每经AI快讯，有投资者在投资者互动平台提问：贵司产品是否可用于深地经济？ 钒钛股份（000629.SZ）10月23日在投资者互动平台表示，公司主要产品包括氧化钒、钒铁、钒氮合 金、钒铝合金、钒电解液、钛白粉、钛渣等。其中，钒是一种重要的合金元素，含钒钢具有强度高、韧 性大、耐磨性好等优良特性。目前，公司生产的钒系列产品已覆盖钢铁、有色冶金、化工、能源等多个 关键领域。钛白粉是一种性能优异的白色颜料，具有良好的遮盖力和着色力。目前，公司生产的钛白粉 广泛用于涂料、塑料、油墨、造纸、日化、医药、食品、化妆品等领域。公司将持续关注相关产业发展 情况，积极抢抓市场机遇，以更优质的产品服务国家战略，努力改善公司经营业绩。 （文章来源：每日经济新闻） ...

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：20251016 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □√ 其他 | | | 1.参与投资者 | | 活动参与 | 大成基金：徐雄晖 赵蓬 张家旺 孙泽元 施宇宙 | | | 2.上市公司参与人员 | | 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 | | | 财务部总监 李海波 | | 时间 | 2025 年 10 月 16 日（星期四）16:00-17:30 | | 地点 | 公司 楼会议室 3 | | 形式 | 线下交流 | | | 1.请介绍一下公司主要业务和产品。 | | | 公司主营业务包括钒、钛和电，其中钒、钛是公司战略重点发 | | | 展业务，主要是钒产品、钛白粉、钛渣的生产、销售、技术研发 | | | 和应用开发，主要产品包括氧化钒、钒铁、钒氮合金、钒铝合金、 | | | 钒电解液、钛白粉、钛 ...

（来源：钛资讯） 涂多多-钛日刊 一、钛市场简述 钛渣 本月北方企业高钛渣招标价格5650元/吨，较上月价格下调200元/吨，高钛渣开启10月新一轮招标价格， 此次招标数量共12000吨，市场等待本轮招标价格，市场竞争压力大，高渣价格难有支撑，价格或继续 偏弱。 四氯化钛 四氯化钛市场报价5000-5300元/吨，近日四氯化钛市场平稳，企业报价坚挺，产销基本平衡，四氯化钛 价格继续维稳。 海绵钛 一级海绵钛民品报价至4.8-4.9万元/吨左右，市场部分0级海绵钛报价4.9-5.0万元/吨左右，当前海绵钛社 会库存仍处高位，需求端缺乏增量支撑，价格重心后续或难以企稳，市场心态偏弱。 钛白粉 今日钛白粉价格指数13407.75，较昨日持平。印度法院取消对从中国进口二氧化钛征收反倾销税的决 定，从9月22日开始不再征收，直到这个案件的复核出最终的结果。反倾销关税取消利好国内钛白市 场，今日海峰鑫发函钛白粉国内价格上调300元/吨，市场将再有其他企业发函，市场或能回暖。 二、钛价格汇总 钛矿 今日攀西钛矿价格指数1875.00，较昨日持平。临近假期，市场询盘有所转弱，企业多以交付在手订单 为主，钛矿价格暂时维稳。 | ...

Group 1: Company Strategy and Development - The company focuses on the strategic development of vanadium and titanium, aiming to establish a comprehensive vanadium industry ecosystem based on resource advantages and technology [2] - The company plans to strengthen its position as a leading global supplier of vanadium products, targeting high-end applications in steel and energy storage [2] - In titanium chemicals, the company aims to enhance its existing production lines and maintain its leading position in the domestic titanium dioxide market [2] Group 2: Collaboration and Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the company has established a 2,000 cubic meters/year vanadium electrolyte production line and has supplied over 20,000 tons of vanadium products [3] - The company is actively exploring collaborations with Shaanxi Steel and Desheng Group in the vanadium industry [4] Group 3: Market Performance and Challenges - In the first half of 2025, the company reported record production levels for vanadium and titanium products, but faced a 40% decline in sales revenue due to an 8% drop in vanadium prices and a 6% drop in titanium prices [5] - The company is currently working on a 60,000 cubic meters/year electrolyte production line, with preliminary work underway [5] Group 4: Future Outlook and Innovations - The company is committed to high-end product development and exploring new markets, including high-end titanium alloys for aerospace and robotics [4] - The company is focusing on the commercialization of vanadium energy storage, considering various business models to expand its operations [4]

Financial Performance - The company reported a significant decline in net profit, with a year-on-year decrease of 245.15%, resulting in a net profit of -199 million yuan for the first half of 2025 [1] - Total operating revenue for the same period was 4.254 billion yuan, down 40.57% compared to the previous year [1] - The gross margin decreased to 4.93%, a drop of 31.84% year-on-year, while the net margin turned negative at -5.04%, a decrease of 346.82% [1] Key Financial Metrics - The company's operating income for Q2 2025 was 2.132 billion yuan, reflecting a 40.3% decline year-on-year [1] - The total of selling, administrative, and financial expenses reached 126 million yuan, which is 2.95% of revenue, an increase of 116.85% year-on-year [1] - Earnings per share fell to -0.02 yuan, a decrease of 239.61% compared to the previous year [1] Business Operations - The decline in revenue was attributed to falling prices of vanadium and titanium products, as well as adjustments in business operations [4] - The company has a comprehensive production capacity, including 185,000 tons of titanium concentrate and 44,200 tons of vanadium products annually [6] - The company is a major domestic producer of vanadium and a key supplier of titanium raw materials, with significant production capabilities in titanium slag and titanium dioxide [6] Investment and Returns - The company's historical return on invested capital (ROIC) has been low, with a median ROIC of 11.68% over the past decade [5] - The company has experienced five years of losses since its listing, indicating a generally poor investment outlook [5] - Recent financial adjustments include an increase in long-term borrowings due to operational financing needs [4]

Core Viewpoint - The financial performance of Vanadium Titanium Co., Ltd. (钒钛股份) for the first half of 2025 shows significant declines in revenue and profit, indicating challenges in the market and operational adjustments [1][3]. Financial Performance Summary - The total operating revenue for the first half of 2025 was 4.254 billion yuan, a decrease of 40.57% compared to the same period in 2024 [1]. - The net profit attributable to shareholders was -199 million yuan, reflecting a year-on-year decline of 245.15% [1]. - The gross profit margin fell to 4.93%, down 31.84% year-on-year, while the net profit margin turned negative at -5.04%, a decrease of 346.82% [1]. - Total expenses (selling, administrative, and financial) amounted to 126 million yuan, representing 2.95% of revenue, an increase of 116.85% year-on-year [1]. - Earnings per share dropped to -0.02 yuan, a decline of 239.61% compared to the previous year [1]. Reasons for Financial Changes - The decrease in operating revenue by 40.57% was attributed to falling prices of vanadium titanium products and adjustments in business operations [3]. - The operating costs also decreased by 39.09%, influenced by the same operational adjustments [3]. - Sales expenses increased by 32.79% due to higher transportation costs following an increase in the production of chlorinated titanium white [3]. - Financial expenses rose by 59.1% due to reduced exchange gains and other factors [3]. - The net cash flow from operating activities saw a drastic decline of 100.74%, primarily due to reduced cash collections [3]. Business Model and Market Position - The company focuses on the production and sales of vanadium and titanium products, with strategic emphasis on vanadium products, titanium dioxide, and titanium slag [6]. - It has a comprehensive production capacity of 1.85 million tons of titanium concentrate and 44,200 tons of vanadium products annually [6]. - The company is a major domestic producer of vanadium and a key supplier of titanium raw materials in China [6]. Investment Insights - The company's return on invested capital (ROIC) was 2.19% last year, indicating weak capital returns, with a historical median ROIC of 11.68% over the past decade [4]. - The company has experienced five years of losses since its listing, suggesting potential caution for value investors [4]. - The largest fund holding the company's shares is the Dongfang Quantitative Multi-Strategy Mixed A Fund, which holds 68,700 shares [5].

Core Viewpoint - Vanadium Titanium Co., Ltd. held an investor relations event via Tencent Meeting, discussing its business operations, recent performance, and strategic partnerships with several financial institutions [1] Group 1: Business Overview - The company focuses on the production and sales of vanadium, titanium, and electricity, with vanadium and titanium as strategic priorities. Key products include vanadium pentoxide, ferrovanadium, vanadium nitrogen alloy, vanadium aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [1] - In the first half of the year, the company produced 26,100 tons of vanadium products (measured in V2O5), 136,200 tons of titanium dioxide (including 38,200 tons of chlorinated titanium dioxide), and 94,900 tons of titanium slag [1] - Vanadium is primarily used in the steel industry and energy storage, while titanium dioxide serves as a high-performance white pigment used in coatings and plastics [1] Group 2: Financial Performance and Response Measures - The company reported a net loss of 199 million yuan in the first half of the year, mainly due to a decline in vanadium and titanium product prices compared to the same period last year [1] - To address the losses, the company plans to enhance production capacity, optimize product mix based on market demand, and implement cost control measures. It aims to increase the output of vanadium and titanium products and expand sales channels, including new markets in Southeast Asia [1] Group 3: Strategic Partnerships - The company is collaborating with Dalian Rongke to jointly build a 2,000 cubic meter/year vanadium electrolyte production line and has seen a year-on-year increase in vanadium product supply to Dalian Rongke, expected to reach approximately 15,000 tons in 2024, accounting for 28% of the company's total vanadium product sales [1] - A framework agreement for cooperation in vanadium energy storage materials for 2025 has been signed, with an expected total cooperation volume of 20,000 tons [1] - The rapid development of the all-vanadium flow battery market is noted, with 1.12 GWh of projects connected to the grid in the first half of the year and an anticipated additional 1.64 GWh by the end of the year [1]

Group 1: Company Overview - The main business of the company includes the production and sales of vanadium, titanium, and electricity, with a focus on vanadium products, titanium dioxide, and titanium slag [2] - In the first half of the year, the company completed the production of 26,100 tons of vanadium products (measured in V2O5), 136,200 tons of titanium dioxide (including 38,200 tons of chlorinated titanium dioxide), and 94,900 tons of titanium slag [2] Group 2: Product Applications - Vanadium is a crucial alloying element primarily used in the steel industry and energy storage, with applications in machinery, automotive, shipbuilding, railways, bridges, and electronics [3] - The company’s vanadium products cover key sectors such as steel, non-ferrous metallurgy, chemicals, and energy, and are exported to countries including Canada, the Netherlands, Japan, South Korea, and New Zealand [3] Group 3: Financial Performance - The company reported a net profit of -199 million yuan in the first half of the year, primarily due to a decline in vanadium and titanium product prices compared to the same period last year [3] - To address market competition, the company has implemented measures to optimize product structure, enhance production efficiency, and reduce manufacturing costs [3] Group 4: Strategic Partnerships - The company has a joint venture with Dalian Rongke to build a 2,000 cubic meters/year vanadium electrolyte production line, with expected supply of 15,000 tons of vanadium products in 2024, accounting for 28% of the company's total vanadium product sales [4] - A framework agreement for 2025 has been signed, with an anticipated total supply of 20,000 tons of vanadium products to Dalian Rongke [4] Group 5: Market Trends - The vanadium energy storage market is rapidly developing, with the total installed capacity of all-vanadium flow battery projects expected to reach 1.64 GWh by the end of the year, showing significant growth [5] - The company plans to closely monitor the market for vanadium battery projects and expand its applications in energy storage [5]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of the year, primarily due to lower prices of vanadium-titanium products and adjustments in business operations [1] Financial Performance - The company achieved a total revenue of 4.254 billion yuan, a decrease of 2.904 billion yuan or 40.57% compared to the same period last year [1] - Operating costs amounted to 4.044 billion yuan, down by 2.596 billion yuan or 39.09% year-on-year [1] - The net profit attributable to shareholders was -199 million yuan, a decline of 337 million yuan or 245.15% year-on-year [1] Production Metrics - The company produced 26,100 tons of vanadium products (measured in V2O5), an increase of 1.56% year-on-year [1] - Titanium dioxide production reached 136,200 tons, with chlorinated titanium dioxide accounting for 38,200 tons, reflecting a year-on-year growth of 5.91% [1] - Titanium slag production was 94,900 tons, with self-used titanium slag at 45,000 tons, showing a decrease of 3.95% year-on-year [1]

Core Viewpoint - Vanadium Titanium Co., Ltd. (000629) emphasizes the significance of vanadium as a crucial alloying element primarily used in the steel industry and energy storage sectors [1] Product Overview - The company's main products include vanadium oxide, vanadium iron, vanadium nitrogen alloy, vanadium aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [1] - Vanadium is recognized for its high strength, toughness, and wear resistance, making it widely applicable in various industries such as machinery, automotive, shipbuilding, railways, bridges, and electronics [1] Market Applications - The primary markets for the company's vanadium products are steel, vanadium energy storage, titanium alloys, catalysts, and glass [1]