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：20250725 | 投资者关系活动类 | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | √其他（腾讯会议） □现场参观 | | | 参与单位名称及人 | 景顺长城：李建霖 | | | 员姓名 | 建信基金：马晓晴、李梦媛 | | | | | 新华基金：黄泓鉴、蔡春红、赖庆鑫 | | | 日（星期五）15:00-17:00 | | | 地点 | 腾讯会议 | | | 上市公司接待人员 | 财务部总经理：廖燕 | | | 姓名 | | | | | 1．请介绍一下公司的主要业务？ | | | | 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、钛渣等。公司 | | | | 具备年经营钛精矿 万吨和年产 ...

Core Viewpoint - The company aims to enhance its position as a leading player in the vanadium-titanium industry by integrating party leadership into its operations and focusing on high-quality development [1][2]. Group 1: Company Strategy and Development - The company is a major supplier of vanadium products globally and a key supplier of titanium raw materials in China, with a focus on creating a world-class leading enterprise in the vanadium-titanium sector [1]. - The company has developed a comprehensive utilization approach for low-grade, multi-metal coexisting vanadium-titanium magnetite, producing various products such as vanadium oxide, ferrovanadium, and titanium dioxide [1][3]. - The company implements a "1361" project to enhance its operational efficiency, which includes a work plan, three-dimensional support mechanisms, six key improvement areas, and a work ledger [3][4]. Group 2: Party Leadership and Organizational Development - The company emphasizes the integration of party leadership into its business strategy, ensuring that party goals align with business objectives [2][3]. - A series of unique and effective party-building brands have been established, focusing on grassroots party development and enhancing the overall work level of party branches [2][3]. - The company has created a detailed and quantifiable system for party work, ensuring comprehensive coverage and accountability in its operations [3][4]. Group 3: Innovation and Technology Development - The company has formed a team to tackle key technical challenges in the production of titanium white powder, achieving full production capacity and cost efficiency [5][6]. - The company has successfully developed high-purity vanadium pentoxide and other specialized vanadium products, with non-steel applications accounting for 32.22% of its vanadium usage [4][6]. - The company is committed to low-cost, high-efficiency utilization of local vanadium-titanium resources, driving innovation in production processes [6]. Group 4: Market Performance and Sales - The company has achieved a cumulative sales rate of 98.89% for vanadium products in the first five months of the year, with significant export proportions for titanium white powder [6]. - New titanium white powder products have been successfully marketed, contributing to the company's growth and market presence [6]. Group 5: Future Outlook - The company plans to continue leveraging its vanadium-titanium resources to develop a low-cost, high-value, green, and intelligent manufacturing enterprise [6]. - The company aims to align its strategic planning and major decisions with national policies to ensure sustainable development [6].

Core Viewpoint - Yunnan Province, known as the "Kingdom of Nonferrous Metals," is leveraging its rich titanium resources to develop a robust titanium industry cluster in Chuxiong Prefecture, aiming for a trillion-yuan industry scale through resource utilization, industrial agglomeration, and technological innovation [1][2]. Industry Overview - Chuxiong Prefecture has established a complete titanium industry chain, from titanium ore mining and high-titanium slag smelting to the production of titanium dioxide, sponge titanium, and titanium materials, benefiting from favorable transportation and location conditions that reduce logistics costs [2]. - The region has over 30 titanium enterprises, with capacities of 500,000 tons for high-titanium slag, 300,000 tons for chlorination titanium dioxide, 50,000 tons for sponge titanium, and 20,000 tons for titanium materials [3]. Technological Advancements - The titanium industry in Chuxiong faced challenges such as outdated production processes and low efficiency, but significant improvements have been made since the restructuring initiated in 2019, which included the introduction of Longbai Group's advanced technology [4]. - Longbai Group invested 774 million yuan to upgrade production lines, achieving full production recovery within 180 days, with significant increases in output and revenue from 40,000 tons and 1 billion yuan in 2020 to 121,000 tons and 2.44 billion yuan by 2024 [4]. Environmental Initiatives - Chuxiong's titanium industry is committed to ecological sustainability, implementing measures to ensure pollution control and exploring resource recycling paths, with a focus on reducing energy consumption and increasing resource utilization rates [8][9]. - The introduction of advanced technologies, such as the MVR evaporation system, has led to a 60% reduction in energy consumption per ton of titanium liquid, while the comprehensive utilization rate of industrial solid waste has reached 85% [8]. Economic Impact - The restructuring and technological upgrades have revitalized the titanium industry in Chuxiong, attracting innovative and growth-oriented enterprises, thereby injecting vitality into industrial upgrades and economic development [3][4].

股票代码：600727 股票简称：鲁北化工 编号：2025-034 山东鲁北化工股份有限公司 2025年第一季度主要经营数据公告 特别提示 本公司董事会及全体董事成员保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 山东鲁北化工股份有限公司（以下简称"公司"）根据上海证券交易所《关于 做好主板上市公司2025年第一季度报告披露工作的重要提醒》及《上海证券交易所 上市公司自律监管指引第3号—行业信息披露》的要求，现将2025年第一季度主要经 营数据披露如下： 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况（不含税） | 主要产品 | 2025年一季度 平均售价（元/吨） | 2024年一季度 平均售价（元/吨） | 变动比率（%） | | --- | --- | --- | --- | | 钛白粉 | 12,801.78 | 13,796.68 | -7.21 | | 甲烷氯化物 | 2,154.05 | 1,905.85 | 13.02 | | 化肥 | 2,707.22 | 2,706.89 | 0.01 | | 原盐 | 2 ...

Group 1: Impact of External Factors - The company does not export vanadium and titanium products to the U.S., so the U.S. tariff increase will not have a direct impact on its export business [1][3] - The company's stock price has dropped from a peak of 6.04 in the previous year to around 2.31 in 2025, influenced by macroeconomic conditions, industry cycles, and company performance [2] - The decline in 2024 performance is attributed to a decrease in vanadium product prices [10][8] Group 2: Financial Performance and Projections - The company's gross profit margin for 2024 is 7.59%, a decrease of 47.33% year-on-year [12] - The gross margins for vanadium and titanium products are 10.40% and 6.36%, respectively, with vanadium contributing the most to profits [11] - The company plans to disclose its Q1 2025 report on April 28, 2025 [4] Group 3: Strategic Initiatives and Market Position - The company aims to enhance product competitiveness and customer service while optimizing product structure and quality [9][16] - The company has achieved a 100% sales rate for vanadium and titanium products in 2024 and plans to further expand market reach in 2025 [6] - The company is recognized as a leading enterprise in the Panxi strategic resource innovation development experimental zone, leveraging its resource and technological advantages [13] Group 4: Risk Management and Future Plans - The company is aware of potential risks such as market demand uncertainty and raw material price fluctuations, and it conducts regular risk assessments [15] - Future projects may face challenges such as technical difficulties and funding pressures, but the company has sufficient resources to ensure project progress [5] - The company is committed to continuous research and development in the vanadium-titanium sector to drive high-quality industry development [14]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][55]. Core Views - The company's performance in 2024 was negatively impacted by a decline in vanadium product prices, leading to a revenue drop of 8.15% year-on-year to CNY 13.209 billion and a significant net profit decrease of 73.03% to CNY 285 million [10][55]. - The company is a major global supplier of vanadium products and has a strong production capacity, which positions it well for future growth as the vanadium industry recovers and the vanadium battery market expands [3][55]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of CNY 132.09 billion, down 8.15% year-on-year, and a net profit attributable to shareholders of CNY 2.85 billion, down 73.03% [10]. - The fourth quarter of 2024 saw a revenue of CNY 27.35 billion, a year-on-year decrease of 15.16% and a quarter-on-quarter decrease of 17.52% [10]. - The sales volume of vanadium products increased by 6.74% to 53,600 tons, while titanium dioxide sales grew by 1.10% to 258,000 tons, and titanium slag sales fell by 24.18% to 146,100 tons [19]. Price and Margin Analysis - The company's gross margin decreased by 6.81 percentage points to 7.59% in 2024, with vanadium product prices dropping by 26% year-on-year [2][19]. - The gross margin for vanadium products fell by 17.05 percentage points to 10.40%, while titanium products saw a slight margin decline [2]. Future Outlook - The company is positioned as a leading global supplier of vanadium products, with a comprehensive production capacity that includes 442,000 tons of vanadium products and 300,000 tons of titanium dioxide annually [3]. - The vanadium battery business is expected to be a significant growth driver, with a partnership established to supply 20,000 tons of ammonium vanadate in 2025, representing a 35% increase from 2024 [44]. - A new 60,000-ton molten salt chlorination titanium dioxide project was launched in 2024, enhancing the company's market influence [4]. Earnings Forecast - The company is projected to achieve net profits of CNY 5.92 billion, CNY 7.83 billion, and CNY 9.32 billion from 2025 to 2027, with corresponding price-to-earnings ratios of 40, 30, and 26 [55]. - Revenue is expected to grow to CNY 138.7 billion in 2025, with a year-on-year growth rate of 5% [54].