（编辑 王雪儿） 证券日报网讯 钒钛股份11月18日在互动平台回答投资者提问时表示，融券标的来源包括证券公司自有 证券、机构投资者出借证券、其他个人投资者提供的证券等多个来源。公司未进行证券出借，经向控股 股东攀钢了解，也未进行证券出借。 ...

Core Viewpoint - Vanadium Titanium Co., Ltd. announced a share repurchase plan, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Group 1 - The company plans to repurchase a total of 36,354,559 shares [1] - This repurchase represents 0.39% of the company's total share capital [1] - The repurchase will be conducted through the Shenzhen Stock Exchange's centralized bidding trading system [1]

Core Viewpoint - Vanadium Titanium Co., Ltd. has completed the business change registration and obtained the registration notice and updated business license from the Panzhihua Market Supervision Administration [2] Group 1 - The company has recently completed the necessary procedures for business change registration [2] - The company has received a registration notice from the Panzhihua Market Supervision Administration [2] - The company has been issued a new business license following the registration process [2]

Group 1: Company Overview - The company focuses on the production and sales of vanadium, titanium, and electricity, with vanadium and titanium as strategic development priorities. Key products include vanadium pentoxide, ferrovanadium, vanadium-nitrogen alloy, vanadium-aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [2]. - In 2024, the company completed the production of 53,400 tons of vanadium products (measured as V2O5), 252,900 tons of titanium dioxide, and 181,800 tons of titanium slag. In the first half of 2025, the production figures were 26,100 tons of vanadium products, 136,200 tons of titanium dioxide, and 94,900 tons of titanium slag [2]. Group 2: Applications of Vanadium Products - Vanadium is a crucial alloying element primarily used in the steel industry and energy storage. Vanadium-containing steel is known for its high strength, toughness, and wear resistance, making it suitable for various industries including machinery, automotive, shipbuilding, railways, bridges, and electronics [3]. - Vanadium is also utilized in the production of vanadium electrolyte, which is essential for all-vanadium redox flow batteries, known for their long lifespan, high safety, and extended storage capabilities, making them a key component in new energy storage solutions [3]. Group 3: Vanadium Battery Industry Development - All-vanadium flow batteries offer advantages such as high power, large capacity, high efficiency, long service life, and safety, making them suitable for large-scale energy storage applications. The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage installations to reach over 180 million kilowatts by 2027, with direct investments of approximately 250 billion yuan, which will benefit the overall development of the energy storage industry [4]. Group 4: Collaboration with Dalian Rongke - The company has established a joint venture with Dalian Rongke to build a 2,000 cubic meters/year vanadium electrolyte production line. The supply of vanadium products to Dalian Rongke is expected to reach approximately 15,000 tons in 2024, accounting for 28% of the company's total vanadium product sales [5]. - A framework agreement for the supply of 20,000 tons of vanadium storage raw materials for 2025 has been signed, with plans to expand cooperation and promote the application of vanadium in the energy storage sector. Additionally, both parties are working on the construction of a 60,000 cubic meters/year electrolyte production line [5].

Core Viewpoint - Vanadium Titanium Co., Ltd. announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Categories Share Buyback Details - The company repurchased a total of 36,354,559 shares, which represents 0.39% of the current total share capital [1] - The highest transaction price during the buyback was 2.96 CNY per share, while the lowest was 2.57 CNY per share [1] - The total amount spent on the buyback was approximately 100,982,925.66 CNY, excluding transaction fees [1]

Core Viewpoint - Vanadium Titanium Co., Ltd. announced a share buyback program, repurchasing 36,354,559 shares, which represents 0.39% of the total share capital, with a total transaction amount of approximately RMB 100.98 million [1] Summary by Categories Share Buyback Details - The company repurchased shares through the Shenzhen Stock Exchange trading system via centralized bidding [1] - The highest transaction price was RMB 2.96 per share, while the lowest was RMB 2.57 per share [1] - The total amount spent on the buyback was RMB 100,982,925.66, excluding transaction fees [1]

Group 1 - The trading volume of Vanadium Titanium Co., Ltd. reached 1.003 billion RMB, marking a new high since December 12, 2024 [2] - The latest stock price decreased by 0.97%, with a turnover rate of 3.53% [2] - The previous trading day's total trading volume for the stock was 724 million RMB [2] Group 2 - Pangang Group Vanadium Titanium Resources Co., Ltd. was established on March 27, 1993, with a registered capital of 9.29497 billion RMB [2]

Group 1 - The company, Vanadium Titanium Co., announced a share buyback of 26,824,559 shares, which represents 0.29% of its total share capital as of August 31, 2025 [1]

Core Viewpoint - The financial performance of Vanadium Titanium Co., Ltd. (钒钛股份) for the first half of 2025 shows significant declines in revenue and profit, indicating challenges in the market and operational adjustments [1][3]. Financial Performance Summary - The total operating revenue for the first half of 2025 was 4.254 billion yuan, a decrease of 40.57% compared to the same period in 2024 [1]. - The net profit attributable to shareholders was -199 million yuan, reflecting a year-on-year decline of 245.15% [1]. - The gross profit margin fell to 4.93%, down 31.84% year-on-year, while the net profit margin turned negative at -5.04%, a decrease of 346.82% [1]. - Total expenses (selling, administrative, and financial) amounted to 126 million yuan, representing 2.95% of revenue, an increase of 116.85% year-on-year [1]. - Earnings per share dropped to -0.02 yuan, a decline of 239.61% compared to the previous year [1]. Reasons for Financial Changes - The decrease in operating revenue by 40.57% was attributed to falling prices of vanadium titanium products and adjustments in business operations [3]. - The operating costs also decreased by 39.09%, influenced by the same operational adjustments [3]. - Sales expenses increased by 32.79% due to higher transportation costs following an increase in the production of chlorinated titanium white [3]. - Financial expenses rose by 59.1% due to reduced exchange gains and other factors [3]. - The net cash flow from operating activities saw a drastic decline of 100.74%, primarily due to reduced cash collections [3]. Business Model and Market Position - The company focuses on the production and sales of vanadium and titanium products, with strategic emphasis on vanadium products, titanium dioxide, and titanium slag [6]. - It has a comprehensive production capacity of 1.85 million tons of titanium concentrate and 44,200 tons of vanadium products annually [6]. - The company is a major domestic producer of vanadium and a key supplier of titanium raw materials in China [6]. Investment Insights - The company's return on invested capital (ROIC) was 2.19% last year, indicating weak capital returns, with a historical median ROIC of 11.68% over the past decade [4]. - The company has experienced five years of losses since its listing, suggesting potential caution for value investors [4]. - The largest fund holding the company's shares is the Dongfang Quantitative Multi-Strategy Mixed A Fund, which holds 68,700 shares [5].

Core Viewpoint - Vanadium Titanium Co., Ltd. held an investor relations event via Tencent Meeting, discussing its business operations, recent performance, and strategic partnerships with several financial institutions [1] Group 1: Business Overview - The company focuses on the production and sales of vanadium, titanium, and electricity, with vanadium and titanium as strategic priorities. Key products include vanadium pentoxide, ferrovanadium, vanadium nitrogen alloy, vanadium aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [1] - In the first half of the year, the company produced 26,100 tons of vanadium products (measured in V2O5), 136,200 tons of titanium dioxide (including 38,200 tons of chlorinated titanium dioxide), and 94,900 tons of titanium slag [1] - Vanadium is primarily used in the steel industry and energy storage, while titanium dioxide serves as a high-performance white pigment used in coatings and plastics [1] Group 2: Financial Performance and Response Measures - The company reported a net loss of 199 million yuan in the first half of the year, mainly due to a decline in vanadium and titanium product prices compared to the same period last year [1] - To address the losses, the company plans to enhance production capacity, optimize product mix based on market demand, and implement cost control measures. It aims to increase the output of vanadium and titanium products and expand sales channels, including new markets in Southeast Asia [1] Group 3: Strategic Partnerships - The company is collaborating with Dalian Rongke to jointly build a 2,000 cubic meter/year vanadium electrolyte production line and has seen a year-on-year increase in vanadium product supply to Dalian Rongke, expected to reach approximately 15,000 tons in 2024, accounting for 28% of the company's total vanadium product sales [1] - A framework agreement for cooperation in vanadium energy storage materials for 2025 has been signed, with an expected total cooperation volume of 20,000 tons [1] - The rapid development of the all-vanadium flow battery market is noted, with 1.12 GWh of projects connected to the grid in the first half of the year and an anticipated additional 1.64 GWh by the end of the year [1]