天津银龙预应力材料股份有限公司2025 年半年度报告 公司代码：603969 公司简称：银龙股份 天津银龙预应力材料股份有限公司 2025 年半年度报告 二〇二五年八月 1 / 192 天津银龙预应力材料股份有限公司2025 年半年度报告 天津银龙预应力材料股份有限公司 主要产品简介 预应力材料产品 应用于：铁路 公路 水利 输电 核电 风电 光伏 桥梁 民用建筑等 轨交用混凝土制品 应用于：高速铁路 地铁 铁路平交 特殊工程等 监测 检测 溯源 数字化 装备系统及信息产业 应用于：CRSD-2025 轨道 板 轨枕自动化生产线 2 / 192 天津银龙预应力材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人谢志峰、主管会计工作负责人钟志超及会计机构负责人（会计主管人员）李建 慧声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分 ...

智通财经APP讯，银龙股份(603969.SH)发布2025年半年度报告，报告期内，公司实现营业收入14.73亿 元，同比增长8.85%。实现归属于上市公司股东的净利润1.72亿元，同比增长70.98%。实现归属于上市 公司股东的扣除非经常性损益的净利润1.72亿元，同比增长71.52%。基本每股收益0.2元。 ...

Core Viewpoint - Silver Dragon Co., Ltd. (603969) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong performance driven by its prestressed industry and related services [1] Financial Performance - The company achieved an operating revenue of 1.473 billion yuan, representing a year-on-year growth of 8.85% [1] - The net profit attributable to shareholders reached 172 million yuan, marking a substantial year-on-year increase of 70.98% [1] - Basic earnings per share were reported at 0.20 yuan [1] Revenue Growth Drivers - The growth in operating revenue was primarily attributed to increased sales in prestressed products, track slabs, and sleepers [1] - Profit growth was also supported by the sales of intelligent production equipment, related services for track slabs, and specialized tensioning services for wind power tower cylinders [1]

Core Viewpoint - Silver Dragon Co., Ltd. (603969.SH) reported a significant increase in net profit and revenue for the first half of 2025, indicating strong performance driven by the prestressed industry [1] Financial Performance - The company achieved an operating revenue of 1.473 billion yuan, representing a year-on-year growth of 8.85% from 1.353 billion yuan [1] - The net profit attributable to shareholders reached 172 million yuan, marking a substantial increase of 70.98% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses also stood at 172 million yuan, reflecting a growth of 71.52% year-on-year [1] - Basic earnings per share were reported at 0.20 yuan [1] Revenue Breakdown - The growth in operating revenue was primarily driven by the prestressed products segment, which saw an increase in revenue of 8.12% year-on-year [1] - Sales volume of prestressed products increased by 9.08% compared to the same period last year [1]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the PCB equipment and robotics sectors, highlighting several companies with strong growth potential and investment opportunities. Key Companies and Their Insights 1. Yinlong Co., Ltd. (银龙股份) - Valuation is considered low with an expected upside of 50% due to performance growth and involvement in Western development projects like the墨脱 and 新藏铁路 [1][2] - Conservative profit forecast for 2026 is 600 million, corresponding to a market value of 12 billion [1][8] - Four major catalysts for growth include performance, Western development projects, collaboration with a core robotics company in Shanghai, and expansion into deep-sea technology applications [4] 2. Yongchuan Intelligent (永创智能) - Holds advantages in the robotics application field, particularly in wheeled dual-arm robots, with successful order conversions from clients like Nongfu Spring [1][9] - Expected main business profit for 2025 is 200 million, with a corresponding market value of 3 billion [1][10] - The company is developing second and third-generation robot products, enhancing its competitive edge [9] 3. Fuliwang (福利旺) - Specializes in micro lead screws, essential components for robotic dexterous hands, and is collaborating with a well-known TIER one company [1][11] - Involved in the Apple AirPods Pro project, providing ultra-high precision structural components, which may benefit from increased shipments of the next generation of AirPods [11] 4. Hengli Hydraulic (恒立液压) - Progressing well both domestically and internationally, particularly with projects involving Xiaomi and Xiaopeng, with a recent recovery in its main business [1][14] - Expected market value could exceed 120 billion [1] 5. Hanwei Technology (汉威科技) - Anticipates breakthroughs in its third-generation products by September to October, with a significant increase in value for Tesla projects [3][16] - Expected to gradually increase its equity stake in a partner company, Enerstar [3][16] 6. Longsheng Technology (隆盛科技) - Noted for being significantly undervalued, with a combined market value for its main and robotics businesses expected to reach around 20 billion [3][16] PCB Equipment Industry Insights - The PCB equipment sector is projected to perform strongly in 2025, with orders expected to double, driven by investments in high-layer boards [3][20] - Anticipated growth rate for 2026 is over 30%, despite market concerns about a potential slowdown [20][21] - Significant capital expenditure growth of 40% year-on-year in 2025, primarily due to high-layer board investments [21][23] Additional Observations - The deep-sea technology sector is highlighted as a key development area, with companies like Yinlong Co. having products suitable for deep-sea applications [5] - The robotics sector is seeing a shift towards automation and advanced manufacturing technologies, with companies like Yongchuan and Fuliwang positioned to benefit from these trends [6][19] - The overall sentiment in the PCB equipment industry remains optimistic, with expectations of continued growth driven by technological advancements and increased demand [20][24] Conclusion - The conference call highlighted several companies with strong growth potential in the PCB equipment and robotics sectors, driven by technological advancements, strategic collaborations, and favorable market conditions. Investors are encouraged to consider these companies for potential investment opportunities.

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is experiencing weak fundamentals, with expectations for more supportive real estate policies [1] - The sector saw a net capital outflow of 517 million yuan during the week, indicating a cautious market sentiment [1] - The report highlights the potential for recovery in municipal engineering projects due to improved government fiscal policies [2] Summary by Sections Cement Industry Tracking - As of August 15, 2025, the national cement price index is 335.75 yuan/ton, a slight decrease of 0.06% from the previous week [3] - The cement output was 2.608 million tons, down 1.27% week-on-week, with a clinker capacity utilization rate of 51.74%, down 13.01 percentage points [3][16] - The cement industry faces challenges including slowing infrastructure growth, increasing differentiation in housing construction, and intense competition in the civil market [16] Glass Industry Tracking - The average price of float glass is 1235.66 yuan/ton, reflecting a decline of 3.08% from the previous week [3] - Inventory levels for float glass have increased, indicating ongoing supply-demand imbalances [6] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight fluctuations in demand due to seasonal factors [7] - The report notes a potential recovery in demand for wind power fiberglass as bidding volumes increase [2] Consumer Building Materials - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - The report recommends stocks such as Beixin Building Materials and Weixing New Materials for their long-term market share growth potential [9] Carbon Fiber Market - The carbon fiber market is showing signs of slow recovery, with a production rate of 61.49% and an increase in inventory levels [8] - The report emphasizes the importance of monitoring price stabilization in the context of improving economic expectations [2]

Core Viewpoint - The company has signed a labor subcontracting agreement with China Railway Shanghai Engineering Group Fourth Engineering Co., Ltd. for the construction of CRTSⅢ type track slabs for the Shixiong Railway, with a contract value of 107,564,548.00 RMB, which is expected to positively impact the company's performance in 2025 and subsequent years [2][3][24]. Group 1 - The contract is for labor services related to the prefabrication of CRTSⅢ type track slabs for the Shixiong Railway, specifically in the sections of Anguo City and Wuji County [2][5]. - The total duration of the contract is 1,050 days, with a tentative start date of August 14, 2025, and a tentative end date of June 29, 2028 [3][16]. - The contract is classified as a routine operational contract for the company, and it has undergone the necessary internal approval processes without requiring board or shareholder review [4][24]. Group 2 - The contract stipulates that payment will follow a "no advance payment" principle, with payments made after invoicing [12][15]. - The payment structure includes a 70% payment of the current settlement amount, with further payments contingent upon project milestones and completion [13][14]. - The company is recognized as a leading developer of CRTSⅢ type prestressed concrete track slabs, contributing to the "Belt and Road" initiative and the international expansion of Chinese high-speed rail [24]. Group 3 - The signing of the contract is expected to enhance the company's operational stability and competitive edge, thereby improving its profitability [3][24]. - The company maintains that the execution of this contract will not affect its business independence or create dependency on the contracting party [24]. - The contract includes provisions for dispute resolution through arbitration in Tianjin, should any issues arise [22][23].

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including legal investigations, share transfers, bankruptcy applications, and financial performance updates, which may present both opportunities and risks for investors [3]. Group 1: Legal and Regulatory Developments - Sichuan Medical Technology received a notice from the Hangzhou Public Security Bureau regarding evidence collection for a suspected fraudulent securities issuance case, currently under investigation [4]. - Kewah Holdings announced that its controlling shareholder is planning a share transfer, leading to a temporary suspension of trading to ensure fair information disclosure [5]. - Upwind New Materials reported that its customer TPI Composites filed for Chapter 11 bankruptcy protection, potentially impacting the company's receivables of approximately 4.13 million USD (about 32.37 million RMB) [6][7]. Group 2: Financial Performance Updates - Dongfang Fortune reported a 38.65% year-on-year increase in revenue to 6.856 billion RMB and a 37.27% increase in net profit to 5.567 billion RMB for the first half of 2025 [14]. - Shengyi Electronics achieved a 91% increase in revenue to 3.769 billion RMB and a staggering 452% increase in net profit to 531 million RMB, proposing a cash dividend of 3 RMB per 10 shares [15]. - Blue Shield Optoelectronics reported a revenue decline of 27.26% to 186 million RMB and a net loss of 35.071 million RMB for the first half of 2025 [16]. - Tianjin Pharmaceutical reported a slight revenue decrease of 1.91% to 4.288 billion RMB, but a 16.97% increase in net profit to 775 million RMB, proposing a cash dividend of 2.1 RMB per 10 shares [17]. Group 3: Corporate Actions and Strategic Moves - New Natural Gas announced a capital restructuring and rights issue plan to raise approximately 239 million HKD for project expenditures, without affecting shareholder equity structure [8]. - Lianhong New Science plans to absorb its wholly-owned subsidiary Lianhong Chemical to enhance management efficiency and reduce costs, with no significant impact on financial status [9]. - Dazhong Pump Industry clarified that its revenue from products directly used in data center liquid cooling is only about 1.6 million RMB, representing 0.43% of total revenue, indicating limited impact on financials [10]. - Guanshi Technology stated it does not engage in the manufacturing of electron beam lithography equipment, with its related business revenue being less than 2% of total revenue [11]. Group 4: Shareholder Actions - Shuyou Shen announced that its major shareholder plans to reduce its stake by up to 2% through various trading methods [32]. - Western Gold announced a plan to reduce its stake by up to 1% due to funding needs [33]. - Kang Enbei Group intends to reduce its stake by up to 1% through market transactions [34].

（编辑 楚丽君） 证券日报网讯 8月15日晚间，银龙股份发布公告称，公司控股子公司河间市银龙轨道有限公司的全资子 公司河间市顺泰劳务派遣有限公司与中铁上海工程局集团第四工程有限公司签订合同编号为SXSFB- LWFB-2025-01的《轨道板施工劳务分包合同》（以下简称"《劳务分包合同》"或"合同"），是为石雄 铁路安国市和石家庄市无极县中间段进行CRTSIII型轨道板预制提供劳务作业签订的劳务分包合同， 《劳务分包合同》金额为107，564，548.00元（人民币）。 ...

Group 1: Company Announcements - KWH Holdings announced that its controlling shareholder is planning to transfer shares, which may lead to a change in control. The stock will be suspended from trading for up to 2 days starting August 18, 2025 [2] - New Natural Gas announced that its overseas subsidiary, Zhongneng Holdings, plans to conduct a rights issue based on a 1-for-2 ratio, raising approximately HKD 239 million for project expenses. This will involve a capital restructuring that does not affect shareholder equity [3] - Lianhong New Science plans to absorb its wholly-owned subsidiary, Lianhong Chemical, to enhance management efficiency and reduce costs. This merger will not impact the company's financial status [4] Group 2: Financial Performance - Shengyi Electronics reported a 91% increase in revenue to CNY 3.769 billion and a 452% increase in net profit to CNY 531 million for the first half of 2025, proposing a cash dividend of CNY 0.3 per 10 shares [7] - Landun Optoelectronics experienced a 27.26% decline in revenue to CNY 186 million and a net loss of CNY 35.071 million in the first half of 2025, proposing a cash dividend of CNY 0.05 per 10 shares [9] - Tianjin Pharmaceutical reported a 1.91% decrease in revenue to CNY 4.288 billion but a 16.97% increase in net profit to CNY 775 million, proposing a cash dividend of CNY 2.1 per 10 shares [10] - Electric Science Digital's revenue increased by 7.56% to CNY 4.855 billion, but net profit fell by 19.33% to CNY 108 million, proposing a cash dividend of CNY 0.6 per 10 shares [11] - Tibet Pharmaceutical's revenue grew by 2.23% to CNY 1.651 billion, but net profit decreased by 8.96% to CNY 567 million, proposing a cash dividend of CNY 8.81 per 10 shares [12] - Jinwei Co. reported a 19.62% increase in net profit to CNY 253 million, proposing a cash dividend of CNY 2 per 10 shares [13] - Puyang Co. saw a 48.26% decline in net profit to CNY 68.903 million despite a 3.57% increase in revenue to CNY 2.794 billion [14] - Tongguan Copper Foil turned a profit with a net income of CNY 34.954 million, up from a loss, on revenue of CNY 2.997 billion, a 44.80% increase [15] - Jizhong Energy reported a 27.87% decline in revenue to CNY 7.293 billion and a 65.24% drop in net profit to CNY 348 million [16] - Botong Co. achieved a 42.95% increase in net profit to CNY 13.333 million, with revenue of CNY 149 million, a 5.23% increase [17] - Jinwo Co. reported a 94% increase in net profit to CNY 25.469 million, with revenue of CNY 614 million, a 7.96% increase [18] - Stone Technology's revenue increased by 78.96% to CNY 7.903 billion, but net profit fell by 39.55% to CNY 678 million [19] - North Car Blue Valley reported a revenue increase of 154.38% to CNY 9.517 billion but a net loss of CNY 2.308 billion [20] Group 3: Shareholder Actions - Shuyatong announced that its major shareholder plans to reduce its stake by up to 2% within three months [21] - Western Gold announced that a shareholder plans to reduce its stake by up to 1% [22] - Kang Enbei announced a plan to reduce its stake by up to 1% [23] - Changchun Yidong announced that a major shareholder plans to reduce its stake by up to 2.97% [24] Group 4: Financing and Contracts - Anshuo Information plans to raise up to CNY 600 million through a private placement for various projects [24] - China National Materials International signed an EPC contract for a cement production line in Saudi Arabia worth USD 298 million [25] - Yinlong Co. signed a labor subcontracting contract worth CNY 108 million [25] - *ST Songfa signed two procurement framework contracts for ship steel plates worth approximately CNY 3.371 billion [25]