Core Viewpoint - Baoti Group, established in 1999 and listed in 2002, is the largest titanium and titanium alloy production and research base in China, with a complete industrial chain and leading technological strength [1] Group 1: Business Performance - In Q3 2025, Baoti Group achieved a revenue of 4.44 billion yuan, ranking 5th among 15 companies in the industry [2] - The net profit for the same period was 355 million yuan, also ranking 5th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Baoti Group's debt-to-asset ratio was 48.03%, higher than the industry average of 44.55% [3] - The gross profit margin for Q3 2025 was 22.30%, exceeding the industry average of 20.16% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.61% to 56,900 [5] - The average number of circulating A-shares held per shareholder increased by 10.63% to 8,395.17 [5]

Core Viewpoint - Apple's first foldable screen product is expected to be released in 2026, showcasing extreme industrial design aesthetics with features such as no creases, ultra-thinness, and high durability, leading to a rapid increase in annual shipments [1][2] Group 1: Product Features and Material Usage - The use of titanium and titanium alloys is anticipated to significantly increase in foldable screens due to their high strength, corrosion resistance, and good surface texture [2] - The frame of the foldable phone must provide sufficient structural support while minimizing weight, making titanium alloy frames superior to aluminum in terms of bending resistance and lightweight properties [2] - The screen backing, which supports the flexible OLED screen, is likely to use pure titanium to balance weight, performance, and processing costs [2] Group 2: Industry Trends and Technological Advancements - The maturity of 3D printing and other forming processes is expected to enhance the penetration of titanium alloys in consumer electronics and aerospace sectors, with applications in products requiring extreme lightweight and structural strength [3] - As 3D printing technology matures, titanium alloys are projected to rapidly penetrate high-end consumer electronics such as foldable devices, AR/VR headsets, and drones [3] Group 3: Company Positioning and Market Opportunities - Domestic companies are actively positioning themselves in the titanium and titanium alloy industry chain, with Tian Gong International (subsidiary Tian Gong Co.) focusing on high-end titanium alloy wire and supplying several leading international consumer electronics companies [4] - The company is expected to benefit from the increased production of foldable devices by major clients [4] Group 4: Investment Recommendations - The demand for titanium alloys in high-end consumer electronics, represented by Apple's foldable device, is expected to continue rising, alongside the growth of 3D printing applications [5] - Relevant investment targets include Tian Gong International (00826), Industrial Fulian (601138.SH), BYD Electronics (00285), and Jie Bang Technology (301326.SZ) [5]

Group 1 - The stock price of BaoTi Co., Ltd. increased by 2.05% on September 12, reaching 32.42 CNY per share, with a trading volume of 1.44 billion CNY and a turnover rate of 0.95%, resulting in a total market capitalization of 15.49 billion CNY [1] - Year-to-date, BaoTi's stock price has risen by 15.54%, with a 2.56% increase over the last five trading days, a 1.31% increase over the last 20 days, and a 13.52% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on March 13, where it recorded a net buy of -1.05 billion CNY [1] Group 2 - BaoTi Co., Ltd. operates primarily in the production, processing, and sales of titanium and titanium alloys, with revenue composition of 86.74% from titanium products, 8.74% from other metal products, and 4.52% from other sources [1] - As of June 30, 2025, BaoTi reported a revenue of 2.967 billion CNY, a year-on-year decrease of 20.45%, and a net profit attributable to shareholders of 205 million CNY, down 49.00% year-on-year [2] - The company has distributed a total of 2.523 billion CNY in dividends since its A-share listing, with 569 million CNY distributed over the past three years [3] Group 3 - BaoTi belongs to the non-ferrous metals sector, specifically categorized under small metals and other small metals, and is associated with concepts such as large aircraft, aircraft carrier industry, aerospace military, commercial aerospace, and nuclear power [2] - As of June 30, 2025, the number of shareholders in BaoTi was 63,000, a decrease of 2.94% from the previous period, with an average of 7,588 circulating shares per shareholder, an increase of 3.03% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, holding 13.277 million shares, a decrease of 2.022 million shares from the previous period [3]

Core Viewpoint - Baoti shares rose by 1.90% to 33.86 yuan as of August 25, 2025, with a trading volume of 636 million yuan and a turnover rate of 3.95% [1] Company Performance - In the first half of 2025, Baoti achieved operating revenue of 2.967 billion yuan, a year-on-year decrease of 20.45% [1] - The net profit attributable to the parent company was 205 million yuan, down 49.00% year-on-year [1] - The net cash flow from operating activities was 77.74 million yuan, a decline of 84.60% year-on-year [1] Market Activity - On August 25, 2025, the net outflow of main funds for Baoti was 25.58 million yuan, with a net outflow of 132 million yuan over the past five days [1]

Core Viewpoint - The article provides a comprehensive overview of the advanced steel materials industry chain, highlighting the distribution of various advanced materials and their applications across different sectors, including aerospace, automotive, and energy [4][5][6]. Group 1: Advanced Steel Materials Industry - The advanced steel materials industry is categorized into upstream, midstream, and downstream segments, focusing on high-performance steel products for various applications [5][6]. - Key developments in the industry include high-strength steel for marine engineering, energy applications, and automotive use, with a focus on high-quality electrical steel and tool steel [5][6]. - The distribution of advanced steel materials enterprises is widespread across provinces such as Shandong, Hebei, and Jiangsu, with specific products tailored to regional industrial needs [5][6]. Group 2: High-Temperature Alloy Industry - The high-temperature alloy industry is segmented into upstream, midstream, and downstream, emphasizing the development of nickel-based alloys for aerospace and industrial applications [7][9]. - Key products include heat-resistant alloys used in gas turbines and aerospace components, with a focus on high-performance materials for extreme conditions [7][9]. - The distribution of high-temperature alloy enterprises is concentrated in provinces like Liaoning and Jiangsu, with specialized products for various industrial applications [10][11]. Group 3: Advanced Nonferrous Metal Materials - The advanced nonferrous metal materials industry includes high-performance aluminum and copper alloys, with a focus on lightweight materials for automotive and aerospace applications [13][16]. - Key developments in aluminum alloys include large-scale profiles for high-speed trains and aerospace components, while copper alloys focus on high-conductivity applications [15][16]. - The distribution of nonferrous metal enterprises spans across provinces such as Xinjiang, Henan, and Guangdong, with specific products catering to local industrial demands [15][17]. Group 4: Advanced Petrochemical and Chemical New Materials - The advanced petrochemical and chemical new materials industry encompasses a wide range of products, including synthetic materials and high-performance fibers, with applications in construction, automotive, and electronics [22][24]. - Key developments include catalysts for polypropylene production and high-performance polymers for various industrial applications [26][30]. - The distribution of petrochemical enterprises is prominent in regions like Jiangsu, Guangdong, and Shandong, focusing on innovative materials for diverse applications [24][31].