Core Insights - Tian Gong International Limited has reached a strategic cooperation agreement with Bodycote, a global leader in heat treatment and hot isostatic pressing (HIP) technology, to integrate core advantages and collaborate in high-end manufacturing sectors such as aerospace, automotive, and energy [1] Group 1: Strategic Cooperation - The partnership aims to create a global collaborative development model combining technology, capacity, and market [1] - Bodycote, listed on the London Stock Exchange since 1972, operates in 21 countries with 150 facilities and is recognized for its advanced heat treatment services in the aerospace industry [1] - This collaboration is a significant step for Bodycote in establishing a presence in China's high-end materials industry and acknowledges Tian Gong International's strength in the powder metallurgy supply chain [1] Group 2: Company Developments - Tian Gong International has developed a complete powder metallurgy supply chain, from smelting and atomization to end applications, becoming a leader in high-end alloy materials in China [2] - The company is planning a second phase project for Jiangsu Tian Gong Xin Zhi Materials Co., which includes the addition of five hot isostatic pressing devices to enhance its production capacity and technological advantages [2] - In the electric vehicle sector, Tian Gong International has innovated a specialized mold steel that improves cooling efficiency by over 30%, successfully entering the global supply chain and receiving certification from Volkswagen [2] Group 3: Future Growth Potential - The company is also focusing on nuclear fusion energy, participating in a joint laboratory for high-end metal materials, and is involved in the development of specialized materials for nuclear fusion components [3] - The strategic partnership with Bodycote will leverage Tian Gong International's supply chain and production capacity alongside Bodycote's advanced technology and global market access [3] - With ongoing projects and collaborations, Tian Gong International is transitioning from a leader in tool steel to a comprehensive service provider in high-end new materials, positioning itself strongly in the global high-end materials market [3]

Market Overview - The market performance is generally poor before major holidays due to concerns about potential issues during the break, with the Hang Seng Index dropping by 1.72% [1] - The U.S. non-farm payroll data exceeded expectations, causing the probability of a Fed rate cut in March to plummet from 20% to 8%, which could negatively impact the stock market if the upcoming CPI data is also unfavorable [1] - The Nasdaq experienced a significant drop of over 2% due to AI-related fears, leading to a chain reaction where investors sold gold to cover margin calls, despite no fundamental deterioration in gold [1] AI and Technology Sector - The subscription service GLM Coding Plan by Zhihui (02513) announced a price increase due to strong market demand, with user growth and usage volume rapidly increasing [2] - Zhihui's GLM-5 model ranks first in three major agent evaluation benchmarks, and its coding capabilities are approaching those of Claude Opus 4.5, indicating a strong competitive position [2] - MiniMax+ (00100) also saw a rise of over 15%, both companies reaching historical highs, with expectations of foreign capital focusing on driving up stock prices after the Spring Festival [2] Automotive Industry - The Ministry of Industry and Information Technology is soliciting opinions on mandatory national standards for intelligent connected vehicles, which will replace the previous recommended standards [3] - The new standards will introduce safety guarantees and certification systems, establishing product access conditions and detailing technical indicators and simulation testing requirements [3] - Companies in the intelligent driving sector, such as Nari Technology (01316) and Zhejiang Shibao (01057), experienced stock price increases following the announcement [3] Robotics Sector - MicroPort Robotics-B (02252) reported that its core product, the Tumi laparoscopic surgical robot, has surpassed 200 global commercial orders, with successful surgeries conducted in nearly 10 countries [4] - The company has achieved a 100% success rate in nearly 800 remote surgeries, leading to a stock price increase of over 11% [4] - Other companies in the robotics field, such as Yujia Technology (02515) and UBTECH (09880), also saw stock price increases following MicroPort's announcement [4] Metals Sector - Reports indicate that Trump is considering reducing tariffs on aluminum products, which could provide opportunities for the aluminum sector during the adjustment period [5] - The aluminum sector experienced a notable drop, but the current aluminum premium in the U.S. indicates that tariff costs are primarily borne by American consumers rather than foreign producers [6] - Potential tariff reductions could positively impact U.S. aluminum demand, suggesting a neutral to slightly bullish outlook for the aluminum sector [6] Consumer Sector - China Duty Free Group (01880) reported strong sales data following the opening of Hainan's duty-free market, with sales reaching 1.106 billion yuan during the Spring Festival [7] - The company is set to implement zero-tariff policies for daily consumer goods and has planned multiple promotional activities to boost sales [7] - A significant acquisition of DFS in the Greater China region and strategic investment from LVMH is expected to enhance the company's market position and resource access [7]

Group 1: Oil and Gas Sector - Oil stocks experienced a decline, with Sinopec (00386) down 3.89%, PetroChina (00857) down 3.17%, and CNOOC (00883) down 2.79%. This follows a drop in WTI crude oil futures by 2.77% to $62.84 per barrel and Brent crude by 2.71% to $67.52 per barrel [1] Group 2: Renewable Energy Sector - Solar stocks fell collectively, with Xinyi Solar (00968) down 3.62% and New Special Energy (01799) down 3.61%. The rise in silver prices has increased silver paste costs, impacting the battery and component sectors [1] Group 3: Precious Metals Sector - Lao Poo Gold (06181) saw a nearly 5% drop. Bank of America Securities reported that the company is expected to benefit from rising gold prices, with a projected revenue increase of 165% year-on-year for the second half of last year [1] Group 4: Pharmaceuticals - Zai Lab (09688) rose by 7% after its injection drug ZL-1310 was proposed for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC), showing promising early clinical data [2] Group 5: Precision Manufacturing - China High Precision (00591) fell over 18% after issuing a profit warning, expecting a profit of approximately RMB 2.5 million to RMB 4.5 million for the six months ending December 31, 2025, due to project delays in the oil and petrochemical sectors [2] Group 6: Non-Ferrous Metals - Non-ferrous stocks faced significant declines, with China Nonferrous Mining (01258) down 5.08% and Zijin Mining (02899) down 5.29%. This is attributed to a "de-risking" sentiment in global financial markets, leading to a sell-off in precious metals [3] Group 7: Biotechnology - Xiansheng Pharmaceutical (02096) increased over 4.4% after announcing a licensing agreement with AbbVie for the investigational drug SIM0500, which includes upfront payments and potential milestone payments totaling up to $1.055 billion [3] Group 8: Gaming Sector - Gaming stocks declined, with Melco International Development (00200) down 6.21%. Wynn Macau reported a 7% year-on-year drop in EBITDA for Q4 2025, which was below market expectations [4] Group 9: Oilfield Services - Anton Oilfield Services (03337) rose over 9% after announcing a profit forecast of approximately RMB 360 million to RMB 380 million for 2025, representing a significant year-on-year increase of 48.4% to 56.6% [4] Group 10: U.S. Market Movements - Arko Petroleum (APC.US) opened with a 2.5% decline after its market debut. The company delivered 1.5 billion gallons of fuel in the nine months ending September 30, 2025 [5] - Albemarle (ALB.US) fell 9.41% despite a 16% year-on-year increase in Q4 sales to $1.4 billion, reporting a net loss of $414 million [5] - Boeing (BA.US) rose 1.31% as it plans to increase the monthly production of its 737 series aircraft to 63 units in the coming years [5] Group 11: Technology Sector - Cisco (CSCO.US) dropped 12.32% as it projected a decline in adjusted gross margin for Q3, indicating a worsening trend compared to previous quarters [7] - Storage stocks saw gains, with SanDisk (SNDK.US) up 5.16% and Western Digital (WDC.US) up 3.78% [7]

Core Viewpoint - Tian Gong International (00826) has seen a stock price increase of over 5% following a visit from Bodycote's Corporate Growth President, Baris Telseren, which indicates potential strategic collaboration opportunities in high-end manufacturing sectors [1] Group 1: Company Developments - Tian Gong International's subsidiary, Jiangsu Tian Gong Xin Zhi Materials Co., Ltd., is planning a Phase II project for powder metallurgy, which includes the addition of five hot isostatic pressing machines [1] - The visit from Bodycote coincided with discussions on future strategic cooperation, focusing on business expansion in aerospace, automotive, and energy sectors [1] Group 2: Strategic Collaboration - The open discussions between Tian Gong International and Bodycote have deepened their strategic cooperation consensus, outlining new directions and pathways for business expansion [1] - Both companies plan to collaborate comprehensively in domestic and international powder metallurgy and heat treatment businesses, enhancing service capabilities for end customers [1] - The partnership aims to promote the international transformation of China's high-end manufacturing industry, injecting new momentum into the global high-end manufacturing sector [1]

Core Viewpoint - CICC reports that from 2026, Tiangong International (00826) is expected to continue increasing its high-end materials production, facilitating the company's transition from a leader in tool steel to a high-end new materials supplier. The firm has adjusted the company's valuation to 2026, maintaining an outperform rating and raising the target price by 76% to HKD 5.29, corresponding to an 18.4x P/E for 2026, implying a 50% upside potential. The current stock price corresponds to a 12.3x P/E for 2026 and a 9.5x P/E for 2027 [1]. Group 1 - Revenue and net profit are projected to grow year-on-year in 2025, with revenue expected to increase by 11.1% to CNY 5.366 billion and net profit expected to rise by 15.5% to CNY 414 million. The firm has raised revenue forecasts for 2025 and 2026 by 2.8% and 3.5% to CNY 5.366 billion and CNY 6.639 billion, respectively, and introduced a revenue forecast of CNY 7.376 billion for 2027. Net profit forecasts for 2025 and 2026 have been raised by 13.3% and 29.6% to CNY 414 million and CNY 697 million, respectively, with a new net profit forecast of CNY 894 million for 2027 [2]. Group 2 - The 3C titanium material business has significant growth potential and is expected to become a key profit growth engine for the company. Since Apple first used aerospace-grade titanium alloy frames in its iPhone series, the penetration of titanium alloys in consumer electronics has been steadily increasing, indicating a strong demand outlook. The company currently has the capability to produce various titanium alloy grades using green "return materials" and supplies frame and mid-frame materials to several well-known consumer electronics manufacturers, establishing itself as a leading supplier in the domestic 3C titanium material market. The company is also strategically developing titanium alloy powder production lines to solidify its long-term competitive advantage in 3C titanium materials, with expected sales growth rates of 183% and 24% for high-end 3C titanium materials in 2026 and 2027, respectively [3]. Group 3 - The powder metallurgy platform technology is entering a harvest period, with three major application scenarios expected to create a second growth curve. The company is focusing on specialized materials for nuclear fusion core components, such as high-boron stainless steel and RAFM low-activity steel, with the former already achieving small-scale trial production. The company is likely to benefit from the global wave of nuclear fusion experimental facility construction. Additionally, the integrated die-casting molds in powder metallurgy can significantly extend mold lifespan, allowing the company to penetrate the new energy vehicle supply chain. The products have differentiated advantages and are expected to continue increasing in volume. The company has also overcome challenges in nitrogen content control for high-nitrogen alloy materials using unique domestic smelting technology, with high-nitrogen steel already applied in high-end bearings, planetary roller screws, and marine fields, indicating further growth potential [4].

Core Viewpoint - The report from CICC indicates that Tian Gong International (00826) is transitioning from a leader in tool steel to a high-end new materials supplier, with significant growth expected starting in 2026, leading to a target price increase of 76% to HKD 5.29, reflecting a 50% upside potential [1] Group 1: Financial Projections - Revenue for 2025 is projected to grow by 11.1% year-on-year to CNY 5.366 billion, with net profit expected to increase by 15.5% to CNY 414 million [2] - Adjustments to revenue forecasts for 2025 and 2026 have been made, increasing by 2.8% and 3.5% respectively, leading to revised figures of CNY 5.366 billion and CNY 6.639 billion [2] - Net profit estimates for 2025 and 2026 have been raised by 13.3% and 29.6% respectively, resulting in new projections of CNY 414 million and CNY 697 million [2] Group 2: Business Growth Drivers - The 3C titanium material business is expected to become a significant profit growth engine, with demand projected to rise sharply due to increased adoption in consumer electronics, particularly after Apple's use of titanium alloy in iPhone series [3] - The company has developed capabilities to produce various titanium alloy grades using recycled materials, positioning itself as a leading supplier in the domestic 3C titanium market [3] - Anticipated sales growth for high-end 3C titanium materials is forecasted at 183% and 24% year-on-year for 2026 and 2027 respectively [3] Group 3: Powder Metallurgy Technology - The company is entering a harvest phase with its powder metallurgy platform technology, targeting three major application scenarios to create a second growth curve [4] - Development of specialized materials for nuclear fusion core components is underway, with small-scale trial production already achieved, potentially benefiting from global nuclear fusion projects [4] - The integration of powder metallurgy with die-casting technology is expected to enhance the lifespan of molds, allowing the company to penetrate the electric vehicle supply chain [4]

Core Insights - Tian Gong International (00826) hosted a visit from Baris Telseren, President of Bodycote Corporate Growth, to discuss future strategic cooperation [1] - Bodycote is a leading global company in heat treatment and hot isostatic pressing (HIP) technology, serving high-end manufacturing sectors such as aerospace, military, automotive, energy, and medical [3] - Tian Gong International has over 40 years of experience in the materials field and has established a complete powder metallurgy industry chain, with forward-looking layouts in emerging fields like new energy vehicles and nuclear fusion energy [3] Group 1 - Bodycote operates 150 factories across 21 countries and is one of the earliest global suppliers of heat treatment services for the aerospace industry [3] - Bodycote's advanced equipment features precise temperature and pressure control systems, significantly enhancing the strength, wear resistance, corrosion resistance, and lifespan of metal components [3] - Tian Gong International is planning a second phase project for its Jiangsu Tian Gong Xin Zhi Materials Co., Ltd., which will add five new hot isostatic pressing devices [3] Group 2 - The collaboration between Tian Gong International and Bodycote aims to leverage both companies' core strengths, potentially achieving a win-win situation in the powder metallurgy and heat treatment sectors [4] - The open discussions have deepened the strategic cooperation consensus and clarified new directions and paths for business expansion [4] - Both companies plan to fully collaborate in domestic and international powder metallurgy and heat treatment businesses, enhancing service capabilities for end customers and promoting the international transformation of China's high-end manufacturing industry [4]

天工国际与鲍迪克将结合双方核心优势，强强联合，有望在粉末冶金及热处理领域实现共赢，携手打造"技术+产能+市场"的协同发展新模式。此次的开 放洽谈，深化了双方的战略合作共识，也明确了业务拓展的新方向、新路径。双方计划在国内外粉末冶金与热处理业务上展开全面协同，进一步提升对终 端客户的服务能力，携手推动中国高端制造产业国际化转型，为全球高端制造产业发展注入新动能。 作为全球热处理及热等静压(HIP)技术领域的领军企业，鲍迪克业务覆盖航空航天、军工、汽车、能源、医疗等高端制造行业，在21个国家布局150座工 厂，是最早为航空工业提供热处理服务的全球供应商之一。在热等静压技术与服务能力方面，鲍迪克处于国际顶尖水平，依托其设备均配备先进的精准控 温、压力调节系统，可大幅提升金属零部件的强度、耐磨性、耐腐蚀性与使用寿命。 天工国际深耕材料领域四十余载，已构建起从冶炼、雾化制粉到终端应用的完整粉末冶金全产业链体系，在新能源汽车、核聚变能源等新兴领域已实现前 瞻性布局。当前，公司旗下江苏天工鑫智材料有限公司正规划粉末冶金二期项目，拟新增五台热等静压设备。鲍迪克此次到访恰逢其时，双方以高度开放 的姿态，深入探讨了未来在航空航天 ...

2025 年营业收入同比+11.1%至53.66 亿元，归母净利润同比增长15.5%至4.14 亿元。 关注要点 3C钛材业务前景广阔，有望成为公司重要盈利增长引擎。自苹果公司在IPhone系列首次采用航空级钛合 金边框以来，钛合金在消费电子领域渗透率持续上升，需求前景广阔。公司目前已具备使用绿色"返回 料"生产 TA1/TA10 等多种钛合金牌号的能力，为国内外多家知名消费电子生产商供应边框、中框材 料，是国内3C钛材龙头供应商。公司前瞻布局钛合金粉末产线，为其在3C钛材长期竞争优势夯实基 础。伴随消费电子对钛合金需求回升，我们预期26/27 年3C高端钛材销量同比增速分别为183%/24%。 粉末冶金平台化技术进入收获期，我们预测三大应用场景打造第二成长曲线：1）布局核聚变核心部件 专用材料高硼不锈钢和RAFM低活性钢，前者已实现小批量试产，公司或将长期受益于全球核聚变实验 装置建设浪潮。2）粉末冶金一体化压铸模具可显著延长模具使用寿命，公司有望借此切入新能源汽车 供应链；产品具备差异化优势，未来或持续放量。3）公司采用国内独有冶炼技术攻克高氮合金材料的 氮含量控制等难题；高氮钢已经实现高端轴承、行星滚柱 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 天工國際有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00826 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | USD | | 0.0025 | USD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 4,000,000,000 | USD | | 0.0025 | USD | | 10,000,000 | 本月底法定/註冊股本總額： USD 10,000,00 ...