本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 重要内容提示： | 权益变动方向 | 比例增加 | | --- | --- | | 权益变动前合计比例 | 48.77% | | 权益变动后合计比例 | 49.18% | | 本次变动是否违反已作出的承诺、意向、计划 | 否 | | 是否触发强制要约收购义务 | 否 | 证券代码：600456 证券简称：宝钛股份 公告编号：2025-046 宝鸡钛业股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公 告 控股股东宝钛集团有限公司保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | | 2.信息披露义务人信息 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | 宝钛集团有限公司 | 控股股东 | 91610301221302782B | 二、 权益变动触及 1%刻度的基本情况 宝鸡钛业股份有限公司（以下简称"公司"）收到控股股东宝钛集团有限公 司《关于增持宝鸡钛业股份有限公 ...

Core Viewpoint - The company Baoti Group has increased its stake in Baoti Co., Ltd. by acquiring 1.95 million shares, raising its ownership from 48.77% to 49.18% during the specified period [1] Summary by Relevant Sections - **Shareholding Increase**: Baoti Group acquired a total of 1.95 million shares of Baoti Co., Ltd., which represents 0.41% of the company's total share capital [1] - **Ownership Percentage Change**: Following the acquisition, Baoti Group's ownership percentage increased from 48.77% to 49.18%, indicating a significant change in control dynamics [1] - **Transaction Period**: The share acquisition took place between September 5, 2025, and September 19, 2025, through centralized bidding on the Shanghai Stock Exchange [1]

Core Viewpoint - The company Baoti Group has increased its stake in Baoti Co., Ltd. by acquiring 1.95 million shares, raising its ownership from 48.77% to 49.18% during the specified period [1] Summary by Relevant Sections - **Shareholding Increase**: Baoti Group acquired a total of 1.95 million shares of Baoti Co., Ltd., which represents 0.41% of the company's total share capital [1] - **Ownership Percentage**: Following the acquisition, Baoti Group's ownership percentage increased from 48.77% to 49.18%, indicating a significant change in control dynamics [1] - **Transaction Period**: The share acquisition took place between September 5, 2025, and September 19, 2025, through the Shanghai Stock Exchange's centralized bidding system [1]

Core Insights - Deep-sea resource development focuses on areas deeper than 200 meters, encompassing strategic resources such as minerals, energy, and biological resources, which are crucial for overcoming land resource limitations and ensuring national security [1][2] - The Chinese government has integrated deep-sea development into its national security strategy, designating it as a strategic emerging industry in the 2025 government work report, supported by a special fund of 50 billion yuan for marine economy [1][5] - The industry is projected to reach a scale of 3.25 trillion yuan by 2025 and exceed 5 trillion yuan by 2030, driven by significant growth in oil and gas development, mining, and biopharmaceutical sectors [1][9] Industry Overview - Deep-sea resource development involves exploration, extraction, and utilization of resources in deep-sea areas, aiming to acquire strategic resources through advanced technologies [2][3] - The sector is categorized into five main types: deep-sea mineral resources, oil and gas resources, biological resources, energy resources, and spatial resources [3] Development Drivers - National strategy and policy support are key drivers, with deep-sea development included in China's national security framework and significant funding allocated to support technological advancements [5][6] - The high dependency on foreign oil and gas, with over 70% reliance, necessitates deep-sea oil and gas development as a strategic solution to energy security [5][6] - Technological breakthroughs and domestic equipment manufacturing have positioned China to lead in deep-sea resource development, enhancing its global competitiveness [6][7] Current Industry Status - The deep-sea economy is rapidly growing, with the marine economy reaching 10.54 trillion yuan in 2024, driven by significant demand in deep-sea oil and gas and biological resource development [8][9] - The deep-sea oil and gas sector has seen substantial advancements, with the first ultra-deepwater gas field "Deep Sea No. 1" entering production, marking China's entry into the global first tier of deep-sea oil and gas development [10][11] Corporate Landscape - Major companies in the deep-sea resource development sector include China National Offshore Oil Corporation, China Shipbuilding Industry Corporation, and others, forming a comprehensive ecosystem from resource development to equipment manufacturing [13][14] - The industry is characterized by a full-chain ecosystem that integrates resource development, equipment manufacturing, technological innovation, and regional collaboration [13][14] Future Trends - The industry is expected to evolve towards technological integration and intelligence, with AI and quantum sensing driving automation and efficiency in exploration and extraction processes [15][16] - Environmental sustainability will become a core focus, with the adoption of eco-friendly technologies and the establishment of monitoring systems to minimize ecological impact [16][17] - Expansion into ultra-deepwater and polar regions will reshape the competitive landscape, necessitating international cooperation and standard-setting to address high costs and technical challenges [17][18]

Group 1 - The core viewpoint of the news is that Baotai Co., Ltd. has experienced fluctuations in stock price and significant changes in financial performance, indicating potential investment opportunities and risks in the company [1][2][3] Group 2 - As of September 15, Baotai's stock price decreased by 2.02% to 31.50 CNY per share, with a total market capitalization of 15.05 billion CNY [1] - The company has seen a year-to-date stock price increase of 12.26%, but a decline of 1.01% over the last five trading days and 5.69% over the last 20 days [1] - For the first half of 2025, Baotai reported a revenue of 2.967 billion CNY, a year-on-year decrease of 20.45%, and a net profit of 205 million CNY, down 49% year-on-year [2] Group 3 - Baotai's main business revenue composition includes 86.74% from titanium products, 8.74% from other metal products, and 4.52% from other sources [1] - The company has distributed a total of 2.523 billion CNY in dividends since its A-share listing, with 569 million CNY distributed in the last three years [3] Group 4 - Baotai is classified under the non-ferrous metals industry, specifically in the small metals sector, and is involved in various concept sectors including aerospace and nuclear power [2] - As of June 30, 2025, the number of shareholders decreased by 2.94% to 63,000, while the average circulating shares per person increased by 3.03% to 7,588 shares [2]

Core Viewpoint - The article emphasizes the critical role of titanium and titanium alloys in supporting the development of strategic emerging industries such as aerospace and high-end equipment in China, highlighting the transition from "Made in China" to "Created in China" and from "Chinese speed" to "Chinese quality" [1]. Company Overview - BaoTi Group Co., Ltd. was established in 1965 as a key national enterprise to meet the needs of national defense and advanced technology development [1]. - BaoTi Co., Ltd., a subsidiary of BaoTi Group, was founded in July 1999 and became the first publicly listed company in China's titanium industry in 2002 [3]. - The company has established ten production systems covering sponge titanium, casting, forging, plates, strips, seamless pipes, welded pipes, bars, precision casting, and raw material processing, leading the world in titanium production and comprehensive strength [3]. Quality Management - BaoTi Co., Ltd. has developed a comprehensive quality management system over three stages, evolving from basic compliance with ISO9001 to a customer-oriented quality concept with AS9100 and GJB9001 certifications [4]. - The company implements advanced quality management tools and has adopted a "Chief Quality Officer" system to enhance quality responsibility awareness [5]. - The company promotes a "zero defect" quality management philosophy, focusing on continuous improvement and employee engagement in quality standards [5]. Technological Innovation - BaoTi Co., Ltd. focuses on addressing national strategic needs by forming innovation teams that integrate production, education, research, and application, particularly in aerospace and aviation sectors [6]. - The company aims to enhance the mechanical properties and stability of its products through optimized melting processes and improved forging parameters [6]. Standardization Efforts - BaoTi Co., Ltd. actively participates in the formulation and revision of national and international standards, transitioning from a follower to a leader in the titanium industry [7][8]. - The company has established a comprehensive domestic titanium industry standard system and has been recognized with the "China Standard Innovation Contribution Award" [7]. - It has led the development of the ISO 23515-2022 standard, marking a significant achievement in international standardization for titanium [8]. Future Strategy - BaoTi Co., Ltd. aims to become a world-class titanium enterprise by focusing on high-quality development and innovation in strategic emerging fields such as aerospace and high-end medical equipment [9]. - The company plans to enhance its competitive edge by collaborating with upstream and downstream enterprises to tackle key technologies and improve overall industry competitiveness [9]. - Long-term goals include establishing a comprehensive innovation system and expanding the application of titanium in new energy and environmental protection sectors [9]. Conclusion - BaoTi Co., Ltd. is committed to leading the titanium industry in China and globally, leveraging quality, innovation, and standardization to contribute to the nation's manufacturing strength and the realization of the Chinese dream [10].

Group 1 - The stock price of BaoTi Co., Ltd. increased by 2.05% on September 12, reaching 32.42 CNY per share, with a trading volume of 1.44 billion CNY and a turnover rate of 0.95%, resulting in a total market capitalization of 15.49 billion CNY [1] - Year-to-date, BaoTi's stock price has risen by 15.54%, with a 2.56% increase over the last five trading days, a 1.31% increase over the last 20 days, and a 13.52% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on March 13, where it recorded a net buy of -1.05 billion CNY [1] Group 2 - BaoTi Co., Ltd. operates primarily in the production, processing, and sales of titanium and titanium alloys, with revenue composition of 86.74% from titanium products, 8.74% from other metal products, and 4.52% from other sources [1] - As of June 30, 2025, BaoTi reported a revenue of 2.967 billion CNY, a year-on-year decrease of 20.45%, and a net profit attributable to shareholders of 205 million CNY, down 49.00% year-on-year [2] - The company has distributed a total of 2.523 billion CNY in dividends since its A-share listing, with 569 million CNY distributed over the past three years [3] Group 3 - BaoTi belongs to the non-ferrous metals sector, specifically categorized under small metals and other small metals, and is associated with concepts such as large aircraft, aircraft carrier industry, aerospace military, commercial aerospace, and nuclear power [2] - As of June 30, 2025, the number of shareholders in BaoTi was 63,000, a decrease of 2.94% from the previous period, with an average of 7,588 circulating shares per shareholder, an increase of 3.03% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, holding 13.277 million shares, a decrease of 2.022 million shares from the previous period [3]

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]

Core Viewpoint - The analysis focuses on the inventory status of 23 representative industrial metal companies as of the first half of 2025, highlighting significant changes in inventory scale and turnover efficiency. Inventory Scale Analysis - In the first half of 2025, most industrial metal companies experienced an increase in inventory scale, with Huaxi Nonferrous's inventory growing the most, reaching 795 million yuan, a year-on-year increase of 51% [1] - The inventory scale of Guiyan Platinum Industry was 7.391 billion yuan, up 44.24% year-on-year, with inventory accounting for 37.34% of total assets [2][3] - Other companies with notable inventory scales include: - Xianglu Tungsten Industry: 781 million yuan, up 10.97%, 36.36% of total assets [2][3] - China Rare Earth: 2.025 billion yuan, up 28.61%, 36.14% of total assets [2][3] - Northern Rare Earth: 15.958 billion yuan, up 16.74%, 33.73% of total assets [2][3] - Guangsheng Nonferrous: 2.406 billion yuan, up 7.01%, 30.76% of total assets [2][3] Inventory Turnover Efficiency - Most companies reported inventory turnover days below 180 days, indicating efficient inventory management [3] - Companies with low inventory turnover efficiency and turnover days exceeding 300 days include: - Baotai Co., Ltd.: 312.34 days [3] - Yunnan Geology: 327.51 days [3] - Jintian Titanium Industry: 330.15 days [3]

Core Insights - The industrial metals sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting better performance compared to the previous year [1] Performance Analysis of Companies Companies with Profit Growth - Eight companies, including Northern Rare Earth and Eastern Tantalum, reported both revenue and profit growth [2] - Notable turnarounds include China Rare Earth, which shifted from a net loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2][3] - Other companies that turned losses into profits include Yunnan Zinc Industry and Shenghe Resources, with significant improvements in net profit [2] Companies with Declining Performance - Four companies, including Western Materials and Baoti Group, reported declines in both revenue and profit [5] - Western Materials saw a revenue decrease of 0.35% to 1.539 billion yuan and a net profit drop of 36.03% to 61.16 million yuan [5][10] - Baoti Group's revenue fell by 20.45% to 2.967 billion yuan, with a net profit decline of 49% to 205 million yuan [10] Companies with Revenue Growth but Profit Decline - Companies like Zhongmin Resources and Xiamen Tungsten reported revenue growth but significant profit declines [7] - Zhongmin Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [8][9] Industry Trends - China Rare Earth led the industry with a revenue growth rate of 62.38%, while Guangsheng Nonferrous Metals experienced the lowest revenue growth, declining by 47.83% [8] - Northern Rare Earth achieved the highest profit growth rate, with a net profit increase of 1951.52% to 931 million yuan [8]