Summary of Longbai Group's Conference Call Company Overview - **Company**: Longbai Group - **Industry**: Titanium Dioxide and New Materials Key Financial Metrics - **Net Profit**: Decreased by 16.61% YoY to 1.347 billion CNY [2][3] - **Earnings Per Share**: Decreased by 19.44% YoY to 0.85 CNY [2][3] - **Total Assets**: Slight decrease of 1.12% YoY to 65.461 billion CNY [3] - **Net Assets**: Increased by 0.95% YoY to 23.221 billion CNY [2][3] - **Revenue**: Decreased by 3.34% YoY to 13.331 billion CNY [3] Product Performance - **Titanium Dioxide Sales**: Total sales of 612,000 tons, with domestic sales at 43.71% and international sales at 56.29% [2][6] - **Production and Sales**: - Titanium Dioxide: Production of 682,000 tons (+5.02% YoY), sales of 612,000 tons (+2.08% YoY) [4] - Sulfuric Acid Titanium Dioxide: Sales of 204,400 tons (+4.07% YoY) [6] - Chloride Titanium Dioxide: Sales of 63,100 tons (+21.93% YoY) [6] - Iron Phosphate: Production of 45,800 tons (+64.1% YoY), sales of 38,500 tons (+90.64% YoY) [7] Strategic Adjustments - **Investment Strategy**: Shift from rapid expansion to enhancing asset yield, optimizing project investments, and reducing unnecessary expenditures [2][9] - **Market Response**: Plans to adapt flexibly to global economic uncertainties and raw material price fluctuations to ensure stable development and profitability [2][10] New Energy Business - **Loss Reduction**: Significant reduction in losses in the new energy sector, with a notable increase in production and sales of iron phosphate, leading to positive gross margins [11] - **Sulfuric Iron Price Impact**: Increased prices of sulfuric iron contributed positively to profitability [11] Market Conditions and Future Outlook - **Market Performance**: Prices of seasoning powders and mineral products have declined, with slight decreases in sales in Taiwan [10] - **Profitability Improvement**: Slight improvement in overall profitability in Q2 compared to Q1, driven by reduced losses in positive and negative electrode materials [12] - **Price Trends**: Cautious optimism for Q3 market conditions, with expectations of price adjustments due to low price differentials in the industry [16] Challenges and Risks - **Export Restrictions**: Anti-dumping measures from various countries have limited exports of titanium dioxide, leading to increased domestic supply and lower prices [17][18] - **Profit Margins**: Current profit margins for titanium dioxide are under pressure, with expectations of continued challenges in Q3 and Q4 [18] Future Plans - **New Capacity**: Plans to increase titanium ore capacity to 2.48 million tons, with new production expected by late 2025 to early 2026 [5][13] - **Overseas Expansion**: Establishing overseas bases in Southeast Asia and Malaysia, with production expected to start in the second half of 2026 [14][39] - **Sustainable Practices**: Responding to national calls to reduce supply and avoid vicious competition through production adjustments [33] Conclusion - **Longbai Group** aims to maintain stable growth and profitability while navigating market challenges and adjusting its strategies to enhance operational efficiency and market presence [41]

上市公司半年报密集披露的同时，也曝光了知名私募基金经理的最新操作。 据上市公司2025年半年报，截至二季度末，高毅资产知名基金经理冯柳管理的高毅邻山1号远望基金连续两个季度加仓龙佰集团，并在二季度末小幅减仓 国瓷材料250万股。冯柳调仓换股之际，葛卫东尚未暴露出加减仓动作，截至二季度末，他持有移远通信和臻镭科技的数量不变，且后者今年以来（截至8 月19日收盘）的涨幅超过了100%。 多位私募业人士称，伴随着美联储降息预期升温，中国经济转型效果显现，A股和港股的结构性行情有望持续演绎，在业绩验证期显现基本面修复或反转 信号，或者稳步增长的优秀公司，值得关注和布局。具体到行业层面，科技、创新药、新消费等板块是研究重点方向。 冯柳调仓动作持续"浮出水面" 冯柳二季度的调仓动作正在持续曝光。 龙佰集团近日发布的半年报显示，截至二季度末，高毅邻山1号远望基金持有该公司8800万股，相比于一季度末增持800万股，期末持股市值超过14亿元。 值得注意的是，今年一季度冯柳便加仓龙佰集团1000万股。 从股价表现来看，龙佰集团今年上半年震荡调整，股价跌幅超过7%，但是三季度以来震荡反弹，截至8月19日收盘，三季度以来其股价涨约 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 13.33 billion yuan in the first half of 2025, a decrease of 3.34% year-on-year, and a net profit attributable to shareholders of 1.385 billion yuan, down 19.53% year-on-year [1] - The titanium dioxide industry is facing a supply surplus and declining profit margins, while the profitability of iron-based products and new energy materials has improved [2] - The company is actively promoting upstream resource projects and maintaining a high dividend payout ratio to reward shareholders [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 6.282 billion yuan, a decrease of 3.50% year-on-year and a decrease of 11.01% quarter-on-quarter, with a net profit of 699 million yuan, down 9.24% year-on-year but up 1.90% quarter-on-quarter [1] - The average selling price of titanium dioxide decreased by 9.6% to 14,200 yuan per ton in H1 2025, with a gross margin decline of 6.4 percentage points to 27.1% [2] Production and Sales - The company produced 682,200 tons of titanium dioxide in H1 2025, an increase of 5.02% year-on-year, with sales of 612,000 tons, up 2.08% year-on-year [2] - The production of titanium dioxide via sulfate and chloride processes was 463,500 tons and 218,700 tons, respectively, with year-on-year growth of 2.16% and 11.64% [2] Upstream Resource Development - The company is advancing two key projects: the joint development of the Hongge North Mine and the Xujia Gou Iron Mine, aiming for an annual titanium concentrate capacity of 2.48 million tons and iron concentrate capacity of 7.6 million tons [3] - The company has distributed over 19.3 billion yuan in dividends since its listing, with a cash dividend of 1.5 yuan per 10 shares in June 2025, totaling 1.186 billion yuan [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 2.957 billion yuan, 3.367 billion yuan, and 3.753 billion yuan, respectively [3] - The report provides a detailed financial forecast, including revenue growth rates and profit margins for the upcoming years [4][11]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Viewpoints - The company reported a revenue of 13.34 billion yuan in the first half of 2025, a decrease of 3.3% year-on-year, and a net profit attributable to shareholders of 1.39 billion yuan, down 19.5% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 6.28 billion yuan, a year-on-year decrease of 3.5% and a quarter-on-quarter decrease of 11.0%, with a net profit of 700 million yuan, down 9.2% year-on-year but up 1.9% quarter-on-quarter [2][6]. - The titanium dioxide market remains under pressure, with the company maintaining profitability in the titanium dioxide segment, particularly in the chloride process titanium dioxide [11]. - The company's sales of titanium dioxide reached 612,000 tons in the first half of 2025, an increase of 2.1% year-on-year, while sales of sponge titanium rose by 25.5% year-on-year [11]. - The company is accelerating its overseas expansion strategy to mitigate the impact of anti-dumping investigations on its titanium dioxide products in international markets [11]. - The company's new energy materials segment saw a revenue increase of 27.2% year-on-year, with a gross margin improvement from -2.6% to 12.4% [11]. - The company plans to enhance its production capacity for titanium concentrate and iron concentrate through the joint development of key mining projects [11]. Financial Summary - The company expects net profits attributable to shareholders to be 2.38 billion yuan in 2025, 3.27 billion yuan in 2026, and 4.09 billion yuan in 2027 [11].

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for the first half of 2025, while continuing to expand through acquisitions and technological innovation [1][2]. Financial Performance - The company achieved operating revenue of 13.331 billion yuan, a year-on-year decrease of 3.34% [1]. - The net profit attributable to shareholders was 1.385 billion yuan, down 19.53% year-on-year [1]. - The net profit after deducting non-recurring items was 1.347 billion yuan, a decline of 19.61% compared to the previous year [1]. Business Strategy and Operations - Longbai Group employs a dual-driven development model of mergers and acquisitions alongside organic growth, focusing on elements such as titanium, zirconium, vanadium, iron, and scandium [1]. - The company has made several acquisitions, including Sichuan Longmang Titanium Industry Co., Ltd. and Yunnan Metallurgical New Li Titanium Industry Co., Ltd. [1]. - New production lines and projects have been established, including a 400,000-ton chlorination titanium dioxide production line and a 30,000-ton green manufacturing project for titanium materials [1]. Product Performance - The company established a titanium dioxide plastic division to cater to specialized sales, enhancing customer satisfaction [2]. - Titanium dioxide production increased by 5.02% year-on-year to 682,200 tons, with sales rising by 2.08% to 612,000 tons, of which international sales accounted for 56.29% [2]. - Sponge titanium production reached 36,200 tons, up 9.30%, while sales increased by 25.51% to 38,700 tons [2]. - Iron concentrate production was 1.5701 million tons, a 1.41% increase, with sales at 1.5820 million tons, up 2.15% [2]. - Phosphate iron production surged by 64.10% to 45,800 tons, with sales increasing by 90.64% to 38,500 tons [2]. International Expansion - In response to anti-dumping measures on titanium dioxide in China, the company is actively pursuing an overseas strategy, conducting due diligence in various countries [3]. - Establishing new factories abroad will allow the company to be closer to end markets, enhancing brand recognition and mitigating high anti-dumping taxes [3]. - The overseas strategy aims to integrate global resources for mutual benefits [3].

海绵钛价格上行，产销增长。2025 年上半年公司海绵钛营收14.9 亿元（同比+13%），占比11.2%；产 量3.62 万吨（同比+9%），销量3.87 万吨（同比+26%）。市场延续回暖态势，上半年价格累计涨幅约 10.64%。海绵钛现货供应维持偏紧，军工需求增长支撑价格，据Wind 数据，2025 年二季度0 级海绵钛 市场均价50962 元/吨（同比-3%，环比+9%）。 新能源材料量利齐升。2025 年上半年公司新能源材料营收5.3 亿元（同比+27%），占比4.0%，毛利率 12.4%（同比+15 pct），生产磷酸铁4.58万吨（同比+64%），销售磷酸铁3.85 万吨（同比+91%）。 公司二季度归母净利润环比提升。公司2025 年二季度营收62.8 亿元（同比-3.5%，环比-11.0%），归母 净利润7.0 亿元（同比-9.2%，环比+1.9%）；毛利率/净利率为24.5%/11.2%，同比下滑而环比提升；期 间费用率10.9%（同比+0.1pct，环比+1.0pct）。净利润同比下滑主要由于钛白粉价格下降，环比提升主 要因海绵钛及新能源材料业务优化。 2025 年上半年钛白粉产销量增长， ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][29] Core Views - The company's Q2 2025 net profit attributable to shareholders increased sequentially, demonstrating resilience as revenue was 6.28 billion yuan (YoY -3.5%, QoQ -11.0%) and net profit was 700 million yuan (YoY -9.2%, QoQ +1.9%) [1][8] - The decline in net profit year-on-year is primarily due to falling titanium dioxide prices, while the sequential increase is attributed to optimization in sponge titanium and new energy materials businesses [1][8] - The company maintains a leading position in the titanium dioxide industry, but profitability is under pressure due to weak supply and demand dynamics in titanium dioxide and titanium ore [4][29] Summary by Sections Financial Performance - In Q2 2025, the gross margin was 24.5% and net margin was 11.2%, showing a year-on-year decline but a sequential improvement [1][8] - The company reported a total revenue of 8.66 billion yuan for the first half of 2025, with titanium dioxide revenue accounting for 65.0% of total revenue [1][17] - The company’s net profit forecast for 2025-2027 has been adjusted to 2.998 billion, 3.505 billion, and 3.810 billion yuan respectively [4][29] Product Performance - Titanium dioxide production and sales increased in the first half of 2025, with production at 682,200 tons (YoY +5%) and sales at 612,000 tons (YoY +2%) [1][17] - Sponge titanium revenue grew to 1.49 billion yuan (YoY +13%), with production at 36,200 tons (YoY +9%) and sales at 38,700 tons (YoY +26%) [3][25] - New energy materials revenue reached 530 million yuan (YoY +27%), with a gross margin of 12.4% [3][25] Market Conditions - The titanium ore and iron ore prices have seen a decline, with titanium ore price averaging 1,831 yuan/ton in Q2 2025 (YoY -17%, QoQ -11%) [2][18] - The market for sponge titanium remains tight, supported by increased military demand, with the average market price for sponge titanium at 50,962 yuan/ton in Q2 2025 (YoY -3%, QoQ +9%) [3][25] - The company is actively developing new mining projects to enhance its titanium ore and iron ore production capacity [2][18]

Core Insights - Longbai Group reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and market demand [1] Financial Performance - The company's revenue reached 5.2 billion, representing a year-on-year increase of 25% [1] - Net profit for the period was reported at 1.1 billion, showing a remarkable growth of 30% compared to the same period last year [1] - Gross margin improved to 35%, up from 32% in the previous year, reflecting better cost management and pricing strategies [1] Market Position - Longbai Group has strengthened its market position, capturing a larger share in the lithium and new energy materials sector [1] - The company has expanded its production capacity, which is expected to support future growth and meet increasing demand [1] Strategic Initiatives - Longbai Group is investing in research and development to enhance product offerings and maintain competitive advantage [1] - The company is also exploring international markets to diversify its revenue streams and reduce dependency on domestic sales [1]

Market Overview - US stock market showed slight fluctuations ahead of the global central bank meeting, with the S&P 500 index down 0.01%, Dow Jones down 0.08%, and Nasdaq up 0.03% [1] - The Nasdaq Golden Dragon China Index rose by 0.12%, with notable gains in Chinese concept stocks such as Xunlei up over 37%, Burning Stone Medical up about 36%, and Huami Technology up over 28% [3] Company Performance - Meta Platforms saw a decline of over 2%, while Tesla rebounded by over 1% and Intel dropped nearly 3.7% [2] - Novo Nordisk's stock increased by nearly 7%, and its partner GoodRx surged by 37% following the announcement of a cash payment discount for its weight loss drug [2][7] - China Shipbuilding reported zero objection shares, leading to stock resumption [22] Economic Indicators - US Treasury yields have risen for three consecutive days, with the ten-year yield reaching a two-week high [4] - The dollar index rebounded, moving away from a two-week low [4] Industry Developments - India and Vietnam have imposed anti-dumping duties on Chinese PVC and steel products, respectively [6] - The low-altitude economy is gaining traction, with the first low-altitude route connecting Kunshan and Shanghai officially launched, reducing travel time to 20 minutes [15] - Beijing is advancing hydrogen energy infrastructure and applications, with plans for a comprehensive network in the Beijing-Tianjin-Hebei region [16] Financial Results - Shan Jin International reported a net profit of 1.596 billion yuan for the first half of the year, a year-on-year increase of 48.43% [24] - Cambridge Technology's net profit for the first half of the year was 121 million yuan, up 51.12% year-on-year, driven by strong performance in high-speed optical modules and telecom broadband access [24] - Fei Rongda's net profit surged by 118.54% to 166 million yuan, attributed to increased market share and demand recovery in consumer electronics [24] New Initiatives - Guangdong has released guidelines for financial support for AI and robotics projects, with individual projects eligible for up to 50 million yuan in subsidies [11] - Chongqing is seeking public opinion on its hydrogen station industry development plan for 2025-2035, aiming for systematic infrastructure development [11][16]

Group 1 - Jiu Wu Gao Ke plans to issue convertible bonds to raise no more than 504 million yuan, with proceeds allocated to lithium chloride pilot production line, special inorganic membrane components production line, and working capital [1] - The move indicates Jiu Wu Gao Ke's strategic positioning in the new energy and environmental protection sectors, potentially enhancing its competitiveness and market share [1][2] Group 2 - Weilan Lithium Chip's subsidiary plans to invest 83.88 million USD in an LED project in Malaysia, aiming to establish a CSP production capacity of 700KK chips per month upon completion [1] - The investment reflects Weilan Lithium Chip's efforts to expand its international market presence and enhance global competitiveness, which is expected to positively impact the LED industry [2] Group 3 - Longbai Group reported a 19.53% year-on-year decline in net profit for the first half of 2025, amounting to 1.385 billion yuan, with a 3.34% decrease in revenue to 13.331 billion yuan [1] - The company has decided not to distribute cash dividends or issue bonus shares, likely to retain funds for market challenges or future development projects [3]