Core Viewpoint - The company, Xizang Tianlu Co., Ltd., is facing challenges in its cement and construction business due to high costs and competitive pressures, leading to ongoing losses despite some improvements in profitability metrics [4][8][13]. Company Overview - Xizang Tianlu is a leading cement producer in the Tibet Autonomous Region, maintaining a significant market share and brand recognition [3][7]. - The company has a strong relationship with its major shareholder, Tibet Construction Group, which provides financial support and favorable financing conditions [4][5]. Financial Performance - The company reported a revenue decline of 23.40% in 2024, primarily due to a significant drop in construction business income, which fell by 43.24% [12][13]. - Despite a decrease in sales volume, the profitability of the cement business improved due to a larger decline in coal procurement prices compared to cement prices [8][9]. - The overall gross profit margin for the company was 0.52% in 2024, reflecting the impact of seasonal demand fluctuations and cost pressures [13]. Market Environment - The cement industry is experiencing a downturn, with a 10.30% year-on-year decline in real estate investment in 2024, which is a major driver of cement demand [9][10]. - Infrastructure investment growth remains positive, but the overall cement demand is projected to decrease by 9.50% due to weak performance in the real estate sector [9][10]. - The company’s operations are heavily influenced by regional market conditions, with significant reliance on infrastructure projects in Tibet [10][11]. Future Outlook - The company is expected to maintain its credit quality in the near term, but potential downgrades could occur if operational challenges persist [4][9]. - There is optimism for a recovery in cement demand in 2025, supported by government policies and infrastructure investments, although competition remains fierce [9][10].

西藏天路股份有限公司 上海新世纪资信评估投资服务有限公司在对"天路转债""21 天路 01" 主要信用风险要素进行分析后，于 2025 年 6 月 9 日出具了《西藏天路股份有 限公司及其发行的天路转债与 21 天路 01 定期跟踪评级报告》【新世纪跟踪 （2025）060033】，维持公司"AA"主体信用等级，评级展望为"稳定"，"天 路转债""21 天路 01"，跟踪信用等级均为"AA"级，与前次评级结果相比没 有变化。该信用评级报告详见公司同日于上海证券交易所网站 （www.sse.com.cn）披露的《西藏天路股份有限公司及其发行的天路转债与 特此公告。 西藏天路股份有限公司董事会 证券代码：600326 证券简称：西藏天路 公告编号：2025-31 号 转债代码：110060 转债简称：天路转债 债券代码：188478 债券简称：21 天路 01 重要内容提示： ? 前次评级结果：公司主体信用等级为"AA"，评级展望为"稳定"； "天 路转债""21 天路 01""23 天路 01"债券信用等级均为"AA" ? 本次评级结果：公司主体信用等级为"AA"，评级展望为"稳定"； "天 路转债""21 天 ...