Core Viewpoint - The company reported a decline in both revenue and net profit for the year 2024, indicating challenges in its operational performance due to falling prices in key products like vanadium and titanium [2][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 13.209 billion yuan, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 285 million yuan, down 73.0% year-on-year [2]. - The fourth quarter of 2024 saw operating revenue of 2.735 billion yuan, a year-on-year decline of 15.2% and a quarter-on-quarter decline of 17.5%, with net profit attributable to shareholders at 102 million yuan, down 45.9% year-on-year but up 122% quarter-on-quarter [2]. Group 2: Vanadium Segment - The company produced 54,300 tons of vanadium products (measured as V2O5) in 2024, representing a year-on-year increase of 7.3% [3]. - The average price of V2O5 in China for 2024 was 80,800 yuan per ton, a decrease of 25.9% compared to 109,000 yuan per ton in 2023, leading to a gross margin of 10.4%, down 17 percentage points year-on-year [3]. Group 3: Titanium Segment - The company successfully launched a 60,000 tons/year molten salt chlorination titanium dioxide project, with total titanium dioxide production of 252,900 tons in 2024, a year-on-year increase of 0.8% [4]. - The average price of titanium dioxide (Rutile type) in Southwest China for 2024 was 15,400 yuan per ton, down 1.7% year-on-year, while the gross margin for titanium dioxide was 4.3%, a decrease of 6.3 percentage points compared to 2023 [4]. Group 4: Financial Ratios - The selling expense ratio for 2024 was 5.03%, a decrease of 0.73 percentage points from 5.76% in 2023 [5]. - The company's asset-liability ratio at the end of 2024 was 13.34%, down 4.9 percentage points from the end of 2023 [5]. Group 5: Market Outlook for Vanadium - The company expects a significant increase in vanadium demand for energy storage applications in 2025, with a supply agreement for 20,000 tons of V2O5 signed, indicating a 35% increase from 14,822 tons in 2024 [6]. - The transition of the national standard for ordinary hot-rolled rebar from a recommended to a mandatory standard is expected to improve vanadium demand in the steel sector, with expectations for vanadium prices to gradually rise as inventory is consumed [6].