Financial Performance - The company's operating revenue for Q1 2025 was CNY 338.63 million, an increase of 10.76% compared to CNY 305.73 million in the same period last year[5]. - The net profit attributable to shareholders for Q1 2025 was a loss of CNY 124.04 million, worsening from a loss of CNY 73.51 million in the previous year, an increase in loss of CNY 50.53 million[10]. - The company reported a net cash flow from operating activities of -CNY 169.87 million, worsening from -CNY 114.65 million in the same period last year[5]. - The company's basic and diluted earnings per share for Q1 2025 were both -CNY 0.0937, compared to -CNY 0.0598 in the same period last year[5]. - The company reported a non-recurring loss of approximately ¥38.74 million, primarily due to fair value changes in financial assets and liabilities[18]. - Operating profit for Q1 2025 was -¥159,917,372.37, worsening from -¥99,351,269.77 in Q1 2024[33]. - Net profit for Q1 2025 was -¥155,414,419.21, compared to -¥99,213,534.94 in Q1 2024, indicating a significant increase in losses[33]. - The company's total revenue for Q1 2025 was ¥59,259,439.24, an increase of 24.4% compared to ¥47,730,938.10 in Q1 2024[43]. Revenue Segments - The construction segment's revenue increased by CNY 15.41 million to CNY 79.44 million, driven by several new projects commencing in March 2025[7]. - The building materials segment's revenue rose by CNY 16.78 million to CNY 258.00 million, attributed to increased sales volume in the Sichuan-Tibet Railway project[8]. Assets and Liabilities - The total assets at the end of Q1 2025 were CNY 12.12 billion, a decrease of 5.47% from CNY 12.82 billion at the end of the previous year[6]. - The company's current assets decreased to CNY 6,422,838,781.90 from CNY 7,074,587,989.60, representing a reduction of about 9.2%[26]. - Total liabilities as of March 31, 2025, were CNY 6,510,927,890.66, down from CNY 7,053,991,876.49, indicating a decrease of approximately 7.7%[28]. - The company's cash and cash equivalents decreased to CNY 1,820,282,627.87 from CNY 2,309,000,663.09, a decline of about 21.2%[26]. - The company's total assets decreased from ¥7,727,924,351.24 on December 31, 2024, to ¥7,496,846,176.78 on March 31, 2025[41]. - Current assets totaled ¥3,784,675,211.78 as of March 31, 2025, down from ¥4,034,336,850.88 at the end of 2024[40]. - The total liabilities decreased from ¥4,568,969,165.22 on December 31, 2024, to ¥4,407,899,943.01 on March 31, 2025[41]. Cash Flow - Cash flow from operating activities for Q1 2025 was -¥169,869,469.87, compared to -¥114,653,871.90 in Q1 2024, reflecting a decline in cash generation[37]. - Cash flow from investing activities for Q1 2025 was -¥10,935,901.82, a decrease from a positive cash flow of ¥2,103,324.48 in Q1 2024[37]. - Cash flow from financing activities for Q1 2025 was -¥307,105,851.14, compared to -¥52,776,652.69 in Q1 2024, indicating increased cash outflows[38]. - The ending cash and cash equivalents balance for Q1 2025 was ¥1,792,036,104.13, down from ¥2,343,301,352.71 in Q1 2024[38]. - The company's cash and cash equivalents at the end of Q1 2025 were CNY 679,586,938.92, down from CNY 940,038,356.43 in Q1 2024[46]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 78,382[21]. - The largest shareholder, Tibet Construction Materials Group Co., Ltd., holds 23.74% of the shares[22]. Operational Challenges - Management highlighted ongoing challenges in operational efficiency and cash flow management, with a focus on cost control and strategic investments moving forward[35].

Core Viewpoint - Tibet Tianlu (600326) announced the signing of two construction contracts exceeding 20 million yuan in the first quarter of 2025, with a total contract value of 195 million yuan [1] Group 1: Contract Details - The first contract is for the EPC general contracting of the old residential area renovation project in Seini District, Naqu City, with a contract amount of 53.6158 million yuan, signed on January 6, 2025, and a performance period of 365 calendar days [1] - The second contract is for the EPC project of the Hunan Zhongda Agricultural HG Mixed Airlight Hydrocarbon New Energy in Bajiao Dong Ethnic Township, with a contract amount of 141 million yuan, signed on February 28, 2025, and a performance period of 730 calendar days [1]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 001212 | 中旗新材 | 10.00 | 7.90 | 2902.42 | | 600668 | 尖峰集团 | 9.97 | 7.34 | 2894.55 | | 600326 | 西藏天路 | 3.41 | 4.91 | 2315.79 | | 002457 | 青龙管业 | 2.67 | 9.27 | 2244.41 | | 600876 | 凯盛新能 | 10.04 | 2.72 | 2052.09 | | 000786 | 北新建材 | 1.35 | 0.52 | 1855.33 | | 300198 | 纳川股份 | 2.96 | 6.82 | 1081.24 | | 603737 | 三棵树 | 0.56 | 0.38 | 1014.57 | | 002043 | 兔宝宝 | 2.01 | 1.58 | 653.37 | | 600801 | 华新水泥 | 0.98 | 0.66 | 604.74 | | 300737 | 科顺股份 ...

Core Points - The company will hold a 2024 annual performance briefing on April 28, 2025, from 16:00 to 17:00 [2][4] - The briefing will be conducted in an interactive online format, allowing investors to ask questions [3][5] - The company aims to provide insights into its 2024 operational results and financial status during the briefing [2][3] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center [4] - Participants will include the company's Chairman, Secretary of the Board, Financial Officer, and an Independent Director [4] - Investors can submit questions from April 21 to April 25, 2025, before the briefing [5] Shareholders Meeting - The 2024 annual shareholders meeting is scheduled for May 9, 2025, at 10:00 AM [9][10] - Voting will be conducted through a combination of on-site and online methods [10] - The network voting system will be available on the same day, with specific time slots for voting [10][11]

| 转债代码: 110060 | 转债简称：天路转债 | | | | --- | --- | --- | --- | | 证券代码：600326 债券代码：188478 | 证券简称：西藏天路 债券简称：21 | 天路 01 | 公告编号：2025-024 号 | 西藏天路股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 04 月 28 日(星期一) 下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 4 月 28 日(星期一) 下午 16:00-17:00 （二） 会议召开地点：上证路演中心 会议召开方式：上证路演中 ...

| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-023 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 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 9 日 10 点 00 分 召开地点：西藏拉萨市夺底路 14 号公司 6610 会议室 股东大会召开日期：2025年5月9日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票 ...

国新证券股份有限公司(以下简称"国新证券"、"保荐机构")作为西藏 天路股份有限公司(以下简称"西藏天路"、"公司")2018年度公开发行 A 股 可转换公司债券的保荐机构,根据《证券发行上市保荐业务管理办法》《上海证 券交易所上市公司自律监管指引第 12号 -- 可转换公司债券》等相关规定,对 西藏天路不提前赎回"天路转债"事项进行了认真、审慎的核查,核查的具体 情况如下: 国新证券股份有限公司 关于西藏天路股份有限公司 不提前赎回"天路转债"的核查意见 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准西藏天路股份有限公司公开发行可 转换公司债券的批复》(证监许可(2019)1574号)核准,西藏天路于2019年 10 月 28 日公开发行了 10,869,880 张可转换公司债券(以下简称"可转债"), 每张面值 100元,发行总额为人民币 108,698.80 万元,期限 6年。本次发行的 可转债票面利率为第一年 0.4%,第二年0.6%,第三年 1.0%,第四年 1.5%,第 五年 1.8%, 第六年 2.0%。 经上海证券交易所自律监管决定书〔2019〕259 号文同意,公司本次发行 的 ...

| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-022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 重要内容提示： 一、可转债发行上市概况 关于不提前赎回"天路转债"的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《募集说明书》约定，在本次发行的可转债转股期内，当下述两种情形的任 意一种出现时，公司董事会有权决定按照债券面值加当期应计利息的价格赎回全部或 部分未转股的可转债。 1、在本次发行的可转债转股期内，如果公司A股股票连续三十个交易日中至少有 十五个交易日的收盘价格不低于当期转股价格的130%（含130%）； 2、当本次发行的可转债未转股余额不足3,000万元时。 当期应计利息的计算公式为：IA=B×i×t/365 IA：指当期应计利息； 经中国证券监督管理委员会《关于核准西藏天路股份有限公司公开发行可转换公 司债券的批复》（证监许可〔 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company, reflecting a downward adjustment in expectations for the years 2025-2026 [4][7]. Core Views - The company achieved a total revenue of 3.138 billion yuan in 2024, a decrease of 23.40% year-on-year, with a net profit attributable to shareholders of -104.28 million yuan, indicating a reduction in losses [1][4]. - The construction materials segment saw a revenue decline of 13% to 2.369 billion yuan, primarily due to falling prices and sales volumes of cement [2]. - The company is expected to benefit from the gradual progress of major hydropower projects, particularly the墨脱 hydropower station, which could significantly boost cement demand [4]. Financial Performance Summary - In 2024, the company reported a total revenue of 3.138 billion yuan, down from 4.097 billion yuan in 2023, with a projected revenue growth of 20.07% in 2025 [6][18]. - The EBITDA for 2024 is estimated at 467.60 million yuan, with a significant increase expected in subsequent years [6]. - The net profit attributable to shareholders is projected to improve to 144.73 million yuan in 2025, with further growth anticipated in 2026 and 2027 [6][18]. Segment Performance - The building materials segment's revenue decreased by 13% to 2.369 billion yuan, with a net profit of 3.20 million yuan, indicating a turnaround from previous losses [2]. - The construction segment experienced a 46% decline in revenue to 726 million yuan, with a net loss of 1.67 billion yuan, although there was a significant increase in new contracts signed [3]. Market Outlook - The report highlights that the company is well-positioned to benefit from the anticipated increase in cement demand due to ongoing infrastructure projects in Tibet [4]. - The expected annual cement demand increase from the墨脱 hydropower station is estimated at 3.6 million tons, which could account for approximately 30% of the company's total cement sales [2][4].

| | | | 单位：元 | | --- | --- | --- | --- | | 项目名称 | 年度 | | 影响金额 | | 潼南高新区部分道路整修工程项目 | 2020 | 年 | 4,830,036.31 | | 重庆市主城区内环快速路道路综合整治一期 | | | | | 工程项目 | 2021 | 年 | 10,221,516.84 | | 转债代码：110060 | 转债简称：天路转债 | | | | --- | --- | --- | --- | | 证券代码：600326 债券代码：188478 | 证券简称：西藏天路 债券简称：21 | 天路 01 | 公告编号：2025-019 号 | 西藏天路股份有限公司 关于前期会计差错更正的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 经西藏天路股份有限公司（以下简称"公司"或"本公司"）自查，公司控 股子公司—重庆重交再生资源开发股份有限公司承建的重庆市主城区内环快速 路道路综合整治一期工程项目、潼南高新区部分道路整修工程项目存在确认收 入 ...