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 ...

Market Overview - Hong Kong stocks rose by 0.17% on Christmas Eve, while A-shares showed strong performance as funds remained cautious ahead of the holiday [1] - The U.S. GDP for Q3 grew at an annualized rate of 4.3%, exceeding expectations and marking the fastest growth since Q3 2023, driven by strong consumer spending and a rebound in exports [1] - The U.S. plans to impose tariffs on semiconductor products imported from China, effective June 2027, as a response to China's ambitions in the chip industry [1] Semiconductor Industry - Semiconductor companies, including SMIC, have announced price increases of around 10% for 8-inch BCD process platforms due to high demand for power chips in AI servers [2] - TSMC is consolidating its 8-inch capacity and plans to shut down some production lines by the end of 2027, contributing to price increase expectations [2] - Companies like Samsung and SK Hynix have raised HBM3E prices by nearly 20% due to increased orders from major tech firms [3] Rare Resources and Nickel Market - The Indonesian Nickel Mining Association reported a significant reduction in nickel production targets for 2026, aiming to prevent further price declines, which has led to a rise in nickel-related stocks [3] - Companies such as LDK Resources and Xinjiang Xinjin Mining saw stock increases of nearly 9% following the news of reduced production targets [3] Dairy Industry - Domestic dairy processing capacity is expanding as imported dairy product price advantages diminish, benefiting upstream dairy farms [4] - Companies like Yurun Agriculture and Modern Dairy experienced stock increases of nearly 7% due to this trend [4] Robotics and Automation - Cloud Deep Technology has submitted an IPO application and holds a significant market share in the quadruped robot sector [5] - SUTENG announced advancements in robotic technology, showcasing capabilities in high-precision visual perception and flexible mechanical arm control [5] Currency and Paper Industry - The offshore RMB reached a high of 7.0129 against the USD, enhancing purchasing power for raw materials in the paper industry [7] - Companies like Nine Dragons Paper and Lee & Man Paper are expected to benefit from reduced procurement costs due to the strengthened RMB [7] Company Highlights - Tiangong International has achieved significant breakthroughs in high-end materials, positioning itself as a leader in the global tool steel market [8] - The company is focusing on import substitution in high-end materials, which is expected to drive future revenue growth [8] - The company is also advancing in high-nitrogen steel for humanoid robots, collaborating with domestic firms to enhance its product offerings [9]

Market Overview - US stock indices, including the S&P 500 and Dow Jones, reached record closing highs, indicating strong market control and resilience against downturns, with a tendency for timely interventions to cool overheated conditions [1] - Hong Kong stocks experienced a rise of 1.75% following a recent adjustment and the conclusion of significant meetings [1] - Social financing data revealed a total increase of 33.39 trillion yuan in social financing for the first 11 months of the year, with RMB loans increasing by 15.36 trillion yuan [1] Economic Policies - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation with a six-month term to inject liquidity into the market by the end of the year, indicating an optimistic outlook for the market [2] - The Central Economic Work Conference did not present significant highlights but focused on the establishment of a "national unified market" to break local protectionism, benefiting industries like express delivery [2] Industry Trends - The domestic agricultural machinery market is seeing a significant increase in recognition, with tractor exports rising by 35% year-on-year in the first three quarters, and a notable 54% increase in October [3] - The AI sector is experiencing a surge in demand, with major companies like MiniMax and Zhiyu planning IPOs, which will further drive the demand for computing power and related technologies [5] Company Developments - Tian工 International is expanding its titanium alloy business, which is expected to benefit from the growing demand in the nuclear fusion sector, with a reported revenue of 447 million yuan and a net profit of 65 million yuan in Q3 2025 [8] - The company is also focusing on high-nitrogen steel for humanoid robots, having overcome technical barriers and established partnerships for production [9] Stock Performance - Companies in the express delivery sector, such as Jitu Express and Zhongtong Express, saw stock increases of over 5% due to market expectations of growth driven by the unified market initiative [2] - In the agricultural machinery sector, leading companies like First Tractor Co. experienced stock increases of over 11% as the market recognizes their potential for growth [3] - In the AI-related sector, stocks of companies like Cambridge Technology and Changfei Optical Fiber rose by nearly 8% and over 4%, respectively, due to the anticipated demand from upcoming IPOs [5]

Macro Strategy - The core view indicates that actual interest rates remain the key anchor for gold prices, with fluctuations in monetary policy impacting market sentiment and gold's value [1][6] - In October, gold prices experienced a "rise then fall" pattern, influenced by geopolitical tensions and economic data, leading to a 5.27% increase in the Shanghai gold futures by the end of the month [1][6] - The outlook for November suggests that gold prices will be driven by geopolitical situations, trade negotiations, and macroeconomic policies, with expectations of continued high volatility [1][6] Fixed Income - The report on Qizhong Convertible Bonds anticipates a listing price between 126.64 and 140.59 CNY, with a subscription rate of 0.0028% [2][7] - The bond has a total issuance scale of 850 million CNY, with proceeds allocated for advanced packaging and testing projects [7][8] Industry Analysis - The food and beverage industry report highlights a 5.5% decline in total revenue and a 6.7% drop in net profit for the liquor sector in the first three quarters of 2025, with a more pronounced 18.3% revenue decline in Q3 [3][10] - The report notes that the recovery of consumption scenarios is slow, particularly in business and personal dining contexts, leading to sustained pressure on demand for high-end and mid-range liquor [3][10] - Investment recommendations suggest focusing on companies that are likely to see early signs of recovery and have strong growth potential, such as Luzhou Laojiao and Shanxi Fenjiu, while also considering companies with solid governance and dividend yields [4][11] Company Recommendations - Tiangong International is highlighted for its potential growth in titanium alloy production, with projected revenues of 5.2 billion, 6.1 billion, and 7 billion CNY from 2025 to 2027, reflecting growth rates of 8%, 16%, and 14% respectively [5][11] - The company is positioned well in the consumer electronics sector and is expanding into new materials for robotics and nuclear fusion applications, which are expected to drive future growth [5][11]

Group 1 - The core viewpoint of the report is that Tian Gong International (00826) is expected to see revenue growth from 5.2 billion to 7 billion yuan from 2025 to 2027, with corresponding growth rates of 8%, 16%, and 14% [1] - The net profit attributable to the parent company is projected to increase from 430 million to 810 million yuan during the same period, with growth rates of 20%, 41%, and 35% [1] - The report assigns a "buy" rating to the company, highlighting its potential in titanium alloy applications in consumer electronics and its forward-looking layout in new materials [1] Group 2 - The company is developing high-nitrogen steel for humanoid robot screw materials and has initiated cooperation with domestic enterprises [1] - High-nitrogen steel is recognized for its high performance and low cost, making it an ideal material for manufacturing planetary roller screws [1] - The company has overcome foreign technical barriers by utilizing unique domestic smelting technology to control nitrogen content and improve purity in high-nitrogen alloy materials [1] Group 3 - Tian Gong International is also focusing on specialized materials for nuclear fusion core components, specifically boron steel and RAFM steel, with boron steel already achieving small-scale trial production [2] - The blanket is a core component of magnetic confinement fusion devices, requiring excellent radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation properties [2] - The company has successfully developed core technology for high-boron steel (304B7) used in neutron shielding for nuclear fusion devices and is accelerating the application development of advanced low-activation steel (RAFM steel) [2]

Group 1 - The core viewpoint of the report is that Dongwu Securities has initiated coverage on Tiangong International (00826) with a "Buy" rating, forecasting revenue growth from 5.2 billion to 7 billion yuan from 2025 to 2027, with corresponding growth rates of 8%, 16%, and 14% [1] - The projected net profit attributable to the parent company is expected to increase from 430 million to 810 million yuan during the same period, with growth rates of 20%, 41%, and 35% [1] - The price-to-earnings (PE) ratios are forecasted to be 17, 12, and 9 times for the years 2025, 2026, and 2027 respectively [1] Group 2 - The company is focusing on high-nitrogen steel for humanoid robot screw materials and has begun collaborations with domestic enterprises, overcoming foreign technical barriers with unique domestic smelting techniques [1] - High-nitrogen steel is recognized for its high performance and low cost, making it an ideal material for manufacturing planetary roller screws, with advantages including high strength, toughness, corrosion resistance, wear resistance, and fatigue resistance [1] - The company has successfully developed high-nitrogen steel products suitable for planetary roller screw production in collaboration with Runfu Power and Heng'erda, with production expected to commence in July 2025 [1] Group 3 - Tiangong International is also developing specialized materials for nuclear fusion core components, including boron steel and RAFM steel, with boron steel already achieving small-scale trial production [2] - The blanket is a core component of magnetic confinement fusion devices, requiring excellent radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation properties [2] - The company has successfully tackled the core technology for neutron shielding new materials, specifically high-boron steel (304B7), and is accelerating the application development of advanced low-activation steel (RAFM steel) for nuclear fusion key structural materials [2]

Summary of Tian Gong International Conference Call Industry and Company Overview - **Company**: Tian Gong International - **Industry**: Steel manufacturing, specifically focusing on tool steel, titanium alloys, and new materials Key Points and Arguments 1. **Profitability Recovery**: Tian Gong International's tool steel segment has shown signs of recovery, with gross margins exceeding last year's levels due to rising raw material prices and increased sales of die-casting tool steel. This trend suggests potential growth in performance for the second half of the year [2][4][7] 2. **Titanium Alloy Business Challenges**: The titanium alloy segment is currently under pressure, primarily due to only one model of the iPhone 17 utilizing titanium alloy, leading to a decline in performance. However, projections indicate that by 2026, two new iPhone models will adopt titanium alloy, potentially increasing order volumes to 2,000 tons [2][8][9][24] 3. **High Nitrogen Steel Development**: High nitrogen steel is highlighted as a promising new material, with samples sent to Jiangsu Runfu for military applications. The company is also developing high-boron steel and low-activation steel for nuclear fusion, expanding the application space for powder metallurgy special alloys [2][6][25] 4. **Powder Metallurgy Breakthroughs**: The company has achieved significant advancements in high nitrogen steel using powder metallurgy techniques, reaching nitrogen content of 2,000 ppm with plans to increase it to 4,000 ppm. This development aims to reduce reliance on imported high nitrogen steel [2][13] 5. **3D Printing Technology**: While 3D printing is recognized as a future trend, its current impact on titanium alloy demand is limited. The company is exploring this technology but notes that traditional machining processes still dominate [2][17] 6. **Market Dynamics**: The overall market for high carbon steel is approximately 100,000 tons annually, with significant reliance on imports in China. The introduction of domestic high nitrogen steel could lead to price reductions in the market [12][21] 7. **Future Growth Areas**: The company anticipates growth in titanium alloy usage starting in 2025, with projections of reaching 2,000 tons by 2026. Additionally, advancements in nuclear fusion materials and new high-end steel products are expected to contribute to growth, although production capacity for powder metallurgy needs to be increased to 10,000 tons [5][25] 8. **Pricing and Profitability Outlook**: Current pricing for titanium alloy is around 210,000 RMB per ton, with future revenue expectations based on planned production capacity indicating potential income of 800 million RMB from titanium alloys alone [26] Other Important Insights - **Material Performance**: High nitrogen steel is noted for its superior strength and corrosion resistance, making it suitable for high-end equipment manufacturing and potentially replacing traditional bearing steels [5][20][21] - **Production Capacity Challenges**: The company has not provided specific performance guidance but acknowledges the need to enhance production capacity for new materials to meet anticipated demand [24][25] - **3C Product Manufacturing**: The company currently produces 3C products primarily through CNC machining, with a yield rate of 10% to 20%, and is considering a shift towards 3D printing to improve efficiency [16] This summary encapsulates the key insights from the conference call, highlighting the company's current challenges, future opportunities, and strategic developments in the steel manufacturing industry.

Investment Rating - The report does not provide a specific investment rating for the company [5] Core Views - The company, Tiangong International, reported a steady performance in 1H25, with revenue decreasing by 7.1% year-on-year to RMB 2.34 billion, primarily due to overseas export business disruptions and the impact of tariffs [2] - Despite the revenue decline, the net profit attributable to shareholders increased by 10.4% year-on-year to RMB 200 million, with a net profit margin improvement of 1 percentage point [2] - The company is focusing on high-end manufacturing through powder metallurgy technology, which is expected to drive future growth [8] Financial Performance Summary - Revenue for 1H25 was RMB 2.34 billion, down from RMB 2.52 billion in 1H24 [9] - Gross profit margin decreased by 3.2 percentage points, attributed to a higher sales proportion of lower-margin titanium alloy products [2] - The company’s main revenue sources include tool steel, high-speed steel, cutting tools, and titanium alloy, with tool steel accounting for approximately 66.1% of total revenue [8] Business Segment Performance - Tool steel revenue was RMB 1.15 billion, high-speed steel revenue was RMB 390 million, cutting tools revenue was RMB 400 million, and titanium alloy revenue was RMB 350 million [8] - Domestic revenue for tool steel grew by 4.7% year-on-year and 21% quarter-on-quarter, while high-speed steel domestic revenue increased by 14.1% year-on-year and 33.7% quarter-on-quarter [8] Strategic Developments - The company has signed a strategic cooperation framework agreement with Heng Erda, expecting to supply at least 100 tons of powder high-speed steel annually starting in 2026 [8] - The company is innovating in high-nitrogen steel production, which has applications in humanoid robots and other fields, with successful deliveries to partners [8] - Plans are in place to develop key materials for nuclear fusion, with significant market potential identified [8]

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 （於開曼群島註冊成立的有限公司） 天 工 國 際 有 限 公 司* （股份代號：826） 在雙方共同努力下，繼續深化合作，共同加速推進本集團的鋸切工具專用粉末高 速鋼材料（ M42、M51等 ）（ 以下簡稱「鋸切工具專用材料」）在鋸切工具產品領域應 用的研發、測試與運用，不斷建立行業優勢地位，實現技術升級與進口替代。 恒而達將以自有鋸切工具生產線為本集團新材料提供驗證測試場地和設備支援， 並基於其數十年的生產工藝經驗及終端使用者使用資料積累，從合金成分優化、 生產工藝改進、產品性能提升等維度為本集團提供持續技術支援，協助完善其材 料研發體系。 – 1 – 為支援本集團該項業務的快速發展，在本集團鋸切工具專用材料通過恒而達的驗 證測試後，恒而達同意在保障供應鏈平穩 ...

Group 1 - Heng Er Da (300946.SZ) signed a strategic cooperation framework agreement with Tian Gong International (00826) to collaborate on the application of powder high-speed steel and high-nitrogen steel in planetary roller screw manufacturing [1][2] - Tian Gong International is the only global manufacturer of a full range of powder products, with its powder steel certified by the North American Die Casting Association (NADCA), breaking a 30-year monopoly held by European and American companies [1] - Heng Er Da will purchase no less than 100 tons of cutting tool materials annually from Tian Gong International for five years starting in 2026, totaling at least 600 tons [1] Group 2 - Tian Gong International's self-developed high-nitrogen alloy TPMDC02A was delivered to Jiangsu Runfu Power in early July for mass production of planetary roller screws, making it the first domestic company to apply high-nitrogen steel in this area [2] - The collaboration aims to enhance the precision and yield of Heng Er Da's rolling components, addressing the issues of low processing efficiency and high costs in domestic screw manufacturing [2] - This partnership marks a commercial milestone for Tian Gong International's powder steel and high-nitrogen steel technologies, highlighting its strategic positioning in the humanoid robot and high-end equipment sectors [2]