Group 1 - The company JinTian Titanium Industry (688750.SH) reported a revenue of 318 million yuan for the first half of the year, representing a year-on-year decline of 22.38% [1] - The net profit attributable to shareholders of the listed company was 40.53 million yuan, down 49.71% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 32.32 million yuan, reflecting a year-on-year decrease of 54.90% [1]

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in the previous year [2][3][4]. Company Overview and Financial Indicators - Company Name: Baoji Titanium Industry Co., Ltd. [2] - Major Financial Data: - Revenue: CNY 2.97 billion, down 20.45% year-on-year [2] - Total Profit: CNY 308.73 million, down 42.05% year-on-year [2] - Net Profit attributable to shareholders: CNY 205.48 million, down 49.00% year-on-year [2] - Operating cash flow: CNY 77.74 million, down 84.60% year-on-year [2] - Total Assets: CNY 13.97 billion, up 4.64% from the end of the previous year [2] Business Operations and Industry Analysis - The company is the largest producer and research base for titanium and titanium alloys in China, with products used in aerospace, marine, medical, and consumer goods [3][4]. - The company has a mature production and sales model, focusing on market demand and maintaining stable supplier relationships [3]. - The titanium industry is supported by national policies, with significant market potential in high-end applications such as aerospace and medical fields [3][4]. Management Discussion and Analysis - The company aims to enhance its core competitiveness through technological innovation and market expansion, focusing on high-value sectors [3][4]. - The company has established a comprehensive marketing network and emphasizes customer relationships to maintain market share [3]. - The report indicates a strategic focus on research and development, with significant investments in innovation and quality control [3][4]. Financial Performance Analysis - The company experienced a decrease in sales volume for titanium products, with a production volume of 16,632.81 tons and sales volume of 15,843.50 tons, reflecting a decline of 10.98% year-on-year [6]. - Operating costs decreased by 20.46%, indicating efforts to manage expenses amid declining revenues [6]. - The company reported a significant drop in cash flow from operating activities, primarily due to reduced sales and increased costs [6]. Investment and Future Outlook - The company has plans to enhance its production capabilities through strategic investments, including a recent capital increase in a subsidiary to boost titanium alloy production [6]. - The report emphasizes the importance of adapting to market changes and exploring new applications for titanium products to sustain growth [4][6].

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the 2025 Second Extraordinary General Meeting of Hunan Xiangtou Jintian Titanium Industry Technology Co., Ltd. are in compliance with relevant laws and regulations, ensuring the legitimacy and validity of the meeting [1][4][8]. Group 1: Meeting Procedures - The meeting is scheduled for August 13, 2025, and is convened by the company's board of directors [2][3]. - The meeting notice was disclosed through various channels, including the Shanghai Stock Exchange website, detailing the time, location, agenda, and registration methods [2][3]. Group 2: Attendance and Voting - A total of 138 attendees represented 367,691,218 shares, accounting for 79.5008% of the total voting shares [4][5]. - The meeting utilized both on-site and online voting methods, with specific time slots for each voting method [3][4]. Group 3: Voting Results - The proposal to cancel the supervisory board and amend the company’s articles of association was approved with 367,402,640 votes in favor, representing 99.9215% of the valid votes [5][6]. - Other proposals, including amendments to the rules of the general meeting and the election of non-independent directors, received similar overwhelming support, with approval rates exceeding 99% [5][6][7]. Group 4: Conclusion - The legal opinion concludes that all aspects of the meeting, including the convening procedures, qualifications of attendees, and voting processes, comply with the Company Law, the rules of the general meeting, and the company’s articles of association, confirming their legality and validity [8].

Core Points - The company has decided to cancel the supervisory board and amend its articles of association to enhance corporate governance and compliance with updated regulations [1][2] - The supervisory board's responsibilities will be transferred to the audit committee of the board of directors [1][2] - The company plans to revise its internal control systems in line with regulatory requirements, including the unification of terminology from "shareholders meeting" to "shareholders assembly" [2] - A proposal to convene the third extraordinary general meeting of shareholders in 2025 has been approved, pending necessary approvals from the controlling shareholder [2][3] Group 1 - The board of directors held the 17th temporary meeting and approved the cancellation of the supervisory board with a unanimous vote of 9 in favor [1] - The company will revise its internal control systems to improve governance, with the same unanimous approval [2] - The board has authorized the chairman to determine the timing and details for the upcoming extraordinary general meeting of shareholders [3]

Group 1 - The legal opinion letter is issued for the purpose of the company's upcoming shareholders' meeting scheduled for June 26, 2025, and is based on relevant laws and regulations [1][2] - The company has provided all necessary documents and information to the law firm, ensuring their authenticity and completeness [2][3] - The law firm confirms that the procedures for convening and holding the shareholders' meeting comply with applicable laws, regulations, and the company's articles of association [4][5] Group 2 - The shareholders' meeting was convened by the board of directors, and all shareholders registered by the cut-off date were entitled to attend and vote [5][6] - A total of 555 participants, representing 247,167,924 shares (51.7328% of total shares), attended the meeting either in person or via online voting [5][6] - The voting process was conducted in accordance with the company's articles of association, and the results were verified by representatives and the law firm [6][9] Group 3 - The meeting reviewed and voted on the agenda items as listed in the notice, with no new proposals submitted [6][7] - The voting results showed a high level of agreement on the proposals, with most receiving over 99% approval from attending shareholders [7][8] - The meeting's records were signed by the attendees, ensuring the legitimacy of the proceedings [8][9] Group 4 - The law firm concludes that the convening, attendance, and voting procedures of the shareholders' meeting were all legal and valid [9]

Core Viewpoint - The company announced a cash dividend distribution of 0.084 CNY per share, totaling 38.85 million CNY, approved at the annual shareholders' meeting on April 30, 2025 [1] Dividend Distribution Plan - The cash dividend of 0.084 CNY per share (including tax) will be distributed based on a total share capital of 462,500,000 shares [1] - The dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the registration date [1] Relevant Dates - The announcement includes specific dates for the registration, ex-dividend, and payment of the cash dividend, although these dates are not explicitly listed in the provided text [1] Tax Implications - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in an effective cash dividend of 0.084 CNY per share [2] - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but tax will be calculated and withheld upon the sale of the shares [2] - The actual tax burden varies based on the holding period, with a 20% tax for holdings of one month or less, and a 10% tax for holdings between one month and one year [3] Distribution to Foreign Investors - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.0756 CNY per share [3][4] - Hong Kong investors will also receive a net cash dividend of 0.0756 CNY per share after a 10% withholding tax [4] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board office at 0736-7318996 [4]

Core Viewpoint - The report outlines the verification opinions regarding the listing and circulation of restricted shares from the offline placement of Hunan Xiangtou Jintian Titanium Industry Technology Co., Ltd.'s initial public offering, confirming compliance with relevant regulations and the fulfillment of lock-up commitments by shareholders [1][5]. Summary by Sections 1. Type of Restricted Shares for Listing - The restricted shares for listing are from the offline placement of the initial public offering, totaling 5,829,694 shares, which represents 1.26% of the company's total share capital post-IPO [1][2]. 2. Changes in Share Capital - Since the formation of the restricted shares, there have been no changes in the company's share capital due to profit distribution or capital reserve transfers [2]. 3. Commitments Related to Restricted Shares - Shareholders of the restricted shares have committed to a lock-up period of 6 months from the IPO date, with 10% of their allocated shares subject to this restriction. All shareholders have adhered to these commitments [2][3]. 4. Details of Restricted Shares for Listing - The total number of restricted shares for listing is 5,829,694, with a listing date set for May 20, 2025. This amount constitutes 1.26% of the company's total share capital [3][4]. 5. Verification Opinions from Sponsoring Institutions - The sponsoring institutions have confirmed that all shareholders of the restricted shares have complied with their lock-up commitments, and the listing and circulation of these shares meet the requirements of relevant laws and regulations [4][5].

Core Points - The board of directors and all directors guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming legal responsibility for its content [1] - The financial data for the first quarter of 2025 has not been audited [2] - The company has not identified any significant changes in major accounting data and financial indicators [3] Financial Data - The company reported its financial statements for the first quarter of 2025, including the consolidated balance sheet, profit statement, and cash flow statement, all of which are unaudited [5][6] - The company will not apply new accounting standards or interpretations that would adjust the financial statements for the first year of implementation [6] Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, but no significant changes were noted in the shareholding structure [3] Other Important Information - The company held its eighth board meeting and the fourth supervisory meeting on March 31, 2025, where it approved the issuance of convertible bonds to unspecified targets [4] - The supervisory board confirmed that the preparation and review process of the quarterly report complied with legal and regulatory requirements, and the report accurately reflects the company's actual situation [7]