3.请介绍一下公司和钒储能相关的业务。 公司积极拓展包括钒储能在内的钒在非钢领域的应用，与国 内钒储能领域龙头企业大连融科建立了战略合作关系。一是双方 合资建设有一条 2,000 立方米/年的钒电解液产线，二是积极开展 储能用钒产品的购销合作。2021 年～2024 年，公司向大连融科供 应钒产品量逐年上升，累计已达 2 万余吨（折合五氧化二钒，不 含双方合资公司所需原料），今年来持续向大连融科供应钒产品。 同时，公司正积极开展更大规模电解液产线建设的前期工作。 股票代码：000629 股票简称：钒钛股份 攀钢集团钒钛资源股份有限公司 投资者关系活动记录表 编号：20260108 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 活动参与 人员 1.参与投资者 交银施罗德 谭星星 开源证券 孙二春 2.上市公司参与人员 董事、副总经理、财务负责人、董事会秘书 谢正敏 证券事务代表 石灏南 时间 2026 年 1 月 8 日（星期四）15:00-16:00 地点 腾讯会议 形式 线上交流 交流内容及 具体问答记 录 1.请介绍一下公司主 ...

全球与中国催化转化器钒化学品行业运营动态及投资策略分析报告2025-2031年 -*-*-*-中-*-赢-*-信-*-合-*-研-*-究-*-网-*-*-*-* 【出版机构】：中赢信合研究网 【内容有删减·详细可参中赢信合研究网出版完整信息！】 1 催化转化器钒化学品市场概述 1.1 催化转化器钒化学品产品定义及统计范围 1.2.1 不同产品类型催化转化器钒化学品增长趋势2025 VS 2031 1.2.2 五氧化二钒 1.2.3 草酸氧钒 1.2.4 硫酸氧钒 1.2.5 钒酸钠 1.2.6 偏钒酸铵 1.2.7 偏钒酸钠 1.2.8 偏钒酸钾 1.2.9 四氯化钒和三氯化氧钒 1.2.10 其他 1.3 从不同应用，催化转化器钒化学品主要包括如下几个方面 1.5 全球催化转化器钒化学品供需现状及预测（2019-2031年） 1.3.1 硫酸生产 1.3.2 马来酸酐生产 1.3.3 邻苯二甲酸酐生产 1.3.4 己二酸生产 1.3.5 丙烯酸生产 1.3.6 三元乙丙橡胶生产 1.3.7 其他 1.4 全球与中国发展现状对比 1.4.1 全球发展现状及未来趋势（2019-2031年） 1.4.2 中国生产 ...

Core Viewpoint - Hubei Zhenhua Chemical Co., Ltd. announced that its wholly-owned subsidiary, Chongqing Minfeng Chemical Co., Ltd., has received environmental approval for a new project and signed agreements for relocation and compensation [2][3]. Summary by Sections Relocation Overview - The relocation is in response to the environmental upgrade directives from the Chongqing municipal government, involving the relocation of facilities and equipment from the current site in the northern industrial park of Tongnan District [7]. - The approved project includes seven sub-projects, such as a 200,000 tons/year chromium compound project and a 50,000 tons/year sulfuric acid project [7]. Agreement Details - Chongqing Minfeng signed a relocation asset acquisition agreement with Chongqing Tongnan District Industrial Investment Development Group Co., Ltd., with a total acquisition price of 517.569 million yuan [2][8]. - A separate compensation agreement for machinery and equipment was signed with the management committee of the Tongnan High-tech Industrial Development Zone, amounting to 244.7286 million yuan [2][8]. Payment Schedule - The payment for the acquisition will be made in multiple installments, including an initial payment of 20% upon signing, followed by additional payments based on project milestones [10][11][12][14]. - The total compensation amount for machinery and equipment will also be paid in stages, with 20% due before the new site is unveiled [16][17][18]. Impact on Company Operations - The current operations at the old site are stable, and the relocation will not affect the ongoing production until the new facility is fully operational [19].

Product Overview - The company produces a range of vanadium products including vanadium pentoxide, ferrovanadium, vanadium-nitrogen alloy, vanadium-aluminum alloy, and vanadium electrolyte, with an annual production capacity of 44,200 tons of vanadium products (measured as V2O5) [2][3] - Titanium products include titanium dioxide and titanium slag, with an annual capacity of 300,000 tons of titanium dioxide and 240,000 tons of titanium slag [2][3] Raw Material Supply and Pricing - The main raw materials, titanium concentrate and crude vanadium slag, are sourced from the controlling shareholder, Panzhihua Steel Group, ensuring stable supply [4] - Pricing for crude vanadium slag is based on a cost-plus model, while titanium concentrate is procured partially through market-based pricing [4] Performance Improvement Strategies - The company has implemented cost reduction and efficiency enhancement measures, including pressure on procurement and optimizing product mix based on market demand [5] - Continuous maintenance and expansion of sales channels, with a focus on both existing and new customers to alleviate sales pressure [5] Technological Advancements - The company has developed a 60,000-ton molten salt chlorination titanium dioxide production line, which utilizes low-grade titanium slag from the Panzhihua region, enhancing cost-effective resource utilization [6] Strategic Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the company has established a joint venture for a 2,000 cubic meter/year vanadium electrolyte production line, which has been operating effectively [7] - In 2024, the company plans to supply approximately 15,000 tons of vanadium products to Dalian Rongke, accounting for 28% of its total vanadium product sales for the year [7][8]

Core Viewpoint - The company is focusing on its vanadium project, which primarily produces vanadium pentoxide and ferric chloride, highlighting the potential for high-purity vanadium pentoxide to create low-impurity, stable, and cost-effective electrolyte solutions for high-performance vanadium batteries [1] Group 1 - The main products of the company's vanadium project are vanadium pentoxide and ferric chloride [1] - High-purity vanadium pentoxide can be used to produce ultra-pure and high-performance vanadium battery electrolytes with low impurity content and high stability [1] - The production cost of these high-performance electrolytes is lower compared to alternatives [1]

Group 1 - The company confirmed that its vanadium project primarily produces vanadium pentoxide and ferric chloride, with high-purity vanadium pentoxide being suitable for new energy battery applications, particularly vanadium batteries [2] - High-purity vanadium pentoxide is characterized by low impurity content, high product stability, and low production costs, making it an ideal component for ultra-pure, high-performance vanadium battery electrolytes [2]

Core Insights - The company has significant mineral resources, including 3.821 billion tons of high-quality coal, with 911 million tons of coking coal and 2.908 billion tons of thermal coal [2] - The company is focused on modernizing and digitizing its energy industry while promoting the development of the energy storage sector [2] - The company aims to enhance operational efficiency and profitability through various measures, including cash dividends, share buybacks, and strengthening investor relations [2] Mineral Resources - The company possesses a total of 3.821 billion tons of high-quality coal resources, with 911 million tons of coking coal and 2.908 billion tons of thermal coal [2] - It operates 15 coal mines and has one under construction, with a total production capacity of 21.1 million tons per year [2] - The company has estimated bauxite resources of 11.6 million tons and vanadium pentoxide resources of 158.89 thousand tons, along with three shale gas blocks [2] Development Strategy - The company’s development strategy focuses on consolidating its existing power and coal businesses while enhancing modernization and digitalization [2] - It aims to create new productive forces and promote high-quality development, positioning itself as a leading energy supplier in China [2] Operational Guidelines - The company adheres to a principle of "seeking progress while maintaining stability," focusing on increasing production efficiency and reducing costs [2] - Key projects, such as the Haizetang coal mine, are prioritized for accelerated construction to ensure stable production operations [2] Value Enhancement Measures - The company plans to improve operational efficiency and profitability through cash dividends, share buybacks, and potential mergers and acquisitions [2] - It emphasizes the importance of investor relations management and effective information disclosure to enhance company value and support stock price recovery [2]

Core Viewpoint - Panzhihua City is undergoing a transformation towards a green and low-carbon economy, aiming for significant reductions in carbon emissions and a shift in industrial structure by 2035 [3][4][11] Group 1: Goals and Targets - By 2027, the proportion of non-fossil energy consumption is expected to exceed 33% [3] - By 2030, revenue from green and low-carbon industries is projected to account for over 35% of the industrial output of scale [3] - By 2035, a basic establishment of a green, low-carbon, and efficient ecological economic system is targeted [3] Group 2: Industrial Transformation - The industrial structure of Panzhihua has shifted from being heavily reliant on coal, which accounted for 78% of industrial added value over a decade ago, to a more diversified and sustainable model [4][5] - The local government has taken decisive actions, including the closure of 133 polluting enterprises and the elimination of 13 outdated capacity enterprises [5] - The focus is on developing new materials, new energy, and resource recycling, with a goal to create a circular economy [5][6] Group 3: Renewable Energy Initiatives - Panzhihua is actively pursuing the development of solar energy, with projects like the first commercial hydrogen production project using solar technology, aiming for an annual production capacity of 12,000 tons of green hydrogen [6] - The region's energy consumption is projected to be around 16.5 million tons of standard coal by 2024, with fossil energy's share decreasing from 74% to 67% [6] Group 4: Rural Development and Zero-Carbon Villages - Several villages in Panzhihua, such as Xigeda Village, are being developed as "zero-carbon" villages, utilizing solar energy for various applications [7][10] - The economic benefits of solar energy are evident, with households generating significant income from solar power sales [10] Group 5: Future Plans - The city plans to continue adjusting its industrial structure, focusing on the intelligent transformation of traditional industries like steel and chemicals [11] - There is an emphasis on promoting multi-energy complementary development, including wind, solar, and hydrogen energy [11]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue and profit growth driven by the expanding chromium salt industry and strategic capacity expansion and acquisitions [1][3][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 2.19 billion yuan, a year-on-year increase of 10.17%, and a net profit attributable to shareholders of 298 million yuan, up 23.62% year-on-year [1]. - For Q2 2025, the company recorded a single-quarter revenue of 1.17 billion yuan, reflecting a year-on-year growth of 12.52% and a quarter-on-quarter increase of 14.71%. The net profit for Q2 was 181 million yuan, up 16.12% year-on-year and 53.82% quarter-on-quarter [1]. - The company’s three main product segments saw significant growth in production and sales, with heavy chromium salt production increasing by 46.46%, chromium oxide by 3.00%, and chromium salt co-production products decreasing by 7.23% [1]. Group 2: Cost and Cash Flow - The company maintained stable expenses, with sales, management, finance, and R&D expense ratios at 0.97%, 7.18%, 0.69%, and 4.00% respectively, showing slight year-on-year changes [2]. - The net cash flow from operating activities was 3.14 million yuan, a significant decrease from the previous year, primarily due to a 99.16% increase in cash expenses [2]. - Despite the limited cash flow from operations, the company ended the period with 237 million yuan in cash and cash equivalents, higher than previous years [2]. Group 3: Expansion and Strategic Initiatives - The company is advancing the construction of the Chongqing Minfeng "Chromium-Titanium New Materials Project," which will add 200,000 tons of chromium salt and other products upon completion [3]. - The company was designated as the sole restructuring investor for the Xinjiang Shenhong Group, which is expected to enhance its production capacity and product competitiveness [3]. - As the largest producer of chromium chemicals and vitamins globally, the company aims to increase its market share and pricing power through capacity expansion and acquisitions, thereby strengthening its competitive moat [3]. Group 4: Profit Forecast - The company forecasts net profits attributable to shareholders of 695 million yuan, 849 million yuan, and 998 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.98, 1.19, and 1.40 yuan [4]. - The current stock price corresponds to PE ratios of 19.1, 15.7, and 13.3 for the years 2025, 2026, and 2027, respectively, indicating a "buy" investment rating [4].

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company has experienced significant revenue growth driven by the expansion of the chromium salt industry, with a 10.17% year-on-year increase in total revenue to 2.19 billion yuan in the first half of 2025 [1] - The company is benefiting from a favorable market environment characterized by demand expansion and orderly supply, particularly in new application areas such as gas turbines and military industries [1] - The company is actively expanding its production capacity and pursuing acquisitions to strengthen its market position and enhance its competitive edge [6] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 298 million yuan, representing a year-on-year increase of 23.62% [1] - For Q2 2025, the company reported a revenue of 1.17 billion yuan, up 12.52% year-on-year and 14.71% quarter-on-quarter [1] - The average selling prices for key products showed mixed trends, with heavy chromium salt at 9,887.96 yuan per ton, chromium oxide at 20,738.79 yuan per ton, and chromium salt co-production products at 11,055.19 yuan per ton [1] Cost and Cash Flow - The company's expense ratios for sales, management, finance, and R&D were 0.97%, 7.18%, 0.69%, and 4.00%, respectively, with R&D expenses increasing due to higher costs of materials and fuel [2] - The net cash flow from operating activities was 3.14 million yuan, significantly lower than the previous year, primarily due to a 99.16% increase in cash expenses [2] Capacity Expansion and M&A - The company is advancing the construction of a new chromium-titanium materials project in Chongqing, which will add significant production capacity across various products [6] - The company has been designated as the sole investor in the restructuring of Xinjiang Shenhong Group, which is expected to enhance its production capacity and product competitiveness [6] Profit Forecast - The company is projected to achieve net profits of 695 million yuan, 849 million yuan, and 998 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.98 yuan, 1.19 yuan, and 1.40 yuan [7][9]