Core Points - The company completed the election of the ninth board of directors and appointed senior management, internal audit head, and securities affairs representative on August 4, 2025 [1][2][3] Board Composition - The ninth board consists of five directors, including three non-independent directors and two independent directors [1][2] - The independent directors meet the qualifications and independence requirements as per the regulations [2] Board Committees - The board has established several specialized committees: Strategy and ESG Committee, Compensation and Assessment Committee, Audit Committee, and Nomination Committee [2] - Independent directors hold a majority in the Audit Committee, Nomination Committee, and Compensation and Assessment Committee [2] Senior Management Appointments - The company appointed Guo Yanjun as General Manager, Lang Hui as Deputy General Manager, Xin Yi as Board Secretary, Tian Jianzhong as Chief Financial Officer, Jie Feng as Internal Audit Head, and Shi Yike as Securities Affairs Representative [4][10][12] - All appointed individuals meet the necessary qualifications and do not fall under any disqualifying conditions as per relevant laws and regulations [4][10][12]

金浦钛业（SZ 000545，收盘价：2.71元）8月4日晚间发布公告称，公司第九届第一次董事会会议于 2025年8月4日以通讯方式召开。会议审议了《关于选举公司第九届董事会董事长的议案》等文件。 2024年1至12月份，金浦钛业的营业收入构成为：钛白粉行业占比97.24%，供应链占比2.01%，其他行 业占比0.75%。 （文章来源：每日经济新闻） ...

Group 1 - The company, Zhongke Titanium White (002145.SZ), announced a share buyback program, having repurchased a total of 57,115,450 shares, which represents 1.5004% of its total share capital as of July 31, 2025 [1] - The highest transaction price during the buyback was 4.39 CNY per share, while the lowest was 4.12 CNY per share [1] - The total amount spent on the share buyback reached 245 million CNY, excluding transaction fees [1]

Company Performance Overview - The total operating revenue for the company in the first half of 2025 was 876 million yuan, a year-on-year decrease of 10.51% [2] - The net profit attributable to shareholders was -26.27 million yuan, a year-on-year decline of 158.08% [2] - The net profit after deducting non-recurring items was -28.14 million yuan, a year-on-year decrease of 163.19% [2] - In Q2 alone, the operating revenue was 402 million yuan, down 21.4% year-on-year, with a net profit of -16.01 million yuan, a decline of 159.94% [2] Profitability Analysis - The company's gross margin was 0.33%, a decrease of 95.43% year-on-year [3] - The net profit margin was -4.28%, down 240.42% year-on-year [3] - The gross margin for titanium dioxide products was 3.05%, while the gross margin for iron phosphate products was -6.23%, indicating losses in the latter [3] Cost and Expense Control - Total selling, administrative, and financial expenses amounted to 19.41 million yuan, accounting for 2.22% of revenue, an increase of 98.63% year-on-year [4] - The rise in financial expenses was primarily due to a decrease in exchange gains and interest income [4] Cash Flow and Financial Position - The operating cash flow per share was -0.51 yuan, an increase of 38.17% year-on-year, but still negative, indicating insufficient cash inflow from operations [5] - Cash and cash equivalents were 371 million yuan, an increase of 9.69% year-on-year [5] - Accounts receivable stood at 294 million yuan, representing 2612.42% of the latest annual net profit, indicating a significant collection risk [5] Main Business Composition - Revenue from titanium dioxide products was 575 million yuan, accounting for 65.61% of total revenue, with a gross margin of 3.05% [6] - Revenue from iron phosphate products was 268 million yuan, making up 30.65% of total revenue, with a gross margin of -6.23% [6] - Other business revenue was 32.76 million yuan, accounting for 3.74% of total revenue, with a gross margin of 6.43% [6] Industry and Market Environment - The titanium dioxide industry is currently affected by weak real estate demand, leading to a contraction in market demand [7] - The titanium dioxide market experienced price fluctuations in the first half of 2025, with prices rising from January to March and then falling from April to June [7] - The iron phosphate industry benefits from "carbon peak and carbon neutrality" policies, resulting in strong market demand, but faces intense competition and low prices [7] Summary - Overall, the company's performance in the 2025 mid-year report was poor, with a significant decline in profitability, cash flow issues, and accounts receivable collection risks warranting attention [8]

每经记者｜张宝莲 每经编辑｜文 多 7 月 30 日 ，安 纳 达（SZ002136，股价10.36元，市值22.28亿元）披露2025年半年报。财报数据显示， 上半年，安纳达实现营业收入8.76亿元，同比下降10.51%，归母净利润为亏损2626.78万元，同比由盈 转亏，同比降幅达158.08%。 安纳达2025年半年报显示，公司主要产品为钛白粉和磷酸铁。公司的钛白粉类型主要为金红石型钛白 粉、锐钛型钛白粉等。磷酸铁主要应用于磷酸铁锂电池材料等，终端产品应用于汽车、船舶、储能等涉 及新能源的行业。 《每日经济新闻》记者了解到，目前，钛白粉被认为是世界上性能最好的白色颜料，自2009年开始，中 国成为全球钛白粉第一生产大国和消费大国，并保持至今。60%的钛白粉需求来自涂料行业，与下游的 房地产、包装材料、塑料及汽车等行业的发展密切相关。 当前房地产行业处于深度调整期，这使得建筑涂料需求收缩。数据显示，2025年上半年，全国钛白粉产 量为239.53万吨，与去年同期基本持平，但价格出现"冲高回落"走势。 具体来看，今年1月下旬，钛白粉价格止跌回升，整个一季度，钛白粉市场迎来三轮涨价潮。但到3月下 旬，市场接单 ...

Core Viewpoint - Anada, a leading titanium dioxide producer, reported a net loss of 26.27 million yuan in the first half of 2025, marking a significant decline in both revenue and profit margins due to intensified market competition and reduced demand in the real estate sector [1][4]. Financial Performance - The company's total revenue for the first half of 2025 was 876 million yuan, a decrease of 10.51% year-on-year [1][8]. - The net profit turned into a loss of 26.27 million yuan, representing a year-on-year decline of 158.08% [1]. - Revenue from titanium dioxide products was 575 million yuan, accounting for 65.61% of total revenue, down 19.65% year-on-year [6][8]. - The gross margin for titanium dioxide products fell by 8.49 percentage points to 3.05% [6]. Product Overview - Anada's main products are titanium dioxide and iron phosphate, with titanium dioxide being the primary revenue driver [2][3]. - Titanium dioxide is crucial for various industries, with 60% of its demand coming from the coatings sector, closely linked to the real estate and automotive industries [3]. - Iron phosphate, primarily used in lithium iron phosphate battery materials, has seen a revenue increase of 4.23% year-on-year, but its gross margin has dropped to -6.23% [6][9]. Market Conditions - The titanium dioxide market experienced a "high-to-low" price trend, with prices peaking in early 2025 before declining due to reduced market demand and increased inventory pressure [6][7]. - The real estate sector's downturn has led to a contraction in demand for construction coatings, further impacting titanium dioxide sales [4]. Competitive Landscape - The iron phosphate market has become increasingly competitive, with many titanium dioxide producers entering the sector, leading to oversupply and declining prices [9]. - Iron phosphate prices have fallen from 15,000-18,000 yuan per ton at the beginning of 2023 to 10,000-11,500 yuan per ton in 2025, affecting profitability [9]. Strategic Response - Anada plans to closely monitor national policies and industry trends to enhance market analysis and optimize product structure in response to the challenging market environment [9].

天风证券研报表示，亏损程度高、行业集中度高、老旧产能占比高、开工率高的细分化工行业，或将会 更容易作为化工行业"反内卷"的突破口，以最短的路径实现目标。根据上述化工领域多维度数据筛选， 纯碱、氨纶、染料（活性染料、分散染料）、煤化工（DMF、己内酰胺、辛醇、尿素、醋酸酯等）、 聚氨酯（TDI、MDI）、钛白粉、有机硅等行业大类，同时满足至少2条以上筛选标准，建议高度关 注。 ...

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Anhui Annada Titanium Industry Co., Ltd. in the first half of 2025, with a significant decline in revenue and net profit compared to the previous year, primarily due to weak demand in the downstream market and increased competition in the titanium dioxide industry [2][3][4]. Company Overview and Financial Indicators - Anhui Annada Titanium Industry Co., Ltd. is listed on the Shenzhen Stock Exchange under the stock code 002136, with a focus on the production and sale of titanium dioxide and iron phosphate products [2]. - The company reported a revenue of approximately CNY 875.93 million in the first half of 2025, a decrease of 10.51% compared to CNY 978.81 million in the same period last year [3][19]. - The net profit attributable to shareholders was a loss of CNY 26.27 million, a decline of 158.08% from a profit of CNY 45.23 million in the previous year [3][19]. - The company’s basic earnings per share were -0.1222, down from 0.2103 in the previous year, indicating a significant drop in profitability [3][19]. Industry Analysis - The titanium dioxide industry in China has seen rapid growth since the mid-1990s, with production increasing from 140,000 tons in 1998 to 4.766 million tons in 2024 [4]. - In the first half of 2025, China's titanium dioxide production was approximately 2.3953 million tons, remaining stable compared to the previous year [4]. - The market for titanium dioxide is influenced by the performance of downstream industries such as real estate, packaging materials, plastics, and automotive, with current demand being affected by a slowdown in the real estate sector [4][5]. Market Conditions - The titanium dioxide market experienced two phases in the first half of 2025: an initial price increase due to supply-demand imbalances followed by a decline in prices due to high inventory levels and reduced market activity [4][5]. - Domestic demand for titanium dioxide has been limited, with a reported decrease in exports by 5.75% year-on-year, totaling 916,600 tons in the first half of 2025 [5][6]. Product and Business Model - The company primarily produces rutile and anatase titanium dioxide, which are used in various industries including coatings, plastics, and paper [8][9]. - The production process involves purchasing titanium concentrate and using the sulfate method for processing [9]. - The company has also ventured into the production of iron phosphate, which is a key material for lithium iron phosphate batteries, benefiting from the growth in the new energy vehicle sector [6][10]. Competitive Position - As one of the few publicly listed titanium dioxide manufacturers in China, the company holds a competitive edge in product quality and has established a strong brand presence in the market [10][12]. - The company has invested in technology and innovation, holding multiple patents and collaborating with universities for research and development [10][14]. Future Outlook - The company aims to enhance its product competitiveness through technological upgrades and cost reduction strategies, while also expanding its market presence in both domestic and international markets [12][13]. - The growth of the new energy sector is expected to drive demand for iron phosphate, positioning the company favorably for future opportunities [6][10].

第七届董事会第二十次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 安徽安纳达钛业股份有限公司（以下简称"公司"）董事会于 2025 年 7 月 19 日以邮件及送达的方式发出召开第七届董事会第二十次会议通知，2025 年 7 月 决的董事 5 名，实际出席会议参与表决的董事 5 名，会议由公司董事长刘军昌先 生主持，公司监事、高管人员列席了会议。本次会议的召集、召开符合《公司法》 和《公司章程》的有关规定。 证券代码：002136 证券简称：安纳达 公告编号：2025－35 安徽安纳达钛业股份有限公司 《中国证券报》、巨潮资讯网（www.cninfo.com.cn）。 三、备查文件 经与会董事签字并加盖董事会印章的第七届董事会第二十次会议决议 特此公告 安徽安纳达钛业股份有限公司 董 事 会 二 0 二五年七月三十一日 准备》的议案。 公告详细情况见《证券时报》、 二、董事会会议审议情况 告全文及摘要》。 公告详细情况见《证券时报》、 《中国证券报》、巨潮资讯网（www.cninfo.com.cn）。 ...

Financial Performance - The company's operating revenue for the reporting period was 875.93 million yuan, a decrease of 10.51% compared to the same period last year [1][3] - The net profit attributable to shareholders was a loss of 26.27 million yuan, representing a decline of 158.08% year-on-year [1][3] - The net profit after deducting non-recurring gains and losses was a loss of 28.14 million yuan, down 163.19% from the previous year [1][3] - The net cash flow from operating activities was -109.79 million yuan, an improvement of 38.17% compared to -177.56 million yuan in the previous year [1] - Basic and diluted earnings per share were both -0.1222 yuan, a decrease of 158.11% from 0.2103 yuan in the same period last year [1] - The weighted average return on equity was -2.24%, down 6.00% from 3.76% in the previous year [1] Industry Context - Domestic titanium dioxide production remained stable compared to last year, with the market currently facing intensified supply-side competition and tightening downstream demand [2] - The company is focusing on enhancing product competitiveness through project construction, process optimization, and technological iteration [2] - The domestic phosphate iron industry is experiencing rapid growth, characterized by both external competition and internal quality improvement and cost reduction efforts [2] - The company aims to adapt to market changes by promoting technological upgrades, emphasizing energy conservation, and focusing on quality control [2]