中核钛白2025年半年报：营收逆势增长近20%，新能源布局加速落地

Core Insights - Company reported a revenue of 3.77 billion yuan for the first half of 2025, representing a year-on-year growth of 19.66%, demonstrating strong operational resilience and growth potential [1] - The sales revenue from the core product, rutile titanium dioxide, accounted for 80.17% of total revenue, solidifying its market position in traditional applications such as coatings, plastics, and papermaking [1] - Significant growth was observed in the phosphochemical and new energy materials sectors, with new energy product revenue increasing by 3029.26% year-on-year and yellow phosphorus sales revenue rising by 83%, becoming new performance growth points [1] Financial Performance - The company's operating cash flow significantly improved, with net cash flow from operating activities turning from a negative 99.34 million yuan in the same period last year to a positive 465 million yuan, reflecting a year-on-year increase of 568.04% [1] - This improvement indicates enhanced capital turnover efficiency and further strengthens the company's operational capabilities [1] Strategic Initiatives - Company is advancing a "sulfur-phosphorus-iron-titanium" green circular industry layout, aiming to reduce production costs and enhance resource utilization efficiency through an integrated industrial chain [1] - The company has established a production capacity of nearly 550,000 tons of titanium dioxide, 500,000 tons of phosphate rock per year, 120,000 tons of yellow phosphorus per year, and 100,000 tons of iron phosphate per year, laying a solid foundation for future development [1] Innovation and Partnerships - Company adheres to a technology innovation strategy with continuous investment in R&D, holding 245 effective patents, including 50 invention patents [2] - During the reporting period, R&D investment amounted to 77.33 million yuan, focusing on cutting-edge research in lithium battery materials, titanium-based composite materials, and photovoltaic materials [2] - A strategic cooperation agreement was signed with Nippon Paint, making the company one of its main titanium dioxide suppliers for 2025-2027, further consolidating its high-end market share [2] - The company has initiated a share repurchase plan of 300-500 million yuan, having repurchased 46.22 million shares by June 30, reflecting management's confidence in the company's long-term value [2]