| 证券代码：002386 | 证券简称：天原股份 | | | 公告编号：2026-001 | | --- | --- | --- | --- | --- | | 债券代码:524174.SZ | 债券简称：25 | 天原 | K1 | | 宜宾天原集团股份有限公司 （2）2025 年 12 月，公司向国家开发银行四川省分行申请 7500 万新型政策性金融工具贷款，用于公司磷酸铁锂项目。本次贷款由宜 宾发展控股集团有限公司提供全额无条件不可撤销的连带责任保证 担保，同时，公司以持有全资子公司宜宾天原锂电新材有限公司 8.11%股权质押给宜发展集团作为本次融资项目的反担保措施。（详 见本公司 2025 年 12 月 31 日发布于巨潮资讯网的《关于向宜发展申 请提供拟办理 7500 万新型政策性金融工具贷款服务担保并提供反担 保暨关联交易的公告》，公告编号：2025-081）。 3、公司及子公司未发生逾期担保。 一、担保情况概述 关于公司及子公司之间互相提供担保的进展公告 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。 重要内容提示： 1、截至 2025 年 1 ...

Core Viewpoint - Tianyuan Co., Ltd. announced plans for a capacity expansion project to build a new annual production facility for 100,000 tons of chloride titanium dioxide, with a total investment of 1.483 billion yuan [1] Group 1: Project Details - The project will be implemented by Yibin Tianyuan Haifeng and Tai Co., Ltd., a wholly-owned subsidiary of Tianyuan [1] - The construction period for the project is set at 24 months, with funding sourced from the company's own resources [1] Group 2: Strategic Importance - The chloride titanium dioxide project is a core component of the company's "one body, two wings" strategy focused on high-function new materials [1] - The project aims to enhance the overall production capacity of titanium dioxide and improve market competitiveness [1] Group 3: Integrated Industry Layout - Tianyuan is deepening its integrated circular industrial layout of "chlorine-titanium-phosphorus-iron-lithium" [1] - The project is expected to effectively achieve solid waste resource utilization [1]

Core Viewpoint - The titanium dioxide industry is experiencing a strong rally, with several companies seeing significant stock price increases due to a recent price increase announcement aimed at reversing previous low pricing and profitability trends [1][3]. Group 1: Stock Performance - Anning Co., Vanadium Titanium Co., and Jinpu Titanium Industry all reached their daily price limits, while Zhenhua Co. rose over 9%, and Huiyun Titanium Industry increased by over 7% [1]. - Other companies such as Anada and Longbai Group saw stock price increases of over 6%, with Tianneng Chemical, Tianyuan Co., and Luban Chemical also experiencing gains [1][2]. Group 2: Industry Developments - The titanium dioxide industry has jointly issued a price increase notice to improve the low pricing and profitability situation, indicating a potential recovery window for industry profits [3]. - Leading domestic titanium dioxide companies are accelerating their investment in chloride process capacity, with Tianneng Co. announcing a planned investment of 1.483 billion yuan to build a 100,000-ton chloride titanium dioxide project, aligning with the industry's green transformation trend [1].

Core Viewpoint - Tianyuan Co., Ltd. is accelerating its capacity expansion with a new project for producing 100,000 tons of chlorination titanium dioxide, involving a total investment of 1.483 billion yuan, which is expected to enhance its market competitiveness and support its transition to high-value new materials [1][2][6]. Group 1: Expansion Plans - The new chlorination titanium dioxide project will be built on existing company land, minimizing additional land acquisition costs and construction time [2]. - This project is a key part of the company's "one body, two wings" strategy, aimed at increasing overall titanium dioxide production capacity and optimizing product structure [2][3]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenues of 8.49 billion yuan, a year-on-year decrease of 14.89%, while net profit attributable to shareholders reached 31.69 million yuan, a significant increase of 132.63% [1][4]. - The improvement in profitability is attributed to product structure optimization, effective cost control, and positive contributions from non-recurring gains [4]. Group 3: Research and Development - Over the past five years, the company has invested a total of 427 million yuan in R&D, with annual expenditures showing a consistent upward trend [5]. - The company has developed multiple technological reserves in chlorination titanium dioxide process optimization, comprehensive utilization of phosphate resources, and lithium battery material research, which support business expansion [5]. Group 4: Market Position and Strategy - The chlorination method has become the mainstream production process for titanium dioxide, with competitors like Longbai Group and Luban Chemical also expanding their capacities [3]. - The new project is expected to help Tianyuan Co., Ltd. break the monopoly of foreign companies in the high-end chlorination titanium dioxide market and enhance the international competitiveness of domestic brands [3][6].

Core Viewpoint - Tianyuan Group Co., Ltd. is actively expanding its production capacity and financial strategies while managing operational challenges in its subsidiaries [4][5][6]. Group 1: Trading Information - On December 31, 2025, Tianyuan shares closed at 5.43 yuan, down 1.99%, with a turnover rate of 1.7%, trading volume of 221,800 shares, and a transaction amount of 121 million yuan [1]. - On the same day, the net outflow of main funds was 12.858 million yuan, accounting for 10.65% of the total transaction amount, while retail investors saw a net inflow of 6.7811 million yuan, representing 5.62% of the total [2]. Group 2: Company Announcements - The company’s board approved an investment of 148.281 million yuan by its wholly-owned subsidiary to construct a 100,000-ton annual production capacity titanium dioxide project, with a construction period of 24 months and a payback period of 6.26 years [4]. - The board also approved a proposal to provide a guarantee for a 75 million yuan new policy financial tool loan application, with the controlling shareholder providing a joint liability guarantee [2][7]. - The company decided to cease operations of its subsidiary, Vietnam Tianxiang New Materials Technology Co., Ltd., starting January 1, 2026, due to ongoing losses since its operation began in 2024 [5]. - The board approved an increase in the risk margin for commodity futures hedging from 150 million yuan to 250 million yuan, allowing for cyclical use within the authorized period [3][8]. Group 3: Subsidiary Operations - The subsidiary Yunnan Tianli Coal Chemical Co., Ltd. signed a contract for a gas power generation project, which will utilize gas resources from Changneng Coal Mine, with a contract duration of 20 years [6][7]. - The project aims to prioritize electricity supply for the coal mine's own use, with excess power sold to the grid, contributing to resource utilization and cost reduction [7].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The rise in PX prices has triggered a bullish trend in the petrochemical sector, indicating long-term recovery opportunities for the industry [2][7] - The report highlights that the increase in PX prices, with futures rising over 800 CNY/ton and spot prices up about 340 CNY/ton, has improved profit expectations for refining companies [7] - The report emphasizes that the refining industry has faced prolonged downturns, with major companies encountering challenges such as declining domestic demand for refined oil and stagnant export quotas [7] - The appointment of new leadership at China Petroleum & Chemical Corporation is seen as a potential catalyst for industry recovery [7] Summary by Relevant Sections Investment Recommendations and Targets - Recommended leading companies in the refining sector include Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), and Hengli Petrochemical (600346, Buy) [3] - The report expresses optimism for recovery opportunities across various chemical sub-industries, including MDI leader Wanhua Chemical (600309, Buy) and companies in the PVC sector such as Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), and Chlor-alkali Chemical (600618, Not Rated) [3] - In the phosphoric chemical sector, companies like Chuanheng Co. (002895, Not Rated) and Yuntianhua (600096, Not Rated) are highlighted due to growth driven by energy storage [3] - The oxalic acid industry recommendations include Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), and Wankai New Materials (301216, Buy) [3]

Core Viewpoint - Tianyuan Co., Ltd. plans to invest 1.483 billion yuan in a new chlorination titanium dioxide project with an annual capacity of 100,000 tons, driven by stable market demand and the industry's shift towards green and high-end production methods [2][3]. Group 1: Project Investment and Strategic Goals - The chlorination titanium dioxide project will be integrated into the company's "one body, two wings" strategy, focusing on high-function new materials to enhance overall capacity and market competitiveness [3]. - The project aims to deepen the integrated circular industry layout of "chlorine-titanium-phosphorus-iron-lithium," promoting resource recycling and aligning with green development principles [3]. Group 2: Industry Trends and Market Dynamics - The global titanium dioxide industry is transitioning towards chlorination processes, with China's chlorination production accounting for only 2%-5% before 2018, but becoming the mainstream method due to low-carbon trends [3]. - In 2024, China's titanium dioxide production is projected to be approximately 4.76 million tons, with chlorination accounting for about 13.93%, indicating a structural imbalance in domestic production favoring lower-end sulfuric acid methods [4]. Group 3: Company Performance and Challenges - Despite the strategic investment in high-end capacity, Tianyuan's financial performance has shown a downward trend, with revenues dropping from 20.339 billion yuan in 2022 to 13.367 billion yuan in 2024, and a net loss of 460 million yuan in 2024 [6]. - The company faced challenges due to low capacity utilization rates and weak demand from the real estate sector, which has negatively impacted the titanium dioxide market [6]. - However, there are signs of recovery in 2025, with revenues of 8.49 billion yuan in the first three quarters, reflecting a year-on-year decline of 14.89%, but a net profit increase of 132.63% [6]. Group 4: Market Outlook - Analysts believe that Tianyuan is in a critical transition phase, and the recent investment in the chlorination project could strengthen its industry position and improve future performance [7].

Group 1 - Fenglong Co., Ltd. has no plans for restructuring or listing through the company in the next 36 months [1] - Wu Zhi Electromechanical's business in robotics and commercial aerospace accounts for approximately 1% of its main business revenue [1] Group 2 - Zhongse Co., Ltd.'s subsidiary plans to invest in a lead-zinc mining expansion project with a capacity of 1.65 million tons per year [1] - Tianyuan Co., Ltd.'s subsidiary intends to invest in a project to produce 100,000 tons of titanium dioxide via chlorination [1] Group 3 - Zhejiang Construction Investment's subsidiary signed a construction contract worth 1.8 billion yuan [1] - Jinpan Technology signed a contract worth approximately 696 million yuan for a data center project [1] - Shensi Electronics won a bid for the construction of low-altitude support facilities for the Jinan digital low-altitude flight management service platform [1] Group 4 - Yalake Co., Ltd. plans to acquire a 51% stake in Wukuang Salt Lake [1] - Shengxin Lithium Energy's subsidiary intends to acquire a 30% stake in Qicheng Mining [1] - Jiete Biological plans to acquire 70% of Jieke Membrane for 7.9199 million yuan [1] Group 5 - Baili Tianheng plans to repurchase shares worth 100 million to 200 million yuan [2] - Zhongju Gaoxin intends to repurchase shares worth 300 million to 600 million yuan [2] - Jiete Biological plans to repurchase shares worth 15 million to 30 million yuan [1][2] Group 6 - Zijin Mining expects a net profit increase of approximately 59% to 62% for the year 2025 [2] - Zongheng Co., Ltd. plans to raise no more than 548 million yuan through a private placement [2]

Group 1 - Shengxin Lithium Energy plans to acquire 30% equity of Qicheng Mining for 2.08 billion yuan, aiming to hold 100% of Qicheng Mining post-transaction [1] - Qicheng Mining holds a 70.97% stake in Huirong Mining, which has confirmed Li2O resources of 989,600 tons with an average grade of 1.62% [1] - The acquisition is part of Shengxin Lithium Energy's strategy to enhance its lithium resource portfolio [1] Group 2 - Zhongju High-tech intends to repurchase shares worth 300 million to 600 million yuan, with a maximum price of 26 yuan per share [2] - Baili Tianheng plans to repurchase shares valued between 100 million to 200 million yuan, with a maximum price of 546 yuan per share [3] Group 3 - China Aluminum's subsidiary plans to acquire 51% of Yun Aluminum Logistics for approximately 264 million yuan [5] - Yilake Co. will be included in the consolidated financial statements of China Aluminum post-acquisition [5] Group 4 - Salt Lake Co. intends to acquire 51% of Wuku Salt Lake for 4.605 billion yuan, aiming to become the controlling shareholder [6] - The acquisition is part of Salt Lake Co.'s strategy to accelerate the development of a world-class salt lake industry base [6] Group 5 - Cobalt Co. plans to invest 1.741 billion yuan in the expansion of a lead-zinc mining project with an annual capacity of 1.65 million tons [7] - The investment aims to enhance the mining capacity of the Cobalt Co.'s subsidiary [7] Group 6 - Tianyuan Co. is investing 1.483 billion yuan in a new chlorination titanium dioxide project with an annual capacity of 100,000 tons [9] - The project is part of Tianyuan Co.'s expansion strategy in the titanium dioxide market [9] Group 7 - Jiangbo Long plans to purchase the remaining 19% equity of its subsidiary Zilia Eletrônicos for approximately 46.08 million USD [26] - The acquisition aims to strengthen Jiangbo Long's position in the storage business and expand its international investment layout [26] Group 8 - China National Airlines intends to purchase 60 Airbus A320NEO series aircraft at a total catalog price of approximately 9.53 billion USD [33] - The aircraft are scheduled for delivery between 2028 and 2032 [33]

（记者 曾健辉） 每经AI快讯，天原股份12月30日晚间发布公告称，公司第九届第二十一次董事会会议于2025年12月30 日以通讯方式召开。会议审议了《关于增加商品期货套期保值业务保证金额度的议案》等文件。 每经头条（nbdtoutiao）——2025十大财经新闻出炉！护航、酣战、变局、狂飙分别指向哪些大事件？ ...