Core Viewpoint - Tianyuan Co., Ltd. stated on November 19 that it currently has no undisclosed information that should be disclosed, and any related plans will be announced in strict accordance with information disclosure requirements [2] Company Information - The company is committed to adhering to information disclosure regulations and will provide timely announcements if there are any relevant plans in the future [2]

Core Viewpoint - Tianyuan Co., Ltd. (002386.SZ) has clarified on its interactive platform that the company does not produce lithium hexafluorophosphate, electrolytes, or organic silicon products [1] Group 1 - The company explicitly stated its non-involvement in the production of lithium hexafluorophosphate [1] - The company confirmed it does not manufacture electrolytes [1] - The company also indicated it does not produce organic silicon products [1]

Core Viewpoint - Tianyuan Co., Ltd. (002386.SZ) has clarified on its interactive platform that the company does not produce lithium hexafluorophosphate, electrolytes, or organic silicon products [1] Group 1 - The company explicitly stated its non-involvement in the production of lithium hexafluorophosphate [1] - The company confirmed it does not manufacture electrolytes [1] - The company also indicated it does not produce organic silicon products [1]

Group 1 - The company Tianyuan Co., Ltd. confirmed that its lithium iron phosphate cathode materials can be used in energy storage batteries and solid-state batteries [2] - The company is currently conducting pilot tests on its anode materials [2] - A significant equity investee, Yibin Lithium Treasure, produces ternary cathode materials that are applicable for solid-state batteries [2]

Core Viewpoint - Tianyuan Co., Ltd. (002386.SZ) has stated on its investor interaction platform that there are currently no restructuring plans with Yibin Lithium, and any related plans will be disclosed in accordance with information disclosure requirements [1] Group 1 - The company confirmed the absence of a restructuring plan with Yibin Lithium [1] - The company emphasized its commitment to timely announcements if any related plans arise [1]

天原股份（002386.SZ）11月19日在投资者互动平台表示，公司目前没有与宜宾锂宝重组计划，如有相 关计划将严格按照信息披露要求及时公告。 （记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：公司是准备与宜宾锂宝重组了吗？ ...

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry, particularly focusing on the phosphate sector due to the anticipated growth in energy storage demand [5]. Core Viewpoints - The report highlights the potential for an upward adjustment in the phosphate industry chain's prosperity expectations, driven by rapid growth in energy storage demand [2][3]. - The phosphate rock segment is identified as having the strongest supply rigidity, making it a key focus for investment opportunities [3][46]. - The report emphasizes that the demand for phosphate rock is expected to increase significantly due to the growth of energy storage applications, particularly lithium iron phosphate batteries [8][12]. Summary by Sections 1. Energy Storage Demand Impact - The growth in energy storage is expected to enhance the demand for phosphate, with global energy storage battery shipments projected to exceed 500 GWh in 2025, a year-on-year increase of approximately 60% [8][12]. - It is estimated that the demand for lithium iron phosphate will lead to a requirement of about 1.2 million tons of lithium iron phosphate and approximately 4.4 million tons of phosphate rock in 2025 [15][39]. 2. Supply Side Dynamics - Concerns about a potential collapse in phosphate market prices due to new supply releases are addressed, with the report suggesting that the supply-demand balance will remain tight in the coming years [17][37]. - The report notes that the pricing power of phosphate rock suppliers is increasing, supported by steady demand from traditional agricultural needs and the rapid growth of new energy materials [25][37]. 3. Investment Recommendations - The report recommends focusing on companies with significant phosphate rock production capacity, such as Xin Yang Feng, Yun Tu Holdings, and Xing Fa Group, which also have lithium iron phosphate production capabilities [3][46]. - It also highlights potential recovery opportunities in the lithium iron phosphate segment due to mismatches between demand growth and supply expansion [3][46].

Summary of Key Points Core Viewpoint - Tianyuan Co., Ltd. has shown fluctuations in its stock performance and financial metrics, with a notable decrease in revenue but a significant increase in net profit year-on-year. Group 1: Stock Performance - On November 11, Tianyuan's stock rose by 0.16%, with a trading volume of 260 million yuan [1] - The financing buy-in amount on the same day was 20.28 million yuan, while the financing repayment was 37.11 million yuan, resulting in a net financing buy of -16.82 million yuan [1] - As of November 11, the total financing and securities balance for Tianyuan was 309 million yuan, which is 3.79% of its circulating market value, indicating a low financing balance compared to the past year [1] Group 2: Financial Performance - For the period from January to September 2025, Tianyuan reported a revenue of 8.49 billion yuan, a year-on-year decrease of 14.89% [2] - The net profit attributable to the parent company was 31.69 million yuan, reflecting a year-on-year increase of 132.63% [2] Group 3: Shareholder Information - As of October 20, the number of shareholders for Tianyuan was 51,000, a decrease of 0.55% from the previous period [2] - The average circulating shares per person increased by 0.55% to 25,517 shares [2] - Since its A-share listing, Tianyuan has distributed a total of 699 million yuan in dividends, with 202 million yuan distributed in the last three years [3]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes that green and low-carbon initiatives will become a significant focus, as highlighted by the release of the white paper "China's Actions on Carbon Peak and Carbon Neutrality" [2][8] - The chemical industry is expected to see a recovery in demand, particularly in sectors like polyester, MDI, and PVC, driven by policy support and market dynamics [3][8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216) for its leading position in the green polyester industry. It also suggests buying shares of Wanhua Chemical (600309), a leader in MDI, while PVC-related companies such as Zhongtai Chemical (002092), Xinjiang Tianye (600075), Chlor-alkali Chemical (600618), and Tianyuan Co. (002386) are rated as not yet evaluated. Companies like Chuanheng Co. (002895) and Yuntianhua (600096) are also noted for their growth potential driven by energy storage [3] Industry Trends - The report notes that the chemical industry has shown improved performance recently, particularly in polyester, PTA, organic silicon, chlor-alkali, and phosphate sectors. Despite a decline in the overall industry sentiment in Q3, there is optimism for recovery driven by demand-side improvements and policy changes [8] - The report highlights that the U.S. entering a rate-cutting cycle and easing tariff issues may lead to marginal improvements in demand, while emerging markets provide long-term growth potential for chemical products [8]

Core Viewpoint - The titanium dioxide sector has seen a significant increase, with a rise of 3.37% as of the market close on November 7, ranking fifth among concept sectors [1]. Group 1: Sector Performance - Within the titanium dioxide sector, 13 stocks experienced gains, with notable performers including Anada and Jinpu Titanium Industry reaching their daily limit up [1]. - The top gainers in the sector included Guocheng Mining, Tianyuan Co., and Longbai Group, which rose by 7.64%, 3.99%, and 3.63% respectively [1]. Group 2: Market Capital Flow - The titanium dioxide sector attracted a net inflow of 166 million yuan from major funds today, with seven stocks receiving net inflows, and five stocks exceeding 10 million yuan in net inflow [2]. - Anada led the sector with a net inflow of 158 million yuan, followed by Jinpu Titanium Industry, Longbai Group, and Lubai Chemical with net inflows of 94.66 million yuan, 30.75 million yuan, and 15.51 million yuan respectively [2]. Group 3: Fund Inflow Ratios - The leading stocks in terms of net inflow ratios were Jinpu Titanium Industry, Anada, and Lubai Chemical, with net inflow ratios of 22.27%, 18.08%, and 9.76% respectively [3]. - Anada's stock price increased by 9.98% with a turnover rate of 29.53%, while Jinpu Titanium Industry rose by 9.93% with a turnover rate of 13.84% [3].