Company Overview - Xianghe Industrial announced an abnormal stock trading fluctuation, with a cumulative decline of 20% in closing prices over three consecutive trading days since September 9. The company confirmed that its daily operations are normal, with no significant changes in market conditions or industry policies, and no undisclosed major information [1] - The company recently received an order from Shanghai Urban Construction for its wholly-owned subsidiary, Fujikou, to supply track fasteners and sleepers for the Jiaxing tram project, amounting to 27.2247 million yuan. This project is part of the Jiaxing urban public transport system, which will enhance the city's transportation network [1] Research and Development - As a leading enterprise in track fastener technology, the company emphasizes research and innovation. Despite the impact of the pandemic, the company maintained its product development and patent confirmation progress. In the first half of 2020, the company's R&D expenses accounted for 7.29% of total revenue [1] - The company recently obtained two new practical patents for fastening systems and testing tools through its subsidiary, Fujikou [1] Industry Insights - According to Guohai Securities, China's urban rail transit network has reached 6,736 kilometers, ranking first in the world. Future developments will focus on medium and small capacity and rapid urban rail transit to meet diverse travel needs [2] - Increased investment in urban rail construction and accelerated local government bond issuance will sustain the growth of new and ongoing rail construction projects [2] Share Buyback Plan - The company announced a share buyback plan on May 7, with management expressing confidence in future development and company value. The plan involves repurchasing shares worth 50 million to 100 million yuan at a price not exceeding 20.00 yuan per share, aimed at enhancing the long-term incentive mechanism and promoting sustainable development [2]

4月30日公司发布的一季报数据显示，一季度公司共实现营业收入1.89亿元，同比增长21.33%，实现净 利润3544.95万元，同比增长92.87%。 祥和实业(603500)今日涨停，全天换手率7.59%，成交额2.67亿元，振幅10.70%。龙虎榜数据显示，营 业部席位合计净买入568.97万元。 上交所公开信息显示，当日该股因日涨幅偏离值达10.15%上榜，营业部席位合计净买入568.97万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交8970.13万元，其中，买入成交额为 4769.55万元，卖出成交额为4200.58万元，合计净买入568.97万元。 具体来看，今日上榜营业部中，第一大买入营业部为华鑫证券有限责任公司江苏分公司，买入金额为 1391.81万元，第一大卖出营业部为高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部，卖 出金额为1213.19万元。 资金流向方面，今日该股主力资金净流入4591.62万元，其中，特大单净流入4087.92万元，大单资金净 流入503.71万元。近5日主力资金净流入3925.20万元。 7月15日公司发布上半年业绩预告，预计实现净利润 ...

Group 1 - The A-share market saw a significant rise in railway equipment stocks, with notable increases in several companies [1] - Jiaoda Iron and Steel surged over 27%, while Jinying Heavy Industry hit the daily limit with a 20% increase [1] - Other companies such as Tieda Technology, Xianghe Industrial, and Tiekan Haoke also experienced substantial gains, ranging from over 9% to 10% [1]

Group 1 - High-speed rail concept stocks experienced significant movements, with Jin Ying Heavy Industry (301048) hitting a 20% limit up [1] - Xianghe Industrial (603500) also reached the limit up, indicating strong market interest in high-speed rail stocks [1] - Other companies such as Tieda Technology, Tieke Rail, and Xining Special Steel (600117) also saw price increases, reflecting a broader trend in the industry [1]

证券之星消息，7月30日轨交设备板块较上一交易日下跌0.27%，长青科技领跌。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。轨交设备板块个股涨跌见下表： 从资金流向上来看，当日轨交设备板块主力资金净流出2.97亿元，游资资金净流入7983.92万元，散户资 金净流入2.18亿元。轨交设备板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301016 | 雷尔伟 | 17.79 | 1.83% | 7.95万 | | 1.40亿 | | 301048 | 全唐重工 | 11.30 | 0.71% | 10.31万 | | + 1.16亿 | | 601766 | 中国中车 | 7.54 | 0.67% | 69.52万 | | 5.25亿 | | 920027 | 交大铁发 | 29.18 | 0.55% | 1.40万 | | 4070.16万 | | 000008 | 神州高铁 | 2.84 | 0. ...

Group 1 - The railway fixed asset investment in June reached 113.8 billion, showing a year-on-year growth of 4.6%, indicating high industry prosperity despite a high base from the previous year [1] - From January to June, the total railway fixed asset investment was 355.9 billion, with a year-on-year increase of 5.5% [1] - The number of railway passengers reached 2.236 billion, reflecting a year-on-year growth of 6.7%, while freight volume was 25.58 million tons, up by 1.8% [1] Group 2 - The railway department has increased night high-speed trains to meet the rising passenger demand during the summer peak, with June passenger volume at 373 million, a 3.6% increase year-on-year [2] - The Chengdu-Chongqing high-speed railway is under construction and will operate at a speed of 400 km/h, reducing travel time between Chengdu and Chongqing to 50 minutes [2] Group 3 - Several rail transit equipment companies reported better-than-expected performance in the first half of the year, confirming the sector's prosperity, with China CNR expected to achieve a net profit of 6.722-7.562 billion, a growth of 60-80% [3] - Other companies like Siwei Control and Jinchuan Group also reported significant profit increases, with growth rates ranging from 45% to over 200% [3] Group 4 - The upcoming vehicle tenders are expected to see a significant increase, with the second half of the year projected to have a tender volume that may exceed expectations [4] - The total new railway line expected to be put into operation in the second half is around 2300 kilometers, following a modest 301 kilometers in the first half [4] Group 5 - The focus is recommended on vehicle equipment segments, with key suppliers such as China CNR and Siwei Control highlighted for their reliability in the upcoming peak and major repair years [5] - Other companies to watch include Times Electric, China Communications, and Jinchuang Group, among others, for their respective components and systems [5]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the rail transit equipment sector [3]. Core Insights - The report highlights a strong performance in railway fixed asset investment, with a total of 355.9 billion yuan completed in the first half of 2025, representing a year-on-year growth of 5.5% [3]. - Passenger traffic reached 2.236 billion, up 6.7% year-on-year, while freight volume increased by 1.8% to 25.58 million tons [3]. - The report anticipates a significant increase in vehicle tenders in the second half of the year, with expectations of new line openings and a surge in demand for high-speed trains [5]. Summary by Sections Railway Investment Performance - In June, railway fixed asset investment was 113.8 billion yuan, a 4.6% increase year-on-year, showcasing high industry vitality despite a high base from the previous year [5]. - Key projects include the opening of several new railway lines and upgrades to major railway hubs, enhancing operational efficiency [5]. Passenger and Freight Traffic - The railway passenger volume in June was 373 million, reflecting a 3.6% increase year-on-year, with additional night trains introduced to meet summer travel demand [5]. - The report notes that the Chengdu-Chongqing high-speed railway is nearing completion, promising a travel time of 50 minutes between the two cities [5]. Company Performance - Several rail transit equipment companies reported better-than-expected performance in the first half of the year: - China CNR Corporation is projected to achieve a net profit of 6.722-7.562 billion yuan, a growth of 60-80% year-on-year [5]. - Siwei Control is expected to report a net profit of 276-314 million yuan, up 45-65% [5]. - Jinchuan Group anticipates a net profit increase of 123.85-157.77% [5]. - The report emphasizes the strong performance of these companies as a validation of the sector's growth potential [5]. Future Outlook - The second half of 2025 is expected to see a significant increase in vehicle tenders, with a projected 2,300 kilometers of new lines to be put into operation [5]. - The report recommends focusing on vehicle equipment segments and suggests key suppliers such as China CNR, Siwei Control, and others for investment opportunities [5].

章 程 浙江天台祥和实业股份有限公司 二零二五年六月 | 第一章 | 总则 2 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份 3 | | | 第四章 第五章 | 党组织 6 股东和股东会 7 | | | 第六章 第七章 第八章 | 董事会 24 高级管理人员 34 财务会计制度、利润分配和审计 | 35 | | 第九章 | 通知和公告 39 | | | 第十章 | 合并、分立、增资、减资、解散和清算 | 40 | | 第十一章 | 修改章程 43 | | | 第十二章 | 附则 44 | | 浙江天台祥和实业股份有限公司 章 程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为，根 据《中国共产党章程》（以下简称《党章》）、《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，制定本 章程。 第二条 公司系依照《公司法》和其他有关规定由浙江省天台祥和实业有限公司整体 变更发起设立的股份有限公司（以下简称"公司"），在浙江省市场监督管理局注册登记， 取 ...

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个别及连带责任。 浙江天台祥和实业股份有限公司（以下简称"公司"）第四届董事会第四次会议、 第四届董事会第六次会议及2024年年度股东大会审议通过了《关于变更公司注册资本、 经营范围、取消监事会并修订<公司章程>的议案》等议案,具体内容详见公司公告 （2025-021、2025-025、2025-030、2025-035）。 公司于近日完成了注册资本、经营范围变更登记和章程备案登记等手续，并取得了 浙江省市场监督管理局换发的《营业执照》，相关登记信息如下： 统一社会信用代码：91331000148051410B 名称：浙江天台祥和实业股份有限公司 类型：其他股份有限公司（上市） 法定代表人：汤啸 证券代码：603500 证券简称：祥和实业 公告编号：2025-038 浙江天台祥和实业股份有限公司 关于完成工商变更登记的公告 注册资本：叁亿叁仟贰佰捌拾万零肆拾陆元 成立日期：1997年10月05日 住所：浙江省天台县赤城街道人民东路799号 经营范围：许可项目：铁路运输基础设备制造（依法须经批 ...

[Summary of Performance Forecast](index=1&type=section&id=%E9%87%8D%E8%A6%81%E5%86%85%E5%AE%B9%E6%8F%90%E7%A4%BA) The company anticipates significant performance growth in the first half of 2025, with net profit attributable to shareholders (NPAS) projected to increase by 92.38% to 110.70%, and non-recurring adjusted NPAS by 94.49% to 113.63% Key Performance Indicators Forecast | Item | 2025 H1 Forecast (CNY Million) | 2024 H1 (Prior Period) (CNY Million) | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | 63.00 - 69.00 | 32.75 | 92.38% - 110.70% | | **Non-recurring Adjusted Net Profit Attributable to Shareholders** | 61.00 - 67.00 | 31.36 | 94.49% - 113.63% | [Details of Current Period Performance Forecast](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) This performance forecast covers January 1 to June 30, 2025, with preliminary financial estimates projecting net profit attributable to shareholders between CNY 63.00 million and CNY 69.00 million, and non-recurring adjusted net profit between CNY 61.00 million and CNY 67.00 million - The forecast period is from January 1, 2025, to June 30, 2025[2](index=2&type=chunk) - The financial data in this performance forecast has not been audited by an accounting firm[5](index=5&type=chunk) 2025 H1 Performance Forecast Details | Forecast Item | 2025 H1 Forecast Amount (CNY Million) | | :--- | :--- | | Net Profit Attributable to Shareholders | 63.00 - 69.00 | | Non-recurring Adjusted Net Profit Attributable to Shareholders | 61.00 - 67.00 | [Review of Prior Period Operating Performance and Financial Position](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The company provides 2024 first-half performance data as a comparative benchmark, reporting net profit attributable to shareholders of CNY 32.75 million, non-recurring adjusted net profit of CNY 31.36 million, and earnings per share of CNY 0.11 2024 H1 Key Financial Indicators | Indicator (2024 H1) | Amount | | :--- | :--- | | Total Profit | 40.41 CNY Million | | Net Profit Attributable to Shareholders | 32.75 CNY Million | | Non-recurring Adjusted Net Profit Attributable to Shareholders | 31.36 CNY Million | | Earnings Per Share | 0.11 CNY/Share | [Key Drivers of Current Period Performance Pre-Increase](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%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) Current period performance growth is primarily driven by four factors: enhanced market expansion leading to increased product sales, optimized product structure with a higher proportion of high-margin products, improved internal management efficiency resulting in significant cost reduction, and strengthened risk control ensuring favorable accounts receivable collection - Key drivers for performance growth include: - **Market and Sales**: Enhanced market expansion led to increased product sales compared to the prior period[8](index=8&type=chunk) - **Product and Profit**: Optimized product structure resulted in a higher proportion of high-margin product sales[8](index=8&type=chunk) - **Operational Efficiency**: Effective internal management improved profitability through cost reduction and efficiency gains[8](index=8&type=chunk) - **Risk Management**: Strengthened risk control ensured better collection of accounts receivable[8](index=8&type=chunk) [Risk Warning and Other Disclosures](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 confirms no significant uncertainties affect the accuracy of this performance forecast, emphasizing that the preliminary unaudited data is subject to the final audited figures in the 2025 semi-annual report, cautioning investors about investment risks - There are no significant uncertainties affecting the accuracy of this performance forecast[9](index=9&type=chunk) - The forecast data is unaudited and preliminary, with final financial figures subject to the company's officially disclosed 2025 semi-annual report[10](index=10&type=chunk)