金浦钛业子公司徐州钛白停产 预计将对2026年营收产生较大影响

Core Viewpoint - The company, Jinpu Titanium Industry, is facing significant challenges due to intensified competition in the titanium dioxide market, leading to continuous price declines and ongoing losses, prompting a decision to reduce production by halting operations at its subsidiary, Xuzhou Titanium [1] Group 1: Company Actions and Financial Impact - Jinpu Titanium announced the suspension of production at its wholly-owned subsidiary, Xuzhou Titanium, which has a capacity of 80,000 tons, accounting for 50% of the company's total titanium dioxide production capacity [1] - The suspension of Xuzhou Titanium is expected to have a substantial impact on the company's revenue in 2026 [1] - The company is also dealing with a contract dispute with suppliers, resulting in the freezing of properties valued at 146 million yuan, which represents 10.45% of the company's audited net assets for 2024 [1] Group 2: Market Conditions and Industry Trends - The titanium dioxide market is experiencing a downward trend in prices, with the average price expected to be 13,677 yuan per ton in 2025, a decrease of 1,819 yuan per ton or 12% from 2024 [2] - The industry is facing an imbalance in supply and demand, leading to increased instances of unplanned production cuts and prolonged shutdowns, with companies under significant operational pressure [2] - The average price of titanium dioxide is projected to fluctuate around the cost line in 2026, with an expected decrease of 4% to approximately 13,100 yuan per ton [2] Group 3: Financial Challenges and Strategic Adjustments - Jinpu Titanium has reported consecutive losses from 2022 to 2024 due to weak market demand, fluctuating raw material prices, and high energy costs, resulting in considerable financial pressure [2] - The company has also faced additional financial strain with its subsidiary, Anhui Jinpu New Energy Technology, having bank accounts frozen due to a contract payment dispute, amounting to 563.11 million yuan [2] - The company plans to invest in integrated projects for new energy battery materials, but the market changes have led to a postponement of the phosphate iron project, delaying strategic adjustments [3]