Group 1 - The core point of the article is that China Nuclear Titanium Dioxide has officially abandoned its ambitious lithium battery project, which reflects a broader trend of retreat within the industry due to changing market conditions and financial challenges [1][2][3] - The company decided to terminate the 500,000-ton phosphate iron project initiated in 2021, reallocating the remaining 1.666 billion yuan of raised funds to supplement working capital [1] - The project, which had a total investment of 3.83 billion yuan, consumed 1.309 billion yuan and achieved only 100,000 tons of capacity before being completely abandoned [1] Group 2 - The retreat of China Nuclear Titanium Dioxide is part of a collective action within the titanium dioxide industry, where many companies had rushed into the phosphate iron sector due to the byproduct of ferrous sulfate from their production processes [2] - The market environment has deteriorated rapidly, with phosphate iron prices dropping from 15,000-18,000 yuan per ton at the beginning of 2023 to 10,000-11,000 yuan per ton, a decline of over 30% [2] - The industry is facing a common dilemma of overcapacity, with effective capacity in the phosphate lithium sector surging from 500,000 tons in 2021 to 4.5 million tons in 2024, while capacity utilization plummeted from over 90% to 55% [2] Group 3 - The terminated phosphate iron project was funded by a problematic private placement completed in February 2023, which raised a total of 5.288 billion yuan and involved 16 prestigious institutional investors [3] - The private placement led to significant controversy, with the actual controller facing penalties for violating regulations related to the issuance of shares and information disclosure [3] - The case has become a significant example following the release of new regulatory measures, highlighting the risks associated with low-quality battery capacity construction in the phosphate iron sector [3]

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a significant downturn, with many companies halting or terminating projects due to oversupply, while leading firms are securing large orders, indicating a bifurcation in the market dynamics [2][3][4]. Group 1: Industry Dynamics - The LFP industry is currently in a down cycle, with companies like Zhongke Titanium White announcing the termination of their LFP projects due to severe oversupply conditions [2][3]. - The price of lithium iron phosphate has plummeted from 166,000 yuan/ton at the beginning of the year to 46,000 yuan/ton by year-end, reflecting a drastic decline in market conditions [3]. - Despite many companies pausing expansion, some capacity is still being released, leading to continued price declines, with current market prices for power-type LFP ranging from 31,750 to 34,750 yuan/ton [4]. Group 2: Major Contracts and Market Trends - Leading companies like Longpan Technology and Wanrun New Energy have recently signed significant contracts, with Longpan securing agreements worth over 5 billion yuan for LFP sales to major battery manufacturers [6][8]. - The demand for LFP is increasing, with a projected shipment of 2.46 million tons in 2024, representing a 49% year-on-year growth, capturing nearly 74% of the total cathode material shipments [9]. - The utilization rate of LFP production capacity is currently around 55%-60%, with improvements expected due to strong demand in energy storage and favorable policies [9]. Group 3: Technological Advancements - The industry is shifting towards high-pressure dense LFP products, which are becoming the mainstream due to their superior performance and efficiency [12][13]. - Only a few companies, such as Hunan Youneng and Fulin Precision, have mastered the technology for fourth-generation high-pressure dense LFP, indicating a significant technological barrier in the market [12]. - The market is expected to see a further concentration of production capacity among leading and low-cost firms, as traditional LFP competition remains intense [13]. Group 4: Supply and Demand Outlook - The overall capacity in the LFP market has reached 5.2985 million tons, with a projected demand of 3.1867 million tons by 2025, indicating a significant oversupply situation [14]. - Analysts predict that supply and demand will reach a balance by 2027, with a gradual recovery in capacity utilization rates expected thereafter [14]. - The price of LFP is anticipated to remain under pressure in the short term, primarily influenced by the declining prices of lithium carbonate [15].

昔日凭借上游原材料优势强势入局磷酸铁锂行业的钛白粉企业，正接二连三叫停此前跨界项目。 6月3日，中核钛白发布公告称，拟终止公司2021年度非公开发行股票募集资金投资的部分项目，并将前述募集资金投资项目剩余募集资金永 久补充流动资金，用于公司日常生产经营及业务发展。 | | | 单位: 兀 | | --- | --- | --- | | 募集资金投资项目 | 累计投入募集资金 | 剩余募集资金金额 | | 水溶性磷酸一铵(水溶 肥) 资源循环项目 | 232, 487, 803. 24 | 373, 267, 410. 27 | | 年产 50 万吨磷酸铁项目 | 1.308.926,311.51 | 1.292. 969. 192. 56 | | 合计 | 1.541.414.114.75 | 1.666.236,602.83 | 进度方面，截至目前，该项目已完成基础工程设计；规划场地平整；建成公辅装置、年产10万吨磷酸铁生产装置以及配套环保装置。 且年产 10万吨磷酸铁生产装置已投入运行，产品已实现市场化销售。 在起点锂电看来，目前磷酸铁锂市场的竞争已从产能转向质量和技术竞争，低端产能将持续过剩，高端产能诸 ...

Core Viewpoint - The company, Zhongke Titanium White, announced the termination of its non-public stock issuance projects related to water-soluble ammonium phosphate and the annual production of 500,000 tons of iron phosphate due to significant changes in market supply and demand, leading to a decision to permanently supplement working capital with the remaining raised funds of 1.666 billion yuan [1][3]. Group 1: Project Termination - The water-soluble ammonium phosphate project had an original investment commitment of 786 million yuan, adjusted to 586 million yuan, with a cumulative investment of 232 million yuan and a remaining balance of 373 million yuan [3][4]. - The iron phosphate project had an original investment commitment of 3.385 billion yuan, adjusted to 2.524 billion yuan, with a cumulative investment of 1.309 billion yuan and a remaining balance of 1.293 billion yuan [4]. Group 2: Market Conditions - The demand growth for the aforementioned products has slowed down significantly, and the supply of key raw materials has been tight due to large-scale expansions in downstream industries and local sales policies, resulting in a substantial increase in sales prices [3][4]. - The overall profitability of the industry has fallen below expectations, impacting the feasibility of the projects [3].

Core Viewpoint - Zhongke Titanium White (002145.SZ) has made a significant adjustment to its lithium battery cross-industry investment by terminating its project for an annual production of 500,000 tons of iron phosphate due to changes in market supply and demand dynamics, with plans to use the remaining 1.666 billion yuan of raised funds to enhance liquidity [1][4]. Company Summary - Zhongke Titanium White announced the termination of its iron phosphate project, which was initially planned for an investment of 3.82 billion yuan and expected to be operational by November 2024 [1][4]. - The company has already invested 1.3 billion yuan in the iron phosphate project, with a first phase capacity of 100,000 tons completed in 2023, currently in the new product validation stage [1]. - The capacity utilization rate for the iron phosphate project was less than 2% last year, significantly lower than the approximately 83% utilization rate for its titanium dioxide products [1]. Industry Summary - Since 2021, several titanium dioxide companies, including Zhongke Titanium White, Longbai Group (002601.SZ), and Jinpu Titanium Industry (000545.SZ), have announced substantial investments in the lithium battery sector, particularly in iron phosphate projects [5]. - The production of titanium dioxide generates significant by-products like ferrous sulfate, which can be used as a raw material for iron phosphate, allowing these companies to reduce costs compared to those sourcing iron externally [5][6]. - However, many of these projects have been postponed or terminated due to oversupply in the domestic iron phosphate market, leading to uncertain profitability [7]. - The price of iron phosphate has dropped from 15,000-18,000 yuan per ton at the beginning of 2023 to 10,000-11,000 yuan per ton, a decline of over 30% [8]. - Analysts indicate that most iron phosphate companies are currently operating at a loss, with some lower-end capacities facing the risk of elimination [8]. - Other companies, such as Huiyun Titanium Industry and Jinpu Titanium Industry, have also halted their iron phosphate investments due to market conditions [9].

证券代码：002145 证券简称：中核钛白 公告编号：2025-058 中核华原钛白股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中核华原钛白股份有限公司（以下简称"公司"）于 2025 年 3 月 12 日召开 第七届董事会第三十五次（临时）会议，审议通过《关于回购公司股份方案的议 案》，公司计划以自有资金和自筹资金通过集中竞价交易的方式回购公司部分已 发行的人民币普通股（A 股），回购资金总额不超过 5 亿元（含），不低于 3 亿元 （含），回购价格不超过 5.98 元/股（以下简称"本次回购"）。本次回购股份将 用于员工持股计划或者股权激励。本次回购期限自董事会审议通过本次回购股份 方案之日起不超过十二个月。详细内容请见公司于 2025 年 3 月 13 日、2025 年 3 月 20 日 登 载 至 《 中 国 证 券 报 》《 证 券 时 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《关于回购公司股份方案的公告》（公告编 号：2025-026）、《回购报告书》（公 ...

关于中核华原钛白股份有限公司 终止部分募集资金投资项目并将剩余募集资金永久补充流动资金的 核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为中核华 原钛白股份有限公司（以下简称"中核钛白"或"公司"）非公开发行股票的保 荐人，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 1 号——主板上市公司规范运作》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关规定， 对公司终止部分募集资金投资项目并将剩余募集资金永久补充流动资金进行了 核查，现出具核查意见如下： 一、募集资金投资项目概述 中信证券股份有限公司 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会出具的《关于核准中核华原钛白股份有限公司非 公开发行股票的批复》（证监许可【2022】1734 号）核准，公司向 16 名投资者 非公开发行人民币普通股 893,200,000 股，发行价格为 5.92 元/股，募集资金总额 为 5,287,744,000.00 元，扣除发行费用人民币 38,300,037.72 元后，实际募集资金 净额为人民币 5 ...

重要内容提示： 中核华原钛白股份有限公司（以下简称"中核钛白"或"公司"）拟终止公 司 2021 年度非公开发行股票之"水溶性磷酸一铵（水溶肥）资源循环项目"及 "年产 50 万吨磷酸铁项目"募集资金投资项目（以下简称"拟终止项目"），并 将前述募集资金投资项目剩余募集资金永久补充流动资金，用于公司日常生产 经营及业务发展。 本次终止部分募集资金投资项目并将剩余募集资金永久补充流动资金事项 不涉及关联交易，已经公司董事会审议通过，尚需提交公司股东会审议。 一、募集资金投资项目概述 （一）实际募集资金金额、资金到账时间 证券代码：002145 证券简称：中核钛白 公告编号：2025-056 中核华原钛白股份有限公司 关于终止部分募集资金投资项目并 将剩余募集资金永久补充流动资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 截至 2025 年 4 月 30 日，公司 2021 年度非公开发行股票募集资金投资项目 使用情况如下： | 单位：元 | | --- | | 募集资金 | 项目是否 | 募集资金 | 调整后投资总额 | 累计投入 | | --- | ...

证券代码：002145 证券简称：中核钛白 公告编号：2025-057 中核华原钛白股份有限公司 关于召开 2025 年第四次临时股东会的通知公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 中核华原钛白股份有限公司（以下简称"公司""中核钛白"）第七届董事会第 三十九次（临时）会议审议通过了《关于召开公司 2025 年第四次临时股东会的议 案》，现将会议的有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：公司第七届董事会 3、会议召开的合法、合规性：本次股东会会议的召开符合《公司法》《证券法》 《上市公司股东会规则》《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 1 号——主板上市公司规范运作》等法律法规、深圳证券交易所业务规 则和《公司章程》等的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 6 月 20 日（星期五）14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 20 日 9:15-9:25 ...

证券代码：002145 证券简称：中核钛白 公告编号：2025-055 中核华原钛白股份有限公司 第七届董事会第三十九次（临时）会议决议公告 公司董事会提请股东会授权公司管理层办理相关募集资金专项账户销户等 事宜，专项账户注销后公司与保荐机构、开户银行签署的募集资金监管协议随之 终止。 中核华原钛白股份有限公司（以下简称"公司"）于 2025 年 5 月 27 日以通 讯、电子邮件等方式发出关于召开第七届董事会第三十九次（临时）会议的通知 及相关资料，本次会议于 2025 年 5 月 30 日（星期五）在公司会议室以现场结合 通讯的方式召开，与会的各位董事均已知悉与所议事项相关的必要信息。本次会 议应参会董事 9 人，实际出席会议董事 9 人。 本次会议由董事长袁秋丽女士主持，本次会议的召开符合《公司法》等有关 法律、法规、规章和《公司章程》的规定。 二、董事会会议审议情况 经各位董事认真讨论、审议，形成董事会决议如下： （一） 审议通过《关于终止部分募集资金投资项目并将剩余募集资金永久 补充流动资金的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 同意终止公司 2021 年度非公开发行股票之"水溶性 ...