1、投资目的:在保证正常生产经营的前提下,为持续提高公司自有资金的运作效 率和收益水平，进一步降低公司综合财务成本, 2、投资金额：不超过人民币 5.00 亿元。在上述额度内，资金可以滚动循环使用, 但任一时点持有未到期的理财产品总额不超过 5.00 亿元; 中国国际金融股份有限公司 关于攀钢集团钒钛资源股份有限公司 继续使用自有资金进行委托理财的核查意见 中国国际金融股份有限公司 (以下简称"中金公司"或"保荐机构")作为攀钢集 团创钛资源股份有限公司(以下简称"钒钛股份"、"公司"或"上市公司"）向特定 对象发行 A 股股票项目的保荐机构,根据《证券发行上市保荐业务管理办法》《深圳 证券交易所股票上市规则》和《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》等有关法律、行政法规、部门规章及业务规则的要求，对钒钛股份 继续使用自有资金进行委托理财的事项进行了认真、审慎核查,具体情况如下: 一、理财业务情况概述 (二)风险控制措施 二、投资风险分析及风控措施 (一) 产品风险评估 F 公司拟委托理财的对象均为低风险型理财产品,如果证券公司发生公司破产, 无力 偿还到期债务、资产被查封、 ...

股票代码：000629 股票简称：钒钛股份 公告编号：2024-43 攀钢集团钒钛资源股份有限公司 关于拟与鞍钢集团有限公司签订《采购框架协议 （2025-2027 年度）》和《销售框架协议（2025-2027 年度）》 暨关联交易的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、关联交易概述 鉴于攀钢集团钒钛资源股份有限公司（以下简称"公司"）与关联 方签订的《采购框架协议（2022-2024 年度）》和《销售框架协议 （2022-2024 年度）》将于 2024 年底到期。为进一步规范公司与关联方 之间各类产品的关联交易，公司拟与鞍钢集团有限公司（以下简称"鞍 钢集团"）签订《采购框架协议（2025-2027 年度）》和《销售框架协议 （2025-2027 年度）》。 鞍钢集团是本公司实际控制人，按照《深圳证券交易所股票上市 规则》相关规定，本次交易构成关联交易。 公司于2024年12月2日召开了公司第九届董事会第十八次会议， 审议并通过了《关于拟与鞍钢集团签订 2025-2027 年日常关联交易框 架协议的议案》，关联董事朱波就本议案回避了表决 ...

股票代码：000629 股票简称：钒钛股份 公告编号：2024-45 2．投资金额：拟继续使用不超过人民币 5.00 亿元资金购买证券 公司低风险保本理财产品，使用期限自公司董事会审议通过之日起 12 个月内有效。在上述额度及期限内，资金可以滚动循环使用，但任一 时点持有未到期的理财产品总额不超过 5.00 亿元。 3．特别风险提示：委托理财受政策风险、市场风险、流动性风险 等变化的影响较大，投资收益具有不确定性，敬请广大投资者注意投 资风险。 攀钢集团钒钛资源股份有限公司（以下简称"公司"）于 2024 年 12 月 2 日召开了第九届董事会第十八次会议，会议审议通过了《关于 继续使用自有资金进行委托理财的议案》，为持续提高公司自有资金的 运作效率和收益水平，在保证公司日常经营运作资金需求、有效控制 投资风险的同时，公司拟继续使用不超过人民币 5.00 亿元的存量资金 择机购买低风险保本理财产品，以增加公司资金收益。 一、委托理财情况概述 攀钢集团钒钛资源股份有限公司 关于继续使用自有资金进行委托理财的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重 ...

中国国际金融股份有限公司 关于攀钢集团铜钛资源股份有限公司 拟与鞍钢集团财务有限责任公司签订《金融服务协议 (2025-2027 年度）》暨关联交易的核查意见 中国国际金融股份有限公司(以下简称"中金公司"或"保荐机构")作为 攀钢集团钒钛资源股份有限公司(以下简称"钒钛股份"、"公司"或"上市公司"） 向特定对象发行股票及持续督导的保荐机构,根据《证券发行上市保荐业务管理 办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 13 号 -- 保荐业务》和《深圳证券交易所上市公司自律监管指引第 1 号 -- 主板上市公司规范运作》等有关法律法规和规范性文件的要求,中金公司及其指 定保荐代表人对钢钛股份拟与鞍钢集团财务有限责任公司签订《金融服务协议 (2025-2027 年度)》暨关联交易的事项进行了核查，核查情况与意见如下: 一、关联交易概述 鉴于公司与鞍钢集团财务有限责任公司（以下简称"鞍钢财务公司"）签订 的《金融服务协议（2022-2024 年度 )》将于 2024 年底到期，为进一步加强资金 集中管理，公司拟与鞍钢财务公司签订《金融服务协议（2025-2027 年度)》。预 计 ...

中国国际金融股份有限公司 关于攀钢集团韧钛资源股份有限公司 拟与鞍钢集团签订《采购框架协议（2025-2027 年度）》和 《销售框架协议（2025-2027 年度）》 暨关联交易的核查意见 中国国际金融股份有限公司〈以下简称"中金公司"或"保荐机构")作为 攀钢集团钒钛资源股份有限公司(以下简称"钢钛股份"、"公司"或"上市公司") 向特定对象发行股票及持续督导的保荐机构,根据《证券发行上市保荐业务管理 办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 13 号 -- 保荐业务》和《深圳证券交易所上市公司自律监管指引第 1 号 -- 主板上市公司规范运作》等有关法律法规和规范性文件的要求,中金公司及其指 定保荐代表人对钢钛股份拟与鞍钢集团签订《采购框架协议(2025-2027 年度)》 和《销售框架协议(2025-2027年度)》暨关联交易的事项进行了核查,核查情况 与意见如下: 一、关联交易概述 鉴于公司与关联方攀钢集团有限公司（以下简称"攀钢集团"）签订的《采 购框架协议 ( 2022-2024 年度 )》和《销售框架协议 ( 2022-2024 年度 )》将于 2024 年 ...

攀钢集团钒钛资源股份有限公司 第九届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 股票代码：000629 股票简称：钒钛股份 公告编号：2024-42 攀钢集团钒钛资源股份有限公司于 2024 年 11 月 25 日以专人递送、 电子邮件等方式发出关于召开公司第九届董事会第十八次会议的通知 和议案资料，会议于 2024 年 12 月 2 日 16:30 以现场和通讯相结合的 方式召开，本次会议应出席董事 9 名，实际出席董事 9 名。会议由董 事长罗吉春先生主持，公司监事及高级管理人员列席会议。本次会议 的召开符合《中华人民共和国公司法》及其他有关法律法规和本公司 章程的规定。经与会董事审慎讨论，本次会议形成如下决议： 一、审议并通过了《关于拟与鞍钢集团签订 2025-2027 年日常关 联交易框架协议的议案》，同意提交公司 2024 年第二次临时股东大会 审议。 具体内容详见与本公告同日在公司指定信息披露媒体上刊登的 《关于拟与鞍钢集团有限公司签订〈采购框架协议（2025-2027 年度）〉 和〈销售框架协议（2025-2027 ...

关于拟与鞍钢集团财务有限责任公司签订《金融服务协议 （2025-2027 年度）》暨关联交易的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 攀钢集团钒钛资源股份有限公司 一、关联交易概述 鉴于攀钢集团钒钛资源股份有限公司（以下简称"公司"）与鞍 钢集团财务有限责任公司（以下简称"鞍钢财务公司"）签订的《金 融服务协议（2022-2024 年度）》将于 2024 年底到期，为进一步加强 资金集中管理，公司拟与鞍钢财务公司签订《金融服务协议（2025-2027 年度）》，预计 2025-2027 年金融服务协议主要调整情况详见下表： 2025-2027 年金融服务协议调整前后对比表 本公司与鞍钢财务公司的实际控制人均为鞍钢集团有限公司（以 下简称"鞍钢集团"）, 按照《深圳证券交易所股票上市规则》相关 规定，公司与鞍钢财务公司构成关联关系，本次交易构成关联交易。 公司于2024年12月2日召开了公司第九届董事会第十八次会议， 审议并通过了《关于拟与鞍钢财务公司签订 2025-2027 年金融服务协 议的议案》，关联董事朱波就本议案回避了表决，具体内容详见与 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.35 yuan, down from the previous target of 4.20 yuan [4] Core Views - The company's performance in the first three quarters of 2024 declined significantly due to falling vanadium prices, with revenue dropping by 6.12% YoY to 10.474 billion yuan and net profit attributable to shareholders plummeting by 78.92% YoY to 183 million yuan [9] - Despite the decline in vanadium prices, the company's production remained stable, with vanadium and titanium product output holding steady [2] - The report expects the company's performance to gradually recover as downstream demand improves [2] Financial Performance - The company's net profit attributable to shareholders for Q1-Q3 2024 was 68 million yuan, 69 million yuan, and 46 million yuan respectively, showing a further decline in Q3 [9] - The report revised down the company's net profit forecasts for 2024-2025 to 215 million yuan and 435 million yuan, respectively, and introduced a 2026 forecast of 583 million yuan [9] - The company's EPS for 2024-2026 is expected to be 0.02 yuan, 0.05 yuan, and 0.06 yuan, respectively [9] Production and Sales - In H1 2024, the company sold 25,700 tons of vanadium products, up 6.02% YoY, while titanium slag and titanium dioxide sales were 98,800 tons and 128,600 tons, down 7.13% and 2.35% YoY, respectively [9] - The average selling price of vanadium products in H1 2024 was 83,000 yuan/ton, down 29% YoY, leading to a 25% decline in vanadium product revenue [9] Industry and Market Trends - The oversupply of vanadium products in 2024, driven by declining demand from the rebar sector, has pressured prices and dragged down the company's profits [9] - The titanium sector showed stable profitability, with titanium slag and titanium dioxide revenues increasing by 6.01% and 23.1% YoY in H1 2024, respectively [9] - The vanadium battery industry is steadily developing, with the company supplying over 16,000 tons of high-quality raw materials for vanadium electrolyte production as of Q3 2024 [9] Valuation and Comparables - The company is valued at 2.5x PB for 2024, slightly below the industry average of 2.56x PB, based on comparable companies such as Oriental Tantalum and Huaxi Nonferrous Metals [12][13] - The company's current price is 2.86 yuan, with a 52-week price range of 2.24-3.62 yuan and a market capitalization of 26.584 billion yuan [5]

股票代码：000629 股票简称：钒钛股份 攀钢集团钒钛资源股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | --- | |-----------------------------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|----------------------|-------------| | | | | 编号： | 20241018 | | 投资者关系活动类 | √特定对象调研 | □ 分析师会议 | | | | 别 | □ 媒体采访 □ | 业绩说明会 | | | | | □ 新闻发布会 □ | 路演活动 | | | | | □ 现场参观 | | | | | | 其他 （机构策略会） | | | | | 参与单位名称及人 员姓名 | 长江养老：蔡杭霖 | | | | | 时 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,316,057,499.36, a decrease of 6.04% compared to the same period last year[4] - The net profit attributable to shareholders was ¥45,925,713.97, representing a significant decline of 82.74% year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥36,159,302.37, down 85.93% from the previous year[4] - The basic earnings per share for the period was ¥0.0043, a decrease of 84.13% compared to the same period last year[4] - The total profit for the period was ¥21,929,640.00, a decrease of 77.28% compared to the previous year, primarily due to a decline in the market price of vanadium products[7] - Total operating revenue for the current period is ¥10,473,638,780.51, a decrease from ¥11,156,329,645.45 in the previous period, representing a decline of approximately 6.1%[16] - Net profit for the current period is ¥191,299,869.86, down from ¥875,803,668.55 in the previous period, indicating a decrease of about 78.1%[17] - Operating profit for the current period is ¥231,500,922.11, compared to ¥981,458,501.17 in the previous period, reflecting a decline of approximately 76.4%[17] - The total profit for the current period is ¥219,296,353.99, significantly lower than ¥965,348,006.78 in the previous period, a decrease of approximately 77.3%[17] - The company reported a basic earnings per share of ¥0.0197, down from ¥0.0973 in the previous period, a decline of about 79.8%[17] - The total comprehensive income for the current period is ¥222,009,819.12, down from ¥898,916,797.03 in the previous period, indicating a decrease of approximately 75.7%[17] Cash Flow - The company reported a net cash flow from operating activities of ¥663,034,491.48, which is an increase of 102.57% year-over-year[4] - The net cash flow from operating activities increased by 102.57% to ¥66,303.45 million compared to the previous period, primarily due to an increase in bill maturity and discount receivables[8] - Cash flow from operating activities for the current period is ¥7,986,593,858.15, an increase from ¥7,636,992,654.47 in the previous period, representing a growth of approximately 4.6%[17] - The net cash flow from operating activities for Q3 2024 was CNY 663,034,491.48, an increase from CNY 327,313,104.80 in Q3 2023, reflecting a significant growth in operational efficiency[18] - The company received CNY 3,856,022,000.00 from investment recoveries, showcasing a robust cash inflow from divestments[18] - The cash flow from operating activities was CNY 8,152,044,339.49, up from CNY 7,725,469,601.24, demonstrating improved operational performance[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥15,218,075,688.18, a decrease of 0.76% from the end of the previous year[4] - The total assets decreased from CNY 15,334,342,489.50 at the beginning of the period to CNY 15,218,075,688.18 at the end of the period, representing a decline of approximately 0.76%[14] - Current assets decreased from CNY 6,512,954,167.66 to CNY 6,205,341,506.04, a reduction of about 4.71%[14] - Inventory decreased significantly from CNY 1,103,506,421.81 to CNY 972,022,759.81, reflecting a decline of approximately 11.91%[14] - The company's total liabilities decreased from CNY 2,797,666,761.66 to CNY 2,447,445,574.20, a decrease of about 12.49%[14] - The equity attributable to shareholders increased by 2.06% year-over-year, reaching ¥12,374,313,966.26[4] - The equity attributable to shareholders of the parent company increased from CNY 12,125,101,084.78 to CNY 12,374,313,966.26, an increase of approximately 2.05%[15] - The company's total liabilities to equity ratio improved from approximately 0.22 to 0.19, indicating a stronger equity position[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 275,101[9] - The largest shareholder, Pangang Group Co., Ltd., holds 27.25% of the shares, totaling 2,533,068,341 shares[9] - The second-largest shareholder, Ansteel Group Co., Ltd., holds 10.98% of the shares, totaling 1,020,131,551 shares[9] - The third-largest shareholder, Pangang Group Jiangyou Changcheng Special Steel Co., Ltd., holds 6.04% of the shares, totaling 561,494,871 shares[9] - The total number of shares held by the top ten shareholders accounts for a significant portion of the company's equity, with the top five shareholders being state-owned entities[9] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities during the reporting period[10] - There are no preferred shareholders or related matters reported in this quarter[12] Investment Activities - The net cash flow from investing activities decreased by 89.11% to -¥56,679.60 million, mainly due to increased expenditures on financial products, time deposits, and fixed asset construction[8] - Total cash inflow from investment activities was CNY 3,927,939,373.56, compared to CNY 1,541,150.74 in the same period last year, indicating a strong recovery in investment returns[19] - Cash outflow for investment activities totaled CNY 4,494,735,404.06, compared to CNY 301,259,807.16 in Q3 2023, reflecting increased capital expenditures[19] Financial Position - The company's long-term equity investments increased from CNY 6,266,537.86 to CNY 6,350,716.50, reflecting an increase of about 1.34%[14] - The total non-current assets increased from CNY 8,821,388,321.84 to CNY 9,012,734,182.14, an increase of approximately 2.16%[14] - The cash and cash equivalents decreased from CNY 1,645,356,301.99 to CNY 1,490,867,992.75, a decline of about 9.36%[14] - The accounts receivable increased from CNY 140,478,747.68 to CNY 180,649,681.12, an increase of approximately 28.61%[14] - The company's financial expenses for the current period are reported as -¥46,857,321.41, an improvement from -¥71,407,168.24 in the previous period, reflecting a reduction in financial costs[16] - The impact of exchange rate changes on cash and cash equivalents was CNY 6,920,118.87, compared to CNY 2,019,042.10 in Q3 2023, reflecting currency fluctuations[19]