LB Group(SZ:002601) Xin Lang Cai Jing·2025-08-19 02:38Core Insights - The company reported a quarter-on-quarter increase in net profit for Q2 2025, with revenue of 6.28 billion yuan (down 3.5% year-on-year, down 11.0% quarter-on-quarter) and a net profit of 700 million yuan (down 9.2% year-on-year, up 1.9% quarter-on-quarter) [1] - The decline in net profit year-on-year was primarily due to falling titanium dioxide prices, while the quarter-on-quarter increase was attributed to optimization in sponge titanium and new energy materials businesses [1] Group 1: Titanium Dioxide Business - In the first half of 2025, the company's titanium dioxide revenue was 8.66 billion yuan (down 8% year-on-year), accounting for 65.0% of total revenue; production was 682,200 tons (up 5% year-on-year), and sales were 612,000 tons (up 2% year-on-year), with international sales accounting for 56.3% [1] - The industry faced increased supply pressure due to ongoing domestic capacity releases and anti-dumping policies in regions like the EU, leading to intensified domestic competition and continued price declines [1] - The average price of titanium dioxide in Q2 2025 was 14,308 yuan/ton (down 12% year-on-year, down 1% quarter-on-quarter) [1] Group 2: Titanium and Iron Ore Business - The company's titanium concentrate production in the first half of 2025 was 691,900 tons (down 34% year-on-year), all for self-use; iron ore sales were 1.582 million tons (up 2% year-on-year) [2] - The average price of titanium concentrate in Q2 2025 was 1,831 yuan/ton (down 17% year-on-year, down 11% quarter-on-quarter) [2] - The company is advancing projects for combined development of the Hongge North Mine and the Xujia Iron Mine, with future titanium concentrate capacity expected to reach 2.48 million tons and iron concentrate capacity to reach 7.6 million tons [2] Group 3: Sponge Titanium and New Energy Materials - The company's sponge titanium revenue in the first half of 2025 was 1.49 billion yuan (up 13% year-on-year), accounting for 11.2% of total revenue; production was 36,200 tons (up 9% year-on-year), and sales were 38,700 tons (up 26% year-on-year) [3] - The market for sponge titanium showed a warming trend, with an average price increase of approximately 10.64% in the first half of 2025; the average price in Q2 2025 was 50,962 yuan/ton (down 3% year-on-year, up 9% quarter-on-quarter) [3] - Revenue from new energy materials was 530 million yuan (up 27% year-on-year), accounting for 4.0% of total revenue, with a gross margin of 12.4% (up 15 percentage points year-on-year) [3] - The company produced 45,800 tons of iron phosphate (up 64% year-on-year) and sold 38,500 tons (up 91% year-on-year) [3]