北京市嘉源律师事务所 关于风神轮胎股份有限公司 2024 年年度股东大会的 法律意见书 喜源律师事务所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 官 IA YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:风神轮胎股份有限公司 北京市嘉源律师事务所 关于风神轮胎股份有限公司 2024 年年度股东大会的法律意见书 嘉源(2025)-04-261 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下承诺和保证:就本所认为出具本 法律意见书所必需审查的事项而言,公司已经提供了全部相关的原始书面材料、 副本材料或口头证言,该等资料均属真实、准确、完整及有效,有关复印件与原 件一致、副本与正本一致。 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格、会议表决程序、 ...

股票代码：600469 股票简称：风神股份 公告编号：临 2025-028 风神轮胎股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 5 月 9 日(星期五)下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 8 日(星期四)16:00 前登录上证路演中心网站首页 点击"提问预征集"栏目或通过公司邮箱 (company@aeolustyre.com)进行提问， 公司将在说明会上对投资者普遍关注的问题进行回答。 风神轮胎股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发布公司 2024 年度报告，于 2025 年 4 月 30 日发布公司 2025 年第一季度报告，为便于广大 投资者更 ...

股票代码：600469 股票简称：风神股份 公告编号：临 2025-027 风神轮胎股份有限公司 关于 2025 年第一季度主要经营数据的公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》要 求，风神轮胎股份有限公司（以下简称"公司"）现将 2025 年第一季度主要经营 数据公告如下： 一、主要产品的产量、 销量及收入实现情况 | 主要产品 | 生产量（万条） | 销售量（万条） | 产品销售收入（万元） | | --- | --- | --- | --- | | 轮胎 | 145.32 | 136.72 | 156,674.75 | 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况 公司 2025 年第一季度产品平均销售价格，环比下降 9.82%，同比上升 0.15%。 2、主要原材料的价格变动情况 受天然胶等主要原材料价格波动影响,公司 2025 年第一季度天然橡胶、合成 胶、炭黑、钢丝帘线、帘子布等主要原材料综合采购成本，环比下降 ...

股票代码：600469 股票简称：风神股份 公告编号：临 2025-026 风神轮胎股份有限公司 第九届监事会第八次会议决议公告 本公司监事会及全体监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（以下简称"公司"）第九届监事会第八次会议通知 于 2025 年 4 月 24 日以电子邮件和电话通知方式发出，会议于 2025 年 4 月 29 日 以现场和通讯表决相结合的方式召开，本次会议应到监事 5 名，实际出席监事 5 名。本次会议召开符合《公司法》《证券法》等法律法规和《公司章程》的规定， 合法有效。 本次会议审议通过了《关于 2025 年第一季度报告的议案》。 表决结果：赞成 5 票；反对 0 票；弃权 0 票。 特此公告。 风神轮胎股份有限公司监事会 2025 年 4 月 30 日 ...

股票代码：600469 股票简称：风神股份 公告编号：临 2025-025 2025 年 4 月 30 日 本次会议审议通过了《关于 2025 年第一季度报告的议案》。 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 表决结果：赞成 7 票；反对 0 票；弃权 0 票。 特此公告。 风神轮胎股份有限公司董事会 风神轮胎股份有限公司 第九届董事会第九次会议决议公告 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个别及连带责任。 风神轮胎股份有限公司（以下简称"公司"）第九届董事会第九次会议通知 于 2025 年 4 月 24 日以电子邮件和电话通知方式发出，会议于 2025 年 4 月 29 日 以现场和通讯表决相结合的方式召开，本次会议应到董事 7 名，实际出席董事 7 名。本次会议召开符合《公司法》《证券法》等法律法规和《公司章程》的规定， 合法有效。 ...

Revenue and Profitability - Revenue for Q1 2025 reached ¥1,629,141,578.91, an increase of 10.91% compared to ¥1,468,870,875.99 in the same period last year[5] - Net profit attributable to shareholders decreased by 62.09% to ¥28,224,077.72 from ¥74,441,280.62 year-on-year[5] - Net profit excluding non-recurring gains and losses dropped by 73.26% to ¥18,388,881.69 from ¥68,768,302.05 in the previous year[5] - Basic and diluted earnings per share fell by 60.00% to ¥0.04 from ¥0.10 in the same period last year[5] - Gross profit for Q1 2025 was CNY 60,132,323.86, compared to CNY 96,125,528.17 in Q1 2024, indicating a decline in profitability[18] - The total comprehensive income for Q1 2025 was CNY 42,459,542.50, down from CNY 69,509,274.50 in Q1 2024, reflecting a decline of approximately 39%[20] Cash Flow and Operating Activities - The company reported a net cash flow from operating activities of -¥280,311,906.56, compared to -¥64,111,325.68 in the previous year, indicating increased cash outflows due to rising raw material costs[5][9] - The cash flow from operating activities for Q1 2025 was negative at CNY -280,311,906.56, compared to CNY -64,111,325.68 in Q1 2024, indicating a worsening cash flow situation[23] - The total cash inflow from operating activities was CNY 1,468,593,521.66, slightly up from CNY 1,455,595,816.60 in the previous year[22] - The cash outflow from operating activities increased to CNY 1,748,905,428.22 in Q1 2025, compared to CNY 1,519,707,142.28 in Q1 2024, marking a rise of approximately 15%[23] - The net cash increase in cash and cash equivalents for Q1 2025 was CNY -304,704,203.88, compared to CNY -142,066,404.31 in Q1 2024, indicating a significant decline[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,350,251,226.62, a slight increase of 0.34% from ¥7,325,203,222.03 at the end of the previous year[6] - Total liabilities decreased to CNY 4,007,679,547.68 as of March 31, 2025, from CNY 4,041,135,960.81 at the end of 2024[15] - The company's cash and cash equivalents decreased to CNY 614,247,297.30 from CNY 912,752,414.49, a decline of 32.7%[13] - Accounts receivable increased significantly to CNY 1,175,596,184.15 from CNY 794,496,437.50, representing a growth of 47.9%[13] - Inventory levels remained stable at CNY 1,400,246,016.94, slightly down from CNY 1,404,706,248.13[14] - The company's equity attributable to shareholders increased to CNY 3,342,571,678.94 from CNY 3,284,067,261.22, reflecting a growth of 1.8%[16] Expenses and Costs - The decline in net profit was primarily due to a 9.54% increase in raw material prices, which led to a 4.37% decrease in gross margin[9] - Total operating costs for Q1 2025 were CNY 1,569,009,255.05, up from CNY 1,372,745,347.82 in Q1 2024, reflecting a year-over-year increase of 14.3%[18] - Research and development expenses for Q1 2025 amounted to CNY 69,053,311.41, down from CNY 81,010,279.46 in Q1 2024, a decrease of 14.7%[18] Shareholder Information - The top ten shareholders hold a combined 57.50% of the shares, with China National Chemical Corporation being the largest shareholder[11] - The company received government subsidies amounting to ¥9,134,393.67, which positively impacted its financial results[7] Tax and Foreign Exchange - The company reported a tax expense of CNY 6,190,030.11 for Q1 2025, compared to CNY 9,517,074.41 in Q1 2024, reflecting a decrease of approximately 35%[19] - The company experienced a foreign exchange gain of CNY 17,937,318.07 in Q1 2025, contrasting with a loss of CNY -4,643,006.12 in Q1 2024[20]

Financial Performance - The company reported a basic earnings per share of 0.0400 yuan for Q1 2025, a decrease of 60% compared to 0.1000 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.28 billion yuan, down 62.16% from 0.74 billion yuan in Q1 2024 [1] - Operating revenue increased by 10.89% to 16.29 billion yuan in Q1 2025, compared to 14.69 billion yuan in Q1 2024 [1] - The return on equity (ROE) decreased to 0.85% in Q1 2025 from 2.27% in Q1 2024, reflecting a decline of 62.56% [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 46,515.73 million shares, accounting for 63.77% of the circulating shares, with a change of 334,300 shares from the previous period [1] - China National Chemical Corporation holds the largest share with 41,943.55 million shares, representing 57.50% of the total share capital [2] - The shareholding of Su Jide increased by 32.43 million shares, bringing his total to 252.50 million shares, which is 0.35% of the total [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Group 1 - The core viewpoint is that Chinese tire companies are accelerating their overseas factory layout, expanding from Southeast Asia to diversified markets such as Europe, North America, and Africa, transitioning from scale expansion to value creation [1][2] - The average import price of semi-steel tires in the U.S. for 2024 is projected to be $62 per tire, with those from Thailand, Cambodia, and Vietnam averaging $40 per tire. The average import price for all-steel tires is $117 per tire, with those from Cambodia and Vietnam averaging around $80-85 per tire [2][3] - The imposition of a 25% tariff may further widen the price gap between Chinese tires and those from North America and Japan, thereby solidifying cost advantages for Chinese manufacturers [2][3] Group 2 - The new 25% tariff on passenger car and light truck tires under Section 232 may not significantly reduce the cost advantage of tires imported from low-cost regions compared to high-cost regions [2][3] - Historical data indicates that tariffs have not effectively increased domestic tire production in the U.S. due to high labor costs, significant investment requirements, and long construction periods [4] - The high-end market for tires presents a significant opportunity for Chinese manufacturers, allowing them to escape low-end competition and enhance profitability in markets outside the U.S. [5] Group 3 - Recommended stocks include Sailun Tire (601058.SH), Senking (002984.SZ), Linglong Tire (601966.SH), General Shares (601500.SH), Triangle Tire (601163.SH), Guizhou Tire (000589.SZ), and Wind God Shares (600469.SH) [6]

Investment Rating - The investment rating for the company is "Neutral-B" [1][5]. Core Views - The company achieved a total operating revenue of 6.708 billion yuan in 2024, representing a year-on-year increase of 16.89%. However, the net profit attributable to shareholders decreased by 19.47% to 281 million yuan, primarily due to rising raw material costs [4][5]. - The company is focusing on special tires, with a significant project for high-performance giant engineering radial tires expected to enhance its competitive edge and product structure [4][5]. Financial Performance Summary - In 2024, the company reported total operating revenue of 67.08 billion yuan, up 16.89% year-on-year, while the net profit attributable to shareholders was 2.81 billion yuan, down 19.47% year-on-year [4]. - The tire business generated revenue of 64.82 billion yuan, a 15.25% increase year-on-year, with a gross margin of 17.37%, down 1.37 percentage points due to a 7.30% rise in average raw material costs [4]. - The company produced 5.656 million tires, a 20.92% increase year-on-year, and sold 5.549 million tires, a 16.97% increase year-on-year [4]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 310 million yuan, 450 million yuan, and 670 million yuan, respectively, with corresponding price-to-earnings ratios of 13, 9, and 6 times [5]. - The company is expected to benefit from the completion of the 20,000-unit high-performance giant tire expansion project, which will diversify its special tire product matrix and drive future growth [5].

公司近一年市场表现 市场数据：2025 年 4 月 21 日 王金源 邮箱：wangjinyuan@sxzq.com | 收盘价（元）： | 5.32 | | --- | --- | | 年内最高/最低（元）： | 7.51/4.72 | | 流通A股/总股本（亿）： | 5.61/7.29 | | 流通 A 股市值（亿）： | 29.83 | | 总市值（亿）： | 38.81 | 基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 0.39 | | --- | --- | | 摊薄每股收益(元)： | 0.39 | | | 8.55 | | 每股净资产(元)： | 4.50 | | 净资产收益率(%)： | | 资料来源：最闻 分析师： 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 研究助理： 轮胎 风神股份（600469.SH） 中性-B(下调) 2024 年产销大幅增长，原材料上涨导致盈利水平下滑 2025 年 4 月 22 日 公司研究/公司快报 事件描述 4 月 17 日，公司发布《2024 年度公告》，2024 年实现营业总 ...