四川安宁铁钛股份有限公司 证券代码：002978 证券简称：安宁股份 公告编号：2025-073 第六届董事会第二十八次会议决议公告 一、董事会会议召开情况 1、董事会通知时间、方式：2025 年 10 月 13 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 16 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）。 5、董事会主持人：董事长罗阳勇先生。 6、董事会列席人员：部分高级管理人员。 7、四川安宁铁钛股份有限公司（以下简称"公司"）第六届董事会第二十 八次会议的召集和召开符合国家有关法律、法规及《公司章程》的规定，决议合 法有效。 二、董事会会议审议情况 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。 （二）审议通过《关于聘任公司高级管理人员的议案》 表决结果：6 票同意，0 票反对，0 票弃权，表决结果为通过。 经董事会提名委员会任职资格审查通过，董事会同 ...

Core Viewpoint - Anning Co., Ltd. (002978.SZ) is strategically positioned in the vanadium-titanium magnetite resource sector, focusing on the mining, washing, and sales of vanadium-titanium magnetite, with significant growth in revenue driven by increased sales of vanadium-titanium iron concentrate and new product offerings [4][5]. Group 1: Company Overview - Anning Co., Ltd. is located in the Sichuan Panzhihua region, specializing in the comprehensive utilization of vanadium-titanium magnetite resources [4]. - The company primarily produces titanium concentrate and vanadium-titanium iron concentrate, which are essential raw materials for downstream industries such as titanium dioxide, sponge titanium, and special steel [4]. - As of the first half of 2025, the company reported revenue of 1.107 billion, a year-on-year increase of 30.94%, while operating costs rose by 62.72% to 441 million [4]. Group 2: Financial Performance - The gross profit margin for the black metal mining sector was 60.14%, a decrease of 7.75 percentage points year-on-year, with titanium concentrate and vanadium-titanium iron concentrate margins at 70.85% and 51.02%, respectively [4][5]. - Historical performance shows that from 2017 to 2022, the company maintained a gross margin above 60% and a net margin above 30%, accumulating a total net profit of 4.9 billion [11]. Group 3: Market Position and Strategy - The company holds a significant position in the domestic titanium concentrate supply market, with a stable and concentrated customer base including major titanium dioxide producers [5][7]. - Anning Co., Ltd. benefits from its location in a region that accounts for over 80% of the national titanium concentrate output, providing strong bargaining power in a concentrated supply market [7]. - The company’s core asset is the mining rights to the Panjiatian Iron Mine, with a total ore resource of approximately 258 million tons and an annual mining capacity of 6 million tons [8]. Group 4: Growth Initiatives - The company has introduced a new product line through the "ultra-fine particle titanium recovery technology transformation project," generating 72.42 million in sales, accounting for 6.54% of total revenue [12]. - Anning Co., Ltd. is advancing a 6,000-ton energy-grade titanium (alloy) materials project with a total investment of 7.2 billion, aiming to establish a full industry chain from titanium concentrate to high-end titanium materials [12].

Market Overview - The small metal sector experienced a decline of 1.67% on October 15, with Northern Rare Earth leading the drop [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - Shenghe Resources (600392) saw a closing price of 26.26, with an increase of 5.04% and a trading volume of 3.19 million shares, amounting to a transaction value of 8.597 billion [1] - Anning Co. (002978) closed at 33.85, up 2.05%, with a trading volume of 68,400 shares and a transaction value of 231 million [1] - Northern Rare Earth (600111) closed at 54.50, down 4.05%, with a trading volume of 3.03 million shares and a transaction value of 1.6617 billion [2] Capital Flow Analysis - The small metal sector experienced a net outflow of 2.092 billion from main funds, while retail investors saw a net inflow of 2.265 billion [2] - The main funds showed a significant outflow in several stocks, including Baotai Co. (600456) with a net outflow of 27.17 million [3] - Retail investors contributed positively to stocks like Shenghe Resources (600392) with a net inflow of 65.96 million [3]

Core Viewpoint - The steel industry is expected to gradually bottom out in demand, with supply-side market clearing beginning to appear, leading to a potential recovery in the industry's fundamentals. If supply policies are implemented, the contraction of supply may accelerate, facilitating quicker industry recovery [1]. Demand and Supply Analysis - Steel consumption for the week of October 6-10, 2025, was 7.5143 million tons, a decrease of 1.5339 million tons week-on-week. Construction steel consumption was 2.2262 million tons, down 1.0846 million tons, while plate steel consumption was 5.2881 million tons, down 0.4493 million tons. Steel production was 8.6331 million tons, a decrease of 0.0376 million tons, and total inventory rose to 16.0072 million tons, an increase of 1.2786 million tons [2]. - The operating rate of blast furnaces at 247 steel mills was 84.27%, down 0.02 percentage points week-on-week, while electric furnace operating rates were 60.26%, down 1.28 percentage points. Despite a marginal decline in demand due to the National Day holiday, the industry remains in a traditional peak season, with expectations for gradual recovery in steel demand and inventory reduction [2]. Profitability Trends - The average gross profit per ton for rebar was 167.1 CNY, an increase of 24.3 CNY week-on-week, while hot-rolled coil gross profit was 112.1 CNY, up 29.3 CNY. The profitability rate for 247 steel companies was 56.28%, a decrease of 0.43% [3]. - The expectation is for iron ore production to accelerate while demand remains limited, leading to a gradual easing of iron ore prices and improvement in cost constraints for the steel industry, with a potential recovery in profitability levels [3]. Future Outlook - The negative impact of the real estate sector on steel demand is expected to diminish, with stable growth anticipated in demand from infrastructure and manufacturing sectors. Steel exports maintained a year-on-year increase from January to August [4]. - Over 40% of steel companies are currently experiencing losses, but market clearing is beginning to occur. Recent policies aim to reduce production and promote a balance between supply and demand, supporting the expectation of supply contraction and gradual recovery in the steel industry's fundamentals [4]. Recommended Companies - Key recommendations include Baosteel (600019) for its technological and product structure leadership, Hualing Steel (000932) for its product structure upgrades, and Fangda Special Steel (600507) for its low-cost advantages. Other recommendations include CITIC Special Steel (000708) for its competitive advantages and high dividend yield, as well as upstream resource companies like Hebei Steel Resources (000923) and Dazhong Mining (001203) due to their long-term growth potential [5].

Group 1 - The company currently produces titanium concentrate and vanadium-titanium iron concentrate, with no plans to extract cobalt, nickel, chromium, and gallium from its vanadium-titanium magnetite resources [2] - An investor inquired about the annual quantities of cobalt, nickel, chromium, and gallium produced alongside the main metals vanadium and titanium [2] - The company has not outlined any strategies for utilizing or maximizing the value of the associated minor metals such as cobalt, nickel, chromium, and gallium [2]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [6]. Core Insights - Demand is expected to gradually stabilize, and the inventory levels are decreasing, indicating a potential recovery in the steel industry [3][6]. - The report highlights that the supply-side adjustments are beginning to take effect, with a significant portion of steel companies still operating at a loss, which may lead to a market-clearing process [3][6]. Summary by Sections 1. Steel Market Overview - The apparent consumption of five major steel products reached 8.7406 million tons, an increase of 237,300 tons week-on-week; construction materials consumption was 3.0445 million tons, up by 99,800 tons; and sheet metal consumption was 5.6961 million tons, up by 137,500 tons [6]. - Total steel inventory decreased to 15.1061 million tons, down by 91,300 tons week-on-week, maintaining a low level [6]. - The operating rate of blast furnaces in 247 steel mills was 84.45%, an increase of 0.47 percentage points week-on-week [6]. 2. Profitability and Production - The average gross profit for rebar was 216.2 CNY/ton, down by 18.1 CNY/ton week-on-week, while hot-rolled coil gross profit was 172.2 CNY/ton, up by 18.4 CNY/ton [6]. - The profitability rate of 247 steel companies was 58.01%, a decrease of 0.86 percentage points week-on-week [6]. 3. Supply and Demand Dynamics - The report anticipates that the negative impact of the real estate sector on steel demand will weaken, while demand from infrastructure and manufacturing is expected to grow steadily [6]. - The recent policy document on the steel industry emphasizes continued production cuts and the exit of inefficient capacity, supporting the expectation of supply-side contraction [6]. 4. Recommendations - The report recommends several companies based on their competitive advantages and market positioning, including Baosteel, Hualing Steel, and CITIC Special Steel, among others [6].

证券代码：002978 证券简称：安宁股份 公告编号：2025-069 四川安宁铁钛股份有限公司 关于向银行申请并购贷款的公告 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。 四川安宁铁钛股份有限公司（以下简称"公司"）于2025年9月19日召开的 第六届董事会第二十七次会议，审议通过了《关于向银行申请并购贷款的议案》， 本议案无需提交公司股东会审议；本事项不构成关联交易，亦不构成《上市公司 重大资产重组管理办法》规定的重大资产重组。 一、并购基本情况 公司以分期支付现金650,768.80万元的方式，参与攀枝花市经质矿产有限责 任公司（以下简称"经质矿产"）及其关联企业会理县鸿鑫工贸有限责任公司（以 下简称"鸿鑫工贸"）、攀枝花市立宇矿业有限公司（以下简称"立宇矿业"） 实质合并重整。 公司于2025年7月21日召开第六届董事会第二十四次会议及第六届监事会第 十六次会议，于2025年9月4日召开2025年第三次临时股东会，审议通过了与本次 并购交易相关的议案。截至本公告披露日，经质矿产已完成工商变更，公司已取 得经质矿产100%股权，并通过经质矿产持有鸿鑫 ...

1、董事会通知时间、方式：2025 年 9 月 11 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 9 月 19 日。 证券代码：002978 证券简称：安宁股份 公告编号：2025-070 四川安宁铁钛股份有限公司 第六届董事会第二十七次会议决议公告 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 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 7 名，实际出席董事 7 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）。 5、董事会主持人：董事长罗阳勇先生。 6、董事会列席人员：部分高级管理人员。 7、四川安宁铁钛股份有限公司（以下简称"公司"）第六届董事会第二十 七次会议的召集和召开符合国家有关法律、法规及《公司章程》的规定，决议合 法有效。 二、董事会会议审议情况 （一）审议通过《关于向银行申请并购贷款的议案》 表决结果：7 票同意，0 票反对，0 票弃权，表决结果为通过。 同意公司向银行申请贷款用于支付并购交易价款。 具体 ...

Core Viewpoint - The company has approved a loan application of 3 billion yuan for the acquisition and restructuring of a mining company, indicating a strategic move to enhance its asset portfolio and operational capabilities [1] Group 1: Loan Details - The company will apply for a 3 billion yuan acquisition loan from a syndicate of banks, specifically for the payment related to the merger and restructuring of Panzhihua Economic Mineral Co., Ltd. and its affiliates [1] - The loan has a term of 84 months, reflecting a long-term financing strategy [1] - The loan will be secured by mining rights and equity pledges of the target company, indicating a structured approach to risk management [1] Group 2: Acquisition and Ownership - The company has successfully acquired 100% equity of Economic Mineral Co., Ltd., which also holds 100% equity of Hongxin Industrial and Liyu Mining [1] - The necessary business registration changes for the acquired assets have been completed, signifying the finalization of the acquisition process [1]

Group 1 - The company Anning Co., Ltd. (002978) reported that its revenue and cost of sales for vanadium-titanium iron concentrate are expected to increase in the first half of 2025 primarily due to an increase in sales volume [1] - The changes in revenue and cost of sales show slight differences, attributed to normal fluctuations in product prices and raw material costs [1]