大信会计师事务所（特殊普通合伙） 《关于天风证券股份有限公司向特定对 象发行股票申请文件审核问询函》 的回复 大信备字[2025]第 2-00008 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants LLP. Room2206 22/F,Xueyuan International Tower No.1 ZhichunRoad,Haidian Dist. Beijing,China,100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 《关于天风证券股份有限公司向特定对象发行 股票申请文件审核问询函》的回复 大信备字[2025]第 2-00008 号 上海证券交易所： 根据贵所上证上审（再融资）【2025】60 号《关于天风证券股份有限公司向 ...

北京市君泽君律师事务所 关于天风证券股份有限公司向特定对象发行 A 股股票的 补充法律意见（一） 北京市东城区金宝街 89 号金宝大厦 11 层 邮政编码：100005 电话：（8610）66523388 传真：（8610）66523399 11F, Jinbao Tower, 89 Jinbao Street, Dongcheng District, Beijing 100005, P.R.C. Tel：（8610）66523388 / Fax：（8610）66523399 签署稿 | 释义 | 3 | | --- | --- | | 引言 | 6 | | 正文 | 8 | | 一、 | 《问询函》1.关于发行方案 8 | | 二、 | 《问询函》2.关于融资必要性与合理性 14 | | 三、 | 《问询函》4.其他 25 | 补充法律意见（一） 补充法律意见（一） | BVI 法律意见书 | 指 | 发行人聘请的 Maples and Calder (Hong Kong) LLP（中文名称： TFI Overseas Investment | | --- | --- | --- | | | | 迈普达律师 ...

关于天风证券股份有限公司 向特定对象发行股票申请文件 的审核问询函之回复报告 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 上海证券交易所： 贵所于 2025 年 3 月 18 日出具的《关于天风证券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]60 号）（以下简称 "审核问询函"）已收悉。天风证券股份有限公司（以下简称"天风证券"、"发 行人"或"公司"）与国泰海通证券股份有限公司（以下简称"保荐人"、"保 荐机构"）、北京市君泽君律师事务所（以下简称"发行人律师"）、大信会计 师事务所（特殊普通合伙）（以下简称"申报会计师"）等相关方对审核问询函 所列问题进行了逐项核查，现回复如下，请予审核。 如无特别说明，本问询函回复使用的简称与《天风证券股份有限公司向特定 对象发行 A 股股票募集说明书（申报稿）》（以下简称"募集说明书"）中的 释义相同。 本问询函回复的字体代表以下含义： | 审核问询函所列问题 | 黑体 | | --- | --- | | 对问题的回复 | 宋体 | | 募集说明书的修订、补充披露 | 楷体（加粗） | 本问询函回复除特别 ...

证券代码：601162 证券简称：天风证券 公告编号：2025-017号 天风证券股份有限公司 关于向特定对象发行 A 股股票申请文件的审核问询函 回复及募集说明书更新的提示性公告 天风证券股份有限公司董事会 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。 天风证券股份有限公司（以下简称"公司"）于 2025 年 3 月 18 日收到上海 证券交易所（以下简称"上交所"）出具的《关于天风证券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〕60 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 A 股股票申请文件进行了审核，并形成了问询问题。 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》 所列问题进行了认真研究和逐项落实，并进行了逐项说明和回复，同时对募集说 明书等申请文件进行了补充和修订，具体内容详见公司于同日披露于上交所网站 （www.sse.com.cn）的《关于天风证券股份有限公司向特定对象发行股票申请文 件的审核问询函之回复报告》等文件 ...

Core Viewpoint - The report by Tianfeng Securities on Xingye Technology highlights the company's ongoing development in the automotive interior leather business, maintaining a "buy" rating for the stock [1]. Financial Performance - For Q1 2025, the company reported revenue of 600 million, a year-on-year increase of 5%, while net profit attributable to shareholders was 20 million, down 45% year-on-year [1]. - In Q4 2024, revenue was 900 million, up 24% year-on-year, with net profit attributable to shareholders at 30 million, a significant increase of 150% year-on-year [1]. - The full year 2024 saw revenue of 3 billion, a 9% increase year-on-year, but net profit attributable to shareholders decreased by 24% to 140 million [1]. Dividend and Management Changes - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, amounting to an expected payout of 40 million, with a dividend payout ratio of 31% [2]. - Wu Meili resigned as the board secretary but continues as the vice president, while Zhang Liang has been appointed as the new board secretary [2]. Product Segmentation and Market Expansion - Revenue from leather for shoes and bags in 2024 was 2 billion, an 8% increase, accounting for 68% of total revenue, with a gross margin of 18% [3]. - Revenue from automotive interior leather reached 700 million, a 20% increase, representing 24% of total revenue, with a gross margin of 34% [3]. - The company has successfully entered the supply chains of international brands such as Adidas and COLEHAAN [3]. Regional Performance - Revenue from East China was 1.9 billion, an 8% increase, accounting for 65% of total revenue, with a gross margin of 22% [3]. - Revenue from South China was 600 million, down 1%, representing 21% of total revenue, with a gross margin of 22% [3]. - International revenue surged by 97% to 300 million, accounting for 10% of total revenue, with a gross margin of 21% [3]. Subsidiary Performance - The subsidiary Hongxing Automotive Leather reported a net profit of 150 million, up 51% year-on-year, driven by increased sales and improved gross margins [4]. - Lianhua Leather reported a net loss of 10 million, down 62% year-on-year, primarily due to increased financial expenses [4]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 150 million, 180 million, and 230 million respectively [5]. - Earnings per share (EPS) are projected to be 0.5, 0.6, and 0.8 yuan for 2025, 2026, and 2027 respectively [5]. - Price-to-earnings (PE) ratios are expected to be 20x, 16x, and 12x for the respective years [5].

天风证券股份有限公司刘杰近期对邮储银行进行研究并发布了研究报告《非息收入亮眼，资负规模扩 张》，给予邮储银行买入评级。 邮储银行(601658) 事件： 邮储银行发布2025年一季度财报。公司实现营收894亿元，YoY-0.07%；归母净利润254亿元，YoY- 2.62%；不良率0.91%，拨备覆盖率266%。 点评： 非息收入支撑营收改善。2025年一季度，邮储银行营收894亿元（YoY-0.07%），其中净利息收入689亿元 （YoY-3.79%），占营收比重77.1%；非息收入205亿元，同比增长14.83%，成为提振营收的主要动能。 2025Q1拨备前利润、归母净利润分别同比+6.20%、-2.62%。公司计提减值准备较2024年一季度增加37亿 元，因此造成公司拨备前利润和归母净利润增速的较大差距。 负债端：2025年一季度邮储银行计息负债余额16.70万亿元，同比增长8.6%。其中，存款规模同比增长 9.2%；发行债券规模同比增长15.6%。负债结构上，存款、已有债券、同业负债、向央行借款占计息负债 比重分别变动+0.61、-0.32、-0.29、0.00pct。 资产质量：2025年一季度邮储 ...

Core Viewpoint - The report from Tianfeng Securities maintains a "buy" rating for Industrial and Commercial Bank of China (ICBC), emphasizing that short-term fluctuations do not alter the bank's stable operational foundation [1]. Financial Performance - In Q1 2025, ICBC reported revenue of 212.8 billion yuan, a year-over-year decline of 3.22%, and a net profit attributable to shareholders of 84.2 billion yuan, down 3.99% year-over-year [2][3]. - The annualized Return on Equity (ROE) decreased by 1.00 percentage point to 9.06% [2]. Revenue and Profit Analysis - The decline in revenue and profit is attributed to a decrease in net interest margin and negative growth in other non-interest income, despite asset scale expansion and provision releases supporting performance [3]. - Net interest income fell by 2.9% year-over-year in Q1 2025, worsening from a 2.7% decline in 2024 [3]. Asset and Loan Growth - Total assets grew by 8.3% year-over-year by the end of Q1 2025, with loans and financial investments increasing by 8.5% and 23.6%, respectively [3]. - New corporate loans and retail loans added 1.11 trillion yuan and 182 billion yuan, contributing 84.8% and 13.9% to loan growth, respectively [3]. Deposit and Liability Trends - Total deposits increased by 4.0% year-over-year, significantly lower than the 8.6% growth in total liabilities, indicating a slow recovery of general deposits and regulatory impacts on interbank deposits [3]. Net Interest Margin and Cost of Liabilities - The net interest margin for Q1 2025 was 1.33%, down 9 basis points from 2024 [4]. - The yield on interest-earning assets decreased by 37 basis points to 2.77%, while the cost of interest-bearing liabilities fell by 28 basis points to 1.63% [4]. Non-Interest Income and Asset Quality - Net fee and commission income declined by 1.2% year-over-year, but the rate of decline has narrowed, possibly due to a recovery in the capital market [4]. - The non-performing loan balance increased by 15.9 billion yuan to 395.4 billion yuan, with a non-performing loan ratio of 1.33%, indicating stable asset quality [4]. Profit Forecast and Valuation - The bank is expected to maintain its leading role among state-owned banks, with projected net profit growth of 0.94%, 2.67%, and 3.49% for 2025-2027 [5]. - The book value per share (BPS) is forecasted to be 11.38 yuan, 12.60 yuan, and 14.25 yuan for the respective years [5].

潘森宏观的Claus Vistesen在报告中写道，关税的不确定性将限制法国经济的任何重大反弹。法国截至3 月的三个月里经济增长了0.1%，扭转了去年年底的收缩，但几乎没有显示出强劲势头的迹象。根据潘 森宏观的估计，由于国内需求疲软，加上美国贸易关税造成了破坏性的不确定性，法国经济将在第二季 度保持这种蹒跚的增长速度，然后在今年剩余时间里陷入停滞。然而，关税政策的变化可能会改变这种 前景。 国外 1. 高盛：大幅下调美国一季度GDP增速至-0.8% 高盛最新研报表示，美国3月份商品贸易逆差扩大幅度超过预期。三月份货物进出口双双增长。贸易逆 差扩大的主要原因是消费品进口增加，这可能反映了在关税上调之前进口的"抢跑"。先行经济指标报告 的细节显示，与我们之前的GDP追踪假设相比，进口增长明显强劲，但出口增长温和走强，库存积累速 度加快。总体而言，我们将美国第一季度GDP跟踪预测下调了0.6个百分点至-0.8%（季度环比年化）。 美国GDP数据将于30日晚间公布。 2. 大摩：关税政策的不确定性，叠加美联储独立性受到质疑，或导致外资削减对美投资 摩根士丹利报告指出，美国政府关税政策的不确定性，尤其是多次政策反复，叠 ...

Core Viewpoint - The company reported a net profit of -29.71 million yuan for the year 2024, with a negative retained earnings of -544.60 million yuan, leading to a decision not to distribute profits for the year [4]. Group 1: Company Overview - The company engages in various financial services including securities brokerage, investment banking, proprietary trading, research, asset management, private fund management, alternative investments, and overseas operations [5][8]. - The securities brokerage business involves accepting client orders for buying and selling securities, providing margin financing, and other related services [5]. - The investment banking segment offers services such as stock underwriting, bond issuance, asset restructuring, mergers and acquisitions, and financial advisory [5]. Group 2: Financial Performance - As of the end of the reporting period, the company's total assets amounted to 97.90 billion yuan, a decrease of 1.66% year-on-year [10]. - The equity attributable to shareholders was 23.42 billion yuan, down 0.95% compared to the previous year [10]. - The company's operating revenue for the period was 2.70 billion yuan, reflecting a year-on-year decline of 21.21% [10]. Group 3: Board Decisions - The board of directors approved the annual report and various other reports, including the independent director's performance report and the internal control audit report [11][16][30]. - The board also approved the proposal for no profit distribution for the year 2024 due to negative retained earnings [30].

登录新浪财经APP 搜索【信披】查看更多考评等级 本议案尚需提交2024年年度股东会审议。 表决结果：赞成【14】人；反对【0】人；弃权【0】人。 表决结果：赞成【14】人；反对【0】人；弃权【0】人。 二十九、审议通过《关于修订〈公司高级管理人员考核与薪酬管理办法〉的议案》 本议案提交董事会前已经公司董事会薪酬与提名委员会审议通过。 表决结果：赞成【14】人；反对【0】人；弃权【0】人。 三十、审议通过《关于制定〈公司落实董事会职权工作方案〉的议案》 三十二、审议通过《关于提请股东会延长授权董事会全权办理本次向特定对象发行A股股票相关事宜有 效期的议案》 三十一、审议通过《关于延长向特定对象发行A股股票股东会决议有效期的议案》 本议案尚需提交2025年第二次临时股东会审议。 表决结果：关联董事潘军、曹宇飞对本议案回避表决，赞成【12】人；反对【0】人；弃权【0】人。 本议案具体内容详见公司于同日披露的《关于延长公司向特定对象发行A股股票股东会决议有效期和相 关授权有效期的公告》。 本议案具体内容详见公司于同日披露的《关于延长公司向特定对象发行A股股票股东会决议有效期和相 关授权有效期的公告》。 本议案尚需提 ...