Core Viewpoint - Longbai Group's subsidiary, Baililian Europe, has signed an asset purchase agreement with Venator UK to acquire assets related to the titanium dioxide business for a total consideration of $69.9 million, excluding VAT and stamp duty [1] Group 1: Transaction Details - The transaction involves the acquisition of various assets including land, buildings, machinery, spare parts, business records, intellectual property, and inventory [1] - Venator UK is the only facility under Venator Materials PLC that produces titanium dioxide using the chloride process, with a designed annual production capacity of 150,000 tons [1] Group 2: Industry Context - Venator is one of the four major titanium dioxide producers in Europe and North America, alongside Chemours, Tronox, and Kronos [1] - The acquisition enhances Longbai Group's position in the titanium dioxide market, leveraging Venator's established product quality and customer relationships [1]

Core Viewpoint - Longbai Group plans to acquire titanium dioxide-related assets from Venator UK for $69.9 million, aiming to enhance its operational and strategic development needs [1] Group 1: Acquisition Details - The acquisition will include land, buildings, machinery, spare parts, business records, intellectual property, and inventory [1] - The transaction price is set at $69.9 million, excluding VAT and stamp duty, with adjustments based on inventory conditions at the time of closing [1] - Estimated VAT and stamp duty liabilities are approximately $14.19 million, to be determined based on the final acquisition price allocation [1] Group 2: Strategic Importance - The acquired assets are part of Venator Materials PLC, a major player in the titanium dioxide market alongside Chemours, Tronox, and Kronos [1] - Venator UK is the only facility under Venator that produces titanium dioxide using the chloride process, with a designed annual capacity of 150,000 tons [1] - The acquisition is expected to strengthen Longbai Group's product quality and customer relationships in the titanium dioxide sector [1]

Core Viewpoint - Longbai Group plans to acquire titanium dioxide-related assets from Venator UK for $69.9 million, aiming to enhance its operational and strategic development needs [1] Group 1: Acquisition Details - The acquisition will include land, buildings, machinery, spare parts, business records, intellectual property, and inventory [1] - The estimated additional costs for VAT and stamp duty are approximately $14.19 million, which will be determined based on the final acquisition price during formal tax declaration [1] - Funding for the acquisition will come from the company's own funds or self-raised capital [1] Group 2: Industry Context - Venator is one of the four major titanium dioxide producers in Europe and North America, alongside Chemours, Tronox, and Kronos [1] - Venator UK is the only facility under Venator that produces titanium dioxide using the chloride process, with a designed annual capacity of 150,000 tons [1] - The facility is noted for its high product quality and strong customer relationships [1]

Core Viewpoint - Longbai Group plans to acquire assets related to titanium dioxide business from Venator UK for a total consideration of $69.9 million, which will enhance its global industrial layout and diversify its chlorination titanium dioxide product matrix [1] Group 1: Acquisition Details - The acquisition will be conducted in cash and includes assets such as land, buildings, machinery, spare parts, business accounts, intellectual property, and inventory [1] - The transaction price of $69.9 million is exclusive of VAT, stamp duty, and other taxes, which are expected to be approximately $14.19 million [1] - The final acquisition price will be adjusted based on the inventory situation at the time of closing [1] Group 2: Strategic Implications - This acquisition is aimed at advancing the company's global industrial layout [1] - It will enrich the company's product matrix for chlorination titanium dioxide [1]

Core Viewpoint - Longbai Group (002601.SZ) announced the acquisition of titanium dioxide-related assets from Venator UK for a cash consideration of $69.9 million, excluding VAT and stamp duty [1] Group 1: Acquisition Details - The acquisition agreement was signed on October 15, 2025, by Longbai Group's subsidiary, Baililian Europe [1] - The assets being acquired include land, buildings, machinery, spare parts, business records, intellectual property, and inventory [1] - Venator UK is the only plant under Venator that produces titanium dioxide using the chloride process, with a designed annual capacity of 150,000 tons [1] Group 2: Industry Context - Venator is one of the four major titanium dioxide producers in Europe and North America, alongside Chemours, Tronox, and Kronos [1] - Venator employs both sulfate and chloride production processes for titanium dioxide [1] - The acquisition is expected to enhance Longbai Group's position in the titanium dioxide market by leveraging Venator UK's established product quality and customer relationships [1]

每经AI快讯，龙佰集团（SZ 002601，收盘价：19.45元）10月16日晚间发布公告称，鉴于经营及战略发 展需求，公司下属子公司佰利联欧洲计划以支付现金的方式，收购Venator UK持有的与钛白粉业务相关 的资产，包括土地房屋、机器设备、备品备件、业务账簿、知识产权、存货等。交易对价为6990万美元 （不含增值税、印花税等税费，并将依据交割日的存货情况，按照约定的调整机制进行调整）。佰利联 欧洲需承担的增值税、印花税等税费预计约1419万美元（正式税务申报时，将根据最终收购对价分摊结 果确定）。本次收购的资金来源于自有资金或自筹资金。 截至发稿，龙佰集团市值为464亿元。 每经头条（nbdtoutiao）——"短板"正在被一块块补上！直击湾芯展："中国芯"是怎么炼成的 （记者 王晓波） 佰利联欧洲于北京时间2025年10月15日（英国伦敦时间2025年10月15日）与Venator UK签订《资产购买 协议》。本次交易在交割条件达成之后，于交割日，佰利联欧洲将支付交易对价，债权人签署并向佰利 联欧洲交付解抵押契据，交易双方办理资产交割等相关手续。 ...

Core Viewpoint - Longbai Group (002601.SZ) announced that its subsidiary, Baililian Europe, plans to acquire assets related to the titanium dioxide business from Venator UK for $69.9 million in cash, excluding taxes and fees [1] Group 1: Acquisition Details - The acquisition includes land, buildings, machinery, spare parts, business books, intellectual property, and inventory [1] - The transaction price will be adjusted based on the inventory status on the delivery date [1] - The estimated tax liabilities for Baililian Europe are approximately $14.19 million [1] Group 2: Funding and Approval - The funding for the acquisition will come from the company's own funds or self-raised funds [1] - The transaction has been approved by the company's eighth board of directors at its twenty-second meeting and does not require shareholder approval [1] - The transaction is not classified as a related party transaction or a major asset restructuring [1]

Core Viewpoint - Longbai Group's subsidiary, Baililian Europe, plans to acquire assets related to the titanium dioxide business from Venator UK for a cash consideration of $69.9 million, with an estimated tax burden of approximately $14.19 million. This transaction does not constitute a related party transaction or a major asset restructuring as defined by the regulations for listed companies [1]. Group 1 - The acquisition includes land, buildings, machinery, spare parts, business books, intellectual property, and inventory [1]. - The total transaction value is set at $69.9 million [1]. - The estimated tax fees associated with the transaction are around $14.19 million [1].

Investment Rating - The industry investment rating is Neutral (maintained) [7] Core Viewpoints - China is the world's largest producer of titanium dioxide (TiO2), with a projected capacity share of 56% in 2024, benefiting from the shutdown of several overseas facilities [1][13] - The domestic supply structure of titanium dioxide is characterized by "one strong leader, multiple strong players, and a long tail," with policies emphasizing energy consumption and production processes [2][22] - Domestic demand for titanium dioxide is strongly correlated with the real estate sector, while external demand still presents certain opportunities despite anti-dumping investigations from several countries [3][26] - The price spread in the titanium dioxide industry is currently at a historical low, with significant inventory accumulation due to pressures from both domestic and export demand [4][30] - Approximately 20% of the titanium dioxide production capacity in China is considered outdated, with a notable portion over 20 years old [5][32] Summary by Sections 1. Supply Structure and Market Dynamics - China has significantly increased its titanium dioxide production capacity from 45,000 tons in 2000 to 5.5 million tons in 2024, representing a 56% global share [1][20] - The major players in the titanium dioxide market include Longbai Group, Chemours, Tronox, and Venator, with Longbai Group leading with a capacity of 1.51 million tons [18][20] 2. Policy and Technological Requirements - Recent policies have set stringent requirements for energy consumption and production processes, favoring companies with low-cost and mature chlorination technology [2][22] - The 2023 energy efficiency benchmark and the 2024 industrial structure adjustment guide have implications for the sustainability of production methods [22][23] 3. Demand Correlation and Export Opportunities - The domestic consumption of titanium dioxide is projected at 2.89 million tons in 2024, with a strong correlation to housing starts and completions [24][26] - Despite anti-dumping measures, there are still opportunities for exports, particularly to countries with growing GDPs like India [26][28] 4. Industry Pricing and Inventory Levels - The average operating rate for titanium dioxide in China was 70% in the first eight months of 2025, leading to a significant price decline, with the price spread reaching its lowest since 2006 [4][30] 5. Outdated Production Capacity - The proportion of outdated production capacity in the titanium dioxide industry is approximately 19%, with ongoing assessments to phase out non-compliant facilities [5][32] 6. Focus on Leading Enterprises - Longbai Group is highlighted as a key player due to its comprehensive titanium industry layout, including titanium dioxide, sponge titanium, and zirconium products, with a strong vertical integration strategy [6][35][36]

Investment Rating - Industry Rating: Overweight [1] Core Views - The chemical sector showed a weekly performance ranking of 8th with a gain of 1.99%, outperforming the Shanghai Composite Index by 1.63 percentage points and the ChiNext Index by 5.85 percentage points [4][22]. - The chemical industry is expected to continue its differentiated trend in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4]. Summary by Sections Industry Performance - The chemical sector's overall performance for the week of October 9-10, 2025, was a gain of 1.99%, ranking 8th among sectors [22]. - The top three performing sub-sectors were phosphate and phosphorus chemicals (6.26%), titanium dioxide (4.23%), and oil and petrochemical trade (4.23%) [23]. Key Industry Dynamics - Synthetic biology is at a pivotal moment, with low-energy products expected to gain a longer growth window due to the adjustment of energy structures [4]. - The upcoming quota policy for third-generation refrigerants is anticipated to enter a high prosperity cycle, with demand expected to grow steadily due to market expansion in Southeast Asia [5]. - The electronic specialty gases market is characterized by high technical barriers and high added value, with significant opportunities for domestic substitution [6][8]. - The trend of light hydrocarbon chemicals is becoming global, with a shift towards lighter raw materials for olefin production [8]. - The COC polymer industry is accelerating its domestic industrialization process, driven by supply chain security concerns and the shift of downstream industries to domestic production [9]. - Potash fertilizer prices are expected to rebound as major producers reduce output and the demand for fertilizers increases due to rising grain prices [10]. - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12].