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].