Group 1 - The company approved a guarantee limit of up to RMB 1.259 billion for itself and its subsidiaries to support the business operations of its subsidiaries [1] - The company will adjust the guarantee amounts for its subsidiaries, Nanjing Titanium White Chemical Co., Ltd. and Nanjing Titanium White International Trade Co., Ltd., while maintaining the total guarantee limit [2] - The asset-liability ratios for both subsidiaries exceed 70%, and the internal adjustment complies with the Shenzhen Stock Exchange's self-regulatory guidelines [2] Group 2 - Prior to the adjustment, the guarantee amounts were RMB 400 million for Nanjing Titanium White and RMB 50 million for Nanjing Titanium White International Trade [2] - After the adjustment, the guarantee amounts will be RMB 370 million for Nanjing Titanium White and RMB 80 million for Nanjing Titanium White International Trade, keeping the total guarantee amount unchanged at RMB 450 million [2] - The company confirmed that there will be no changes to the guarantee limits for the year 2025 beyond the aforementioned adjustments [2]

Group 1 - The Indian Ministry of Finance has imposed anti-dumping duties on titanium dioxide products from China, ranging from $460 to $681 per ton, effective for five years [1] - The export structure for Chinese titanium dioxide is expected to change, with India accounting for 16% of China's total exports in 2024, approximately 300,000 tons, and 20% in the first quarter of 2025, approximately 100,000 tons [1] - The competitive landscape among companies will begin to differentiate, with Longbai Group benefiting from the lowest tax rate, while smaller companies may lose market share in India due to higher duties [1] Group 2 - The anti-dumping duties will alter the supply dynamics in the Indian titanium dioxide market, which currently relies on Chinese imports for 65% of its total supply [2] - The price increase of Chinese titanium dioxide due to the duties may lead to higher costs for downstream industries in India, such as coatings and plastics [2] - In the short term, Chinese exports to India may decrease, and companies may pause shipments, while in the long term, there will be a push for global diversification and expansion into markets along the Belt and Road Initiative [2] Group 3 - The imposition of anti-dumping duties reflects an increase in international trade friction, suggesting that Chinese titanium dioxide companies may face more trade barriers from other countries in the future [3] - The industry may undergo consolidation and reshuffling, with larger companies having a better chance of surviving market competition, while smaller firms may face the risk of elimination [3] - To cope with trade barriers and competition, Chinese titanium dioxide companies need to enhance technological innovation and industry upgrades, focusing on improving production efficiency and sustainability [3]

Group 1 - The core point of the article is that China Nuclear Titanium Dioxide has officially abandoned its ambitious lithium battery project, which reflects a broader trend of retreat within the industry due to changing market conditions and financial challenges [1][2][3] - The company decided to terminate the 500,000-ton phosphate iron project initiated in 2021, reallocating the remaining 1.666 billion yuan of raised funds to supplement working capital [1] - The project, which had a total investment of 3.83 billion yuan, consumed 1.309 billion yuan and achieved only 100,000 tons of capacity before being completely abandoned [1] Group 2 - The retreat of China Nuclear Titanium Dioxide is part of a collective action within the titanium dioxide industry, where many companies had rushed into the phosphate iron sector due to the byproduct of ferrous sulfate from their production processes [2] - The market environment has deteriorated rapidly, with phosphate iron prices dropping from 15,000-18,000 yuan per ton at the beginning of 2023 to 10,000-11,000 yuan per ton, a decline of over 30% [2] - The industry is facing a common dilemma of overcapacity, with effective capacity in the phosphate lithium sector surging from 500,000 tons in 2021 to 4.5 million tons in 2024, while capacity utilization plummeted from over 90% to 55% [2] Group 3 - The terminated phosphate iron project was funded by a problematic private placement completed in February 2023, which raised a total of 5.288 billion yuan and involved 16 prestigious institutional investors [3] - The private placement led to significant controversy, with the actual controller facing penalties for violating regulations related to the issuance of shares and information disclosure [3] - The case has become a significant example following the release of new regulatory measures, highlighting the risks associated with low-quality battery capacity construction in the phosphate iron sector [3]

昔日凭借上游原材料优势强势入局磷酸铁锂行业的钛白粉企业，正接二连三叫停此前跨界项目。 6月3日，中核钛白发布公告称，拟终止公司2021年度非公开发行股票募集资金投资的部分项目，并将前述募集资金投资项目剩余募集资金永 久补充流动资金，用于公司日常生产经营及业务发展。 | | | 单位: 兀 | | --- | --- | --- | | 募集资金投资项目 | 累计投入募集资金 | 剩余募集资金金额 | | 水溶性磷酸一铵(水溶 肥) 资源循环项目 | 232, 487, 803. 24 | 373, 267, 410. 27 | | 年产 50 万吨磷酸铁项目 | 1.308.926,311.51 | 1.292. 969. 192. 56 | | 合计 | 1.541.414.114.75 | 1.666.236,602.83 | 进度方面，截至目前，该项目已完成基础工程设计；规划场地平整；建成公辅装置、年产10万吨磷酸铁生产装置以及配套环保装置。 且年产 10万吨磷酸铁生产装置已投入运行，产品已实现市场化销售。 在起点锂电看来，目前磷酸铁锂市场的竞争已从产能转向质量和技术竞争，低端产能将持续过剩，高端产能诸 ...

Core Viewpoint - Zhongke Titanium White (002145.SZ) has made a significant adjustment to its lithium battery cross-industry investment by terminating its project for an annual production of 500,000 tons of iron phosphate due to changes in market supply and demand dynamics, with plans to use the remaining 1.666 billion yuan of raised funds to enhance liquidity [1][4]. Company Summary - Zhongke Titanium White announced the termination of its iron phosphate project, which was initially planned for an investment of 3.82 billion yuan and expected to be operational by November 2024 [1][4]. - The company has already invested 1.3 billion yuan in the iron phosphate project, with a first phase capacity of 100,000 tons completed in 2023, currently in the new product validation stage [1]. - The capacity utilization rate for the iron phosphate project was less than 2% last year, significantly lower than the approximately 83% utilization rate for its titanium dioxide products [1]. Industry Summary - Since 2021, several titanium dioxide companies, including Zhongke Titanium White, Longbai Group (002601.SZ), and Jinpu Titanium Industry (000545.SZ), have announced substantial investments in the lithium battery sector, particularly in iron phosphate projects [5]. - The production of titanium dioxide generates significant by-products like ferrous sulfate, which can be used as a raw material for iron phosphate, allowing these companies to reduce costs compared to those sourcing iron externally [5][6]. - However, many of these projects have been postponed or terminated due to oversupply in the domestic iron phosphate market, leading to uncertain profitability [7]. - The price of iron phosphate has dropped from 15,000-18,000 yuan per ton at the beginning of 2023 to 10,000-11,000 yuan per ton, a decline of over 30% [8]. - Analysts indicate that most iron phosphate companies are currently operating at a loss, with some lower-end capacities facing the risk of elimination [8]. - Other companies, such as Huiyun Titanium Industry and Jinpu Titanium Industry, have also halted their iron phosphate investments due to market conditions [9].

机构专用席位卖出额排名：圆通速递(1.01亿元)、宁德时代(5978.55万元)。 成交价方面，共8只股票平价成交，4只股票溢价成交，47只股票折价成交；中核钛白、东鹏控股、孚能 科技溢价率居前，溢价率依次为9.77%、5.75%、0.46%；恒拓开源、美迪西、中创股份折价率居前，折 价率依次为34.01%、27.51%、22.81%。 机构专用席位买入额排名：山子高科(1.87亿元)、航宇微(1.12亿元)、华联股份(6330万元)、德明利 (4289.13万元)、科安达(3413.82万元)、中电港(2749.5万元)、尚太科技(2688.88万元)、四川双马(2387.53 万元)、光环新网(1852.31万元)、泰永长征(1774.5万元)、长青科技(1666.21万元)、盛洋科技(1402.51万 元)、德邦科技(1132.5万元)、圆通速递(1015.2万元)、楚天龙(845.46万元)、易瑞生物(802.92万元)、朗坤 科技(799.13万元)、长盈通(783万元)、征和工业(766.57万元)、科美诊断(576.8万元)、山西焦煤(531.83万 元)、雄塑科技(359.66万元)、徕木股份 ...

中核钛白（002145）公告，公司于2025年3月12日董事会审议通过回购股份方案，计划以不超过5.98元/ 股的价格回购不超过5亿元股份。截至2025年5月22日，公司累计回购4060.55万股，占公司总股本的 1.0490%，最高成交价4.39元/股，最低成交价4.18元/股，使用资金总额1.76亿元(不含交易费用)。 ...

Core Viewpoint - The company held an online performance briefing for the fiscal year 2024 and the first quarter of 2025, emphasizing its commitment to investor communication and transparency [1]. Financial Performance - The company's revenue for the first quarter of 2025 was 481,734,744.75 yuan, with a net profit attributable to shareholders of 10,256,415.31 yuan [5]. - For the fiscal year 2024, the company's operating revenue was 1,532,025,057.96 yuan, while the operating cost was 1,660,081,346.73 yuan [3]. Environmental Commitment - In 2024, the company's environmental expenditure was 13,227.19 million yuan, accounting for 7.97% of total revenue [2]. - The company is recognized as a clean production enterprise in Guangdong Province and emphasizes green development and pollution control measures [2]. Debt Management - The company's financial liabilities for 2024 amounted to 152,675.41 yuan, with other changes totaling 36,064,723.01 yuan, primarily related to bank acceptance bills [3]. - The company plans to optimize its debt structure and adjust its debt management strategy to reduce financial costs [3]. Industry Overview - In 2024, China's titanium dioxide production capacity reached 6.117 million tons, with a year-on-year growth rate of 11.08% [7]. - The total output of 42 full-process titanium dioxide enterprises was 4.766 million tons, an increase of 14.57% compared to the previous year [7]. - China's titanium dioxide exports reached approximately 1.9017 million tons in 2024, a year-on-year increase of 15.84% [7]. Future Outlook - The demand for titanium dioxide is expected to grow due to its applications in various industries, including photovoltaic, new energy, and catalysis [9]. - The company aims to enhance its production efficiency and product quality through technological innovation and industry upgrades [9]. - The company is focused on exploring potential mergers and acquisitions within the titanium dioxide industry to enhance its performance [4][5].

证券代码：300891 公司简称：惠云钛业 公告编号：2025-038 债券代码：123168 债券简称：惠云转债 广东惠云钛业股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 开2024年年度股东大会，审议通过了《关于公司2024年度利润分配预案的议 案》。本次权益分派的实施距离股东大会通过权益分派方案的时间未超过两个 月； 披露于巨潮资讯网（http://www.cninfo.com.cn）的《关于实施权益分派期间惠云 转债暂停转股的公告》（公告编号：2025-036）； （含税），合计派发现金3,973,662.36元，本次不送红股、不进行资本公积金转 增股本； 折算的每10股现金分红为0.099339元（保留到小数点后六位，最后一位直接截 取，不四舍五入），据此计算的除权除息参考价为本次权益分派股权登记日收 盘价减去0.0099339元/股； 一、股东大会审议通过权益分派方案情况 东大会审议通过，具体内容为：以2024年权益分派股权登记日的总股本（扣除 回购账户的股数）为基数，向全体股东每10股派发现金红利0.1元（含税），不 ...

证券代码：300891 证券简称：惠云钛业 债券代码：123168 债券简称：惠云转债 广东惠云钛业股份有限公司 投资者关系活动记录表 1 编号：2025-037 投资者关系活 动类别 □特定对象调研□分析师会议 □媒体采访√业绩说明会 □新闻发布会□路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称 及人员姓名 线上参与公司"2024 年度暨 2025 年第一季度网上业绩说明 会"的投资者 时间 2025 年 5 月 21 日 (周三) 下午 15:30~17:00 地点 公 司 通 过 全 景 网 " 投 资 者 关 系 互 动 平 台 " （https://ir.p5w.net）采用网络远程的方式召开业绩说明 会 上市公司接待 人员姓名 1、惠云钛业董事长钟镇光 2、惠云钛业董事、总经理、总工程师何明川 3、惠云钛业副董事长、副总经理钟熹 4、惠云钛业董事、副总经理、财务总监赖庆妤 5、惠云钛业 董事、副总经理叶胜 6、惠云钛业 副总经理、董事会秘书钟怡 7、惠云钛业 独立董事熊明良 8、东莞证券保荐代表人郭文俊 9、东莞证券 保荐代表人郭彬 投资者提出的主要问题及公司回复情况 公司就 ...