中信建投证券股份有限公司 关于中策橡胶集团股份有限公司 调整募集资金投资项目拟投入募集资金金额的核查意见 中信建投证券股份有限公司（以下简称"中信建投"、"保荐机构"）作为中 策橡胶集团股份有限公司（简称"中策橡胶"、"公司"）首次公开发行股票并在 主板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等有关法律法规和规范性文件的规定，对中策橡 胶调整募集资金投资项目拟投入募集资金金额的事项进行了审慎核查，具体情况 如下： 公司于 2025 年 6 月 20 日召开了第二届董事会第八次会议和第二届监事会 第五次会议，分别审议通过了《关于调整募集资金投资项目拟投入募集资金金额 的议案》，均同意公司对募集资金投资项目拟投入募集资金金额进行调整。上述 事项在董事会审批权限范围内，无需提交股东大会审议。 五、专项意见说明 公司首次公开发行股票募集资金总额为人民币 4,066,358,040.00 元，扣除各 项发行费用后募集资金净额为人民币 3,932,680,740.56 元，低于《中策橡胶集 ...

Core Viewpoint - The recent IPO of Zhongce Rubber, despite being a leading company in the tire industry, has faced significant post-listing challenges, leading to a rapid decline in stock price and raising concerns about the current market environment for new stocks [3][10][13]. Company Overview - Zhongce Rubber, established in 1992, is recognized as the "leader" in China's tire industry, holding the top position for 16 consecutive years and ranking among the top ten globally [8]. - The company reported impressive financial performance, with a 2024 annual report showing earnings per share of 4.81 yuan and a year-on-year revenue and net profit growth of 11.35% and 43.57%, respectively [8]. IPO Details - Zhongce Rubber launched its IPO on June 5, with an issue price of 46.5 yuan per share, raising 40.66 billion yuan, making it the largest IPO in A-shares for the year [3]. - On its first trading day, the stock opened at 57 yuan, a 22.58% increase from the issue price, with a market capitalization nearing 500 billion yuan [3]. Stock Performance - The stock price fell sharply after the initial surge, closing at 47.03 yuan on the second day and eventually dropping to 45.31 yuan by the seventh day, marking a 2.56% decline from the issue price and officially entering a state of loss [5][10]. - As of the latest data, the stock is trading at 45.31 yuan, with a market capitalization of approximately 396.23 billion yuan and a price-to-earnings ratio of 11.27, which is below the industry average of 22.83 [6][11]. Market Environment - The market has shown increased skepticism towards new IPOs, with a growing number of cases of stock price declines post-listing, reflecting a cautious investor sentiment [10][13]. - Factors contributing to the poor performance include the large market capitalization of Zhongce Rubber, which makes it challenging to attract sufficient capital in the current market environment, as well as concerns over the company's high debt levels and past dividend distributions [10].

Core Viewpoint - The successful IPO of Zhongce Rubber marks the fourth listed company controlled by Qiu Jianping, showcasing his ability to leverage capital for business expansion in various manufacturing sectors [3][4][18]. Group 1: Company Overview - Zhongce Rubber was officially listed on the Shanghai Stock Exchange on June 5, 2023, after a wait of two years and five months [3]. - Qiu Jianping has built a significant industrial empire over 33 years, transitioning from an engineer to a billionaire entrepreneur, with a total investment of 11 billion yuan in acquisitions over nine years [5][16]. - The company operates in multiple sectors, including hand tools, forklifts, tires, and robotics, under the umbrella of the "Juxing" system [5][23]. Group 2: Financial Performance - In 2023, Juxing Technology, the parent company of Zhongce Rubber, reported a revenue of 78 billion yuan, ranking 131st among China's top 500 private enterprises [6]. - Zhongce Rubber's stock price fell below its IPO price of 46.50 yuan per share within a week of listing, closing at 45.31 yuan on the seventh trading day [25]. - The company raised 4.066 billion yuan through its IPO, which will alleviate some financial pressure, although it still has 13.245 billion yuan in interest-bearing debt [25]. Group 3: Business Strategy and Challenges - Qiu Jianping's strategy involves continuous acquisitions to expand the Juxing system, with a focus on capitalizing on market opportunities [12][22]. - Despite the growth, the Juxing system faces challenges such as the need for improved operational quality and addressing issues related to overseas dependency and cost fluctuations [22][25]. - The performance of subsidiaries varies, with Juxing Technology showing a slowdown in growth, while Zhongce Rubber has experienced fluctuations in profitability [24][25].

Group 1 - The overall market is experiencing fluctuations, with the index hovering around the 3400-point threshold, leading to a decline in many stocks, including newly listed ones [1] - Zhongce Rubber, a newly listed stock, has become a focal point after its share price fell below the issue price, marking it as the first "broken issue" case of the year [1][3] - The issue price of Zhongce Rubber was 46.50 yuan, and its latest share price is 45.31 yuan, reflecting a decline of 2.56% [3] Group 2 - On its first trading day, Zhongce Rubber opened at 57 yuan, which was 22.58% higher than the issue price, allowing investors who sold at that time to gain a profit of 5250 yuan [3] - Despite the initial positive performance, the overall market sentiment has been weak, leading many investors to hold onto their shares in hopes of a better performance [3][5] - The stock's trading volume on the first day was high, with a turnover rate of 61.51%, indicating significant trading activity despite some investors choosing to hold [5] Group 3 - Zhongce Rubber's total issuance was 87.45 million shares, raising a total of 4.066 billion yuan, which is lower than the initial target of 4.85 billion yuan [5] - The company's total market capitalization reached 40.666 billion yuan, positioning it as a blue-chip stock in the market [5][7] - As a leading player in China's tire industry, Zhongce Rubber has maintained its top position for sixteen consecutive years, suggesting that short-term stock price fluctuations may not reflect its long-term value [7]

Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]

Meeting Overview - The annual general meeting of Zhongce Rubber Group Co., Ltd. is organized to protect the rights of shareholders and ensure compliance with relevant regulations [1][2] - Shareholders and their representatives must register and present identification documents before the meeting starts [2][3] - The meeting will follow a predetermined agenda, allowing shareholders to exercise their rights to speak, inquire, and vote [2][3] Voting Process - Voting will be conducted through both on-site and online methods, with specific time slots designated for each [4] - Shareholders must express their opinions on the proposals by indicating agreement, disagreement, or abstention [3][4] - The results of the voting will be announced after counting both on-site and online votes [4][5] Financial Performance - For the fiscal year ending December 31, 2024, the company reported a total revenue of approximately CNY 39.25 billion and a net profit of about CNY 3.79 billion [5] - The proposed cash dividend for 2024 is CNY 1.14 billion, representing a distribution ratio of approximately 30.0% of the net profit [5] Auditor Appointment - The company proposes to reappoint Tianjian Certified Public Accountants as the auditor for the 2025 fiscal year [6] - Tianjian has a solid track record with a total revenue of CNY 2.563 billion from auditing services in the previous year [6] - The firm has faced some legal challenges but has complied with all judgments and maintains sufficient professional liability coverage [6] Related Party Transactions - The company has outlined expected related party transactions for 2025, estimating a total of CNY 567 million, with specific amounts allocated to various partners [7][8] - The anticipated transactions include purchases and sales of goods and services, with a focus on maintaining fair pricing based on market conditions [9][10]

中策橡胶集团股份有限公司 2024 年年度股东大会会议资料 证券代码：603049 证券简称：中策橡胶 中策橡胶集团股份有限公司 2024 年年度股东大会 会议资料 2025 年 6 月 中策橡胶集团股份有限公司 2024 年年度股东大会会议资料 目 录 | 2024 | 年年度股东大会会议须知 1 | | --- | --- | | 2024 | 年年度股东大会会议议程 3 | | 2024 | 年年度股东大会会议议案 5 | | | 议案一：关于 2024 年度利润分配预案的议案 5 | | | 议案二：关于公司续聘会计师事务所的议案 6 | | | 议案三：关于公司 年度预计关联交易的议案 6 2025 | 中策橡胶集团股份有限公司 2024 年年度股东大会会议资料 中策橡胶集团股份有限公司 2024 年年度股东大会会议须知 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利， 根据《公司法》、中国证监会《上市公司股东会规则》和公司《股东大会议事规 则》等有关规定，特制定本会议须知： 一、公司负责本次股东大会的议程安排和会务工作,为确认出席大会的股东 或其代理人或其他出席者的出席资格，会 ...

证券代码：603049 证券简称：中策橡胶 公告编号：2025-001 中策橡胶集团股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 30 日 14 点 00 分 召开地点：浙江省杭州钱塘区一号大街一号中策橡胶集团股份有限公司 A802 股东大会召开日期：2025年6月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 30 日 至2025 年 6 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的 ...

证券代码：603049 证券简称：中策橡胶 公告编号：2025-001 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 30 日 14 点 00 分 召开地点：浙江省杭州钱塘区一号大街一号中策橡胶集团股份有限公司 A802 中策橡胶集团股份有限公司 关于召开2024年年度股东大会的通知 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。 股东大会召开日期：2025年6月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 30 日 至2025 年 6 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的 ...

按不同板块统计，今年以来沪市主板发行新股11只，募资137.61亿元；深市主板发行新股6只，募资 31.20亿元；创业板发行新股17只，募资98.21亿元；科创板发行新股6只，募资54.03亿元；北交所发行 新股4只，募资17.02亿元。 C中策为今年以来募资金额最多的公司，首发募集资金达40.66亿元，募资主要投向补充流动资金，年产 650万套全钢子午线轮胎绿色5G数字工厂项目，年产250万套全钢子午线载重轮胎生产线项目等；其次 是天有为，募资金额为37.40亿元，募资主要用于使用部分闲置募集资金进行现金管理，汽车电子智能 工厂建设项目，补充流动资金等。募集资金较多的还有影石创新、开发科技、兴福电子等，分别募资 19.38亿元、11.69亿元、11.68亿元。 发行价格方面，今年已发行新股平均首发价格为23.90元，发行价在50元以上的有3家，发行价最高的是 天有为，发行价为93.50元，C优优、矽电股份次之，发行价分别为89.60元、52.28元，发行价较低的有 天工股份、浙江华远等，首发价格分别为3.94元、4.92元。 地域分布来看，今年已发行新股主要集中在江苏、浙江、广东，分别有11家、10家、9家 ...