股票代码：000629 股票简称：钒钛股份 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 国泰基金：孙朝晖、曾攀水 2.上市公司参与人员 证券事务代表 石灏南 时间 2026 年 1 月 9 日 15:30-16:30（星期五） 地点 腾讯会议 形式 线上交流 交流内容及 具体问答记 录 1.请介绍一下公司原材料保障及定价情况。 公司主要原料钛精矿和粗钒渣从公司控股股东攀钢集团购 买，攀钢集团占据了攀西四大矿区中的攀枝花、白马两大矿区， 确保了公司生产原料来源稳定。公司向控股股东攀钢集团采购粗 钒渣按照成本加合理利润模式定价。控股股东生产的钛精矿全量 交由公司，一部分由公司按照市场化原则采购以满足自身生产需 要，另一部分由公司对外代理销售。 2.请介绍一下公司与大连融科的合作情况。 2021 年 9 月公司与大连融科签订《战略合作协议》以来，公 司与大连融科合作不断深化，一是公司与大连融科合资建有一条 2,000 立方米/年钒电解液产线，并已长时间达产达效，运营情况 良好；二是双方积极开展钒产品购销 ...

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 ...

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]

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].