Double-digit profit growth confirms the reversal of the fundamentals, TIANGONG INT'L (00826) enters a high certainty period of accelerated growth.

The performance announcement for 2025 released by TIANGONG INTL (00826) on March 30 conveyed a clear positive signal to the market. According to the financial report, TIANGONG INTL's revenue for 2025 is approximately 4.719 billion yuan, with a net profit attributable to shareholders of about 400 million yuan, an increase of 11.5% year-on-year. The double-digit growth in profit indicates that TIANGONG INT'L has returned to a growth trajectory after a phased adjustment over three years. Focusing on the second half of the year, the trend of TIANGONG INTL's fundamentals hitting bottom and rebounding has become more apparent. Data shows that in the second half of 2025, TIANGONG INTL's revenue was 2.376 billion yuan, a year-on-year increase of 2.85%, and net profit attributable to shareholders was 197 million yuan, a year-on-year increase of 12.73%. The double growth in revenue and profit reflects the further strengthening of TIANGONG INTL's growth momentum in the second half of the year, indicating an accelerating trend towards improvement in overall operations. A solid development in the domestic market has shown resilience, with high-speed steel and cutting tools experiencing a simultaneous increase in both quantity and price. In 2025, the high-end new materials manufacturing industry is moving forward amidst challenges and opportunities. While global trade tensions and geopolitical uncertainties continue to escalate, the steady development of key industries such as new energy vehicles, consumer electronics, and high-end equipment manufacturing in China is driving demand for high-end high-speed steel and other specialty steel areas, presenting a stable growth trend in the overall market. TIANGONG INT'L, as a manufacturer specializing in specialty steel and advanced alloy materials, benefits from the strong growth in demand for specialty steel in China. In 2025, TIANGONG INTL's revenue from China was approximately 2.641 billion yuan, a year-on-year increase of 5.17%, accounting for about 55.97% of the total revenue. In addition, revenue from the Asia region (excluding China) was about 596 million yuan, a year-on-year increase of 6.08%, making Asia a new growth point for TIANGONG INT'L at the regional level. Looking at the product structure, the internal sales performance of mold steel, high-speed steel, and cutting tools during the reporting period was outstanding. Mold steel internal sales revenue increased by 3.3% to 1.041 billion yuan, showing a trend of stable quantity and rising prices. High-speed steel internal sales saw significant growth, with revenue increasing by 37% to 578 million yuan, mainly benefiting from a simultaneous increase in quantity and price. The cutting tools segment also showed impressive results, with revenue increasing by 19.9% to about 400 million yuan. However, the titanium alloy business experienced some pressure in the reporting period, with revenue reaching approximately 626 million yuan. This was mainly due to the impact of the iteration pace of key customer products in the consumer electronics sector. TIANGONG INT'L's acceleration into a new growth cycle is driven by multiple factors such as strong domestic market demand, price transmission, and increased production of high-end products. The company's high-performance in the field of high-end materials is expected to continue growing in the coming years, leading to a significant increase in revenue and profitability. With the market dynamics and factors such as price transmission, increased production of high-end products, and strong demand in the domestic market, TIANGONG INT'L is poised to enter a new phase of growth. The company's performance is expected to accelerate, with industry analysts showing a positive outlook on its future development. Note: The translation has been paraphrased and summarized for better readability, and not all the details from the original text have been included.)