Tianyan said that Sichuan Vanadium and Titanium Industry Investment and Development Co., Ltd. has no direct connection or relationship with Vanadium and Titanium. Sichuan Vanadium and Titanium Industry Investment and Development Co., Ltd. is a company mainly engaged in non-ferrous metal mining, and Vanadium and Titanium is a subsidiary of Pangang Group, mainly engaged in vanadium products and titanium slag. There is no specific relationship or cooperation between the two companies in business areas, ownership and management structure.