Sichuan Anning Iron and Titanium Co

Anning Co., Ltd. released its 2026 interim report, with total operating revenue of 1.015 billion yuan, down 8.37% year-on-year; net profit attributable to the parent company was 341 million yuan, down 22.73% year-on-year. Net cash inflow from operating activities was 311 million yuan, down 37.10% year-on-year. The company's asset-liability ratio was 48.10%, gross margin was 60.92%, ROE was 3.80%, and diluted earnings per share was 0.72 yuan. The number of shareholders was 25,600, and the shareholding ratio of the top ten shareholders was 75.16%.

Anning Shares released its 2026 interim report. Affected by falling market prices for titanium concentrate and fluctuating downstream demand, the company's revenue and net profit both declined. During the reporting period, the company achieved operating revenue of 1.015 billion yuan, down 8.37 percent year on year. Net profit attributable to the parent company was 341 million yuan, down 22.73 percent. Non-GAAP net profit was 338 million yuan, down 23.78 percent. Net cash flow from operating activities was 311 million yuan, down 37.10 percent. In terms of business structure, revenue from vanadium-titanium iron concentrate was 539 million yuan, up 8.11 percent year on year, with its share of total revenue rising to 53.16 percent and gross margin up 7.81 percentage points to 58.83 percent. Revenue from titanium concentrate was 418 million yuan, down 21.65 percent year on year, with gross margin down 5.77 percentage points to 65.08 percent. The company's unique 61 percent grade vanadium-titanium iron concentrate maintained a price above 700 yuan per tonne, showing relatively strong resistance to declines. Administrative expenses rose sharply by 56.13 percent year on year to 90.38 million yuan, while finance expenses turned from negative to positive, increasing by 52.38 million yuan. The company's annual production capacity of 60,000 tonnes of energy-grade titanium and titanium alloy materials full industry chain project has reached 95 percent progress and is expected to enter trial production in the second half of 2026. The commissioning of this project and the price trend of titanium concentrate will be core indicators to watch for future profitability.