证券代码：002827 证券简称：高争民爆 中国国际金融股份有限公司 关于 西藏高争民爆股份有限公司 2025 年限制性股票激励计划（草案） 之 独立财务顾问报告 二〇二五年四月 | 第一章 释义 | 3 | | --- | --- | | 第二章 声明 | 5 | | 第三章 基本假设 | 6 | | 第四章 本激励计划的主要内容 | 7 | | 一、激励对象的确定依据 | 7 | | 二、激励对象的范围 | 8 | | 三、激励对象的核实 | 8 | | 四、本激励计划所涉及标的股票数量、来源和分配 | 8 | | 五、有效期、授予日、限售期、解除限售安排和禁售期 | 9 | | 六、限制性股票授予价格及其确定方法 | 12 | | 七、激励对象的获授条件及解除限售条件 | 12 | | 八、本激励计划其他内容 | 19 | | 第五章 独立财务顾问意见 | 20 | | 一、对本激励计划是否符合政策法规规定的核查意见 | 20 | | 二、对公司实行激励计划可行性的核查意见 | 21 | | 三、对激励对象范围和资格的核查意见 | 22 | | 四、对激励计划权益授出额度的核查意见 | 23 | | 五 ...

2025 年限制性股票激励计划管理办法 （一）审批本激励计划与本办法。 第一章 总则 - 1 - 第一条 为贯彻落实西藏高争民爆股份有限公司（以下简称"高争民爆"或 "公司"）2025 年限制性股票激励计划（以下简称"本激励计划"），明确本激励计划 的管理机构及其职责、实施程序、特殊情况的处理、信息披露及财务会计与税收处理等各 项内容，特制定本办法。 第二条 本办法根据《中华人民共和国证券法》（以下简称"《证券 法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 股权激励管理办法》（以下简称"《管理办法》"）、《国有控股上市公司（境内） 实施股权激励试行办法》（国资发分配〔2006〕175 号）（以下简称"《175 号 文》"）、《关于规范国有控股上市公司实施股权激励制度有关问题的通知》（国 资发分配〔2008〕171 号）（以下简称"《171 号文》"）、《中央企业控股上市公 司实施股权激励工作指引》（国资考分〔2020〕178 号）（以下简称"《178 号 文》"）、《西藏自治区政府国资委监管企业探索建立中长期激励机制的指导意见》 （藏国资发〔2020〕177 号）（以下简称"《17 ...

1 - /8 西藏高争民爆股份有限公司 2025年限制性股票激励计划实施考核管理办法 西藏高争民爆股份有限公司（以下简称"高争民爆"或"公司"） 为了进一步建立健全公司长效激励机制，吸引和留住优秀人才，充分调 动核心管理、技术和业务骨干人员的积极性，有效地将股东利益、公司 利益和核心团队个人利益结合在一起，使各方共同关注公司的长远发展， 在充分保障股东利益的前提下，公司制定了《西藏高争民爆股份有限公 司2025年限制性股票激励计划（草案）》（以下简称"本激励计划"） 及其摘要。 为保证公司本激励计划能够顺利实施，现根据《中华人民共和国证 券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股权激励管理办法》（以下简称 "《管理办法》"）、《国有控股上市公司（境内）实施股权激励试行 办法》（国资发分配〔2006〕175号）（以下简称"《175号文》"）、 《关于规范国有控股上市公司实施股权激励制度有关问题的通知》（国 资发分配〔2008〕171号）（以下简称"《171号文》"）、《中央企业 控股上市公司实施股权激励工作指引》（国资考分〔2020〕178号）（以 下简 ...

行业报告 | 行业研究周报 建筑材料 证券研究报告 建材板块 Q1 持仓环比略升，关注雅下水电站、高端 电子布等机会 行情回顾 过去五个交易日（0421-0425）沪深 300 涨 0.38%，建材（中信）涨 0.05%， 所有板块中其他专用材料板块涨幅最大为+3.21%，陶瓷板块则跌幅最大为 -4.31%。个股中，北京利尔（+11.5%），中旗新材（+11.3%），方大集团（+10.8%）， 豪美新材（+9.5%），海南发展（+7.9%），涨幅居前。上周我们重点推荐组合 的表现：华新水泥（-4.0%）、 三棵树(-1.6%)、濮耐股份（+6.8%）、中材科 技（+8.7%）、华润建材科技（+0.0%）、西部水泥(+6.8%)。 建材板块 Q1 持仓环比略升，关注雅下水电站、高端电子布等机会 据 Wind，0419-0425 一周，30 个大中城市商品房销售面积 154.15 万平米， 同比-19.48%。中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势 和经济工作。会议强调，要加紧实施更加积极有为的宏观政策，用好用足更 加积极的财政政策和适度宽松的货币政策。加快地方政府专项债券、超长期 特别国 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The commercialization of humanoid robots is accelerating, with a focus on four major investment themes related to the chemical sector. In Q1 2025, over 35 companies launched new humanoid robot products, with more than 21 from China. The market for humanoid robots is expected to reach 8.239 billion yuan, accounting for about 50% of the global market by 2025 [5][28]. Summary by Sections Market Performance - The basic chemical industry index increased by 2.7% from April 18 to April 25, outperforming the Shanghai Composite Index by 2.1 percentage points and the ChiNext Index by 1.0 percentage points. Year-to-date, the basic chemical industry index has risen by 1.7%, surpassing the Shanghai Composite Index by 3.4 percentage points and the ChiNext Index by 10.8 percentage points [3][16]. Investment Themes 1. **Equity Investment Strategy**: The humanoid robot industry is projected to produce over 10,000 units by 2025, with significant market potential. Chemical companies can enhance their technological attributes through early-stage equity investments [5][28]. 2. **Polymer Materials**: Humanoid robots require various polymer materials, with modified plastics being a key solution for lightweight components. The demand for PEEK is expected to grow significantly, with a projected CAGR of 16.8% from 2022 to 2027 [5][29]. 3. **Tendon Materials**: Tendon systems are crucial for humanoid robots, with UHMWPE and carbon fiber being ideal materials due to their superior properties. Companies like Tongyi Zhong and Nanshan Zhishang are leading in UHMWPE production [5][6]. 4. **Electronic Skin Materials**: The electronic skin market is expected to grow from 6.3 billion USD in 2024 to 30 billion USD by 2034, with companies like Fulei New Materials and Hanwei Technology actively developing flexible sensor materials [5][6]. Product Price Changes - The report lists significant price changes for chemical products, with the top gainers including glyphosate (+16.3%) and liquid nitrogen (+13.7%). Conversely, coal tar saw a decline of 11.8% [5]. Investment Recommendations - Core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical recommended for investment. Additionally, sectors facing supply constraints, such as vitamins and refrigerants, are highlighted for their potential price elasticity [5][14][15].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The commercialization of humanoid robots is accelerating, with a focus on four major investment themes related to the chemical sector. In Q1 2025, over 35 companies launched new humanoid robot products, with more than 21 from China. The market for humanoid robots is expected to reach 8.239 billion yuan, accounting for about 50% of the global market by 2025 [5][28]. Summary by Sections Market Performance - The basic chemical industry index increased by 2.7% from April 18 to April 25, outperforming the Shanghai Composite Index by 2.1 percentage points and the ChiNext Index by 1.0 percentage points. Year-to-date, the basic chemical industry index has risen by 1.7%, surpassing the Shanghai Composite Index by 3.4 percentage points and the ChiNext Index by 10.8 percentage points [3][16]. Investment Themes 1. **Equity Investment Strategy**: The humanoid robot industry is projected to produce over 10,000 units by 2025, with significant market potential. Chemical companies can enhance their technological attributes through early-stage equity investments [5][28]. 2. **Polymer Materials**: Humanoid robots require various polymer materials, with modified plastics being a key solution for lightweight components. The demand for PEEK is expected to grow significantly, with a projected CAGR of 16.8% from 2022 to 2027 [5][29]. 3. **Tendon Materials**: Tendon systems are crucial for humanoid robots, with UHMWPE and carbon fiber being ideal materials due to their superior properties. Companies like Tongyi Zhong and Nanshan Zhishang are leading in UHMWPE production [6][29]. 4. **Electronic Skin Materials**: The electronic skin market is expected to grow from 6.3 billion USD in 2024 to 30 billion USD by 2034, with companies like Fulei New Materials and Hanwei Technology actively developing flexible sensor materials [5][29]. Product Price Changes - The report lists significant price changes for chemical products, with the top gainers including glyphosate (+16.3%) and liquid nitrogen (+13.7%). Conversely, coal tar saw a decline of 11.8% [5][6]. Investment Recommendations - Core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical recommended for investment. Additionally, sectors facing supply constraints, such as vitamins and refrigerants, are highlighted for their potential price elasticity [5][14].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002827 证券简称：高争民爆 公告编号：2025-024 西藏高争民爆股份有限公司 关于控股子公司重大诉讼事项进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 特别提示： 具体内容详见公司于2025年1月21日在《中国证券报》《上海证券报》《证券时报》《证券日报》和巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于控股子公司重大诉讼事项进展的公告》（公告编 号：2025-007）。 1、案件所处的诉讼阶段：一审判决 2、上市公司所处的当事人地位：控股子公司成远矿业开发股份有限公司诉讼地位为第三人 3、涉案的金额：12,575.86万元 4、对上市公司损益的影响：本次涉诉案件对公司本期利润或期后利润的影响存在不确定性。 本次诉讼案件目前处于一审判决阶段，一审判决尚未生效执行，本次诉讼案件最终实际影响以终审法院 生效判决结果为准，公司将依据有关会计准则的要求和实际情况进行相应的会计处理，并及时按照规则 要求履行信息披露义务。 一、本次诉讼的前期公告情况 1.202 ...

证券代码：002827 证券简称：高争民爆 公告编号：2025-024 西藏高争民爆股份有限公司 关于控股子公司重大诉讼事项进展的公告 特别提示： 1、案件所处的诉讼阶段：一审判决 2、上市公司所处的当事人地位：控股子公司成远矿业开发股份有限公司诉 讼地位为第三人 3、涉案的金额：12,575.86 万元 4、对上市公司损益的影响：本次涉诉案件对公司本期利润或期后利润的影 响存在不确定性。 本次诉讼案件目前处于一审判决阶段，一审判决尚未生效执行，本次诉讼案 件最终实际影响以终审法院生效判决结果为准，公司将依据有关会计准则的要求 和实际情况进行相应的会计处理，并及时按照规则要求履行信息披露义务。 一、本次诉讼的前期公告情况 1.2025 年 1 月 10 日，西藏高争民爆股份有限公司（以下简称"公司"或 "高争民爆"）披露了《关于控股子公司重大诉讼事项的公告》，公司控股子公 司成远矿业开发股份有限公司（以下简称"成远矿业"）收到了西藏自治区昌都 市中级人民法院（以下简称"法院"）传票以及出庭通知书，因合同纠纷，西藏 昌都高争建材股份有限公司（以下简称"昌都高争"或"原告"）向西藏自治区 昌都市中级人民法院提起行 ...

公司报告 | 季报点评 高争民爆（002827） 证券研究报告 一季度利润继续高增，业绩弹性加速兑现 一季度业绩大增，继续维持"增持"评级 公司发布 2025 年一季报，一季度公司实现营收 3.04 亿元，同比+17.31%， 归母净利润 0.18 亿元，同比+94.26%，扣非归母净利润 0.14 亿元，同比 +190.91%。本期利润增长主要系公司民爆器材销售量较上年同期增幅较大 所致。公司作为西藏国资委下属的民用爆破龙头或将充分受益西部地区区 域高景气，考虑到一季度是民爆行业的传统生产淡季，我们上调 2025 年盈 利预测，预计公司 2025-2027 年归母净利润 2.7/3.9/5.7 亿元（前值分别为 2.3/3.8/5.7 亿元），维持"增持"评级。 现金流水平大幅改善，盈利能力显著提高 2025 年一季度公司综合毛利率为 23.65%，同比+0.80pct。公司期间费用率 为 22.23%，同比-1.60pct，其中，销售/管理/研发/财务费用率分别为 4.03%、 14.64%、2.65%、0.91%，同比分别变动+0.51、-1.27、-0.74、-0.1pct，费用 率有所降低。综合影响 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company reported a significant increase in Q1 2025 profits, with revenue reaching 304 million yuan, up 17.31% year-on-year, and net profit attributable to shareholders at 18 million yuan, up 94.26% year-on-year [1] - The growth in profits is primarily attributed to a substantial increase in sales volume of civil explosive materials compared to the same period last year [1] - The company is expected to benefit from the high economic activity in the western region, particularly in Tibet, and the earnings forecast for 2025-2027 has been revised upwards [1] Financial Performance - In Q1 2025, the company's gross margin was 23.65%, an increase of 0.80 percentage points year-on-year, while the net profit margin reached 3.48%, up 2.8 percentage points year-on-year [2] - The cash flow from operations (CFO) saw a dramatic increase of 1198.65% year-on-year, amounting to 94 million yuan, driven by higher sales collections [2] - The company’s revenue for 2025 is projected to be 2.12 billion yuan, with a growth rate of 25.56% [5] Industry Outlook - The overall performance of the national civil explosive industry is stable, with a slight increase in industrial explosive production and a notable growth in the Tibet region, where production value increased by 17.9% year-on-year [3] - Major projects in water conservancy, mining, and railways are progressing, which is expected to accelerate the company's performance [3] - The report highlights the ongoing construction of significant projects such as the Yarlung Tsangpo River hydropower project and the expansion of major mining operations in Tibet [3]