安纳达上半年由盈转亏 钛白粉行情低迷拖累业绩

Core Viewpoint - Anada's financial performance has shifted from profit to loss in the first half of 2025, primarily due to declining prices of titanium dioxide products and a challenging market environment [1][2]. Financial Performance - In the first half of 2025, Anada reported revenue of 876 million yuan, a year-on-year decrease of 10.51% [1]. - The net profit attributable to shareholders was a loss of 26.27 million yuan, compared to a profit of 45.23 million yuan in the same period last year [1]. - The basic earnings per share were -0.1222 yuan, and the weighted average return on equity was -2.24% [1]. - In Q2 2025, revenue was 402 million yuan, down 21.4% year-on-year, with a net profit loss of 16.01 million yuan, a decline of 159.9% [1]. Product Performance - Titanium dioxide products generated revenue of 575 million yuan in the first half of 2025, accounting for 65.61% of total revenue, with a gross margin decrease of 8.49 percentage points to 3.05% [1][2]. - The phosphoric acid iron business saw a revenue increase of 4.23% year-on-year, reaching 268 million yuan, but the gross margin fell by 1.38 percentage points to -6.23% [2]. Industry Analysis - The decline in Anada's performance is attributed to a sluggish titanium dioxide market, characterized by significant capacity expansion and intensified competition among major manufacturers [2]. - The real estate sector, a key downstream market for titanium dioxide, is experiencing reduced demand, impacting overall industry demand [2]. - Despite the weak demand, Anada's titanium dioxide production remained stable compared to last year, indicating no drastic drop in demand, but increased competition has led to lower prices [2]. Strategic Response - Anada plans to closely monitor national policies and industry trends, enhance market analysis capabilities, and optimize product structure in response to the current losses [3]. - The company is shifting its focus from scale expansion to "refined survival," emphasizing cost reduction, technological improvements, and expanding application scenarios for titanium dioxide [3].