Financial Performance - The company reported a significant decline in net profit, with a year-on-year decrease of 245.15%, resulting in a net profit of -199 million yuan for the first half of 2025 [1] - Total operating revenue for the same period was 4.254 billion yuan, down 40.57% compared to the previous year [1] - The gross margin decreased to 4.93%, a drop of 31.84% year-on-year, while the net margin turned negative at -5.04%, a decrease of 346.82% [1] Key Financial Metrics - The company's operating income for Q2 2025 was 2.132 billion yuan, reflecting a 40.3% decline year-on-year [1] - The total of selling, administrative, and financial expenses reached 126 million yuan, which is 2.95% of revenue, an increase of 116.85% year-on-year [1] - Earnings per share fell to -0.02 yuan, a decrease of 239.61% compared to the previous year [1] Business Operations - The decline in revenue was attributed to falling prices of vanadium and titanium products, as well as adjustments in business operations [4] - The company has a comprehensive production capacity, including 185,000 tons of titanium concentrate and 44,200 tons of vanadium products annually [6] - The company is a major domestic producer of vanadium and a key supplier of titanium raw materials, with significant production capabilities in titanium slag and titanium dioxide [6] Investment and Returns - The company's historical return on invested capital (ROIC) has been low, with a median ROIC of 11.68% over the past decade [5] - The company has experienced five years of losses since its listing, indicating a generally poor investment outlook [5] - Recent financial adjustments include an increase in long-term borrowings due to operational financing needs [4]