3.请介绍一下公司和钒储能相关的业务。 公司积极拓展包括钒储能在内的钒在非钢领域的应用，与国 内钒储能领域龙头企业大连融科建立了战略合作关系。一是双方 合资建设有一条 2,000 立方米/年的钒电解液产线，二是积极开展 储能用钒产品的购销合作。2021 年～2024 年，公司向大连融科供 应钒产品量逐年上升，累计已达 2 万余吨（折合五氧化二钒，不 含双方合资公司所需原料），今年来持续向大连融科供应钒产品。 同时，公司正积极开展更大规模电解液产线建设的前期工作。 股票代码：000629 股票简称：钒钛股份 攀钢集团钒钛资源股份有限公司 投资者关系活动记录表 编号：20260108 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □√其他 活动参与 人员 1.参与投资者 交银施罗德 谭星星 开源证券 孙二春 2.上市公司参与人员 董事、副总经理、财务负责人、董事会秘书 谢正敏 证券事务代表 石灏南 时间 2026 年 1 月 8 日（星期四）15:00-16:00 地点 腾讯会议 形式 线上交流 交流内容及 具体问答记 录 1.请介绍一下公司主 ...

每经编辑｜吴永久 2026年A股首个交易日，市场迎来"开门红"，脑机接口、保险、军工、贵金属等多个板块表现出色。截至收盘，沪指涨1.38%，收报4023.42点。沪深两市成 交额达到25675亿元，较上一交易日大幅放量5016亿元。 由每日经济新闻App举办的掘金大赛第81期比赛于1月5日开始，多位选手跑步入场。报名时间为1月1日到1月16日，比赛时间为1月5日到1月16日。大赛为模 拟炒股，模拟资金50万元。每期比赛结束，正收益就获现金奖励！报名就拿福利！冲刺月度积分王大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的税前现 金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 为方便选手了解有价值的信息，与高手交流市场热点和投资技巧。报名掘金大赛后，就能申请加入掘金大赛交流群，加群方法是：点击微信主页右上 角"+"号，选择"添加朋友"，然后点击"企业微信联系人"，输入手机号13882019385，添加企 ...

Product Overview - The company produces a range of vanadium products including vanadium pentoxide, ferrovanadium, vanadium-nitrogen alloy, vanadium-aluminum alloy, and vanadium electrolyte, with an annual production capacity of 44,200 tons of vanadium products (measured as V2O5) [2][3] - Titanium products include titanium dioxide and titanium slag, with an annual capacity of 300,000 tons of titanium dioxide and 240,000 tons of titanium slag [2][3] Raw Material Supply and Pricing - The main raw materials, titanium concentrate and crude vanadium slag, are sourced from the controlling shareholder, Panzhihua Steel Group, ensuring stable supply [4] - Pricing for crude vanadium slag is based on a cost-plus model, while titanium concentrate is procured partially through market-based pricing [4] Performance Improvement Strategies - The company has implemented cost reduction and efficiency enhancement measures, including pressure on procurement and optimizing product mix based on market demand [5] - Continuous maintenance and expansion of sales channels, with a focus on both existing and new customers to alleviate sales pressure [5] Technological Advancements - The company has developed a 60,000-ton molten salt chlorination titanium dioxide production line, which utilizes low-grade titanium slag from the Panzhihua region, enhancing cost-effective resource utilization [6] Strategic Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the company has established a joint venture for a 2,000 cubic meter/year vanadium electrolyte production line, which has been operating effectively [7] - In 2024, the company plans to supply approximately 15,000 tons of vanadium products to Dalian Rongke, accounting for 28% of its total vanadium product sales for the year [7][8]

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][6]. Core Views - The company reported a revenue of 17.728 billion yuan for the first three quarters of 2025, a year-on-year decrease of 20.77%, with a net profit attributable to shareholders of 198 million yuan, down 86.48% year-on-year [2]. - The coal and electricity integration strategy has shown stability, with expectations for improved performance due to rising coal prices in the fourth quarter [3]. - The company's new technology in vanadium battery storage has achieved significant breakthroughs, potentially reducing costs and improving thermal stability [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a coal revenue of 369.55 yuan per ton, a decrease of 48.44% year-on-year, with a gross profit of 90.91 yuan per ton, down 65.18% year-on-year [3]. - The electricity segment benefited from lower thermal coal prices, resulting in an operating profit of 2.656 billion yuan, an increase of 26.48% year-on-year [3]. - The company expects net profits attributable to shareholders for 2025-2027 to be 378 million, 757 million, and 1.66 billion yuan, respectively [6]. Market Data Summary - The company’s stock closed at 1.61 yuan per share, with a market capitalization of 35.127 billion yuan [10]. - The basic earnings per share for the company as of September 30, 2025, was 0.01 yuan, with a diluted earnings per share of 0.01 yuan [11]. - The company’s return on equity (ROE) was 0.75% as of September 30, 2025 [11].

Core Insights - The article emphasizes the importance of developing a self-controlled supply chain for key energy equipment in China by 2030, particularly focusing on high-safety and high-reliability energy storage systems [1] - The policy encourages the integration of traditional mining operations with renewable energy solutions, specifically through the use of vanadium-based flow batteries [1][2] - Yongtai Energy is highlighted as a leader in this transition, leveraging its full industry chain advantages in vanadium battery storage to drive green transformation in mining [2][8] Policy and Industry Context - The National Energy Administration and other departments have issued guidelines to promote high-quality development in energy equipment, aiming for a low-cost, long-duration flow battery system [1] - The mining sector is adopting a "solar-storage integration + technological innovation" model to address safety and low-carbon development challenges [1] - A specific requirement from Shanxi Province mandates that all operational coal mines must implement dual-circuit power supply and emergency power systems, creating a favorable policy environment for energy storage applications [1] Technological Advancements - Yongtai Energy's Nanshan Coal Mine project integrates 2.7 MWp of distributed solar power with a 1.5 MW/6 MWh vanadium battery storage system, demonstrating a successful model for clean energy supply and safety [2][4] - The vanadium battery storage project has achieved significant milestones, including 294,000 MWh of cumulative solar generation and over 76,000 MWh of discharge, providing substantial cost savings and emergency power support [4] - Vnergy, a subsidiary of Yongtai Energy, has developed a groundbreaking solid-state material for vanadium flow batteries, significantly reducing costs and expanding operational temperature ranges [6][7] Market Opportunities and Future Outlook - The comprehensive approach of Yongtai Energy, combining resources, technology, and projects, positions the company to capitalize on policy incentives and technological innovations [8] - The implementation of the "New Type Energy Storage Scale Construction Special Action Plan (2025-2027)" is expected to create new opportunities for vanadium battery technology in the mining sector [8] - Yongtai Energy aims to facilitate the transition from traditional coal to green energy, injecting innovative vitality into the new energy system construction [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The installation of vanadium batteries is expected to increase significantly, coupled with improvements in the demand for vanadium in the steel sector, indicating a potential bottoming out and recovery in vanadium prices [1][3]. - The company's net profit for 2024 is projected to decline by 71.6% to 75.4% year-on-year, primarily due to weak demand in the steel sector and a significant drop in the price of vanadium pentoxide [2]. - The supply of vanadium for energy storage is expected to grow by 35% year-on-year in 2025, reflecting a robust outlook for the all-vanadium flow battery storage market [2]. Summary by Sections Company Performance - The company anticipates a net profit of 260 to 300 million yuan for 2024, a decrease from 1,058 million yuan in 2023, largely due to a 25.9% drop in the average price of vanadium pentoxide from 109,000 yuan per ton in 2023 to 80,800 yuan per ton in 2024 [2]. - Revenue is projected to decline from 14,380 million yuan in 2023 to 13,589 million yuan in 2024, representing a 5.5% decrease [5]. Vanadium Price Outlook - The report indicates that the installed capacity of all-vanadium flow batteries is expected to grow by 700% in 2024, with a total grid-connected scale of approximately 440 MW/1,742 MWh [3]. - The demand for vanadium in the steel sector is anticipated to improve following the implementation of mandatory standards for ordinary hot-rolled rebar, which may enhance vanadium-nitrogen demand [3]. Profit Forecast and Valuation - The estimated average price of vanadium pentoxide for 2024, 2025, and 2026 is projected to be 81,000, 85,000, and 90,000 yuan per ton, respectively [4]. - The expected net profits for 2024, 2025, and 2026 are 280 million, 520 million, and 700 million yuan, respectively, with corresponding P/E ratios of 96, 52, and 39 times [4][5].