据悉，永道集团同步规划的节能环保装备制造业务，与海口综保区打造"绿色＋智造"产业生态圈的发展 导向高度契合。该业务将融入园区绿色制造体系，借助政策支持推动环保装备数字化升级，为区域产业 绿色转型注入新动能，这也是永道集团"绿色示范、开放共赢"核心战略在海南的具体实践。 当前，海南自贸港正式进入封关运作，政策制度体系不断完善。永道集团相关负责人表示，未来将以两 家子公司为支点，深度融入自贸港建设，充分释放跨境资金运营、绿色智造等业务的协同效应，在实现 企业高质量发展的同时，为海南自贸港产业升级与开放发展贡献力量。 创立于2008年的永道集团，历经十余年发展已构建起农业科技、节能环保、现代教育三大核心生态产业 链。其中，节能环保板块的高端装备制造、产业数字化等业务已形成核心竞争力，农业科技领域的智慧 产业园建设与现代教育板块的产教融合模式均处于行业领先地位，此次落子海南正是集团核心优势与自 贸港政策红利的精准对接。 "海南自贸港的'零关税、低税率'政策与金融开放创新优势，为企业国际化升级提供了绝佳平台。"永道 集团相关负责人表示，永道国际控股（海南）有限公司将聚焦跨境资金集中运营，借助自贸港多功能自 由贸易账户体 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to a significant drop in titanium dioxide profitability and reduced titanium concentrate production caused by mine maintenance [1][2]. Financial Performance - Revenue for the first three quarters of 2025 was 19.44 billion yuan, a year-on-year decrease of 6.9% [1] - Net profit attributable to shareholders was 1.674 billion yuan, corresponding to earnings per share of 0.70 yuan, down 34.7% year-on-year, which was below expectations [1] - In Q3 2025, revenue was 6.11 billion yuan, a decrease of 13.7% year-on-year and 2.8% quarter-on-quarter [1] - Gross profit for Q3 2025 was 1.188 billion yuan, down 35% year-on-year and 23% quarter-on-quarter [1] - The gross margin for Q3 2025 fell to 19.4%, a decline of 6.4 and 5.1 percentage points year-on-year and quarter-on-quarter, respectively, due to falling titanium dioxide prices and rising sulfuric acid costs [1] Development Trends - The company announced plans to acquire Venator's UK titanium dioxide assets, which includes a 150,000 tons/year chlorination titanium dioxide plant for a transaction price of $69.9 million, aiming to enhance its global industrial layout [2] - The establishment of a subsidiary in Malaysia is also planned, which is expected to further promote international development and increase global market share [2] - New titanium concentrate production capacity is anticipated to drive profit growth, with an expected capacity of 2.48 million tons by 2026 [2] Profit Forecast and Valuation - Due to the decline in titanium dioxide profitability, the company has lowered its EPS forecasts for 2025 and 2026 by 23% and 15% to 0.91 and 1.50 yuan per share, respectively [3] - The current stock price corresponds to a P/E ratio of 21.0 and 12.7 times for 2025 and 2026, respectively [3] - The target price is maintained at 23 yuan, indicating a 20% upside potential, with P/E ratios of 25 and 15 times for 2025 and 2026 [3]

Group 1 - The company has approved the establishment of a wholly-owned subsidiary in the United States with a registered capital of $20,000 [1] - This move is part of the company's global industrial layout strategy and is beneficial for its internationalization process [1] - The establishment aligns with the company's long-term development strategy [1]