Group 1 - The company issued convertible bonds named "Tianlu Convertible Bonds" with a total amount of RMB 938.423 million, which can be converted into shares from May 6, 2020, to October 27, 2025 [1][2] - The initial conversion price was set at RMB 7.24 per share, which has been adjusted to RMB 4.17 per share due to various corporate actions including cash dividends and stock increases [1][2] - As of June 30, 2025, a total of RMB 938.423 million of "Tianlu Convertible Bonds" has been converted into 186,890,433 shares, representing 21.60% of the total shares before conversion [2][4] Group 2 - The amount of unconverted "Tianlu Convertible Bonds" as of June 30, 2025, is RMB 148.565 million, accounting for 13.67% of the total issuance [2][4] - From April 1, 2025, to June 30, 2025, an additional RMB 22.399 million of "Tianlu Convertible Bonds" was converted into 5,371,353 shares [4][5] - The total share capital of the company increased from 1,323,343,247 shares to 1,328,714,600 shares due to the conversion of bonds [5]

| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-041 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 可转债转股结果暨股份变动公告 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： 一、可转债发行上市概况 （一）可转债发行情况 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，公司于 2019 年 10 月 28 日公开发行了 10,869,880 张可转债，每张面值 100 元，发行总额为人民币 108,698.80 万元，期限 6 年。 因公司于 2023 年 8 月 8 日实施了 2022 年年度权益分派，以资本公积金向全 体股东每股转增 0.3 股，目前公司可转债转股价格调整为 4.17 元/股。 二、可转债本次转股情况 （二）可转债上市情况 经上海证 ...

Core Viewpoint - The company is holding its second extraordinary general meeting of shareholders in 2025 to discuss several key proposals, including providing guarantees for subsidiaries, renewing the accounting firm, and amending the company’s articles of association [1][5][6]. Group 1: Guarantee Proposals - Proposal 1 involves providing a guarantee for the subsidiary, Tibet Tianying Highway Technology Development Co., Ltd., with a total guarantee amount not exceeding 5 million RMB, with a guarantee fee of 1% [1][4]. - The subsidiary has a registered capital of 14 million RMB and is engaged in various engineering services [2]. - The financial data for the subsidiary shows total assets of approximately 56 million RMB and a net profit of 375,111 RMB as of December 31, 2024, with a significant loss of over 5.5 million RMB for the first quarter of 2025 [4]. Group 2: Accounting Firm Renewal - Proposal 2 is to renew the appointment of the accounting firm, Shinewing Certified Public Accountants, for the fiscal year 2025, with no change in audit fees compared to 2024 [5]. Group 3: Amendments to Articles of Association - Proposal 3 seeks to amend the company’s articles of association to align with internal party regulations regarding the structure and number of committee members [6][7]. - The amendments include changes to the election process and the number of committee members, which will require approval from two-thirds of the voting shareholders [9]. Group 4: Additional Guarantee Proposal - Proposal 4 involves a guarantee for the company’s holding subsidiary, Chongqing Zhongjiao Recycled Resources Development Co., Ltd., for a loan not exceeding 80 million RMB, with specific terms for loan distribution and interest rates [11]. - The subsidiary has a registered capital of approximately 14.48 million RMB and reported total assets of about 1.83 billion RMB as of December 31, 2024, with a net loss of nearly 90 million RMB [12].

北京德恒律师事务所 关于西藏天路股份有限公司 2022 年限制性股票激励计划第三个解除限售期 解除限售条件未成就暨回购注销全部限制性股票的法律意见 北京德恒律师事务所 关于西藏天路股份有限公司 2022 年限制性股票激励计划 第三个解除限售期解除限售条件未成就 暨回购注销全部限制性股票的 法律意见 德恒 01F20220481-5 号 致:西藏天路股份有限公司 北京德恒律师事务所(以下简称"本所")受西藏天路股份有限公司(以下简 称"公司"或"西藏天路")的委托,为西藏天路 2022年限制性股票激励计划(以 下简称"本次激励计划")事项提供专项法律服务。本所已根据《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》")、中国证券监督管理委员会(以下简称"中国证监会")颁发的《上市公 司股权激励管理办法》(以下简称"《管理办法》")、《国有控股上市公司(境内) 实施股权激励试行办法》(以下简称"《试行办法》")、《关于规范国有控股 上市公司实施股权激励制度有关问题的通知》(以下简称"《通知》")等法律、 行政法规、部门规章及其他规范性文件和《西藏天路股份有限公司 ...

国新证券股份有限公司 关于 西藏天路股份有限公司 2022 年限制性股票激励计划第三个解除限售期 解除限售条件未成就暨回购注销全部限制性股票 n 独立财务顾问报告 独立财务顾问 国新证券股份有限公司 E TI CHINA REFORM SECURITIES CO., LTD. (北京市西城区车公庄大街 4 号 2 幢 1 层 A2112 室) 二〇二五年六月 | 一、释义 | | --- | | 二、声明 . | | 三、基本假设 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 5 | | 四、独立财务顾问意见 . | | (一)限制性股票激励计划实施概述 . | | (二)回购注销的原因、数量、价格及资金来源 ……………………………… 8 | | 1、回购原因 . | | 2、回购数量 . | | 3、回购价格 . | | 4、回购资金来源 . | | (三)公司本次回购注销全部限制性股票后股本结构变动情况。 . | | (四)本次回购注销限制性股票对 ...

2025年第二次临时股东大会 | 证券代码：600326 | 证券简称：西藏天路 | | --- | --- | | 转债代码：110060 | 债券简称：天路转债 | | 债券代码：188478 | 债券简称：21 天路 01 | 2025 年第二次临时股东大会 会议资料 二〇二五年七月·拉 萨 1 2025年第二次临时股东大会 目录 西藏天路股份有限公司 2025 年第二次临时股东大会议程 西藏天路股份有限公司 2025 年第二次临时股东大会议案 2 议案一：关于为子公司银行保函提供担保的议案 议案二：关于公司续聘会计师事务所的议案 议案三：关于修改公司章程的议案 议案四：关于二级子公司为控股子公司提供担保的议案 2025年第二次临时股东大会 西藏天路股份有限公司 2025 年第二次临时股东大会议程 现场会议时间：2025 年 7 月 8 日（星期二）上午 10:00 网络投票时间：2025 年 7 月 8 日（星期二） （一）通过交易所系统投票平台的投票时间 上午：9:15-9:25，9:30-11:30 下午：13:00-15:00 现场会议地点：西藏拉萨市夺底路 14 号公司 6610 会议室 会议 ...

| 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：2025-040 号 | 关于回购注销全部限制性股票通知债权人的公告 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。 一、通知债权人的原由 西藏天路股份有限公司（以下简称"公司"或"西藏天路"）于 2025 年 6 月 30 日 召开第七届董事会第十四次会议、第七届监事会第六次会议，审议通过了《关于 2022 年度限制性股票激励计划第三个解除限售期解除限售条件未成就暨回购注销全部限制 性股票的议案》。根据公司 2022 年第二次临时股东大会的授权，对剩余全部 2022 年限 制性股票激励计划已经授予但尚未解锁的限制性股票进行回购注销。 根据信永中和会计师事务所（特殊普通合伙）出具的《西藏天路股份有限公司 2024 年度审计报告》（XYZH/2025CDAA1B0153），公司 2024 年度实 ...

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： | | | | 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：2025-039 号 | 西藏天路股份有限公司 2022 年限制性股票激励计划第三个解除限售期 解除限售条件未成就暨回购注销全部限制性股票的公告 回购注销完成后，公司总股本将由 1,323,343,247 股（截至 2025 年 3 月 31 日） 调整为 1,322,492,350 股。 西藏天路股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日召开第七届董事 会第十四次会议、第七届监事会第六次会议，审议通过了《关于 2022 年度限制性股票 激励计划第三个解除限售期解除限售条件未成就暨回购注销全部限制性股票的议案》。 鉴于公司已披露的 2024 年审计报告数据，公司结合目前的经营情况，认为公司 20 ...

Summary of Key Points Core Viewpoint - As of June 23, the total market financing balance reached 1.81 trillion yuan, indicating a daily increase of 4.22 billion yuan, with notable net purchases in various sectors, particularly in technology, banking, and pharmaceuticals [1]. Group 1: Market Financing Overview - The financing balance in the Shanghai market was 913.05 billion yuan, increasing by 1.99 billion yuan from the previous trading day [1]. - The financing balance in the Shenzhen market was 886.65 billion yuan, with an increase of 2.12 billion yuan [1]. - The financing balance in the Beijing Stock Exchange was 5.47 billion yuan, up by 102 million yuan [1]. Group 2: Individual Stock Performance - On June 23, a total of 1,984 stocks received net financing purchases, with 373 stocks having net purchases exceeding 10 million yuan [1]. - The top net purchase stock was Sifang Jingchuang, with a net purchase amount of 410.23 million yuan, followed by Hengbao Co. and China Merchants South Oil with net purchases of 22.08 million yuan and 12.82 million yuan, respectively [2]. - The sectors with the highest concentration of stocks receiving net purchases over 50 million yuan included computer, banking, and pharmaceutical industries, with 5, 4, and 3 stocks respectively [1]. Group 3: Financing Balance and Market Capitalization - The average financing balance as a percentage of market capitalization for stocks with significant net purchases was 4.28% [2]. - The stock with the highest financing balance relative to its market capitalization was Tibet Tianlu, with a financing balance of 1.09 billion yuan, accounting for 9.73% of its market value [2]. - Other notable stocks with high financing balance percentages included Jianghuai Automobile (8.92%), Hengbao Co. (8.15%), and Tianyang Technology (8.08%) [2].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The report emphasizes the importance of seizing the mid-year reporting window, continuing to recommend downstream high prosperity and western structural prosperity varieties [2][3] - The real estate sector is currently in a slow adjustment phase, with a focus on promoting market stabilization from both supply and demand sides [2][14] - The report highlights potential overperformance in Q2 for companies in the fiberglass, coatings, and ester chemical sectors, suggesting continued focus on these areas [3][20] Market Review - The Shanghai and Shenzhen 300 index fell by 0.45%, while the construction materials sector (CITIC) dropped by 1.68%. However, the fiberglass and glass sectors achieved positive returns [12][17] - Notable individual stock performances included Kaisheng New Energy (+18.0%), Zhenan Technology (+17.7%), and Quartz Shares (+14.9%) [12][17] Key Sub-industry Tracking - Cement: National cement market prices fell by 0.9% week-on-week, with demand weakening due to seasonal factors [17] - Glass: The photovoltaic glass market showed weak overall transactions, with prices declining [18] - Fiberglass: The market for non-alkali roving remained stable, with prices slightly down [19] Recommended Stocks - Key recommended stocks include: - China National Materials (17.58 CNY, Buy) - Three Trees (34.70 CNY, Buy) - Honghe Technology (13.68 CNY, Hold) - Qingsong Construction (3.59 CNY, Buy) - Gaozheng Mining (32.60 CNY, Hold) - Tibet Tianlu (8.07 CNY, Hold) - Shafeng Cement (8.03 CNY, Buy) [9][20]