3%, while net profit attributable to shareholders was 204 million yuan, an increase of 6.8%, meeting expectations [1] - Product sales showed slight declines: high-speed steel, mold steel, and cutting tools saw decreases of 10.4%, 5.2%, and 20.4% respectively, while titanium alloy sales increased by 65.2% [1] - The gross margin for high-speed steel and mold steel improved due to rising raw material prices, with high-speed steel's price and margin increasing by 0.9% and 1.5 percentage points to 54,090 yuan and 15.6% respectively [1] Product Trends - Titanium alloy prices and gross margins decreased by 45.1% and 14.8 percentage points to 76,716 yuan and 24.2% respectively, attributed to adjustments in 3C product order structures [2] - The company is advancing its high-end transformation strategy, expecting significant profit contributions from titanium alloy business post-2024, with enhanced melting technology and increased competitiveness [2] - Powder metallurgy products are anticipated to see continued growth, with the company being a leading supplier in this sector, leveraging its manufacturing capabilities and exploring new applications [2] Profit Forecast and Valuation - Due to uncertainties in export business for 2H25, the company's 2025 net profit forecast has been reduced by 24.3% to 366 million yuan, while a new forecast for 2026 is introduced at 538 million yuan [3] - The current stock price corresponds to 17.0x and 11.4x P/E for 2025 and 2026 estimates respectively, with a target price increase of 20% to 3.01 yuan, implying a 20.8% upside potential [3]

Company Overview - Chuangcai Deep Learning (Suzhou) Technology Co., Ltd. focuses on "AI + new material solutions" and was established in 2021, comprising experts from materials science, artificial intelligence, and mechanical engineering [3] - The company has developed a high-throughput R&D platform and intelligent computing engine to accelerate the development and application of new materials [3] Recent Financing - The company recently completed several million yuan in Series A financing, led by Heshijia Capital and Chenhui Capital [2] - The funds will be used for new material R&D iteration, high-throughput automated laboratory upgrades, AI model development, and large-scale applications in vertical industry scenarios [2] Product Development - Chuangcai Deep Learning has developed three new materials in just six months, showcasing its rapid innovation capabilities [2] - The company plans to launch its self-developed integrated hardware and software material intelligence platform (DM Agent) at the TCT Shenzhen Exhibition on September 10 [2] Material Offerings - The company offers 3D printing metal powder materials, high-throughput R&D equipment, and high-end metal material R&D services [5] - Notable products include: - Medium and high-strength aluminum alloys with excellent performance and cost-efficiency - Nickel-based high-temperature alloys that prevent cracking during printing and heat treatment - Tool steels with high toughness and excellent thermal conductivity [5] AI-Driven R&D - The company employs an AI-driven approach to accelerate the development of advanced materials in key sectors such as aerospace and mold manufacturing [6] - Utilizing AI for Science's fifth paradigm in materials informatics, the company innovates a "AI + metal materials" R&D model, leveraging material computation, machine learning, and deep neural networks [7] High-Throughput R&D System - Chuangcai Deep Learning has established a comprehensive high-throughput R&D system that collects vast amounts of diverse material data quickly and cost-effectively [9] - The company provides a one-stop service covering product R&D, sample design, metal powder, production processing, quality testing, and performance analysis [9] Investment Insights - Heshijia Capital recognizes the company's ability to integrate AI with digital manufacturing, viewing the DM Agent platform as a potential game-changer in low-cost material research and application innovation [9] - Chenhui Capital sees significant potential in the company's disruptive "AI + new materials" model, which transforms traditional trial-and-error R&D into predictive R&D, addressing long development cycles and high costs [10]

Core Viewpoint - CICC reports that Tiangong International (00826) is expected to ramp up alloy material production by 2026, with a projected net profit of 538 million yuan for 2026, and the current stock price corresponds to 17.0x/11.4x P/E for 2025/2026. The valuation has been switched to 2026 due to limited contribution from alloy materials in 2025, maintaining an outperform rating with a target price increase of 20% to HKD 3.01, implying a 20.8% upside potential for 2026 at 13.8x P/E [1] Group 1 - 1H25 performance met expectations with revenue of 2.343 billion yuan and net profit of 204 million yuan, reflecting a year-on-year increase of 6.8% [2] - Product sales showed slight decline: high-speed steel, tool steel, cutting tools, and titanium alloy sales were 7,000 tons, 68,000 tons, 95 million pieces, and 5,000 tons respectively [2] - Main product profitability showed divergence: high-speed steel and tool steel benefited from domestic industry recovery and rising raw material prices, with high-speed steel price and gross margin increasing by 0.9% and 1.5 percentage points to 54,090 yuan and 15.6% respectively; tool steel price and gross margin increased by 3.0% and 0.5 percentage points to 17,039 yuan and 13.8% respectively [2] Group 2 - The company is accelerating its high-end transformation strategy, expected to yield results by 2026, particularly in titanium alloy business, which is projected to significantly increase profit contributions [3] - The company has enhanced its melting technology for titanium alloys and is capable of producing various grades, with expectations of increased profitability driven by recovering demand in consumer electronics [3] - Powder metallurgy products are anticipated to continue ramping up, with the company being a leading domestic supplier with a manufacturing capacity of 8,000-10,000 tons of alloy powder, exploring new applications in various industries [3]

在高速钢业务中观察到与模具钢相似的情况，高速钢的整体毛利率由2024年上半年的14.1%上升至2025 年上半年的15.6%。 回顾期内，公司附属公司天工股份的股份成功于2025年5月13日，登陆北京证券交易所，成为北交所首 家红筹港股分拆其附属公司至A股上市的企业，战投长期锁定，显示资本市场看好天工股份高端材料与 消费电子渗透力，标志着集团资本运营迈出重要一步。 天工国际(00826)发布截至2025年6月30日止六个月业绩，营业额23.425亿元(人民币，下同)，同比下降 7.1%;公司股权持有人应占溢利2.04亿元，同比增长10.4%;每股基本盈利0.075元，拟派中期股息每股 0.0262元。 模具钢的毛利率由2024年上半年的13.3%上升至2025年上半年的13.8%。有关主要原因为国内产业景气 回升，使采购成本顺利转嫁至客户。原材料成本上升加上采购成本的顺利转嫁，提升了毛利率的增长。 ...

在高速钢业务中观察到与模具钢相似的情况，高速钢的整体毛利率由2024年上半年的14.1%上升至2025 年上半年的15.6%。 回顾期内，公司附属公司天工股份的股份成功于2025年5月13日，登陆北京证券交易所，成为北交所首 家红筹港股分拆其附属公司至A股上市的企业，战投长期锁定，显示资本市场看好天工股份高端材料与 消费电子渗透力，标志着集团资本运营迈出重要一步。 模具钢的毛利率由2024年上半年的13.3%上升至2025年上半年的13.8%。有关主要原因为国内产业景气 回升，使采购成本顺利转嫁至客户。原材料成本上升加上采购成本的顺利转嫁，提升了毛利率的增长。 智通财经APP讯，天工国际(00826)发布截至2025年6月30日止六个月业绩，营业额23.425亿元(人民币， 下同)，同比下降7.1%;公司股权持有人应占溢利2.04亿元，同比增长10.4%;每股基本盈利0.075元，拟派 中期股息每股0.0262元。 ...

Core Viewpoint - Tian Gong International (00826.HK) reported a decline in overall revenue for the first half of 2025, despite an increase in net profit attributable to equity holders [1] Financial Performance - The company's revenue for the first half of 2025 reached RMB 2.34 billion, a decrease of 7.1% compared to the first half of 2024 [1] - Net profit attributable to equity holders increased by 10.4% to RMB 204 million [1] - Basic earnings per share were RMB 0.075 [1] Industry Context - The domestic demand and market conditions for mold steel and high-speed steel are gradually recovering, yet overall revenue is still on a downward trend due to various factors [1] - Uncertainty in U.S. tariff policies has led to a reduction in exports across various divisions, with clients exhibiting a cautious attitude and a decrease in order volume [1] - The demand for titanium wire in the consumer electronics sector has temporarily declined, primarily due to end customers reducing the use of titanium alloy frames for the next generation of mobile phone frames [1] - Although the company has adjusted its titanium alloy division's product mix towards titanium plates and pipes, the lower added value of these products has resulted in a continued decline in revenue for the titanium alloy division [1]