Baoji Titanium Industry Co., Ltd.
600456.SS · SHH
Company research
Baoji Titanium Industry Co., Ltd. (SSE: 600456) is China's largest producer and research base for titanium and titanium alloy products, founded in 1999 and headquartered in Baoji, Shaanxi Province — a city widely regarded as China's "Titanium Valley." The company manufactures and sells an extensive range of products under the Baoti brand, including titanium and titanium alloy plates, strips, foils, tubes, rods, wires, forgings, castings, and metal composite materials, as well as products made from zirconium, nickel, and steel. Its offerings serve a broad spectrum of industries, including aerospace, aviation, shipbuilding, chemical processing, oil and gas, electric power, metallurgy, medical, and marine engineering sectors. Listed on the Shanghai Stock Exchange since April 2002, Baoji Titanium Industry exports its products globally to markets such as the United States, France, Italy, Sweden, and India, and employs approximately 4,934 staff with a market capitalization of approximately CNY 13.3 billion.
Research reports
Article reviews the 2025 annual report, highlighting an 8% revenue decline, roughly 30% drop in net profit, a sharp 125% jump in financial expenses, and a more than 40% fall in operating cash flow, while noting growing debt and sharply higher short- and long-term borrowings as key risks. It also discusses contraction in core titanium product volumes, regional sales weakness, and pressure from increased interest and exchange losses, framing the stock as having average competitive moat and weak growth but a broadly reasonable valuation.
腾讯新闻（证券之星简析稿件） · October 28, 2025宝钛股份（600456）2025年三季报简析：净利润同比下降44.34%Note analyzes the 2025 Q3 results, emphasizing that first-three-quarter revenue fell 19.4% year-on-year and net profit declined 44.34%, with single-quarter Q3 net profit down 27.8% and very large receivables equal to about 703.5% of latest annual net profit. It flags cash flow and leverage concerns, including falling operating cash flow and high financial expenses relative to cash generation, and urges attention to risks around working capital, receivables quality, and overall financial health.
中国证券报·中证网，经东方财富发布 · October 26, 2025宝钛股份：2025年前三季度净利润2.88亿元 - 东方财富Analysis summarises the 2025 Q3 report, noting that revenue for the first three quarters fell 19.40% year-on-year while net profit declined 44.34% to 2.88亿元, with operating cash flow down 61.81%, EPS at 0.6018元, and ROE weakening. It comments on cash flow deterioration, rising projects under construction and long-term borrowings, and provides valuation metrics such as a TTM P/E around 44.75x, P/B about 2.2x, and TTM P/S near 2.78x, highlighting increased leverage and execution risk.
证券之星 / Stockstar · August 26, 2025宝钛股份（600456）2025年中报简析：净利润同比下降49%，公司应收账款体量较大Piece reviews the 2025 interim results, highlighting a 20.45% revenue decline to 29.67亿元 and a 49.0% drop in net profit, with Q2 alone showing similar double-digit revenue and profit contraction and very large receivables equal to roughly 685% of latest annual net profit. It notes margin compression, weaker net margin, higher operating and financial expenses, severely reduced operating cash flow, and characterizes the earnings release as disappointing with elevated credit and receivables risk.