龙佰集团(002601.SZ)公告，公司拟以0元价格受让焦作通财创新创业投资基金(有限合伙)(简称"焦作通 财")持有的河南空天产业基金合伙企业(有限合伙)(简称"河南空天产业基金")对应认缴出资额1亿元(实缴 出资额0元)的合伙份额，并作为有限合伙人与河南空天产业基金其他合伙人签订合伙协议，履行出资义 务。该事项旨在进一步优化资源配置，扩展公司产品下游应用。 ...

智通财经APP讯，龙佰集团(002601.SZ)公告，公司拟以0元价格受让焦作通财创新创业投资基金(有限合 伙)(简称"焦作通财")持有的河南空天产业基金合伙企业(有限合伙)(简称"河南空天产业基金")对应认缴 出资额1亿元(实缴出资额0元)的合伙份额，并作为有限合伙人与河南空天产业基金其他合伙人签订合伙 协议，履行出资义务。该事项旨在进一步优化资源配置，扩展公司产品下游应用。 ...

Core Viewpoint - Longbai Group announced its decision to acquire a 5% stake in the Henan Aerospace Industry Fund, aiming to optimize resource allocation and enhance its competitive edge in downstream applications [1] Group 1: Investment Details - The company will acquire the partnership interest in the Henan Aerospace Industry Fund from Jiaozuo Tongcai Innovation and Entrepreneurship Investment Fund for a nominal price of 0.00 yuan [1] - The partnership interest corresponds to a subscribed capital contribution of 100 million yuan, with no actual payment made [1] - The total subscribed capital of the Henan Aerospace Industry Fund is 2 billion yuan, managed by Shenzhen Guoyu Gaohua Investment Management Co., Ltd [1] Group 2: Accounting and Control - Following the transaction, Longbai Group will hold a 5% property interest in the fund, but it will not have control over the fund [1] - The investment will be accounted for using the equity method and will not be included in the consolidated financial statements [1] Group 3: Transaction Classification - This transaction does not constitute a related party transaction or a major asset restructuring, and therefore does not require approval from the shareholders' meeting [1]

证券代码：002601 证券简称：龙佰集团 公告编号：2025-067 龙佰集团股份有限公司 关于受让河南空天产业基金合伙企业（有限合伙）份额 暨对外投资的公告 1、企业名称：河南空天产业基金合伙企业（有限合伙） 2、统一社会信用代码：91410800MAEU4CBN2C 3、成立日期：2025 年 9 月 6 日 - 1 - 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 11 月 23 日第八届 董事会第二十四次会议，审议通过了《关于受让河南空天产业基金合伙企业（有 限合伙）份额暨对外投资的议案》，具体内容公告如下： 一、对外投资概述 为进一步优化资源配置，扩展公司产品下游应用，公司拟以 0 元价格受让焦 作通财创新创业投资基金（有限合伙）（以下简称"焦作通财"）持有的河南空 天产业基金合伙企业（有限合伙）（以下简称"河南空天产业基金"或"合伙企 业"）对应认缴出资额 10,000.00 万元（实缴出资额 0 元）的合伙份额（以下简 称"标的份额"或"合伙份额"），并作为有限合伙人与河南空天产业基金 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-069 龙佰集团股份有限公司 关于襄阳子公司收到《行政处罚决定书》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。 近日，龙佰集团股份有限公司（以下简称"公司"）全资子公司龙佰襄阳钛 业有限公司（以下简称"龙佰襄阳"）收到襄阳市应急管理局下发的《行政处罚 决定书》襄应急罚【2025】22 号，现将该行政处罚决定书的主要内容公告如下： 一、行政处罚决定书的主要内容 2、龙佰襄阳将按照处罚决定书的要求及时缴纳罚款。公司进行了深刻反省， 全面开展公司安全生产和安全隐患排查工作，严格遵守相关法律法规规定，并严 格执行相关安全生产管理制度，增强安全生产意识，进一步提高安全生产水平， 确保安全生产。以上行政处罚不会对公司的生产经营、财务状况和经营成果产生 重大影响。敬请广大投资者注意投资风险。 三、备查文件 《行政处罚决定书》 2025 年 9 月 2 日 19 时 02 分龙佰襄阳发生一起闪爆事故，造成 5 人死亡、1 人受伤，直接经济损失 648.16 万元。经事故调查组调查认定，该起事故是一起 因 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-068 龙佰集团股份有限公司 关于调整组织架构的公告 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"）于 2025 年 11 月 23 日召开的第 八届董事会第二十四次会议审议通过了《关于调整组织架构的议案》，根据公司 经营发展需要，公司拟对原组织架构进行调整，进一步优化公司组织架构，提高 管理效率，最终提升公司盈利水平。 调整后公司组织架构图如下： 特此公告。 1 龙佰集团股份有限公司董事会 2025 年 11 月 24 日 2 ...

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]