来源：南财社 61岁的浙江富豪，突然被公安刑拘！ 12月25日晚，创业板上市公司天铁科技发布公告称，公司股东、实际控制人之一的许吉锭，被台州市公 安局采取刑事拘留的强制措施，正在配合公安机关调查。 据其家属表示，调查事项为个人事项，与公司日常生产经营无关。公司也表示，许吉锭目前未在上市公 司担任董事或高管职务。该事项不会对公司日常经营活动产生不利影响。 但受此消息影响，天铁科技开盘后跌幅一度逼近15%，截至中午休市，跌幅为13%，股价报6.09元。市 值蒸发近12亿。 有股民感叹，一个去年就离职的董事长，对股价的影响竟然这么大？ | 34 | อ | 大胆补? | 沉浮如梦 | | --- | --- | --- | --- | | 44 | อ | 估计是喝花酒没控制住 | 只看最本质 | | 255 | 5 | 一个去年就离职的人,对股价产生那么大影响,背后的 | 平和宁静的倾颜3 | | 26 | 0 | 还不知道什么刑事犯罪要是不可逆转的话,对公司伤害 | 股友3952 ... | | 107 | 1 | 今天放这么大的量,但和昨天比较上面筹码峰没变化多 | 存到除贾 | 对于许吉锭究竟所涉何事，目前 ...

公告称，许吉锭目前未在上市公司担任董事或高级管理人员职务。同时，公司具备完善的法人治理结构 与内部控制体系，各项经营管理工作均有明确的流程保障，公司日常经营管理由高管团队负责，董事及 高级管理人员目前均正常履职。公司董事会运作正常，公司生产经营情况正常，该事项不会对公司日常 经营活动产生重大不利影响。公司将密切关注上述事项的进展情况，并及时履行信息披露义务。 12月25日晚间，天铁科技（300587）突发公告，公司控股股东、实际控制人之一的许吉锭被公安部门采 取刑事拘留的强制措施，正在配合公安机关调查。 被采取刑事拘留的强制措施 根据公告，天铁科技于近日收到公司控股股东、实际控制人之一许吉锭家属的通知，许吉锭已被台州市 公安局采取刑事拘留的强制措施，正在配合公安机关调查。 据其家属所述，调查事项为个人事项，与公司日常生产经营无关。 目前，天铁科技实际控制人为王美雨、许吉锭和许孔斌，一致行动人为许银斌、汤凯、曹张琳。从实际 控制人以及一致行动人关系看，天铁科技一致行动关系的认定基于亲属关系。公开信息显示，王美雨和 许吉锭系夫妻关系；许孔斌、许银斌为兄弟关系，为王美雨和许吉锭之子。 公开资料显示，许吉锭1964年 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and infrastructure sector, particularly those benefiting from the Xinjiang transportation infrastructure projects [9][26]. Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company, with a registered capital of 95 billion RMB, is expected to catalyze significant investment opportunities in the Xinjiang transportation infrastructure sector [1][12]. - The Xinjiang region is anticipated to receive increased policy support and major project investments, particularly in transportation infrastructure, due to its strategic importance to national energy security and ethnic unity [17][12]. - The report emphasizes the potential for substantial returns from leading construction companies such as China Railway, China Railway Construction, and China Communications Construction, as well as local firms like Xinjiang Communications Construction and Beixin Road and Bridge [1][8]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for major construction companies involved in Xinjiang's infrastructure projects, highlighting their strong market positions and expected growth [9][26]. Key Beneficiaries - Major construction central enterprises such as China Railway, China Railway Construction, and China Communications Construction are identified as primary beneficiaries of the Xinjiang infrastructure projects [18][24]. - Local companies like Xinjiang Communications Construction and Beixin Road and Bridge are also highlighted for their significant roles in regional infrastructure development [21][22]. Project Details - The Xinjiang-Tibet Railway, approximately 2010 kilometers long, is projected to require an investment of 96 billion RMB, with construction expected to commence in 2025 [1][12]. - The report outlines the timeline for project milestones, including geological surveys and construction start dates, indicating a structured approach to project execution [13][17]. Financial Metrics - Key financial metrics for recommended companies include projected earnings per share (EPS) and price-to-earnings (PE) ratios, with China Railway and China Railway Construction showing favorable valuations [27][28]. - The report provides detailed financial forecasts for these companies, indicating strong potential for growth and returns on investment [9][26].

Core Viewpoint - Tian Tie Technology's controlling shareholder Wang Meiyu plans to reduce his stake in the company, which raises concerns about the company's financial health and future prospects as the stock price reaches new highs [1][15]. Group 1: Shareholder Actions - Wang Meiyu, the largest shareholder with a 7.55% stake, intends to reduce his holdings by up to 38.948 million shares, representing 3% of the total share capital [1]. - The stock price of Tian Tie Technology reached a year-high of 7.79 yuan per share, with a market capitalization exceeding 10 billion yuan, reflecting a 56% increase year-to-date [1]. Group 2: Financial Health - As of June 19, 2025, Wang Meiyu and five other concerted actors hold a total of 273 million shares, with 162 million shares pledged, resulting in a pledge ratio of 59.34% [2]. - The company has a significant external guarantee balance of 836 million yuan, which constitutes 34.66% of the audited net assets for 2024, indicating substantial financial risk [2]. - Operating cash flow has been negative for three consecutive years, with cumulative losses of 1.13 billion yuan from 2022 to 2024 [2]. Group 3: Business Performance - Tian Tie Technology's main business, which focuses on rail engineering rubber products, has seen a decline in revenue due to reduced infrastructure investment, with revenues dropping from 1.073 billion yuan in 2021 to 300 million yuan in 2023 [3]. - The lithium materials business, acquired through significant investments, has become a financial burden, with losses reported at 60.52 million yuan in 2024 and further losses in 2025 [6][7]. Group 4: Profitability and Cash Flow - In 2024, Tian Tie Technology reported a revenue of 2.136 billion yuan, a 41.69% increase, but the net profit of 15.204 million yuan was largely due to non-recurring gains, masking ongoing core business losses [8][9]. - The company has experienced a continuous cash flow deficit, with a net cash flow from operating activities of -1.4 billion yuan in 2024, indicating deteriorating profitability quality [9][12]. Group 5: Debt and Expansion Plans - The company's debt ratio has increased from 35.95% in 2021 to 56.68% by the first quarter of 2025, nearing the 60% warning line [12]. - Despite financial struggles, the company announced a 1.45 billion yuan investment in a new project, raising concerns about its ability to manage existing debts while pursuing expansion [14][15].