事件：公司发布2025 年三季度业绩报告。公告显示，2025 年前三季度公司实现营业收入64.4 亿元，同 比+1.5%；实现归母净利润10.2 亿元，同比-41.2%；实现扣非后归母净利润9.9 亿元，同比-42.2%。其 中，2025 年第三季度公司实现营业收入23.2 亿元，同比/环比分别+3.9%/+12.4%；实现归母净利润3.4 亿元，同比/环比分别-47.0%/+10.6%；实现扣非后归母净利润3.3 亿元，同比/环比分别-50.5%/+4.3%。 注重股东回报，实施2025 年中期分红。公司实施2025 年半年度权益分派，拟以权益分派股权登记日的 总股本为基数，每10 股派发现金红利3.0元（含税），不送股，不以公积金转增股本，剩余未分配利润 结转以后年度分配。 盈利预测与估值：综合考虑公司摩洛哥工厂放量节奏，以及轮胎行业需求趋势，我们预测公司25-27 年 实现营业收入90.0、113.8、130.6 亿元，同比分别+5.7%、+26.5%、+14.7%；实现归母净利润14.1、 19.9、24.6 亿元，同比分别-35.5%、+40.9%、+23.6%，按照11 月1 日收盘价计算，对应P ...

Core Viewpoint - Qingdao Senqilin Tire Co., Ltd. has approved the temporary use of idle raised funds to supplement working capital, ensuring that it does not affect the normal investment plan and safety of the raised funds [3][9][15]. Group 1: Board Meeting Details - The fourth board meeting of Qingdao Senqilin Tire Co., Ltd. was held on October 21, 2025, with all 9 directors participating [2]. - The meeting was chaired by Chairman Qin Long, and some independent directors attended via communication due to work commitments [2]. Group 2: Fund Usage Approval - The board approved the proposal to use up to 100 million RMB of idle funds raised from the 2023 stock issuance to temporarily supplement working capital, with a usage period not exceeding 12 months [3][15]. - The approval was unanimous, with 9 votes in favor and no opposition or abstentions [3]. Group 3: Fundraising Overview - The company raised approximately 2.8 billion RMB from the issuance of 94,307,847 shares at a price of 29.69 RMB per share, with a net amount of approximately 2.79 billion RMB after deducting issuance costs [9][10]. - As of June 30, 2025, the remaining balance of the raised funds was approximately 1.14 billion RMB, with 500 million RMB temporarily used for working capital [10][11]. Group 4: Previous Fund Usage - In a previous board meeting on October 18, 2024, the company had also approved the temporary use of idle funds, and by October 16, 2025, it had fully returned 50 million RMB to the dedicated fund account [13][14]. Group 5: Compliance and Verification - Guotai Junan Securities Co., Ltd. provided verification opinions, confirming that the use of idle funds complies with relevant regulations and does not affect the investment plan [5][16]. - The company committed to ensuring that the use of idle funds is related to its main business operations and will not be used for high-risk investments [14][16].

Core Viewpoint - The company intends to continue using part of the temporarily idle raised funds for cash management to enhance fund utilization efficiency and increase shareholder returns while ensuring the normal progress of investment projects and the safety of raised funds [1][4][8]. Summary by Sections 1. Basic Situation of Raised Funds - The company has received approval from the China Securities Regulatory Commission to issue 94,307,847 shares at a price of 29.69 RMB per share, raising a total of approximately 2.79 billion RMB [1]. 2. Investment Projects and Idle Situation - The raised funds will be allocated to projects including the Morocco tire project, with a total investment of 1.2 billion RMB for an annual production capacity of 6 million high-performance tires [2]. 3. Previous Use of Idle Funds for Cash Management - As of June 30, 2025, the balance of temporarily idle raised funds for cash management is 620 million RMB, with 20.45 million RMB remaining in the special account [3]. 4. Current Use of Idle Funds for Cash Management - The company plans to use up to 1 billion RMB of temporarily idle raised funds for cash management, with a usage period of twelve months from the board's approval date [4][5]. 5. Investment Types - The company will invest in highly liquid, safe, and principal-protected financial products, including structured deposits and time deposits [5]. 6. Implementation Method - The cash management decision falls within the board's approval authority, and the management team is authorized to make investment decisions and sign relevant contracts [5][7]. 7. Approval Procedures - The board and supervisory committee have approved the continued use of idle funds for cash management, confirming that it will not affect the normal operation of investment projects or harm shareholder interests [7][8].