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（线下策略会） 活动参与 人员 1.参与投资者 申万宏源：任 杰 华夏基金：张 俊 富国基金：薛 阳 东方红资管：向仕杰 长城基金：陈子扬 华夏基金：卢疆啸 浦银安盛：戴晨阳 华安基金：王 晨 国联安基金：王 栋 永赢基金：于 畅 2.上市公司参与人员 财务部总监：李海波 董事会办公室投关专员：米继学 时间 2025 年 11 月 20 日（星期四） 地点 上海 形式 线下交流 交流内容及 具体问答记 录 1.请介绍一下公司主要产品情况。 公司拥有以五氧化二钒、高钒铁、钒氮合金、钒铝合金、钒 电解液等为代表的钒系列产品，以钛白粉、钛渣等为代表的钛系 列产品，具备年经营钛精矿 185 万吨和年产钒制品（以 V2O5计） 4.42 万吨、钛白粉 30 万吨、钛渣 24 万吨的综合生产能力。公司 产品广泛应用于钢铁工业、储能领域、有色金属及涂料油墨等领 域。其中，氧化钒主要用于钢铁、化工、能源等领域；钒铁、钒 为应对市场变化，公司积极采取有效措施，在降本增效方面， 公司持续加大力度，不断向采 ...

Group 1: Company Overview - The company focuses on the production of vanadium, titanium, and electricity, with vanadium and titanium as strategic priorities. The vanadium production capacity is 44,200 tons/year (measured in V2O5), while titanium dioxide production capacity is 300,000 tons/year. Additionally, the company has a titanium slag production capacity of 240,000 tons/year [2] - The main production lines are located in Panzhihua, Xichang, and Beihai, Guangxi for vanadium, and in Panzhihua and Chongqing for titanium dioxide [2] Group 2: Raw Material Supply and Pricing - The primary raw materials, titanium concentrate and crude vanadium slag, are sourced from the controlling shareholder, Panzhihua Steel Group, ensuring stable supply from key mining areas [2] - The pricing model for crude vanadium slag is based on cost plus reasonable profit, while all titanium concentrate produced by the controlling shareholder is supplied to the company [2] Group 3: Key Projects - The 60,000 tons molten salt chlorination project is a key provincial construction project, utilizing proprietary technology for low-grade titanium slag processing, aimed at efficient resource utilization [3] Group 4: Strategic Partnerships - The company has a joint venture with Dalian Rongke to establish a 2,000 cubic meters/year vanadium electrolyte production line. The supply of vanadium products to Dalian Rongke is expected to reach approximately 15,000 tons in 2024, accounting for 28% of the company's total vanadium sales [4] - A framework agreement for 20,000 tons of vanadium storage materials for 2025 has been signed, with plans for further collaboration in the energy storage sector [4]

Core Viewpoint - The company, Vanadium Titanium Co., Ltd. (000629.SZ), is actively engaged in the production of various vanadium and titanium products, which are essential in multiple industries, and aims to enhance its operational performance by seizing market opportunities [1]. Group 1: Product Overview - The company's main products include vanadium oxide, vanadium iron, vanadium nitride, vanadium aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [1]. - Vanadium is highlighted as a crucial alloying element, with vanadium steel exhibiting high strength, great toughness, and excellent wear resistance [1]. - The titanium dioxide produced by the company is recognized for its superior performance as a white pigment, featuring good coverage and coloring power, and is widely used in various sectors such as coatings, plastics, inks, paper, daily chemicals, pharmaceuticals, food, and cosmetics [1]. Group 2: Market Strategy - The company is committed to continuously monitoring the development of related industries and actively capturing market opportunities [1]. - There is an emphasis on providing higher quality products to support national strategies and improve the company's operational performance [1].

Group 1 - The Zhengzhou Capital Market Mergers and Acquisitions Conference aims to stimulate M&A activity and promote high-quality industrial development, gathering over 300 representatives from various sectors [1] - Recent policies and market dynamics have created a favorable environment for M&A activities in Henan Province, focusing on optimizing resource allocation and driving industrial transformation [1] - The implementation of the "Six Guidelines for M&A" has led to significant activity, with 10 listed companies initiating 12 M&A deals, resulting in substantial revenue and profit growth in the first half of the year [1] Group 2 - Zhengzhou's strong industrial foundation provides ample opportunities for M&A, with leading companies in sectors such as equipment manufacturing and biotechnology establishing significant market presence [2] - The conference featured roadshows for seven high-quality projects in strategic emerging fields, attracting over 50 financial investment institutions [3] - Various companies presented financing plans, including Phoenix Zhiyue Biotechnology seeking 30 to 50 million yuan for research services, and Yihong Precision Technology aiming for 200 million yuan to expand its R&D center [3] Group 3 - The Capital Power 1+6 series of events has hosted numerous forums and project roadshows, engaging over 10,000 participants and facilitating significant equity financing for various projects [4] - The platform has successfully attracted 3,608 investment institutions and has seen 460 projects presented, resulting in 2.536 billion yuan in equity financing for 86 projects [4]

Group 1: Company Overview - The company focuses on the production and sales of vanadium, titanium, and electricity, with vanadium and titanium as strategic development priorities. Key products include vanadium pentoxide, ferrovanadium, vanadium-nitrogen alloy, vanadium-aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [2]. - In 2024, the company completed the production of 53,400 tons of vanadium products (measured as V2O5), 252,900 tons of titanium dioxide, and 181,800 tons of titanium slag. In the first half of 2025, the production figures were 26,100 tons of vanadium products, 136,200 tons of titanium dioxide, and 94,900 tons of titanium slag [2]. Group 2: Applications of Vanadium Products - Vanadium is a crucial alloying element primarily used in the steel industry and energy storage. Vanadium-containing steel is known for its high strength, toughness, and wear resistance, making it suitable for various industries including machinery, automotive, shipbuilding, railways, bridges, and electronics [3]. - Vanadium is also utilized in the production of vanadium electrolyte, which is essential for all-vanadium redox flow batteries, known for their long lifespan, high safety, and extended storage capabilities, making them a key component in new energy storage solutions [3]. Group 3: Vanadium Battery Industry Development - All-vanadium flow batteries offer advantages such as high power, large capacity, high efficiency, long service life, and safety, making them suitable for large-scale energy storage applications. The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage installations to reach over 180 million kilowatts by 2027, with direct investments of approximately 250 billion yuan, which will benefit the overall development of the energy storage industry [4]. Group 4: Collaboration with Dalian Rongke - The company has established a joint venture with Dalian Rongke to build a 2,000 cubic meters/year vanadium electrolyte production line. The supply of vanadium products to Dalian Rongke is expected to reach approximately 15,000 tons in 2024, accounting for 28% of the company's total vanadium product sales [5]. - A framework agreement for the supply of 20,000 tons of vanadium storage raw materials for 2025 has been signed, with plans to expand cooperation and promote the application of vanadium in the energy storage sector. Additionally, both parties are working on the construction of a 60,000 cubic meters/year electrolyte production line [5].

Core Viewpoint - The company is actively preparing for the supply of vanadium electrolyte and has established a strong partnership for product cooperation, indicating a positive outlook for the vanadium flow battery market. Group 1: Company Operations - The company has established a joint venture with Dalian Rongke to build a 2000 cubic meters/year vanadium electrolyte production line, which has been operating effectively for a long time [1] - The company has supplied over 20,000 tons of vanadium products to Dalian Rongke from 2021 to 2024, which is equivalent to vanadium pentoxide and does not include raw materials needed for the joint venture [1] - A framework agreement for the supply of vanadium energy storage raw materials for 2025 has been signed, with an expected total supply of 20,000 tons (equivalent to vanadium pentoxide) [1] Group 2: Market Outlook - The company is actively working on the preliminary construction of a larger-scale electrolyte production line, indicating a commitment to expanding its production capacity [1]

Group 1 - Xiangtan Shenhua is actively collaborating with solid-state and semi-solid battery manufacturers for sample delivery, with a manganese ore resource of 820,000 tons [2] - Foshan Technology has acquired Jinli Co., focusing on technology layout in lithium-sulfur battery separators and solid electrolytes [2] - Tesla is pushing for large-scale production of the Optimus humanoid robot, according to Elon Musk [2] - Daying Electronics has successfully developed a resistive electronic skin sample, aiming to expand into flexible tactile sensing products for humanoid robots [2] - Wanxiang Qianchao is working on key components for humanoid robots, planning to establish a production capacity of 100,000 sets of ball screws by 2025 [2] - Liangxing Paper is a leading company in the boxboard paper industry, investing 20 million yuan in the Rongteng Fund, which also invested in Yushu Technology [2] Group 2 - Wolong New Energy focuses on safety and economic issues in energy storage, launching various large-scale energy storage systems [3] - Xizi Clean Energy has deep technical expertise in molten salt and electrochemical energy storage, participating in multiple energy storage projects [3] - Donghua Technology has a strong market share in traditional coal chemical fields, with a cumulative capacity of 10 million tons/year in ethylene glycol [3] - Longhua Chemical is a major producer of polyether polyol products, which may have potential for high-temperature superconductors [3] - Ruijie Environmental has obtained a patent for a high-entropy metal compound catalyst for green methanol production [3] Group 3 - Kelu Electronics is a core supplier of smart meters for State Grid and Southern Grid [5] - Jiazhe New Energy, a leading wind power company in Ningxia, has a grid-connected capacity of 130 MW in photovoltaic power [5] - Daqing Huake, controlled by PetroChina, specializes in fine petrochemical products and health products [5] - Alibab's capital expenditure is expected to increase beyond 380 billion yuan [5] - Nengke Technology has seen an 18.75% year-on-year increase in net profit, focusing on smart manufacturing [6] - Wanli Stone, the first stone company listed in A-shares, plans to acquire mining companies for strategic mineral exploration [6]

Core Viewpoint - The company held an investor communication meeting to discuss its performance and strategic developments, highlighting challenges and proactive measures taken in response to market conditions [1][2]. Group 1: Company Performance - The company reported a loss in the first half of 2025, primarily due to a decline in vanadium and titanium product prices [2]. - To address market changes, the company has implemented various measures, including increasing production capacity and optimizing product mix based on market demand [2]. - The company has successfully increased the output of vanadium products and titanium dioxide, with a focus on cost control and expanding sales channels [2]. Group 2: Strategic Partnerships - The collaboration with Dalian Rongke has deepened since the signing of a strategic cooperation agreement in September 2021, with a joint venture producing 2,000 cubic meters/year of vanadium electrolyte achieving stable operations [3]. - The supply of vanadium products to Dalian Rongke is expected to reach 20,000 tons in 2025, with plans for further expansion of production capacity [3]. Group 3: Industry Insights - The company discussed the impact of high-quality development initiatives on its competitiveness, emphasizing the advantages of all-vanadium flow batteries for large-scale energy storage applications [4]. - The company believes that the growth of the energy storage industry, driven by supportive policies, will create opportunities for all-vanadium flow batteries [4].

Group 1: Company Performance - The company reported a loss in the first half of 2025 primarily due to a decline in vanadium and titanium product prices [3] - Measures taken to mitigate losses include increasing production capacity and optimizing product mix, resulting in higher output of vanadium and titanium products compared to the same period last year [3] - The company has implemented cost control measures to reduce manufacturing costs of vanadium and titanium products [3] Group 2: Strategic Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the partnership has deepened, with a joint venture producing 2,000 cubic meters/year of vanadium electrolyte achieving stable operations [4] - Cumulative supply of vanadium products to Dalian Rongke from 2021 to 2024 reached over 20,000 tons, with an expected supply of 20,000 tons in 2025 [4] - Plans are underway to jointly develop a new production line with a capacity of 60,000 cubic meters/year for vanadium electrolyte [4] Group 3: Raw Material Procurement - The company procures raw materials such as crude vanadium slag from its affiliate, with pricing based on a cost-plus model due to the lack of market price [5] - Titanium concentrate is also sourced from the affiliate, with part sold externally to meet production needs [5] Group 4: Industry Trends and Innovations - The emphasis on high-quality production across industries is seen as beneficial for enhancing the competitiveness of high-value products [5] - The company is focused on high-end development of the industrial chain, promoting product premiumization and intelligent manufacturing [5] - The all-vanadium flow battery industry is expected to grow, supported by national policies aiming for a new energy storage capacity of over 1 billion kilowatts by 2027, with direct investment projected at approximately 1.8 billion yuan [5]

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]