Core Viewpoint - Tibet Tianlu has executed a strategic reduction of its holdings in China Power Construction Corporation, selling 25 million shares at an average price of 7.35 CNY per share, resulting in a total transaction value of approximately 184 million CNY, which significantly impacts its net profit for 2024 [4][3]. Group 1: Shareholding and Financial Impact - Tibet Tianlu sold 25 million shares of China Power Construction, realizing an estimated net gain of approximately 45.75 million CNY, which constitutes about 43.87% of the company's projected net profit for 2024 [4]. - Following the sale, Tibet Tianlu retains 41.77 million shares of China Power Construction [4]. - The average selling price of 7.35 CNY per share is notably higher than the closing price of 6.46 CNY on August 4 [3]. Group 2: Market Context and Performance - The stock prices of both Tibet Tianlu and China Power Construction have surged recently, with Tibet Tianlu's stock increasing by 107% and China Power Construction's by 34% [5]. - Tibet Tianlu's stock reached a historical high of 19.50 CNY on July 31, following significant investments in large infrastructure projects, including a major hydropower project with a total investment of approximately 1.2 trillion CNY [8]. - The company has a 65% market share in the cement sector in Tibet, positioning it as a key supplier in the region [8]. Group 3: Financial Performance and Future Outlook - The company has experienced fluctuations in its financial performance, with revenue and net profit showing declines in three out of the last four years [8]. - For the first half of 2025, Tibet Tianlu anticipates a net loss of between 77 million CNY and 115 million CNY, reflecting a year-on-year increase in losses [9]. - Despite a 10.76% increase in revenue to 339 million CNY in the first quarter, the company reported a net loss of 124 million CNY, indicating a trend of increasing revenue without corresponding profit growth [9].

基于上述数据估算，西藏天路本次减持交易的成交均价约为7.35元/股。而在8月4日当天，中国电建的 收盘价仅为6.46元/股。值得注意的是，交易价超过7.35元/股的情况，仅出现在7月24日-25日这一股价最 高点期间。由此可以推断，西藏天路减持中国电建股票的主要时机，几乎选择在了股价的最高点。 从收益情况来看，经公司财务部门初步测算，本次出售中国电建股票，在扣除成本和相关交易税费后， 确认的投资净收益约为4575万元，占公司最近一个会计年度经审计归属于上市公司股东净利润的 43.87%。 不过需要说明的是，这个收益实际上是基于中国电建过往股价来进行测算的。西藏天路在报表中对投资 收益进行了计提处理，从而得出了这样的结果。 2022年底，西藏天路与中国电建签订了《中国电力建设股份有限公司非公开发行A股股票之认购协 议》。根据协议，西藏天路以6.44元/股的价格，认购了中国电建非公开发行的约6677万股股票，认购 股票的总金额约为4.3亿元。 8月5日，西藏天路发布公告，截止8月4日，公司通过集中竞价交易系统累计出售中国电建2500万股，本 次出售累计成交金额1.84亿元，占公司最近一个会计年度经审计归属于公司股 ...

Group 1 - Tibet Tianlu (600326) reduced its stake in China Power Construction (601669) and achieved a net investment gain of 45.75 million yuan [1] - Since July, both Tibet Tianlu and China Power Construction have seen significant stock price increases, with Tibet Tianlu rising by 104% and China Power Construction by 33% [1][2] - The sale involved 25 million shares of China Power Construction, totaling 184 million yuan, with an average transaction price of 7.35 yuan per share [1] Group 2 - The purpose of the reduction was to further integrate the company's asset structure and focus on its core business [2] - Tibet Tianlu's main securities investment is in China Power Construction, with an initial investment cost of 430 million yuan for 66.77 million shares at 6.44 yuan per share [2] - The company reported a projected net loss of 1.04 billion yuan for 2024, with expectations of a continued loss in the first half of 2025 [1][2] Group 3 - The infrastructure sector, particularly large-scale projects like hydropower stations and cross-sea bridges, is expected to drive demand for construction materials [3] - Significant projects in the Greater Bay Area and Yangtze River Delta are underway, with total investments reaching approximately 100 billion yuan [3]