股票简称：宝钛股份 股票代码：600456 Baoji Titanium Industry Co.,Ltd. （陕西省宝鸡市高新开发区高新大道 88 号） 关于宝鸡钛业股份有限公司向不特 定对象发行可转换公司债券 审核问询函的回复 保荐人（主承销商） （陕西省西安市新城区东新街 319 号 8 幢 10000 室） 二〇二六年一月 上海证券交易所： 贵所《关于宝鸡钛业股份有限公司向不特定对象发行可转换公司债券申请文 件的审核问询函》（上证上审（再融资）〔2025〕412 号）（以下简称"问询函"） 已收悉。宝鸡钛业股份有限公司（以下简称"宝钛股份""发行人""申请人" 或"公司"）会同西部证券股份有限公司（以下简称"西部证券"或"保荐人"）、 申报会计师希格玛会计师事务所（特殊普通合伙）（以下简称"发行人会计师"）、 发行人律师北京观韬律师事务所（以下简称"发行人律师"）就问询函所提问题 逐条进行了认真分析及讨论，针对问询函中的问题进行了核查，对问询函中所有 提到的问题逐项予以落实并进行了书面说明，同时按照要求对《宝鸡钛业股份有 限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"募集说明书"） 进行 ...

《关于宝鸡钛业股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》的回复 希格玛会计师事务所（特殊普通合伙） 《关于宝鸡钛业股份有限公司向不特定对象发行可 转换公司债券申请文件的审核问询函》的回复 上海证券交易所： 贵所2025年12月18日《关于宝鸡钛业股份有限公司向不特定对象发行可转换 公司债券申请文件的审核问询函》（上证上审（再融资）[2025]412号）收悉， 我所对反馈意见所涉及的问题进行了逐项核查和落实，现根据贵所的反馈意见回 复如下。 问题 1：关于本次募投项目 根据申报材料，1）本次拟募集资金不超过 350,000.00 万元，拟投入"钛 资源循环利用暨熔铸提质扩能项目""宇航级钛及钛合金智能锻造产线及供应 链协同建设项目""钛及钛合金近净成形生产线建设项目"及补充流动资金。 2）前次募投项目"宇航级宽幅钛合金板材、带箔材建设项目"未实现预计效 益。 请发行人说明：（1）本次募投项目的具体建设内容，与前次募投项目、 现有业务的区别与联系，是否涉及新产品、新技术，本募产品与公司现有产 品在技术路线、产品性能、应用领域、客户群体等方面的具体差异，募集资 金是否主要投向主业；（2）结合行 ...

宝鸡钛业股份有限公司 关于向不特定对象发行可转换公司债券 申请文件审核问询函回复的提示性公告 证券代码：600456 证券简称：宝钛股份 编号：2026-002 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宝鸡钛业股份有限公司（以下简称 "公司 "）于 2025 年 12 月 18 日收到上 海证券交易所（以下简称 "上交所 "）出具的《关于宝鸡钛业股份有限公司向 不特定对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资） 〔2025〕412 号）（以下简称 "《审核问询函》"），上交所审核机构对公司向不特 定对象发行可转换公司债券申请文件进行了审核，并形成了首轮问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 提出的问题进行了认真研究和逐项落实，现根据相关要求对《审核问询函》回复 进行公开披露，具体内容详见公司同日在上交所网站（www.see.com.cn）上披 露的《关于宝鸡钛业股份有限公司向不特定对象发行可转换公司债券审核问询函 的回复》等相关文件。 特此公告。 宝鸡钛业股份 ...

宝钛股份公告称，公司此前收到上交所出具的《审核问询函》，对其向不特定对象发行可转换公司债券 申请文件提出首轮问询问题。公司会同相关中介机构对问题进行研究落实，现公开披露《审核问询函》 的回复。本次发行可转债事项尚需通过上交所审核并获证监会同意注册后方可实施，最终结果及时间尚 不确定，公司将依规披露进展。 ...

西部证券股份有限公司关于宝鸡钛业股份有限公司 2025 年持续督导工作现场检查报告 上海证券交易所： 根据《证券发行上市保荐业务管理办法》和《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》等有关法律、法规的要求，西部证券股份有限 公司（以下简称"西部证券"或"保荐人"）作为宝鸡钛业股份有限公司（以下 简称"宝钛股份"、"公司"或"上市公司"）2019 年非公开发行 A 股股票的 保荐人，对宝钛股份进行持续督导，督导期限至 2022 年 12 月 31 日结束，截至 2022 年 12 月 31 日，宝钛股份募集资金尚未使用完毕，保荐人持续对宝钛股份 的募集资金管理和使用履行持续督导职责，直至募集资金使用完毕。 根据有关法律法规的要求，西部证券于 2026 年 1 月 15 日至 2026 年 1 月 16 日对宝钛股份 2025 年度募集资金管理和使用情况进行了持续督导工作现场检查， 现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 西部证券股份有限公司。 （二）保荐代表人 何勇、薛冰。 （三）现场检查时间 （四）现场检查人员 何勇、同江鹏。 （五）现场检查内容及检查 ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

Group 1 - The core viewpoint of the news is that 24 companies have released their performance reports for 2025, with significant variations in revenue and profit growth among them [1][2][3] - Poly Developments reported the highest revenue at 308.26 billion yuan, but experienced a slight decline of 1.09% year-on-year [1][3] - Among the companies, 16 reported revenue growth, with the highest increase of 37.18% from Siyuan Electric, achieving 21.21 billion yuan in revenue [1][2] Group 2 - In terms of net profit, all companies that released performance reports were profitable, with five companies exceeding 10 billion yuan in net profit [2] - CITIC Bank led with a net profit of 70.62 billion yuan, reflecting a year-on-year growth of 2.98% [2][3] - The largest net profit growth was seen in Quanyuan Spring, which reported a net profit of 0.15 billion yuan, up 147.89% year-on-year [2]

Core Insights - The article discusses the performance forecasts and reports of 20 companies that released their earnings reports for the year 2025, highlighting the accuracy of earnings quick reports compared to earnings forecasts [1] Group 1: Revenue Performance - The highest revenue among the companies that released earnings quick reports is from CITIC Bank, achieving a revenue of 212.475 billion yuan, with a year-on-year decrease of 0.55% [1] - Following CITIC Bank, Shanghai Pudong Development Bank and Yangtze Power reported revenues of 173.964 billion yuan and 85.882 billion yuan, respectively [1] - Out of the 20 companies, 14 reported a year-on-year increase in revenue, with the highest growth rate recorded by Siyuan Electric, which achieved a revenue of 21.205 billion yuan, marking a growth of 37.18% [2] - CITIC Securities and Beiding Co. followed with revenue growth rates of 28.75% and 26.04%, respectively [2] Group 2: Profit Performance - All companies that released earnings quick reports reported profits, with five companies achieving net profits exceeding 10 billion yuan [2] - CITIC Bank led in net profit with 70.618 billion yuan, reflecting a year-on-year increase of 2.98% [2] - Shanghai Pudong Development Bank and Yangtze Power reported net profits of 50.017 billion yuan and 34.167 billion yuan, respectively [2] - Among the companies, 13 reported a year-on-year increase in net profit, with the highest growth seen in Quanyuan Spring, which achieved a net profit of 0.015 billion yuan, up by 147.89% [2] - Beiding Co. and Siyuan Electric also showed significant net profit growth rates of 59.05% and 54.35%, respectively [2]

Core Insights - The article discusses the performance forecasts and reports of 17 companies that released their earnings reports as of January 16, 2025, highlighting the accuracy of earnings quick reports compared to forecasts [1] Group 1: Revenue Performance - The highest revenue among the companies reporting was achieved by CITIC Bank, with a revenue of 212.475 billion yuan, showing a year-on-year decline of 0.55% [1] - Following CITIC Bank, Shanghai Pudong Development Bank and Yangtze Power reported revenues of 173.964 billion yuan and 85.882 billion yuan, respectively [1] - Eleven companies reported a year-on-year increase in revenue, with the highest growth recorded by Siyuan Electric, which achieved a revenue of 21.205 billion yuan, up 37.18% [1][2] - CITIC Securities and Beiding Co. also showed significant revenue growth, with increases of 28.75% and 26.04%, respectively [1][2] Group 2: Profit Performance - All companies that released earnings quick reports reported profits, with five companies achieving net profits exceeding 10 billion yuan [2] - CITIC Bank led in net profit with 70.618 billion yuan, reflecting a year-on-year increase of 2.98% [2] - Shanghai Pudong Development Bank and Yangtze Power followed with net profits of 50.017 billion yuan and 34.167 billion yuan, respectively [2] - Ten companies reported an increase in net profit, with the highest growth seen in Quanyuan Spring, which achieved a net profit of 0.15 billion yuan, up 147.89% [2] - Beiding Co. and Siyuan Electric also reported substantial net profit growth, with increases of 59.05% and 54.35%, respectively [2]

Core Viewpoint - Baoti Group (600456.SH) reported a decline in both revenue and net profit for the fiscal year 2025, indicating challenges in sales and profitability [1] Financial Performance - The company achieved total operating revenue of 6.173 billion yuan, a year-on-year decrease of 7.26% [1] - The net profit attributable to shareholders of the listed company was 416 million yuan, reflecting a year-on-year decline of 27.90% [1] - The decrease in sales revenue and operating profit, along with an increase in non-recurring gains and losses, contributed to the decline in net profit [1]