智通财经APP讯，金浦钛业(000545.SZ)发布2025年半年度报告，该公司营业收入为9.21亿元，同比减少 18.50%。归属于上市公司股东的净亏损为1.86亿元，同比扩大829.71%。归属于上市公司股东的扣除非 经常性损益的净亏损为1.87亿元，同比扩大727.36%。基本每股亏损为0.1884元。 ...

Summary of Key Points from the Conference Call Industry Overview - The chemical industry is currently at the bottom of the cycle, but leading Chinese companies have strong cash flow and low debt ratios, which may enhance potential dividend yields as capacity expansion slows down [1][3][5] - Global GDP growth supports chemical demand, and changes on the supply side combined with demand growth are expected to lead to a recovery in industry prosperity [1][4] Key Insights - The "anti-involution" policy aims to control new capacity in sectors like coal chemical, refining, and polyurethane, which may still yield considerable dividend rates even at the cycle's bottom [1][5] - The industrial silicon and soda ash sectors, which are currently in surplus, have greater elasticity due to restrictions on existing and new capacities [1][5] - The oil and gas chemical sector has begun to see positive free cash flow in 2024, indicating a gradual improvement in the industry [8] Financial Metrics - In 2024, the net cash flow for the chemical industry is projected to shrink to nearly 20 billion, while total operating cash flow exceeds 250 billion [7] - Capital expenditures are expected to decrease from 350 billion to below 300 billion [7] - By 2025 or 2026, the industry is anticipated to generate positive net free cash flow, marking a historic shift [7] Company-Specific Insights - Hualu Hengsheng's market value in 2024 is approximately 50.6 billion, with cash flow expected to rise from 5 billion in 2025 to 8.3 billion by 2027, suggesting attractive dividend yields even in a downturn [9] - The European chemical production capacity utilization is at a historical low of around 74%, indicating that high-cost production is unlikely to recover, which benefits Chinese companies with cost advantages [10][11] Future Trends - The chemical industry is expected to see a rebound in prosperity due to low inventory levels and attractive valuations [11] - The exit of high-cost European production will allow Chinese leaders to further consolidate and expand their market positions [11] - The polyurethane sector is currently at a cyclical low, but price recovery is anticipated due to supply constraints and demand growth [18][19] Challenges and Opportunities - The olefin industry faces challenges with low prices, but strict approval processes for new capacities may lead to a recovery if production contracts [16] - The refining sector is grappling with overcapacity and outdated facilities, but the anti-involution policy may help improve market conditions for major players [17] - The organic silicon market is at a historical low, but limited new capacity and potential overseas exits may lead to a recovery in the medium to long term [24][25][26] Sector-Specific Recommendations - Focus on companies in controlled capacity sectors like coal chemicals (e.g., Hualu Hengsheng, Baofeng Energy) and refining (e.g., Sinopec) for potential dividend yields [5][17] - Monitor the industrial silicon market for companies like Hesheng Silicon Industry, which may see profit doubling if prices recover [32] - In the soda ash sector, companies like Boyuan Chemical are worth watching as they navigate a challenging market [33] Conclusion - The chemical industry is poised for a potential recovery driven by policy changes, strong cash flows from leading companies, and a favorable global economic backdrop. Investors should focus on companies with strong fundamentals and those positioned to benefit from supply-side constraints and market shifts.

今年二季度，葛卫东家族首次买进消费股，新进黄酒名牌会稽山的流通股东名单；高毅资产冯柳新进太极集团，加仓龙佰集团、安琪酵母；杨东掌舵的宁 泉资产新进天壕能源，睿郡资产董承非新进扬杰科技、兔宝宝，仁桥资产夏俊杰加仓新经典、苏垦农发。 葛卫东家族新进会稽山 会稽山2025年半年报显示，截至二季度末，混沌投资董事长葛卫东以个人名义现身该股的股东名单，持有497.15万股，期末参考市值为9900万元，位列第 八大流通股东；同时他的妹妹葛贵莲也成为新晋股东，位列第四名，持有1380.20万股，期末参考市值为2.75亿元。 这是葛卫东罕见买进一只消费股，以往他偏爱布局半导体、新能源、通信等科技成长股。资料显示，会稽山主要从事黄酒的生产、销售和研发等业务，近 年来其积极展开"年轻化"品牌战略，推出"会稽山爽酒"，以首创的"气泡黄酒"概念进军新兴市场。 今年黄酒板块成为"新消费"热门赛道，受到资金关注。Wind数据显示，会稽山股价今年二季度从11元/股附近一路攀升至最高26.39元/股，随后出现较大调 整，二季度整体涨幅为93.19%。 从财务数据看，二季报显示，今年上半年会稽山实现营业收入8.17亿元，同比增长11.03%； ...

葛卫东家族新进会稽山 会稽山 2025年半年报显示，截至二季度末，混沌投资董事长葛卫东以个人名义现身该股的股 东名单，持有497.15万股，期末参考市值为9900万元，位列第八大流通股东；同时他的妹妹 葛贵莲也成为新晋股东，位列第四名，持有1380.20万股，期末参考市值为2.75亿元。 | | 会稽山 601579.SH 21.09 -5.97% 十大流通股东 | | | | | | --- | --- | --- | --- | --- | --- | | 2025 中报 | | | | | | | 序号 | 股东名称 | 持股数量(股) | 占流通A股比例(%) | 期末参考市值(亿元) 方向 ② | 持股数量变动(股) | | 1 | 中建信(浙江)创业投资有限公司 关联方(1) | 149.158,200 | 31.11 | 29.70 不变 | 0 | | 2 | 浙江中国轻纺城集团股份有限公司 关联方(1) | 102.000.000 | 21.27 | 20.31 不变 | 0 | | 3 | 绍兴市柯桥区小城镇建设投资有限公司 | 30.000.000 | 6.26 | 5.97 不变 | ...

股份回购公告，积极维护股东权益 报告导读 龙佰集团8 月18 日发布2025 年中报，2025 年上半年实现营业总收入133.42 亿元，同比下降3.35%；实 现扣非后归母净利润13.47 亿元，同比下降19.61%；其中Q2 单季度实现营收62.82 亿元，同比下降 3.5%，环比下降11.01%；Q2 单季度实现扣非后归母净利润6.88 亿元，同比下降8.27%。公司业绩符合 预期。 投资要点 产销向好，行业低景气影响公司业绩 2025 年6 月，经董事会审议通过，公司正式启动股份回购计划，通过集中竞价交易方式推进实施。截至 7 月31 日，已累计回购公司股份1,564,600 股，占公司总股本的0.0656%，成交总金额达25,481,016 元 （不含交易费用）。本次回购股份将部分用于未来实施的股权激励或员工持股计划，充分彰显了管理层 对公司长期发展的坚定信心和内在价值的认可，同时通过优化股权结构，切实维护广大投资者的合法权 益，持续提升股东回报。 一季度分红公告，积极分红回报投资者 龙佰集团业绩出现下滑主要是由于钛白粉价格下跌，行业景气度差导致。公司2025 上半年实现钛白粉 生产量68.22 万 ...

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for the first half of 2025, impacted by anti-dumping measures and a strategic shift towards overseas expansion [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 13.342 billion yuan, a year-on-year decrease of 3%, and a net profit attributable to shareholders of 1.385 billion yuan, down 20% [1]. - In Q2 2025, revenue was 6.282 billion yuan, a decline of 4% year-on-year, with a net profit of 699 million yuan, down 9% [1]. - Revenue from titanium dioxide and sponge titanium businesses was 8.7 billion yuan and 1.5 billion yuan, respectively, with year-on-year changes of -8% and +13% [1]. Pricing and Sales Dynamics - The average price of titanium dioxide decreased by 12% year-on-year, while the average price of sponge titanium increased by 3% [1]. - The company produced 690,000 tons of titanium concentrate, all for internal use [1]. - The export volume of titanium dioxide was 420,000 tons, down 14% year-on-year and 17% quarter-on-quarter [1]. Strategic Initiatives - The company is accelerating its overseas expansion strategy in response to anti-dumping duties affecting exports, with preliminary site selection and resource integration underway [1]. - Longbai Group is enhancing its upstream raw material supply by advancing key projects, including the joint development of the Hongge North Mine and the Xujia Gou Iron Mine, aiming for an annual titanium concentrate capacity of 2.48 million tons and iron concentrate capacity of 7.6 million tons [2]. Shareholder Confidence - The company plans to repurchase shares using its own funds and a special loan of 500 to 1,000 million yuan, with a total repurchase amount of approximately 25.48 million yuan, reflecting confidence in long-term development [2]. Future Profit Projections - The projected net profit attributable to shareholders for 2025-2027 is estimated at 2.91 billion yuan, 3.76 billion yuan, and 4.29 billion yuan, respectively, maintaining a "recommended" investment rating [3].

2025 年 8 月 24 日 行业研究 磷肥出口二阶段配额落地，磷矿石价格坚挺行业景气依旧 ——基础化工行业周报（20250818-20250824） 要点 6 月开始进入磷酸一铵及磷酸二铵的出口集中期。当前我国肥料级磷酸一铵 及磷酸二铵出口需要进行法检同时执行配额制，根据往年情况出口配额通常 集中在 5-9 月期间。然而，根据海关总署数据 2025 年我国磷铵出口时间整 体有所延后，2025 年自 6 月开始磷铵出口量才出现明显上升。2025 年 1-7 月，我国磷酸一铵和磷酸二铵出口总量分别为 60.1 万吨和 158.3 万吨，同比 分别减少 49.4%和 21.7%。其中，2025 年 5-7 月我国磷酸一铵和磷酸二铵 的出口总量分别为 52.6 万吨和 150.4 万吨，相较于 2024 年 5-7 月出口总量 分别变动-40.1%和+1.4%。基于此，我们认为 2025 年我国磷铵出口将集中 在 Q3 进行，但考虑到 1-7 月出口量的明显缩减，我们预计 2025 年全年磷铵 出口量将少于 2024 年水平。 2025 年磷铵出口二阶段配额基本落地，当前海外磷铵价格仍显著高于国内水 平。2025 ...

Group 1: Price Increase Announcements - Multiple domestic titanium dioxide companies, including Longbai Group and Huiyun Titanium Industry, announced price increases effective August 18, 2025, raising prices by 500 RMB/ton for domestic customers and 70 USD/ton for international customers [1][2] - Titanium Hai Technology was the first to initiate the price increase, raising prices by 800 RMB/ton for domestic customers and 80 USD/ton for international customers on August 15, 2023 [2] Group 2: Market Conditions and Demand - Analysts suggest that if downstream demand increases in September, it could lead to a gradual realization of small price increases for titanium dioxide [1][4] - Current low inventory levels among traders and downstream factories may support the potential for price increases, although the overall supply remains ample [4] Group 3: Financial Performance of Companies - Longbai Group reported a revenue of 13.342 billion RMB for the first half of 2023, a decrease of 3.34% year-on-year, with a net profit of 1.385 billion RMB, down 19.53% [7] - Another company, Anada, experienced a net loss of 26.27 million RMB in the first half of 2023, a significant decline from profitability due to decreased gross margins in titanium dioxide [7][8] Group 4: Industry Challenges - The titanium dioxide industry is facing significant challenges, including high raw material costs and a prolonged period of losses, with average losses reported at around 1,000 RMB/ton from January to mid-August 2023, escalating to approximately 2,000 RMB/ton in August [6] - The industry is experiencing a supply-demand imbalance, with excess capacity leading to price declines, and companies are exploring transformations or restructuring due to poor performance [8][9] Group 5: Future Outlook - Long-term forecasts suggest that as profitability declines among many titanium dioxide producers, some may exit the market, potentially leading to a rebound in prices by 2026 [9] - However, the rapid expansion of domestic production capacity and insufficient demand from downstream industries may hinder significant price recovery in the near term [9]

Group 1: Price Increase Overview - The price of titanium dioxide has recently increased, with leading company Longbai Group announcing a price hike of 500 CNY/ton for domestic customers and 70 USD/ton for international customers starting August 18 [2][4] - Over 20 titanium dioxide producers have collectively announced price increases, driven by high raw material costs, particularly titanium ore and sulfuric acid, which have put significant pressure on production costs [4][9] - The overall market sentiment for titanium dioxide is improving, with increased order volumes and a reduction in low-price orders as the "Golden September and Silver October" peak season approaches [5][10] Group 2: Market Dynamics and Demand - The demand for titanium dioxide is primarily concentrated in the coatings, plastics, and paper industries, with steady growth observed in traditional downstream sectors such as coatings and plastics [9] - Emerging markets in Southeast Asia and the Middle East are driving demand growth, with an annual increase of approximately 5%-8%, while the real estate demand in Europe and the U.S. remains under pressure [9] - The first half of the year saw a fluctuating price trend for titanium dioxide, with a significant price drop in the second quarter due to reduced downstream demand and increased inventory pressure [10] Group 3: Company Performance - Longbai Group, the world's largest titanium dioxide producer with an annual capacity of 1.51 million tons, reported a revenue of 13.33 billion CNY in the first half of the year, a decrease of 3.34% year-on-year, and a net profit of 1.39 billion CNY, down 19.53% [10] - Anada reported total revenue of 876 million CNY in the same period, a decline of 10.51%, and a net loss of 26.27 million CNY, attributed to decreased profit margins in titanium dioxide and losses in iron phosphate [10]

Macro News - The Ministry of Commerce spokesperson stated that despite increased risks and challenges in international trade, China's foreign trade has shown steady growth, with a cumulative import and export growth of 3.5% in the first seven months of the year [1] - New policy financial tools with a funding scale of 500 billion yuan are being developed, focusing on emerging industries and infrastructure, including digital economy, artificial intelligence, and green low-carbon sectors [1] - The global focus is on the Jackson Hole central bank conference, where the Federal Reserve Chairman Powell is expected to deliver a key speech regarding future monetary policy [2] Industry News - The National Medical Products Administration announced comprehensive measures to ensure drug safety, including 100% coverage of inspections for selected products in national procurement [3] - A national hydrogen energy vehicle industry measurement testing center is being established to enhance the competitiveness of the hydrogen energy vehicle industry [3] - Titanium dioxide companies are announcing price increases, with Longbai Group raising prices by 500 yuan per ton for domestic customers and 70 USD per ton for international customers starting August 18, 2025 [3][4] Sector Insights - CITIC Securities reports that the market for high-frequency and high-speed resins for AI servers is projected to reach 2.28 billion yuan by 2026, with a CAGR of 85% from 2024 to 2026, indicating significant demand growth [5] - Guojin Securities highlights the rising demand for liquid cooling solutions in AI servers, suggesting opportunities in upstream materials such as fluorinated refrigerants and electronic fluorinated liquids [6] - Huatai Securities notes that the liquor sector is stabilizing, with strong fundamentals among leading companies, suggesting a favorable environment for bottom-fishing investments [6]