Market Overview - The cement sector experienced a decline of 0.2% on November 4, with Shangfeng Cement leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Individual Stock Performance - Hanjian Heshan saw a significant increase of 10.09%, closing at 6.11, with a trading volume of 231,100 shares and a turnover of 141 million yuan [1] - Fujian Cement also rose by 10.00%, closing at 7.81, with a trading volume of 706,200 shares and a turnover of 527 million yuan [1] - Conversely, Shangfeng Cement fell by 1.83%, closing at 10.74, with a trading volume of 152,300 shares and a turnover of 164 million yuan [2] Capital Flow Analysis - The cement sector had a net inflow of 68.57 million yuan from institutional investors, while retail investors saw a net outflow of 93.65 million yuan [2][3] - Notably, Fujian Cement experienced a net inflow of 102 million yuan from institutional investors, but a net outflow of 68.33 million yuan from retail investors [3] - Hanjian Heshan had a substantial net inflow of 77.89 million yuan from institutional investors, with a significant net outflow of 39.61 million yuan from retail investors [3]

Market Overview - The cement sector increased by 0.82% on October 31, with Tibet Tianlu leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Tibet Tianlu (600326) closed at 12.76, up 10.00% with a trading volume of 1.9142 million shares and a transaction value of 2.4 billion [1] - Sichuan Jinding (600678) closed at 9.46, up 2.94% with a trading volume of 208,500 shares and a transaction value of 197 million [1] - Shangfeng Cement (000672) closed at 11.29, up 2.92% with a trading volume of 496,300 shares and a transaction value of 565 million [1] - Other notable performers include Hanjian Heshan (603616) up 2.45%, Fujian Cement (600802) up 2.38%, and Qingsong Jianhua (600425) up 2.17% [1] Capital Flow Analysis - The cement sector saw a net inflow of 504 million from institutional investors, while retail investors experienced a net outflow of 341 million [2] - Major stocks with significant net inflows include Tibet Tianlu with 5.81 billion, and Huaxin Cement with 14.91 million [3] - Conversely, retail investors showed significant outflows from stocks like Tibet Tianlu and Huaxin Cement, indicating a shift in investor sentiment [3]

Core Viewpoint - The company reported a significant increase in revenue and a turnaround in net profit for the third quarter of 2025, driven by construction and building materials segments, despite challenges in the market [3][4][8]. Financial Performance - The company's revenue for the year-to-date reached 241,268.31 million yuan, an increase of 36,839.41 million yuan or 18.02% compared to the same period last year [3]. - The construction segment contributed significantly to revenue growth, with an increase of 28,713.46 million yuan due to several ongoing projects reaching peak construction phases [3]. - The net profit attributable to shareholders was 2,260.01 million yuan, a turnaround from a loss of 6,596.96 million yuan in the previous year, marking an improvement of 8,856.97 million yuan [4]. Segment Analysis - **Construction Segment**: Despite a net loss of 7,452.73 million yuan, the segment's revenue was bolstered by multiple projects, including community renovations and road construction [4][5]. - **Building Materials Segment**: This segment saw a net profit of 3,111.80 million yuan, although it faced challenges from increased competition and lower sales prices [4][5]. - **Investment Segment**: The company reported a net profit of 7,400.80 million yuan, primarily from the sale of shares in China Power Construction and dividends from other investments [7]. Cash Flow - The net cash flow from operating activities for the first three quarters was 32,698.44 million yuan, an increase of 17,555.43 million yuan or 115.93% compared to the previous year [8]. New Contracts - In the third quarter of 2025, the company signed a new construction contract worth 30,000.00 million yuan [16].

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance [2] Financial Performance - The company achieved a revenue of 1,003,700,394.84 yuan in the third quarter of 2025, representing a year-on-year growth of 15.51% [2] - The net profit attributable to shareholders of the listed company was 134,492,318.09 yuan, showing an extraordinary year-on-year increase of 9864.85% [2]

Core Viewpoint - Xizang Tianlu Co., Ltd. has revised its articles of association to optimize corporate governance, enhance shareholder rights, and support strategic transformation and diversification [1][9]. Company Overview and Shareholding Structure - The registered capital of Xizang Tianlu is RMB 1.362 billion, with a total of 1.362 billion shares, all of which are ordinary shares [2]. - The company was established by five entities, underwent three rounds of equity financing, and is currently listed on the Shanghai Stock Exchange (stock code: 600326) [2]. Corporate Governance Structure Optimization - The shareholders' meeting is defined as the highest authority, with new provisions for shareholders to access accounting books under specified conditions [3]. - Special resolutions require approval from over two-thirds of the voting rights, while ordinary resolutions need a simple majority [3]. Board of Directors and Executive Responsibilities - The board will consist of 5-9 members, including 3 independent directors and 1 employee director, with independent directors holding a majority in specialized committees [4]. - The chairman can make investment decisions up to 20% of the latest audited total assets, with a project cap of 10% of net assets [4]. Party Leadership and Social Responsibility - A dedicated chapter outlines the establishment and responsibilities of the party committee, which will participate in major decision-making processes [5]. - The company will also establish labor unions and youth organizations to ensure synchronized planning and execution of party work [5]. Financial and Profit Distribution Policy - The company has established a "cash dividend priority" principle, mandating cash dividends under certain conditions, including a minimum earnings per share of RMB 0.12 [6][7]. - Annual cash dividends must be at least 10% of distributable profits, with cumulative dividends over three years not less than 30% of average distributable profits [7]. Risk Control and Compliance Management - The articles specify that external guarantees exceeding 50% of net assets or 30% of total assets require shareholder approval [8]. - Transactions with related parties must be approved by independent directors and reviewed by the audit committee [8]. Future Development Strategy - The revised articles expand the business scope to include "energy storage technology services, charging pile sales, and electric vehicle charging infrastructure operations," indicating a strategic shift towards diversification in the "transportation + new energy" sector [9]. - The company aims to develop into a large-scale comprehensive enterprise, contributing to the economic development of the Tibet region [9].

| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-074 号 | | --- | --- | --- | | 债券代码：188478 | 债券简称：21 天路 01 | | 西藏天路股份有限公司 关于利用闲置自有资金进行现金管理的公告 ●委托理财期限：自西藏天路股份有限公司（以下简称"西藏天路"或"公 司"）第七届董事会第二十一次会议审议通过之日起一年内。 ●履行的审议程序：公司于 2025 年 10 月 30 日召开第七届董事会第二十一 次会议，审议通过了《关于公司利用自有闲置资金进行现金管理的议案》，同意 公司在未来一年内使用累计不超过人民币 5 亿元购买保本固定收益型或保本浮 动收益型凭证产品。 一、理财概述 （一）现金管理目的 为进一步提高公司资金使用效率，增加公司现金资产收益，实现股东利益最 大化，公司拟利用闲置的自有资金进行现金管理。 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： ●委托理财受托方：证券公司、银行等金融机构 ●本次委托理财金额：总额不超过人民币 5 亿元闲 ...

| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-075 号 | | --- | --- | --- | | 债券代码：188478 | 债券简称：21 天路 01 | | 西藏天路股份有限公司 关于修改公司章程的公告 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法律责任。 为全面贯彻落实最新法律法规要求，确保公司治理与监管规定保持同步，根 据 2024 年 7 月 1 日起实施的《中华人民共和国公司法》（以下简称"《公司法》"） 《上市公司章程指引（2025 年修订）》（以下简称"《章程指引》"）等相关 法律法规、规章及其他规范性文件的规定，并结合公司实际情况，公司拟取消监 事会并修订《公司章程》。 公司于 2025 年 10 月 30 日召开第七届董事会第二十一次会议，审议通过了 关于取消监事会并修改公司章程的议案，同意公司取消监事会并对《公司章程》 进行修订，本议案尚需提交公司股东大会审议。公司《监事会议事规则》等监事 会相关制度将予以废止，公司现任监事将自公司股东大会审议通过本次取消监事 会事项之日起 ...

| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-077 号 | | --- | --- | --- | | 债券代码：188478 | 债券简称：21 天路 01 | | 西藏天路股份有限公司 单位：人民币 万元 序号 发包方名称 承包方名称 项目名称（全 称） 合同金额 合同签订 日期 合同履行期限 1 西藏雪域天创 发展投资有限 公司 西藏天源路桥 有限公司 天创·卓吉 EPC 总承包项目 30,000.00 2025年7 月8日 900 天 合计 - - - 30,000.00 - - 西藏天路股份有限公司董事会 2025 年 10 月 31 日 2025 年第三季度新签施工合同情况公告 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。 新签施工合同 1 项，合同总额 30,000.00 万元。具体如下： 2025 年第三季度，西藏天路股份有限公司及主要建筑类子公司 特此公告。 ...

（2025 年 10 月 修订草案） z . 第一章 总则 第一条 为维护公司、股东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 西藏天路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"本公司"或"公司"）。 公司经西藏自治区人民政府藏政函（1999）80 号文和和西藏自治区经济贸 易体制改革委员会藏经委企复（1999）第 72 号文批准，以发起方式设立；在西 藏自治区工商行政管理局注册登记，取得营业执照，公司统一社会信用代码为 91540000710905111C。 第三条 公司于 2000 年 12 月 19 日经中国证券监督管理委员会证监发行字 [2000]179 号文核准，首次向社会公众发行人民币普通股 4000 万股，全部为向 境内投资人发行的以人民币认购的内资股(即人民币普通股)，于 2001 年 1 月 16 日在上海证券交易所上市。经中国证券监督管理委员会证监发行字[2007]200 号 文核准，2007 年 9 月 4 日公司向境内 ...

| 证券代码：600326 | 证券简称：西藏天路 | | 公告编号：2025-076 号 | | --- | --- | --- | --- | | 债券代码：188478 | 债券简称：21 天路 | 01 | | 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第四次临时股东大会 (二)股东大会召集人：董事会 西藏天路股份有限公司 关于召开2025年第四次临时股东大会的通知 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： (三)投票方式：本次股东大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 召开的日期时间：2025 年 11 月 17 日 15 点 30 分 召开地点：西藏拉萨市夺底路 14 号公司 6610 会议室 股东大会召开日期：2025年11月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (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大会网络投票系统 网络投票起止时间：自20 ...