GPTY(SZ:000545) Shang Hai Zheng Quan Bao·2026-01-17 06:07Core Viewpoint - Jinpu Titanium Industry is facing a severe operational crisis due to contract payment disputes, production halts, and a significant decline in the titanium dioxide industry, leading to substantial financial losses and governance issues [2][3][4]. Financial and Operational Issues - Jinpu Titanium's subsidiary, Xuzhou Titanium, has had its property worth 146 million yuan seized due to contract disputes, which poses a risk of asset disposal [4][7]. - The company has reported a total of 9.76 million yuan in frozen funds across its subsidiaries, representing 0.84% of its net assets and 8.82% of its cash reserves as of Q3 2025 [7]. - The company has been in continuous financial decline, with revenues dropping for three consecutive years and net losses increasing from 145 million yuan in 2022 to 244 million yuan in 2024 [11][12]. Industry Context - The titanium dioxide industry is undergoing a deep adjustment, with prices falling from 20,400 yuan per ton in 2021 to 13,300 yuan per ton by October 2025, leading to historically low profit margins [11]. - Jinpu Titanium's operational challenges are exacerbated by its lack of competitive advantages, high production costs, and failure to adapt to market changes [12][13]. Governance and Management Changes - The company's financial and operational pressures have led to significant management turnover, with key executives resigning in 2024 [3][16]. - The controlling shareholder, Jinpu Group, has pledged 100% of its shares and is facing judicial auction due to debt issues, reducing its stake to 14.73% [16]. Strategic Failures - Jinpu Titanium attempted to diversify into the new energy materials sector with a planned investment of nearly 10 billion yuan but ultimately abandoned the project due to financial constraints [14][15]. - The company has also faced repeated failures in capital raising efforts, with three planned financing rounds being withdrawn or rejected [16].