中证报中证网讯(王珞)8月27日晚，风神股份（600469）发布2025年半年度报告。上半年，公司实现营 业收入35.18亿元，同比增长11.71%，实现归母净利润1.03亿元。在行业供需压力加大、全球经济下行 的背景下，营收规模的稳步扩张凸显出公司产品市场认可度与渠道覆盖能力的持续提升。报告期内，国 内市场凭借产品结构升级与精准营销策略，销量同比提升9.78%，收入增长13.26%；海外市场通过渠道 下沉与弱势市场开拓，销量同比增长10.97%，收入增长8.78%，国内外市场协同发力，为营收增长提供 坚实支撑。 战略布局方面，公司关键项目推进取得里程碑式进展，2万套高性能巨型工程子午胎扩能增效项目已完 成全部开工前审批手续，主厂房土建工程于2025年4月正式启动，标志着公司在高端非公路轮胎领域的 产能建设进入实质性阶段。该项目投产后，将进一步巩固风神股份在全球巨胎市场的竞争优势，助力公 司抢占矿业装备配套等高附加值市场。与此同时，海外巨胎市场开拓同步加速，公司在全球关键矿区布 局本地化销售与服务团队，深化与头部矿业客户的合作，为下半年销量冲刺奠定渠道基础。 技术创新是风神股份持续发展的核心驱动力。2025年 ...

证券代码：600469 证券简称：风神股份 风神轮胎股份有限公司 向特定对象发行 A 股股票 预 案（修订稿） 二〇二五年八月 发行人声明 公司及董事会全体成员承诺：本预案内容不存在虚假记载、误导性陈述或重大遗漏， 对本预案内容的真实性、准确性、完整性承担个别和连带的法律责任。 本预案按照《上市公司证券发行注册管理办法》等法规及规范性文件的要求编制。 本次发行完成后，公司经营与收益的变化，由公司自行负责；因本次发行引致的投 资风险，由投资者自行负责。 本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相反的声明均属 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、专业会计师或其他专业顾 问。 本预案所述事项并不代表审批机关对于本次发行相关事项的实质性判断、确认、批 准或核准，本预案所述本次向特定对象发行股票相关事项的生效和完成尚待上海证券交 易所审核通过并经中国证监会作出同意注册决定。 重大事项提示 过，于2025年8月1日经公司2025年第三次临时股东会审议通过。根据有关法律、法规的 规定，本次发行尚需上海证券交易所审核及中国证监会同意注册后方可实施。 监会规定条件的特定对象，包括符合 ...

Group 1 - The company, Fengshen Co., Ltd. (600469.SH), confirmed its capability to design and produce a full range of tires for trucks and non-road vehicles [2] - The company serves as a strategic supplier for domestic construction machinery manufacturers such as XCMG and SANY [2] - Additionally, the company supplies tire products to global construction equipment firms including Volvo and Caterpillar [2]

Group 1 - The company plans to issue shares to raise up to 1.1 billion yuan for a high-performance giant engineering radial tire expansion project, with the net proceeds aimed at enhancing production capacity and efficiency [1] - The company produces a wide range of tires under various brands and has a strong presence in over 140 countries, serving as a strategic supplier for major domestic and international construction equipment manufacturers [1][2] - The company is focusing on high-end products, particularly giant engineering radial tires and specialty tires, and is transitioning its product structure towards non-road tires [1][2] Group 2 - The giant engineering radial tire market in China is still in its early stages, dominated by international brands such as Michelin, Bridgestone, and Goodyear, highlighting the need for domestic companies to invest in R&D and innovation [2] - The company has made significant R&D investments in the giant tire sector, achieving quality breakthroughs and gaining recognition from downstream customers, while also beginning to export products to international markets [2] - The domestic mining machinery manufacturing sector is growing, leading to an increased preference for domestic giant tires among original equipment manufacturers, thus accelerating the localization process [2] Group 3 - The fundraising project focuses on giant engineering radial tires, which are classified as encouraged products in the national industrial structure adjustment directory, indicating government support [3] - The company currently faces low order fulfillment rates for giant engineering radial tires, necessitating an expansion of production capacity to meet market demand amid increasing competition [3] - The project aims to leverage new technologies to enhance production capacity and reduce the gap with international competitors, thereby improving profitability and market share [3]

1. Report Industry Investment Rating - RU and NR are rated as neutral. BR is also rated as neutral [4][5] 2. Core View of the Report - The news of the EU's anti - dumping investigation on Chinese light - truck tires had a weak impact on the market, with limited actual influence as the market had long anticipated it. The cost support for natural rubber remains strong, and the supply and demand situation is expected to improve slightly. The price of natural rubber is expected to fluctuate. For BR, the supply pressure is small and the later - stage supply will decrease. The demand is expected to improve, and the price has certain support, but attention should be paid to the price of upstream butadiene [4][5] 3. Summary According to Related Catalogs Market News and Data - In the futures market, the RU main contract closed at 14,820 yuan/ton, down 120 yuan/ton from the previous day; the NR main contract was at 12,715 yuan/ton, down 200 yuan/ton. In the spot market, the price of Yunnan - produced whole latex in the Shanghai market was 14,750 yuan/ton, down 150 yuan/ton; the price of Thai mixed rubber in Qingdao Free Trade Zone was 14,550 yuan/ton, down 50 yuan/ton; the price of Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,780 US dollars/ton, down 10 US dollars/ton; the price of Indonesian 20 - grade standard rubber was 1,720 US dollars/ton, down 10 US dollars/ton. The ex - factory price of Sinopec Qilu Petrochemical's BR9000 was 12,700 yuan/ton, unchanged from the previous day, and the market price of Zhejiang Transfar's BR9000 was 12,200 yuan/ton, down 100 yuan/ton [1] Recent Market Information - In April, the export volume of Chinese truck and bus tires was 410,200 tons, a month - on - month decrease of 5.43% and a year - on - year increase of 10.11%. The cumulative export volume from January to April was 1,489,700 tons, a cumulative year - on - year increase of 6.45%. In April, exports to Asia ranked first at 164,800 tons, a month - on - month decrease of 3.85% and a year - on - year increase of 0.78%. Exports to South America and Oceania increased both month - on - month and year - on - year, with exports to South America performing better, a month - on - month increase of 8.51% and a year - on - year increase of 46.09%. On May 21, the EU officially launched an anti - dumping investigation on Chinese light - truck tires, with the final result to be determined next year [2] Market Analysis Natural Rubber - Spot and spreads: On May 21, 2025, the RU basis was - 70 yuan/ton (- 30), the spread between the RU main contract and mixed rubber was 270 yuan/ton (- 70), the import profit of smoked sheet rubber was - 6,188 yuan/ton (+ 157.65), the NR basis was 90 yuan/ton (+ 129). The price of whole latex was 14,750 yuan/ton (- 150), the price of mixed rubber was 14,550 yuan/ton (- 50), and the price of 3L spot was 15,900 yuan/ton (- 50). The STR20 was quoted at 1,780 US dollars/ton (- 10). - Raw materials: The price of Thai smoked sheet was 68.59 Thai baht/kg (- 3.00), the price of Thai latex was 62.75 Thai baht/kg (unchanged), the price of Thai cup lump was 54.20 Thai baht/kg (+ 0.20), and the spread between Thai latex and cup lump was 8.55 Thai baht/kg (- 0.20). - Operating rate: The operating rate of all - steel tires was 59.88% (+ 18.19%), and the operating rate of semi - steel tires was 71.21% (+ 24.50%). - Inventory: The social inventory of natural rubber was 1,342,455 tons (- 13,072), the inventory of natural rubber in Qingdao Port was 614,189 tons (- 4,504), the RU futures inventory was 200,270 tons (- 230), and the NR futures inventory was 70,257 tons (- 4,435) [3] Butadiene Rubber (BR) - Spot and spreads: On May 21, 2025, the BR basis was 200 yuan/ton (+ 70), the ex - factory price of butadiene from Sinopec was 10,500 yuan/ton (- 200), the price of Qilu Petrochemical's BR9000 was 12,700 yuan/ton (unchanged), the market price of Zhejiang Transfar's BR9000 was 12,200 yuan/ton (- 100), the price of private - owned butadiene rubber in Shandong was 12,100 yuan/ton (- 100), and the import profit of butadiene rubber from Northeast Asia was - 956 yuan/ton (- 100). - Operating rate: The operating rate of high - cis butadiene rubber was 79.20% (+ 4.46%). - Inventory: The inventory of butadiene rubber traders was 5,800 tons (+ 330), and the inventory of butadiene rubber enterprises was 27,000 tons (+ 350) [3] Strategy - For RU and NR, maintain a neutral view. The anti - dumping investigation by the EU has limited actual impact. The cost support for natural rubber is strong, and it is expected that the raw material output in the production areas will increase in June. The domestic basis has weakened slightly. After the profit of downstream tires is restored, it can offset part of the pressure of the increase in finished product inventory. It is expected that the operating rate of tire factories will perform well in the later stage. The overall supply and demand situation is expected to improve slightly, but the price is expected to fluctuate. For BR, maintain a neutral view. The supply pressure is small and the later - stage output will decrease. The demand is expected to improve, and the price has certain support, but attention should be paid to the price of upstream butadiene [4][5]

Group 1: Rebar Market - Financial policies are supporting market expectations, leading to a stable night market for rebar [1] - Current steel mill profits are good, but rebar supply pressure is increasing, with weekly production exceeding last year's levels [1] - Market skepticism exists regarding external demand and domestic steel demand resilience, leading to a stalemate in price negotiations [1] - Rebar market inventory is low, providing some support for prices, but high production and seasonal demand decline are expected to keep prices fluctuating at low levels [1] Group 2: Gold Market - The pricing mechanism for gold is shifting from being based on real interest rates to central bank purchases, reflecting a decentralized and risk-averse demand [1] - The dollar's credit is under strain due to debt issues, highlighting gold's role in the de-dollarization process [1] - Geopolitical risks are easing, but trade tensions from tariffs are sustaining market demand for gold as a safe haven [1][2] - Recent U.S. labor market data shows strong non-farm employment, with unemployment stable at 4.2%, while inflation data indicates a slight decrease [2] - Expectations for a cautious interest rate policy from the Federal Reserve may influence gold prices, with reduced safe-haven buying anticipated [2] Group 3: Rubber Market - The supply side is favorable as major producing regions are entering the seasonal tapping period, with expected increases in supply in May [3] - Demand from semi-steel tire manufacturers is weak, leading to lower capacity utilization rates [3] - China's small passenger car tire exports increased to 287,500 tons in March, up 31.48% month-on-month, while truck tire exports also showed strong performance [3] - Overall inventory levels remain high, with a slow accumulation of natural rubber stocks, indicating a bearish trend for prices [3]