Group 1: Industry Overview - The construction materials industry has seen a significant increase in attention since July 1, driven by unexpected changes on the supply side and a focus on demand upgrades for the end of 2024 [1][2] - The cement industry is experiencing a "de-involution" policy expectation, with a focus on limiting overproduction and improving regulatory oversight [2][10] - The demand side is shifting, with AI-related demand expected to accelerate, positively impacting various segments of the industry [3][27] Group 2: Consumer Building Materials - The consumer building materials sector is witnessing a rare price increase in the waterproofing industry, indicating a potential recovery in profitability [4][5] - Companies like Sanke Tree and Dongfang Yuhong are showing improved profitability through cost reduction and price increases, validating earlier industry reports [4][5] - The outlook for 2025 suggests that profitability recovery will outpace revenue growth, with expectations of reduced price competition and improved cost management [4][5] Group 3: Cement Industry - The cement industry is expected to see a recovery in profitability as supply-side adjustments take effect, with a focus on limiting production and improving cash flow [10][12] - Major companies like Conch Cement and Huaxin Cement are expected to maintain strong cash flow and dividend policies, indicating long-term investment value [11][16][17] - The industry's overall profitability is anticipated to improve as demand stabilizes and production constraints are implemented [12][15] Group 4: Glass Industry - The float glass market is experiencing price fluctuations due to supply-demand imbalances, with expectations of cash losses for many companies [19][20] - Companies like Xinyi Glass and Qibin Group are facing challenges but are expected to maintain stable profitability in their automotive glass segments [21][22] - The photovoltaic glass sector is entering a cash loss phase, prompting accelerated cold repairs and production adjustments [25][26] Group 5: Fiber Industry - The fiberglass sector is seeing stable demand for mainstream electronic yarns, with a focus on high-end products like low-dielectric cloth [27][28] - Companies like China Jushi are expanding production capacity overseas to mitigate trade risks and maintain growth [29][30] - The carbon fiber market is showing signs of recovery in wind power demand, with expectations of improved profitability in Q2 [32]

天山材料股份有限公司 （住所：新疆维吾尔自治区乌鲁木齐市达坂城区白杨沟村） 新疆天山水泥股份有限公司 2022 年面向专业投资者 公开发行公司债券（第一期）（品种一） 2024 年度受托管理事务报告 债券受托管理人 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、证券交 易所公司债券上市规则（以下简称"上市规则"）或证券交易所公司债券挂牌转 让规则（以下简称"挂牌转让规则"）、发行人与中国国际金融股份有限公司（以 下简称"中金公司"或"受托管理人"）签订的债券受托管理协议（以下简称"受 托管理协议"）及其它相关信息披露文件以及天山材料股份有限公司（以下简称 "发行人"或"公司"）出具的相关说明文件和提供的相关资料等，由受托管理 人中金公司编制。中金公司编制本报告的内容及信息均来源于天山材料股份有限 公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告 ...

债券简称：24 天山 K1 债券代码：148712.SZ 债券简称：24 天材 K3 债券代码：148759.SZ 天山材料股份有限公司 公司债券受托管理事务报告 （2024年度） 发行人 天山材料股份有限公司 （新疆维吾尔自治区乌鲁木齐市达坂城区白杨沟村） 债券受托管理人 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 6 月 重要声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均 来源于天山材料股份有限公司（以下简称"天山股份"、"发行人"或"公司"）对 外披露的《天山材料股份有限公司 2024 年年度报告》等相关公开信息披露文件、 发行人提供的证明文件以及第三方中介机构出具的专业意见。本报告中的"报告期" 是指 2024 年 4 月 24 日至 2024 年 12 月 31 日。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺 或声明。 2 | 目录 | | --- | | 第一节 | 公司债券概况······························· ...

Group 1 - The company held its ninth board meeting, where several governance-related proposals were approved [1][2][3] - The board approved amendments to the Articles of Association to enhance corporate governance, including clarifying the responsibilities of controlling shareholders and optimizing shareholder meeting procedures [1][2] - The company will no longer have a supervisory board, as its functions will be transferred to the audit committee of the board [2][3] Group 2 - The board approved revisions to the rules governing shareholder meetings and board meetings, which will require special resolutions for final approval by the shareholders [2][3] - The company has established a three-year dividend return plan for 2025-2027 to enhance transparency in profit distribution and protect minority shareholders' rights [4][6] - The board approved the appointment of a new securities affairs representative, effective until the end of the current board's term [6][7]

Core Viewpoint - The company has established a three-year shareholder dividend return plan for 2025-2027 to enhance transparency in profit distribution and ensure the protection of minority shareholders' rights [1] Group 1: Principles of the Plan - The plan emphasizes a continuous, stable, and scientific profit distribution policy, considering the opinions of shareholders, especially minority shareholders, and independent directors [2] - The company aims to balance short-term and long-term interests of shareholders while ensuring sustainable development [2] Group 2: Profit Distribution Methods - The profit distribution methods include cash, stock, or a combination of both, with a priority on cash dividends [3] - The board must complete the distribution of dividends within two months after the shareholders' meeting decision [3] Group 3: Cash Dividend Conditions and Proportions - The company will distribute cash dividends of no less than 50% of the distributable profits for each year from 2025 to 2027, subject to the board's proposal based on annual profitability and future funding plans [4] Group 4: Decision-Making and Supervision - The board and shareholders' meeting will consider the opinions of shareholders and independent directors during the profit distribution decision-making process [4] - The company will provide a platform for online voting and disclose reasons for not proposing profit distribution in regular reports [4] Group 5: Conditions for Stock Dividends - The company may issue stock dividends if cash dividend conditions are met and it is deemed beneficial for all shareholders, with specific ratios to be approved by the board and submitted for shareholder approval [5] Group 6: Differentiated Cash Dividend Policy - The board will propose differentiated cash dividend policies based on industry characteristics, development stages, and other factors, with minimum cash dividend ratios set at 80%, 40%, and 20% for different scenarios [5] Group 7: Planning Cycle and Decision Mechanism - The shareholder return plan will be reviewed every three years, with adjustments made as necessary due to significant changes in the external or internal business environment [6] Group 8: Other Matters - The plan will be executed in accordance with relevant laws and regulations, taking effect upon approval by the shareholders' meeting [6]

Group 1 - The company Tianshan Materials Co., Ltd. has decided to waive its right of first refusal regarding the transfer of 49% equity in its subsidiary, Piyang Zhonglian New Materials Co., Ltd., which is being sold by Henan Zhonghong Industrial Co., Ltd. for a price of 705.6 million yuan [1][4] - The decision to waive the right was approved unanimously in a board meeting, with 9 votes in favor and no opposition or abstentions [1][2] - The transaction does not constitute a major asset restructuring as defined by relevant regulations, and therefore does not require approval from the shareholders' meeting or regulatory authorities [2] Group 2 - Henan Zhonghong Industrial Co., Ltd. holds 49% of the equity in Piyang Zhonglian and is a limited liability company established in June 2017, with a registered capital of 55.56 million yuan [2][3] - Piyang Zhonglian New Materials Co., Ltd. was established in November 2019, has a registered capital of 480 million yuan, and is primarily engaged in mining, aggregate processing, and concrete production [3][4] - The financial data of Piyang Zhonglian shows total assets of 191.09 million yuan as of December 31, 2024 [3]

天山材料股份有限公司 股东会议事规则 第一章 总 则 第一条 为维护天山材料股份有限公司（简称"公司"）及公司股 东的合法权益，保障股东依法行使职权，明确股东会的职责权限，充 分发挥股东会的作用；根据《中华人民共和国公司法》（简称"《公司 法》"）、《上市公司股东会规则》《深圳证券交易所股票上市规则》等 有关法律、行政法规、规范性文件以及《天山材料股份有限公司章程》 （简称"《公司章程》"）的规定，制定本议事规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规 则。 第三条 公司应当严格按照法律、行政法规、《公司章程》及本规 则的相关规定召开股东会，保证股东能够依法行使权利。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国 证监会派出机构和深圳证券交易所，说明原因并公告。 第六条 公司召开股东会，应当聘请律师对以下问题出具法律意 见并公告： （一）会议的召集、召开程序是否符合法律、行政法规、本规则 和公司章程的规定； （二）出席会议人员的资格、召集人资格是否合法有效； （三）会议的表决程序、表决结果是否合法有效； （四）应公司要求对其他有关问题出具的法律意见。 公司董事会应当切实履行职责 ...

天山材料股份有限公司 独立董事专门会议制度 第一章 总 则 第二条 独立董事专门会议是指全部由公司独立董事参加的会议。 独立董事专门会议对所议事项进行独立研讨，从公司和全体股东利益 角度进行思考判断。 第三条 独立董事对本公司及全体股东负有忠实与勤勉义务，应 当按照法律、行政法规、中国证监会规定、证券交易所业务规则和《公 司章程》的规定，认真履行职责，在董事会、董事会专门委员会及独 立董事专门会议中发挥参与决策、监督制衡、专业咨询作用，维护公 司整体利益，保护中小股东合法权益。 第三章 会议的召集与召开 第四条 公司独立董事可以不定期召开独立董事专门会议，会议 应于会议召开前三天通知全体独立董事。 第五条 独立董事专门会议可通过现场（含视频）、通讯方式（含 电话等）或现场与通讯相结合的方式召开；半数以上独立董事可以提 议可召开临时会议。若出现特殊情况，可以不受第四条通知方式和通 知时限的限制。 第六条 独立董事专门会议通知应至少包括以下内容： （一）会议召开方式、时间、地点； （二）会议需要讨论的议题； （三）发出通知的日期。 第一条 为进一步规范天山材料股份有限公司（简称"公司"） 独立董事专门会议的议事方 ...

《天山材料股份有限公司章程》（简称"《公司章程》"）的规定， 制定本工作细则。 天山材料股份有限公司 总裁工作细则 第二章 总裁的聘任与任职资格 第一章 总 则 第一条 为完善天山材料股份有限公司（简称"公司"）的治理， 健全和规范总裁及经营层在公司生产经营管理工作中的议事、决策程 序及职务行为，忠实勤勉行使职权和履行义务，提高工作效率，促进 公司生产经营；根据《中华人民共和国公司法》（简称"《公司法》"） 及深圳证券交易所制定的相关规则等法律、行政法规、规范性文件及 第二条 公司总裁由董事会聘任，主持公司日常生产经营和管理 工作，组织实施董事会决议，对董事会负责。可以设常务副总裁一名， 副总裁多名。常务副总裁、副总裁及其他高级管理人员由总裁提名， 董事会聘任或解聘。 第三条 总裁应当具备下列任职条件： （一）具有较丰富的经济理论知识、管理知识及实践经验，具有 较强的经营管理能力； （二）具有调动员工积极性、建立合理的组织机构、协调各种内 外关系和统揽全局的能力； （三）具有一定年限的企业管理或经济工作经历，精通本行业、 熟悉多种行业的生产经营业务和掌握国家有关政策、法律、法规； （四）具有良好的个人素质和品 ...

天山材料股份有限公司 章 程 （尚需 2025 年第三次临时股东会审议通过） 二〇二五年六月 1 | 第一章 | 总 则 | 4 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 6 | | 第三章 | 股 份 | 7 | | 第一节 | 股份发行 | 7 | | 第二节 | | 股份增减和回购 8 | | 第三节 | 股份转让 | 9 | | 第四章 | | 股东和股东会 10 | | 第一节 | 股 东 | 10 | | 第二节 | | 控股股东和实际控制人 15 | | 第三节 | | 股东会的一般规定 16 | | 第四节 | | 股东会的召集 21 | | 第五节 | | 股东会的提案与通知 23 | | 第六节 | | 股东会的召开 25 | | 第七节 | | 股东会的表决和决议 29 | | 第五章 | | 董事和董事会 37 | | 第一节 | 董 事 | 37 | | 第二节 | 独立董事 | 43 | | 第三节 | 董事会 | 49 | | 第四节 | | 董事会专门委员会 56 | | 第五节 | | 董事会秘书 58 | | 第六章 | 党 委 | 6 ...