Titanium Chemical launches top-tier employee stock ownership plan; heavy overweighting demonstrates confidence in development

On the evening of the 26th, Taieng Chemical (002145.SZ) disclosed a new employee stock ownership plan, which is set at the maximum limit with impressive scale and intensity. According to the announcement, this plan involves no more than 190 million shares, accounting for 4.99% of the company's total share capital, exactly touching the upper limit for a single-phase employee stock ownership plan under regulatory rules. The total capital cap reaches 874 million yuan, and all shares are sourced from the company's previously repurchased A-share shares.

This plan covers a total of no more than 200 core employees, with extensive coverage. In terms of share allocation, directors and senior executives were allocated a total of 56.9 million shares, accounting for 29.95% of the total plan; the remaining no more than 191 core employees hold 133.1 million shares, accounting for 70.05%, deeply binding the core team to the company's development. The transfer price for this plan is set at 4.6 yuan per share, which is higher than the secondary market closing price of 4.26 yuan on May 26, also reflecting the management and employees' optimism about the company's long-term value.

Public information shows that Taieng Chemical has prominent main business advantages, with the three core businesses of titanium dioxide, phosphate rock, and yellow phosphorus accounting for over 87% of total revenue in 2025. In terms of capacity, the company's annual titanium dioxide production capacity is close to 700,000 tons, while the annual capacities for phosphate rock, yellow phosphorus, and iron phosphate reach 500,000 tons, 120,000 tons, and 100,000 tons respectively. Relying on its industrial layout advantages, the company also completed the resource integration of the phosphorus chemical sector by acquiring the Shuangyang Phosphate Mine, further consolidating its profit foundation and enhancing market competitiveness.

The current titanium dioxide industry is in a stage of deep reshuffling. According to statistics, since the end of 2025, a total of about 150,000 tons of capacity in the industry has been permanently shut down or long-term suspended, and another 200,000 tons of capacity has been reduced. The entities exiting are all small and medium-sized sulfate process plants and old foreign-funded production lines. Industry leaders represented by Taieng Chemical chose to reduce production rather than stop production, and industry capacity is accelerating concentration towards head enterprises, with the competitive landscape continuously optimizing.

The price front is also seeing a positive trend. Since March this year, mainstream domestic titanium dioxide companies have completed four rounds of price adjustments, with a cumulative increase of about 3,500 yuan per ton. Industry insiders stated that the initial stage of this round of price increases was mainly driven by cost factors, but with the continuous clearing of backward capacity, the industry's supply-demand relationship is gradually improving, and the titanium dioxide track is expected to enter an upward cycle.

The demand side also presents a pattern of multi-point growth. Demand in traditional fields will maintain steady slight growth, while the continuous development of emerging industries such as new energy vehicles and photovoltaics will also continuously open up incremental space for titanium dioxide, and the proportion of emerging application markets is expected to rise steadily. The overseas market is even more eye-catching; customs data shows that in the first quarter of 2026, the total domestic export volume of titanium dioxide was 536,800 tons, a year-on-year increase of 7.15%; looking at March alone, the export volume reached 201,500 tons, a year-on-year increase of 8.92% and a significant month-on-month increase of 33.03%. Overseas orders have become an important growth driver for the industry.

Industry analysis believes that Taieng Chemical's launch of a maximum-limit employee stock ownership plan deeply binds the interests of core employees to the company's development. Coupled with the favorable environment of industry clearing, price recovery, and the resonance of domestic and foreign demand, the company's subsequent growth potential is worth attention.