Core Viewpoint - The company is on track to complete its energy-grade titanium production project by the end of 2025, with an expected output of 60,000 tons per year [2]. Group 1 - The company is currently constructing a full industrial chain project for energy-grade titanium materials [2]. - The project is progressing steadily, with a phased product output anticipated by the end of 2025 [2].

Group 1 - The company held an online investor meeting on September 12, 2023, to discuss its semi-annual report and engage with investors [1] - The company plans to resume production at Jingzhi Mining by June 2027, with an expected production capacity of 5 million tons per year, including 2.6 million tons of industrial-grade ore and 2.4 million tons of low-grade ore [1] - The company aims to enhance its resource reserves through horizontal mergers and acquisitions, as part of its development strategy [1] Group 2 - The 60,000-ton energy-grade titanium (alloy) material project is progressing steadily, with expected product output by the end of 2025 [2] - The company's gross margin has declined due to market price fluctuations and lower margins on comprehensive utilization products derived from tailings [2] - The company plans to launch comprehensive utilization products in September 2024, with an expected output of 45,000 tons from September to December 2024 [2]

Group 1: Production Plans and Capacities - The company expects to resume full production at Jingzhi Mining by June 2027, with an anticipated production scale of 5 million tons per year, closely matching the product grade of existing products [2][3] - The low-grade ore from Jingzhi Mining is projected to yield an annual recovery of 12.8 million tons starting March 2026, contributing to the production of titanium concentrate and vanadium-titanium iron concentrate [3][4] - After the resumption of Jingzhi Mining, the company anticipates an additional annual production capacity of approximately 900,000 tons of iron concentrate, 400,000 tons of titanium concentrate, and 70,000 tons of comprehensive utilization products [4] Group 2: Financial Performance and Profitability - The company does not expect Jingzhi Mining to contribute profits until after the full resumption of operations in June 2027 [3][4] - The company's gross profit margin has declined due to market price fluctuations and lower margins on comprehensive utilization products derived from tailings [3][4] - Future dividend arrangements will be based on investment, profitability, and financial conditions, with no dividends expected until after the output from Jingzhi Mining [4] Group 3: Strategic Development and Projects - The acquisition of Jingzhi Mining aligns with the company's strategy of horizontal resource mergers to enhance resource reserves [3][4] - The 60,000-ton energy-grade titanium (alloy) materials project is progressing steadily, with expected phased product output by the end of 2025 [4] - The company focuses on core business areas, including vanadium-titanium iron concentrate, titanium concentrate, and titanium materials, while remaining open to other investment opportunities [4]

Summary of Key Points Core Viewpoint - The company, Sichuan Anning Titanium Co., Ltd., has adjusted the internal investment structure of its fundraising project for the annual production of 60,000 tons of energy-grade titanium (alloy) materials, ensuring that the project remains aligned with its original objectives and does not harm shareholder interests [1][8]. Fundraising Overview - The company issued 70,989,958 shares of A-shares, raising a net amount of approximately RMB 1.68 billion after deducting issuance costs of RMB 20,048,103.74 [1]. - The raised funds will be fully allocated to the subsidiary, Panzhihua Anning Titanium Material Technology Co., Ltd., for the full industrial chain project [1]. Project Investment Details - The total investment for the project is RMB 720 million, with RMB 170.3759 million planned to be funded from the raised capital [2]. - The adjustment in the internal investment structure does not change the project implementation entity, investment scale, or intended use of funds [7]. Reasons for Adjustment - The adjustment is based on the actual progress of the fundraising project, with a reassessment of actual needs leading to a reduction in funding for the high-titanium slag workshop and an increase in funding for the titanium tetrachloride workshop, chlor-alkali workshop, and other construction expenses [6][7]. Impact of Adjustment - The adjustment is a prudent decision based on project realities and will not adversely affect the implementation of the fundraising project or the company's operations, aligning with the company's long-term development plan [7][8]. Review Procedures and Opinions - The board of directors and the supervisory board have approved the adjustment, confirming that it does not involve changes to the intended use or scale of the funds and does not harm the interests of the company or its shareholders [8]. - The sponsor, CITIC Securities, has verified that the adjustment complies with relevant laws and regulations and does not change the intended use of the raised funds [8].

Core Points - The company has approved the use of raised funds to replace self-raised funds for investment projects and issuance expenses, totaling RMB 404,241,607.84 [1][5][6] Fundraising Overview - The company received approval from the China Securities Regulatory Commission to issue 70,989,958 shares at a price of RMB 24.00 per share, raising a total of RMB 1,703,758,992.00 [1][4] - After deducting issuance expenses, the net amount deposited into the company's special account was RMB 1,683,758,992.00 [4] Investment Project Details - The total investment for the "Annual Production of 60,000 Tons of Energy-Level Titanium (Alloy) Materials Full Industry Chain Project" is RMB 720,000,000.00, with planned raised fund input of RMB 170,375,900.00 [2][3] - The company has pre-invested RMB 403,061,428.63 from self-raised funds into the investment project before the raised funds were available [3][5] Issuance Expense Details - The total issuance expenses (excluding VAT) amounted to RMB 20,048,103.74, with RMB 20,000,000.00 remaining after deducting underwriting and sponsorship fees [4][5] - The company has also pre-paid issuance expenses using self-raised funds, which will be replaced by the raised funds [5] Approval and Compliance - The board and supervisory committee have approved the use of raised funds to replace pre-invested self-raised funds, confirming compliance with relevant laws and regulations [5][6] - The replacement of funds is within six months of the raised funds being received, ensuring no change in the intended use of the funds [5][6]

Core Viewpoint - The company has approved an adjustment to the internal investment structure of its fundraising project for the annual production of 60,000 tons of energy-grade titanium (alloy) materials, ensuring that the project implementation subject, investment scale, and overall fundraising direction remain unchanged [1][5]. Fundraising Basic Information - The company issued 70,989,958 shares at a price of 24.00 yuan per share, raising a total of 1,703,758,992.00 yuan, which has been fully received as of December 26, 2024 [1][2]. Fundraising Project Details - The total investment for the annual production of 60,000 tons of energy-grade titanium (alloy) materials project is 720,000,000 yuan, with 170,375,900 yuan allocated from the raised funds [2][3]. Adjustment of Internal Investment Structure - The adjustment involves reallocating funds within the project without changing the project implementation subject, investment scale, or overall fundraising direction. The company plans to reduce expenditures for the high-titanium slag workshop while increasing investments in the titanium tetrachloride workshop, chlor-alkali workshop, and other construction expenses [3][4]. Impact of the Adjustment - The adjustment is a prudent decision based on the actual progress of the project and will not adversely affect the company's operations or the implementation of the fundraising project. It aligns with the company's long-term development plan [5][6]. Review Procedures and Opinions - The adjustment has been approved by the board of directors and the supervisory board, confirming that it does not involve changes to the fundraising purpose or scale, and does not harm the interests of the company or its shareholders [5][6].