Group 1 - The company Silver Dragon Co., Ltd. (SH 603969) announced its fifth board meeting on September 19, 2025, to discuss the proposal for the second extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, the revenue composition of Silver Dragon Co., Ltd. is as follows: steel wire accounts for 43.28%, steel strand accounts for 34.93%, concrete products for rail transit and related services account for 14.45%, other businesses account for 5.56%, and rail sales account for 1.41% [1] - As of the report date, the market capitalization of Silver Dragon Co., Ltd. is 9 billion yuan [1]

公司章程 银龙集团股份有限公司章程 （2025 年 9 月修订） | | | | 第一章 | 总 则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 2 | | | 第三章 | 股 份 4 | | | 第四章 | 股东和股东会 | 9 | | 第五章 | 董事会 26 | | | 第六章 | 高级管理人员 37 | | | 第七章 | 财务会计制度、利润分配和审计 | 38 | | 第八章 | 通知和公告 | 44 | | 第九章 | 合并、分立、增资、减资、解散和清算 45 | | | 第十章 | 修改章程 | 48 | 公司章程 银龙集团股份有限公司章程 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 银龙集团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"公司"）。 公司以整体变更发起设立方式设立，在天津市北辰区市场监督管理局注 册登记，取得营业执照，统一社会信用代 ...

证券代码：603969 证券简称：银龙股份 公告编号：2025-054 天津银龙预应力材料股份有限公司 关于变更公司名称并修订《公司章程》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个别及连带责任。 重要内容提示：公司名称拟变更为：银龙集团股份有限公司 天津银龙预应力材料股份有限公司（以下简称"公司"或"银龙股份"）于 2025 年 9 月 19 日召开第五届董事会第十六次会议，审议通过了《关于变更公司 名称的议案》《关于修订<公司章程>的议案》具体情况如下： 一、变更公司名称的原因及情况说明 修订后的《银龙集团股份有限公司章程》尚需经公司股东会审议，并提请股 东会授权公司总经理办公室就上述事项办理工商变更登记手续。上述变更最终以 工商登记机关核准的内容为准。修订后的《公司章程》详见公司同日刊登于上海 证券交易所网站（www.sse.com.cn）的《银龙集团股份有限公司章程》。 三、变更公司全称的风险提示 本次变更公司名称是基于公司战略规划及经营业务开展需要，符合公司实际 情况和整体利益，不存在利用变更名称影响公司股价、误导 ...

证券代码：603969 证券简称：银龙股份 公告编号：2025-055 天津银龙预应力材料股份有限公司 关于召开2025年第二次临时股东会的通知 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) 股东会类型和届次 2025年第二次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东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 (四) 现场会议召开的日期、时间和地点 召开日期时间：2025 年 10 月 9 日 15 点 00 分 召开地点：天津市北辰区双源工业园区双江道 62 号 (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会网络投票系统 网络投票起止时间：自2025 年 10 月 9 日 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2025年10月9日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 ...

证券代码：603969 证券简称：银龙股份 公告编号：2025-053 天津银龙预应力材料股份有限公司 第五届董事会第十六次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 天津银龙预应力材料股份有限公司（以下简称"公司"或"银龙股份"）第 五届董事会第十六次会议于 2025 年 9 月 19 日在天津市北辰区双源工业区双江道 62 号以现场参加和通讯表决相结合的方式举行。会议应出席董事 9 名，实际出 席现场会议 4 名，以通讯方式进行表决的董事 5 名，部分高级管理人员列席会议。 会议由公司董事长谢志峰先生召集并主持。会议的召开符合《公司法》《上海证 券交易所股票上市规则》等法律法规和《公司章程》《董事会议事规则》等规范 性文件的规定。 表决结果：9 票赞成，0 票反对，0 票弃权。 本议案需提交股东会审议。 具体内容详见公司同日刊登于上海证券交易所网站（www.sse.com.cn）及《上 海证券报》《中国证券报》的《天津银龙预应力材料股份有限公司关于变更公司 名称并修订<公司章 ...

Core Points - On September 15, 2025, the company held its first employee representative meeting, where Mr. Wang Xin was elected as the employee representative director of the fifth board of directors [2] - Mr. Wang Xin's term will last from the approval date of the employee representative meeting until the end of the fifth board's term [2]

特此公告。 天津银龙预应力材料股份有限公司董事会 证券代码：603969 证券简称：银龙股份 公告编号：2025-052 天津银龙预应力材料股份有限公司 关于选举职工代表董事的公告 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个别及连带责任。 天津银龙预应力材料股份有限公司（以下简称"公司"） 分别于 2025 年 8 月 19 日、2025 年 9 月 5 日召开第五届董事会第十五次会议及 2025 年第一次临 时股东大会，审议通过了《关于取消监事会并修订<公司章程>的议案》。 根据《公司章程》相关规定，董事会设立一名职工代表董事，董事会中的职 工代表董事由公司职工通过职工代表大会、职工大会或者其他形式民主选举产 生，无需提交股东会审议。 公司于 2025 年 9 月 15 日召开 2025 年第一次职工代表大会，经会议表决， 选举王昕先生（简历详见附件）为公司第五届董事会职工代表董事，任期自本次 职工代表大会审议通过之日起至公司第五届董事会任期届满之日止。职工代表董 事作为董事会成员之一，任职条件、任职期限和权利义务等与第五届董事 ...

Group 1: Key Recommendations - The report highlights the potential of Zhongtian Rocket (003009) as a leading player in the small solid rocket industry, driven by increasing demand for rain enhancement and hail prevention rockets, supported by government policies and a growing domestic market [4] - Silver Dragon Co., Ltd. (603969) is recommended due to its increasing revenue from high value-added products, with a projected revenue growth of 21% CAGR from 2025 to 2027, indicating strong growth potential [6] Group 2: Financial Projections - For Zhongtian Rocket, the expected revenue for 2025-2027 is 1,033.08 million, 1,309.47 million, and 1,662.34 million CNY, with net profit projections of 75.54 million, 156.05 million, and 218.25 million CNY, reflecting significant growth rates [4] - Silver Dragon's projected revenue for the same period is 3.8 billion, 4.7 billion, and 5.6 billion CNY, with net profits expected to reach 370 million, 600 million, and 800 million CNY, indicating a robust growth trajectory [6] Group 3: Market Dynamics - The report notes that the demand for small unmanned precision weapons is increasing due to global instability, which is expected to drive the performance of Zhongtian Rocket [4] - Silver Dragon is positioned to benefit from the growing demand for pre-stressed materials, with a focus on expanding its international business, particularly in Russia [6] Group 4: Investment Strategy - The non-bank financial sector is highlighted as having underperformed, presenting a potential opportunity for investors to reposition their portfolios [7] - The strategy report suggests a rotation into three ETFs, emphasizing the importance of mid-cap indices and the ChiNext index, which are expected to outperform in the current market environment [8]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is expected to benefit from government debt management measures aimed at supporting high-quality development and alleviating financial pressure on local governments [2] - The cement industry is in a demand bottoming phase, with supply-side improvements anticipated due to increased production discipline [2][3] - The glass fiber sector shows signs of recovery with demand from wind power projects expected to rise, while the photovoltaic glass market is stabilizing due to self-regulated production cuts [2][7] - Consumer building materials are recommended due to favorable conditions in the second-hand housing market and consumption stimulus policies [2] Summary by Sections Cement Industry Tracking - As of September 12, 2025, the national cement price index is 339.18 CNY/ton, up 0.89% week-on-week, with a total cement output of 2.659 million tons, an increase of 3.16% [3][17] - The cement clinker capacity utilization rate is 55.69%, up 14.96 percentage points from the previous week [3][17] - The construction sector is showing steady growth, but regional weather and demand release discrepancies are affecting the overall market [17] Glass Industry Tracking - The average price of float glass is 1197.01 CNY/ton, with a slight increase of 0.34% week-on-week [6] - Inventory levels have decreased, but demand remains weak, with many small processing plants facing order shortages [6] Glass Fiber Industry Tracking - The price of non-alkali glass fiber has seen a slight increase, with demand showing limited recovery [7] - The demand for electronic yarn is stable, with high-end products continuing to perform well [7] Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with upstream raw material prices fluctuating [8] - The report highlights the potential for long-term market share growth in this sector [2] Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs at 107,100 CNY/ton and a negative gross margin [8]

Core Viewpoint - Silver Dragon Co., Ltd. has signed contracts totaling approximately 273 million yuan in the past month, indicating strong business growth and a positive outlook for future performance [1][3][2]. Contract Details - On September 9, 2025, Silver Dragon signed a steel purchase contract worth 165 million yuan with China Railway Shanghai Engineering Bureau Group for the Shijiazhuang to Xiong'an New Area railway project, with a contract duration until December 31, 2028 [2]. - In mid-August, the company signed a labor subcontracting contract worth 108 million yuan for the construction of CRTSⅢ type track slabs for the same railway project [2]. Financial Performance - In the first half of 2025, Silver Dragon achieved revenue of 1.473 billion yuan, a year-on-year increase of 8.85%, and a net profit attributable to shareholders of 172 million yuan, up 70.98% [1][3]. - The gross profit margin reached 24.26%, the highest for the same period in history, reflecting strong profitability [1][7]. Business Segments - The prestressed materials segment generated 1.158 billion yuan in revenue, accounting for 78.58% of total revenue, with a net profit of 130 million yuan, representing a 67.05% increase [4]. - The concrete products for rail transportation segment contributed 213 million yuan in revenue, making up 14.45% of total revenue, with a net profit of 43 million yuan, up 76.69% [4]. Strategic Development - Silver Dragon is focused on dual business drivers: prestressed materials and concrete products for rail transportation, while also expanding into the renewable energy sector [3][6]. - The company has established a production network across key regions in China, enhancing its competitive edge in the market [6]. Innovation and R&D - Silver Dragon has invested significantly in R&D, with expenses increasing steadily over the years, reflecting a commitment to innovation and maintaining a competitive advantage [7]. - The company has developed high-strength prestressed products that break international monopolies, enhancing the stability and lifespan of infrastructure projects [7].