证券代码：002601 证券简称：龙佰集团 公告编号：2025-072 龙佰集团股份有限公司 第八届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 龙佰集团股份有限公司（以下简称"公司"）第八届董事会第二十五次会议 于 2025 年 12 月 3 日（周三）以通讯表决和现场表决相结合的方式召开。本次董 事会的会议通知和议案已于 2025 年 11 月 27 日按《公司章程》规定以书面送达 或电子邮件的方式发送至全体董事。本次会议应出席董事 9 人，实际出席董事 9 人。会议由董事长和奔流先生主持，会议的召开和表决符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定，会议表决合法有效。 二、董事会会议审议情况 本次董事会会议审议通过了如下议案： 1、审议通过《关于公司 2026 年度向银行申请授信额度的议案》，并同意提 交 2025 年第三次临时股东会审议。 关于本议案具体内容详见公司指定信息披露媒体《中国证券报》《证券时报》 《上海证券报》及巨潮资讯网（www.cninfo.com.cn）《关于公 ...

Core Viewpoint - Longbai Group has made significant progress in its share repurchase plan, having repurchased shares worth approximately 25.48 million yuan as of November 30, 2025, which aligns with its established plan and regulatory requirements [1][3]. Summary by Sections Share Repurchase Plan Overview - On June 6, 2025, Longbai Group's board approved a share repurchase plan, intending to use its own funds and special loans to repurchase A-shares for employee stock ownership plans [2]. - The plan has a total funding range of 5 billion yuan to 10 billion yuan, with a maximum repurchase price set at 24.32 yuan per share, and is to be executed within 12 months from the board's approval [2]. Progress of Share Repurchase - As of November 30, 2025, Longbai Group has repurchased shares at a minimum price of 16.18 yuan per share, totaling approximately 25.48 million yuan (excluding transaction fees) [3]. - The repurchase is in compliance with relevant regulations and aligns with the company's established repurchase plan [3]. Compliance and Regulatory Adherence - Longbai Group emphasizes strict adherence to regulatory requirements during the share repurchase, ensuring that repurchases do not occur during periods that could significantly impact stock prices [4]. - The company has complied with trading regulations, ensuring that the repurchase prices were not set at the daily trading limit and did not occur during restricted trading periods [4]. Future Plans - The company plans to continue its share repurchase efforts within the 12-month timeframe, adjusting based on market conditions and operational performance [5]. - Longbai Group has utilized approximately 5.1% of the lower limit of the repurchase funds (based on the 5 billion yuan minimum) and will maintain transparency in its repurchase process [5].

化工市场波澜再起！钛白粉行业涨价信号密集释放！ 钛白粉又迎"涨价风暴"，多家企业密集开涨！ 2025年11月下旬，中国钛白粉行业迎来一场突如其来的价格调整风暴。作为行业龙头的龙佰集团率先于11月26日发布调价函，宣布自即日起对旗下所有钛 白粉产品进行提价，国内销售价格每吨上调700元人民币，国际市场则每吨上调100美元。 这一举措迅速引发连锁反应，山东道恩钛业、山东金海钛业、广西蓝星大华、南京钛白化工等多家重点企业相继跟进，纷纷发布类似调价通知，标志着本 轮钛白粉价格全面上涨的正式开启！ 部分涨价函如下☟ TEL : 0854-2468786 FAX : 0854-2468718 Website : www. sunwardchemical.com 山 东 东 佳 集 团 关于调整钛白粉价格的通知 东佳(市场文)-25-06 山东东佳集团所有客户、销售各部: 鉴于当前钛白粉市场状况,结合公司实际情况。经公司价格委 员会研究决定。我公司钛白粉系列产品自 2025年11月28 日起国内 销售价格上调 700元/吨,国外销售价格上调 100 美元/吨。 本次调价以货物从山东东佳集团出库日期为准,自新的调价通知 生效 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-070 二、其他事项说明 龙佰集团股份有限公司 关于回购公司股份的进展公告 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"）于2025年6月6日召开的第八届董 事会第十九次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使 用自有资金及回购专项贷款以集中竞价的方式回购公司股份，回购股份的种类为 公司已发行的人民币普通股（A股）股票，将用于股权激励或员工持股计划。本 次回购股份的资金总额不低于人民币50,000万元（含）且不超过人民币100,000 万元（含），回购股份的价格为不超过人民币24.32元/股（含），具体回购股份 的数量以回购期满时实际回购的股份数量为准。本次回购股份的实施期限自公司 董事会审议通过本次回购股份方案之日起12个月内。具体内容详见公司于2025 年6月7日、2025年6月11日刊载于《中国证券报》《证券时报》《上海证券报》 及巨潮资讯网(http://www.cninfo.com.cn）的相关公告。 2025年7月1日，公司通 ...

Group 1 - The titanium dioxide concept sector declined by 0.73%, ranking among the top declines in the concept sector, with companies like Anada, Guocheng Mining, and Tianyuan Co. experiencing significant drops [1] - Among the titanium dioxide stocks, Tianneng Chemical, Vanadium Titanium Co., and Jinpu Titanium Industry saw increases of 1.18%, 0.65%, and 0.63% respectively [1] - The overall market saw a net inflow of 0.25 billion yuan into the titanium dioxide concept sector, despite eight stocks experiencing net outflows [2] Group 2 - The leading stocks with net outflows included Vanadium Titanium Co. with a net outflow of 21.28 million yuan, followed by Longbai Group and Donghua Technology with outflows of 19.79 million yuan and 4.90 million yuan respectively [3] - Stocks with significant net inflows included Zhenhua Co., Jinpu Titanium Industry, and Guocheng Mining, with inflows of 29.98 million yuan, 29.38 million yuan, and 9.36 million yuan respectively [4] - Anada experienced a notable decline of 4.61% with a turnover rate of 20.08% and a net outflow of 1.92 million yuan [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [4]. Core Insights - The global chemical competition landscape is being reshaped, with European and Japanese companies facing capacity exits due to high energy costs and environmental pressures, while Chinese companies are rapidly gaining market share due to significant cost advantages [1][15]. - The EU chemical capacity utilization rate has decreased from 75.6% in Q2 2025 to 74.6% in Q3 2025, significantly below the long-term average of 81.3% [2][31]. - China's chemical industry is characterized by high capital investment and R&D, leading to a strong cost advantage and enhanced global competitiveness [3][36]. Summary by Sections 1. Europe: Dual Dilemma of High Energy Costs and Environmental Pressure - European chemical companies are heavily reliant on natural gas, with over 40% of raw materials sourced from it, leading to increased production costs [20]. - The average wholesale electricity price in the EU rose by 30% year-on-year to $90 per megawatt-hour in H1 2025, expected to be twice that of the US and 1.5 times that of China [2][20]. - The EU's carbon emissions trading system (ETS) and the Carbon Border Adjustment Mechanism (CBAM) are tightening regulations, further squeezing the competitiveness of European chemical products [23][29]. 2. China: Scale Effects and Cost Advantages of Super Factories - China leads globally in chemical capital expenditure and R&D, accounting for 47% and 32% of the global total, respectively [36][38]. - The production capacity of ethylene in China has doubled from 26.69 million tons in 2019 to 54.49 million tons in 2024, with import dependency decreasing from 8.8% to 5.0% [10]. - Major Chinese companies like Wanhua Chemical are expected to further reduce costs through technological upgrades and capacity expansions, enhancing their competitive edge [9][12]. 3. Domestic Chemical Core Assets Exhibit Strong Competitive Strength - The report highlights the increasing global influence of Chinese chemical companies, which are leveraging cost, scale, and technological advantages to expand their market presence [12]. - Key players in the industry include Wanhua Chemical, Hualu Hengsheng, and others, which are positioned to benefit from the ongoing industry consolidation and optimization [12].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Core Viewpoint - The recent price increase of titanium dioxide (TiO2) has drawn market attention, with domestic prices rising by 700 CNY/ton and international prices by 100 USD/ton, driven by rising raw material costs and supply constraints [1][2]. Industry Summary - The titanium dioxide industry has experienced multiple price hikes within a year, primarily due to escalating costs of key raw materials such as titanium ore and sulfuric acid [1]. - As of mid-November, the average domestic price of sulfuric acid reached 773 CNY/ton, a more than 111% increase since the beginning of the year, with some regions seeing prices exceed 900 CNY/ton [1]. - Domestic companies are limiting production, tightening market supply, and leading to increased market confidence and price hikes [1]. Company Performance - In the first three quarters of the year, titanium dioxide listed companies faced collective pressure, with some reporting negative net profits attributable to shareholders [2]. - The price increase may help improve industry performance in the long term, but it could also squeeze the profitability of downstream companies [2]. - Companies are encouraged to enhance technological research, improve production efficiency, and optimize product structures to produce higher value-added products [2]. Future Outlook - The future trajectory of titanium dioxide prices remains uncertain, as downstream demand is currently weak, particularly in the coatings and plastics sectors [4]. - While some international demand for titanium dioxide has increased, overall demand remains lackluster, making the sustainability of price increases dependent on actual growth in downstream demand [4].

Group 1 - The titanium dioxide sector opened strong on November 28, with Jinpu Titanium Industries hitting the daily limit up [1] - Huayun Titanium, Longbai Group, Anada, and Titan Chemical also saw gains alongside Jinpu Titanium [1]

Core Viewpoint - Longbai Group's stock price has shown fluctuations with a recent increase of 2.04%, while the company faces a decline in revenue and net profit year-on-year [1][2]. Group 1: Stock Performance - As of November 27, Longbai Group's stock price is 18.04 CNY per share, with a market capitalization of 43.012 billion CNY [1]. - The stock has increased by 5.05% year-to-date, but has seen a decline of 0.33% over the last five trading days, 2.85% over the last 20 days, and 2.96% over the last 60 days [1]. - The net inflow of main funds is 5.0495 million CNY, with significant buying and selling activity noted [1]. Group 2: Financial Performance - For the period from January to September 2025, Longbai Group reported a revenue of 19.451 billion CNY, a decrease of 6.87% year-on-year, and a net profit of 1.674 billion CNY, down 34.68% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 19.387 billion CNY, with 5.480 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of October 20, 2025, the number of shareholders is 85,300, a decrease of 1.02% from the previous period, with an average of 23,303 circulating shares per shareholder, an increase of 1.04% [2]. - The eighth largest circulating shareholder, Hong Kong Central Clearing Limited, holds 39.6965 million shares, having decreased its holdings by 1.3365 million shares [3].