Group 1 - The latest stock price of Fengshen Co., Ltd. is 6.22 yuan, down 0.80% from the previous trading day, with a trading range of 6.19 to 6.29 yuan and a transaction amount of 0.52 billion yuan [1] - The company is primarily engaged in the research, development, production, and sales of tires and related products, including all-steel radial tires and engineering machinery tires [1] - Fengshen Co., Ltd. is part of the rubber products industry and is involved in concepts related to the Henan region and state-owned enterprise reform [1] Group 2 - On August 18, the company announced that its application for the issuance of A-shares to specific objects for the year 2025 has been accepted by the Shanghai Stock Exchange [1] - This matter still requires approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [1]

Core Viewpoint - The event "I am a shareholder" organized by Shanghai Stock Exchange and Zhongyuan Securities successfully facilitated investor engagement with Windson Co., highlighting the company's investment value and promoting active shareholder awareness [1] Company Overview - Windson Co. is a publicly listed company under China National Chemical Corporation, specializing in the production of various brands of truck and bus tires, as well as off-road tires, with products sold in over 140 countries and regions globally [2] - The company serves as a strategic supplier for leading domestic engineering machinery firms like XCMG and SANY, and also supplies tires for renowned global construction equipment manufacturers such as Volvo and Caterpillar [2] Event Highlights - Over 50 investors participated in the event, touring Windson Co.'s production line for giant engineering radial tires, observing the entire manufacturing process from molding to vulcanization [3] - The production facility showcased the manufacturing of "giant" products with diameters exceeding three meters, which is a core pillar of Windson Co.'s strategic transformation [3] Management Insights - Following the tour, the chairman of Windson Co., Wang Jianjun, provided a detailed overview of the company's development history, current operational status, and future strategic plans during a Q&A session with investors [4] - Investors raised questions regarding the company's performance, competitive landscape in the tire industry, and plans for capital increase, to which Wang Jianjun provided thorough and professional responses [4] - Wang acknowledged the existing technological gaps with leading international tire companies, emphasizing the company's commitment to enhancing material formulations and process precision, supported by a robust R&D framework [4] Future Engagement - The event established an effective communication bridge between investors and Windson Co., allowing for a deeper understanding of the company's operations and future direction [5] - Zhongyuan Securities plans to continue the "Walk into Listed Companies" series, aiming to foster a rational, value-oriented, and long-term investment environment while protecting investors' rights [5]

Core Opinion - The audit report concludes that the financial statements of Windshun Tire Co., Ltd. fairly reflect its financial position and operating results for the years ending December 31, 2024, 2023, and 2022, in accordance with accounting standards [2][3]. Summary by Sections Audit Opinion - The audit firm believes that the financial statements are prepared in accordance with accounting standards and fairly represent the company's financial status and cash flows for the specified years [2]. Basis for Audit Opinion - The audit was conducted following Chinese CPA auditing standards, ensuring independence and adherence to ethical guidelines [2][3]. Key Audit Matters - **Revenue Recognition**: The company reported revenues of RMB 6,708.15 million, RMB 5,738.75 million, and RMB 4,987.89 million for the years 2024, 2023, and 2022 respectively. The management's potential inappropriate revenue recognition practices pose inherent risks [3]. - **Inventory Impairment Provision**: The inventory balances were RMB 1,430.29 million, RMB 1,156.35 million, and RMB 1,142.87 million for the years 2024, 2023, and 2022, with impairment provisions of RMB 25.58 million, RMB 28.61 million, and RMB 25.82 million respectively. The significant judgment involved in estimating the net realizable value of inventory makes this a key audit matter [4]. Management and Governance Responsibilities - Management is responsible for preparing financial statements that fairly reflect the company's financial position and for maintaining necessary internal controls to prevent material misstatements [5][6]. Auditor Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes an opinion [6][7]. Company Overview - Windshun Tire Co., Ltd. is engaged in the research, design, development, production, and operation of tires, as well as tire import and export business [3][9]. Financial Reporting - The financial statements are prepared based on the going concern assumption, and the company has assessed its ability to continue as a going concern without any identified issues [15]. Important Accounting Policies - The company adheres to significant accounting policies and estimates as per accounting standards, ensuring that the financial statements reflect its financial condition and operating results accurately [15][16].

Core Viewpoint - The legal opinion letter from Beijing Jiayuan Law Firm confirms that Fengshen Tire Co., Ltd. is eligible to issue A-shares to specific investors in compliance with relevant laws and regulations [2][5][21]. Group 1: Issuance Authorization and Approval - The issuance has been authorized and approved according to the requirements of the Company Law and the company's articles of association, ensuring that the relevant resolutions are legal and effective [7][21]. - The issuance is directed towards specific investors and does not involve public solicitation, aligning with the Securities Law [8][12]. Group 2: Issuance Conditions - The issuance meets the conditions set forth in the Company Law, including that each share has the same rights and the issuance price is not lower than the par value [7][8]. - The issuance complies with the Registration Management Measures, with no changes in the use of previously raised funds and no significant issues in the financial reports audited by Yongcheng [9][10]. Group 3: Company Structure and Control - The major shareholder, China National Chemical Corporation, holds 57.50% of the shares, and the actual controller is the State-owned Assets Supervision and Administration Commission, ensuring that the control of the company remains unchanged post-issuance [10][16]. - The company has not engaged in significant illegal activities that would harm the interests of investors or the public in the last three years [10][14]. Group 4: Fund Utilization - The funds raised will be used for the high-performance giant engineering radial tire expansion project, which aligns with the company's main business and complies with national industrial policies [11][20]. - The project has received necessary approvals from relevant authorities, ensuring compliance with environmental and land management laws [11][20]. Group 5: Legal Compliance and Risk Management - The company has confirmed that there are no significant legal risks or pending litigation that could adversely affect the issuance [20][21]. - The legal opinion emphasizes that the issuance will not lead to any significant adverse effects on the company's operations or its independence [20][21].

Group 1 - The company has received acceptance from the Shanghai Stock Exchange for its application to issue A-shares to specific investors for the year 2025 [1] - The application documents submitted by the company were found to be complete and in compliance with legal requirements by the Shanghai Stock Exchange [1] - The issuance of A-shares is subject to further review by the Shanghai Stock Exchange and approval from the China Securities Regulatory Commission [2] Group 2 - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations as the process progresses [2] - There is uncertainty regarding the timeline and outcome of the review and approval process by the Shanghai Stock Exchange and the China Securities Regulatory Commission [2]

Core Viewpoint - Fengshen Co., Ltd. plans to raise up to 1.1 billion yuan through a private placement of A-shares to fund its "High-Performance Giant Engineering Radial Tire Capacity Expansion Project," aiming to enhance market share in the domestic giant tire sector, which is currently dominated by international brands [2][3][4]. Group 1: Fundraising and Project Details - The total investment for the capacity expansion project is estimated at 1.464 billion yuan, with the company covering any shortfall through self-raised funds [3]. - The project aims to increase annual production capacity by approximately 20,000 giant engineering radial tires, with expected annual revenue of 1.563 billion yuan and profit of 427 million yuan once fully operational [4]. - The project is set to be constructed on existing land in Jiaozuo, Henan Province, and has already incurred expenditures of 153 million yuan for equipment and other costs [4]. Group 2: Market Position and Competition - The company emphasizes the need for R&D investment and technological innovation in the giant engineering radial tire sector, as it is still in its early stages in China [3]. - Currently, over 90% of the company's giant engineering radial tire sales revenue comes from overseas markets, particularly Eastern Europe and Central Asia, which account for about 60% of total revenue [6]. Group 3: Financial Risks and Challenges - The company has a high debt-to-asset ratio, reported at 59.29%, 54.91%, 55.17%, and 54.52% for the years 2022 to 2025, indicating potential solvency risks [5]. - The ability to absorb new production capacity is contingent on market conditions, competitive dynamics, and industry policies, with potential risks if market environments change unfavorably [5][6]. - The approval process for the private placement is subject to review by the Shanghai Stock Exchange and the China Securities Regulatory Commission, introducing uncertainty regarding the timeline and outcome [6].

证券代码：600469 证券简称：风神股份 风神轮胎股份有限公司 AEOLUSTYRECO.,LTD. （河南省焦作市山阳区焦东南路 48 号） 募集说明书 （申报稿） （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） 二〇二五年八月 风神轮胎股份有限公司 募集说明书（申报稿） 1-1-0 2025 年度向特定对象发行股票 保荐机构（主承销商） 风神轮胎股份有限公司 募集说明书（申报稿） 声 明 公司及董事会全体成员保证本募集说明书内容真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律责任。 本募集说明书按照《上市公司证券发行注册管理办法》《公开发行证券的公司信 息披露内容与格式准则第 61 号——上市公司向特定对象发行证券募集说明书和发行情 况报告书》等要求编制。 本次向特定对象发行股票完成后，公司经营与收益的变化，由公司自行负责；因 本次向特定对象发行股票引致的投资风险，由投资者自行负责。 本募集说明书是公司董事会对本次向特定对象发行股票的说明，任何与之不一致 的声明均属不实陈述。 投资者如有任何疑问，应咨询自己的股票经纪人、律师、专 ...

风神轮胎股份有限公司 公司本次向特定对象发行 A 股股票事项尚需通过上交所审核，并获得中国证 券监督管理委员会（简称"中国证监会"）作出同意注册的决定后方可实施，最 终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存在不确 定性。公司将根据进展情况，严格按照上市公司向特定对象发行股票相关法律法 规的要求及时履行信息披露义务，敬请广大投资者注意投资风险，理性投资。 特此公告。 风神轮胎股份有限公司董事会 关于 2025 年度向特定对象发行 A 股股票 申请获得上海证券交易所受理的公告 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个别及连带责任。 风神轮胎股份有限公司（简称"公司"）于 2025 年 8 月 15 日收到上海证券 交易所（简称"上交所"）出具的《关于受理风神轮胎股份有限公司沪市主板上 市公司发行证券申请的通知》（上证上审（再融资）〔2025〕247 号），上交所 依据相关规定对公司报送的 2025 年度向特定对象发行 A 股股票的募集说明书及 相关申请文件进行了核对，认为申请文件齐备，符合法定形式，决定予以受理 ...

中国国际金融股份有限公司 关于 风神轮胎股份有限公司 2025 年度向特定对象发行股票 之 发行保荐书 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 二〇二五年八月 风神轮胎股份有限公司 2025 年度向特定对象发行股票之发行保荐书 声 明 中国证券监督管理委员会、上海证券交易所： 风神轮胎股份有限公司（以下简称"风神轮胎"、"发行人"或"公司"）拟申请 向特定对象发行 A 股股票（以下简称"本次证券发行"、"本次发行"或"向特定对 象发行 A 股股票"），并已聘请中国国际金融股份有限公司（以下简称"中金公司"） 作为本次证券发行的保荐机构（以下简称"保荐机构"或"本机构"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》（以下简 称"《保荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理 办法》"）、《发行证券的公司信息披露内容与格式准则第 27 号——发行保荐书和发 行保荐工作报告》（以下简称"《准则第 27 号》"）、《保荐人尽职调查工作准则 ...

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 之 上市保荐书 保荐机构（主承销商） 中国国际金融股份有限公司 声 明 中国证券监督管理委员会、上海证券交易所： 中国国际金融股份有限公司（以下简称"保荐机构"、"本机构"或"中金公司"） 接受风神轮胎股份有限公司（以下简称"风神轮胎"、"发行人"或"公司"）的委托， 就发行人本次向特定对象发行 A 股股票并在主板上市事项（以下简称"本次证券发行"、 "本次发行"或"向特定对象发行 A 股股票"）出具本上市保荐书。 保荐机构及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管 理办法》（以下简称"《保荐办法》"）、《上市公司证券发行注册管理办法》（以下 简称"《注册管理办法》"），以及《上海证券交易所股票上市规则》（以下简称"《上 市规则》"）、《上海证券交易所发行上市审核规则适用指引第 2 号——上市保荐书内 容与格式》（以下简称"《指引第 2 号》"）等法律法规和中国证券监督管理委员会（以 下简称"中国证监会"）、上海证券交易所（以下简称"上 ...