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 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，指派本所律师谢兵、杨小颖（以下 简称"本所律师"）出席公司 2025 年第一次临时股东大会（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 料股份有限公司章程》（以下简称"《公司章程》"）的规定，对公司本次股东 大会进行见证并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规 则（试行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 为出具本法律意见书，本所律 ...

Core Viewpoint - The company reported a strong performance in H1 2025, with significant revenue and profit growth, driven by favorable market conditions and strategic positioning in key infrastructure sectors [1][2][3]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 1.473 billion yuan, representing a year-on-year increase of 8.85% [1]. - The net profit attributable to shareholders reached 172 million yuan, marking a substantial year-on-year growth of 70.98% [1]. - The company's prestressed materials generated revenue of 158 million yuan, accounting for 78.58% of total revenue, with a net profit of 130 million yuan, up 67.05% year-on-year [3]. Group 2: Market Conditions - The overall market sentiment is positive, with key engineering projects accelerating, particularly in bridge, railway, and water conservancy sectors [2]. - In H1 2025, a total of 220.7 kilometers of new urban rail transit lines were added, with six new operational lines and eleven new or extended segments [2]. - The National Development and Reform Commission announced that the water conservancy market is expected to reach 5 trillion yuan over the next five years, indicating a golden development period for the industry [2]. Group 3: Product and Industry Positioning - The company is a leading player in the prestressed steel wire market, with increasing penetration of ultra-high-strength products and a robust order book in rail plate production [3]. - The company has successfully applied its products in major projects such as the Pearl River Delta water resource allocation and the Yangtze River diversion project, showcasing its technical advantages in high-pressure and corrosion-resistant materials [2]. - The company is expected to benefit significantly from the upcoming construction of the Yajiang Hydropower Station, a national key project that will drive demand for its products [2]. Group 4: Future Outlook - The company forecasts revenues of 380 million yuan and 560 million yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 23 and 15 [4].

Core Viewpoint - The article highlights the recent establishment of a specialized pharmaceutical industry fund by East China Pharmaceutical, emphasizing its strategic alignment with the company's innovation-driven growth and the strengthening of the biopharmaceutical ecosystem in Hangzhou [6][7][10]. Group 1: Company Overview - East China Pharmaceutical is a large pharmaceutical enterprise headquartered in Hangzhou, with business segments including pharmaceutical manufacturing, distribution, medical aesthetics, and industrial microbiology [7]. - The company reported a revenue of 21.675 billion yuan for the first half of 2025, representing a year-on-year growth of 3.39%, and a net profit of 1.815 billion yuan, up 7.01% year-on-year [7]. - The company has significantly increased its investment in innovative drug research and development, with innovative drug revenue growing by 59% year-on-year to 1.084 billion yuan in the first half of 2025 [7]. Group 2: Fund Establishment - On August 19, East China Pharmaceutical announced the establishment of a specialized pharmaceutical industry fund, the Hangzhou Fuguang Hongze Equity Investment Partnership, with a total scale of 2 billion yuan, where East China Pharmaceutical contributed 980 million yuan, accounting for 49% [6][10]. - The fund aims to invest in innovative drugs, medical aesthetics, health, and animal protection, aligning with the strategic development and industrial chain layout of East China Pharmaceutical [11]. - The establishment of the fund reflects the company's long-term strategy to consolidate its leading position in the industry through capital involvement and to reduce the upfront costs and risks associated with innovative projects [7][11]. Group 3: Regional Industry Context - The pharmaceutical industry in Hangzhou's Gongshu District has a strong industrial foundation, with significant investments in high-tech industries growing by 49% year-on-year from January to May 2025 [8]. - The district hosts major pharmaceutical companies, including top 10 Chinese pharmaceutical distribution companies and global leaders like AstraZeneca, contributing to a robust industrial ecosystem [8]. - The establishment of the fund aligns with the broader strategy of the "Yuan Da System," which emphasizes capital deployment in the pharmaceutical sector [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [6]. Core Insights - The company achieved a revenue of 1.473 billion yuan in H1 2025, representing a year-on-year increase of 8.85%, and a net profit attributable to shareholders of 172 million yuan, up 70.98% year-on-year, marking a historical high in profit scale [1]. - The growth in the pre-stressed materials segment is attributed to sales expansion, product structure optimization, and deepening in traditional markets [2]. - The concrete products for rail transit segment saw a significant gross margin of 49.56%, up 22.09 percentage points year-on-year, driven by major high-speed rail projects [3]. - The company is exploring the robot tendon business, leveraging its existing technology in pre-stressed materials, and conducting market research in emerging fields [4]. Financial Summary - For 2025, the company is projected to achieve a net profit of 347 million yuan, with corresponding P/E ratios of 24.80X, 19.49X, and 16.37X for the years 2025, 2026, and 2027 respectively [5]. - Revenue is expected to grow from 3.699 billion yuan in 2025 to 4.886 billion yuan in 2027, with a compound annual growth rate of 21.13% [5]. - The net profit margin is projected to increase from 9.4% in 2024 to 10.8% in 2027, indicating improving profitability [5].

8月19日晚间，银龙股份（603969）发布2025年半年报，上半年公司实现营业收入14.73亿元，同比增长 8.85%；实现归母净利润为1.717亿元，同比增长70.98%；实现扣非归母净利润为1.722亿元，同比增长 71.52%；基本每股收益0.20元。 对于本期营业收入增长，银龙股份在半年报中表示，主要来源于预应力产业。本期预应力产品收入较上 年同期增长8.12%，主要是预应力产品销售量同比增长9.08%。 银龙股份还指出，报告期内，利润总额较上年同期增长74.66%，归母净利润较上年同期增长70.98%， 扣非净利润较上年同期增长71.52%，主要原因是预应力产品、轨道板、轨枕销售量增加以及智能化生 产装备、轨道板配套相关服务、风电塔筒预应力专业张拉业务产生的利润较上年同期增加。 银龙股份表示，通过持续创新与产业协同，公司已发展成为行业领先的预应力材料系统解决方案提供 商，为国家基础设施建设提供专业服务。(燕云) 作为预应力材料行业的龙头企业，银龙股份表示，公司始终坚持双主业驱动、协同新能源赋能的发展战 略，以预应力材料产业和轨道交通用混凝土制品产业为核心支柱，同时积极布局新能源应用与投资领 域，致 ...

Group 1 - The company is revising its articles of association, changing "shareholders' meeting" to "shareholders' assembly" and making necessary adjustments to the numbering of clauses [1][2] - The revised articles of association require approval from the shareholders' assembly and authorization for the general manager's office to handle business registration changes [1][2] Group 2 - The company will hold its first extraordinary shareholders' meeting of 2025 on September 5, 2025, with both on-site and online voting options available [4][5] - The meeting will discuss several key proposals, including changes to the company's registered capital and the cancellation of the supervisory board [33][36] Group 3 - The company reported a total asset of 4.366 billion yuan and a total liability of 1.717 billion yuan, resulting in a debt-to-asset ratio of 39.33% [40] - The company achieved a revenue of 1.473 billion yuan, representing a year-on-year increase of 8.85%, and a net profit of 172 million yuan, up 70.98% year-on-year [40] Group 4 - The company plans to enhance its governance structure by revising several internal regulations in accordance with the latest legal requirements [2][31] - The company emphasizes shareholder value maximization and has distributed cash dividends amounting to 68.59 million yuan, representing 36.48% of the net profit attributable to shareholders [41][42]

Summary of Key Points Core Viewpoint - Tianjin Yinlong Prestressed Materials Co., Ltd. is participating in the establishment of a private equity investment fund to capitalize on opportunities in the renewable energy sector, while maintaining its core business focus on prestressed materials and concrete products for rail transit [2][43]. Group 1: Investment Overview - The investment target is the Tianjin Zhongyuan Botong New Energy Venture Capital Fund Partnership (Limited Partnership), with a total fund amount of 96 million RMB, of which Tianjin Yinlong will contribute 81.504 million RMB as a limited partner [2][4]. - The investment does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [2][6]. Group 2: Fund Structure and Management - The fund will be managed by Botong (Tianjin) Venture Capital Co., Ltd., which serves as the general partner and fund manager [8][15]. - The fund aims to invest primarily in the renewable energy and energy storage sectors, focusing on projects with innovative technologies and high growth potential [4][26]. Group 3: Decision-Making and Governance - The investment decision-making will be conducted by an investment decision committee composed of five members, ensuring a collaborative approach to investment decisions [30][29]. - The fund's operational and investment management will adhere to the regulations set forth by the China Securities Investment Fund Industry Association [15][26]. Group 4: Financial Implications - The investment is expected to enhance the company's competitive capabilities and support its sustainable growth without adversely affecting its financial status [43]. - The fund's establishment will utilize the company's own funds, ensuring no negative impact on the company's financial and operational conditions [43].

证券代码：603969 证券简称：银龙股份 公告编号：2025-038 天津银龙预应力材料股份有限公司 关于参与投资私募股权投资基金的公告 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。 重要内容提示： ? 投资标的名称：天津众源博通新能创业投资基金合伙企业（有限合伙） （暂定名，最终名称以市场监督管理机构登记核定为准） 基金业协会的备案等相关程序后方可从事相关投资活动，实施情况和进度存在不 确定性，请各位投资者理性投资，注意投资风险； 道交通用混凝土制品产业，不会对公司主营业务造成重大影响。 引第 5 号——交易与关联交易》等相关法规要求，按分阶段披露原则及时披露相 关事项的重大进展，请投资者审慎决策，注意投资风险。 一、对外投资概述 （一）基本情况 ? 投资金额：本次投资设立基金总金额 9,600 万元，其中，天津银龙预应 力材料股份有限公司作为有限合伙人出资额 8,150.4 万元人民币 ? 本次对外投资事项不构成关联交易，且不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 ? 相关风险提示： 济、行业 ...

Core Viewpoint - Tianjin Yinlong Prestressed Materials Co., Ltd. announced a cash dividend of 0.08 RMB per share, totaling 68,587,520 RMB, following the approval of the profit distribution plan at the 2024 annual shareholders' meeting on May 15, 2025 [1][5]. Distribution Plan - The cash dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on July 11, 2025 [1][2]. - The total number of shares for the distribution is adjusted from 850,814,000 to 857,344,000 shares due to the company's restricted stock incentive plan [1]. Relevant Dates - The key dates for the dividend distribution are as follows: - Share registration date: July 11, 2025 - Last trading date: July 14, 2025 - Ex-dividend date: July 14, 2025 [2]. Implementation Method - Cash dividends for unrestricted circulating shares will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited, Shanghai Branch [2]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [2]. Taxation Policies - For individual shareholders holding unrestricted circulating shares for over one year, the cash dividend is exempt from personal income tax, resulting in an actual distribution of 0.08 RMB per share [3]. - For shares held for less than one year, the tax will be calculated based on the holding period, with specific rates applied [3][4]. - For QFII shareholders, the company will withhold taxes according to relevant regulations, with a net distribution of 0.072 RMB per share after a 10% tax deduction [4]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board office at 022-26983538 [5].

Core Viewpoint - The Supervisory Board of Tianjin Yinlong Prestressed Materials Co., Ltd. has reviewed and approved the 2025 Restricted Stock Incentive Plan, confirming the eligibility of the incentive recipients and the conditions for granting restricted stocks [1][2][3] Summary by Sections - The Supervisory Board conducted a review of the 2025 Restricted Stock Incentive Plan in accordance with relevant laws and regulations, confirming that the incentive recipients meet the necessary qualifications [2][3] - The plan involves granting 6.53 million shares of restricted stock at a price of 3.50 yuan per share to 150 eligible recipients, with the grant date set for June 6, 2025 [3]