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]

创材深造：国内首家将3D打印与AI深度融合并成功落地的公司。 2025年9月3日，据资源库了解，创材深造（苏州）科技有限公司（以下简称"创材深造"）近日完成数千万元A轮融资，投资方为合世家资本与晨晖资本。 本轮融资将重点用于新材料研发迭代、高通量自动化实验室升级、人工智能模型开发，以及在垂直行业场景中的规模化应用。 值得注意的是，作为一家利用AI驱动的高端金属材料研发企业，创材深造过去在短短6个月内完成了3款新材料的开发。同时，公司计划于9月10日在TCT 深圳展上正式发布自主研发的软硬件一体化材料智能体（DM Agent），以进一步加速技术的应用与落地。 这是一家什么公司？ 创材深造（Deep Material）成立于2021年，是一家专注于"AI+新材料解决方案"的高新技术企业。公司团队由材料科学、人工智能、机械工程等多个领域 的专家与工程师组成，致力于通过自主创新的高通量研发平台和智能计算引擎，加速新材料的研发与应用落地。 创材深造的业务覆盖3D打印金属粉末材料、高通量研发设备和高端金属材料研发服务。目前，公司已成功推出多款创新金属材料，包括： 中高强铝合金：性能优异，可阳极处理，兼具成本与效率优势； ...

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]

Company Overview - Tian Gong International, located in Danyang, Jiangsu Province, is a well-known manufacturer of high-speed steel, tool steel, and cutting tools, established in 1981 [3] - The company employs over 3,500 people and is recognized as a national key high-tech enterprise and one of China's top 500 private manufacturing enterprises [3] - Tian Gong is the first company in China to achieve large-scale production of powder metallurgy tool steel materials and has a strong global presence in the production of high-speed tool steel and tool steel products [3] Financial Performance - As of December 31, 2024, Tian Gong International reported total revenue of 4.832 billion yuan, a year-on-year decrease of 6.42% [1] - The net profit attributable to shareholders was 359 million yuan, down 3.09% year-on-year [1] - The company's gross profit margin stood at 20.35%, with a debt-to-asset ratio of 43.9% [1] Stock Performance - On August 25, the Hang Seng Index rose by 1.94%, closing at 25,829.91 points, while Tian Gong International's stock price increased by 14.96% to 2.92 HKD per share [1] - The trading volume for Tian Gong was 172 million shares, with a turnover of 484 million HKD and a price fluctuation of 12.99% [1] - Over the past month, Tian Gong's stock has gained 19.81%, and year-to-date, it has increased by 37.1%, outperforming the Hang Seng Index by 26.32% [1] Industry Positioning - The average price-to-earnings (P/E) ratio for the general metals and minerals industry is -3.8 times, with a median of -0.18 times [2] - Tian Gong's P/E ratio is 17.87 times, ranking 23rd in the industry, indicating a relatively higher valuation compared to peers such as Aide New Energy (2.55 times) and Huagang United (2.84 times) [2] Research and Development - The company emphasizes a combination of production, learning, and research, collaborating with various research institutions and universities to enhance its R&D capabilities [3] - Tian Gong has established several research centers and has been recognized for its innovative products, including high-speed tool steel and powder metallurgy materials, which are included in China's key development materials list [3]

Group 1 - The company, Placo New Materials (300811.SZ), has announced that it is engaged in small-scale production of certain mold steels [1] - The primary purpose of this production is to supply mold manufacturing internally within the company [1]

Core Viewpoint - The strategic cooperation agreement between Heng Er Da and Tiangong International aims to leverage both companies' strengths in technology innovation, industry chain collaboration, and market expansion, focusing on the development and application of powder high-speed steel materials for cutting tools [1][3]. Group 1: Strategic Cooperation - Heng Er Da and Tiangong International signed a strategic cooperation framework agreement on July 16, emphasizing long-term collaboration and mutual benefits [1]. - The agreement includes the joint development of powder high-speed steel materials, with a commitment from Heng Er Da to switch its main supplier to Tiangong International after successful testing [1]. - From 2026, Heng Er Da plans to purchase no less than 100 tons of cutting tool materials annually from Tiangong International over five years, totaling at least 600 tons [1]. Group 2: Equipment and Technology Development - Tiangong International plans to procure 40 to 50 cutting equipment units from Heng Er Da for upgrading its production lines [2]. - Heng Er Da will prioritize the use of Tiangong International's cutting tools, provided they meet production standards and competitive pricing [2]. - Both companies will collaborate on developing high-precision rolling function components and establish a procurement channel for these tools after successful verification [2]. Group 3: Industry Positioning and Future Plans - The agreement is expected to enhance Heng Er Da's business structure by broadening its product range and accelerating the development of rolling function components [3]. - Heng Er Da's chairman emphasized the importance of collaboration for achieving significant breakthroughs in domestic production capabilities [3]. - Tiangong International is recognized as a leading manufacturer of high-speed steel and cutting tools, with a strong global market presence [3][4].

Core Viewpoint - Company has significantly increased production and sales of steel in 2024 compared to the previous year, indicating a strong operational performance despite the overall industry challenges [2][8]. Production and Sales - In 2024, the company produced 1.2768 million tons of iron, a year-on-year increase of 90.25% - Steel production reached 1.3969 million tons, with an increase of 89.17% - Steel product output was 1.3571 million tons, reflecting a 94.63% increase, showcasing a significant improvement in capacity utilization [2]. Government Support - The company has received substantial support from local government, including tax incentives and subsidies [3]. Business Expansion Plans - The company is open to asset injection plans to expand its steel business, adhering to regulatory disclosure requirements [4]. Product Development - The company has adjusted its product mix in response to changing customer demands, focusing on eight main categories of steel products [5]. - There is a growing emphasis on product quality, with the company investing in quality assurance to meet higher customer expectations [6]. Equipment and Investment - The company is progressively updating its equipment according to an annual plan, with specific investment details available in public announcements [7]. Financial Performance - In 2024, the company achieved revenue of 5.717 billion yuan, a year-on-year growth of 15.75% - The company reported a net loss of 959 million yuan, although this represents a significant narrowing of losses compared to the previous year [8]. Market Strategy - The company is implementing strategies to enhance profitability and operational vitality, including the restoration of various production lines [9]. - The company currently does not own any mines and is focusing on cost control through management optimization and procurement strategies [10]. Environmental Initiatives - The company is committed to environmental upgrades and aims to reduce pollution as part of its corporate social responsibility [13]. Industry Context - The steel industry is facing complex challenges, but there are opportunities for high-end steel demand growth due to the rise of advanced manufacturing sectors [12]. - The company is positioned as a significant player in the special steel market in the western region, despite ongoing losses due to industry-wide downturns [12].