Core Viewpoint - The State Intellectual Property Office of China has granted a patent to Pulin Chengshan (Shandong) Tire Co., Ltd. for a composite material made of fluororubber and aramid fiber, along with its preparation method [1] Group 1 - The patent is titled "A Fluororubber Aramid Fiber Composite Material and Its Preparation Method" [1] - The patent authorization announcement number is CN120944261B [1] - The application date for the patent was September 2025 [1]

Summary of Tire Industry Conference Call Industry Overview - The tire industry is experiencing significant growth opportunities, particularly for domestic brands in the global market. Current market share for domestic brands in major markets like Europe and North America is around 15%, with substantial room for growth as they aim to replace foreign brands in the lower-tier segments [1][3][11]. Key Insights - **Market Share Growth**: Domestic tire brands are expected to increase their market share significantly by 2026, particularly in high-end segments, where they aim to capture over 50% of the market [2][3]. - **Global Expansion**: Leading domestic tire companies are accelerating their global expansion strategies, establishing production capacities in regions outside Southeast Asia to mitigate trade risks and enhance performance certainty [1][6][20]. - **Profitability**: Domestic tire companies exhibit strong profitability, with net profit margins around 10% and ROE exceeding 20%. Non-road tire products have gross margins as high as 40%-50% [1][23]. Market Dynamics - **Trade Policies**: Changes in trade policies in Europe and the U.S. are creating both challenges and opportunities for domestic tire manufacturers. The ability to adapt to these changes is crucial for maintaining competitiveness [6][17]. - **Cost Pressures**: Global automotive manufacturers are under significant cost-cutting pressures, which may benefit domestic tire companies due to their competitive pricing and cost structure [15][18]. Future Projections - **Valuation Potential**: The tire sector is currently valued at approximately 10 times earnings, with potential to rise to 15-20 times as growth prospects improve and trade disruptions lessen [24][25]. - **High-End Market Penetration**: By 2027, domestic brands are projected to achieve over 60% market share in the domestic semi-steel tire segment, driven by advancements in high-end model supply [21]. Company-Specific Insights - **ZC Rubber**: Anticipated to significantly increase production capacity by 2026, with a focus on high-end model supply [26]. - **Sailun**: Maintains a strong overseas presence, with plans to expand production in Indonesia and Mexico, while enhancing its high-end model offerings [27]. - **Sime Darby**: Focused on semi-steel tire production, with plans to enhance profitability through new capacity in Morocco [28]. - **Linglong Tire**: Aims to shift focus from low-end to high-end models to improve profitability [29]. - **Princeton**: Currently undervalued but expected to see valuation improvements with new production coming online in Malaysia [30]. Conclusion - The tire industry is poised for significant growth, driven by domestic brands' increasing market share, global expansion strategies, and strong profitability metrics. The evolving trade landscape and cost pressures on global manufacturers present both challenges and opportunities for domestic players. The overall outlook for the industry remains positive, with substantial potential for valuation increases in the coming years.

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浦林成山控股有限公司（「本公司」） 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01809 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | 0.00005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | 0.00005 | USD | | 50,000 | 本月底法定/註冊股本總額： USD ...

Core Viewpoint - The article highlights the recognition of Pulin Chengshan (1809.HK) as an "Outstanding High-end Manufacturing Enterprise" in the 2025 "Golden Grid Award" list, showcasing its transformation capabilities in the tire manufacturing sector and its competitive edge in the global market [1][3]. Group 1: High-end Manufacturing Competitiveness - High-end manufacturing is defined by technological innovation, smart manufacturing, and green manufacturing, which are essential for industry upgrades and sustainability [5]. - Pulin Chengshan has established a global innovation network with R&D centers in various regions, focusing on high-performance and high-value tire products [5]. - The company has developed unique technologies such as Silenteck® for noise reduction and Healteck® for self-healing, addressing specific market needs in both passenger and commercial vehicle segments [6]. Group 2: Smart Manufacturing and Efficiency - The company is advancing automation and digitalization in its factories, leading to improved production efficiency and cost control [6]. - The Malaysian factory serves as a benchmark for smart manufacturing, integrating digital management across the production process [6]. - Ongoing projects, such as the green intelligent factory in Shandong, aim to enhance low-energy production methods and support the development of high-performance, low-carbon tires [7]. Group 3: Green Manufacturing Initiatives - Pulin Chengshan has implemented a comprehensive green manufacturing system that spans the entire product lifecycle, from raw material sourcing to recycling [7]. - The company promotes sustainable material usage and resource efficiency through smart factory management and recycling networks [7]. Group 4: Financial Performance and Market Position - The company has shown steady financial improvement, with a three-year compound annual growth rate (CAGR) of 13.34% in revenue and 68.07% in net profit from 2022 to 2024 [9]. - Despite industry challenges, Pulin Chengshan maintains a strong return on equity (ROE) of 7.64% and return on assets (ROA) of 4.61% in the first half of 2025, outperforming industry averages [9]. - The company's current price-to-earnings (PE) ratio is 4.59 and price-to-book (PB) ratio is 0.67, indicating a low valuation compared to industry peers, suggesting potential for valuation recovery [9]. Group 5: Future Growth Potential - The high-end manufacturing capabilities of Pulin Chengshan are expected to be recognized by the market, driven by the increasing demand for high-performance tires in the electric vehicle sector and the company's global capacity expansion [11]. - The current undervaluation presents a strategic opportunity for long-term investment in the company's growth [11].

Core Viewpoint - The article highlights the recognition of Pulinsongshan (1809.HK) as an "Outstanding High-end Manufacturing Enterprise" in the 2025 "Golden Grid Award" list, showcasing its transformation and competitiveness in the tire manufacturing industry [1][3]. Group 1: High-end Manufacturing Competitiveness - Pulinsongshan's core competitiveness in high-end manufacturing is driven by technological innovation, smart manufacturing, and green manufacturing [5][7]. - The company has established a global innovation network with R&D centers in various regions, focusing on high-performance and high-value tire products [5]. - Specific technological advancements include unique noise reduction technology (Silenteck®) and self-healing technology (Healteck®) for passenger vehicles, as well as green low rolling resistance technology for commercial vehicles [6]. Group 2: Smart Manufacturing and Efficiency - Pulinsongshan is advancing automation, digitization, and smart manufacturing in its factories, leading to improved production efficiency and cost control [6]. - The Malaysian factory serves as a benchmark for smart manufacturing, integrating digital management and efficient collaboration across production processes [6]. Group 3: Green Manufacturing Initiatives - The company has developed a comprehensive green manufacturing system that spans the entire product lifecycle, including sustainable material use and tire recycling networks [7]. - Smart factories enhance resource utilization through refined management and recycling efforts, aligning with global sustainability trends [7]. Group 4: Financial Performance and Market Position - Pulinsongshan has shown steady financial improvement, with a three-year compound annual growth rate (CAGR) of 13.34% in revenue and 68.07% in net profit from 2022 to 2024 [9]. - The company's return on equity (ROE) and return on assets (ROA) for the first half of 2025 were 7.64% and 4.61%, respectively, both exceeding industry averages [9]. - The current price-to-earnings (PE) ratio is 4.59, and the price-to-book (PB) ratio is 0.67, indicating a low valuation compared to industry peers, suggesting potential for valuation recovery [9]. Group 5: Future Growth Potential - The high-end manufacturing capabilities are expected to enhance market competitiveness and profitability, with a focus on the growing demand for high-performance tires driven by the development of the electric vehicle industry [10]. - The global capacity expansion and technological advancements are anticipated to further solidify Pulinsongshan's market position and valuation recovery [10].

Investment Rating - The report provides a positive investment outlook for the tire industry, highlighting significant growth potential and opportunities for domestic tire manufacturers to capture market share from foreign brands [1]. Core Insights - The report emphasizes a substantial replacement opportunity in the tire market, particularly for domestic brands, as they currently hold only 30% market share domestically and 20% internationally. The potential for growth is driven by the increasing demand for cost-effective and high-quality products [3][17]. - The analysis indicates that the tire industry is expected to experience a "Davis double" effect in 2026, where both volume and pricing are anticipated to rise, leading to improved profitability for leading domestic tire manufacturers [3][25]. - The report outlines a multi-faceted approach to market dynamics, focusing on long-term replacement potential, mid-term supply-demand tracking, and short-term monitoring of key variables such as production capacity and cost factors [6][20]. Summary by Sections Research Framework - The long-term perspective indicates a significant replacement space for domestic tire manufacturers, with a focus on supply-demand dynamics and key variables to monitor [6]. 2025 Marginal Changes - The report discusses how changes in trade policies in 2025 will enhance the cost advantages of domestic manufacturers, allowing them to capture more market share from foreign competitors [25]. 2026 Core Changes - It is projected that 2026 will mark a breakthrough year for high-end tire supply, with domestic manufacturers expected to increase their market share in premium segments significantly [25][29]. Stock Recommendations and Focus - The report recommends several domestic tire companies, including Zhongce Rubber, Sailun, and Linglong, while also suggesting to monitor others like Haian Rubber and Triangle for potential investment opportunities [3][29].

Group 1 - The "Annual Outstanding High-end Manufacturing Enterprises" award recognizes companies that have made significant achievements in intelligent, green, and service-oriented development within the high-end manufacturing sector [4] - The award selection process involved comprehensive analysis from technical, value, and industrial perspectives, utilizing quantitative data analysis and expert review [4] - Six companies, including Pulinhengshan (01809.HK), Chery Automobile (09973.HK), Seres (601127.SH/09927.HK), Sutech (02498.HK), Innolux (02577.HK), and China Construction Industry (00830.HK), were honored with the award [1][4] Group 2 - The "Golden Grid Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including Hong Kong, Shanghai, Shenzhen, New York, and NASDAQ [4] - The initiative is driven by the vision of "global perspective, betting on China" [4]

Economic Overview - Thailand's GDP growth has been highly volatile, with an average annual growth rate of 8.2% from 1960-1970, but slowing to 2.5% by 2024, below the global average of 2.9%[6][7]. - Thailand's GDP was approximately $526.4 billion in 2024, down from a peak of around $540 billion in 2019, and its global GDP share has decreased to about 0.47%[7][12]. Economic Drivers - The economy is primarily driven by manufacturing and tourism, with the service sector contributing nearly 60% to GDP and tourism accounting for about 20%[14][29]. - Manufacturing, particularly in automotive and electronics, remains a key sector, with Thailand being the largest automotive producer and exporter in Southeast Asia[24][18]. Challenges and Opportunities - Thailand's economy is facing stagnation, with a reliance on low-value manufacturing and tourism, leading to a need for industrial upgrades[35][38]. - The tourism sector has not fully recovered post-pandemic, with visitor numbers at 290 million in 2025, down 17.8% from 2019 levels[38][39]. Policy Responses - The Thai government has introduced various policies to stimulate tourism and manufacturing, including tax incentives and promotional campaigns aimed at attracting international visitors[48][51]. - Efforts are being made to enhance the electric vehicle sector and promote high-tech investments, particularly from China, which has become a significant source of foreign direct investment (FDI) in Thailand[60][63]. Trade Relations - Thailand's trade with China has significantly increased, with total trade volume rising from around $10 billion to approximately $13 billion in 2025[56][61]. - The U.S.-Thailand trade framework has been updated, with Thailand eliminating tariffs on 99% of U.S. goods, while the U.S. maintains a 19% tariff on Thai products[55][56].

Core Viewpoint - The Automechanika Dubai 2025 exhibition showcases the latest advancements in automotive parts, technology, and services, with a focus on the product offerings of Pulins and Chengshan in the commercial, passenger, and specialty tire sectors [1][13]. Group 1: Company Highlights - Pulins Chengshan presented four brands: PRINX, Chengshan, Austone, and Fortune, highlighting their product layout in commercial, passenger, and specialty tires [3][12]. - The exhibition attracted numerous new and existing customers, facilitating communication and collaboration opportunities [14]. Group 2: Product Innovations - In the commercial vehicle segment, the Austone AAM619H features structural design improvements for enhanced durability and wear resistance [5][16]. - The Chengshan D20 XFENDER PRO incorporates exclusive technologies, offering high load capacity, long mileage, and low heat generation [5][17]. - The Fortune RegioDrive 01 utilizes a new tread design and formulation to extend tire lifespan, while the ELD11 loader tire is designed for complex mining conditions, providing excellent load and traction performance [6][19]. Group 3: Future Developments - Pulins Chengshan is constructing a non-road tire project in Shandong to fill the gap in the domestic high-end engineering tire market [8][19]. - In the passenger vehicle sector, the Fortune TORMENTA A/T2 features a new formulation and design to enhance off-road and wear resistance, while the Pulins AQUILA REV excels in wet braking and handling [8][19]. - The Pulins Colorful Elf series employs Silenteck® sound-absorbing technology and dual anti-aging technology, offering aesthetic appeal alongside noise reduction and aging resistance [10][21]. - The company aims to leverage a global production layout across China, Thailand, and Malaysia to enhance global supply chain collaboration and strengthen international competitiveness through technological innovation and a quality product matrix [10][21].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浦林成山控股有限公司（「本公司」） 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01809 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 638,645,000 | | 0 | | 638,645,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 638,645,000 | | 0 | | 638,645,000 | 第 2 頁 共 11 頁 v 1.1.1 III. ...