Company Performance Overview - The total operating revenue for the company in the first half of 2025 was 876 million yuan, a year-on-year decrease of 10.51% [2] - The net profit attributable to shareholders was -26.27 million yuan, a year-on-year decline of 158.08% [2] - The net profit after deducting non-recurring items was -28.14 million yuan, a year-on-year decrease of 163.19% [2] - In Q2 alone, the operating revenue was 402 million yuan, down 21.4% year-on-year, with a net profit of -16.01 million yuan, a decline of 159.94% [2] Profitability Analysis - The company's gross margin was 0.33%, a decrease of 95.43% year-on-year [3] - The net profit margin was -4.28%, down 240.42% year-on-year [3] - The gross margin for titanium dioxide products was 3.05%, while the gross margin for iron phosphate products was -6.23%, indicating losses in the latter [3] Cost and Expense Control - Total selling, administrative, and financial expenses amounted to 19.41 million yuan, accounting for 2.22% of revenue, an increase of 98.63% year-on-year [4] - The rise in financial expenses was primarily due to a decrease in exchange gains and interest income [4] Cash Flow and Financial Position - The operating cash flow per share was -0.51 yuan, an increase of 38.17% year-on-year, but still negative, indicating insufficient cash inflow from operations [5] - Cash and cash equivalents were 371 million yuan, an increase of 9.69% year-on-year [5] - Accounts receivable stood at 294 million yuan, representing 2612.42% of the latest annual net profit, indicating a significant collection risk [5] Main Business Composition - Revenue from titanium dioxide products was 575 million yuan, accounting for 65.61% of total revenue, with a gross margin of 3.05% [6] - Revenue from iron phosphate products was 268 million yuan, making up 30.65% of total revenue, with a gross margin of -6.23% [6] - Other business revenue was 32.76 million yuan, accounting for 3.74% of total revenue, with a gross margin of 6.43% [6] Industry and Market Environment - The titanium dioxide industry is currently affected by weak real estate demand, leading to a contraction in market demand [7] - The titanium dioxide market experienced price fluctuations in the first half of 2025, with prices rising from January to March and then falling from April to June [7] - The iron phosphate industry benefits from "carbon peak and carbon neutrality" policies, resulting in strong market demand, but faces intense competition and low prices [7] Summary - Overall, the company's performance in the 2025 mid-year report was poor, with a significant decline in profitability, cash flow issues, and accounts receivable collection risks warranting attention [8]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Anhui Annada Titanium Industry Co., Ltd. in the first half of 2025, with a significant decline in revenue and net profit compared to the previous year, primarily due to weak demand in the downstream market and increased competition in the titanium dioxide industry [2][3][4]. Company Overview and Financial Indicators - Anhui Annada Titanium Industry Co., Ltd. is listed on the Shenzhen Stock Exchange under the stock code 002136, with a focus on the production and sale of titanium dioxide and iron phosphate products [2]. - The company reported a revenue of approximately CNY 875.93 million in the first half of 2025, a decrease of 10.51% compared to CNY 978.81 million in the same period last year [3][19]. - The net profit attributable to shareholders was a loss of CNY 26.27 million, a decline of 158.08% from a profit of CNY 45.23 million in the previous year [3][19]. - The company’s basic earnings per share were -0.1222, down from 0.2103 in the previous year, indicating a significant drop in profitability [3][19]. Industry Analysis - The titanium dioxide industry in China has seen rapid growth since the mid-1990s, with production increasing from 140,000 tons in 1998 to 4.766 million tons in 2024 [4]. - In the first half of 2025, China's titanium dioxide production was approximately 2.3953 million tons, remaining stable compared to the previous year [4]. - The market for titanium dioxide is influenced by the performance of downstream industries such as real estate, packaging materials, plastics, and automotive, with current demand being affected by a slowdown in the real estate sector [4][5]. Market Conditions - The titanium dioxide market experienced two phases in the first half of 2025: an initial price increase due to supply-demand imbalances followed by a decline in prices due to high inventory levels and reduced market activity [4][5]. - Domestic demand for titanium dioxide has been limited, with a reported decrease in exports by 5.75% year-on-year, totaling 916,600 tons in the first half of 2025 [5][6]. Product and Business Model - The company primarily produces rutile and anatase titanium dioxide, which are used in various industries including coatings, plastics, and paper [8][9]. - The production process involves purchasing titanium concentrate and using the sulfate method for processing [9]. - The company has also ventured into the production of iron phosphate, which is a key material for lithium iron phosphate batteries, benefiting from the growth in the new energy vehicle sector [6][10]. Competitive Position - As one of the few publicly listed titanium dioxide manufacturers in China, the company holds a competitive edge in product quality and has established a strong brand presence in the market [10][12]. - The company has invested in technology and innovation, holding multiple patents and collaborating with universities for research and development [10][14]. Future Outlook - The company aims to enhance its product competitiveness through technological upgrades and cost reduction strategies, while also expanding its market presence in both domestic and international markets [12][13]. - The growth of the new energy sector is expected to drive demand for iron phosphate, positioning the company favorably for future opportunities [6][10].

Core Viewpoint - Anhui Anada Titanium Industry Co., Ltd. reported a significant decline in both revenue and net profit for the first half of 2025 compared to the same period in the previous year, indicating potential challenges in its operational performance [2][3]. Financial Performance - The company's operating revenue for the reporting period was approximately 875.93 million yuan, a decrease of 10.51% from 978.81 million yuan in the previous year [2]. - The net profit attributable to shareholders was a loss of approximately 26.27 million yuan, representing a decline of 158.08% from a profit of 45.23 million yuan in the same period last year [2]. - The net profit after deducting non-recurring gains and losses was approximately -28.14 million yuan, down 163.19% from 44.53 million yuan [2]. - The net cash flow from operating activities was -109.79 million yuan, an improvement of 38.17% compared to -177.56 million yuan in the previous year [2]. Earnings Per Share - Basic earnings per share were reported at -0.1222 yuan, a decrease of 158.11% from 0.2103 yuan [2]. - Diluted earnings per share were also -0.1222 yuan, reflecting the same percentage decline [2]. - The weighted average return on net assets was -2.24%, down from 3.76%, indicating a significant drop in profitability [2]. Assets and Equity - Total assets at the end of the reporting period were approximately 2.09 billion yuan, a slight decrease of 0.39% from 2.10 billion yuan at the end of the previous year [3]. - The net assets attributable to shareholders were approximately 1.15 billion yuan, down 2.04% from 1.17 billion yuan [3]. Shareholder Information - The largest shareholder, Wanhua Chemical Group Battery Technology Co., Ltd., holds 15.20% of the shares, followed by Tongling Chemical Industrial Group Co., Ltd. [4]. - The report indicates that there are no changes in the controlling shareholder or actual controller during the reporting period [4].

Core Viewpoint - Anada's 2025 semi-annual report reveals significant declines in both revenue and profit, primarily due to intense competition and reduced demand in the titanium dioxide market [1][2]. Group 1: Financial Performance - In the first half of 2025, Anada reported revenue of 876 million yuan, a year-on-year decrease of 10.51% [1][8]. - The company experienced a net loss of 26.27 million yuan, marking a 158.08% decline compared to the previous year [1]. - Revenue from titanium dioxide products was 575 million yuan, accounting for 65.61% of total revenue, with a year-on-year decline of 19.65% [5][8]. Group 2: Market Conditions - The titanium dioxide market is characterized by significant price volatility influenced by economic cycles, supply-demand dynamics, and market expectations [1]. - The demand for titanium dioxide is closely linked to the development of downstream industries such as real estate, packaging materials, plastics, and automotive [3]. - The real estate sector is currently undergoing a deep adjustment, leading to reduced demand for construction coatings [4]. Group 3: Product Performance - Titanium dioxide's gross margin decreased by 8.49 percentage points to 3.05% in the first half of 2025 [5]. - Phosphate iron revenue increased by 4.23% year-on-year, but its gross margin fell to -6.23% [5][9]. - The price of titanium dioxide products has shown a "high-to-low" trend, with significant price drops observed in the second quarter of 2025 [5][6]. Group 4: Industry Competition - The domestic titanium dioxide market is facing intensified competition and tightening demand from downstream markets [5]. - The phosphate iron market has seen a surge in production capacity, leading to increased competition and reduced profitability for companies [9]. - Anada's phosphate iron product gross margin has dropped significantly from 36.83% in 2022 to negative levels in 2025 [9].

Group 1 - The company announced the approval of the full text and summary of the 2025 semi-annual report during the 17th meeting of the 7th Supervisory Board [2]

安纳达（SZ 002136，收盘价：10.72元）7月30日晚间发布公告称，2025年半年度公司计提资产减值准 备金额合计约617万元，减少2025年半年度归属于上市公司股东的净利润约486万元，减少归属于上市公 司股东的所有者权益约486万元。 2025年1至6月份，安纳达的营业收入构成为：化工占比96.26%，其他业务占比3.74%。 （文章来源：每日经济新闻） ...

Core Insights - The company reported a revenue of 876 million yuan for the first half of 2025, representing a year-on-year decline of 10.51% [1] - The net profit attributable to shareholders was a loss of 26.27 million yuan, compared to a profit of 45.23 million yuan in the same period last year [1] Financial Performance - Revenue for the first half of 2025: 876 million yuan, down 10.51% year-on-year [1] - Net profit attributable to shareholders: loss of 26.27 million yuan, compared to a profit of 45.23 million yuan in the previous year [1]

安徽安纳达钛业股份有限公司 2025 年半年度财务报告 安徽安纳达钛业股份有限公司 Anhui Annada Titanium Industry Co.,Ltd. 2025 年半年度财务报告 （未经审计） 证券代码：002136 证券简称：安纳达 披露日期：2025年7月31日 1 编制单位：安徽安纳达钛业股份有限公司 2025 年 6 月 30 日 单位：人民币元 项目 2025 年 6 月 30 日 2024 年 12 月 31 日 流动资产： 货币资金 370,806,430.12 455,635,957.31 结算备付金 0 0 拆出资金 0 0 交易性金融资产 0 0 衍生金融资产 0 0 应收票据 105,397,556.11 142,944,274.57 应收账款 294,059,479.64 262,074,544.19 应收款项融资 62,961,949.96 62,261,802.42 预付款项 55,584,467.50 32,193,453.90 应收保费 0 0 应收分保账款 0 0 应收分保合同准备金 0 0 其他应收款 1,639,013.04 1,617,877.14 其中：应 ...

附件: 主管会计工作的负责人: 会计机构负责人: 单位:万元 | SHITT + 17. K M S 200 PV 20 X M H HR 7 F | | | | | | | | | | | 4-10- 11/0 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Jul 1 | | | 占用方与上市公 | 上市公司核算的 | 2025上半年初占 | 2025上半年度占 用累计发生金额 | 2025上半年度占 用资金的利息(如 | 2025上半年度偿 | 2025上半年末占 | 占用形成原 | 占用性质 | | 非经营性资金占用 | | 资金告用方名称 | 司的关联关系 | 会计科目 | 用资金余额 | (不含利息) | 有) | 还紧计发生金额 | 用资金余额 | | | | 控股股东、实际控制头废5026 | | 129 | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | | 小计 | | - | l | - | | | | | | | | | 前控股 ...

证券代码：002136 证券简称：安纳达 公告编号：2025－34 安徽安纳达钛业股份有限公司 关于计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 安徽安纳达钛业股份有限公司（以下简称"公司"）于 2025 年 7 月 29 日召 开第七届董事会第二十次会议，会议审议通过了 《关于计提资产减值准备的议 案》。根据《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 管指南第 1 号—业务办理》的相关规定，现将计提资产减值的具体情况公告如 下： 一、本次计提资产减值准备情况概述 （一）计提资产减值准备的原因 根据《企业会计准则》相关规定，为更加真实、准确地反映公司资产状况 和财务状况，公司对截至 2025 年 6月 30 日的资产进行全面清查，对可能发 生资产减值损失的资产计提减值准备。 （二）计提资产减值准备的资产范围、金额和计入的报告期间 公司及所属控股子公司2025年半年度计提各项资产减值准备金额合计 6,170,024.45元，具体情况及明细如下： | 类别 | | 资产名称 | 2025 年半年度报告期计 | | --- ...