从最初贷款2000元维持濒临破产的"作坊式小厂"，到发展成为全球工模具钢头部企业；从生产纸绳子、 塑料瓶盖、铜拉手、电视天线，到切削工具麻花钻、高速工具钢、模具钢、钛合金；从攻克粉末冶金技 术，到实现粉末冶金工模具钢规模化生产……如今，天工国际董事局主席朱小坤正带领着企业，将其金 属材料研发的触角，进一步延伸至代表终极能源的核聚变领域。 面对高端制造浪潮与"十五五"机遇，天工国际将如何保持创新动能？天工国际董事局主席朱小坤日前在 接受中国证券报记者专访时表示："未来的高端制造业与高端材料是绝对分不开的，天工国际秉承将高 端材料做到最佳的理念，正加快研发高氮钢、核聚变钢等前沿新材料，进一步拓展粉末冶金技术的应用 边界。" 研制出世界上"最小"的钢 在高端制造持续升级的浪潮中，材料性能的突破成为产业跃迁的关键，尤其是在新能源汽车、具身智 能、可控核聚变等领域，核心部件对材料的寿命、强度、轻量化等提出更为严苛的要求。 在天工国际的展厅，一个透明试剂瓶里装着的金属粉末被称为世界上"最小"的钢，其颗粒度比头发丝直 径还细。 "天工国际用高合金粉末研制高端钢材，全球也仅极少国家具备这项技术。"谈及备受关注的粉末冶金技 术 ...

Core Viewpoint - Tian Gong International (stock code: 0826.HK) announced a stock option grant plan to issue 30 million stock options, representing 1.10% of the current issued shares, aimed at binding the core team with the company's long-term development interests and driving high-quality growth through continuous innovation in the high-end materials sector [1][5] Group 1: Stock Option Grant Details - The 30 million stock options will vest in three phases, with each phase unlocking one-third of the options, contingent on achieving a minimum of 25% year-over-year revenue growth for the years 2026, 2027, and 2028 [2] - The exercise price of the stock options is set at HKD 3.50, which is above the closing price of HKD 3.43 on the grant date and the average closing price of HKD 3.366 over the previous five trading days, reflecting the company's confidence in its future stock value [2] - The incentive plan covers a wide range of participants, with 6.8% of the options allocated to core management and 93.2% to employees, fostering a shared interest community to maximize team motivation and creativity [2] Group 2: Innovation and Growth Strategies - Tian Gong International has made a milestone breakthrough in fusion materials, joining a research laboratory focused on high-end metal materials for magnetic confinement nuclear fusion, which is expected to provide reliable materials and solutions for future clean energy development [3] - The company has successfully broken the long-standing monopoly in the production of powder metallurgy tool steel, addressing industry pain points and meeting the increasing demand for large-scale die materials in the automotive sector [4] - The titanium alloy business is advancing towards high-end applications, with the company expanding into high-value sectors such as consumer electronics and aerospace, and establishing a new company to produce titanium alloy powders to meet urgent market needs [4] Group 3: Long-term Vision and Confidence - The stock option grant is seen as a recognition of past innovation achievements and a strategic move for future development, positioning the company to lead in the high-end materials sector and deliver stable long-term returns to investors [5]

1月20日，天工国际有限公司（0826.HK）披露《授出购股权》公告，拟向公司董事及核心员工合计授 出3000万股购股权。此次激励计划绑定核心团队与公司长期利益，结合公司在高端材料领域的创新布 局，或将为未来三年高质量增长提供支撑。 公告显示，本次拟授出的3000万股购股权将分三期归属，每期解锁比例为三分之一，解锁条件为2026 年、2027年、2028年各年度综合经审计营业额较上一年度增长25%及以上。购股权行使价为每股3.50港 元，高于授出日期收盘价3.43港元及前五个交易日平均收盘价3.366港元。激励覆盖范围中，董事局主席 朱小坤、行政总裁朱泽峰等核心管理层占比6.8%，员工占比93.2%。 此前，天工国际披露自愿性公告，宣布公司正式加入"聚变高端金属材料研发联合实验室"，该联合实验 室由"合肥综合性国家科学中心能源研究院"牵头建设，共同开展聚变用高端金属材料的基础研究、关键 技术攻关与工程化验证等项目攻关。 国内唯一规模化生产粉末冶金工模具钢的企业，天工国际已完成核心技术攻克，打破国际垄断，其粉末 冶金模具钢还为新能源汽车"一体化压铸"用超大型压铸模具材料提供了解决方案。2025年公司与赛维达 达 ...

Group 1 - Tian Gong International Limited plans to grant a total of 30 million stock options to its directors and core employees as part of an incentive plan aimed at aligning the interests of the core team with the company's long-term goals [1] - The stock options will vest in three phases, with one-third unlocking each year, contingent on achieving a 25% or greater increase in audited revenue compared to the previous year for the years 2026, 2027, and 2028 [1] - The exercise price for the stock options is set at HKD 3.50, which is above the closing price of HKD 3.43 on the grant date and the average closing price of HKD 3.366 over the previous five trading days [1] Group 2 - Tian Gong International is the only company in China that produces powder metallurgy tool steel at scale, having overcome key technological challenges and broken international monopolies [2] - The company's powder metallurgy tool steel provides solutions for ultra-large die casting molds used in the automotive industry, particularly for electric vehicles [2] - Tian Gong's subsidiary, Tian Gong Co., is advancing its titanium alloy business into high-value sectors, with products extending into consumer electronics and aerospace fasteners [2] - In 2025, Tian Gong Co. will establish Jiangsu Tian Gong Titanium Crystal New Materials Co., Ltd. to develop and produce titanium alloy powders, which are critical materials for medical devices and aerospace that require import substitution [2]

Core Viewpoint - Tian Gong International (00826) has emerged as a representative enterprise in the special steel industry, successfully navigating the "anti-involution" strategy amidst China's economic challenges, focusing on high-quality development through specialization and innovation [1][2]. Industry Overview - The "anti-involution" strategy aims to transition China's economy from a "price red sea" to a "value blue sea," optimizing resource allocation and enhancing industrial capacity utilization [1]. - The steel industry initiated its first "anti-involution" action in May 2023, leading to a recovery in the steel industry's PPI index, which rose to 99.5% by September, an increase of 3.9 percentage points year-on-year [1]. Company Development - Tian Gong International has established itself as a model for the "specialized, refined, distinctive, and innovative" development path, highlighted during the first China Special Steel and New Materials Summit [2]. - The company has accelerated the commercialization of its powder metallurgy technology, achieving significant market recognition for its high-end new materials [2][4]. Technological Advancements - Tian Gong International has built a comprehensive powder metallurgy technology platform, advancing from product upgrades to additive manufacturing materials and critical material development [4]. - The company is the only domestic enterprise capable of large-scale production of powder metallurgy tool steel, with sales projected to grow from 83 tons in 2020 to 1,500 tons by 2025, reflecting a compound annual growth rate of 79.2% [5]. Market Position and Collaborations - The company has secured a significant partnership with Heng Er Da, committing to supply at least 600 tons of specialized materials over five years, marking a breakthrough in its domestic client base [5]. - Tian Gong International is strategically entering the titanium alloy 3D printing powder market, aiming to capture opportunities in the rapidly growing global 3D printing market, projected to grow from $27.5 billion in 2024 to $150.2 billion by 2032 [6]. Future Growth Potential - The company is focusing on developing critical materials for high-end equipment manufacturing and advanced technologies, including high-nitrogen alloy materials for humanoid robots and nuclear fusion applications [7]. - Tian Gong International's trajectory indicates a shift from being merely a special steel enterprise to becoming a high-end materials company, which is expected to enhance its market valuation significantly [8]. - Recent reports suggest that high-end materials will be a key profit driver for the company, with a target price of HKD 4.38, indicating a potential upside of 55% from recent closing prices [8].

Core Viewpoint - Tian Gong International (00826) has emerged as a representative enterprise in the special steel industry, successfully navigating the "anti-involution" strategy amidst China's economic challenges, focusing on high-quality development through specialization and innovation [1][2]. Industry Overview - The "anti-involution" strategy aims to transition China's economy from a "price red sea" to a "value blue ocean," optimizing resource allocation and enhancing industrial capacity utilization [1]. - The steel industry initiated its first "anti-involution" action in May 2023, leading to a recovery in the steel industry's PPI index, which rose to 99.5% by September, an increase of 3.9 percentage points year-on-year [1]. Company Development - Tian Gong International is recognized as a key case study in the "specialized, refined, distinctive, and innovative" development path, highlighted during the first China Special Steel and New Materials Summit [2]. - The company has established a comprehensive powder metallurgy technology platform, advancing from product upgrades to additive manufacturing materials and critical material development [4]. Product and Market Expansion - In the field of tool steel, Tian Gong International is the only domestic enterprise producing powder metallurgy tool steel at scale, with sales projected to grow from 83 tons in 2020 to 1,500 tons by 2025, reflecting a compound annual growth rate of 79.2% [5]. - The company has secured a significant partnership with Heng Er Da, committing to purchase at least 100 tons of cutting tool materials annually for five years, indicating a breakthrough in the domestic market [5]. Technological Advancements - Tian Gong International's powder metallurgy technology allows for a material yield rate of over 80%, significantly enhancing product performance compared to traditional steel production methods [5]. - The company is strategically entering the titanium alloy 3D printing powder market, aiming to capture growth opportunities in the rapidly expanding global 3D printing market, projected to grow from $27.5 billion in 2024 to $150.2 billion by 2032 [6]. Strategic Collaborations - A strategic partnership with Ningbo Saiweida aims to innovate in high-end die materials and additive manufacturing technologies, further enhancing Tian Gong International's position in the advanced manufacturing sector [6]. - The company is also focusing on developing critical materials for high-end equipment manufacturing and frontier technologies, including high-nitrogen alloy materials for humanoid robots and nuclear fusion applications [7]. Future Outlook - Tian Gong International is transitioning from a traditional special steel enterprise to a high-end materials company, which is expected to enhance its market valuation as the steel industry accelerates its "anti-involution" efforts [8]. - Recent reports indicate that high-end materials will become a significant profit driver for the company, with a target price of HKD 4.38, representing a potential 55% upside from recent closing prices [8].

Core Viewpoint - Tian Gong International has successfully developed new neutron shielding materials for nuclear fusion devices, marking a significant advancement in powder metallurgy technology and production capabilities [1] Group 1: Company Development and Transformation - Tian Gong International was established in 1981 as a struggling small factory and has evolved into a leading tool manufacturing company by focusing on high-end product development and technological innovation [2] - The company began producing cutting tools in 1987 and expanded its operations to include high-speed tool steel production, significantly enhancing its product development capabilities [2] - In 2018, the company recognized the potential of powder metallurgy steel and invested heavily in establishing a large-scale production line, becoming the only domestic enterprise capable of mass-producing powder metallurgy tool steel [2] Group 2: Technological Innovations - The application of powder metallurgy steel has extended beyond the company's own cutting tool production, addressing performance challenges in large-scale die materials through innovative processes [3] - Tian Gong International's differentiated processing methods for powder metallurgy die steel provide improved microstructure uniformity and overall performance, particularly in large die applications [3] Group 3: Titanium Alloy Business - Tian Gong International's subsidiary, Tian Gong Co., successfully listed on the Beijing Stock Exchange, enhancing its capabilities in the titanium alloy sector, which is recognized as a national-level specialized and innovative enterprise [4] - The titanium alloy business has transitioned from rough processing to precision and deep processing, expanding its product applications into consumer electronics and 3D printing [4] - The company has achieved significant milestones in high-end titanium alloy production, including the successful trial of a 10-ton titanium ingot, indicating enhanced production capabilities [4] Group 4: Research and Development Focus - The emphasis on research and development has been crucial for the company's advancement into high-end markets, supported by a strong talent pool and increased R&D expenditure [6] - Collaborations with various research institutions and universities have been established to maintain technological advantages and achieve significant breakthroughs [6] - The company is actively pursuing opportunities in the domestic market for precision tools, aiming to capture a larger market share in a sector valued at hundreds of billions [6]

Core Viewpoint - Tian Gong International has successfully developed new neutron shielding materials for nuclear fusion devices, marking a significant advancement in its powder metallurgy capabilities [1] Group 1: Company Development and Transformation - Tian Gong International was established in 1981 and initially struggled as a small village factory, producing various low-demand products [2] - The company shifted focus to cutting tools in 1987, achieving market stability and expanding into high-speed tool steel production by 1992 [2] - Over 30 years, the company has diversified its product offerings in cutting tools and has become a leader in high-speed tool steel production [2] - In 2018, the company recognized the potential of powder metallurgy steel and invested heavily in establishing a large-scale production line, becoming the only domestic producer of powder metallurgy tool steel [2] Group 2: Innovations in Powder Metallurgy - The application of powder metallurgy steel has expanded beyond the company's own cutting tools, addressing performance issues in large die-casting molds through innovative collaborations [3] - Tian Gong International's powder metallurgy steel offers improved microstructure uniformity and superior performance compared to traditional materials [3] Group 3: Titanium Alloy Business - Tian Gong International's subsidiary, Tian Gong Co., successfully listed on the Beijing Stock Exchange, enhancing its capital market presence [4] - The titanium alloy business focuses on high-end applications, transitioning from rough processing to precision and deep processing, with products extending into various emerging markets [4] - The company has achieved significant milestones in titanium ingot production, enhancing its capabilities in high-end titanium and titanium alloy materials [4] Group 4: Research and Development Focus - The company emphasizes research and development as a key driver for advancing into high-end markets, with increasing R&D expenditures and collaborations with research institutions [6] - Tian Gong International has engaged with various universities and research institutes to strengthen its technological advantages and achieve significant breakthroughs [6] - The company is actively pursuing opportunities in the domestic market for precision tools, aiming to capture a larger share of the substantial market potential [6]

Core Insights - Tian Gong International has successfully developed new neutron shielding materials for nuclear fusion devices, marking a significant advancement in powder metallurgy technology and production capabilities [1][2] - The company has transitioned from producing cutting tools to high-end materials, including powder metallurgy and titanium alloys, driven by technological innovation [1][2] - Tian Gong International's subsidiary, Tian Gong Co., has recently gone public, enhancing its ability to expand its titanium alloy business and product offerings [2][3] Company Development - Established in 1981, Tian Gong International initially struggled but found success in cutting tool production, leading to the in-house manufacturing of high-speed tool steel in 1992 [1][2] - The company invested heavily in establishing a large-scale production line for powder metallurgy tool steel, becoming the only domestic enterprise to achieve this [2][3] - The application of powder metallurgy steel has expanded beyond cutting tools, addressing performance issues in large die-casting molds [2][3] Titanium Alloy Business - Tian Gong Co. focuses on high-end titanium and titanium alloy products, transitioning from rough processing to precision and deep processing [3][4] - The company has successfully produced high-quality titanium ingots, enhancing its production capabilities in the high-end titanium market [3][4] - A new joint venture, Jiangsu Tian Gong Titanium Crystal New Materials Co., has been established to develop and produce high-end titanium alloy powders, filling a domestic gap [4] Research and Development - The company emphasizes R&D as a key driver for advancing into high-end markets, with increased investment in talent and collaboration with research institutions [4][5] - Tian Gong International has engaged with various universities and research institutes to maintain its technological edge and achieve significant breakthroughs [5] - The company aims to capture market share in the domestic precision tool market, which is valued at hundreds of billions, by focusing on high-end precision tools [5]

Investment Rating - The report assigns a "Buy" rating to the company [3][5]. Core Views - The company is a global leader in the specialty steel segment, with four synergistic business lines: tool steel, high-speed steel, cutting tools, and titanium alloys [3][20]. - The company has successfully broken the overseas monopoly in powder metallurgy and is positioned to benefit from the growing demand in high-end manufacturing sectors such as robotics and aerospace [19][65]. - The company has a strong focus on R&D, with significant investments aimed at enhancing its competitive edge in high-end materials [35][39]. Summary by Sections Global Specialty Steel Leader - Established in 1981, the company has evolved from cutting tools to high-speed steel, mold steel, and titanium alloys, achieving vertical integration in the high-speed steel cutting tool industry [20][21]. - The company launched China's first large-scale powder metallurgy production line in 2019, becoming the only domestic enterprise capable of large-scale production in this field [20][21]. Powder Metallurgy - The company is tapping into a vast domestic replacement market for powder metallurgy, with applications in aerospace and automotive sectors [2][19]. - Current production capacity for powder metallurgy has reached 5,000 tons, with plans to expand to 10,000 tons [2][66]. - The company has developed a new high-nitrogen steel patent, which is expected to penetrate high-end markets such as aerospace and robotics [2][19]. Titanium Alloys - The company is entering the 3C (computer, communication, consumer electronics) market, leveraging the lightweight and high-strength properties of titanium alloys [2][19]. - Production capacity for titanium alloys has reached 7,000 tons, with plans for an IPO to further expand operations [2][19]. Financial Forecast - The company is projected to generate revenues of 5.1 billion, 5.6 billion, and 6.0 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 464 million, 533 million, and 577 million yuan [3][30]. - The expected price-to-earnings ratios for these years are 11.18, 9.73, and 8.99, indicating strong growth potential [3][30]. Market Perception - The market tends to view the company through the lens of traditional steel manufacturing, overlooking its differentiated competitive advantages in specialty steel [17][18]. - The company is expected to benefit from the structural growth in the specialty steel sector, which is less sensitive to macroeconomic fluctuations compared to traditional steel [18][19].