惠云钛业于2020年9月17日在深交所创业板上市，公开发行股票10,000万股，全部为新股发行，本 次发行不设老股转让，发行价格为3.64元/股。惠云钛业的保荐机构为东莞证券股份有限公司，保荐代 表人孔令一、郭文俊。 惠云钛业首次公开发行的募集资金总额为36,400.00万元，扣除发行费用后的发行募集资金净额为 32,439.58万元。公司2020年9月14日披露的招股说明书显示，公司拟募集资金32,439.58万元，用于8万 吨/年塑料级金红石型钛白粉后处理改扩建项目、循环经济技术改造项目、研发中心建设项目、信息化 运营中心建设项目。 惠云钛业首次公开发行费用总额为3,960.42万元，其中承销及保荐费为2,730.00万元。 经中国证券监督管理委员会《关于同意广东惠云钛业股份有限公司向不特定对象发行可转换公司债 券注册的批复》（证监许可〔2022〕1829号）核准，广东惠云钛业股份有限公司（以下简称"公司"）于 2022年11月23日公开发行490.00万张可转换公司债券，期限6年，每张面值100.00元，募集资金总额为 490,000,000.00元，扣除发行费用人民币11,588,780.39元，募集 ...

Core Viewpoint - The company Huayun Titanium Industry (300891.SZ) announced a share reduction plan by its controlling shareholder and actual controller, which will not affect the company's control or governance structure [1][4]. Share Reduction Plan - The controlling shareholder, Zhong Zhengguang, and the associated party, American Wanbang, plan to reduce their holdings by up to 11,920,900 shares, representing 2.9802% of the total share capital [1]. - The reduction will occur within three months after a 15-trading-day period following the announcement, using both centralized bidding and block trading methods [2]. Breakdown of Share Reduction - Of the total planned reduction, up to 3,973,662 shares will be sold through centralized bidding, with Zhong Zhengguang reducing up to 1,402,900 shares and American Wanbang up to 2,570,762 shares [2]. - American Wanbang will also reduce up to 7,947,238 shares through block trading [2]. Purpose and Source of Shares - The reason for the share reduction is for personal financial arrangements, and the shares being sold were acquired before the company's initial public offering (IPO) [3]. Impact on Company Control - The planned share reduction will not lead to a change in the company's control or affect its governance structure and ongoing operations [4]. Historical Context - Huayun Titanium Industry was listed on the Shenzhen Stock Exchange on September 17, 2020, with an IPO of 10 million shares at a price of 3.64 yuan per share, raising a total of 364 million yuan [5][6]. - The company has raised a total of 850 million yuan through its IPO and convertible bond issuance [8]. Financial Performance - The company's net profit for 2021 was the highest to date, with net profits from 2016 to 2024 showing fluctuations, including a net profit of 0.14 billion yuan in 2024 [8]. - The company's total revenue for the year ending December 31, 2024, was reported at 1.66 billion yuan [9].

Core Insights - Guangdong Huiyun Titanium Industry Co., Ltd. reported a revenue of 1.66 billion yuan and a net profit of 4.42 million yuan for the year 2024 [1] - In the first quarter of 2025, the company achieved a revenue of 482 million yuan, representing a year-on-year growth of 19.29%, with a net profit of 10.26 million yuan, surpassing the entire net profit of the previous year [1] - Industry experts suggest that companies with technological innovation, industry chain integration, market expansion, and environmental response capabilities will have a competitive advantage in the titanium dioxide market [1] Financial Performance - For 2024, Huiyun Titanium's revenue was 1.66 billion yuan, with a net profit of 4.42 million yuan [1] - The first quarter of 2025 saw a revenue of 482 million yuan, a 19.29% increase year-on-year, and a net profit of 10.26 million yuan [1] Research and Development - In 2024, the company invested 50.84 million yuan in R&D, a 1.12% increase from the previous year [1] - The company added four new invention patents in 2024, enhancing its technological capabilities and core competitiveness [1] Technological Upgrades - Huiyun Titanium completed the environmental acceptance of the second phase of its 80,000 tons/year plastic-grade rutile titanium dioxide post-processing expansion project, with a capacity of 50,000 tons [2] - The company is also in the process of commissioning a project to upgrade its sulfuric acid rutile titanium dioxide production capacity from 50,000 tons/year to 80,000 tons/year [2] Sustainability Initiatives - Huiyun Titanium has made significant progress in energy conservation and green low-carbon initiatives through various projects, including low-temperature waste heat recovery for sulfuric acid production [2] - The company is focused on reducing energy consumption and improving warehouse management through its integrated intelligent storage center project [2] Industry Chain Integration - In 2024, Huiyun Titanium successfully acquired exploration rights for vanadium-titanium magnetite in Xinjiang, enhancing its control over raw material supply for titanium dioxide production [2] - The company is actively advancing exploration work, which could strengthen its position in the titanium dioxide industry chain and mitigate risks related to raw material supply and price fluctuations [2]