Core Viewpoint - The company held an earnings briefing for the fiscal year 2024 and the first quarter of 2025, highlighting significant profit growth despite lower revenue compared to 2021, driven by strategic market expansion and product innovation [1][2]. Group 1: Earnings Performance - In 2024, the company achieved a net profit of 237 million yuan, a year-on-year increase of 37.94%, while revenue was 3.054 billion yuan, up 11.10% [1][6]. - The company’s cash flow showed a net outflow due to increased production and sales volumes, particularly for high-speed rail projects [1][5]. - The gross profit margin for prestressed materials was approximately 16.23%, while the margin for rail transit concrete products was 29.11% [2][3]. Group 2: Product and Market Development - The company has focused on optimizing product structure and enhancing technological capabilities, leading to increased market share in high-value products [3][4]. - Sales of intelligent production equipment grew by 148.87% year-on-year, indicating a strong demand for automation in concrete component production [4][5]. - The company has established a comprehensive supply chain for prestressed materials, with production bases strategically located to meet regional demands [6][7]. Group 3: International Expansion - Approximately 20%-30% of the company’s revenue comes from exports, with products supplied to over 90 countries, including major infrastructure projects in Southeast Asia and the Middle East [5][6]. - The company is actively pursuing opportunities in international projects, such as the China-Kyrgyzstan-Uzbekistan railway, leveraging its production base in Xinjiang [5][6]. Group 4: Future Growth Strategies - The company plans to continue focusing on core business areas, including prestressed materials and rail transit concrete products, while also exploring opportunities in the renewable energy sector [6][7]. - The company aims to enhance its competitive edge through technological innovation and strategic collaborations, positioning itself for sustainable growth in the evolving market landscape [6][7].

证券代码：603969 证券简称：银龙股份 公告编号：2025-023 天津银龙预应力材料股份有限公司 关于 2024 年度暨 2025 年第一季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。 天津银龙预应力材料股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日 （星期二）下午 15:00-17:00 在上海证券交易所上证路演中心以视频直播和网络互动 方式召开 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行沟通 与交流。关于本次业绩说明会的召开事项，公司已于 2025 年 4 月 25 日在《上海证 券报》《中国证券报》及上海证券交易所网站（www.sse.com.cn）披露了《关于召 开 2024 年度暨 2025 年第一季度业绩说明会的公告》（公告编号：2025-016）。现 将有关情况公告如下： 问题二：现金流净流出比较多的原因是什么？24 年三季度销售收入激增一个多 亿原因是什么？ 回复：您好，感谢关注。2024 年度现金流净流出较多原因是预应力材料产 ...

证券代码：603969 证券简称：银龙股份 公告编号：2025-021 天津银龙预应力材料股份有限公司 关于 2025 年限制性股票激励计划内幕信息知情人 买卖公司股票情况的自查报告 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"）于2025年4月24日 召开第五届董事会第十二次会议和第五届监事会第十一次会议，审议通过了《关 于<天津银龙预应力材料股份有限公司2025年限制性股票激励计划（草案）>及 其摘要的议案》等相关议案，并于次日披露了相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 海证券交易所上市公司自律监管指引第2号——信息披露事务管理》等法律、法 规和规范性文件的相关规定，公司对2025年限制性股票激励计划（以下简称"激 励计划"）的内幕信息知情人进行了必要登记。通过向中国证券登记结算有限责 任公司查询，对内幕信息知情人在激励计划首次公开披露前6个月内（即：2024 年10月24日至2025年4月24日，以下简称"自查期间"）买卖 ...

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于天津银龙预应力材料股份有限公司 2024 年年度股东大会的法律意见书 致：天津银龙预应力材料股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受天津银龙预应力材 料股份有限公司（以下简称"公司"）委托，指派本所律师邵芳、刘杰（以下简 称"本所律师"）出席公司 2024 年年度股东大会（以下简称"本次股东大会"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市 公司股东会规则》等有关法律、法规、规范性文件及《天津银龙预应力材料股份 ...

证券代码：603969 证券简称：银龙股份 公告编号：2025-022 天津银龙预应力材料股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 157 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 349,106,435 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的 | 40.8424 | | 比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长谢志峰先生主持。本次会议采取现场投 票及网络投票相结合的表决方式，符合《中华人民共和国公司法》、中国证监会 《上市公司股东大会规则》等相关法律、法规和《公司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事9人，出席9人，以现场方式出席会议的董事：谢志峰、谢 铁根、钟志超 ...

天津银龙预应力材料股份有限公司 2024 年年度股东大会 会议材料 二 O 二五年五月 | | | 天津银龙预应力材料股份有限公司 2024 年年度股东大会参会须知 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 2024 年年度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： 一、请按照本次股东大会会议通知，详见公司 2025 年 4 月 25 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 2024 年年度股东大会的通知》（公告编号：2025-015）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的正常秩序，切实维护股东的合 法权益，务必请出席大会的股东或股东代理人（以下统称"股东 ...

根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）和《天津 银龙预应力材料股份有限公司章程》（以下简称"《公司章程》"）的相关规定， 公司对 2025 年限制性股票激励计划（以下简称"本次激励计划"）激励对象的姓 名和职务在公司内部进行了公示。公司监事会结合公示情况对激励对象进行了核 查，相关公示情况及核查情况如下： 一、公示情况及核查方式 1. 激励对象名单的公示情况 公司于2025年4月25日至2025年5月4日通过公司内部公示栏张贴了《2025 年限制性股票激励计划激励对象名单》，将公司本次激励计划激励对象名单予以 公示，公示期间不少于 10 天。公示期内，公司员工可通过口头或电话方式向公 司监事会提出意见。 证券代码：603969 证券简称：银龙股份 公告编号：2025-020 天津银龙预应力材料股份有限公司 监事会关于 2025 年限制性股票激励计划激励对象名 单的核查意见及公示情况说明 本公司监事会及全体监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"）于 2025 年 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-over-year growth in both revenue and net profit, indicating robust operational resilience and effective cost management [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 585 million yuan, representing a year-over-year increase of 23.70%, marking the highest quarterly revenue growth since 2022 [1][2]. - The net profit attributable to shareholders reached 70 million yuan, reflecting a substantial year-over-year increase of 76.97%, driven by improved gross margins and effective control of operating expenses [1][2]. Profitability Metrics - The gross margin for Q1 2025 was 23.82%, an increase of 1.92 percentage points year-over-year, attributed to an optimized business structure and a higher proportion of high-value products [3]. - The net profit margin improved significantly to 12.48%, up 4.06 percentage points year-over-year, benefiting from both gross margin enhancement and a notable reduction in the expense ratio, which decreased by 5.58 percentage points to 9.76% [3]. Growth Outlook - The company is positioned as a leading player in the prestressed steel and track slab sectors, with a comprehensive product matrix and strong technical and brand capabilities [4]. - The company is expected to continue its growth trajectory, with projected revenues of 3.651 billion yuan, 4.222 billion yuan, and 4.804 billion yuan for 2025-2027, reflecting year-over-year growth rates of 19.6%, 15.6%, and 13.8% respectively [4]. - Net profit forecasts for the same period are 331 million yuan, 433 million yuan, and 525 million yuan, with year-over-year growth rates of 39.8%, 30.8%, and 21.2% respectively [4].

Financial Performance - The company's operating revenue for Q1 2025 was ¥584,782,881.53, representing a 23.70% increase compared to ¥472,746,618.92 in the same period last year[3]. - Net profit attributable to shareholders for Q1 2025 was ¥69,632,278.02, a significant increase of 76.97% from ¥39,345,865.46 in the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥70,282,924.60, reflecting a 79.28% increase year-on-year[3]. - Basic earnings per share for Q1 2025 increased to ¥0.08, up 60.00% from ¥0.05 in the same period last year[3]. - The weighted average return on equity rose to 2.81%, an increase of 1.07 percentage points compared to 1.74% at the end of the previous year[3]. - Total operating revenue for Q1 2025 reached ¥584,782,881.53, a 23.6% increase from ¥472,746,618.92 in Q1 2024[17]. - Net profit for Q1 2025 was ¥73,001,963.32, representing an increase of 83.5% compared to ¥39,804,346.66 in Q1 2024[18]. - Earnings per share for Q1 2025 were ¥0.08, compared to ¥0.05 in Q1 2024[18]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥105,538,919.65, a decline of 178.80% compared to a positive cash flow of ¥133,936,092.30 in the same period last year[3]. - Cash received from sales of goods and services in Q1 2025 was ¥726,258,420.28, an increase from ¥590,949,826.32 in Q1 2024[19]. - The company’s cash flow from operating activities shows a strong upward trend, indicating robust operational performance[19]. - Cash inflow from operating activities totaled 807,785,112.74, up from 671,619,909.69, reflecting a growth of approximately 20.2%[20]. - Cash outflow from operating activities increased to 913,324,032.39 from 537,683,817.38, representing a rise of about 69.9%[20]. - The ending balance of cash and cash equivalents was 137,977,587.03, slightly up from 134,194,060.58[21]. - The company received 1,450,000.00 from minority shareholders as part of investment inflow[21]. - The total cash outflow related to financing activities was 133,235,564.69, down from 338,594,972.25, indicating a reduction in financing costs[21]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥3,997,974,861.26, a 2.18% increase from ¥3,912,590,958.35 at the end of the previous year[4]. - Shareholders' equity attributable to shareholders increased to ¥2,508,665,643.95, up 2.77% from ¥2,441,087,494.41 at the end of the previous year[4]. - Total liabilities increased to RMB 3,997,974,861.26 from RMB 3,912,590,958.35, marking a growth of about 2.2%[13]. - The total liabilities as of the end of the reporting period were ¥1,457,177,870.77, slightly up from ¥1,444,243,364.87 in the previous year[16]. Operational Efficiency - The increase in net profit was primarily driven by higher sales volume of prestressed products and growing market demand in sectors such as high-speed rail and wind power[6]. - The company reported a decrease in sales expenses from ¥30,839,909.85 in Q1 2024 to ¥12,790,259.21 in Q1 2025, reflecting improved cost management[17]. - Research and development expenses for Q1 2025 totaled ¥24,629,597.86, up from ¥19,615,595.28 in Q1 2024, indicating a focus on innovation[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,221[8]. - The company has not reported any significant changes in the top 10 shareholders or any new strategies during the reporting period[11].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 7.74 CNY [6]. Core Views - The company reported a significant year-on-year increase in performance, with total revenue reaching 3.054 billion CNY, up 11.10%, and net profit attributable to shareholders at 237 million CNY, up 37.94% [2][4]. - The company is positioned as a leading player in the prestressed steel materials and track slab sectors, with a focus on high-value-added products, which has led to improved profitability [10]. - The company is expected to benefit from ongoing infrastructure investments in China, with projected revenues of 3.651 billion CNY, 4.222 billion CNY, and 4.804 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 19.6%, 15.6%, and 13.8% [10][12]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 18.46%, an increase of 3.39 percentage points year-on-year, driven by improvements in both the prestressed materials and concrete products segments [4]. - The net profit margin for the company was 8.23%, up 1.60 percentage points year-on-year, with net profit reaching 237 million CNY [4]. Business Segments - The prestressed materials segment generated revenue of 2.425 billion CNY, up 6.03%, while the concrete products and related services segment saw revenue of 400 million CNY, up 31.07% [3]. - The high-speed rail track slabs and intelligent equipment within the concrete products segment experienced substantial growth, with revenues increasing by 125.83% and 148.87% respectively [3]. Cash Flow and Financial Health - The company reported a net operating cash flow of -106 million CNY, indicating an increase in cash outflows compared to the previous year [5]. - The financing cash flow improved significantly, reaching a net inflow of 206 million CNY, compared to a net outflow of 90 million CNY in the previous year [5]. Future Outlook - The company is expected to maintain a strong growth trajectory, with net profits projected to reach 331 million CNY, 433 million CNY, and 525 million CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 39.8%, 30.8%, and 21.2% [10][12].