Core Insights - Anning Co., Ltd. is a significant player in the domestic vanadium-titanium magnetite mining industry, established in 1994 and listed on the Shenzhen Stock Exchange in 2020, with a strong resource base and advanced mining technology [1] Financial Performance - For Q3 2025, Anning achieved a revenue of 1.607 billion yuan, ranking 9th in the industry, while the industry leader, Guiyan Platinum, reported revenue of 45.179 billion yuan [2] - The net profit for the same period was 633 million yuan, placing Anning 3rd in the industry, with the top performer, Xiyang Co., Ltd., reporting a net profit of 1.845 billion yuan [2] Financial Ratios - As of Q3 2025, Anning's debt-to-asset ratio stood at 48.53%, significantly higher than the industry average of 44.55%, up from 17.80% in the previous year [3] - The gross profit margin was recorded at 62.56%, which is above the industry average of 20.16%, although it decreased from 66.93% year-on-year [3] Management Compensation - The chairman, Luo Yangyong, received a salary of 803,600 yuan in both 2023 and 2024, while the general manager, Zeng Chenghua, saw an increase in salary to 1.5036 million yuan in 2024, up by 250,000 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 42.10% to 24,600, while the average number of shares held per shareholder decreased by 12.92% to 15,000 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 769,800 shares [5] Business Highlights - Anning possesses rare resource endowments in titanium ore, which are expected to support its profit margins [5] - The company has completed the acquisition of 100% equity in Panzhihua Jingzhi Mineral, enhancing its competitive position in the titanium ore sector [5] - Revenue for the first three quarters of 2025 was reported at 1.61 billion yuan, reflecting an 18% year-on-year increase, while net profit decreased by 7.3% [5]

Core Viewpoint - Anning Co., Ltd. has no current plans to extract metals such as cobalt, nickel, chromium, and gallium, which are associated with its main products of titanium concentrate and vanadium-titanium iron concentrate [2] Company Summary - The company currently focuses on the production of titanium concentrate and vanadium-titanium iron concentrate [2] - There are no plans for the extraction of by-product metals like cobalt, nickel, chromium, and gallium at this time [2]

Core Viewpoint - Anning Co. expressed confidence in its future development despite a decline in net profit for the first three quarters compared to the same period last year, primarily due to reduced investment income and increased operating costs, taxes, and interest expenses [1] Financial Performance - The net profit for the first three quarters decreased compared to the same period last year [1] - The decline in net profit is attributed to a reduction in investment income and an increase in operating costs, taxes, and interest expenses [1]

Group 1 - The core viewpoint of the news is that Anning Co., Ltd. has shown a positive stock performance with a year-to-date increase of 14.50% and a market capitalization of 15.09 billion yuan as of October 29 [1] - As of September 30, 2025, Anning Co., Ltd. reported a revenue of 1.607 billion yuan, representing a year-on-year growth of 18.19%, while the net profit attributable to shareholders decreased by 7.28% to 633 million yuan [2] - The company has distributed a total of 2.28 billion yuan in dividends since its A-share listing, with 1.037 billion yuan distributed over the past three years [3] Group 2 - Anning Co., Ltd. is primarily engaged in the mining, washing, and sales of vanadium-titanium magnetite, with its main revenue sources being titanium concentrate (48.20%) and vanadium-titanium iron concentrate (45.05%) [1] - The company has seen an increase in the number of shareholders, with the total number reaching 24,600, an increase of 42.10% compared to the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 769,800 shares to 2.2667 million shares [3]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 证券代码：002978 证券简称：安宁股份 公告编号：2025-077 四川安宁铁钛股份有限公司 关于变更独立财务顾问主办人的公告 公司董事会对杨骏威先生在本次重大资产重组期间所做出的贡献表示衷心 感谢！ 特此公告。 四川安宁铁钛股份有限公司董事会 2025 年 10 月 27 日 四川安宁铁钛股份有限公司（以下简称"公司"）参与攀枝花市经质矿产有 限责任公司（以下简称"标的公司"）及其关联企业会理县鸿鑫工贸有限责任公 司、攀枝花市立宇矿业有限公司的实质合并重整，并最终取得经质矿产 100%股 权（以下简称"本次重大资产重组"或"本项目"）。公司已于 2025 年 9 月办 理完毕标的公司股权变更工商登记手续。 公司近日收到本次重大资产重组的独立财务顾问中信建投证券股份有限公 司（以下简称"中信建投证券"）出具的《关于变更四川安宁铁钛股份有限公司 独立财务顾问主办人的函》，具体情况如下： 中信建投证券作为本次重大资产重组的独立财务顾问，原委派崔登辉先生、 杨骏威先生和张伯华先生担任独立财务顾问主办人。现杨骏威先 ...

Core Viewpoint - Anning Co., Ltd. (002978.SZ) reported a significant decline in Q3 profits, leading to a situation where revenue increased but profits did not, primarily due to rising costs and substantial capital expenditures [2][3][6]. Financial Performance - For the first three quarters, Anning achieved revenue of 1.607 billion yuan, a year-on-year increase of 18.19%, while net profit attributable to shareholders was 633 million yuan, a decrease of 7.28% [2]. - In Q3 alone, revenue was 499 million yuan, with net profit down 21.39% to 192 million yuan [2][6]. - The company's operating costs surged by 33.80% to 602 million yuan, significantly outpacing revenue growth [6]. Cost Structure - Management, research and interest expenses rose sharply, with management expenses increasing by 29.24%, research expenses by 66.95%, and interest expenses by 70.16% [6]. - Tax and additional charges also saw a 47.66% increase, reaching 64.81 million yuan [6]. Mining and Expansion Strategy - Anning has acquired 100% equity in Jingzhi Mining through a restructuring deal worth 6.508 billion yuan, which is expected to increase its mining capacity significantly [7][8]. - The company plans to extract 5 million tons per year from Jingzhi Mining, with a gradual return to profitability expected by 2027 [8]. Financial Pressure and Funding - To finance its acquisitions and projects, Anning has secured credit lines totaling 250 billion yuan from various banks, including a 30 billion yuan loan specifically for the acquisition [9][10]. - The company's debt levels have increased dramatically, with short-term loans rising by 97.26% and long-term loans by 2046.20% [10][11]. Future Projects - Anning is also pursuing a 7.2 billion yuan project to establish a full industrial chain for energy-grade titanium materials, with initial product output expected by the end of 2025 [10].

Investment Rating - The report maintains an "Overweight" rating for the company [6][4]. Core Views - The company reported a revenue of 1.61 billion RMB for the first three quarters of 2025, an increase of 18% year-on-year, but the net profit attributable to shareholders decreased by 7.3% year-on-year to 633 million RMB [1][6]. - The third quarter saw a net profit of 192 million RMB, down 21% year-on-year and 8.8% quarter-on-quarter, which aligns with expectations [1][4]. - The company possesses scarce titanium ore resources, which are expected to support its profit margins in the long term [1][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a net profit of 192 million RMB, with a non-recurring net profit of 199 million RMB, reflecting a year-on-year decline of 21% and 19% respectively [1][2]. - The overall gross margin for the first three quarters decreased by 4.4 percentage points to 62.6%, while the expense ratio increased by 2.3 percentage points to 9.5% [2][4]. Market Conditions - The average price of domestic titanium concentrate in Q3 2025 fell by 20% year-on-year and 6.7% quarter-on-quarter to 1,707 RMB per ton, influenced by weak downstream demand for titanium dioxide [2][3]. - The company completed the acquisition of 100% equity in Panzhihua Jingzhi Mineral, enhancing its competitive position in the titanium ore sector [3][4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 830 million, 1 billion, and 1.07 billion RMB respectively, reflecting a decrease of 9.1%, 5.8%, and 5.7% from previous estimates [4][10]. - The target price is set at 38.16 RMB, based on an 18x PE for 2026, considering the company's leading position in the titanium ore market [4][11].

Core Insights - Anning Co., Ltd. (002978.SZ) released its Q3 2025 financial report on October 25, 2025, indicating significant institutional investment activity [1] Institutional Holdings - As of October 24, 2025, five institutional investors disclosed holdings in Anning Co., Ltd., totaling 185 million shares, which represents 39.25% of the company's total share capital [1] - The institutional holding percentage decreased by 2.28 percentage points compared to the previous quarter [1] Public Fund Activity - In this reporting period, 70 public funds were disclosed, including notable funds such as Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, and GF CSI 1000 ETF [1] Foreign Investment - One new foreign institutional investor was disclosed in this period, namely Hong Kong Central Clearing Limited [1]

Core Viewpoint - Anning Co., Ltd. (002978.SZ) reported a decline in both revenue and net profit for the third quarter of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the third quarter was 499 million yuan, representing a year-on-year decrease of 2.81% [1] - The net profit attributable to shareholders of the listed company was 192 million yuan, showing a year-on-year decline of 21.39% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 199 million yuan, which is a year-on-year decrease of 18.67% [1]

Group 1 - Company Anning Co., Ltd. reported third-quarter performance, with revenue for the first three quarters of 2025 approximately 1.607 billion yuan, an increase of 18.19% year-on-year [1] - The net profit attributable to shareholders of the listed company was approximately 633 million yuan, a decrease of 7.28% year-on-year [1] - Basic earnings per share were 1.3432 yuan, reflecting a year-on-year decrease of 21.3% [1] Group 2 - As of the report, Anning Co., Ltd. has a market capitalization of 15.1 billion yuan [2] - The Chinese innovative drug sector has seen significant overseas licensing sales, totaling 80 billion US dollars this year [2] - The secondary market for biomedicine is thriving, while the primary market is experiencing a cooling in fundraising [2]