Pangang (SZ:000629)2026-01-08 09:48Group 1: Company Products and Production Capacity - 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 in V2O5) [2] - The titanium series products include titanium dioxide and titanium slag, with an annual production capacity of 300,000 tons of titanium dioxide and 240,000 tons of titanium slag [2] - The products are widely used in industries such as steel, energy storage, non-ferrous metals, and coatings [2] Group 2: 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 [2] - The pricing for crude vanadium slag is based on a cost-plus reasonable profit model [2][3] Group 3: Vanadium Energy Storage Business - The company is expanding its applications in non-steel sectors, particularly vanadium energy storage, through a strategic partnership with Dalian Rongke, a leader in the domestic vanadium energy storage field [4] - A joint venture is established to build a 2,000 cubic meters/year vanadium electrolyte production line, with a cumulative supply of over 20,000 tons of vanadium products to Dalian Rongke from 2021 to 2024 [4] Group 4: Titanium Dioxide Production Line - The 60,000 tons molten salt chlorination production line is a key project in Sichuan, utilizing titanium slag produced from local titanium concentrate [5] - The company has developed proprietary technology for low-grade titanium slag processing, leading to stable production and decreasing costs since 2025 [5] Group 5: Dividend Policy - The company currently does not meet the conditions for dividend distribution due to existing unabsorbed losses, but aims to improve operations to restore dividend eligibility as soon as possible [6]