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（线下策略会） 活动参与 人员 1.参与投资者 申万宏源：任 杰 华夏基金：张 俊 富国基金：薛 阳 东方红资管：向仕杰 长城基金：陈子扬 华夏基金：卢疆啸 浦银安盛：戴晨阳 华安基金：王 晨 国联安基金：王 栋 永赢基金：于 畅 2.上市公司参与人员 财务部总监：李海波 董事会办公室投关专员：米继学 时间 2025 年 11 月 20 日（星期四） 地点 上海 形式 线下交流 交流内容及 具体问答记 录 1.请介绍一下公司主要产品情况。 公司拥有以五氧化二钒、高钒铁、钒氮合金、钒铝合金、钒 电解液等为代表的钒系列产品，以钛白粉、钛渣等为代表的钛系 列产品，具备年经营钛精矿 185 万吨和年产钒制品（以 V2O5计） 4.42 万吨、钛白粉 30 万吨、钛渣 24 万吨的综合生产能力。公司 产品广泛应用于钢铁工业、储能领域、有色金属及涂料油墨等领 域。其中，氧化钒主要用于钢铁、化工、能源等领域；钒铁、钒 为应对市场变化，公司积极采取有效措施，在降本增效方面， 公司持续加大力度，不断向采 ...

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].