Core Viewpoint - Tianyuan Co., Ltd. (002386.SZ) is currently operating at full capacity with an annual production capacity of 100,000 tons of titanium dioxide via the chloride process, and plans to expand its capacity to 200,000 tons per year with a new project [1] Group 1 - The company has announced a new project to build an additional 100,000 tons of titanium dioxide production capacity [1] - The company is currently in a state of full production and sales [1] - The company possesses advantages in technology, cost, management, and quality [1]

格隆汇1月30日丨天原股份(002386.SZ)近日接受特定对象调研时表示，锂电新材拥有10万吨磷酸铁锂正 极材料产能，目前装置处于高负荷运行状态。公司磷酸铁锂正极材料2026年订单充足，预期产能利用率 将达到90%以上。 ...

Group 1 - The company Tianyuan Co., Ltd. expects a net profit attributable to shareholders of 68 million to 98 million yuan for 2025, representing a year-on-year growth of 114.80% to 121.32% [1] - The basic earnings per share are projected to be between 0.0522 and 0.0753 yuan [1] - The main reasons for the performance change include ongoing efforts in production expansion, quality improvement, energy saving, cost control, and enhanced profitability of key products in the chemical sector [1] Group 2 - The completion and operation of the Mabi Wuqiong Phosphate Mine project has contributed significantly to the company's benefits [1] - The company has also achieved substantial asset disposal gains by transferring a 25,000 tons/year yellow phosphorus production capacity [1]

南财智讯1月30日电，天原股份发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 6800万元—9800万元，同比预增114.80%—121.32%；预计2025年全年归属于上市公司股东的扣除非经 常性损益的净利润为-11500万元—-8500万元。一是公司持续推动增产提质、节能降耗、控费降本等挖 潜增效工作；二是化工板块主要产品盈利能力有所提升；三是马边无穷磷矿项目完成建设并投运，有明 显效益贡献；同时对2.5万吨/年黄磷产能指标进行转让，取得较大的资产处置收益。 ...

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。 一、本次计提资产减值准备的概况 根据《企业会计准则》及公司会计政策等相关规定，为真实 反映公司的财务状况、资产价值及经营成果，公司对合并报表截 止 2025 年 12 月 31 日相关资产价值出现的减值迹象进行了全面 清查和分析，对各项资产可能发生减值损失计提了资产减值准备。 2025 年度拟计提资产减值损失 8,699.67 万元，具体如下： | 序号 | | 项目 | 损失金额（损失以"-"号填列） | | --- | --- | --- | --- | | 1 | 信用减值损失 | 应收账款坏账准备 | -2,159.99 | | 2 | | 其他应收款坏账准备 | -144.35 | | 3 | | 固定资产减值准备 | -3,857.64 | | 4 | 资产减值损失 | 存货跌价准备 | -2,537.69 | | | 合计 | | -8,699.67 | 注：无特别说明，本公告中货币单位均为万元 | | | 宜宾天原集团股份有限公司 关于2025年度计提资产减值准备的公告 期末存货按成本与可变现净值 ...

天原股份公告，预计2025年度净利润为6800万元至9800万元，上年同期为-4.6亿元，同比扭亏为盈。预 计扣除非经常性损益后的净利润为-1.15亿元至-8500万元，上年同期为-4.29亿元。基本每股收益预计为 0.0522元至0.0753元／股，上年同期为-0.3531元／股。 ...

1、业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日 2、业绩预告情况：预计净利润为正值且属于扭亏为盈情形 （1）以区间数进行业绩预告的 | 证券代码：002386 | 证券简称：天原股份 | | 公告编号：2026-020 | | --- | --- | --- | --- | | 债券代码:524174.SZ | 债券简称：25 K1 | 天原 | | 宜宾天原集团股份有限公司 2025年度业绩预告 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。 一、本期业绩预计情况 特此公告。 单位：万元 | 项 目 | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 | | 6,800 | ～ | 9,800 | -45,956.55 | | 东的净利润 | 比上年同期增长 | 114.80% | ～ | 121.32% | | | 扣除非经常性损益 | | -11,500 | ～ | -8,500 | -42,876.99 | | 后的净利润 | ...

南财智讯1月30日电，天原股份在投资者关系活动中表示，公司氯化法钛白粉现有年产能10万吨，目前 处于满产满销状态。公司已公告新建10万吨氯化法钛白粉项目，建成后将拥有氯化法钛白粉产能20万 吨/年。 ...

Group 1: Company Strategy and Support - The company's "14th Five-Year" strategic plan focuses on the "one body, two wings" strategy, emphasizing the development of chlorinated titanium dioxide and new energy battery materials, with plans to extend, supplement, and strengthen the existing industrial chain during this period [2][3] - The local state-owned assets have shown strong support for the company, with the controlling shareholder, Yibin Development Holding Group, increasing its stake by 154 million yuan in 2025 and participating in a 1 billion yuan capital increase to support the lithium iron phosphate project [3] Group 2: Production Capacity and Utilization - The current production capacity of chlorinated titanium dioxide is 100,000 tons per year, operating at full capacity, with plans to build an additional 100,000 tons project, which will double the capacity to 200,000 tons per year [3] - The lithium battery material division has a production capacity of 100,000 tons of lithium iron phosphate, currently running at high load, with expected utilization rates exceeding 90% for 2026 orders [3] Group 3: Market and Industry Outlook - The chlorinated titanium dioxide industry is expected to see a shift towards quality and cost competition, with chlorinated products being more environmentally friendly and of higher quality compared to sulfate products, indicating a positive future outlook [3] - The caustic soda and PVC segments are currently facing challenges, with PVC prices at low levels leading to losses, while caustic soda and water-soluble ammonia remain profitable, resulting in an overall profit for the chlor-alkali segment [3] Group 4: Resource Development Progress - The Changneng coal mine is currently undergoing gas management work [3] - The phosphate mine has been completed and is gradually increasing its mining capacity, with an expected output of over 400,000 tons in 2025 and further increases in 2026 [3]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The PVC industry is expected to undergo continuous revaluation due to its high energy consumption and carbon emissions, particularly as China approaches its carbon peak during the 14th Five-Year Plan. The supply side may face strict controls, leading to potential reductions in production quotas. The demand for PVC in developing regions such as Africa and Latin America is anticipated to drive growth, despite the challenges posed by domestic production constraints [2][7] - The petrochemical industry is experiencing an upward trend in profitability, driven by significant price increases in key products such as butadiene rubber, PX, PTA, styrene, and ethylene glycol. The market's expectations for improved demand in 2026 are contributing to this positive outlook, with potential adjustments in operational strategies by leading companies likely to reshape supply and demand dynamics [7] Summary by Relevant Sections Investment Suggestions and Targets - The report recommends several companies across various sub-sectors, including: - MDI leader: Wanhua Chemical (600309, Buy) - PVC-related companies: Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), Chlor-alkali Chemical (600618, Not Rated), Tianyuan Co., Ltd. (002386, Not Rated) - Refining sector leaders: Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), Hengli Petrochemical (600346, Buy) - Phosphate chemical companies benefiting from energy storage growth: Chuanheng Co., Ltd. (002895, Not Rated), Yuntianhua (600096, Not Rated) - Oxalic acid sector: Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), Wankai New Materials (301216, Buy) [3]