| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-054 号 | | --- | --- | --- | | 转债代码：110060 | 转债简称：天路转债 | | | 债券代码：188478 | 债券简称：21 天路 | 01 | 西藏天路股份有限公司 关于子公司涉及诉讼进展的公告 法院于 2024 年 9 月 26 日受理本案，并于 2025 年 4 月 23 日出具了《民事判决书》 （（2024）藏 03 民初 4 号）驳回原告请求。 昌都高争因不服一审判决，向西藏自治区高级人民法院提起上诉，请求依法 撤销西藏自治区昌都市中级人民法院（2024)藏 03 民初 4 号民事判决书，请求改 判二被上诉人连带向上诉人赔偿生态环境整治修复费用、赔偿罚款、支付律师费、 鉴定评估费、熟料购买产生的运输费以及诉讼费、保全费等相关合理费用，西藏 自治区高级人民法院已受理。 详见 2025 年 6 月 14 日刊登在《中国证券报》《上海证券报》《证券时报》 《证券日报》及上海证券交易所 http://www.sse.com.cn 网站上的《西藏天路股 份有限公司关于子公司涉及诉讼的公告》（202 ...

[Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) [Company Profile and Key Financial Indicators](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic information, covering its identity, contact details, addresses, disclosure channels, and stock overview - The company's Chinese abbreviation is 'Tibet Tianlu', with stock code **600326**, listed on the Shanghai Stock Exchange[14](index=14&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue grew by 19.88% driven by construction, but net profit attributable to shareholders expanded to a **-112 million yuan loss**, primarily due to increased costs, market competition, and fair value losses from investments Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,408,982,686.44 | 1,175,331,019.78 | 19.88 | | Net Profit Attributable to Shareholders of Listed Company | -111,892,210.32 | -67,319,286.99 | N/A | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -79,991,274.57 | -108,144,449.88 | N/A | | Net Cash Flow from Operating Activities | 183,153,269.86 | 47,796,328.89 | 283.20 | | Total Assets | 12,227,819,387.96 | 12,818,089,407.28 (End of Prior Year) | -4.60 | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.0846 | -0.0543 | N/A | | Weighted Average Return on Net Assets (%) | -2.95 | -1.92 | Decreased by 1.03 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | -2.10 | -3.08 | Increased by 0.98 percentage points | - Operating revenue growth was primarily driven by multiple existing construction projects entering their peak construction period, with this segment's revenue increasing by **224 million yuan** year-on-year[23](index=23&type=chunk)[24](index=24&type=chunk) - The main reasons for the expanded net loss attributable to parent company shareholders include: - **Construction segment**: Despite increased revenue, high management and financial expenses, coupled with increased bad debt provisions, led to losses - **Building materials segment**: Intense market competition and the influx of cement from outside the region resulted in both decreased sales volume and prices, leading to losses - **Investment segment**: A fair value change loss of **39.39 million yuan** was recognized due to the decline in stock prices of other listed companies held, which was a key factor in the expanded loss[24](index=24&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses amounted to **-31.90 million yuan**, primarily driven by **-39.39 million yuan** in fair value changes on financial assets, partially offset by **8.33 million yuan** in government subsidies Major Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Fair Value Change Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | -39,393,937.74 | | Government Subsidies Recognized in Current Period Profit/Loss | 8,334,747.05 | | **Total** | **-31,900,935.75** | - During the reporting period, certain balance sheet items underwent significant changes, with dividends receivable increasing substantially by **878.19%**, primarily due to cash dividends received from non-publicly issued shares of other listed companies[34](index=34&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Description of the Company's Industry and Main Business Operations During the Reporting Period](index=11&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's core businesses include engineering, cement, asphalt, and mineral products, facing intense competition in construction from external entrants and oversupply with declining prices in the regional cement market - The company's main businesses cover three major segments: construction, building materials, and mining, with **construction and building materials** being the core operations[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - The main challenge facing the industry is intensified market competition, with an influx of external enterprises in construction and oversupply in the regional cement market, exacerbated by competition from neighboring provinces[40](index=40&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company managed 63 construction projects and focused on key regional projects, special cement R&D, and cost efficiency in building materials, with cement production and sales at **1.75 million tons** and **1.68 million tons** respectively - In the construction segment, the company strengthened full-lifecycle project management, undertaking a total of **63 projects** during the reporting period, including **7 new projects**[43](index=43&type=chunk) - In the building materials segment, to counter intense market competition, the company focused on key projects, strengthened special cement R&D, and continuously promoted cost reduction and efficiency improvement[44](index=44&type=chunk) Building Materials Product Production and Sales Volume in H1 2025 | Product | Production Volume | Sales Volume | | :--- | :--- | :--- | | Cement | 174.63 ten thousand tons | 168.47 ten thousand tons | | Commercial Concrete | 28.91 ten thousand cubic meters | 28.91 ten thousand cubic meters | | Asphalt Concrete | 55.23 ten thousand tons | 55.23 ten thousand tons | [Main Business Analysis](index=14&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue grew by **19.88%** driven by construction, while operating costs increased by **18.35%**; financial expenses decreased by **24.65%**, and operating cash flow surged by **283.20%**, with Tibet remaining the primary revenue source Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,408,982,686.44 | 1,175,331,019.78 | 19.88 | | Operating Cost | 1,245,121,626.46 | 1,052,107,802.01 | 18.35 | | Financial Expenses | 46,947,006.29 | 62,306,967.49 | -24.65 | | Net Cash Flow from Operating Activities | 183,153,269.86 | 47,796,328.89 | 283.20 | | Net Cash Flow from Financing Activities | -490,769,951.25 | 44,652,077.30 | -1,199.10 | - Profit composition underwent significant changes, with fair value change gains/losses at **-39.39 million yuan**, primarily due to the decline in stock prices of other listed companies held by the company, significantly impacting profit[50](index=50&type=chunk) Main Business by Industry Segment | Industry Segment | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | Operating Revenue Change from Prior Period (%) | | :--- | :--- | :--- | :--- | :--- | | Construction Industry | 382,741,134.35 | 342,814,109.05 | 10.43 | 141.57 | | Building Materials Industry | 1,009,511,527.33 | 889,714,805.02 | 11.87 | 0.11 | - Within main business revenue, revenue from the Tibet region was **1.179 billion yuan**, a year-on-year increase of **20.06%**, accounting for **83.96%** of total main business revenue; revenue from outside the Tibet region was **225 million yuan**, a year-on-year increase of **18.42%**[56](index=56&type=chunk) [Analysis of Assets and Liabilities](index=20&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by **4.60%** to **12.28 billion yuan**, and total liabilities decreased by **6.99%** to **6.56 billion yuan**, improving the asset-liability ratio to **53.65%**; short-term borrowings decreased by **32.49%**, and restricted assets totaled **197 million yuan** - As of the end of the reporting period, the company's asset-liability ratio was **53.65%**, a decrease of **1.38 percentage points** from **55.03%** at the end of the previous year, indicating an improvement in financial structure[65](index=65&type=chunk) Major Asset and Liability Status Changes | Item Name | Current Period End Balance (yuan) | Prior Period End Balance (yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 10,836,880.41 | 22,483,719.08 | -51.80 | Maturity and acceptance of notes and decrease in commercial acceptance notes received | | Receivables Financing | 172,106,572.97 | 359,219,118.69 | -52.09 | Maturity and acceptance of bank and commercial acceptance bills | | Short-term Borrowings | 819,510,350.64 | 1,213,873,284.17 | -32.49 | Gaozheng Shares repaid matured short-term borrowings | - As of the end of the reporting period, the company's main restricted assets had a total book value of **197 million yuan**, primarily used for mortgages and deposits[67](index=67&type=chunk) [Analysis of Investment Status](index=24&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Fair value financial assets decreased to **419 million yuan**, with **-39.39 million yuan** in fair value losses from China Power Construction stock, offset by **8.48 million yuan** in dividends, and **93.44 million yuan** invested in private equity funds Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Stocks | 364,560,577.56 | -39,393,937.74 | 325,166,639.82 | | Private Equity Funds | 93,439,232.00 | 0.00 | 93,439,232.00 | | **Total** | **457,999,809.56** | **-39,393,937.74** | **418,605,871.82** | - The company's holdings in 'China Power Construction' stock (code 601669) generated **-39.39 million yuan** in fair value change losses during the reporting period, while also recognizing **8.4764 million yuan** in investment income from cash dividends[79](index=79&type=chunk) [Analysis of Major Holding and Participating Companies](index=28&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Tibet Gaozheng Building Materials achieved **27 million yuan** net profit, while Tibet Changdu Gaozheng Building Materials and Chongqing Zhongjiao Renewable Resources incurred losses of **50 million yuan** and **26 million yuan** respectively Financial Overview of Major Subsidiaries (Unit: billion yuan) | Company Name | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Tibet Gaozheng Building Materials Co., Ltd. | 4.817 | 3.755 | 0.606 | 0.023 | 0.027 | | Tibet Changdu Gaozheng Building Materials Co., Ltd. | 1.736 | 0.549 | 0.273 | -0.050 | -0.050 | | Chongqing Zhongjiao Renewable Resources Development Co., Ltd. | 1.693 | 0.227 | 0.177 | -0.029 | -0.026 | [Potential Risks](index=29&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces escalating industry competition in construction and building materials, management challenges from diversified operations, financial risks due to large projects and long capital recovery cycles, and investment decision risks - Industry risks include intensified competition in the construction market due to an influx of external enterprises, and oversupply in the building materials market caused by overcapacity and external impacts[83](index=83&type=chunk) - Management risks arise from the company's diversified business and expanding asset scale, demanding higher requirements for refined management, cost control, and project management models[84](index=84&type=chunk) - Financial and investment risks stem from large project investment scales and long capital recovery cycles, challenging the company's financing and investment estimation capabilities[84](index=84&type=chunk)[85](index=85&type=chunk) [Corporate Governance, Environment, and Social Responsibility](index=31&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Profit Distribution or Capital Reserve Conversion Plan](index=31&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no half-year profit distribution plan; due to unmet 2024 performance targets, it plans to repurchase and cancel **850,897** restricted shares from its 2022 incentive plan - The company has no half-year profit distribution or capital reserve conversion plan[88](index=88&type=chunk) - Due to unmet 2024 performance targets, the conditions for the third unlocking period of the company's 2022 restricted stock incentive plan were not met, and it plans to repurchase and cancel all related restricted shares[88](index=88&type=chunk) [Environmental Information and Social Responsibility](index=32&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) Two subsidiaries are on the environmental disclosure list; the company actively supports rural revitalization, employing **726 local workers** and generating **4.08 million yuan** in income, while investing **809,700 yuan** in village support - Two of the company's subsidiaries have been included in the list of enterprises required to disclose environmental information by law[90](index=90&type=chunk) - The company actively fulfills its social responsibilities, generating **4.0772 million yuan** in income for local farmers and herdsmen in the first half through employment, machinery leasing, and material purchases, and investing **809,700 yuan** in village support funds to aid rural revitalization[91](index=91&type=chunk)[92](index=92&type=chunk) [Significant Matters](index=34&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=34&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder strictly fulfilled commitments regarding avoiding horizontal competition, resolving related-party transactions, and ensuring the listed company's independence - The controlling shareholder's commitments to avoid horizontal competition, regulate related-party transactions, and maintain the listed company's independence remained effective and were fulfilled during the reporting period[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) [Significant Related-Party Transactions](index=39&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in market-priced related-party transactions for sales, purchases, and services; however, a **10.50 million yuan** loan to associate Kaili Beihuan Expressway Investment Co., Ltd. is overdue and under collection - The company engaged in multiple daily operational related-party transactions, including sales and purchases of goods, and acceptance/provision of services, all priced at market rates[100](index=100&type=chunk)[102](index=102&type=chunk) - The second installment of financial assistance, a **10.50 million yuan** loan to associate Kaili Company, is overdue; the company has sent a demand letter and suspended further financial assistance[104](index=104&type=chunk)[105](index=105&type=chunk) [Significant Contracts and Their Fulfillment](index=42&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details significant contracts over **20 million yuan**, major guarantees totaling **421 million yuan** (**11.16%** of net assets), and various loan contracts for the parent company and subsidiaries, including amounts, rates, and terms - During the reporting period, the company and its subsidiaries signed multiple significant engineering contracting agreements exceeding **20 million yuan**[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - As of the end of the reporting period, the company's total external guarantees (including those for subsidiaries) amounted to **420.66 million yuan**, representing **11.16%** of the company's net assets[112](index=112&type=chunk) - The report details existing and new loan contracts for the parent company and subsidiaries Tibet Gaozheng, Changdu Gaozheng, and Chongqing Zhongjiao, involving multiple banks, with interest rates ranging from **1.00% to 4.85%**, primarily for supplementing working capital[116](index=116&type=chunk)[135](index=135&type=chunk)[153](index=153&type=chunk)[168](index=168&type=chunk) [Share Changes and Shareholder Information](index=106&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=106&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Due to convertible bond conversions, the company's total share capital increased by **5,379,742 shares** to **1,328,714,600 shares**, all becoming unrestricted tradable shares - In the first half of 2025, due to convertible bond conversions, the company's total share capital increased by **5,379,742 shares**, reaching a total of **1,328,714,600 shares** at period-end[241](index=241&type=chunk)[242](index=242&type=chunk) [Shareholder Information](index=107&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The top two shareholders, Tibet Construction Engineering and Building Materials Group and Tibet Tianhai Group, hold **23.64%** and **4.38%** respectively, with no pledges or freezes on their state-owned shares Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Tibet Construction Engineering and Building Materials Group Co., Ltd. | 314,156,212 | 23.64 | State-owned Legal Entity | | Tibet Tianhai Group Co., Ltd. | 58,144,678 | 4.38 | State-owned Legal Entity | | Zhang Wu | 6,500,000 | 0.49 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 6,388,868 | 0.48 | Other | | Wu Na | 6,020,006 | 0.45 | Domestic Natural Person | [Bond-Related Information](index=110&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=110&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) Outstanding corporate bond '21 Tianlu 01' balance is **310 million yuan**; '23 Tianlu 01' was delisted; a **500 million yuan** short-term financing bond was issued at **3.38%**; consolidated interest-bearing debt decreased by **11.35%** to **3.52 billion yuan** - The corporate bond '21 Tianlu 01' completed partial put-back and resale during the reporting period, with an outstanding balance of **309.8 million yuan** at period-end[252](index=252&type=chunk)[253](index=253&type=chunk) - On February 25, 2025, the company issued a **500 million yuan** short-term financing bond ('25 Tianlu CP001') with a 1-year term and an interest rate of **3.38%**[266](index=266&type=chunk) - At the end of the reporting period, the company's consolidated interest-bearing debt balance was **3.523 billion yuan**, a **11.35%** decrease from **3.974 billion yuan** at the beginning of the period[261](index=261&type=chunk)[264](index=264&type=chunk) [Convertible Corporate Bonds](index=118&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) Tianlu Convertible Bonds (code 110060) are still convertible; **22.43 million yuan** converted into **5,379,742 shares**, leaving **149 million yuan** outstanding (**13.67%** of total), with the latest conversion price at **4.17 yuan/share** Convertible Bond Changes During Reporting Period | Convertible Corporate Bond Name | Before This Change (yuan) | Converted to Shares (yuan) | After This Change (yuan) | | :--- | :--- | :--- | :--- | | Tibet Tianlu Publicly Issued Convertible Corporate Bonds | 170,999,000 | 22,434,000 | 148,565,000 | - As of the end of the reporting period, the cumulative number of shares converted accounted for **21.60%** of the company's total issued shares before conversion, with unconverted bonds representing **13.67%** of the total issuance[275](index=275&type=chunk) - The conversion price has been adjusted from an initial **7.24 yuan/share** to **4.17 yuan/share** at period-end, due to reasons such as dividend distribution, new share issuance, and voluntary downward revision[277](index=277&type=chunk)[278](index=278&type=chunk) [Financial Report](index=122&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=122&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the unaudited H1 2025 consolidated and parent company financial statements, showing **12.28 billion yuan** in total assets, **6.56 billion yuan** in total liabilities, **1.41 billion yuan** in operating revenue, and a **-112 million yuan** net loss attributable to parent shareholders - Consolidated Balance Sheet: Total assets at period-end were **12.28 billion yuan**, with owner's equity attributable to the parent company at **3.769 billion yuan**[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk) - Consolidated Income Statement: Total operating revenue for the reporting period was **1.409 billion yuan**, net profit was **-132 million yuan**, and net profit attributable to parent company shareholders was **-112 million yuan**[293](index=293&type=chunk)[294](index=294&type=chunk) - Consolidated Cash Flow Statement: Net cash flow from operating activities was **183 million yuan**, net cash flow from investing activities was **-30 million yuan**, and net cash flow from financing activities was **-491 million yuan**[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk) [Company Basic Information](index=152&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Established in 1999, Tibet Tianlu Co., Ltd. is a state-controlled listed company based in Lhasa, primarily engaged in general construction contracting and related building materials production and sales - The company is a state-controlled listed company with stock code **600326**, primarily engaged in the construction industry, extending to related fields such as building materials production and sales[327](index=327&type=chunk)[332](index=332&type=chunk) - As of June 30, 2025, the company's total share capital was **1,328,714,600 shares**, with unrestricted tradable shares accounting for the vast majority[332](index=332&type=chunk) [Significant Accounting Policies and Estimates](index=155&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's financial statement preparation basis, accounting standards, period, and significant policies and estimates, covering key treatments for business combinations, financial instruments, revenue, and assets - Financial statements are prepared on a going concern basis, adhering to the requirements of the 'Enterprise Accounting Standards' and related regulations[336](index=336&type=chunk) - Impairment of financial instruments is assessed using the expected credit loss model, with a simplified measurement approach applied to accounts receivable without significant financing components[361](index=361&type=chunk)[362](index=362&type=chunk) - Revenue recognition follows new revenue standards, recognized when customers obtain control of goods or services; for construction services, revenue is recognized over time based on the progress of performance (input method)[411](index=411&type=chunk)[412](index=412&type=chunk)

格隆汇8月18日丨西藏天路(600326.SH)公布2025年半年度报告，报告期实现营业收入14.09亿元，同比增 长19.88%；归属于上市公司股东的净利润-1.12亿元；基本每股收益-0.0846元。 ...

Market Overview - The cement sector increased by 0.98% on August 18, with Tibet Tianlu leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Tibet Tianlu (600326) closed at 17.04, up 6.37% with a trading volume of 3.1322 million shares and a transaction value of 5.25 billion [1] - Tianshan Shares (000877) closed at 5.73, up 1.78% with a trading volume of 613,000 shares and a transaction value of 352 million [1] - Other notable performers include Hanjian Heshan (603616) at 5.90, up 1.55%, and Guotong Shares (002205) at 14.67, up 1.31% [1] Fund Flow Analysis - The cement sector saw a net inflow of 371 million from institutional investors, while retail investors experienced a net outflow of 93.33 million [2] - Major stocks like Tibet Tianlu had a net inflow of 34.5 million from institutional investors, indicating strong institutional interest [3] - Conversely, stocks like Hanjian Heshan and Guotong Shares experienced net outflows from retail investors, suggesting a mixed sentiment among retail participants [3]

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].

最近三个交易日，13日-15日，西藏天路分别获融资买入2.45亿元、4.87亿元、3.11亿元。 融券方面，当日融券卖出0.00万股，净卖出0.00万股。 8月15日，沪深两融数据显示，西藏天路获融资买入额3.11亿元，居两市第60位，当日融资偿还额3.85亿 元，净卖出7446.65万元。 ...

Market Overview - The Shanghai Composite Index fell by 0.46% on August 14, with only one industry, non-bank financials, showing an increase of 0.59%. The sectors with the largest declines were comprehensive and defense industry, down by 2.66% and 2.15% respectively [1] - The net outflow of capital from the two markets reached 75.08 billion yuan, with only two sectors experiencing net inflows: the banking sector with 188 million yuan and the building materials sector with 59.38 million yuan [1] Building Materials Industry - The building materials sector declined by 0.92% today, with a total of 71 stocks in the sector. Out of these, 10 stocks rose, including 3 that hit the daily limit, while 61 stocks fell [2] - Among the stocks with net inflows, 15 stocks saw capital inflows, with 7 stocks receiving over 10 million yuan. The top stock for net inflow was Sichuan Jinding, with a net inflow of 353 million yuan, followed by Tibet Tianlu and Honghe Technology with net inflows of 134 million yuan and 130 million yuan respectively [2] - The stocks with the largest net outflows included Zhongqi New Materials, Western Construction, and Oriental Yuhong, with net outflows of 77.85 million yuan, 56.08 million yuan, and 51.31 million yuan respectively [2] Capital Flow in Building Materials - The top stocks in terms of capital flow in the building materials sector included: - Sichuan Jinding: +10.00% with a turnover rate of 27.92% and a capital flow of 352.51 million yuan - Tibet Tianlu: +2.37% with a turnover rate of 26.88% and a capital flow of 134.31 million yuan - Honghe Technology: +10.02% with a turnover rate of 2.66% and a capital flow of 130.14 million yuan [2] - Several stocks experienced significant capital outflows, including: - Zhongqi New Materials: -7.78% with a capital outflow of 77.85 million yuan - Western Construction: -4.21% with a capital outflow of 56.08 million yuan - Oriental Yuhong: -2.35% with a capital outflow of 51.31 million yuan [2][3][4]

证券之星消息，8月14日水泥板块较上一交易日下跌1.0%，青松建化领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600678 | 四川金顶 | 10.56 | 10.00% | 97.44万 | 10.15 Z | | 600326 | 西藏天路 | 16.41 | 2.37% | 356.93万 | 59.25 亿 | | 003037 | 三和营桩 | 9.04 | 1.23% | 26.55万 | 2.41亿 | | 600585 | 海螺水泥 | 24.20 | -0.33% | 1 35.37万 | 8.64亿 | | 000672 | 上峰水泥 | 9.08 | -0.66% | 11.29万 | 1.04亿 | | 000401 | 莫东水泥 | 4.94 | -1.00% | 14.04万 | 6991.04万 | | 002233 | 塔牌集团 ...

西藏天路最新一期业绩显示，截至2025一季报，公司营业总收入3.39亿元、同比增长10.76%，归属净利 润12404.01万元，同比减少68.73%，扣非净利润8530.02万元，同比减少10.58%，流动比率1.296、速动 比率1.203、资产负债率53.73%。 金融界消息 截至2025年8月14日收盘，西藏天路（600326）报收于16.41元，上涨2.37%，换手率 26.88%，成交量356.93万手，成交金额59.25亿元。 资金流向方面，今日主力资金净流入1.39亿元，占比成交额2.35%。其中，超大单净流入2.11亿元、占 成交额3.57%，大单净流出7212.52万元、占成交额1.22%，中单净流出流入2950.69万元、占成交额 0.5%，小单净流出16874.59万元、占成交额2.85%。 来源：金融界 通过天眼查大数据分析，西藏天路股份有限公司共对外投资了29家企业，参与招投标项目522次，知识 产权方面有商标信息88条，专利信息38条，此外企业还拥有行政许可25个。 天眼查商业履历信息显示，西藏天路股份有限公司，成立于1999年，位于拉萨市，是一家以从事非金属 矿物制品业为主的企 ...

Group 1 - The core viewpoint of the article highlights the significant stock performance of Tibet Tianlu, which saw a 5.8% increase in its share price, reaching 16.96 yuan per share, with a trading volume of 3.443 billion yuan and a turnover rate of 15.68% [1] - Tibet Tianlu Co., Ltd. is based in Lhasa, Tibet, and primarily engages in construction, building materials, mineral resources, and recycling businesses, having undertaken several national key engineering projects, with operations extending across China and Nepal [1] - Since its listing in 2001, the company has established itself as a benchmark for state-owned enterprises in Tibet, backed by strong economic and technical capabilities, and has received multiple national and regional honors [1] Group 2 - As of April 18, the number of shareholders for Tibet Tianlu was 79,000, with an average of 16,700 circulating shares per person [1] - For the first quarter of 2025, Tibet Tianlu reported an operating income of 339 million yuan, reflecting a year-on-year growth of 10.76%, while the net profit attributable to shareholders was -124 million yuan, a decrease of 68.73% compared to the previous year [1]