Core Viewpoint - Fengshen Co., Ltd. has experienced a decline in stock price and significant changes in financial performance, indicating potential challenges in the tire manufacturing industry [1][2]. Company Performance - As of September 19, Fengshen's stock price decreased by 2.02%, trading at 5.83 CNY per share with a market capitalization of 4.253 billion CNY [1]. - Year-to-date, the stock price has dropped by 4.74%, with a 5-day decline of 5.82% and a 20-day decline of 5.82%. However, there was a 4.11% increase over the past 60 days [2]. - For the first half of 2025, Fengshen reported revenue of 3.518 billion CNY, reflecting a year-on-year growth of 11.71%. However, the net profit attributable to shareholders was 103 million CNY, a significant decrease of 55.38% year-on-year [2]. Shareholder Information - As of June 30, the number of shareholders increased to 23,300, up by 0.88% from the previous period. The average number of circulating shares per shareholder decreased by 0.87% to 31,269 shares [2]. Business Overview - Fengshen Co., Ltd. specializes in the research, design, development, production, and import-export of tires, with tire-related revenue accounting for 96.63% of total income [2]. - The company is categorized under the automotive industry, specifically in the tire and wheel components sector, and is associated with several concepts including state-owned enterprise reform and small-cap stocks [2].

Group 1 - The core viewpoint of the news is that Windpower Co., Ltd. has experienced a decline in stock price and mixed financial performance, with a notable drop in net profit despite revenue growth [1][2]. - As of September 18, Windpower's stock price was 5.97 yuan per share, with a market capitalization of 4.355 billion yuan and a trading volume of 36.19 million yuan [1]. - The company has seen a year-to-date stock price decrease of 2.45%, with a 4.48% drop over the last five trading days [1]. Group 2 - For the first half of 2025, Windpower reported a revenue of 3.518 billion yuan, reflecting a year-on-year growth of 11.71%, while the net profit attributable to shareholders was 103 million yuan, down 55.38% year-on-year [2]. - The company has distributed a total of 1.194 billion yuan in dividends since its A-share listing, with 277 million yuan distributed over the past three years [3]. - Windpower's main business involves tire research, design, development, production, and import-export operations, with tires accounting for 96.63% of its revenue [1].

Core Viewpoint - Windson Co., Ltd. plans to issue shares to specific investors to raise 1.1 billion yuan for the "High-Performance Giant Engineering Radial Tire Expansion Project" [1][3] Company Announcement Summary - The total investment for the project is 1.464 billion yuan, which will add approximately 20,000 units of production capacity upon reaching full production [1][3] - The internal rate of return for the project is 22.86% after tax, with a payback period of 6.36 years, including the construction period [1][3] - The products from this project will primarily be sold overseas, with over 3,000 signed contract orders and more than 8,700 winning orders [1][3] - The issuance will include up to 35 specific investors, including the controlling shareholder, Rubber Company, which will have an 18-month lock-up period for the subscribed shares [1][3] - The share issuance is subject to approval from the Shanghai Stock Exchange and registration approval from the China Securities Regulatory Commission, with uncertain timelines for these approvals [1][3]

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 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [15]. Core Views - The company reported a revenue of 3.518 billion yuan for the first half of 2025, representing a year-on-year growth of 11.71%. However, the net profit attributable to shareholders decreased by 55.38% to 103 million yuan, with a non-recurring net profit of 92 million yuan, down 57% year-on-year [3][5]. - The company is a leader in the truck tire and non-road tire market in China, with a comprehensive range of products sold in over 140 countries. The company has implemented refined operational strategies to enhance product structure and optimize market adjustments, leading to growth in both domestic and international sales [3][5]. - The average selling price of tires increased by 0.8% to 1,157 yuan per tire, while tire production rose by 7% to 2.9966 million units, and sales increased by 10.25% to 2.9532 million units [3][5]. - The company's gross margin for the first half of 2025 was 14.90%, down 3.89 percentage points year-on-year, primarily due to rising raw material costs, which increased by 6.23% compared to the previous year [3][5]. - In the second quarter of 2025, tire production and sales showed positive growth, with production at 1.5432 million units (up 1.78% year-on-year) and sales at 1.586 million units (up 11.67% year-on-year) [3][5]. - The company is making significant progress in its giant tire project, which is expected to provide long-term growth momentum. The project has completed all pre-construction approvals and is now in the substantial construction phase [5][6]. - The earnings per share (EPS) for 2025 and 2026 are projected to be 0.42 yuan and 0.62 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.06 and 10.13 based on the closing price of 6.25 yuan on September 8 [5][6].

Core Viewpoint - Guohai Securities report indicates that Fengshen Co., Ltd. is experiencing a dual boost in domestic and overseas sales in H1 2025, with the 20,000 sets of giant tire projects progressing steadily. The company achieved a net profit attributable to shareholders of 103 million yuan in the first half of the year, a year-on-year decrease of 55.38% due to a 6.23% increase in raw material procurement prices and stable sales prices compared to the previous year, leading to a decline in product profitability [1] Domestic Market Performance - In the domestic market, the release of new production capacity has increased supply and demand pressure, resulting in intensified industry competition. The company continues to promote product structure upgrades and optimize market structure adjustments, launching new products and implementing precise marketing strategies. Domestic sales volume increased by 9.78% year-on-year, while revenue rose by 13.26% [1] Overseas Market Performance - In the overseas market, the global economic downturn has led to a decline in customer purchasing power, compounded by intensified competition. The company actively explores weaker markets through channel penetration and optimizes product structure in advantageous markets to increase sales opportunities. Sales volume in overseas markets increased by 10.97% year-on-year, with revenue rising by 8.78% [1] Company Positioning and Future Outlook - The company, a listed entity under China National Chemical Corporation, aims to build a world-class industrial tire manufacturing enterprise with the design and production capabilities for a full range of truck, bus, and off-road tires. The 20,000 sets of giant tire projects are progressing steadily, and the performance and brand recognition of its products are continuously improving. The company's growth potential is viewed positively, maintaining a "buy" rating [1]