Core Viewpoint - The commencement of the Yarlung Tsangpo River downstream hydropower project is significantly boosting the A-share infrastructure sector, leading to a surge in stock prices of related companies. Group 1: Market Reaction - The A-share infrastructure sector experienced a "limit-up" trend, with companies like Wuxin Tunnel Equipment (835174.BJ) hitting a 30% limit-up and others like Jikang Technology (830879.BJ) opening up by 24.29% [1][2] - The Yarlung Tsangpo hydropower concept index (886105.TI) surged by 12.52% at the opening [1][2] Group 2: Project Details - The Yarlung Tsangpo downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, officially commenced on July 19 in Linzhi, Tibet [3][4] - The project involves the construction of five tiered power stations, primarily focusing on power transmission while also catering to local demand in Tibet [3] Group 3: Beneficiary Companies - Companies in the explosives sector, such as Gaozheng Mining Explosives and Yipuli, are expected to benefit from increased demand due to the project [4][5] - China Power Construction Corporation, as a leading player in hydropower, is projected to secure annual project contracts worth approximately 21.8 to 29.1 billion yuan from this project, which could represent 1.7% to 2.3% of its new contract value in 2024 [4][5] - The project is anticipated to create significant opportunities for companies involved in construction, tunneling equipment, and materials, including China Energy Engineering, Iron Construction Heavy Industry, and Tibet Tianlu [5][6]

Core Viewpoint - The A-share market showed positive performance with major indices rising, driven by strong sectors such as hydropower, steel, and robotics, while financial sectors faced declines [1][2]. Group 1: Sector Performance - The hydropower sector experienced significant gains, with multiple stocks including China Power Construction and Tibet Tianlu hitting the daily limit [2]. - The steel sector also saw upward movement, with stocks like Xining Special Steel and Bayi Steel reaching the daily limit [1]. - The building materials and cement stocks continued their strong performance, with Huaxin Cement showing notable strength [1]. - The robotics sector was active, with stocks such as Jingxing Paper and Jinfat Technology hitting the daily limit [1]. - In contrast, the financial sector, including insurance and banking, faced declines, contributing to the overall market volatility [1]. Group 2: Institutional Insights - CITIC Securities highlighted that the new growth sectors are crucial for breaking through key index levels, suggesting a focus on mainline logic rather than worrying about index fluctuations [4]. - Zhongyin Securities pointed out that overseas expansion remains a strong performance driver, with expectations of a sector-wide rally post mid-year reporting season [5]. - Dongfang Securities noted that the market's logic of relying on dividends will continue, with long-term funds supporting sectors like banking and insurance, while tech stocks serve as supplementary opportunities [6].

智通财经7月21日电，开盘超级水电概念集体走强，中国电建、西藏天路、保利联合、高争民爆、华新 水泥等十余股竞价涨停。消息面上，7月19日，国家投资建设1.2万亿的超级水电项目正式宣布工程开 工。 超级水电概念大幅高开 中国电建等十余股竞价涨停 ...

Core Viewpoint - The company, Tibet Tianlu Co., Ltd., is forecasting a significant loss for the first half of 2025, with net profit expected to be between -115 million yuan and -77 million yuan, indicating an increase in losses compared to the previous year [2][3]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of -115 million yuan to -77 million yuan for the first half of 2025, which represents an increase in losses of 9.68 million yuan to 47.68 million yuan compared to the same period last year, reflecting a year-on-year increase in losses of 14.38% to 70.83% [2][3]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -83 million yuan and -45 million yuan, indicating a reduction in losses of 25.14 million yuan to 63.14 million yuan compared to the previous year, with a year-on-year decrease in losses of 23.25% to 58.39% [2][3]. Group 2: Previous Year Performance - In the same period last year, the total profit was -92.94 million yuan [5]. - The net profit attributable to shareholders was -67.32 million yuan [6]. - The net profit after deducting non-recurring gains and losses was -108.14 million yuan [7]. Group 3: Reasons for Performance Decline - The construction segment saw a significant increase in revenue due to the commencement of existing projects, but limited cost-cutting options constrained profit growth. Additionally, government investment project management in key provinces led to the completion or suspension of existing projects, resulting in decreased revenue and profit for the subsidiary [10]. - The building materials segment experienced a slight market recovery, with increased demand and sales, although profit margins were reduced due to price controls on certain projects. Overall revenue and profit still increased compared to the previous year [10]. - Other segments, such as highway supervision projects, reported increased revenue, leading to a significant reduction in net losses compared to the previous year [10]. - Non-operating gains and losses were impacted by fluctuations in the fair value of stocks held by the company, with a decrease of 39.39 million yuan affecting net profit attributable to shareholders [10].

[Tibet Tianlu Co., Ltd. 2025 Interim Results Forecast](index=1&type=section&id=%E8%A5%BF%E8%97%8F%E5%A4%A9%E8%B7%AF%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Performance Forecast Overview](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company anticipates a wider net loss attributable to parent company shareholders, while the adjusted net loss is expected to narrow significantly - The performance forecast covers the period from January 1, 2025, to June 30, 2025[4](index=4&type=chunk) Key Metrics for 2025 Interim Performance Forecast | Metric | H1 2025 Forecast | H1 2024 Actual | YoY Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Parent (RMB 10,000s)** | -11,500.00 to -7,700.00 | -6,731.93 | Loss Widened 14.38% to 70.83% | | **Adjusted Net Profit Attributable to Parent (RMB 10,000s)** | -8,300.00 to -4,500.00 | -10,814.44 | Loss Narrowed 23.25% to 58.39% | [Prior Year Performance Review](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) In the same period of 2024, the company recorded a net loss attributable to shareholders and a negative earnings per share Key Financial Data for H1 2024 | Metric | Amount (RMB 10,000s) | | :--- | :--- | | Total Profit | -9,293.61 | | Net Profit Attributable to Parent Company Shareholders | -6,731.93 | | Adjusted Net Profit Attributable to Parent Company Shareholders | -10,814.44 | | Earnings Per Share (RMB) | -0.0543 | [Analysis of Performance Fluctuation](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The wider net loss was driven by non-operating items, particularly stock value changes, while core business performance was mixed [Core Business Impact Analysis](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%BD%B1%E5%93%8D) Core business segments showed varied performance, with construction profit constrained while building materials and other segments improved - Construction segment: Revenue grew from existing projects, but **profit growth was limited** by expenses and project suspensions in certain areas[7](index=7&type=chunk) - Building materials segment: Cement business profitability increased year-over-year due to market recovery and cost efficiencies, offsetting margin pressures[7](index=7&type=chunk) - Other segments: Highway supervision business revenue increased, leading to a **significant reduction in net loss** year-over-year[7](index=7&type=chunk) [Non-Operating Items Impact Analysis](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E6%8D%9F%E7%9B%8A%E7%9A%84%E5%BD%B1%E5%93%8D) Non-operating items were the primary driver of the increased net loss, mainly due to a significant reversal in stock investment fair value Fair Value Change in Stock Investments (RMB 10,000s) | Period | Fair Value Gain/Loss | | :--- | :--- | | H1 2025 (Forecast) | -3,939.39 | | H1 2024 (Actual) | +4,673.91 | [Risk Disclosures and Other Notes](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states this forecast is a preliminary, unaudited result, with final figures subject to the official interim report - This performance forecast is a preliminary calculation by the finance department and has not been audited by a certified public accountant[10](index=10&type=chunk) - The company has stated that there are **no material uncertainties** affecting the accuracy of this performance forecast[10](index=10&type=chunk) - The final, accurate financial data will be based on the company's officially disclosed 2025 interim report[11](index=11&type=chunk)

西藏天路（600326）公告，公司预计2025年半年度实现归属于上市公司股东的净利润为-1.15亿元 到-7700万元，与上年同期相比将出现亏损，预计亏损增加968.07万元到4768.07万元，同比增亏14.38% 到70.83%。预计2025年半年度归属于上市公司股东的扣除非经常性损益的净利润为-8300万元到-4500万 元，预计亏损减少2514.44万元到6314.44万元，同比减亏23.25%到58.39%。 ...

Group 1 - The cement sector saw an increase of 1.75%, ranking 8th among concept sectors, with 32 stocks rising, including Sifang New Material and Sichuan Shuangma hitting the daily limit [1] - Notable gainers in the cement sector included Tibet Tianlu, Zhongtai Chemical, and Jinyu Group, which rose by 3.77%, 3.44%, and 2.53% respectively [1] - The sector experienced a net inflow of 233 million yuan, with 16 stocks receiving net inflows, and 8 stocks exceeding 10 million yuan in net inflow [2] Group 2 - The top net inflow stock was Sichuan Shuangma, with a net inflow of 113 million yuan, followed by China Energy Construction, Conch Cement, and Tibet Tianlu with net inflows of 93.47 million yuan, 66.49 million yuan, and 32.38 million yuan respectively [2][3] - The net inflow ratio for Sifang New Material, Sichuan Shuangma, and Ordos was 70.30%, 14.96%, and 14.27% respectively [3] - The trading volume and turnover rates for key stocks in the cement sector were highlighted, with Sichuan Shuangma showing a trading increase of 9.98% and a turnover rate of 5.00% [3][4]

General Provisions - Tibet Tianlu Co., Ltd. is established as a joint-stock company in accordance with the Company Law and other relevant regulations [2] - The company was approved by the Tibet Autonomous Region People's Government and registered with the local administration [2][3] - The registered capital of the company is RMB 1,323,334,858 [3] Business Objectives and Scope - The company's business objective is to meet market demand, pursue intensive operations, and raise necessary development funds through capital markets [6] - The company aims to expand its main business in highway engineering while gradually diversifying into a large comprehensive enterprise [6] - The approved business scope includes construction engineering, international road freight transport, and various other construction-related activities [7] Shares - The company's shares are issued in the form of stocks, with all shares being ordinary shares [8] - The total number of shares is 1,323,334,858, and the issuance follows principles of openness, fairness, and justice [8][20] - The company does not provide financial assistance for the purchase of its shares [8] Shareholder Rights and Obligations - Shareholders have rights to dividends, attend meetings, supervise the company, and transfer their shares [13] - Shareholders must comply with laws and the company's articles of association, and they cannot withdraw their capital except as legally permitted [16] - Major shareholders (over 5%) must report any pledging of their shares to the company [39] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with the annual meeting occurring within six months after the end of the fiscal year [43] - Shareholder meetings can be convened by the board of directors or at the request of shareholders holding more than 10% of the shares [27] - Decisions at shareholder meetings require a simple majority for ordinary resolutions and a two-thirds majority for special resolutions [76][78] Voting and Decision-Making - Voting at shareholder meetings is based on the number of shares held, with each share representing one vote [79] - Related party shareholders must abstain from voting on transactions involving their interests [45] - The company must disclose the voting results and ensure transparency in the decision-making process [45]

西藏珠穆朗玛律师事务所 关于西藏天路股份有限公司 2025 年第二次临时股东大会之 法 律 意 见 书 CHOMOLUNGMA -LAW FIRM- ิง | | = ' สิ' สูต = ' = 珠穆朗玛律师事务所 地址: 拉萨市仙足岛南路11号 拉萨乃仓广场6号楼4层 2025.07.08. 1 西藏珠穆朗玛律师事务所关于西藏天路股份有限公司 2025年第二次 临时股东大会之法律意见书 本所律师仅依据本法律意见书出具日以前已经发生或存在的事实和我国相关 法律、法规、规范性文件、行业规定以及《公司章程》的规定,就本次 股东大会 的召集和召开程序、召集人和出席会议人员的资格、会议的表决程序以及表决结 果等有关事宜发表法律意见。本所律师并不对本次股东大会有关议案的内容及议 致:西藏天路股份有限公司 西藏珠穆朗玛律师事务所(以下简称"本所"）接受西藏天路股份有限公司 (以下简称"公司")的委托,指派旦增卓嘎律师、益西达瓦律师(以下简称"本 所律师")出席公司 2025年第二次临时股东大会(以下简称"本次股东大会")。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华 人民共和国证券法》(以 ...

章 程 （2025年7月 修订版） 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）和其他有关 规定，制订本章程。 第二条 西藏天路股份有限公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"本公司"或"公司"）。 公司经西藏自治区人民政府藏政函（1999）80 号文和和西藏自治区经济贸易体制改革委员会 藏经委企复（1999）第 72 号文批准，以发起方式设立；在西藏自治区工商行政管理局注册登记， 取得营业执照，公司统一社会信用代码为 91540000710905111C。 第三条 公司于 2000 年 12 月 19 日经中国证券监督管理委员会证监发行字[2000]179 号文核 准，首次向社会公众发行人民币普通股 4000 万股，全部为向境内投资人发行的以人民币认购的内 资股(即人民币普通股)，于 2001 年 1 月 16 日在上海证券交易所上市。经中国证券监督管理委员会 证监发行字[2007]200 号文核准，2007 年 9 月 4 日公司向境内特定机构投 ...