宝钛扩产能，2.87亿增资亏损企业

Core Viewpoint - China's largest titanium producer, BaoTi Co., is accelerating its capacity expansion by acquiring a controlling stake in a loss-making company, WanHao Titanium, for 287 million yuan, aiming to enhance its production capabilities and market competitiveness [2][9]. Group 1: Acquisition Details - BaoTi Co. announced on June 24 that it will acquire 51% of WanHao Titanium through a capital increase of 287 million yuan [3]. - The transaction structure involves 52.04 million yuan being added to registered capital, while the remaining 235 million yuan will be allocated to capital reserves [6][7]. - The capital increase will be paid in four installments over three years, with the first payment of 52.04 million yuan due within three months after the registration change [7][9]. Group 2: Financial Overview of WanHao Titanium - WanHao Titanium, established in 2020, reported a revenue of 93.29 million yuan and a net loss of 11.33 million yuan for 2024 [7][9]. - As of March 2025, WanHao Titanium had total assets of 792 million yuan and net assets of 288 million yuan [8]. Group 3: Strategic Rationale - The acquisition is seen as a strategic move to quickly add 25,000 to 28,000 tons of annual smelting capacity, addressing production needs and enhancing market competitiveness [9][11]. - BaoTi Co. aims to reach a target of 90,000 tons of annual capacity by the end of the 14th Five-Year Plan, with current production at 33,600 tons [9][10]. - The acquisition also provides access to WanHao Titanium's advanced manufacturing technology and facilities, which are crucial for improving production efficiency and reducing raw material costs [11][12].