惠云钛业(300891) - 300891惠云钛业投资者关系管理信息20251204

Group 1: Company Overview - The company focuses on the production of titanium dioxide using the sulfate process, with a total production capacity of 160,000 tons per year [2][3] - The company has maintained stable production operations while dynamically optimizing production plans to balance supply and demand [3] Group 2: Market and Sales Performance - In the first nine months of 2025, the company achieved a revenue of CNY 1.328 billion, showing positive growth despite a declining market price for titanium dioxide [3] - The sales structure includes both domestic and export markets, with a stable core domestic customer base and efforts to expand overseas despite trade barriers [3] Group 3: Profitability Challenges - The company reported a net profit of -CNY 0.11 billion for the first nine months of 2025, with significant pressure on profitability due to declining market prices, increased financial costs, and rising depreciation expenses [3] - Key factors affecting profit include a decrease in titanium dioxide prices, increased interest expenses from convertible bonds, and higher fixed asset depreciation after project completion [3] Group 4: Production and Supply Chain - The company operates two sulfuric acid production lines with annual capacities of 250,000 tons and 200,000 tons, respectively, minimizing reliance on external sulfuric acid suppliers [5] - The company does not plan to use high-titanium slag due to higher costs and has sufficient internal production capabilities to meet its sulfuric acid needs [4][5] Group 5: Customer Demands and Pricing Strategy - The company's titanium dioxide products are primarily used in plastics, with over 60% of customers in the plastic sector, requiring high stability and performance from the products [8] - The pricing strategy is based on market conditions and production costs, allowing the company to maintain a strong pricing power and typically adjust prices monthly [8]