格隆汇8月14日丨中国铁钛(00893.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

中國釩鈦磁鐵礦業有限公司 主席 鄭永權 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。 China Vanadium Titano-Magnetite Mining Company Limited 中國釩鈦磁鐵礦業有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：00893） 董事會會議召開日期 中國釩鈦磁鐵礦業有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，本公 司將於2025年8月28日（星期四）舉行董事會會議，藉以（其中包括）考慮並審批本公 司及其子公司截至2025年6月30日止六個月的中期業績及其發佈、考慮派發中期股息 （如有）以及處理任何其他事項。 承董事會命 香港，2025年8月14日 截至本公告之日，董事會成員包括非執行董事鄭永權先生（主席）；執行董事郝謝敏 先生（首席執行官）及王虎先生；以及獨立非執行董事余海宗先生、劉毅先生、吳文先 生及唐國瓊女士。 網站：www.chinavtmmining.com ...

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 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國釩鈦磁鐵礦業有限公司 呈交日期: 2025年8月4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) | 00893 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HK ...

Group 1 - The steel industry has shown significant improvement in profitability in the first half of the year due to falling raw material costs and cost-cutting measures [2][4][5] - Despite the overall recovery in performance, the steel sector experienced a collective pullback in stock prices on July 15, with notable declines in companies such as China Iron Titanium and Chongqing Steel [2][4] - A total of 24 A-share steel companies have released mid-year performance forecasts for 2025, with 19 reporting substantial profit improvements, including several companies achieving double or triple-digit profit growth [4][5] Group 2 - The steel industry faces challenges from a sluggish real estate market, limited infrastructure investment, and increased export pressure, leading to a significant decline in steel prices and ongoing profitability pressure [4][6] - Companies are addressing demand contraction by eliminating outdated production capacity, optimizing product structures, and enhancing product value, which has contributed to profit recovery [5][6] - The current supply-demand dynamics in the steel industry are improving, with major steel companies announcing production cuts under the "anti-involution" policy, which is expected to strengthen supply contraction [6]

Core Viewpoint - The company reported significant revenue growth and profitability in 2024, driven by strong performance across its core automotive safety components business [1][2][4]. Revenue Growth - In 2024, the company's revenue reached 1.971 billion yuan, a year-on-year increase of 53.94%, significantly outperforming the industry [1][2]. - The revenue breakdown for key business segments includes: - Automotive seatbelt assemblies: 1.264 billion yuan, up 39.9% - Automotive airbags: 475 million yuan, up 151.86% - Automotive steering wheels: 131 million yuan, up 71.45% [2]. Profitability - The net profit attributable to shareholders for 2024 was 260 million yuan, a year-on-year increase of 31.65% [1][3]. - The company's gross margin was 28.71%, a decrease of 2.81 percentage points year-on-year [3]. Cost Management - The company effectively controlled expenses, with sales, management, and R&D expense ratios at 1.78%, 3.75%, and 4.97%, respectively, showing reductions compared to the previous year [3]. - R&D investment increased to 98 million yuan, a year-on-year growth of 46.27% [3]. Market Position and Product Development - The company is benefiting from the domestic automotive parts localization trend, enhancing its market position as a leading provider of passive safety systems [4]. - Customer base expansion includes partnerships with major domestic brands and new energy vehicle manufacturers, increasing its share in the passive safety system market [4]. - New product launches, particularly in airbags and steering wheels, are driving growth and transforming the company into a comprehensive supplier of passive safety systems [4]. Future Outlook - The company plans to maintain its revenue and profit forecasts for 2025 and 2026, with projected revenues of 2.591 billion yuan, 3.447 billion yuan, and 4.516 billion yuan for 2025-2027, and net profits of 447 million yuan, 593 million yuan, and 792 million yuan, respectively [5]. - The closing price on April 29, 2025, was 33.10 yuan, corresponding to a PE ratio of 16.76, 12.63, and 9.46 for 2025-2027 [5].

Core Viewpoint - The company reported strong revenue growth in Q1 2025, driven by the expansion of new business lines, particularly airbags and steering wheels, despite a slight decline in gross margin due to changes in product mix [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 536 million yuan, representing a year-on-year increase of 45.34% but a quarter-on-quarter decrease of 18.96% [2]. - The net profit attributable to shareholders for Q1 2025 was 74 million yuan, reflecting a year-on-year growth of 20.47% and a quarter-on-quarter increase of 5.50% [2]. - The comprehensive gross margin for Q1 2025 was 27.94%, down 2.74 percentage points year-on-year but up 1.38 percentage points quarter-on-quarter [2]. Group 2: Business Development - The company is actively expanding and deepening collaborations with both domestic and overseas clients, successfully partnering with major players like BYD, NIO, and Li Auto, and has also secured projects with European clients [3]. - The product mix is being optimized, with the average selling price of safety belt assemblies expected to reach 59.03 yuan per unit in 2024, an increase of 6.53% year-on-year [3]. - The company is focusing on in-house production of components, which is anticipated to enhance gross margins, with plans to establish new production capacities in Anhui [3]. Group 3: Investment Outlook - The company maintains a "Buy-A" rating, with projected net profits of 400 million, 550 million, and 700 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 18.7, 13.8, and 10.7 times [3][4]. - A target price of 44.25 yuan per share has been set based on a 25 times PE for 2025 [4].

Mining Resources - The Maoling-Yanglongshan Mine has a resource estimate of 90.30 million tons with an average grade of 24.32% TFe[4]. - The Shigou Gypsum Mine has a resource estimate of 10.37 million tons with an average grade of 90.64% Gypsum + Anhydrite[4]. - The Maoling-Yanglongshan Mine is producing high-grade iron concentrates with TFe content ranging from 65% to 72% as of December 31, 2024[64]. - The mineral resources at the Shigou Gypsum Mine remain unchanged since the 2014 annual report, with a boundary grade of 82.51% and a minimum exploitable width of 1 meter[189]. - Mineral resources are estimated based on survey data available as of December 31, 2024, and are constrained by mining and exploration licenses[191]. Financial Performance - For the year ended December 31, 2024, the company reported a revenue of RMB 542.49 million, a decrease from RMB 784.95 million in 2023, representing a decline of approximately 30.8%[20]. - The gross profit for 2024 was RMB 14.20 million, down from RMB 36.53 million in 2023, indicating a decrease of about 61.1%[21]. - The company recorded a net loss attributable to owners of RMB 20.66 million in 2024, compared to a profit of RMB 9.70 million in 2023, marking a significant turnaround in performance[22]. - As of December 31, 2024, the equity attributable to owners of the company was RMB 625.62 million, slightly down from RMB 646.29 million in 2023[23]. - The Group's overall profitability declined, reporting a net loss of approximately RMB 20.7 million for FY2024, compared to a net profit of approximately RMB 9.7 million for FY2023[57]. Operational Challenges - The company faced a temporary suspension of operations at the Maoling-Yanglongshan Mine due to a safety incident, which significantly impacted productivity and revenue in the second half of the year[31]. - Non-cash impairment losses of approximately RMB 13.8 million were recorded due to the reassessment of the mine's production capacity and operational plans[32]. - The Group recorded a loss before tax of approximately RMB 24.6 million for FY2024, compared to a profit of RMB 14.1 million in FY2023, marking a variance of 274.3%[78]. - The Group's trading business operates on an indent basis, minimizing inventory risks and aligning with industry practices to mitigate financial exposure in fluctuating demand markets[78]. Market Conditions - In 2024, China's GDP growth rate was reported at 5.0%, with Q4 2024 GDP growth exceeding expectations at 5.4%[46]. - Global crude steel production in 2024 was approximately 1,882.6 million tonnes, reflecting a 0.8% year-on-year decline, while China's crude steel production totalled 1,005.1 million tonnes, down 1.7% year-on-year[48]. - China's steel consumption was approximately 863 million tonnes in 2024, declining 4.4% year-on-year, with expectations for further decline to 850 million tonnes in 2025, a 1.5% year-on-year decrease[48]. - The Chinese Steel Price Index (CSPI) decreased from 112.67 in January 2024 to 97.57 in November 2024, marking a 13.4% decline, with an annual average CSPI of 102.47, representing an 8.39% year-on-year decline[48]. Strategic Initiatives - The company aims to explore exceptional potential in mining, focusing on integrity, opportunity, and responsibility[6]. - The company plans to adopt a more measured and less aggressive business expansion strategy in response to the slower recovery pace anticipated in the market[36]. - Facilities management is expected to play a significant role in providing new growth opportunities and diversifying income streams for the company[37]. - The company aims to enhance its capabilities in facilities management by expanding service scopes and forging strategic collaborations to mitigate impacts on financials amid declining steel demand[37]. Legal and Compliance Issues - Ongoing litigations against former subsidiaries for indebtedness may require the Company to take further legal actions, impacting financial stability[72]. - Legal actions have been initiated by CCB and ICBC against former subsidiaries regarding various indebtedness amounts, with the Company required to fulfill its corporate guarantee obligations[192]. Employee and Management - The Group's employee benefit expenses for FY2024 were approximately RMB 32.3 million, a decrease from RMB 34.5 million in FY2023, with a total of 356 dedicated full-time employees as of December 31, 2024[187]. - The Group has implemented proper training programs to promote employee career development and progression[190]. - The Group has adopted a share option scheme to incentivize and reward eligible employees based on their contributions[190]. Cash Flow and Financing - The Group recorded net cash flows from operating activities of approximately RMB 26.2 million for FY2024, a significant decrease from RMB 95.1 million in FY2023[108]. - The Group's cash and cash equivalents at the end of FY2024 were approximately RMB 11.9 million, an increase from RMB 8.0 million at the end of FY2023[107]. - The Group will continue to explore new financing arrangements to meet its working capital and financial requirements[156].

而方向盘+气囊业务则是公司的第二曲线，公司于2021 年实现方向盘+气囊产品的量产，目前已经突破 吉利、上通五菱、奇瑞等客户，后续有望持续为公司业绩贡献增量。 2024Q4 营收同环比大幅增长，减值损失短期拖累业绩。营收端，公司2024Q4 单季度实现营业收入6.61 亿元，同比增长41.93%，环比增长30.41%。从主要下游2024Q4 表现来看：奇瑞批发82.68 万辆，环比 增长31.09%；吉利批发68.69 万辆，环比增长28.63%；上汽通用五菱批发50.01 万辆，环比增长 85.22%；长城批发37.95 万辆，环比增长29.04%。 毛利率方面，公司2024Q4 单季度毛利率26.56%，环比下降2.45 个百分点，预计主要系产品结构变化 +年底部分客户返利所致。期间费用方面，公司2024Q4 单季度期间费用率为9.77%，环比下降2.40 个百 分点；其中，销售/管理/研发/财务费用率分别为1.49%/3.06%/4.36%/0.86%，环比分 别-0.40/-0.93/-0.91/-0.16 个百分点，公司2024Q4 期间费用率环比明显下降主要系公司2024Q4 收入环比 大幅增长带 ...

Financial Performance - For the fiscal year 2024, the company's revenue was approximately RMB 542.5 million, a decrease of 30.9% compared to RMB 785.0 million in the fiscal year 2023[2]. - The company recorded a net loss of approximately RMB 20.7 million for the fiscal year 2024, compared to a net profit of RMB 9.7 million in the fiscal year 2023[2]. - Basic and diluted loss per share attributable to the owners of the company was RMB 0.92 for the fiscal year 2024, down from earnings of RMB 0.43 per share in the fiscal year 2023[4]. - The gross profit for the fiscal year 2024 was RMB 14.2 million, representing a gross margin of 2.6%, down from RMB 36.5 million and a gross margin of 4.7% in the fiscal year 2023[3]. - The company reported a total comprehensive loss of RMB 20.1 million for the fiscal year 2024, compared to a total comprehensive income of RMB 9.1 million in the fiscal year 2023[4]. - The pre-tax loss for 2024 was RMB 24,591,000 compared to a profit of RMB 14,112,000 in 2023, indicating a significant decline in performance[54]. - The company recorded a net cash outflow from investment activities of approximately RMB 27.8 million in the fiscal year 2024, compared to RMB 79.8 million in the fiscal year 2023, mainly due to capital expenditures for upgrading and expanding high-grade iron ore operations[124]. - The company recorded an income tax credit of approximately RMB 4.5 million in the fiscal year 2024, compared to an income tax expense of approximately RMB 5.0 million in the fiscal year 2023, primarily due to the recognition of deferred tax assets totaling RMB 5.4 million[119]. Assets and Liabilities - Total current assets decreased to RMB 219.0 million in 2024 from RMB 244.9 million in 2023, reflecting a decline of 10.5%[5]. - Total current liabilities decreased to RMB 216.8 million in 2024 from RMB 241.6 million in 2023, a reduction of 10.3%[5]. - Non-current liabilities increased to RMB 145.3 million in 2024 from RMB 125.4 million in 2023, an increase of 15.9%[6]. - The company's total assets less current liabilities remained relatively stable at RMB 1,065.5 million in 2024 compared to RMB 1,065.7 million in 2023[5]. - The total cost of property, plant, and equipment as of December 31, 2024, was RMB 335,766,000, up from RMB 330,439,000 in 2023, reflecting a growth of about 1.6%[55]. - The total deferred tax assets increased to RMB 12,631,000 in 2024 from RMB 7,219,000 in 2023, representing a growth of approximately 75%[76]. - The total borrowings of the company increased to approximately RMB 91.4 million as of December 31, 2024, up from RMB 82.6 million as of December 31, 2023, due to additional operational financing obtained during the fiscal year 2024[131]. Revenue Breakdown - The company reported total segment revenue of RMB 543,737 thousand, with external sales contributing RMB 542,490 thousand[37]. - Total revenue for the year ended December 31, 2023, was RMB 784,951,000, with a breakdown of RMB 115,280,000 from high-grade iron ore, RMB 650,175,000 from trading, and RMB 19,496,000 from facility management[40]. - Revenue from external customers in mainland China decreased to RMB 542,490,000 in 2024 from RMB 784,951,000 in 2023, indicating a decline of approximately 30.8%[42]. - The sales of high-grade iron ore accounted for 12.4% of total revenue in 2024, down from 14.7% in 2023, while steel trading represented 83.9% of total revenue in 2024, slightly up from 82.8% in 2023[44]. - Facility management revenue grew to RMB 20.5 million in the 2024 fiscal year, up from RMB 19.5 million in 2023[98]. Operational Insights - The group will continue to monitor and improve the collection cycle of outstanding receivables[15]. - The group is actively discussing and negotiating with banks for the renewal of expiring financing to meet operational funding needs for the year ending December 31, 2025[15]. - The group will focus on enhancing productivity in existing mining and facility management operations while evaluating other potential strategic plans and initiatives[15]. - The group believes it will have sufficient operating funds for at least the next 12 months from the date of the consolidated financial statements approval[12]. - The group has cash flow forecasts that indicate sufficient funding sources for operational needs without unforeseen circumstances for at least the next 12 months[13]. Market Conditions - The global crude steel production in 2024 was approximately 1.8826 billion tons, a year-on-year decrease of 0.8%[95]. - China's crude steel production in 2024 was 1.0051 billion tons, down 1.7% from the previous year[95]. - The GDP growth rate for China in 2024 was reported at 5.0%, consistent with the government target, with Q4 growth exceeding expectations at 5.4%[95]. - The company anticipates that China's steel consumption will decline by 4.4% to approximately 863 million tons in 2025[95]. - The China Steel Price Index (CSPI) decreased from 112.67 in January 2024 to 97.57 in November 2024, a decline of 13.4%[96]. Governance and Compliance - The company has adopted a corporate governance code and believes it has complied with applicable provisions during the 2024 fiscal year[160]. - The company's auditor has confirmed that the financial figures for the 2024 fiscal year align with the audited consolidated financial statements[162]. - The board of directors includes both executive and independent non-executive members, ensuring governance and oversight[172].

CHINA VANADIUM TITANO-MAGNETITE MINING COMPANY LIMITED 中國飢鈦磁鐵礦業有限公司 (Incorporated in the Cayman Islands with Iimited Ilability) (於問曼群島註冊成立之有限公司) (Stock Code 股份代號：00893) | --- | --- | --- | |-------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | CONSOLIDATE | | | | THE FOUNDATION | | | | with inclusiveness and adaptability | | | | 謀定而動 順勢而為 | | | | 2024 Interim Report 中期報告 | | | Our Presence 集團版圖 Our Presence 集團版圖 A1 B1 A2 雲南省 貴州省 四川 重慶 昆明 成昆鐵路 Yunnan Guizhou Sichuan ...