证券代码：603969 证券简称：银龙股份 公告编号：2025-048 特此公告。 天津银龙预应力材料股份有限公司董事会 2025 年 9 月 5 日 1 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。 为进一步加强与投资者的互动交流，天津银龙预应力材料股份有限公司 （以下 简称"公司"）将参加由天津证监局指导、天津上市公司协会及深圳市全景网络有 限公司联合举办的"2025 年天津辖区上市公司投资者网上集体接待日活动"，现将 有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP， 参与本次互动交流。活动时间为 2025 年 9 月 11 日（周四）15:00-17:00。出席本次 活动的有公司董事长兼总经理谢志峰先生、董事会秘书谢昭庭女士、财务总监钟志 超先生，届时公司高管将在线就公司 2025 年半年度业绩、公司治理、发展战略、经 营状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 ...

重要内容提示： 天津银龙预应力材料股份有限公司（以下简称"公司"）已于 2025 年 8 月 20 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年 半年度经营成果、财务状况，公司计划于 2025 年 09 月 25 日（星期四）11:00-12:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度经营成果及 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、说明会召开时间、地点 （一）会议召开时间：2025 年 09 月 25 日 （星期四） 11:00-12:00 1 证券代码：603969 证券简称：银龙股份 公告编号：2025-049 天津银龙预应力材料股份有限公司 关于召开 2025 年半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个别及连带责任。 财务总监：钟志超先生 独立董事：李真女士 董事会秘书：谢 ...

证券代码：603969 证券简称：银龙股份 公告编号：2025-047 天津银龙预应力材料股份有限公司 关于为全资子公司提供担保的公告 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： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 11,550 万元 | 天津银龙集团科贸有限公司 | | --- | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额 | 33,050 | 万元 | | | 是否在前期预计额度内 | √是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 √否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 59,950 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 24.29 | | 特别风险提示（如有请勾选） | □对外担保总额超过最近一期经审计净资产 ...

证券研究报告 | 行业周报 gszqdatemark 2025 08 31 年 月 日 建筑材料 上海地产优化政策出台，但仍需更多政策落地 2025 年 8 月 25 日至 8 月 29 日建筑材料板块（SW）下跌 2.02%，其中 水泥（SW）下跌 3.21%，玻璃制造（SW）下跌 2.52%，玻纤制造（SW） 上涨 4.90%，装修建材（SW）下跌 4.52%，本周建材板块相对沪深 300 超额收益-2.63%。本期建筑材料板块（SW）资金净流入额为-20.15 亿元。 【周数据总结和观点】 本周上海六部门联合印发《关于优化调整本市房地产政策措施的通知》， 包括调减住房限购、优化住房公积金、优化个人住房信贷以及完善个人住 房房产税等政策，按《通知》规定，沪籍居民家庭和沪籍成年单身人士， 在外环外购买住房不限套数；在外环内限购 2 套住房。非沪籍居民家庭和 非沪籍成年单身人士，自购房之日前在本市连续缴纳社会保险或个人所得 税满 1 年及以上的，在外环外购买住房不限套数；自购房之日前在本市连 续缴纳社会保险或个人所得税满 3 年及以上的，在外环内限购 1 套住房。 根据 wind 统计，2025 年 7 月地 ...

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 on September 5, 2025, at 15:00, with both on-site and online voting options available [1][4][5] - The agenda includes a proposal to change the company's registered capital and to cancel the supervisory board, transferring its responsibilities to the audit committee of the board of directors [5][6][7] Summary by Sections Meeting Procedures - Shareholders must register according to the notice published on August 20, 2025, in designated newspapers and the Shanghai Stock Exchange website [1] - The meeting will be conducted with a combination of on-site and online voting, and shareholders must arrive on time to confirm their attendance [2][4] - Shareholders have the right to speak, inquire, and vote during the meeting, but must maintain order and respect the rights of others [2][6] Agenda Items - **Proposal 1**: Change of Registered Capital - The company plans to issue 6.53 million restricted shares, increasing the total share capital from 854,764,000 shares to 857,344,000 shares [5] - The proposal requires shareholder approval and subsequent registration with the relevant authorities [5] - **Proposal 2**: Cancellation of the Supervisory Board - The company intends to abolish the supervisory board, with its functions being assumed by the audit committee of the board of directors [6][7] - Current supervisors will be relieved of their duties upon approval of this proposal [7] Legal and Compliance - A lawyer will be present to witness the meeting and provide legal opinions [4][8] - The company emphasizes the importance of maintaining order and protecting the rights of shareholders during the meeting [2][4]

二 O 二五年八月 | 关于制定、修订部分公司制度的议案（议案三） 45 | | --- | 天津银龙预应力材料股份有限公司 2025 年第一次临时股东大会参会须知 各位股东及股东代表： 为维护天津银龙预应力材料股份有限公司（以下简称"公司"）投资者的合 法权益，保障股东在公司 2025 年第一次临时股东大会期间依法行使权利，确保 股东大会的正常秩序和议事效率，根据《公司法》《证券法》《上市公司股东大 会规则》《公司章程》公司《股东大会议事规则》等有关规定，特制定本须知： 天津银龙预应力材料股份有限公司 2025 年第一次临时股东大会 会议材料 一、请按照本次股东大会会议通知，详见公司 2025 年 8 月 20 日刊登于《中 国证券报》《上海证券报》及上海证券交易所网站（www.sse.com.cn）的《关于 召开 2025 年第一次临时股东大会的通知》（公告编号：2025-044）中规定的时 间和登记方法办理参加会议手续，证明文件不齐或手续不全的，谢绝参会。 二、本公司董事会办公室具体负责股东大会的各项有关事宜。 三、本次股东大会以现场投票、网络投票相结合的方式召开。 四、为保证本次大会的严肃性和维持会议 ...

Core Viewpoint - Silver Dragon Co., Ltd. reported a significant increase in net profit for H1 2025, reaching 172 million yuan, a year-on-year growth of 70.98% [1] - The company’s Q2 net profit was 102 million yuan, reflecting a year-on-year increase of 67.12% [1] Financial Performance - The company’s mid-year and quarterly performance showed strong results, with three high-value new products continuing to increase their market share [1] - The sales volume of prestressed materials, particularly for road slabs, grew by 68.86% year-on-year [1] Business Segments - Both major business segments of the company saw profit increases, with the road transportation segment making a significant contribution [1] - Silver Dragon is recognized as one of the leading companies in the domestic prestressed materials industry, leveraging three high-performance new products for market expansion [1] Future Outlook - Based on domestic and international order conditions, both core business segments are expected to maintain strong growth momentum in the short term, indicating high overall growth potential and certainty [1] - The projected net profits for the company from 2025 to 2027 are estimated to be 350 million yuan, over 560 million yuan, and over 650 million yuan, with corresponding PE ratios of 24X, over 15X, and over 13X [1] - The company maintains a "buy" rating based on these projections [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown impressive performance in its financial results, with a significant increase in revenue and net profit for the first half of 2025 [1][4] - The growth in the company's two core business segments is expected to continue, driven by high-performance new products and strong demand in the market [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 1.473 billion yuan, a year-on-year increase of 8.85%, and a net profit of 172 million yuan, up 70.98% [1] - In Q2 2025, revenue reached 888 million yuan, growing by 0.88%, with a net profit of 102 million yuan, reflecting a 67.12% increase [1] - The pre-stressed materials segment generated 1.158 billion yuan in revenue, accounting for 78.58% of total revenue, with a year-on-year growth of 8.12% [2] - The gross profit margin for the company improved to 24.26%, an increase of 8.14 percentage points year-on-year [3] - The net profit margin for H1 2025 was 12.24%, up 4.45 percentage points year-on-year [3] Business Segment Performance - The pre-stressed materials segment's net profit was 130 million yuan, representing a 67.05% year-on-year increase, contributing 75.49% to the company's total net profit [3] - The concrete products segment achieved a net profit of 43 million yuan, up 76.69% year-on-year, contributing 25.03% to the total net profit [3] - The company expects continued strong growth in both core business segments, supported by market demand and product innovation [4] Earnings Forecast - The company is projected to achieve net profits of 350 million yuan, 560 million yuan, and 650 million yuan for the years 2025, 2026, and 2027, respectively [4] - Corresponding P/E ratios are expected to be 24X, 15X, and 13X for the same years [4]

Core Viewpoint - The company reported a strong performance in H1 2025, with significant revenue and profit growth, driven by favorable market conditions and strategic positioning in key infrastructure sectors [1][2][3]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 1.473 billion yuan, representing a year-on-year increase of 8.85% [1]. - The net profit attributable to shareholders reached 172 million yuan, marking a substantial year-on-year growth of 70.98% [1]. - The company's prestressed materials generated revenue of 158 million yuan, accounting for 78.58% of total revenue, with a net profit of 130 million yuan, up 67.05% year-on-year [3]. Group 2: Market Conditions - The overall market sentiment is positive, with key engineering projects accelerating, particularly in bridge, railway, and water conservancy sectors [2]. - In H1 2025, a total of 220.7 kilometers of new urban rail transit lines were added, with six new operational lines and eleven new or extended segments [2]. - The National Development and Reform Commission announced that the water conservancy market is expected to reach 5 trillion yuan over the next five years, indicating a golden development period for the industry [2]. Group 3: Product and Industry Positioning - The company is a leading player in the prestressed steel wire market, with increasing penetration of ultra-high-strength products and a robust order book in rail plate production [3]. - The company has successfully applied its products in major projects such as the Pearl River Delta water resource allocation and the Yangtze River diversion project, showcasing its technical advantages in high-pressure and corrosion-resistant materials [2]. - The company is expected to benefit significantly from the upcoming construction of the Yajiang Hydropower Station, a national key project that will drive demand for its products [2]. Group 4: Future Outlook - The company forecasts revenues of 380 million yuan and 560 million yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 23 and 15 [4].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4]. Core Viewpoints - The construction materials sector is experiencing weak demand due to the real estate market, but there are expectations for more supportive policies to stabilize the industry [2]. - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal projects [2]. - The supply-demand imbalance in the float glass market is anticipated to ease as photovoltaic glass manufacturers begin self-regulated production cuts [2]. - The report recommends focusing on consumer building materials, which are expected to benefit from favorable second-hand housing transactions and consumption stimulus policies [2]. - Cement production is being adjusted through staggered shutdowns, with a focus on improving supply-side conditions [2]. - The fiberglass market is showing signs of recovery, particularly with increasing demand from the wind power sector [2]. Summary by Sections Cement Industry Tracking - As of August 22, 2025, the national cement price index is 341.46 CNY/ton, with a week-on-week increase of 1.7% [3]. - The national cement output reached 2.6815 million tons, up 2.82% from the previous week [3]. - The cement market is characterized by weak demand, high inventory, and low prices, with expectations for continued weakness in the coming week [18]. Glass Industry Tracking - The average price of float glass is 1205.78 CNY/ton, reflecting a week-on-week decline of 2.42% [3]. - Inventory levels for float glass are increasing, indicating pressure on manufacturers [3]. Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight improvements in demand observed in certain areas [6]. - The report notes that the demand for electronic fiberglass is strong, particularly for high-end products [6]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, with fluctuations in raw material prices [6]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs reported at 106,700 CNY/ton and a negative gross margin [7]. - Import and export data for carbon fiber indicate a net import of 444.33 tons in July 2025 [7].