Tiangong International (00826) recently had frequent benefits and continued to catalyze.
Previously, the popularity of pre-orders for the iPhone Duo pushed Tiangong International, the core supplier of Apple's titanium alloy materials, to become the focus of market attention, but after only a few days, news broke that Tiangong International successfully won the bid for nuclear fusion device components.
The Zhitong Finance App observed that on the evening of October 27, Tiangong International issued an announcement stating that its indirect subsidiary, Jiangsu Tiangong Aihe Technology Co., Ltd. (Tiangong Aihe), had become the winner of the Fusion New Energy (Anhui) Co., Ltd. (Fusion New Energy) vacuum chamber window shielding system (powder metallurgy high boron steel) project.
According to the announcement, Tiangong Aihe will supply about 4 tons of powder metallurgy high boron steel parts to Fusion New Energy for the compact fusion energy test device (BEST device), with a total amount of 2.376 million yuan. Production, processing and delivery will be completed within 9 months after signing the contract.
Although the bid amount was in the millions, it was of great significance to Tiangong International. First, winning the bid for BEST this time is a milestone in Tiangong International's fusion materials moving from “R&D verification” to “engineering delivery”. It marks that the company's “powder metallurgy+thermal isostatic pressing” process route has obtained major national engineering component level verification rather than at the laboratory sample level. This is the company's first component-level engineering order in the field of nuclear fusion.
Second, the BEST device is a three-step key pilot platform for the new fusion energy “BEST—CFEDR—Commercial Fusion Reactor”. Tiangong International has entered its supply chain and accumulated engineering performance and first-mover card position advantages for subsequent bidding of shielding materials for larger scale devices such as CFEDR.
According to public industry estimates, CFEDR plans to start construction in 2030 and be completed around 2045, with a total investment of up to 120 billion yuan, of which about 72 billion yuan is invested in equipment. Referring to ITER, the world's largest nuclear fusion test reactor under construction in France, the total weight of its shielding blocks (radiation-proof blocks made of high boron steel) is about 1,650 tons. CFEDR, on the other hand, is a larger and more advanced version than ITER, with a larger vacuum chamber and thicker shielding layer.
The market predicts that CFEDR's shielding material usage is 2 to 3.5 times that of ITER, that is, the high boron steel tonnage required by CFEDR is expected to be between 3,300 tons and 5,775 tons, and the corresponding market space may reach the level of 1 billion. This is undoubtedly a huge potential increase.
If Tiangong Aihe succeeds in subsequent delivery and verification, the company is expected to transform the engineering performance of the BEST project into a supply chain barrier for subsequent tenders, thereby substantially opening up space for Tiangong International's long-term growth on the high-end nuclear materials circuit.
Furthermore, winning the BEST bid this time is another key proof of Tiangong International's accelerated transition from a special steel leader to a high-end materials platform. In recent years, Tiangong International has made efforts at both ends of “product upgrading” and “scenario expansion” to continue to promote a high-end strategy.
On the product side, the share of high-value products in the revenue structure continues to rise. This is the core reason why the company's net profit growth rate in the first half of 2026 was nearly 6 percentage points higher than the revenue growth rate, achieving double-digit growth.
Now, the first component-level engineering order has been placed in the field of nuclear fusion materials, which has been the first to verify the effectiveness of the new track layout. Tiangong International's growth space is expected to increase further under “multipolar resonance,” and its intrinsic value is expected to be released at an accelerated pace, thus driving the company's revaluation.