截至2025年9月12日收盘，风神股份（600469）报收于6.19元，较上周的6.2元下跌0.16%。本周，风神 股份9月8日盘中最高价报6.27元。9月11日盘中最低价报6.14元。风神股份当前最新总市值45.01亿元， 在汽车零部件板块市值排名159/230，在两市A股市值排名3587/5153。 本周关注点 本次发行尚需经上交所审核通过，并获得中国证监会同意注册后方可实施，审批结果及时间存在不确定 性。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总 公司公告汇总：风神股份拟向特定对象发行股票，募集资金11亿元用于"高性能巨型工程子午胎扩 能增效项目"。 公司公告汇总：募投项目总投资14.64亿元，达产后新增约2万条产能，内部收益率为22.86%（税 后）。 公司公告汇总：项目产品主要销往海外，已签合同订单超3,000条，中标订单超8,700条。 公司公告汇总：本次发行对象包括控股股东橡胶公司，其认购股份锁定期为18个月。 公司公告汇总：本次向特定对象发行股票尚需上交所审核通过并获证监会注册批准。 风神轮胎拟向 ...

Core Viewpoint - Fengshen Tire Co., Ltd. has provided a detailed response to the Shanghai Stock Exchange's inquiry regarding its stock issuance application, focusing on financial accounting issues and addressing aspects such as fundraising projects, business operations, and other related matters [1] Fundraising Projects: Capacity Expansion and Market Opportunities - The fundraising project is aimed at expanding the production capacity of high-performance giant engineering radial tires, with a total investment of 1.46369 billion yuan and planned fundraising of 1.1 billion yuan. The project is expected to add approximately 20,000 units of production capacity, with an internal rate of return of 22.86% and a payback period of 6.36 years [2] Product Relevance and Market Outlook - The project focuses on existing giant engineering radial tire products, which will see significant improvements in key performance indicators compared to current products. The global market for giant engineering radial tires has shown growth, increasing from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate (CAGR) of 5.2%. It is projected to reach 358,000 units by 2027. The Chinese market has also experienced significant growth, with a CAGR of 12.47% from 2017 to 2022, expected to reach 63,000 units by 2027 [3] Capacity Planning and Absorption Capability - Fengshen Tire's current production capacity utilization for giant engineering radial tires is high, with annual production increasing. Given the anticipated market demand growth, the capacity planning for the fundraising project is deemed reasonable. The company has the ability to absorb this capacity, with sales steadily increasing and a strong order backlog. The sales system is improving, with products sold in over 140 countries and regions, supported by enhanced technical research and development capabilities [4] Benefit Assessment and Financing Scale - The benefit assessment for the fundraising project is based on reasonable key metrics such as sales price, volume, and cost, aligning with the company's existing business and industry trends. The sales price is calculated at 80% of the average over the past five years, while raw material and energy costs are projected to increase by 20%. The financing scale is justified, with a funding gap of 1.298894 billion yuan as of June 30, 2025, exceeding the planned fundraising amount of 1.1 billion yuan [5] Business Operations: Performance Fluctuations and Financial Status - The company's revenue has steadily increased, but the net profit attributable to shareholders has fluctuated significantly due to raw material price volatility affecting gross margins and investment income from joint ventures. In 2023, profits improved due to low raw material prices and product structure adjustments, while 2024 and the first half of 2025 are expected to see declines in net profit due to rising raw material prices and decreased investment income [6] Accounts Receivable and Inventory Management - The increase in accounts receivable is consistent with revenue growth, indicating a reasonable trend. The company does not have a policy of relaxing credit terms for major customers, and the provision for bad debts has been decreasing, suggesting adequate overall provisions with no significant recovery risks for long-term receivables [7] - The inventory scale aligns with production and operational conditions, with a reasonable provision for inventory impairment. The inventory turnover rate is increasing, and the aging of inventory is short, indicating effective inventory management [8] Other Matters: Distribution Model and Financial Investments - The distribution model accounts for a high proportion of revenue, aligning with market demand structures. The replacement market size for the distribution model exceeds that of the direct sales model, and the gross margin for distribution is generally higher. Over 95% of overseas revenue is generated through the distribution model, with stable long-term relationships with major distributors [9] - As of June 30, 2025, the company does not have significant financial investments or long-term financial activities. There have been no financial investments implemented or planned in the six months prior to the board resolution for this issuance [11]

北京市嘉源律师事务所 关于风神轮胎股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书（一） 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年九月 | 第一部分 关于《问询函》相关问题的回复 | 6 | | --- | --- | | 一、关于募投项目与融资规模 | 6 | | 二、关于其他之 3.1 | 10 | | 三、关于其他之 3.4 | 15 | | 第二部分 本次发行相关事项的更新及补充信息披露 | 20 | | 一、本次发行的授权和批准 | 20 | | 二、本次发行的主体资格 | 20 | | 三、本次发行的实质条件 | 20 | | 四、公司的主要股东、控股股东及实际控制人 | 26 | | 六、公司的独立性 | 27 | | 七、公司的业务 | 27 | | 八、关联交易及同业竞争 | 28 | | 九、公司的主要财产 | 41 | | 十、公司的重大债权债务 | 43 | | 十一、公司的重大资产变化及收购兼并 | 47 | | 十二、公司章程的制定与修改 | 47 | | 十三、公司股东会、董事会议事规则及规范运作 | 47 | | 十四、公司 ...

股票代码：600469 股票简称：风神股份 公告编号：临 2025-060 风神轮胎股份有限公司 关于向特定对象发行 A 股股票申请文件的审核问询函 回复的提示性公告 风神轮胎股份有限公司（以下简称"公司"）收到上海证券交易所（以下简称 "上交所"）于 2025 年 8 月 22 日出具的《关于风神轮胎股份有限公司向特定对象 发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕256 号）（以下简 称"《审核问询函》"）。上交所审核机构对公司向特定对象发行股票申请文件进行 了审核，并形成了审核问询问题。 2025 年 9 月 12 日 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 提出的问题进行了认真研究和逐项落实，并逐项做了说明和回复。具体内容详见 公司在上交所网站（www.sse.com.cn）同步披露的《关于风神轮胎股份有限公司 向特定对象发行股票申请文件的审核问询函的回复报告》等相关文件。 公司本次向特定对象发行 A 股股票事项尚需上交所审核通过，并获得中国证 券监督管理委员会同意注册后方可实施。最终能否通过上交所审核，并获得中国 证券监督管理委员会同意注册的决定及其时 ...

关于风神轮胎股份有限公司 向特定对象发行股票申请文件的审核问询函 的回复报告 保荐机构（主承销商） （北京市朝阳区建国门外大街1号国贸大厦2座27层及28层） 二〇二五年九月 7-1-1 上海证券交易所： 根据贵所于 2025 年 8 月 22 日出具的《关于风神轮胎股份有限公司向特定对象发 行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕256 号）（以下简称"问 询函"），风神轮胎股份有限公司（以下简称"风神轮胎"、"公司"或"发行人"） 与保荐机构中国国际金融股份有限公司（以下简称"保荐机构"）、北京市嘉源律师事 务所（以下简称"发行人律师"）、容诚会计师事务所（特殊普通合伙）（以下简称 "发行人会计师"）对问询函所涉及的问题认真进行了逐项核查和落实，同时按照问 询函的要求对《风神轮胎股份有限公司向特定对象发行 A 股股票募集说明书》（以下简 称"募集说明书"）进行了修订和补充，现回复如下，请予审核。 如无特别说明，本回复报告中的简称与《风神轮胎股份有限公司 2025 年度向特定 对象发行股票募集说明书》中"释义"所定义的简称具有相同含义，所用字体对应内 容如下： | 问询函所列问题 | 黑 ...

关于风神轮胎股份有限公司向特定对象发行股票申 请文件的审核问询函中有关财务会计问题的专项说 明 容诚专字[2025]230Z1940 号 容诚会计师事务所（特殊普通合伙） 中国 北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于风神轮胎股份有限公司向特定对象发行股票申请文件的审核问 询函中有关财务会计问题的专项说明 容诚专字[2025]230Z1940 号 上海证券交易所： 根据贵所 2025 年 8 月 22 日出具的《关于风神轮胎股份有限公司向特定对 象发行股票申请文件的审核问洵函》（以下简称 "问询函"）的要求，容诚会计师 事务所（特殊普通合伙）（以下简称"申报会计师"或"我们"）本着勤勉尽责、诚 实守信的原则，对问询函中提到的需要申报会计师说明或发表意见的问题进行了 认真核查。现做专项说明如下（本说明中 2025 年 ...

橡胶及制品 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 证券研究报告-中报点评 增持(首次) 市场数据(2025-09-08) | 收盘价(元) | 6.25 | | --- | --- | | 一年内最高/最低(元) | 7.40/5.05 | | 沪深 300 指数 | 4,467.57 | | 市净率(倍) | 1.34 | | 流通市值(亿元) | 45.59 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 4.66 | | 每股经营现金流(元) | -0.17 | | 毛利率(%) | 14.90 | | 净资产收益率_摊薄(%) | 3.03 | | 资产负债率(%) | 53.89 | | 总股本/流通股(万股) | 72,945.09/72,945.09 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -6% 1% 8% 15% 21% 28% 35% 42% 2024.09 2025.01 2025.05 2 ...

国海证券研报指出，风神股份2025H1海内外销售双双提振，2万套巨胎项目稳步推进。上半年实现归属 于上市公司股东净利润1.03亿元，同比减少55.38%，归母净利润下跌主要是由于原材料采购价格同比增 长6.23%，销售价格较上年同期基本持平，导致产品盈利能力下滑。分区域来看，国内市场上半年新产 能继续释放导致供需压力增加，在行业竞争加剧的情况下，公司持续推进产品结构升级和优化市场结构 调整，推出新产品，精准营销，国内市场销量同比提升9.78%，收入同比提升13.26%；海外市场，上半 年全球经济形势下行，客户购买力下降，面对海外市场竞争加剧等不利因素，公司通过渠道下沉积极开 拓弱势市场、优化优势市场产品结构，增加销售机会，销量同比提升10.97%，收入同比提升8.78%。公 司是中国中化控股的上市公司，定位打造世界一流工业轮胎制造企业，具有全系列卡客车和非公路轮胎 的设计和生产能力，2万套巨胎项目稳步推进，产品性能和品牌认可度不断提升，看好公司成长性，维 持"买入"评级。 ...

Core Viewpoint - Fengshen Co., Ltd. announced that it will hold a semi-annual performance briefing for 2025 on September 23, 2025, from 16:00 to 17:00 [2] Summary by Relevant Categories - **Company Announcement** - The company will conduct a performance briefing to discuss its financial results for the first half of 2025 [2] - The scheduled time for the briefing is set for September 23, 2025, between 16:00 and 17:00 [2] - **Industry Context** - The announcement reflects the company's commitment to transparency and communication with stakeholders regarding its financial performance [2]

Group 1 - The company will hold a half-year performance briefing on September 23, 2025, from 16:00 to 17:00 [1][2] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [1][2] - Investors can submit questions before the event through the Roadshow Center website or via the company's email [1][2] Group 2 - Key participants in the briefing will include the company's Chairman and General Manager Wang Jianjun, independent directors, and other relevant personnel [2] - The company will address common investor concerns during the briefing, adhering to information disclosure regulations [2] - After the briefing, investors can access the main content and details of the event on the Roadshow Center website [2]