Meeting Overview - The shareholder meeting was held on November 18, 2025, at the company's administrative building located at 48 Jiaodong South Road, Jiaozuo City [1] - The meeting was presided over by Ms. Cui Jing, a director elected by a majority of the board [1] - All 7 current directors attended the meeting, along with the board secretary and legal witnesses [1] Voting and Resolutions - There were no rejected resolutions during the meeting [1] - A significant resolution regarding the change of the accounting firm was approved [1] - The voting method combined on-site and online voting, complying with the Company Law and the company's articles of association [1] Legal Witnessing - The meeting was witnessed by Beijing Jiayuan Law Firm, represented by lawyers Chen Shuai and Liu Fengyu [2] - The legal opinion concluded that the meeting's procedures and voting results were valid and in accordance with relevant laws and regulations [3]

北京市嘉源律师事务所 关于风神轮胎股份有限公司 2025 年第四次临时股东会的 法律意见书 嘉源律师事务所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 源律师事务所 1 YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:风神轮胎股份有限公司 北京市嘉源律师事务所 关于风神轮胎股份有限公司 2025年第四次临时股东会的法律意见书 嘉源(2025)-04-843 北京市嘉源律师事务所(以下简称"本所")接受风神轮胎股份有限公司(以 下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公司法》") 《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效的法律、行 政法规、部门规章、规范性文件(以下简称"法律法规")以及《风神轮胎股份有 限公司章程》(以下简称"《公司章程》")的有关规定,指派本所律师对公司 2025 年第四次临时股东会(以下简称"本次股东会")进行见证,并依法出具本法律意 见书。 为出具本法律意 ...

证券代码：600469 证券简称：风神股份 公告编号：临 2025-067 风神轮胎股份有限公司 2025年第四次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 18 日 (二)股东会召开的地点：焦作市焦东南路 48 号公司行政楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 103 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 430,661,637 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 59.0391 | | 份总数的比例（%） | | (五)公司董事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：关于变更会计师事务所的议案 审议结果：通过 表决情况： (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等 ...

风神轮胎股份有限公司 2025 年第四次临时股东会会议资料 二 O 二五年十一月十八日 为维护投资者的合法权益，确保股东会的正常秩序和议事效率，根据《中华人民共 和国公司法》《风神轮胎股份有限公司章程》《公司股东会议事规则》的有关规定，特制 定如下参会须知： 1、为保证股东会的严肃性和正常秩序，切实维护与会股东（或代理人）的合法权 益，请有出席资格的相关人员准时到会场签到并参加会议。 2、股东参加，依法享有发言权、表决权等各项权利，并履行法定义务和遵守有关 规则。对于干扰秩序和侵犯其他股东合法权益的，将报告有关部门处理。 3、召开期间，股东可以发言。股东要求发言时可先举手示意，经大会主持人许可 后，方可发言或提出问题。股东要求发言时不应打断会议报告人的报告或其他股东的发 言，不得提出与本次议案无关的问题。 4、公司召开按如下程序进行：首先由报告人向大会作各项议案的报告，之后股东 对各项报告进行审议讨论。股东在审议过程中提出的建议、意见或问题，由大会主持人 或其指定的有关人员予以回答。最后股东对各项议案进行表决。 5、对与本次议题无关或将泄露商业秘密或有损公司、股东共同利益的质询，大会 主持人或相关负责人有权拒 ...

Group 1: Market Overview - The report highlights a positive trend in the domestic capital market, with major indices showing gains, such as the Shanghai Composite Index rising by 0.97% and the Shenzhen Component Index increasing by 1.73% [3] - The average daily trading volume in A-shares reached 2.32 trillion yuan, reflecting a 29.38% increase compared to the previous period [7] - The report notes a mixed performance among major indices from October 27 to October 31, with the Shanghai Composite Index increasing by 0.11% and the ChiNext Index rising by 0.50% [7] Group 2: Industry Insights - The non-bank financial sector is experiencing a favorable outlook due to deepening capital market reforms, which are expected to enhance the fundamentals of brokerage firms [5][7] - The report discusses the communication industry, emphasizing the strong growth in AI computing demand and the mismatch between short-term performance expectations and actual results [6][8] - The report indicates that the North American cloud service providers (CSPs) are expected to significantly increase their capital expenditures, with a projected total of $443 billion to $632 billion from 2025 to 2027 [8] Group 3: Company Performance - Industrial Fulian (601138.SH) reported a revenue increase of 38.40% year-on-year for the first three quarters of 2025, driven by strong demand for AI servers [15] - The company achieved a net profit of 224.87 billion yuan, reflecting a 48.52% increase year-on-year, with significant growth in its cloud computing and communication equipment segments [15] - Xihang West Flight (000768.SZ) reported a revenue of 302.44 billion yuan for the first three quarters of 2025, marking a 4.94% increase year-on-year, with a net profit of 9.92 billion yuan, up 5.15% [11] Group 4: Investment Recommendations - The report suggests a "Buy-A" rating for Industrial Fulian, with projected EPS of 1.78, 2.79, and 3.75 for 2025-2027, indicating strong growth potential in the AI server market [16] - For Xihang West Flight, the report maintains an "Increase-A" rating, forecasting EPS of 0.42, 0.48, and 0.57 for the same period [14] - The report highlights the growth potential of the tire industry, particularly for Wind God Co. (600469.SH), which is expected to benefit from increasing demand for specialty tires and a new production project [24][28]

Investment Rating - The report maintains a "Buy-B" rating for the company [3][7]. Core Views - The company has experienced a year-on-year revenue increase of 13.6% in the first three quarters of 2025, reaching a total revenue of 55.4 billion yuan, despite a decline in net profit by 18.9% to 2.2 billion yuan [3][4]. - The third quarter of 2025 saw a significant improvement in profitability, with a net profit of 1.2 billion yuan, marking a 167.7% increase compared to the previous quarter [3][4]. - The company is focusing on expanding its high-performance giant tire production capacity, with a project expected to add 20,000 units of capacity and generate an estimated annual revenue of 15.63 billion yuan [6][7]. Financial Performance - For the third quarter of 2025, the company achieved a tire production of 1.61 million units, a year-on-year increase of 15.1%, and sales of 1.65 million units, up 10.0% year-on-year [4]. - The average selling price of products increased by 2.7% quarter-on-quarter and 7.9% year-on-year, contributing to improved gross and net profit margins [4]. - The projected net profits for 2025-2027 are estimated at 3.0 billion yuan, 4.5 billion yuan, and 6.7 billion yuan, respectively, with corresponding P/E ratios of 17, 12, and 8 times [7][12]. Market Position and Growth Potential - The company has seen a steady increase in the sales of its giant tires, with a compound annual growth rate of nearly 40% from 2022 to 2024, and expects to continue expanding its market share [5][6]. - The ongoing project to enhance production capacity for giant tires is expected to significantly improve the company's competitive edge and product matrix [6][7].

Group 1 - The report highlights that Fengshen Co., the only centrally controlled tire listed company in China, has entered a growth phase with a 168% year-on-year increase in net profit for Q3 2025 [2][6][7] - The company achieved a revenue of 5.543 billion yuan for the first three quarters of 2025, representing a 13.58% increase year-on-year, despite a decline in net profit [6][8] - The average selling price of products increased by 7.88% year-on-year to 1198 yuan per tire, contributing to improved profitability [8][10] Group 2 - Dongfang Tower benefited from the potassium fertilizer boom, reporting a 77.57% increase in net profit for Q3 2025, with a revenue of 3.392 billion yuan [16][17] - The company’s gross profit margin increased by 10.23 percentage points to 40.53% due to rising potassium prices [17][19] - The average price of potassium chloride reached 3269 yuan per ton in Q3 2025, up 773 yuan per ton year-on-year [17][19] Group 3 - Longbai Group's net profit decreased by 34.68% year-on-year in Q3 2025, impacted by falling titanium dioxide prices, with a revenue of 6.105 billion yuan [23][24] - The average price of titanium dioxide fell by 2018 yuan per ton year-on-year, leading to a significant profit squeeze [25][27] - The company is pursuing a strategic acquisition of Venator UK's titanium dioxide assets to enhance its global presence [27][29] Group 4 - Shanmei International reported a 30.20% decline in revenue for the first three quarters of 2025, with a net profit drop of 49.74% [32][33] - The company’s coal production increased by 8.73% year-on-year, while trade coal sales fell by 28.50% [35][36] - The average selling price of self-produced coal decreased by 24.72% year-on-year, affecting overall profitability [36][37] Group 5 - Fenhong Media achieved a total revenue of 9.607 billion yuan in the first three quarters of 2025, reflecting a 3.73% year-on-year growth [38][39] - The company’s gross profit margin improved significantly, reaching 74.1% in Q3 2025 [40][41] - The company plans to distribute a cash dividend of 0.5 yuan per share, indicating a commitment to shareholder returns [41][42] Group 6 - Yunnan Rural Commercial Bank reported a 0.67% increase in revenue for the first three quarters of 2025, with a net profit growth of 3.74% [43][44] - The bank's non-performing loan ratio decreased to 1.12%, reflecting improved asset quality [44]

Core Viewpoint - The tire industry in the A-share market has shown overall revenue growth but significant profit differentiation among companies in the first three quarters of 2025, with signs of performance recovery in the third quarter injecting confidence into future industry development [1] Group 1: Industry Performance - The tire industry has demonstrated strong revenue resilience despite a complex market environment, with most companies achieving revenue growth [1] - The profit differentiation is influenced by factors such as raw material price fluctuations, international trade issues, and exchange rate changes [1] - In the third quarter, several companies improved their quarterly performance due to product structure optimization, overseas production capacity reaching full output, and declining raw material prices [1] Group 2: Company-Specific Performance - Zhongce Rubber, a leading company listed in May, reported a revenue of 33.683 billion with a year-on-year growth of 14.98% and a net profit of 3.513 billion, up 9.30% [2] - Taike Ying, which went public on October 28, achieved a revenue of 1.939 billion, growing 14.39%, and a net profit of 130 million, increasing by 10.13% [2] - Sailun Tire showed strong revenue growth of 27.587 billion, up 16.76%, but its net profit fell by 11.47% to 2.872 billion [2] - Linglong Tire reported a revenue of 18.161 billion, a 13.87% increase, but its net profit dropped by 31.81% to 1.167 billion due to rising raw material costs [2][3] Group 3: Recovery Trends - The third quarter saw a significant recovery trend, with many companies showing improved performance compared to the first half of the year [4] - Windson achieved explosive growth in the third quarter with a revenue of 2.025 billion, up 17%, and a net profit of 121 million, soaring by 167.67% [4] - Guizhou Tire reported a revenue of 2.763 billion, a 3.54% increase, and a net profit of 201 million, up 50.55%, indicating clear signs of recovery [4] - Qingdao Double Star significantly reduced its losses due to ongoing product structure adjustments and increased sales of high-margin products [4] Group 4: Future Outlook - Companies are encouraged to focus on technological innovation, product structure upgrades, and enhancing the proportion of high-margin products [5] - Strengthening cost control and adapting to raw material price fluctuations are essential for improving profitability [5] - Companies with technological advantages, scale, and global layouts are expected to capture more market share and lead high-quality industry development [5]

Group 1 - The stock of Fengshen Co., Ltd. (600469) reached the daily limit, with a turnover rate of 8.57% and a transaction amount of 431 million yuan, showing a fluctuation of 7.54% [1] - The stock was listed on the Shanghai Stock Exchange due to a price deviation of 10.89%, with a net buying amount of 19.04 million yuan from brokerage seats [1] - The top five brokerage seats accounted for a total transaction of 135 million yuan, with a buying amount of 76.82 million yuan and a selling amount of 57.78 million yuan, resulting in a net buying of 19.04 million yuan [1] Group 2 - The largest buying brokerage was Kaiyuan Securities Co., Ltd. with a buying amount of 21.19 million yuan, while the largest selling brokerage was Dongguan Securities Co., Ltd. with a selling amount of 19.09 million yuan [2] - The stock experienced a net inflow of 31.09 million yuan from main funds, with a significant single net inflow of 41.84 million yuan, while large single funds saw a net outflow of 10.74 million yuan [1] - The latest margin trading data shows a total margin balance of 17.6 million yuan, with a financing balance of 17.6 million yuan and a securities lending balance of 85,700 yuan [2] Group 3 - For the third quarter, the company reported a total operating income of 5.543 billion yuan, representing a year-on-year growth of 13.58%, while the net profit was 224 million yuan, reflecting a year-on-year decline of 18.91% [2] - Over the past five days, the total financing balance decreased by 7.82 million yuan, a decline of 4.26%, and the securities lending balance decreased by 20,800 yuan, a decline of 19.54% [2]

Core Insights - The automotive parts sector experienced a 1.7% increase on October 31, with Siling Co. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Automotive Parts Sector Performance - Siling Co. (301550) closed at 129.03, up 10.85% with a trading volume of 83,100 shares and a transaction value of 1.055 billion [1] - Other notable gainers included: - Fengshen Co. (600469) at 6.99, up 10.08% [1] - Rongtai Co. (605133) at 43.14, up 9.99% [1] - Wanxiang Qianchao (000559) at 12.55, up 9.99% [1] - Yatong Precision (603190) at 25.23, up 9.98% [1] Capital Flow Analysis - The automotive parts sector saw a net inflow of 1.802 billion from institutional investors, while retail investors contributed a net inflow of 174 million [2] - Notable capital flows included: - Wanxiang Qianchao (000559) with a net inflow of 598 million from institutional investors [3] - New Spring Co. (603179) with a net inflow of 371 million [3] - Top Group (601689) with a net inflow of 321 million [3]