Core Viewpoint - Titanium metal is gaining traction across various sectors such as aerospace, medical, consumer electronics, and daily life due to its unique advantages like high strength, low density, corrosion resistance, and good biocompatibility. The demand for titanium alloys is expected to enter a period of explosive growth, with a projected demand growth rate of over 10% annually for the next three years. The maturity of 3D printing technology is significantly expanding the application boundaries of titanium alloys, particularly in precision and difficult-to-process parts [1]. Titanium Industry Chain - The global titanium industry can be divided into two main chains: the chemical industry chain (titanium ore → titanium dioxide) and the non-ferrous metal industry chain (titanium ore → sponge titanium → titanium alloys). Titanium dioxide accounts for 82% of global titanium concentrate consumption, primarily used in coatings and plastics, while sponge titanium represents about 11%, mainly used for producing titanium materials and various titanium alloys [1]. Titanium Ore Industry - Titanium ore is categorized into high-grade rutile and low-grade ilmenite, with domestic production primarily from ilmenite found in the Panzhihua region. The domestic titanium ore industry is highly concentrated, with four companies (Pangang Group, Longbai Group, Anning Co., and Chongqing Steel) accounting for over 60% of national output. In 2024, global titanium concentrate production is expected to reach 9.4 million tons, with China producing 3.04 million tons and importing 5.05 million tons, indicating a high dependency on foreign high-grade ores [2]. Sponge Titanium Industry - In 2024, global sponge titanium production is projected to be 320,000 tons, with China contributing 220,000 tons, representing 69% of the global supply. China is a net exporter of sponge titanium, with imports of 101 tons and exports of 5,993 tons. The capacity utilization rate for sponge titanium in China is expected to be 85% in 2024, compared to 78% globally. However, there is an oversupply of low-end sponge titanium capacity, leading to poor profitability, while high-end sponge titanium maintains reasonable profits due to technical and certification barriers [3]. Titanium Processing Materials and Powder Industry - The demand for titanium in aerospace has accelerated, increasing from 4,000 tons in 2011 to 32,200 tons in 2024, with its share of total consumption rising from 8% to 21.3%. In North America and the EU, particularly the U.S., over 50% of titanium product demand comes from aerospace and defense sectors. The consumption of titanium alloys in aerospace and 3C electronics is expected to continue growing rapidly, driving overall titanium material consumption. Additionally, advancements in 3D printing technology have made titanium alloy powder the most used material in 3D printing, accounting for about 20% of the materials used, which will further boost titanium alloy demand [4].

文/Ronald 2022年、2023年、2024年，公司经营活动现金净流量分别为-0.82亿元、-3.15亿元、1.28亿元，呈现出波动较大的特 点。 公司预计2025年度实现营业收入16.50亿元至17.00亿元，较上年增长5.82%至9.03%；归母扣非净利润1.79亿元至1.84亿 元，较上年增长47.46%至51.58%。 | | | | - Pre : 14 /P | | --- | --- | --- | --- | | 项目 | 2025 年度 | 2024 年度 变动比例 | | | 营业收入 | 165,000 至 170,000 155,920.14 | 5. 82%至 9. 03% | | | 归属于母公司所有者的净利润 | 19,500 至 20,000 | 13, 674. 85 42. 60%至 46. 25% | | | 归属于母公司所有者的扣除非经常性损 | 17, 900 至 18, 400 | 12, 138. 52 47. 46%至 51. 58% | | | 益后的净利润 | | | | 二、第二轮问询重点关注公司收入核查充分性及业绩下滑风险 2025年9月12日，第 ...

IPO Review and Registration Progress - Three companies were reviewed for IPO, with two approvals and one deferral. Yongda Co. faced a deferral, while Meidele and Haifiman received approvals [2][3] - Yongda Co. reported a revenue of 361 million yuan for the first three quarters of 2025, a year-on-year decline of 25.16%, and a net profit of 70 million yuan, down 3.34% [2] - Meidele's revenue from products used in the new energy battery sector accounted for about 60% of its main business income, with a high customer concentration [2] - Haifiman specializes in high-end audio products, facing inquiries regarding its technological advancements and acquisition rationality [3] Upcoming IPOs - Three companies are set to present for IPO this week: Zuxing New Materials, Mirui Technology, and Jintai Co., all targeting the Beijing Stock Exchange [4] - Zuxing New Materials has previously attempted IPOs in 2016 and 2020 but withdrew applications. Its revenue for 2022 to 2024 was 629 million, 690 million, and 707 million yuan, with net profits showing fluctuations [4][5] - Mirui Technology's revenue for the first three quarters of 2025 was 549 million yuan, down 0.95%, with a net profit of 51 million yuan, down 12.93% [6] New Stock Listings - Two new stocks were listed last week: Hai'an Group and Nante Technology, with Nante's first-day increase of 183.03% [13][14] - This week, Jingchuang Electric is scheduled to list, with an issue price of 12.1 yuan per share. For the first three quarters of 2025, it reported a revenue of 403 million yuan, up 9.48% [13] Recent IPO Approvals and Terminations - Two IPO registrations were approved: Zhixin Co. and Qiangyi Co. [10] - Zhixin Co. plans to raise 1.329 billion yuan for production line expansion and working capital, while Qiangyi Co. focuses on semiconductor testing hardware [11] - Two IPO applications were terminated due to voluntary withdrawals, including Mingshan Environmental Energy [12] Upcoming New Stock Subscriptions - Two new stocks are set for subscription this week: Muxi Co. and Angrui Micro, both targeting the Sci-Tech Innovation Board [15] - Muxi Co. aims to raise 3.904 billion yuan for GPU development projects, reporting a revenue of 1.236 billion yuan for the first three quarters of 2025, up 453.52% [15] - Angrui Micro plans to raise 2.067 billion yuan for 5G chip development, with a revenue of 1.335 billion yuan and a net loss of 63 million yuan for the same period [16]

Industry Overview - Sponge titanium is a crucial raw material for producing titanium alloys and other titanium materials, characterized by its light gray granular or porous form [2] - The upstream of the sponge titanium industry chain includes titanium ore and other raw materials, while the downstream applications span various sectors such as aerospace, chemical, marine engineering, and medicine [2][4] Production Side - China's sponge titanium production capacity has significantly increased, with output rising from 75,000 tons in 2020 to 256,000 tons in 2024, reflecting strong industry vitality [4][6] - China is the world's largest sponge titanium producer, with its global market share increasing from 58.57% in 2020 to 67.23% in 2024, driven by technological innovations and efficient production processes [4][6] Import and Export - China's trade dynamics for sponge titanium have shifted from a net import to a net export status, with exports reaching 6,000 tons in 2024, a slight increase from the previous year [8] - The average import price of sponge titanium plummeted to 14,600 yuan per ton in 2024, down from 47,900 yuan per ton in 2023, indicating improved competitiveness of Chinese products in the international market [8] Consumption Side - The demand for sponge titanium is primarily driven by the titanium material sector, with apparent consumption growing from 78,700 tons in 2018 to 250,100 tons in 2024, supported by domestic and international market expansion [10] Competitive Landscape - The sponge titanium production capacity is concentrated among a few companies, with the top four firms accounting for 63% of the total capacity, indicating a relatively balanced competitive environment [12] Development Trends 1. Continuous growth in production and demand, with a notable shift towards high-end applications driven by sectors like aerospace and marine engineering [18] 2. Price volatility and cost pressures are prevalent, with significant price increases reported in 2025, while competition intensifies in the mid to low-end product segments [19] 3. Technological innovation and green manufacturing are key drivers for industry upgrades, with companies focusing on energy efficiency and sustainable practices [20]