Group 1 - The company, Vanadium Titanium Co., announced a share buyback of 7,400,000 shares, which represents 0.08% of its total share capital as of July 31, 2025 [1]

Group 1 - Vanadium Titanium Co., Ltd. has experienced a decline in stock price for six consecutive trading days, with a cumulative drop of -7.59% [1] - The company was established on March 27, 1993, and was listed on the Shenzhen Stock Exchange on November 15, 1996, with the stock code 000629 [1] - Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of Vanadium Titanium Co., having reduced its holdings in the second quarter of this year [1] Group 2 - The Southern CSI 500 ETF has achieved a year-to-date return of 9.82%, ranking 1291 out of 3420 in its category [1][2] - The fund's performance over various periods includes a -1.34% return over the past week, a 5.00% return over the past month, and an 11.65% return over the past three months [2] - The fund manager, Luo Wenjie, has a strong academic background with a Master's in Mathematical Finance from the University of Southern California and a Master's in Computer Science from the University of California [4][5] Group 3 - Luo Wenjie has been with Southern Fund since September 2008 and has held various managerial positions, including the current role as General Manager of the Index Investment Department [4][5] - The total assets under management for the Southern Fund amount to 139.704 billion yuan, with a cumulative return of 120.48% during her tenure [5]

Core Viewpoint - The company, Vanadium Titanium Co., Ltd. (钒钛股份), has confirmed that its products, particularly vanadium, are primarily utilized in the steel industry and energy storage sectors, highlighting the material's significance in various applications [1]. Group 1: Company Products and Applications - The main products of the company include vanadium oxide, vanadium iron, vanadium nitrogen alloy, vanadium aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [1]. - Vanadium is an important alloying element, known for its high strength, toughness, and wear resistance, making it widely used in industries such as machinery, automotive, shipbuilding, railways, bridges, and electronics [1]. - The company's vanadium products are primarily sold to sectors including steel, vanadium energy storage, titanium alloys, catalysts, and glass [1].

Group 1: Company Overview - The main business of the company includes the production and sales of vanadium, titanium, and electricity, with a focus on vanadium products, titanium dioxide, and titanium slag [1] - The company has an annual production capacity of 185,000 tons of V2O5, 300,000 tons of titanium dioxide, and 240,000 tons of titanium slag [1] Group 2: Applications of Vanadium Products - Vanadium is primarily used in the steel industry and energy storage, enhancing the strength, toughness, and wear resistance of steel [1] - Vanadium is also utilized in producing vanadium electrolyte for vanadium redox flow batteries, which are important for energy storage due to their long lifespan and high safety [1] Group 3: Impact of Recent Projects - The Yarlung Tsangpo River downstream hydropower project is expected to increase demand for high-quality steel products, benefiting the company's vanadium products [2] - The new national standard GB1499.2-2024, effective from September 25, 2024, mandates stricter quality regulations for rebar, reflecting the government's emphasis on construction quality [2] Group 4: Collaboration with Dalian Rongke - The company has been increasing its supply of vanadium products to Dalian Rongke, with an expected supply of approximately 15,000 tons in 2024, accounting for 28% of the company's total vanadium product sales [2] - A framework agreement for 2025 has been signed, with plans to expand cooperation in the application of vanadium in energy storage [2]

Group 1: Production Capacity and Raw Material Sources - The company sources vanadium slag primarily from its controlling shareholder, Pangang Group [1] - The production capacity of vanadium products includes: - 22,000 tons/year from the Panzhihua vanadium products subsidiary [1] - 18,000 tons/year of V2O5 products from the Xichang vanadium products subsidiary [1] - 3,000 tons/year of vanadium iron processing capacity from Beihai Ferroalloy [1] - 4,200 tons/year of vanadium product processing capacity from Yangrun Technology [1] Group 2: Impact of Infrastructure Projects - The Yarlung Tsangpo River downstream hydropower project is the largest water conservancy project currently under construction in China, which is expected to boost demand for high-quality steel products [1] - The new national standard GB1499.2-2024, effective from 2024, has transitioned from a recommended standard to a mandatory one, emphasizing the importance of construction quality and introducing new requirements and technical specifications for the industry [1][2] Group 3: Collaboration with Dalian Rongke - The company has established a joint venture with Dalian Rongke to build a vanadium electrolyte production line with a capacity of 2,000 cubic meters/year [2] - The supply of vanadium products to Dalian Rongke is projected to reach 15,000 tons in 2024, accounting for 28% of the company's total vanadium product sales [2] - A framework agreement for 2025 has been signed, with an expected total supply of 20,000 tons, and plans to expand cooperation in the application of vanadium in energy storage [2]

Core Viewpoint - Vanadium Titanium Co., Ltd. (stock code: 000629) announced a significant decline in expected revenue and a projected net loss for the first half of 2025 compared to the same period in the previous year [1] Financial Performance - The expected operating revenue for the period from January 1, 2025, to June 30, 2025, is projected to be between 4.13 billion and 4.2 billion yuan, a decrease from 7.158 billion yuan in the same period last year [1] - The net profit attributable to shareholders of the listed company is expected to be a loss of between 180 million and 220 million yuan, contrasting with a net profit of 137 million yuan in the same period last year [1]

Group 1 - The company plans to repurchase its shares using its own funds, with a total amount not less than RMB 100 million and not exceeding RMB 200 million [1] - The repurchase price will not exceed RMB 4.30 per share, and the repurchase period starts from the approval date of the plan by the board of directors [1] - As of June 30, 2025, the company has repurchased 3,800,000 shares at an average price of RMB 2.57 per share, totaling RMB 9,766,000 [1] Group 2 - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations in accordance with relevant laws and regulations [2] - The repurchase of shares complies with the regulations set forth in the "Listed Company Share Repurchase Rules" and the "Shenzhen Stock Exchange Self-Regulatory Guidelines" [2]

Group 1: Impact of External Factors - The company does not export vanadium and titanium products to the U.S., so the U.S. tariff increase will not have a direct impact on its export business [1][3] - The company's stock price has dropped from a peak of 6.04 in the previous year to around 2.31 in 2025, influenced by macroeconomic conditions, industry cycles, and company performance [2] - The decline in 2024 performance is attributed to a decrease in vanadium product prices [10][8] Group 2: Financial Performance and Projections - The company's gross profit margin for 2024 is 7.59%, a decrease of 47.33% year-on-year [12] - The gross margins for vanadium and titanium products are 10.40% and 6.36%, respectively, with vanadium contributing the most to profits [11] - The company plans to disclose its Q1 2025 report on April 28, 2025 [4] Group 3: Strategic Initiatives and Market Position - The company aims to enhance product competitiveness and customer service while optimizing product structure and quality [9][16] - The company has achieved a 100% sales rate for vanadium and titanium products in 2024 and plans to further expand market reach in 2025 [6] - The company is recognized as a leading enterprise in the Panxi strategic resource innovation development experimental zone, leveraging its resource and technological advantages [13] Group 4: Risk Management and Future Plans - The company is aware of potential risks such as market demand uncertainty and raw material price fluctuations, and it conducts regular risk assessments [15] - Future projects may face challenges such as technical difficulties and funding pressures, but the company has sufficient resources to ensure project progress [5] - The company is committed to continuous research and development in the vanadium-titanium sector to drive high-quality industry development [14]

Core Viewpoint - The company reported a decline in both revenue and net profit for the year 2024, indicating challenges in its operational performance due to falling prices in key products like vanadium and titanium [2][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 13.209 billion yuan, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 285 million yuan, down 73.0% year-on-year [2]. - The fourth quarter of 2024 saw operating revenue of 2.735 billion yuan, a year-on-year decline of 15.2% and a quarter-on-quarter decline of 17.5%, with net profit attributable to shareholders at 102 million yuan, down 45.9% year-on-year but up 122% quarter-on-quarter [2]. Group 2: Vanadium Segment - The company produced 54,300 tons of vanadium products (measured as V2O5) in 2024, representing a year-on-year increase of 7.3% [3]. - The average price of V2O5 in China for 2024 was 80,800 yuan per ton, a decrease of 25.9% compared to 109,000 yuan per ton in 2023, leading to a gross margin of 10.4%, down 17 percentage points year-on-year [3]. Group 3: Titanium Segment - The company successfully launched a 60,000 tons/year molten salt chlorination titanium dioxide project, with total titanium dioxide production of 252,900 tons in 2024, a year-on-year increase of 0.8% [4]. - The average price of titanium dioxide (Rutile type) in Southwest China for 2024 was 15,400 yuan per ton, down 1.7% year-on-year, while the gross margin for titanium dioxide was 4.3%, a decrease of 6.3 percentage points compared to 2023 [4]. Group 4: Financial Ratios - The selling expense ratio for 2024 was 5.03%, a decrease of 0.73 percentage points from 5.76% in 2023 [5]. - The company's asset-liability ratio at the end of 2024 was 13.34%, down 4.9 percentage points from the end of 2023 [5]. Group 5: Market Outlook for Vanadium - The company expects a significant increase in vanadium demand for energy storage applications in 2025, with a supply agreement for 20,000 tons of V2O5 signed, indicating a 35% increase from 14,822 tons in 2024 [6]. - The transition of the national standard for ordinary hot-rolled rebar from a recommended to a mandatory standard is expected to improve vanadium demand in the steel sector, with expectations for vanadium prices to gradually rise as inventory is consumed [6].