Core Points - Baotai Co., Ltd. (stock code: 600456) reported that as of the end of the third quarter of 2025, the total number of shareholders reached 56,911 [1]

Core Viewpoint - The successful development of nickel-based UNSN10276 (Hastelloy) wide strip by Baotai Group will reduce China's reliance on imports in this material sector and support the improvement of the domestic nickel-based alloy industry chain [1] Group 1: Product Development - Baotai Group has independently designed and developed a wide strip of nickel-based UNSN10276 (Hastelloy), which is known for its excellent corrosion resistance and thermal stability [1] - The thickness of the produced Hastelloy strip is 0.6 mm, with a width ranging from 1000 mm to 1219 mm, and a single roll weight exceeding 3.5 tons [1] - The comprehensive performance of the product meets relevant requirements after thorough inspection [1] Group 2: Industry Impact - Hastelloy, a tungsten-containing nickel-chromium-molybdenum alloy, is often referred to as "super stainless steel" and is widely used in aerospace and chemical industries [1] - The production technology for wide strips of Hastelloy has been a gap in the domestic industrial sector, with only a few developed countries possessing mature production capabilities [1] - Baotai Group aims to achieve stable and large-scale production of high-end materials, contributing to the self-sufficiency of critical materials and the construction of a modern industrial system in China [1]

Core Viewpoint - The company, Baoji Titanium Industry Co., Ltd., has announced its decision to acquire land use rights through a competitive bidding process, indicating a strategic move to expand its operational footprint in the Baoji High-tech Industrial Development Zone [1] Group 1: Land Acquisition - The company plans to purchase land use rights for a plot located in the Baoji High-tech Industrial Development Zone, specifically south of Gaoxin Avenue and west of Shiye Road [1] - The company successfully won the bidding for the land use rights at a price of RMB 58.49 million [1] - The company has signed the "Confirmation of Transaction" and the "Contract for the Transfer of State-owned Construction Land Use Rights," with the contract number BZ-宝市高招拍挂字（2025）23号 [1]

证券代码：600456 证券简称：宝钛股份 公告编号：2025-056 宝鸡钛业股份有限公司 关于购买土地使用权的进展公告 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"）经第八届董事会第十八次临时 会议审议通过了《关于拟购买土地使用权的议案》，公司拟以自有资金参与竞拍 位于宝鸡市科技新城片区高新大道以南、实业路以西的一宗国有土地使用权（宗 地总面积126198 m 2）。具体内容详见公司于2025年9月4日在上海证券交易所网站 （www.sse.com.cn）披露的《宝鸡钛业股份有限公司关于拟购买土地使用权的公 告》（公告编号：2025-044）。 出让人：宝鸡高新技术产业开发区自然资源和规划局 受让人：宝鸡钛业股份有限公司 2、合同标的基本情况 | 宗地编号 | BJGX（2025）23 号 | | --- | --- | | 宗地总面积 | 2 126198 m | | 交易价格 | 5849 万元 | | 土地用途及出让年限 | 二类工业用地，年限 50 年 | 1 | 宗地坐落 ...

Core Viewpoint - The company has successfully acquired a state-owned land use right in Baoji City for 58.49 million yuan, which will support its industrial development and align with its long-term strategic planning [1] Group 1: Acquisition Details - The company won the land use right through a bidding process, covering an area of 126,198 square meters [1] - The land is designated for secondary industrial use with a lease term of 50 years [1] - The payment for the land will be made in a lump sum within 60 days of the contract signing, using the company's own funds [1] Group 2: Strategic Implications - This land acquisition is expected to provide a foundational guarantee for the company's industrial development [1] - The move is in line with the company's medium to long-term strategic development plan [1] - It is anticipated to promote high-quality development without significantly impacting the company's financial and operational status [1]

Investment Rating - The industry investment rating is "Overweight" [44] Core Insights - The demand for titanium materials in aerospace and naval applications is expected to approach 49,000 tons by 2027, driven by military aircraft recovery, advanced fighter jets entering service, and the delivery of domestic large aircraft [3][24] - The production capacity of high-performance low-cost titanium alloys still needs improvement, as current domestic products lag behind international standards due to equipment and process limitations [4][33] - Beneficiary companies include Baotai Co., Western Superconducting Technologies, Western Materials, and Jintian Titanium Industry [5] Summary by Sections 1. Titanium Material Demand - In 2024, China's titanium material consumption is projected to be 151,000 tons, with aerospace accounting for 21.3% and the shipbuilding sector growing rapidly, with a 32% year-on-year increase [19][28] - The titanium material usage in the aerospace sector is expected to grow steadily, with a compound annual growth rate (CAGR) of 6.7% from 2025 to 2027 [24][26] - The shipbuilding sector's titanium material consumption is expected to reach nearly 9,500 tons by 2027, driven by the development of deep-sea economy and large-scale naval equipment [28][30] 2. High-Performance Titanium Alloys - High-temperature titanium alloys are anticipated to become a new growth area in aerospace, with increasing demand for materials that can withstand extreme conditions [11][12] - The domestic production of high-performance titanium alloys is still in the early stages, with significant potential for development in underwater vehicles and other applications [16][19] 3. Beneficiary Companies - Baotai Co. is the largest specialized rare metal production and research base in China, with a production of 16,633 tons in the first half of 2025 [40] - Western Superconducting Technologies is advancing the development of new titanium alloys and low-cost preparation technologies, with a production of 8,134 tons in 2024 [40] - Western Materials has achieved breakthroughs in key technologies for aerospace applications, with a sales volume of 6,767 tons in 2024 [40] - Jintian Titanium Industry is focused on high-end titanium and titanium alloy materials, with ongoing expansion projects to increase production capacity [40]

Core Viewpoint - Baoti Group, established in 1999 and listed in 2002, is the largest titanium and titanium alloy production and research base in China, with a complete industrial chain and leading technological strength [1] Group 1: Business Performance - In Q3 2025, Baoti Group achieved a revenue of 4.44 billion yuan, ranking 5th among 15 companies in the industry [2] - The net profit for the same period was 355 million yuan, also ranking 5th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Baoti Group's debt-to-asset ratio was 48.03%, higher than the industry average of 44.55% [3] - The gross profit margin for Q3 2025 was 22.30%, exceeding the industry average of 20.16% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.61% to 56,900 [5] - The average number of circulating A-shares held per shareholder increased by 10.63% to 8,395.17 [5]

Investment Rating - The report provides a "First Recommendation" for the deep-sea technology industry [7] Core Insights - The deep-sea technology sector is increasingly recognized as a key area for national development, with significant policy support and strategic importance under the "Marine Power" initiative [2][25] - The industry is experiencing a surge in market activity, with leading companies enhancing their technological capabilities and market presence, evidenced by a substantial IPO financing scale of 11.4 billion yuan in 2024 [3][35] - Key technological breakthroughs are being achieved, moving the industry towards a more autonomous and self-sufficient development model [4] Summary by Sections 1. Development Window for Deep-Sea Technology - Deep-sea technology is crucial for the development of the marine economy, focusing on resource exploration and sustainable development in deep-sea areas [13] - The central government has shifted its focus to deep-sea technology as a strategic pillar of the "Marine Power" initiative, with various supportive policies being implemented [20][25] - Local governments are actively creating plans and measures to foster deep-sea technology, enhancing regional competitiveness [27][28] 2. Insights into China's Marine Economy - The marine economy's total output surpassed 10 trillion yuan in 2024, with a growth rate of 5.9%, outpacing the national GDP growth [35][39] - The marine economy is characterized by a diversified structure, with the tertiary sector contributing the most to the marine GDP [39] 3. Deep-Sea Technology Industry Chain and Key Enterprises - The deep-sea technology industry comprises a complete chain from upstream raw materials and components to midstream equipment manufacturing and downstream applications [45] - Key upstream companies include Baotai Co., West Materials, and Guangwei Composite, which are pivotal in providing essential materials for deep-sea equipment [47][49][50] - Midstream equipment manufacturers are focusing on deep-sea detection and sensing equipment, with significant advancements in manned submersibles and unmanned underwater vehicles [56][61] 4. Investment Recommendations - The report suggests focusing on upstream material and component companies such as Baotai Co., West Materials, and Guangwei Composite; midstream equipment manufacturers like China CNR, Zhenhua Heavy Industries, and China Shipbuilding; and downstream application companies like China National Offshore Oil Corporation [5]

Market Overview - The small metals sector increased by 3.56% compared to the previous trading day, with Zhongtung High-tech leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Zhongtung High-tech (000657) closed at 24.76, up 10.00% with a trading volume of 726,000 shares and a transaction value of 1.78 billion [1] - Huaxi Nonferrous (600301) closed at 29.63, up 6.74% with a trading volume of 196,900 shares [1] - Xiamen Tungsten (600549) closed at 37.51, up 6.71% with a trading volume of 1,047,900 shares and a transaction value of 3.87 billion [1] - Other notable performers include Zhangyuan Tungsten (002378) up 5.85%, Guizhou Platinum (600459) up 5.84%, and Tin Industry Co. (000960) up 5.84% [1] Capital Flow Analysis - The small metals sector saw a net inflow of 808 million in main funds, while speculative funds experienced a net outflow of 733 million [2] - Retail investors also saw a net outflow of 7.5 million [2] Detailed Capital Flow for Selected Stocks - North Rare Earth (600111) had a main fund net inflow of 26.66 million, while speculative funds saw a net outflow of 1.81 billion [3] - Shenghe Resources (600392) recorded a main fund net inflow of 187 million, with speculative funds experiencing a net outflow of 104 million [3] - Zhangyuan Tungsten (002378) had a main fund net inflow of 156 million, but retail investors saw a significant net outflow of 167 million [3] - Zhongtung High-tech (000657) had a main fund net inflow of 130 million, with both speculative and retail investors experiencing net outflows [3]

Core Viewpoint - The company has announced several key updates regarding its financial performance, audit changes, and ongoing projects, including the extension of a fundraising project and the appointment of a new auditing firm [15][68][80]. Financial Performance - The company reported a total of 180,522,517.02 yuan in asset impairment provisions for the first three quarters of 2025, which includes credit impairment losses of 53,196,947.43 yuan and inventory impairment losses of 127,325,569.59 yuan [82][83][84]. Audit Changes - The company plans to change its auditing firm from Sigma to Lixin, citing the need for independence after eight years of service from Sigma. The proposed audit fees are 600,000 yuan for annual audit and 250,000 yuan for internal control audit [15][16][27][31]. Project Updates - The company has decided to extend the timeline for the "Titanium Alloy 3D Printing Pilot Line Construction Project" to June 2026 due to technical challenges and construction difficulties [68][69][71]. Related Party Transactions - The company is set to renew daily related party transaction agreements with its controlling shareholder, BaoTi Group, and its subsidiary, covering security, archive management, and logistical support services, with a total transaction amount of 42,103,200 yuan [34][35][63].