证券代码：002601 证券简称：龙佰集团 公告编号：2025-066 龙佰集团股份有限公司 第八届董事会第二十四次会议决议公告 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"）第八届董事会第二十四次会议 于 2025 年 11 月 23 日（周日）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 19 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。 2、审议通过《关于调整组织架构的议案》。 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）《关于调整组织架构的公告》。 本议案获得通过，同意 9 票，反对 0 票，弃权 0 票，回避 0 票。 二、董事会会议审议情况 本次董事会会 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

Core Viewpoint - Longbai Group's financial performance in Q3 2025 shows a decline in revenue and net profit, primarily due to falling titanium dioxide prices, indicating short-term pressure on the company's earnings [1][2]. Financial Performance - For the first three quarters of 2025, the company's revenue was 19.436 billion yuan, a year-on-year decrease of 6.86%, while the net profit attributable to shareholders was 1.674 billion yuan, down 34.68% year-on-year [1]. - In Q3 2025, the company's revenue was 6.105 billion yuan, a quarter-on-quarter decline of 2.74%, and the net profit was 289 million yuan, down 58.64% quarter-on-quarter [1]. - The gross profit margin for the first three quarters of 2025 was 22.29%, a decrease of 4.66 percentage points year-on-year [1]. Price Trends - The average price of domestic rutile and anatase titanium dioxide in Q3 2025 was 11,785.38 yuan/ton and 14,359.23 yuan/ton, respectively, with year-on-year changes of -15.55% and -11.47% [1]. - The price of sponge titanium in Q3 2025 was 51,303.03 yuan/ton, showing a year-on-year increase of 4.00% [1]. Expense Management - Sales expenses decreased by 26.14% year-on-year, with a sales expense ratio of 1.46%, down 0.38 percentage points [2]. - Financial expenses fell by 28.88% year-on-year, with a financial expense ratio of 1.10%, down 0.34 percentage points [2]. - Management expenses increased by 6.75% year-on-year, with a management expense ratio of 4.02%, up 0.51 percentage points [2]. Cash Flow and Receivables - The net cash flow from operating activities for the first three quarters of 2025 was 2.539 billion yuan, a year-on-year decrease of 2.07% [2]. - The ending cash and cash equivalents balance was 3.065 billion yuan, an increase of 33.90% year-on-year [2]. - Accounts receivable decreased by 10.91% year-on-year, while inventory increased by 1.01% year-on-year [2]. Strategic Acquisition - The company plans to acquire titanium dioxide assets from Venator UK for 69.9 million USD, which will enhance its global industrial layout and product matrix in chloride titanium dioxide [3]. - Venator UK is the only plant under Venator that produces chloride titanium dioxide, with a designed annual capacity of 150,000 tons [3]. Future Outlook - Revenue projections for Longbai Group from 2025 to 2027 are 26.863 billion yuan, 30.228 billion yuan, and 33.087 billion yuan, with year-on-year growth rates of -2.4%, 12.5%, and 9.5% respectively [4]. - Net profit projections for the same period are 2.067 billion yuan, 2.657 billion yuan, and 3.246 billion yuan, with year-on-year growth rates of -4.7%, 28.5%, and 22.2% respectively [4].

Core Insights - The global titanium dioxide market is experiencing significant changes in supply and demand dynamics since 2010, influenced by factors such as shipping crises, tight capacity on China-US routes, and anti-dumping tariffs [1][3] - The company emphasizes the importance of strengthening raw material security, enhancing operational efficiency, developing high-end differentiated products, and expanding global presence to adapt to the changing market environment [3][5] Group 1 - The company is accelerating mineral resource integration at the upstream level to fortify raw material security [3] - At the production level, the company is deepening its operational excellence system to achieve cost reduction and efficiency improvement [3] - The company is committed to market-oriented research and development to break through high-end differentiated products [3] Group 2 - The company shared its short- to medium-term development plans and insights on the competitive landscape of the titanium industry during a global business leaders' roundtable [3] - The company views its overseas acquisition projects in titanium dioxide as a milestone for enhancing strategic layout and global service capabilities [3][5] - The company aims to integrate deeply into the global industrial chain, supply chain, and value chain collaborative network, focusing on key technological innovations and strategic industry collaboration [5]

Group 1: Oil and Gas - The oil supply-demand situation is under short-term pressure due to OPEC+ production increases, but medium to long-term oil prices are expected to have bottom support, with Brent crude oil price forecasts for 2025 and 2026 at $68 and $62 per barrel respectively [2][46] - The demand for natural gas in China is expected to continue growing, supported by low import costs, which will enhance profitability in the domestic industry chain [49] Group 2: Bulk Chemicals - A turning point in capital expenditure growth in the chemical raw materials and products industry has been observed since the second half of 2025, with expectations for a new round of recovery in 2026 driven by domestic demand improvements and export support [3][54] - The supply-demand situation for bulk chemical products is expected to improve, with policies supporting supply optimization and demand recovery anticipated to lead to a new round of prosperity [9][54] Group 3: Chemical Products and Fine Chemicals - The recovery in demand for chemical products and fine chemicals is expected to continue, driven by growth in sectors such as automotive, home appliances, military, and electronics, alongside cost improvements in raw materials [4][54] - The chemical industry is likely to see ongoing development in new materials and technologies, with a focus on high-end supply enhancement as emphasized in national policies [4][24] Group 4: Recommended Companies - The report recommends several companies for investment, including China Petroleum (A/H), China National Offshore Oil Corporation (A/H), and various chemical companies such as LUXI Chemical, Hualu Hengsheng, and Wanhua Chemical, indicating their potential for value reassessment and growth [7][23][24]

Core Viewpoint - The titanium dioxide sector has experienced a significant decline, with a drop of 3.58% as of the market close on November 18, 2023, leading to several companies within the sector hitting their daily limit down [1][2]. Group 1: Market Performance - The titanium dioxide concept ranked among the top decliners in the market, with companies like Anada and Zhenhua Co. hitting the daily limit down [1][2]. - The sector saw a net outflow of 1.235 billion yuan from major funds, with 14 stocks experiencing net outflows, and 9 of those exceeding 10 million yuan [2]. Group 2: Individual Stock Performance - Guocheng Mining led the outflow with a net withdrawal of 529.32 million yuan, while Zhenhua Co. and Vanadium Titanium Co. followed with net outflows of 378.89 million yuan and 132.58 million yuan, respectively [2]. - Other notable companies with significant net outflows include Anada (94.32 million yuan), Donghua Technology (20.30 million yuan), and Longbai Group (10.64 million yuan) [2].

Group 1 - The titanium dioxide sector is experiencing a continuous decline, with Anada falling over 7% [1] - Other companies in the sector, including Longbai Group, Jinfeng Titanium Industry, Huiyun Titanium Industry, and Titan Chemical, are also seeing declines [1]

Core Viewpoint - The company has completed the repurchase and cancellation of a total of 2,045,200 restricted stocks due to the disqualification of certain incentive recipients, with a total repurchase amount of approximately 29.29 million yuan, which will reduce the total share capital from 2,386,293,256 shares to 2,384,248,056 shares [2][22][36]. Group 1 - The company repurchased and canceled 1,614,450 shares at a price of 15.64 yuan per share and 430,750 shares at a price of 9.38 yuan per share due to the disqualification of 198 incentive recipients [2][22]. - The total repurchase amount for the canceled shares was 29,290,433 yuan, accounting for 0.0857% of the total share capital before cancellation [22][36]. - The repurchase and cancellation procedures have been completed with the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. [2][22]. Group 2 - The company’s stock incentive plan was approved through various board meetings and shareholder meetings, with independent directors expressing their agreement on the related proposals [3][4][5]. - The company has a structured approach to handling disqualified incentive recipients, including those who have left the company or failed to meet performance criteria [24][30]. - The repurchase prices for the restricted stocks were set at 15.64 yuan and 9.38 yuan, reflecting the initial grant prices without adjustments for dividends [26][27]. Group 3 - The company’s total share capital will be reduced to 2,384,248,056 shares following the cancellation of the restricted stocks [22][36]. - The repurchase of restricted stocks is part of the company's ongoing management of its equity incentive plan, ensuring that only eligible recipients retain their shares [24][30]. - The company has confirmed that the repurchase and cancellation will not materially affect its financial status or operational results [37].

Core Points - Longbai Group announced the completion of the repurchase and cancellation of 2,045,200 restricted stocks from 198 incentive targets who did not meet the conditions for lifting the restrictions [2] - The repurchase price for the stocks was set at 15.64 yuan per share for 1,614,450 shares and 9.38 yuan per share for 430,750 shares [2] - Following the cancellation, the total share capital of the company will decrease from 2,386,293,256 shares to 2,384,248,056 shares, with the canceled shares accounting for 0.0857% of the total share capital before cancellation [2] Summary by Sections - **Repurchase Details** - The company repurchased 1,614,450 shares at 15.64 yuan each and 430,750 shares at 9.38 yuan each [2] - Total repurchase funds amounted to 29,290,433 yuan [2] - **Impact on Share Capital** - The total number of shares will be reduced by 2,045,200 shares after the cancellation [2] - The canceled shares represent 0.0857% of the total share capital prior to the cancellation [2]

Core Viewpoint - Longbai Group (002601.SZ) announced the completion of the repurchase and cancellation of certain restricted stocks, involving a total of 204.52 million shares and a total repurchase fund of 29.29 million yuan [1] Summary by Relevant Sections - **Repurchase Details** - The repurchase involved a total of 198 individuals, with 5 overlapping personnel [1] - The total number of shares repurchased and canceled is 204.52 million [1] - The total amount of funds used for the repurchase is 29.29 million yuan [1] - The canceled shares account for 0.0857% of the total share capital before cancellation [1]