法律意见书 安徽天禾律师事务所 关于安徽安纳达钛业股份有限公司 2025 年第二次临时股东大会的法律意见书 天律意 2025 第 01991 号 致：安徽安纳达钛业股份有限公司 依据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》和《安 徽安纳达钛业股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 安徽天禾律师事务所接受安徽安纳达钛业股份有限公司（以下简称"公司"） 的委托，指派李军、叶慧慧两位律师（以下简称"本所律师"）就公司于 2025 年 8 月 7 日召开的 2025 年第二次临时股东大会（以下简称"本次股东大 会"）出具本法律意见书。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神， 参与了本次股东大会，并对公司提供的有关文件和事实进行了核查和验证， 现出具法律意见如下： 一、本次股东大会的召集程序 本次股东大会由公司董事会召集。公司董事会于 2025 年 7 月 19 日在 深圳证券交易所网站（www.szse.com.cn）及《中国证券报》《证券时报》、 巨潮资讯网（www.cninfo.co ...

证券日报网讯安纳达（002136）8月4日在互动平台回答投资者提问时表示，截至2025年7月31日，公司 股东户数为27125户(含信用账户合并数)。 ...

Core Viewpoint - Annada reported a decrease in the number of shareholders and a significant decline in both revenue and net profit for the first half of the year [2] Financial Performance - As of July 31, the number of shareholders was 27,125, a decrease of 1,633 from the previous period, representing a month-over-month decline of 5.68% [2] - For the first half of the year, the company achieved a revenue of 876 million yuan, a year-on-year decrease of 10.51% [2] - The net profit for the same period was -26.27 million yuan, reflecting a year-on-year decline of 158.08% [2] - The basic earnings per share were -0.1222 yuan [2]

Core Viewpoint - Anada's financial performance has shifted from profit to loss in the first half of 2025, primarily due to declining prices of titanium dioxide products and a challenging market environment [1][2]. Financial Performance - In the first half of 2025, Anada reported revenue of 876 million yuan, a year-on-year decrease 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]. - The basic earnings per share were -0.1222 yuan, and the weighted average return on equity was -2.24% [1]. - In Q2 2025, revenue was 402 million yuan, down 21.4% year-on-year, with a net profit loss of 16.01 million yuan, a decline of 159.9% [1]. Product Performance - Titanium dioxide products generated revenue of 575 million yuan in the first half of 2025, accounting for 65.61% of total revenue, with a gross margin decrease of 8.49 percentage points to 3.05% [1][2]. - The phosphoric acid iron business saw a revenue increase of 4.23% year-on-year, reaching 268 million yuan, but the gross margin fell by 1.38 percentage points to -6.23% [2]. Industry Analysis - The decline in Anada's performance is attributed to a sluggish titanium dioxide market, characterized by significant capacity expansion and intensified competition among major manufacturers [2]. - The real estate sector, a key downstream market for titanium dioxide, is experiencing reduced demand, impacting overall industry demand [2]. - Despite the weak demand, Anada's titanium dioxide production remained stable compared to last year, indicating no drastic drop in demand, but increased competition has led to lower prices [2]. Strategic Response - Anada plans to closely monitor national policies and industry trends, enhance market analysis capabilities, and optimize product structure in response to the current losses [3]. - The company is shifting its focus from scale expansion to "refined survival," emphasizing cost reduction, technological improvements, and expanding application scenarios for titanium dioxide [3].

据证券之星公开数据整理，近期安纳达（002136）发布2025年中报。截至本报告期末，公司营业总收入 8.76亿元，同比下降10.51%，归母净利润-2626.78万元，同比下降158.08%。按单季度数据看，第二季度 营业总收入4.02亿元，同比下降21.4%，第二季度归母净利润-1600.85万元，同比下降159.94%。本报告 期安纳达公司应收账款体量较大，当期应收账款占最新年报归母净利润比达2612.42%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率0.33%，同比减95.43%，净利率-4.28%， 同比减240.42%，销售费用、管理费用、财务费用总计1940.95万元，三费占营收比2.22%，同比增 98.63%，每股净资产5.35元，同比减4.76%，每股经营性现金流-0.51元，同比增38.17%，每股收益-0.12 元，同比减158.11% 财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为-18.62%,原因:本期应收项目、存货增加，净利润减少共同影响。 应收款项变动幅度为12.2%,原因:本期销售货款增加，货款回笼减少影响。 固定资产变动幅度为-4.54 ...

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]

每经记者｜张宝莲 每经编辑｜文 多 7 月 30 日 ，安 纳 达（SZ002136，股价10.36元，市值22.28亿元）披露2025年半年报。财报数据显示， 上半年，安纳达实现营业收入8.76亿元，同比下降10.51%，归母净利润为亏损2626.78万元，同比由盈 转亏，同比降幅达158.08%。 安纳达2025年半年报显示，公司主要产品为钛白粉和磷酸铁。公司的钛白粉类型主要为金红石型钛白 粉、锐钛型钛白粉等。磷酸铁主要应用于磷酸铁锂电池材料等，终端产品应用于汽车、船舶、储能等涉 及新能源的行业。 《每日经济新闻》记者了解到，目前，钛白粉被认为是世界上性能最好的白色颜料，自2009年开始，中 国成为全球钛白粉第一生产大国和消费大国，并保持至今。60%的钛白粉需求来自涂料行业，与下游的 房地产、包装材料、塑料及汽车等行业的发展密切相关。 当前房地产行业处于深度调整期，这使得建筑涂料需求收缩。数据显示，2025年上半年，全国钛白粉产 量为239.53万吨，与去年同期基本持平，但价格出现"冲高回落"走势。 具体来看，今年1月下旬，钛白粉价格止跌回升，整个一季度，钛白粉市场迎来三轮涨价潮。但到3月下 旬，市场接单 ...

Summary of Key Points Core Viewpoint - In July 2023, 19 companies released their semi-annual reports for 2025, with 12 companies reporting year-on-year profit growth and 7 reporting declines. Notably, 10 companies experienced simultaneous growth in both net profit and revenue, while 6 companies saw declines in both metrics. The most significant profit increase was reported by Dong'an Power, with a growth rate of 157.75% [1]. Group 1: Company Performance - Dong'an Power reported earnings per share of 0.0167, with a net profit of 3.92 million and a year-on-year increase of 157.75%. Revenue reached 247.91 million, up 25.72% [1]. - Ding Tong Technology achieved an earnings per share of 0.8300, net profit of 115.40 million, and a year-on-year increase of 134.06%. Revenue was 78.46 million, up 73.51% [1]. - Zhiwei Intelligence reported earnings per share of 0.4100, net profit of 10.17 million, with an 80.08% year-on-year increase. Revenue was 194.69 million, up 15.29% [1]. - Huijia Times reported earnings per share of 0.1425, net profit of 6.70 million, with a year-on-year increase of 62.64%. Revenue was 127.12 million, up 2.29% [1]. - Ningde Times reported earnings per share of 6.9200, net profit of 3,048.51 million, with a year-on-year increase of 33.33%. Revenue was 17,888.63 million, up 7.27% [1]. Group 2: Declining Performance - Anada reported a loss per share of -0.1222, with a net loss of 2.63 million, reflecting a year-on-year decline of 158.08%. Revenue was 87.59 million, down 10.51% [2]. - Weitong Communication reported earnings per share of 0.0675, with a net profit of 3.10 million, down 68.57% year-on-year. Revenue was 35.99 million, down 24.62% [2]. - New Tian Pharmaceutical reported earnings per share of 0.0236, with a net profit of 576.61 thousand, down 80.99% year-on-year. Revenue was 35.83 million, down 18.88% [2].

原标题：钛白粉龙头安纳达2025年上半年亏损逾2600万元 两大主要产品毛利率均同比下滑 每经记者｜张宝莲 每经编辑｜文多 7月30日，安纳达（SZ002136，股价10.72元，市值23亿元）披露2025年半年报。数据显示，公司上半年营业收入为8.76亿元，同比下降10.51%，归母净利润 为亏损2626.78万元，同比由盈转亏，同比降幅达158.08%。 安纳达是安徽省内的钛白粉行业龙头企业。公司介绍，钛白粉受经济周期、供需关系和市场预期等因素影响，价格具有较大波动性。行业规模扩大、市场竞 争激烈，这压缩了公司产品利润空间，公司产品毛利率有进一步降低的风险。 竞争激烈，钛白粉遭遇营、利同比双降 安纳达2025年半年报介绍，公司主要产品为钛白粉和磷酸铁。 其中，钛白粉被认为是目前世界上性能最好的白色颜料，自2009年开始，中国成为全球钛白粉第一生产大国和消费大国，并保持至今。 60%的钛白粉需求来自涂料行业，与下游的房地产、包装材料、塑料及汽车等行业的发展密切相关。公司的钛白粉类型主要为金红石型钛白粉、锐钛型钛白 粉等。磷酸铁主要应用于磷酸铁锂电池材料等，终端产品应用于汽车、船舶、储能等涉及新能源的行业。 ...

公司最新资产负债率为35.80%，较上季度资产负债率减少1.07个百分点，较去年同期资产负债率增加7.98个百分点。 公司最新毛利率为0.33%，较上季度毛利率减少0.39个百分点，较去年同期毛利率减少6.97个百分点。最新ROE为-2.28%，较去年同期ROE减少6.03个百分 点。 2025年7月31日，安纳达(002136.SZ)发布2025年中报。 公司营业总收入为8.76亿元，较去年同报告期营业总收入减少1.03亿元，同比较去年同期下降10.51%。归母净利润为-2626.78万元，较去年同报告期归母净 利润减少7149.32万元，同比较去年同期下降158.08%。经营活动现金净流入为-1.10亿元，较去年同报告期经营活动现金净流入增加6777.48万元。 公司最新总资产周转率为0.42次，较去年同期总资产周转率减少0.07次，同比较去年同期下降14.89%。最新存货周转率为3.63次，较去年同期存货周转率减 少1.20次，同比较去年同期下降24.91%。 公司股东户数为2.95万户，前十大股东持股数量为7644.90万股，占总股本比例为35.55%，前十大股东持股情况如下： | 序号 | 股东名称 ...