Core Viewpoint - Longbai Group (002601.SZ) announced that its subsidiary, Yunnan Metallurgical New Li Titanium Industry Co., Ltd. (referred to as "Yunnan New Li"), has received a case acceptance notice from the Yunnan Provincial High People's Court regarding a trade secret infringement dispute [1] Summary by Relevant Sections - **Legal Proceedings** - Yunnan New Li has filed a lawsuit as a co-plaintiff in a civil case concerning the infringement of trade secrets, which has been accepted by the Yunnan Provincial High People's Court [1] - **Details of the Infringement** - The trade secrets involved pertain to the construction process and production technology of a large-scale titanium dioxide production line using chlorination, which Yunnan New Li has introduced and maintained strict confidentiality measures since 2007 [1] - **Involved Parties** - The defendants, Liu Jianliang, Jiang Shuan, and Zhao Zequan, previously held significant leadership and technical positions at Yunnan New Li. Jiang Shuan and Zhao Zequan joined an affiliated company of Hebei Yangan in the second half of 2019, where they allegedly utilized the plaintiff's trade secrets for the planning, design, and construction of their titanium dioxide production line until the case was exposed [1] - **Financial Implications** - The total amount involved in the case is approximately 1.311 billion yuan [1]

Core Viewpoint - Longbai Group's subsidiary, Yunnan Metallurgical New Li Titanium Industry Co., Ltd., has initiated a lawsuit regarding the infringement of trade secrets, with the Yunnan Provincial High People's Court accepting the case involving a total amount of 1.311 billion yuan [1] Group 1 - The lawsuit was filed by Yunnan New Li as one of the joint plaintiffs in a civil litigation case [1] - The Yunnan Provincial High People's Court has officially accepted the case for further proceedings [1] - The total amount involved in the case is 1.311 billion yuan [1]

Group 1 - The company announced that its subsidiary, Yunnan Xinli Titanium Industry Co., Ltd., has filed a lawsuit against the infringement of its technical secrets related to chlorination titanium dioxide [1] - The amount involved in the case is approximately 1.3105 billion yuan, with the company seeking to stop the defendants from using the technical secrets, destroy related materials, and compensate for economic losses and reasonable expenses for safeguarding rights [1] - The case has not yet been heard in court, and the company is currently unable to assess the impact on this period's profits or future profits [1]

证券代码：002601 证券简称：龙佰集团 公告编号：2025-045 龙佰集团股份有限公司 关于公司氯化法钛白粉技术秘密遭到侵犯提起诉讼的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 龙佰集团股份有限公司（以下简称"公司"）控股子公司云南冶金新立钛业有 限公司（以下简称"云南新立"）于近日收到云南省高级人民法院出具的《受理案 件通知书》【（2025）云民初2号】。就侵害技术秘密纠纷一案，云南新立作为 民事诉讼的共同原告之一，向云南省高级人民法院提起诉讼，云南省高级人民法 院已立案受理。云南新立于2025年10月13日交纳了本案的诉讼费。 二、有关本案的基本情况 1、各方主体 原告一：云南冶金新立钛业有限公司 原告二：钛康技术咨询有限公司（Ti-Cons Technology Consulting GmbH） 重要提示： 1、案件所处的诉讼阶段：已立案。 2、公司控股子公司云南新立所处的当事人地位：共同原告之一。 3、涉案的金额：合计人民币 131,050 万元。 4、对公司损益产生的影响：本次诉讼案件尚未开庭审理，目前无法判断对 公司本期利润或期后利 ...

Core Viewpoint - Longbai Group's subsidiary, Yunnan Xinli Titanium Industry Co., Ltd., has filed a lawsuit for the infringement of trade secrets, seeking significant financial compensation and legal costs [1] Group 1: Legal Action - The lawsuit has been filed in the Yunnan Provincial High People's Court, with Longbai Group as one of the co-plaintiffs [1] - The amount involved in the case is as high as 1.3105 billion yuan [1] - The company aims to stop the defendant from using the trade secrets and to destroy related materials [1] Group 2: Financial Impact - The company is currently unable to assess the impact of the lawsuit on this period's profits or future profits [1]

Market Overview - The chemical raw materials sector experienced a decline of 1.62% on October 13, with Satellite Chemical leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers in the chemical raw materials sector included: - *ST Asia Pacific: Closed at 12.55, up 5.02% with a trading volume of 285,800 shares and a turnover of 339 million yuan - Huarong Chemical: Closed at 11.71, up 4.27% with a trading volume of 217,400 shares and a turnover of 251 million yuan - Xutian Salt Industry: Closed at 6.13, up 4.07% with a trading volume of 389,000 shares and a turnover of 233 million yuan [1] - Conversely, significant decliners included: - Satellite Chemical: Closed at 18.84, down 4.61% with a trading volume of 672,900 shares and a turnover of 1.257 billion yuan - Luxi Chemical: Closed at 14.10, down 4.02% with a trading volume of 313,800 shares and a turnover of 441 million yuan - Baofeng Energy: Closed at 17.60, down 3.40% with a trading volume of 675,500 shares and a turnover of 1.191 billion yuan [2] Capital Flow - The chemical raw materials sector saw a net outflow of 467 million yuan from institutional investors, while retail investors experienced a net inflow of 486 million yuan [2] - Detailed capital flow for selected stocks showed: - Zhongke Titanium White: Net inflow of 64.89 million yuan from institutional investors, with a net outflow of 90.82 million yuan from retail investors [3] - Proposal Co.: Net inflow of 38.51 million yuan from institutional investors, with a net outflow of 10.74 million yuan from retail investors [3]

Core Viewpoint - The titanium dioxide market is experiencing a collective price increase, driven by rising production costs, environmental regulations, and recovering demand, with major producers leading the charge [1][2][3] Group 1: Price Increases - Longyuan Group announced a price increase of 300 RMB/ton for domestic titanium dioxide and 40 USD/ton for international markets, marking the fifth collective price hike of the year [1] - Over 20 companies have followed suit, raising prices by similar amounts, indicating a strong market trend [1] - As of October 10, the ex-factory prices for titanium dioxide are reported at 12,800-13,300 RMB/ton for rutile and 11,800-12,200 RMB/ton for anatase [1] Group 2: Cost Factors - Rising raw material costs, particularly for titanium ore and sulfuric acid, are significantly impacting production expenses, necessitating price increases to maintain profit margins [2] - Sulfuric acid prices have surged, with a 41.7% increase since the beginning of the year, further straining production costs [2] Group 3: Supply and Demand Dynamics - Environmental regulations are tightening, leading to reduced production capacity among smaller firms unable to meet standards, while larger firms are investing more to comply [2][3] - The traditional consumption peak in September and October is expected to boost demand, with inventory levels decreasing and supporting price stability [2] Group 4: Market Sentiment and Future Outlook - The collective price increase has bolstered market confidence, with leading companies setting a positive tone for future price expectations [3] - Analysts predict that despite current cost pressures, prices are likely to remain stable in October, with potential for slight increases due to ongoing demand and existing orders [3] - The high concentration of the titanium dioxide industry allows leading firms to maintain pricing power, especially as demand for high-end products grows [3]

Core Viewpoint - The chemical raw materials sector experienced a 0.7% increase on October 10, with Zhenhua Co. leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.94% and 2.7% respectively [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3897.03, down 0.94% [1]. - The Shenzhen Component Index closed at 13355.42, down 2.7% [1]. - Zhenhua Co. (603067) led the sector with a closing price of 20.30, up 6.67% [1]. Group 2: Individual Stock Performance - Jiangtian Chemical (300927) closed at 26.98, up 3.37% with a trading volume of 52,500 shares and a transaction value of 142 million [1]. - Luxi Chemical (000830) closed at 14.69, up 3.09% with a trading volume of 317,000 shares and a transaction value of 466 million [1]. - Huarong Chemical (301256) closed at 11.23, up 2.37% with a trading volume of 141,400 shares and a transaction value of 158 million [1]. Group 3: Capital Flow - The chemical raw materials sector saw a net outflow of 155 million from institutional investors, while retail investors had a net inflow of 191 million [2]. - Zhenhua Co. had a net inflow of 81.61 million from institutional investors, while retail investors experienced a net outflow of 47.06 million [3]. - Longbai Group (002601) had a net inflow of 58.99 million from institutional investors, with a net outflow of 75.42 million from retail investors [3].

Core Viewpoint - The titanium dioxide industry is currently facing significant challenges, including price declines, operational pressures on small and medium enterprises, and a need for consolidation and strategic acquisitions to enhance competitiveness and adapt to market changes [1][2][3]. Industry Overview - As of October 9, titanium dioxide prices in South China remain at 13,300 yuan per ton, unchanged from the end of September, indicating a low point in the price cycle [1]. - The price of titanium dioxide has decreased from 20,400 yuan per ton in June 2021 to the current level, leading to operational difficulties for companies in the industry [1]. - The industry is experiencing a deep adjustment period, with small and medium enterprises particularly vulnerable due to their weaker competitive positions [1]. Demand and Market Dynamics - The titanium dioxide industry has seen a decline in performance, with companies like Jinfeng Titanium Industry Co., Ltd. reporting negative net profits for three consecutive years, totaling over 500 million yuan in losses [2]. - Factors contributing to the industry's struggles include high costs, weak demand, and intense price competition, exacerbated by a supply-demand imbalance and a sluggish global economic recovery [2]. - In August, signs of recovery emerged as several companies announced price increases, marking the first significant price hike of the year, driven by rising production costs and marginal improvements in downstream demand [2]. Strategic Responses and Mergers - Leading companies are actively pursuing mergers and acquisitions to navigate industry challenges. For instance, Huayun Titanium Industry has made significant acquisitions, including a 70% stake in Guangnan Chenshang Mining Development Co., which is crucial for securing raw material supply [3][4]. - The company has also acquired a 35% stake in Guangxi Detian Chemical Recycling Co., enhancing its production capacity and competitiveness in the titanium dioxide market [3]. Industry Transformation - The industry is shifting from a focus on capacity expansion to value creation, emphasizing research and development to build technological barriers and enhance high-value products [6]. - Companies like Longbai Group have invested over 3 billion yuan in R&D over the past three years, achieving significant technological advancements [6]. - The implementation of "going global" strategies is also being pursued, with companies establishing overseas production facilities to mitigate trade barriers and enhance brand presence [6]. Competitive Landscape - The competitive landscape is evolving, with companies like Zhongke Huayuan Titanium Dioxide Co., Ltd. forming long-term partnerships with major overseas clients, leveraging stable supply and product quality [7]. - The integration of the industry chain is seen as a way to build a solid competitive advantage and enhance core competencies during this period of deep adjustment [7].

Core Viewpoint - Longbai Group (002601.SZ) has announced a share buyback program, reflecting its commitment to enhancing shareholder value through strategic capital management [1] Summary by Categories Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 1,564,600 shares, which represents 0.0656% of the current total share capital [1] - The highest transaction price during the buyback was 16.34 CNY per share, while the lowest was 16.18 CNY per share [1] - The total amount spent on the buyback reached 25,481,016 CNY, excluding transaction fees [1] Compliance and Strategy - The buyback is in accordance with relevant laws and regulations, aligning with the company's established share repurchase plan [1]