Group 1 - The company Annada (002136) responded to investor inquiries on August 4, indicating that as of July 31, 2025, the number of shareholders is 27,125 (including combined credit accounts) [1]

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].

Core Viewpoint - Anada, a leading titanium dioxide producer, reported a net loss of 26.27 million yuan in the first half of 2025, marking a significant decline in both revenue and profit margins due to intensified market competition and reduced demand in the real estate sector [1][4]. Financial Performance - The company's total revenue for the first half of 2025 was 876 million yuan, a decrease of 10.51% year-on-year [1][8]. - The net profit turned into a loss of 26.27 million yuan, representing a year-on-year decline of 158.08% [1]. - Revenue from titanium dioxide products was 575 million yuan, accounting for 65.61% of total revenue, down 19.65% year-on-year [6][8]. - The gross margin for titanium dioxide products fell by 8.49 percentage points to 3.05% [6]. Product Overview - Anada's main products are titanium dioxide and iron phosphate, with titanium dioxide being the primary revenue driver [2][3]. - Titanium dioxide is crucial for various industries, with 60% of its demand coming from the coatings sector, closely linked to the real estate and automotive industries [3]. - Iron phosphate, primarily used in lithium iron phosphate battery materials, has seen a revenue increase of 4.23% year-on-year, but its gross margin has dropped to -6.23% [6][9]. Market Conditions - The titanium dioxide market experienced a "high-to-low" price trend, with prices peaking in early 2025 before declining due to reduced market demand and increased inventory pressure [6][7]. - The real estate sector's downturn has led to a contraction in demand for construction coatings, further impacting titanium dioxide sales [4]. Competitive Landscape - The iron phosphate market has become increasingly competitive, with many titanium dioxide producers entering the sector, leading to oversupply and declining prices [9]. - Iron phosphate prices have fallen from 15,000-18,000 yuan per ton at the beginning of 2023 to 10,000-11,500 yuan per ton in 2025, affecting profitability [9]. Strategic Response - Anada plans to closely monitor national policies and industry trends to enhance market analysis and optimize product structure in response to the challenging market environment [9].

Core Insights - Anada (002136.SZ) reported a total operating revenue of 876 million yuan for the first half of 2025, a decrease of 103 million yuan compared to the same period last year, representing a year-on-year decline of 10.51% [1] - The net profit attributable to shareholders was -26.27 million yuan, a decrease of 71.49 million yuan compared to the same period last year, reflecting a year-on-year decline of 158.08% [1] - The company experienced a net cash outflow from operating activities of -110 million yuan, which is an increase of 67.77 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 35.80%, a decrease of 1.07 percentage points from the previous quarter, but an increase of 7.98 percentage points compared to the same period last year [3] - The latest gross profit margin is 0.33%, down 0.39 percentage points from the previous quarter and down 6.97 percentage points year-on-year [3] - The return on equity (ROE) is -2.28%, a decrease of 6.03 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.12 yuan, a decrease of 0.33 yuan compared to the same period last year, reflecting a year-on-year decline of 158.11% [3] - The total asset turnover ratio is 0.42 times, a decrease of 0.07 times compared to the same period last year, representing a year-on-year decline of 14.89% [3] - The inventory turnover ratio is 3.63 times, down 1.20 times compared to the same period last year, indicating a year-on-year decline of 24.91% [3] Shareholder Information - The number of shareholders is 29,500, with the top ten shareholders holding a total of 76.45 million shares, accounting for 35.55% of the total share capital [3] - The largest shareholder is Wanhua Chemical Group Battery Technology Co., Ltd., holding 15.20% of the shares [3]

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].