事件概述 公司发布2024 年年报&2025 年一季报，2024 年营业收入19.71 亿元，同比+53.94%；归母净利润2.60 亿 元，同比+31.65%；扣非归母净利润2.50 亿元，同比+30.20%。2025 年一季度营收5.36亿元，同比 +45.34%；归母净利润0.74 亿元，同比+20.47%；扣非归母净利润0.63 亿元，同比+8.90%。 营收高速增长，新业务成为重要引擎 2024 年公司营收19.71 亿元，同比大幅增长53.94%，显著领先行业；分业务看，汽车安全带总成/ 汽车 安全气囊/ 汽车方向盘业务营收分别为12.64/4.75/1.31 亿元， 同比分别+39.9%/+151.86%/+71.45%。公司 三大业务齐头并驱，整合安全带总成、安全气囊、方向盘三大核心模块的技术，构建全系统解决方案能 力，与主流内资汽车品牌建立深度合作，推动国产替代进程。 研发投入持续加大，费用管控成效显著 行业竞争加剧超预期，下游客户销量不及预，原材料价格大幅波动风险等。 2024 年公司归母净利润2.60 亿元，同比+31.65%；毛利率为28.71%，同比下降2.81pct。分业务看，汽车 ...

2）价：产品结构持续优化，单车价值量逐步提升。公司高性能安全带销售占比逐步提高，2024 年安全 带总成产品的平均售价达59.03 元/条，同比+6.53%；公司拓展新产品气囊、方向盘，转型被动安全集成 式供货，相较于单一安全带，产品单车价值量更高。 3）利：持续推动零部件自制，毛利率有望持续提升。公司拟在安徽巢湖新建1.2 万米织带和200 万件囊 袋产能；此外，公司还组建成立了电子电气事业部，与国芯合作研发气囊控制器（ACU）等电控类产 品。 投资建议：维持"买入-A"评级。我们预计公司2025 年-2027 年的归母润分别为4.0/5.5/7.0 亿元，对应当 前市值，PE 为18.7/13.8/10.7 倍。 我们给予公司2025 年25 倍PE，对应6 个月目标价为44.25 元/股。 公司2025 年Q1 营收维持高速增长： 公司2025 年Q1 实现营收5.36 亿元，同比+45.34%，环比-18.96%，同比持续高速增长，主要由于新业务 气囊+方向盘的放量。公司2025 年Q1 的综合毛利率为27.94%，同比-2.74 pct，环比+1.38 pct，同比有所 下滑，主要由于产品结构的变化 ...

202 4 Annual Report 年報 THE FOUNDATION CONSOLIDATE with inclusiveness and adaptability 謀 定 而 動•順勢而為 w w w . c h i n a v t m m i n i n g . c o m MINING COMPANY LIMITED 中國釩鈦磁鐵礦業有限公司 2024 Our Presence 겑㏬曭㏨ CHINA VANADIUM TITANO-MAGNETITE A1 B1 A2 ꦴ泹 鞕䃹泹 ㍌䃷 ꄆ䜴 伬伺 䡗伬ꖺ饟 Yunnan Guizhou Sichuan Chongqing Kunming 䡗齉 Chengdu Chengdu-Kunming Railway 냖鵯 Expressway ꖺ饟 Railway 嬲鹡䊰 Processing plant 火 Mine 䢦畚杼錄亩 Facilities managed A. Mines 火 | | Name | Location | Area | Type of Resources | Resources as at 1 January 2025 (Mt ...

而方向盘+气囊业务则是公司的第二曲线，公司于2021 年实现方向盘+气囊产品的量产，目前已经突破 吉利、上通五菱、奇瑞等客户，后续有望持续为公司业绩贡献增量。 2024Q4 营收同环比大幅增长，减值损失短期拖累业绩。营收端，公司2024Q4 单季度实现营业收入6.61 亿元，同比增长41.93%，环比增长30.41%。从主要下游2024Q4 表现来看：奇瑞批发82.68 万辆，环比 增长31.09%；吉利批发68.69 万辆，环比增长28.63%；上汽通用五菱批发50.01 万辆，环比增长 85.22%；长城批发37.95 万辆，环比增长29.04%。 毛利率方面，公司2024Q4 单季度毛利率26.56%，环比下降2.45 个百分点，预计主要系产品结构变化 +年底部分客户返利所致。期间费用方面，公司2024Q4 单季度期间费用率为9.77%，环比下降2.40 个百 分点；其中，销售/管理/研发/财务费用率分别为1.49%/3.06%/4.36%/0.86%，环比分 别-0.40/-0.93/-0.91/-0.16 个百分点，公司2024Q4 期间费用率环比明显下降主要系公司2024Q4 收入环比 大幅增长带 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Vanadium Titano-Magnetite Mining Company Limited 中國釩鈦磁鐵礦業有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：00893） 截至2024年12月31日止年度的全年業績公告 財務摘要 報告期內： 1 • 2024財政年度，本集團的收入約為人民幣542.5百萬元（2023財政年度：人民幣 785.0百萬元）； • 2024財政年度，本集團錄得虧損淨額約人民幣20.7百萬元（ 2023財政年度：純 利約人民幣9.7百萬元）； • 2024財政年度，歸屬於本公司擁有人的每股股份基本及攤薄虧損約為人民幣 0.92分（2023財政年度：歸屬於本公司擁有人的每股股份基本及攤薄盈利人民 幣0.43分）；及 • 董事會不建議派付2024財政年度的末期股息（2023財政年度：無）。 董事會謹此宣佈，本集團2024財政年度的經審核綜合業績連同2023財 ...

CHINA VANADIUM TITANO-MAGNETITE MINING COMPANY LIMITED 中國飢鈦磁鐵礦業有限公司 (Incorporated in the Cayman Islands with Iimited Ilability) (於問曼群島註冊成立之有限公司) (Stock Code 股份代號：00893) | --- | --- | --- | |-------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | CONSOLIDATE | | | | THE FOUNDATION | | | | with inclusiveness and adaptability | | | | 謀定而動 順勢而為 | | | | 2024 Interim Report 中期報告 | | | Our Presence 集團版圖 Our Presence 集團版圖 A1 B1 A2 雲南省 貴州省 四川 重慶 昆明 成昆鐵路 Yunnan Guizhou Sichuan ...

Financial Performance - The group's revenue for the first half of 2024 was approximately RMB 289.4 million, compared to RMB 281.4 million in the first half of 2023, representing a year-on-year increase of 2.9%[1] - The group recorded a net loss of approximately RMB 0.2 million for the first half of 2024, a significant decline from a net profit of RMB 6.1 million in the same period of 2023[1] - Basic and diluted loss per share attributable to ordinary shareholders was approximately RMB 0.01, compared to earnings of RMB 0.27 per share in the first half of 2023[1] - Total comprehensive loss for the period was RMB 174,000, compared to a comprehensive income of RMB 5.97 million in the first half of 2023[2] - The gross profit margin decreased to 3.4% in the first half of 2024 from 5.7% in the first half of 2023, indicating a decline in profitability[2] - The pre-tax profit for the six months ended June 30, 2024, was RMB 179 thousand, a decrease from RMB 7,529 thousand for the same period in 2023[12] - The company reported a loss attributable to ordinary shareholders of RMB 172,000 for the six months ended June 30, 2024, compared to a profit of RMB 6,116,000 for the same period in 2023[22] - The gross profit decreased to approximately RMB 9.8 million, down 39.0% from RMB 16.0 million in the first half of 2023, resulting in a gross margin of 3.4% compared to 5.7% in the previous year[44] - Other income fell to approximately RMB 6.0 million, a decrease of 30.1% from RMB 8.6 million in the first half of 2023, primarily due to weak downstream demand[45] Revenue Breakdown - The revenue breakdown shows that high-grade iron ore sales contributed RMB 50,751 thousand (18.0% of total revenue), steel trade contributed RMB 228,770 thousand (79.0%), and facility management services contributed RMB 9,836 thousand (3.0%) for the six months ended June 30, 2024[14] - For the six months ended June 30, 2024, total customer contract revenue was RMB 289,892,000, an increase from RMB 281,425,000 for the same period in 2023, representing a growth of approximately 3.3%[17] - The external customer contract revenue for the high-grade iron ore business was RMB 50,751,000, while trade revenue was RMB 228,770,000, and facility management revenue was RMB 10,371,000[17] Assets and Liabilities - The group's non-current assets totaled RMB 1,065.6 million as of June 30, 2024, slightly up from RMB 1,062.5 million at the end of 2023[4] - Current assets decreased to RMB 232.7 million as of June 30, 2024, down from RMB 244.9 million at the end of 2023[4] - Current liabilities decreased to RMB 228.3 million as of June 30, 2024, compared to RMB 241.6 million at the end of 2023[4] - Total assets as of June 30, 2024, amounted to RMB 1,298,310 thousand, compared to RMB 1,286,329 thousand as of June 30, 2023[12] - Total liabilities as of June 30, 2024, were RMB 358,182 thousand, an increase from RMB 349,152 thousand as of June 30, 2023[12] Cash Flow and Expenditures - Cash flow from operating activities for the first half of 2024 was RMB 22.3 million, down from RMB 60.3 million in the first half of 2023[55] - The net cash flow from operating activities for the first half of 2024 is approximately RMB 22.3 million, a decrease from RMB 60.3 million in the first half of 2023[56] - The net cash flow used in investing activities for the first half of 2024 is approximately RMB 22.9 million, down from RMB 55.3 million in the first half of 2023, primarily due to capital expenditures of RMB 20.3 million for upgrading and expanding high-grade iron ore operations[57] - The company reported a total capital expenditure of RMB 8,670 thousand for the six months ended June 30, 2024, compared to RMB 94,778 thousand for the same period in 2023[12] Market Conditions and Industry Outlook - In the first half of 2024, China's GDP grew by 5.0% year-on-year, aligning with the government's annual target, despite a contraction in the real estate sector[37] - The average selling price of high-grade iron concentrate increased by approximately 16.0%, while production and sales volumes decreased by about 15.4% and 16.4%, respectively, compared to the first half of 2023[39] - The iron ore price index showed a total decline of 23.2% in the first half of 2024, attributed to weak demand from the real estate sector[37] - The high-grade iron ore business outlook remains pessimistic due to overcapacity and reduced demand, leading to lower selling prices and increased production costs[77] Operational Challenges - Operations at the Maoling-Yanglongshan iron mine have been suspended following a safety incident, impacting the company's financial performance until operations can safely resume[76] - The company is facing significant business risks including macroeconomic volatility and regulatory changes that could impact operations and financial performance[41] - The company is actively seeking to streamline production processes and cost structures in response to the ongoing overcapacity issues in the industry[77] Corporate Governance and Compliance - The board is in the process of identifying a new independent non-executive director to comply with corporate governance codes, as several current directors have served for over nine years[79] - The audit committee has reviewed the interim financial results for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards[81] - The document emphasizes the importance of accurate financial reporting and compliance with regulatory standards[88] - The company is committed to transparency in its financial disclosures[88] Future Projections and Strategies - The company projects a revenue growth of 10% for the second half of 2024, with expected revenue reaching RMB 760 million[85] - New product development includes the launch of a high-grade iron concentrate product with TFe content between 65% to 72%, expected to increase market share by 5%[86] - The company is planning to expand its market presence in Sichuan province, targeting a 30% increase in production capacity by the end of 2024[87] - A strategic acquisition of a mining company is anticipated to be finalized by Q4 2024, which is expected to add RMB 150 million in annual revenue[84] Employee and Operational Metrics - The company reported a total of 323 employees as of June 30, 2024, a decrease from 330 employees on June 30, 2023[78] - Employee benefits expenditure for the first half of 2024 was approximately RMB 14.4 million, down from RMB 17.4 million in the same period of 2023[78]

with inclusiveness and adaptability 謀定而動 順勢而為 w w w . c h i n a v t m m i n i n g . c o m CHINA VANADIUM TITANO-MAGNETITE MINING COMPANY LIMITED 中國釩鈦磁鐵礦業有限公司 Our Presence 集團版圖 A1 B1 A2 雲南省 貴州省 四川 重慶 昆明 成昆鐵路 Yunnan Guizhou Sichuan Chongqing Kunming 成都 Chengdu Chengdu-Kunming Railway 高速 Expressway 鐵路 Railway 洗選廠 Processing plant 礦 Mine 所管理設施 Facilities managed A. Mines 礦 | | | Location | Area | Type of Resources | Resources as at 1 January 2024 (Mt) | Average Grade | Mining Method | | --- | --- | --- | --- | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Vanadium Titano-Magnetite Mining Company Limited 中國釩鈦磁鐵礦業有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：00893） 截至2023年12月31日止年度的全年業績公告 財務摘要 報告期內： 1 • 本集團2023財政年度的收入約為人民幣785.0百萬元（ 2022財政年度：人民幣 725.9百萬元）； • 本集團錄得2023財政年度純利約人民幣9.7百萬元（ 2022財政年度：人民幣1.3 百萬元）； • 2023財政年度歸屬於本公司普通股股權持有人的每股股份基本及攤薄利潤約 為人民幣0.43分（2022財政年度：人民幣0.06分）；及 • 董事會不建議派付2023財政年度的末期股息（2022財政年度：無）。 董事會謹此宣佈，本集團2023財政年度的經審核綜合業績連同2022財政年度的比較 數字如下： 綜合損益及其他全面收益表 ...

China Vanadium Titano-Magnetite Mining Company Limited 中國釩鈦磁鐵礦業有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：00893） 截至2023年12月31日止年度的全年業績公告 財務摘要 報告期內： 1 • 本集團2023財政年度的收入約為人民幣785.0百萬元（ 2022財政年度：人民幣 725.9百萬元）； • 本集團錄得2023財政年度純利約人民幣9.7百萬元（ 2022財政年度：人民幣1.3 百萬元）； • 2023財政年度歸屬於本公司普通股股權持有人的每股股份基本及攤薄利潤約 為人民幣0.43分（2022財政年度：人民幣0.06分）；及 • 董事會不建議派付2023財政年度的末期股息（2022財政年度：無）。 董事會謹此宣佈，本集團2023財政年度的經審核綜合業績連同2022財政年度的比較 數字如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 綜合損益及其他全面收益表 ...