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]

Core Insights - The company reported a revenue of 1.607 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 18.19% [1] - The net profit attributable to shareholders decreased to 633 million yuan, reflecting a year-on-year decline of 7.28% [1] - Basic earnings per share fell to 1.3432 yuan, down 21.30% compared to the previous year [1]

第六届董事会第二十九次会议决议公告 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。 一、董事会会议召开情况 1、董事会通知时间、方式：2025 年 10 月 19 日以微信、电话、当面送达等 方式通知全体董事。 2、董事会召开时间：2025 年 10 月 24 日。 3、董事会召开地点、方式：公司会议室以现场与通讯相结合的方式召开。 4、董事会出席人员：会议应出席董事 6 名，实际出席董事 6 名（其中：独 立董事李嘉岩、谢晓霞、蔡栋梁以通讯方式出席会议）。 证券代码：002978 证券简称：安宁股份 公告编号：2025-075 四川安宁铁钛股份有限公司 （一）审议通过《关于<2025 年第三季度报告>的议案》 表决结果：6 票同意，0 票反对，0 票弃权，表决结果为通过。 公司董事会保证《2025 年第三季度报告》内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大遗漏，董事会全体成员与公司高级管理人员已 对《2025 年第三季度报告》签署了书面确认意见。 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司于同日在指定信息披露媒体《中国证券 ...

Core Insights - The company reported a third-quarter revenue of 499 million, a decrease of 2.81% compared to the previous period [1] - The net profit for the third quarter was 192 million, down 21.39% [1] - For the first three quarters, the company achieved a revenue of 1.607 billion, representing a year-on-year growth of 18.19% [1] - The net profit for the first three quarters was 633 million, which is a decline of 7.28% compared to the same period last year [1] Financial Performance - Third-quarter revenue: 499 million, down 2.81% [1] - Third-quarter net profit: 192 million, down 21.39% [1] - Year-to-date revenue (first three quarters): 1.607 billion, up 18.19% [1] - Year-to-date net profit (first three quarters): 633 million, down 7.28% [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥499,198,287.18, a decrease of 2.81% compared to the same period last year[5] - Net profit attributable to shareholders decreased by 21.39% to ¥192,204,517.72 in Q3 2025[5] - The basic earnings per share fell by 33.32% to ¥0.4074 for Q3 2025[5] - Total operating revenue for the current period reached ¥1,606,533,464.24, an increase of 18.2% compared to ¥1,359,306,546.55 in the previous period[21] - Net profit for the current period was ¥632,745,124.32, a decrease of 7.3% from ¥682,997,253.34 in the previous period[22] - Basic and diluted earnings per share were both ¥1.3432, down from ¥1.7067 in the prior period[23] Assets and Liabilities - Total assets increased by 75.67% to ¥16,678,343,119.55 compared to the end of the previous year[5] - Total assets increased to ¥16,678,343,119.55, compared to ¥9,494,198,472.08 in the previous year, reflecting a growth of 76.9%[20] - Non-current liabilities totaled ¥2,669,467,506.43, significantly higher than ¥335,963,798.82 from the previous period[20] - Total liabilities reached ¥8,093,215,967.17, compared to ¥1,304,082,454.91 in the prior year, indicating a substantial increase[20] Cash Flow - The net cash flow from operating activities was negative at -¥124,516,756.86, a decline of 112.49% compared to the previous year[5] - Cash flow from operating activities showed a positive trend, contributing to the overall financial stability of the company[23] - Operating cash inflow totaled $2,489,517,525.12, an increase of 39.0% from $1,790,595,637.83 in the previous period[24] - Net cash outflow from operating activities was -$124,516,756.86, compared to a positive cash flow of $996,644,434.85 in the previous period[24] - Cash inflow from financing activities was $2,647,565,645.04, up from $402,396,855.14 in the previous period[25] - Net cash inflow from financing activities was $2,068,227,875.36, a turnaround from a net outflow of -$146,044,451.63 in the previous period[25] - The ending cash and cash equivalents balance was $2,050,649,915.62, down from $2,613,128,244.53 in the previous period[25] Inventory and Expenses - The company reported a significant increase in inventory, rising by 1558.70% to ¥1,419,952,735.91 due to new consolidations[9] - The company experienced a 289.36% increase in employee compensation liabilities, amounting to ¥183,946,638.53, due to new consolidations[10] - Short-term borrowings rose by 97.26% to ¥623,814,861.13, indicating increased financing activities[10] - The company reported a 601.81% increase in other operating expenses, totaling ¥14,045,319.21, primarily due to donations and asset write-offs[10] - Total operating costs amounted to ¥819,310,085.23, up 38.3% from ¥592,389,051.60 in the prior period, with operating costs specifically rising from ¥449,579,197.15 to ¥601,550,406.53[21] - The company reported a research and development expense of ¥71,365,030.17, which is a 66.9% increase from ¥42,747,014.09 in the previous period[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 24,628[12] - The largest shareholder, Chengdu Zidong Investment Co., Ltd., holds 36.02% of shares, totaling 170,000,000 shares[12] - The top ten shareholders hold a significant portion of shares, with the top three alone accounting for 70.33%[12] - The company has a total of 0 preferred shareholders at the end of the reporting period[14] Corporate Actions - The company participated in a significant asset restructuring by acquiring 100% equity of Jingzhi Mining for a cash payment of CNY 650,768,800[14] - The company has engaged in financing and securities lending activities, with notable holdings by major shareholders[13] Audit Information - The company did not conduct an audit for the third quarter financial report[26]