Group 1 - Agricultural Bank of China (ABC) Weihai Branch is supporting the green transformation of Pulinhengshan (Shandong) Tire Co., Ltd., which is the only enterprise in Weihai selected for financial support in green low-carbon transformation [1] - The new non-road tire project is expected to save 5.3517 million kWh of electricity and reduce carbon dioxide emissions by 3,430.44 tons annually, showcasing significant achievements in green transformation [1] - ABC Weihai Branch has approved a project credit of 600 million yuan for the company, with an initial disbursement of 52.34 million yuan to support equipment upgrades and green transformation [1] Group 2 - ABC Weihai Branch prioritizes green finance as one of its three main strategies, aiming for green loan growth to exceed overall loan growth [2] - As of September 2025, the green credit balance of ABC Weihai Branch is expected to reach 17.481 billion yuan, an increase of 3.924 billion yuan from the beginning of the year [2] - The bank plans to enhance cooperation with government entities and establish a green project information database to improve financing efficiency [2]

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9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10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 ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Prinx Chengshan, including its business scope, vision, corporate governance structure, and listing details [Company Overview and Vision](index=3&type=section&id=Company%20Overview%20and%20Vision) Prinx Chengshan is a leading Chinese tire enterprise focused on design, R&D, manufacturing, and sales, with production bases in Shandong and Thailand, offering a multi-brand product portfolio - Prinx Chengshan is one of China's most influential tire enterprises, specializing in tire design, R&D, manufacturing, and sales, with two major production bases in Shandong and Thailand[5](index=5&type=chunk) - The company currently operates four brands: Prinx, Chengshan, Austone, and Fortune, with products covering passenger, commercial, industrial, agricultural, and some special vehicle tires[5](index=5&type=chunk) - The company's vision and mission are "leading tire innovation, contributing to intelligent mobility and sustainable development, and achieving a better life," with core values of "customer first, responsibility, focus and professionalism, innovation and openness"[7](index=7&type=chunk) [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by audit, nomination and remuneration, and development strategy and risk management committees to ensure sound corporate governance - Board members include Mr. Che Baozhen (CEO), Mr. Shi Futao, Mr. Jiang Xizhou as executive directors; Mr. Che Hongzhi (Chairman), Mr. Shao Quanfeng, Ms. Wang Ning as non-executive directors; and Mr. Jin Qingjun, Mr. Cai Zijie, Mr. Wang Chuansheng as independent non-executive directors[8](index=8&type=chunk) - The company has an Audit Committee (Chairman Mr. Cai Zijie), a Nomination and Remuneration Committee (Chairman Mr. Jin Qingjun), and a Development Strategy and Risk Management Committee (Chairman Mr. Che Hongzhi)[8](index=8&type=chunk) [Company Contact and Listing Information](index=5&type=section&id=Company%20Contact%20and%20Listing%20Information) This section provides essential contact and listing information, including the company's registered office, authorized representatives, company secretary, legal advisors, share registrar, auditor, website, stock code, principal bankers, and listing date - The company's stock code is **1809**, listed on the Hong Kong Stock Exchange on **October 9, 2018**[9](index=9&type=chunk) - Principal bankers include Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of China (Hong Kong) Limited, and The Hongkong and Shanghai Banking Corporation Limited[9](index=9&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) This section summarizes the company's key financial performance and position, including income statement, balance sheet, and major financial indicators [Condensed Consolidated Interim Income Statement Highlights](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Income%20Statement%20Highlights) For the six months ended June 30, 2025, revenue increased by 6.4% year-on-year to RMB 5,705.2 million, but profit for the period decreased by 37.4% to RMB 507.6 million, primarily due to a decline in gross margin Condensed Consolidated Interim Income Statement Highlights (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 5,705,196 | 5,363,381 | +6.4% | | Profit before income tax | 502,476 | 892,300 | -43.7% | | Profit for the period | 507,646 | 811,426 | -37.4% | | Profit attributable to owners of the Company | 507,631 | 811,419 | -37.4% | [Condensed Consolidated Assets, Liabilities and Non-controlling Interests Highlights](index=6&type=section&id=Condensed%20Consolidated%20Assets,%20Liabilities%20and%20Non-controlling%20Interests%20Highlights) As of June 30, 2025, the company's total assets slightly increased, total liabilities decreased, and equity attributable to shareholders grew steadily, indicating a robust financial structure Condensed Consolidated Assets, Liabilities and Non-controlling Interests Highlights (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Total assets | 10,984,224 | 10,654,682 | +3.1% | | Total liabilities | (4,245,832) | (4,575,892) | -7.2% | | Equity attributable to owners of the Company | 6,738,458 | 6,078,895 | +10.9% | [Key Financial Indicators](index=7&type=section&id=Key%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 6.4% year-on-year, but net profit, gross margin, net margin, and EBITDA all experienced significant declines, reflecting pressure on profitability Key Financial Indicators for the six months ended June 30, 2025 | Indicator | H1 2025 | Year-on-year Change | | :--- | :--- | :--- | | Operating Revenue | RMB 5,705.2 million | +6.4% | | Net Profit | RMB 507.6 million | -37.4% | | Gross Margin | 16.6% | -8.0pct | | Net Margin | 8.9% | -6.2pct | | EBITDA | RMB 791.0 million | -33.8% | | Earnings Per Share - Basic | RMB 0.80 | -37.0% | [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, financial position, and future strategies, covering market dynamics, business reviews, and risk factors [Business Review and Outlook](index=8&type=section&id=Business%20Review%20and%20Outlook) In H1 2025, the Chinese tire industry faced challenges from new energy transformation, international trade friction, and raw material price volatility, showing structural differentiation; the company actively responded through innovation, supply chain optimization, channel expansion, multi-brand strategy, new sales models, capacity expansion, R&D investment, organizational management, and intelligent manufacturing, integrating ESG into its development strategy [Industry Dynamics](index=8&type=section&id=Industry%20Dynamics) In H1 2025, the Chinese tire industry experienced structural differentiation due to new energy transformation, international trade friction, and green policies; domestic auto production and sales grew, but tire output slowed, while exports increased but faced profit pressure from rising logistics costs and trade barriers - In H1 2025, China's automobile production and sales reached **15.621 million** and **15.653 million** vehicles, respectively, a year-on-year increase of **12.5%** and **11.4%**, but tire production growth slowed[17](index=17&type=chunk) - Tire exports reached **349 million units** (year-on-year +5.5%), with an export value of **RMB 83.45 billion** (year-on-year +4.9%), but profit margins were under pressure due to raw material price fluctuations and global trade barriers[17](index=17&type=chunk) - New energy vehicle production and sales reached **6.968 million** and **6.937 million** units, respectively, a year-on-year increase of **41.4%** and **40.3%**, with a penetration rate of **44.3%**, significantly boosting demand for specialized tires such as low rolling resistance and high load capacity[19](index=19&type=chunk) - The Red Sea crisis led to an **11.43%** year-on-year increase in intra-Asia shipping freight rates, while the US imposed a **25%** tariff on imported passenger and light truck tires, and the EU initiated anti-dumping investigations, exacerbating international trade uncertainty[21](index=21&type=chunk) [Operational Review](index=9&type=section&id=Operational%20Review) During the reporting period, the Group's total tire sales increased by 2.8% year-on-year, and operating revenue grew by 6.4%; however, gross profit, profit attributable to owners of the Company, and EBITDA all significantly declined, mainly due to rising costs and intensified market competition, with strong growth in international distributor and direct sales to automakers channels, while domestic distributor channel revenue decreased 2025 H1 Operational Data | Indicator | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Total tire sales | 14.1 million units | 13.7 million units | +2.8% | | All-steel radial tire sales | 3.9 million units | 4.05 million units | -3.8% | | Semi-steel radial tire sales | 10.0 million units | 9.46 million units | +5.7% | | Bias tire sales | 0.2 million units | 0.19 million units | +2.3% | | Operating revenue | RMB 5,705.2 million | RMB 5,363.4 million | +6.4% | | Gross profit | RMB 947.5 million | RMB 1,320.5 million | -28.2% | | Profit attributable to owners of the Company | RMB 507.6 million | RMB 811.4 million | -37.4% | | EBITDA | RMB 791.0 million | RMB 1,195.8 million | -33.8% | | EBITDA margin | 13.9% | 22.3% | -8.4pct | 2025 H1 Operating Revenue by Channel | Channel | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Domestic distributors | 1,017.3 | 1,244.6 | -18.3% | | International distributors | 3,895.8 | 3,511.9 | +10.9% | | Direct sales to automakers | 791.7 | 606.9 | +30.5% | - All-steel radial tires and semi-steel radial tires accounted for approximately **55.3%** and **43.2%** of tire revenue, respectively[23](index=23&type=chunk) - Revenue from Shandong and Thailand production bases accounted for approximately **61.6%** and **38.4%** of tire revenue, respectively[23](index=23&type=chunk) [Innovation-Driven Intelligent Manufacturing Upgrade, Lean Empowerment for Efficiency Leap](index=10&type=section&id=Innovation-Driven%20Intelligent%20Manufacturing%20Upgrade,%20Lean%20Empowerment%20for%20Efficiency%20Leap) The Group continuously promotes intelligent transformation and deepens its lean production model, significantly improving factory site management standardization and internal operational efficiency through Lean Six Sigma projects and rationalization suggestions - The Group has completed **97 Lean Six Sigma projects** and implemented **3,456 rationalization suggestions** in H1 2025, effectively enhancing factory site management standardization and internal operational efficiency[26](index=26&type=chunk) [Continuous Optimization of Supply Chain System, Enhancing Operational Efficiency](index=10&type=section&id=Continuous%20Optimization%20of%20Supply%20Chain%20System,%20Enhancing%20Operational%20Efficiency) The company optimizes end-to-end supply chain management with digitalization and intelligence at its core, advancing the Shandong company's semi-steel tire fully automated logistics project, expected to increase daily sorting and caging capacity to over 30,000 units, while strengthening supply chain resilience and sustainability by expanding quality supplier resources and promoting the EcoVadis assessment system - The Shandong company's semi-steel tire fully automated logistics project has entered the commissioning phase, with an expected daily sorting and caging capacity increase to over **30,000 units**[27](index=27&type=chunk) - The Group began promoting the application of EcoVadis (Corporate Social Responsibility assessment system) within its supplier system in 2025, strengthening supply chain resilience and sustainable development capabilities[28](index=28&type=chunk) [Optimizing Channel Layout, Achieving Dual Growth in Sales and Revenue](index=11&type=section&id=Optimizing%20Channel%20Layout,%20Achieving%20Dual%20Growth%20in%20Sales%20and%20Revenue) The Group's overall sales and revenue increased year-on-year, with strong performance in international distributor and direct sales to automakers channels, while domestic distributor channel revenue decreased due to weak market demand; the company continues to optimize its channel network and increase market share through innovative business models, diversified marketing strategies, and overseas market expansion - Domestic distributor channel operating revenue decreased by **18.3%** year-on-year to **RMB 1,017.3 million**, mainly due to weak demand in the domestic commercial vehicle tire replacement market, high inventory pressure, and intensified price competition[31](index=31&type=chunk) - International marketing achieved operating revenue increase of **10.9%** year-on-year to **RMB 3,895.8 million**, with **21 new overseas distributors** developed and successful development of supporting projects for SAIC MG and Changan Automobile[33](index=33&type=chunk) - Direct sales to automakers operating revenue increased by **30.5%** year-on-year to **RMB 791.7 million**, benefiting from the rapid growth of the domestic new energy commercial vehicle market and the expansion of the automotive export market[37](index=37&type=chunk) - The "Lighthouse e-Station" business model was launched in the domestic commercial vehicle tire replacement market, with a total of **7,627 stores**, contributing **30%** of total sales in the domestic commercial vehicle tire replacement channel[30](index=30&type=chunk) - For passenger car tire replacement sales, **14 new first-tier distributors** were developed, **1,161 new stores** were added, the proportion of **17-inch and larger products increased to 49%**, and online platform sales grew by **37%** year-on-year[31](index=31&type=chunk) [Multi-Brand, Differentiated Brand Strategy](index=15&type=section&id=Multi-Brand,%20Differentiated%20Brand%20Strategy) The Group adheres to a multi-brand, differentiated strategy, significantly enhancing brand awareness and market influence through global channel image renewal, new media matrix construction, international social media communication, diversified brand activities, and AI tool application, with brand value increasing by 28% year-on-year - The Group's brand value reached **RMB 3.94 billion** (2024: RMB 3.079 billion), a year-on-year increase of **28%**[51](index=51&type=chunk) - The domestic new media matrix's total fan base exceeded **540,000**, a **10%** increase quarter-on-quarter, with content exposure nearing **80 million** views, a **273%** year-on-year increase[40](index=40&type=chunk) - Austone and Fortune brands sponsored the FIA European Truck Racing Championship, Prinx brand continued its partnership with the USL, and Fortune brand sponsored the USA Pickleball Association and the North American Ice Hockey League[51](index=51&type=chunk) - Jointly launched Prinx "Colorful Elf" series colored tires with Xiaomi Auto and JD.com, with total exposure on Xiaomi Community exceeding **22.2 million** and JD.com live stream viewership exceeding **210,000**[43](index=43&type=chunk) [Innovative Sales Model](index=19&type=section&id=Innovative%20Sales%20Model) The Group's "Zhi'anda" tire leasing model integrates digital products and services to provide vehicle owners with a "tire leasing + intelligent maintenance" one-stop solution, introducing fuel-efficient tire technology, achieving steady growth in customer numbers and service revenue - The "Zhi'anda" tire leasing model offers a "tire leasing + intelligent maintenance" one-stop solution, with over **4,000 national mobile rescue points** deployed[53](index=53&type=chunk) - During the reporting period, "Zhi'anda" customer numbers and service revenue both achieved steady growth, with continuous improvement in market recognition[53](index=53&type=chunk) [Production Capacity](index=19&type=section&id=Production%20Capacity) The Group's Shandong and Thailand production bases have established stable all-steel and semi-steel radial tire capacities, maintaining high utilization rates in H1 2025; the company has initiated construction of the Shandong Off-The-Road (OTR) tire project and expects to launch the Malaysia tire production base project in Q3 2025 to expand its global capacity layout Tire Production Base Capacity and Utilization Rate (H1 2025) | Base | Product Category | Annual Capacity (ten thousand units) | Capacity Utilization (H1 2025) | Capacity Utilization (H1 2024) | | :--- | :--- | :--- | :--- | :--- | | Shandong | All-steel radial tires | 740 | 91.5% | 86.3% | | Shandong | Semi-steel radial tires | 1,153 | 95.3% | 96.5% | | Thailand | All-steel radial tires | 200 | 84.9% | 89.3% | | Thailand | Semi-steel radial tires | 1,000 | 98.9% | 97.6% | - The Shandong Off-The-Road (OTR) tire project commenced construction in Q2 2025, with planned capacity of **84,000 high-performance engineering radial tires/year** and **10,000 giant engineering radial tires/year**, expected to reach a design capacity of **50,000 tons/year OTR** by 2029, with an annual output value of approximately **RMB 1 billion**[54](index=54&type=chunk) - The Malaysia tire production base project is expected to launch in Q3 2025, with planned capacity of **600,000 all-steel radial tires/year** and **6 million semi-steel radial tires/year**, with an estimated annual output value of approximately **USD 270 million** upon reaching full capacity[54](index=54&type=chunk) [Increased R&D Investment, Committed to Innovation](index=20&type=section&id=Increased%20R%26D%20Investment,%20Committed%20to%20Innovation) The Group continuously increases investment in technological innovation, leveraging national-level technology centers and other platforms, with digitalization and intelligence at its core, completing 341 new product development projects, successfully launching the "Colorful Elf" series colored tires and studded tires, and increasing the application ratio of bio-based and recycled materials; as of the end of the reporting period, it had accumulated 498 intellectual property rights - During the reporting period, the Group completed **341 new product development projects**, successfully launching the "Colorful Elf" series colored tires and studded tires[55](index=55&type=chunk) - As of the end of the reporting period, the Group had accumulated **498 intellectual property rights**, including **26 invention patents**, **292 utility model patents**, and **180 design patents**[55](index=55&type=chunk) [Organizational Management and Corporate Culture Building](index=21&type=section&id=Organizational%20Management%20and%20Corporate%20Culture%20Building) The Group optimizes its organizational structure and promotes business digitalization to enhance internal efficiency and innovation capabilities, while prioritizing talent acquisition and development, fostering an inclusive corporate culture, and emphasizing cultural integration in international business expansion to create a results-oriented, diverse international operating environment - The Group has reshaped business processes and broken down departmental collaboration barriers, achieving accelerated operational processes, improved operational efficiency, and enhanced business and service quality[59](index=59&type=chunk) - The Group deeply cultivates corporate culture, encouraging employees to transform into versatile and innovative talents, and adheres to the principles of "full communication, respect and inclusiveness, smooth transition, and learning from innovation" in international business[59](index=59&type=chunk) [Intelligent Manufacturing and Informatization Construction](index=21&type=section&id=Intelligent%20Manufacturing%20and%20Informatization%20Construction) The Group continuously advances intelligent manufacturing and digital transformation, achieving key results in MES system implementation, energy management, APS scheduling, LIMS laboratory management, and EAM equipment management, and deepening AI technology application in X-ray inspection, appearance inspection, knowledge base platforms, and automated cost systems, significantly improving production efficiency and quality management - The air spring Manufacturing Execution System (MES) full module implementation is complete, the Shandong company's energy management system construction is largely finished, and the Production Planning and Scheduling (APS) system has made phased progress[62](index=62&type=chunk) - The accuracy of the all-steel X-ray AI inspection system and semi-steel appearance AI inspection system has further improved, and the automated cost system now covers all key processes for all-steel and semi-steel tires[62](index=62&type=chunk) - The Group is comprehensively promoting the construction of the ISO 27001 information security management system, aiming to systematically enhance information security assurance capabilities[63](index=63&type=chunk) [New Products](index=23&type=section&id=New%20Products) Leveraging its global R&D system, the Group successfully launched 354 innovative products, including 47 all-steel radial tires and 307 semi-steel radial tires, enriching its product line and strengthening market competitiveness; R&D focuses on low rolling resistance, wear resistance, load performance, new energy low rolling resistance, and high-end customization needs, while expanding into niche markets such as snow tires, off-road tires, and electric vehicle tires - The Group successfully launched **354 innovative products**, including **47 all-steel radial tires** and **307 semi-steel radial tires**[64](index=64&type=chunk) - The all-steel series primarily focuses on enhancing low rolling resistance, wear resistance, and load performance, while the semi-steel product line targets new energy low rolling resistance and high-end customization needs[64](index=64&type=chunk) - For passenger car tires, Chengshan series snow tires and studded products were launched in Europe, TREKMAN AT01 off-road products and "Colorful Elf" series colored tires were launched domestically, and Prinx/Fortune off-road products were launched in North America[66](index=66&type=chunk) - In the commercial vehicle tire sector, ED21/EA06 electric vehicle specific products were introduced, and AR612/ADR622 regional transport product combinations were developed for the international market, completing the snow tire product series[67](index=67&type=chunk) Total Product Sales and New Product Sales During the Reporting Period | Product Category | New Product Sales (ten thousand units) | Total Sales (ten thousand units) | New Product Sales as % of Total Sales | | :--- | :--- | :--- | :--- | | All-steel radial tires | 144.8 | 393.8 | 36.8% | | Semi-steel radial tires | 341.4 | 998.7 | 34.2% | | Bias tires | 0.3 | 22.3 | 1.3% | | **Total** | **486.5** | **1,414.8** | **34.4%** | [Promoting Environmental, Social and Governance ("ESG") and Sustainable Development](index=25&type=section&id=Promoting%20Environmental,%20Social%20and%20Governance%20(%22ESG%22)%20and%20Sustainable%20Development) The Group has integrated ESG matters into the responsibilities of its Development Strategy and Risk Management Committee, forming a three-tier management system of "Board decision-making—Committee oversight—Chief Sustainability Officer execution"; in January 2025, it received a bronze medal in its first EcoVadis rating and actively engaged in community participation in Thailand - The Group has established a three-tier ESG management system: "Board decision-making—Committee oversight—Chief Sustainability Officer execution"[70](index=70&type=chunk) - In January 2025, the Group received a **bronze medal** in its first EcoVadis rating, successfully ranking among the **top 35%** of global outstanding enterprises[70](index=70&type=chunk) - The Group actively engaged in community participation in Thailand, including attending village meetings, donating supplies, and presenting gifts to schools[70](index=70&type=chunk) [Business Strategy and Outlook](index=25&type=section&id=Business%20Strategy%20and%20Outlook) Facing a complex market environment, the Group adheres to its core strategy of "cost leadership, efficiency-driven, differentiated competition, and global operations," aiming for high-quality development by deepening cost control, strengthening technological R&D, implementing a "product + service" dual-driven approach, upgrading its globalization strategy, and accelerating digital transformation to seize growth opportunities from new energy vehicles and the "Belt and Road" initiative - The Group adheres to the core strategy of "cost leadership, efficiency-driven, differentiated competition, and global operations"[72](index=72&type=chunk) - Future strategic directions include deepening cost control, strengthening technological R&D, implementing a "product + service" dual-driven approach, upgrading the globalization strategy, and accelerating digital transformation[74](index=74&type=chunk) - The explosive growth of the new energy vehicle industry and accelerated infrastructure construction in "Belt and and Road" countries present structural growth opportunities for the tire industry[73](index=73&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group's revenue increased by 6.4% year-on-year, driven primarily by growth in semi-steel radial tire revenue and direct sales to automakers; however, increased cost of sales led to significant declines in gross profit and operating profit, with profit for the period decreasing by 37.4% year-on-year [Revenue](index=27&type=section&id=Revenue) The Group's revenue for the six months ended June 30, 2025, was RMB 5,705.2 million, a year-on-year increase of 6.4%; semi-steel radial tire revenue grew significantly by 11.6%, while all-steel radial tire revenue increased by 3.0%, and bias tire revenue decreased by 8.4%; international distributor channel and direct sales to automakers channel revenues increased by 10.9% and 30.5% respectively, while domestic distributor channel revenue decreased by 18.3% Sales Revenue by Product Category (For the six months ended June 30) | Product Category | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | All-steel radial tires | 3,156,265 | 3,063,104 | +3.0% | | Semi-steel radial tires | 2,461,608 | 2,205,359 | +11.6% | | Bias tires | 86,980 | 94,918 | -8.4% | | **Total** | **5,705,196** | **5,363,381** | **+6.4%** | Sales Revenue by Channel (For the six months ended June 30) | Channel | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Domestic distributors | 1,017,319 | 1,244,608 | -18.3% | | International distributors | 3,895,801 | 3,511,865 | +10.9% | | Direct sales to automakers | 791,733 | 606,908 | +30.5% | | **Total** | **5,705,196** | **5,363,381** | **+6.4%** | [Cost of Sales](index=28&type=section&id=Cost%20of%20Sales) The Group's cost of sales increased by 17.7% year-on-year to RMB 4,757.7 million, primarily due to increased sales volume, rising raw material prices, labor costs, and sea freight, as well as the impact of US tariff policies, while the prior period included anti-dumping duty refunds offsetting cost of sales Cost of Sales (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Cost of sales | 4,757,694 | 4,042,886 | +17.7% | - The increase in cost of sales was mainly due to increased sales volume, rising raw material prices, labor costs, sea freight, and US tariff policies[80](index=80&type=chunk) [Gross Profit and Gross Margin](index=29&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit decreased by 28.2% year-on-year to RMB 947.5 million, and gross margin declined from 24.6% to 16.6%, a decrease of 8.0 percentage points, primarily due to rising raw material prices, labor costs, sea freight, and US tariff policies Gross Profit and Gross Margin (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Gross profit | 947,502 | 1,320,495 | -28.2% | | Gross margin | 16.6% | 24.6% | -8.0pct | - The decrease in gross profit and gross margin was mainly due to rising raw material prices, labor costs, sea freight, and US tariff policies[81](index=81&type=chunk) [Other Income](index=29&type=section&id=Other%20Income) The Group's other income slightly increased by RMB 0.8 million year-on-year to RMB 28.0 million, primarily due to a slight increase in scrap sales and government grants Other Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Other income | 27,967 | 27,226 | +0.8 million RMB | - Mainly due to a slight increase in scrap sales and government grants[82](index=82&type=chunk) [Selling and Distribution Expenses](index=29&type=section&id=Selling%20and%20Distribution%20Expenses) The Group's selling and distribution expenses increased by 4.6% year-on-year to RMB 265.7 million, primarily due to increased export fees, packaging costs, and marketing expenses Selling and Distribution Expenses (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 265,736 | 254,043 | +4.6% | - Mainly due to increased export fees, packaging costs, and marketing expenses[83](index=83&type=chunk) [Research and Development Expenses](index=29&type=section&id=Research%20and%20Development%20Expenses) The Group's research and development expenses increased by 2.8% year-on-year to RMB 111.7 million, primarily due to increased labor costs Research and Development Expenses (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Research and development expenses | 111,717 | 108,693 | +2.8% | - Mainly due to increased labor costs[84](index=84&type=chunk) [Administrative Expenses](index=29&type=section&id=Administrative%20Expenses) The Group's administrative expenses increased by 31.9% year-on-year to RMB 122.7 million, primarily due to increased labor costs and a lower base in the prior period due to the reversal of share option forfeiture expenses Administrative Expenses (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Administrative expenses | 122,697 | 93,035 | +31.9% | - Mainly due to increased labor costs (prior period included a reversal of share option forfeiture expenses of RMB 19.0 million)[85](index=85&type=chunk) [Other Gains](index=29&type=section&id=Other%20Gains) The Group's other gains increased year-on-year to RMB 32.5 million, primarily due to increased exchange gains Other Gains (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Other gains | 32,526 | 22,025 | +47.7% | - Mainly due to increased exchange gains[86](index=86&type=chunk) [Finance Income](index=29&type=section&id=Finance%20Income) The Group's finance income decreased year-on-year to RMB 6.5 million, primarily due to higher interest related to anti-dumping duty refunds in the prior period Finance Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Finance income | 6,505 | 24,972 | -73.9% | - The decrease in finance income was due to interest of approximately **RMB 18.1 million** related to anti-dumping duty refunds received in the prior period[87](index=87&type=chunk) [Finance Costs](index=29&type=section&id=Finance%20Costs) The Group's finance costs decreased year-on-year to RMB 11.3 million, primarily due to reduced interest on borrowings Finance Costs (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Finance costs | 11,283 | 43,943 | -74.3% | - The decrease in finance costs was mainly due to reduced interest on borrowings[88](index=88&type=chunk) [Operating Profit](index=30&type=section&id=Operating%20Profit) The Group's operating profit decreased by 44.4% year-on-year to RMB 507.1 million, primarily due to a decrease in gross profit Operating Profit (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating profit | 507,068 | 911,263 | -44.4% | - The decrease in operating profit was mainly due to a decrease in gross profit[89](index=89&type=chunk) [Income Tax Expense](index=30&type=section&id=Income%20Tax%20Expense) The Group recorded an income tax income of RMB 5.2 million, a significant decrease from the prior period's income tax expense of RMB 80.9 million, primarily due to lower taxable profit, recognition of deferred tax asset gains, and a high base in the prior period Income Tax Expense (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Income tax expense | 5,170 (income) | (80,874) (expense) | -86.1 million RMB | - The significant change was mainly due to lower taxable profit, recognition of deferred tax asset gains, and a high base in the prior period (including anti-dumping duty refunds)[90](index=90&type=chunk) [Profit for the Period](index=30&type=section&id=Profit%20for%20the%20Period) Profit for the period decreased by 37.4% year-on-year to RMB 507.6 million, primarily due to a decrease in gross profit Profit for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Profit for the period | 507,646 | 811,426 | -37.4% | - The decrease was mainly due to a decrease in gross profit[91](index=91&type=chunk) [Profit Attributable to Owners of the Company](index=30&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, profit attributable to owners of the Company was RMB 507.6 million, a year-on-year decrease of 37.4% Profit Attributable to Owners of the Company (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company | 507,631 | 811,419 | -37.4% | [Total Comprehensive Income for the Period](index=30&type=section&id=Total%20Comprehensive%20Income%20for%20the%20Period) Total comprehensive income for the period decreased by 40.2% year-on-year to RMB 498.0 million, primarily due to a decrease in gross profit Total Comprehensive Income for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Total comprehensive income for the period | 498,010 | 832,740 | -40.2% | - Mainly due to a decrease in gross profit[93](index=93&type=chunk) [Liquidity and Financial Resources](index=30&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and cash equivalents decreased, mainly due to dividend payments and longer collection periods for direct sales business; the current ratio improved, inventories and trade receivables increased, while financial assets and trade payables decreased, and the gearing ratio increased, with the company maintaining a prudent financial management strategy - As of June 30, 2025, cash and cash equivalents (including restricted cash) were approximately **RMB 385.6 million**, a decrease of approximately **RMB 312.3 million** from December 31, 2024, mainly due to dividend payments of approximately **RMB 285.0 million** and longer collection periods resulting from increased sales to automakers[94](index=94&type=chunk) - As of June 30, 2025, the current ratio was approximately **1.6**, an improvement from approximately **1.4** as of December 31, 2024[96](index=96&type=chunk) - As of June 30, 2025, the gearing ratio was **5.1%** (December 31, 2024: 1.7%), calculated as surplus/net debt divided by total capital[105](index=105&type=chunk) [Inventories](index=31&type=section&id=Inventories) As of June 30, 2025, the Group's inventories increased by approximately RMB 101.0 million to RMB 2,043.9 million, primarily due to proactive stocking in response to changes in the international situation Inventories (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Inventories | 2,043,866 | 1,942,879 | +101,000 | - The increase was due to proactive stocking in response to changes in the international situation[97](index=97&type=chunk) [Trade and Bills Receivables](index=31&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, the Group's receivables increased by approximately RMB 320.7 million to RMB 2,341.3 million, primarily due to an increased share of direct sales to automakers, which have longer collection periods Trade and Bills Receivables (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Receivables | 2,341,347 | 2,020,649 | +320,700 | - The increase was due to an increased share of direct sales to automakers, which have longer collection periods[98](index=98&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=31&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's financial assets at fair value through profit or loss decreased by approximately RMB 140.4 million to RMB 10.1 million, primarily due to the redemption of wealth management products upon maturity Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Financial assets | 10,143 | 150,458 | -140,400 | - The decrease was mainly due to the redemption of wealth management products upon maturity[100](index=100&type=chunk) [Trade Payables](index=31&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's trade payables decreased by approximately RMB 140.3 million to RMB 1,965.8 million, primarily due to a decline in raw material prices at period-end Trade Payables (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Trade payables | 1,965,820 | 2,106,142 | -140,300 | - The decrease was mainly due to a decline in raw material prices at period-end[103](index=103&type=chunk) [Investments](index=32&type=section&id=Investments) The Group continues to advance the second phase of its Thailand tire production base and Prinx Shandong expansion plans, having completed capacity optimization at the Shandong tire production base and construction of the third phase of the Thailand tire production base, both supported by self-funded capital; no other significant new investments were made during the reporting period - The second phase of the Thailand tire production base project (annual capacity of **1.2 million all-steel radial tires** and **4 million semi-steel radial tires**) gradually reached full capacity in Q1 2022[108](index=108&type=chunk) - The Prinx Shandong expansion plan (adding annual capacity of **1.05 million all-steel radial tires** and **2.8 million semi-steel radial tires**) reached full capacity in Q1 2022[108](index=108&type=chunk) - The Shandong tire production base capacity optimization proposal was completed in Q2 2024, increasing semi-steel radial tire capacity to **11.53 million units/year**[109](index=109&type=chunk) - The third phase of the Thailand tire production base project (annual capacity of **2 million semi-steel radial tires**) was completed in Q4 2024[109](index=109&type=chunk) [Risks Faced](index=33&type=section&id=Risks%20Faced) The Group faces multiple risks including macroeconomic divergence, geopolitical complexity, rising trade protectionism, foreign exchange volatility, international tariffs and anti-dumping investigations, changes in overseas investment environments, and physical and transitional risks from climate change; the company actively responds by optimizing overseas layouts, increasing green technology R&D, diversifying market development, strengthening internal management, and implementing emergency plans [Macro-Environmental Risks](index=33&type=section&id=Macro-Environmental%20Risks) Global economic recovery divergence, complex geopolitics, rising trade protectionism, and foreign exchange volatility create uncertainty for the Group's export business; domestic demand recovery is moderate, tire industry competition intensifies, and environmental and technical regulations become stricter; the company will respond by optimizing overseas layouts, increasing green technology R&D, and diversifying market development - Global economic recovery divergence, complex geopolitics, rising trade protectionism, and increased foreign exchange market volatility pose significant uncertainties for export business[111](index=111&type=chunk) - The tire industry faces intensified competition, price pressure for homogenized products, and increasingly stringent environmental and technical regulations[111](index=111&type=chunk) [Foreign Exchange Risks Faced](index=34&type=section&id=Foreign%20Exchange%20Risks%20Faced) The Group's overseas operations generate approximately 68.3% of total revenue in USD and EUR, and Prinx Thailand's operating expenses are primarily settled in THB, exposing it to exchange rate fluctuations of USD, EUR, and THB; the company will enhance monitoring of foreign currency transactions and may manage exchange rate volatility by optimizing export settlement currencies and utilizing foreign exchange financial instruments - The Group's overseas operations generate approximately **68.3%** of total revenue in USD and EUR, and Prinx Thailand's operating expenses are primarily settled in THB, exposing it to foreign exchange risks of USD, EUR, and THB[112](index=112&type=chunk) - The company will enhance monitoring of foreign currency transactions and may manage exchange rate volatility by optimizing export settlement currencies and utilizing foreign exchange financial instruments[112](index=112&type=chunk) [Impact of International Tariffs and Anti-Dumping/Countervailing Duties on Products Imported from China and Thailand](index=34&type=section&id=Impact%20of%20International%20Tariffs%20and%20Anti-Dumping/Countervailing%20Duties%20on%20Products%20Imported%20from%20China%20and%20Thailand) Countries and regions such as the US and EU impose tariffs and anti-dumping/countervailing duties on tires imported from China and Thailand, posing risks to the Group's operations; the company actively defends against these measures and mitigates impact by expanding sales from its Thailand production base to non-US markets and developing products for non-US markets; the EU's anti-dumping investigation into Chinese passenger and light truck tires will also prompt the Group to adjust its industrial structure - The US Department of Commerce announced the final results of the first administrative review of anti-dumping duties on passenger and light truck tires from Thailand in January 2024, with the Group subject to an average duty rate of **4.52%**[113](index=113&type=chunk) - On May 6, 2025, the US Department of Commerce announced the final duty rate of the second administrative review of anti-dumping duties on passenger and light truck tires imported from Thailand, with the Group subject to an individual duty rate of **5.08%**[114](index=114&type=chunk) - On October 10, 2024, the US Department of Commerce announced the final results of the anti-dumping investigation on truck and bus tires from Thailand, with the Group subject to a **12.33%** duty rate[115](index=115&type=chunk) - On May 21, 2025, the EU announced the initiation of an anti-dumping investigation on passenger and light truck tires from China, to which the Group has actively responded[117](index=117&type=chunk) [Overseas Investment Risks](index=35&type=section&id=Overseas%20Investment%20Risks) The Thailand and Malaysia tire production bases are affected by local economic, political, government policy, and legal changes, which may alter the investment environment, impact project construction periods, and increase compliance requirements; the Group responds by strengthening internal management, establishing dynamic monitoring mechanisms, and engaging local professional agencies - The Thailand and Malaysia tire production bases are affected by local economic, political, government policy, and legal changes, which may alter the investment environment, impact project construction periods, and increase compliance requirements in areas such as labor and environmental protection[118](index=118&type=chunk) - The Group strengthens internal management, establishes dynamic monitoring mechanisms to analyze changes in the international economic, political, and social environment in real-time, and engages local professional agencies to provide compliance reviews and risk warnings[118](index=118&type=chunk) [Climate Change Risks](index=35&type=section&id=Climate%20Change%20Risks) Aggravated global climate change and extreme weather events may lead to energy supply disruptions, transportation delays, production halts, increased operating costs, and employee health risks; green trade rules restructuring and new energy consumption standards also pose transitional risks; the Group has integrated climate resilience into its five-year strategy, proactively responding through technological decarbonization, supply chain optimization, and emergency management mechanisms - Extreme weather events may lead to energy supply disruptions, transportation delays, production halts, increased operating costs, and affect timely order delivery[119](index=119&type=chunk) - The EU Carbon Border Adjustment Mechanism (CBAM) is expected to expand to downstream industries such as tires by 2026, and new domestic tire energy consumption standards effective May 2025 further raise energy efficiency thresholds in production, potentially increasing export product costs[122](index=122&type=chunk) - The Group has integrated climate resilience into its five-year strategic core framework, proactively responding through a dual approach of "technological decarbonization + supply chain optimization," including promoting the upgrade of the Shandong base to a green intelligent factory, building a "regionalized + diversified" raw material procurement network, and proactively establishing a product carbon footprint certification system[123](index=123&type=chunk) [Compliance with Relevant Laws and Regulations](index=37&type=section&id=Compliance%20with%20Relevant%20Laws%20and%20Regulations) The company strictly adheres to domestic and international laws and regulations concerning tire product certification, industry access, environmental protection, safety, foreign investment, foreign exchange control, taxation, labor employment, corporate conduct, securities trading, and intellectual property, ensuring compliant operations through internal checklists and external legal counsel collaboration - The company strictly complies with relevant laws and regulations concerning mandatory certification of tire products, industry access and supervision, environmental protection, safety responsibilities, foreign investment, foreign exchange control, taxation, labor employment, corporate organization and conduct, securities trading and supervision, intellectual property, data processing, and data security[124](index=124&type=chunk) - The company has established and continuously updates an internal list of applicable laws and regulations, and consults legal restrictions and regulatory requirements in relevant regions, such as import tariffs and anti-dumping regulations in US and EU trade laws, based on its scope of operations and investment activities[124](index=124&type=chunk) [Capital Structure](index=37&type=section&id=Capital%20Structure) For the six months ended June 30, 2025, the company's capital structure remained unchanged, consisting of ordinary shares and other reserves - For the six months ended June 30, 2025, the company's capital structure remained unchanged, consisting of ordinary shares and other reserves[125](index=125&type=chunk) [Capital Commitments and Contingent Liabilities](index=38&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group's capital commitments were approximately RMB 289.8 million, a significant increase from December 31, 2024; there were no contingent liabilities that would result in a material impact during the reporting period Capital Commitments (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Purchase of property, plant and equipment | 289,781 | 77,823 | +211,958 | - For the six months ended June 30, 2025, the Group had no contingent liabilities that would result in a material impact[126](index=126&type=chunk) [Future Material Investments or Capital Asset Plans](index=38&type=section&id=Future%20Material%20Investments%20or%20Capital%20Asset%20Plans) The Group will construct a second overseas production base (Malaysia tire production base) with a total investment of USD 299 million, expected to launch in Q3 2025, with an estimated annual output value of USD 270 million upon reaching full capacity; concurrently, it will build the Shandong OTR project with a total investment of RMB 1.11 billion, expected to commence construction in Q2 2025 and trial production in Q4 2025, with an estimated annual output value of RMB 1 billion upon reaching full capacity, filling a gap in domestic high-end engineering tires - The Malaysia tire production base project has a total investment of **USD 299 million**, with planned capacity of **6 million semi-steel radial tires/year** and **600,000 all-steel radial tires/year**, expected to launch in Q3 2025, with an estimated annual output value of approximately **USD 270 million** upon reaching full capacity[128](index=128&type=chunk) - The Shandong OTR project has a total investment of **RMB 1.11 billion**, with planned capacity of **84,000 high-performance engineering radial tires/year** and **10,000 giant engineering radial tires/year**, expected to commence construction in Q2 2025 and trial production in Q4 2025, with an estimated annual output value of approximately **RMB 1 billion** upon reaching full capacity[128](index=128&type=chunk) [Human Resources Management](index=39&type=section&id=Human%20Resources%20Management) As of June 30, 2025, the Group had 6,779 employees, with employee benefit expenses of approximately RMB 378.8 million; the Group deeply implements a comprehensive performance management system, optimizes salary structures and long-term incentive policies, and continuously attracts, develops, and cultivates versatile and innovative talents through Prinx Academy, cadre rotation, and school-enterprise cooperation Human Resources Overview (As of June 30) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Number of employees | 6,779 people | 6,818 people | | Employee benefit expenses | RMB 378.8 million | RMB 351.5 million | - The Group implements a comprehensive performance management system linked to job grade evaluations and makes targeted adjustments to the salary structure, optimizing the "Partner Incentive Plan"[131](index=131&type=chunk) - Prinx Academy was established to conduct activities such as book reading and analysis, film analysis, and learning meetings to strengthen corporate culture, and collaborates with multiple universities for talent cultivation through school-enterprise cooperation[132](index=132&type=chunk) [Share Option Schemes](index=40&type=section&id=Share%20Option%20Schemes) The Group has a 2021 Share Option Scheme and a terminated 2019 Share Option Scheme, designed to attract, retain, and incentivize senior, middle management, and key employees; the exercise of share options is linked to company performance and individual performance targets, with vesting schedules and exercise price provisions [2021 Share Option Scheme](index=40&type=section&id=2021%20Share%20Option%20Scheme) The 2021 Share Option Scheme was adopted on May 17, 2021, with an eight-year validity, aiming to replace the 2019 scheme and incentivize eligible participants; the scheme sets limits on the total number of shares that can be issued, individual limits, vesting conditions, and exercise price determination methods; as of the end of the reporting period, 17,075,500 unexercised share options remained - The 2021 Share Option Scheme was adopted on **May 17, 2021**, with an eight-year validity, aiming to replace the 2019 Share Option Scheme[138](index=138&type=chunk) - The total number of shares that may be issued upon exercise of all options granted under the 2021 Share Option Scheme and other schemes shall not exceed **10%** of the total issued shares on the adoption date[139](index=139&type=chunk) - As of the end of the reporting period, **17,075,500 share options** remained unexercised, and **481,000 share options** lapsed during the reporting period[140](index=140&type=chunk) [2019 Share Option Scheme](index=43&type=section&id=2019%20Share%20Option%20Scheme) The 2019 Share Option Scheme was terminated on May 17, 2021, but all options granted and accepted before termination and still unexpired remain valid and exercisable; the scheme aimed to incentivize senior and middle management and key employees, and stipulated exercise periods and exercise prices; as of the end of the reporting period, 3,780,396 unexercised share options remained, with 1,238,000 share options exercised during the reporting period - The 2019 Share Option Scheme was terminated on **May 17, 2021**, but all options granted and accepted before termination and still unexpired remain valid and exercisable[145](index=145&type=chunk) - As of the end of the reporting period, **3,780,396 share options** remained unexercised, **1,238,000 share options** were exercised, and **83,449 share options** lapsed during the reporting period[146](index=146&type=chunk) [2024 Share Award Scheme](index=45&type=section&id=2024%20Share%20Award%20Scheme) The 2024 Share Award Scheme was adopted on May 31, 2024, with a six-year validity, aiming to achieve the Group's long-term business plans, enhance value, drive growth, and share returns with employees; the scheme limits the maximum number of shares that can be issued to 4,200,000, with a phased vesting schedule of 3, 4, and 5 years; the trustee will use the company's internal resources to purchase shares, and as of the end of the reporting period, 1,360,000 award shares had been granted - The 2024 Share Award Scheme was adopted on **May 31, 2024**, with a six-year validity, aiming to achieve the Group's long-term business plans, enhance value, drive growth, and share returns with employees[150](index=150&type=chunk) - The maximum number of shares available for issuance under the scheme during its term is limited to **4,200,000 shares**, representing approximately **0.66%** of the company's issued share capital as of the reporting date[151](index=151&type=chunk) - Award shares are not eligible for vesting within **3 years (36 months)** from the initial grant date, after which they vest in phases (**30%, 30%, 40%**)[151](index=151&type=chunk) - As of June 30, 2025, **1,360,000 award shares** had been granted, representing **0.21%** of the total issued shares[154](index=154&type=chunk) [Events After Reporting Period](index=50&type=section&id=Events%20After%20Reporting%20Period) In August 2025, the Thailand tire production base was temporarily shut down due to alleged violations of industrial waste disposal regulations and pending acceptance of waste emissions from expanded production lines, but was later approved for trial production; the company currently expects this event not to have a material impact on its financial position - In August 2025, the Thailand tire production base was temporarily shut down due to alleged violations of Thai industrial waste disposal regulations regarding carbon black packaging bag disposal and pending acceptance of waste emissions from expanded production lines[169](index=169&type=chunk) - The Thai Industrial Estate Authority approved the Thailand tire production base for trial production from **August 8, 2025, to September 4, 2025**[169](index=169&type=chunk) - The company currently expects the aforementioned event not to have any material impact on the Group's financial position[169](index=169&type=chunk) [Corporate Governance and Other Information](index=51&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's adherence to corporate governance practices, standards for securities transactions, dividend policy, audit committee functions, and disclosures regarding directors' and major shareholders' interests [Corporate Governance Practices](index=51&type=section&id=Corporate%20Governance%20Practices) The Group is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules, and has complied with applicable provisions throughout the reporting period to protect shareholders' interests and enhance corporate value and accountability - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and has complied with the applicable code provisions throughout the six months ended June 30, 2025[172](index=172&type=chunk) [Standard Code for Securities Transactions](index=51&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted the Standard Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions and requires employees who may possess inside information to comply; during the reporting period, all directors confirmed compliance with the Standard Code, and no violations by relevant employees were found - The company has adopted the Standard Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[173](index=173&type=chunk) - For the six months ended June 30, 2025, each director confirmed compliance with the Standard Code, and no violations by any relevant employees of the company were found[173](index=173&type=chunk) [Interim Dividend](index=51&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025[174](index=174&type=chunk) [Audit Committee](index=51&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing and overseeing the company's financial reporting process and internal controls; the committee has reviewed the Group's unaudited condensed consolidated interim results and interim report for the six months ended June 30, 2025, and considers them to be prepared in compliance with accounting standards - The Audit Committee members include Mr. Cai Zijie (Chairman), Mr. Wang Chuansheng, and Mr. Jin Qingjun, all of whom are independent non-executive directors[175](index=175&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results and interim report for the six months ended June 30, 2025, and considers them to be prepared in compliance with relevant accounting standards and with appropriate disclosures[175](index=175&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=51&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[176](index=176&type=chunk) [2025 Annual General Meeting](index=52&type=section&id=2025%20Annual%20General%20Meeting) The 2025 Annual General Meeting was successfully concluded on May 23, 2025, with Board members and external auditors attending and communicating with shareholders - The 2025 Annual General Meeting was successfully concluded on **May 23, 2025**, at No. 98 Nanshan North Road, Rongcheng City, Shandong Province[177](index=177&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=52&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr. Che Hongzhi, Mr. Che Baozhen, Mr. Shi Futao, and Mr. Jiang Xizhou held long positions in the company's shares, with Mr. Che Hongzhi and Mr. Che Baozhen holding a larger proportion through spouse interests and controlled corporation interests; Mr. Shi Futao's and Mr. Jiang Xizhou's interests primarily derived from share option schemes and share award schemes Directors' and Chief Executive's Interests in Shares (As of June 30, 2025) | Director Name | Capacity/Nature of Interest | Number of Shares | Approximate % of Company's Shares | | :--- | :--- | :--- | :--- | | Mr. Che Hongzhi | Spouse's interest | 449,301,000 | 70.35% | | Mr. Che Baozhen | Interest in controlled corporation | 449,301,000 | 70.35% | | Mr. Che Baozhen | Beneficial owner | 390,533 | 0.06% | | Mr. Shi Futao | Beneficial owner | 3,976,746 | 0.62% | | Mr. Jiang Xizhou | Beneficial owner | 3,980,050 | 0.62% | - Mr. Che Hongzhi is the spouse of Ms. Li Xiuxiang and is deemed to be interested in all shares held by Ms. Li Xiuxiang[178](index=178&type=chunk) - Mr. Che Baozhen, through direct ownership of **50%** equity in Shanghai Chengzhan Information Technology Center, and further through Beijing Zhongmingxin controlling **39.79%** equity in Chengshan Group, is deemed to be interested in the interests of Chengshan Group[178](index=178&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=53&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, China National Heavy Duty Truck Group and its associated companies, Chengshan Group and its associated companies, Ms. Li Xiuxiang, Ms. Bi Wenjing, and Huaqi Holdings Group and its associated companies were all substantial shareholders of the company, holding varying proportions of long positions in shares Substantial Shareholders' Interests in Shares (As of June 30, 2025) | Name | Capacity/Nature of Interest | Number of Shares | Approximate % of Company's Shares | | :--- | :--- | :--- | :--- | | China National Heavy Duty Truck (Hong Kong) Investment Holdings Limited | Beneficial owner | 54,873,500 | 8.59% | | Chengshan Group | Beneficial owner | 436,600,000 | 68.36% | | Beijing Zhongmingxin | Interest in controlled corporation | 449,301,000 | 70.35% | | Ms. Li Xiuxiang | Interest in controlled corporation | 449,301,000 | 70.35% | | Ms. Bi Wenjing | Spouse's interest | 449,691,533 | 70.41% | | Huaqi Holdings Group Co., Ltd. | Beneficial owner | 32,674,500 | 5.12% | - Shandong Heavy Industry Group Co., Ltd. is ultimately deemed to be interested in the **54,873,500 shares** held by China National Heavy Duty Truck (Hong Kong) Investment Holdings Limited through a multi-level control chain[182](index=182&type=chunk) - Ms. Li Xiuxiang, through Shanghai Chengzhan and Beijing Zhongmingxin, is deemed to be interested in the interests of Chengshan Group[185](index=185&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=55&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) Except as disclosed in this interim report, during the six months ended June 30, 2025, neither the company nor any of its subsidiaries entered into any arrangements that would enable directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate, nor were any such rights granted to any director or their spouse or children - During the six months ended June 30, 2025, neither the

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.61 based on a PE ratio of 4.8x for 2025 [3][12]. Core Insights - The company's net profit for the first half of 2025 decreased by 37.4% year-on-year, while revenue increased by 6.4% to approximately RMB 5.705 billion [4][14]. - Project construction is pivotal for the company's future growth, with significant projects in Shandong and Malaysia expected to enhance production capacity and revenue [2][11]. Financial Performance Summary - In 2025H1, the company achieved revenue of approximately RMB 5.705 billion, with a net profit of approximately RMB 508 million, reflecting a 37.4% decline in net profit year-on-year [4][14]. - The sales cost increased by 17.7% year-on-year to RMB 4.758 billion, driven by higher sales volume and rising costs of raw materials, labor, and shipping [4][14]. - Revenue from international distribution channels grew by 18.3% year-on-year, while domestic distribution revenue fell by 10.9% due to weak demand in the domestic market [4][14]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are RMB 1.055 billion, RMB 1.158 billion, and RMB 1.275 billion, respectively [3][12]. - The company is expected to maintain a steady revenue growth trajectory, with estimated revenues of RMB 11.559 billion in 2025 and RMB 11.983 billion in 2027 [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對 其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 董事會謹此宣佈，Prinx Thailand於今日獲得泰國工業區管理局（IEAT）正式批准， 生產基地已獲准恢復生產。據此，生產基地於2025年9月5日(18:00) 正式恢復生產。 – 1 – 本公司將確保生產基地的營運符合泰國適用法律及法規。本公司目前預計泰國近期發生的 事件不會對本集團財務狀況構成任何重大影響。 Prinx Chengshan Holdings Limited 浦 林 成 山 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1809） 內幕消息 泰國輪胎生產基地復產 本公告乃由浦林成山控股有限公司（「本公司」，連同其附屬公司，「本集團」）根據香港聯 合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571章證券及 期貨條例第XIVA部項下內幕消息條文而作出。 茲提述本公司於2025年8月4日就泰國輪胎生產基地（「生產基地」）暫時停產 ...

Group 1 - Prinx Thailand has completed the necessary rectification work at its production base as of September 4, 2025 [1] - The production at the Thailand tire manufacturing base has been suspended starting from September 5, 2025, at 00:00 [1] - The company anticipates that the recent events in Thailand will not have a significant impact on the group's financial condition [1]

Core Viewpoint - Prinx Thailand, a subsidiary of浦林成山 (01809), has suspended production at its manufacturing base since September 5, 2025, following the completion of necessary rectification work on September 4, 2025. The company will update shareholders and investors once production is authorized to resume [1]. Company Summary - The production base of Prinx Thailand has been halted as of September 5, 2025 [1]. - The company completed the required rectification work on September 4, 2025, and is awaiting approval to restart operations [1].

Core Points - Prinx Thailand has completed the necessary rectification work at its production base as of September 4, 2025 [1] - The production at the base will be suspended starting from September 5, 2025, at 00:00 [1] - The company will provide updates to its shareholders and investors immediately after the production base is authorized to resume operations [1]

Core Viewpoint - Prinx Thailand has announced a temporary suspension of production at its tire manufacturing base in Thailand, effective from September 5, 2025, following a series of announcements regarding the status of the production facility [1] Group 1 - The company issued a notice on August 4, 2025, regarding the temporary suspension of operations at the production base [1] - On August 8, 2025, the company announced the lifting of the temporary suspension for trial production from August 8 to September 4, 2025 [1] - As of September 4, 2025, Prinx Thailand has completed the necessary renovation work at the production base [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對 其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Prinx Chengshan Holdings Limited 浦 林 成 山 控 股 有 限 公 司 关于泰国轮胎生产基地的最新情况 本公告乃由浦林成山控股有限公司（「本公司」，連同其附屬公司，「本集團」）根據香港聯 合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571章證券及 期貨條例第XIVA部項下內幕消息條文而作出。 茲提述本公司於2025年8月4日就泰國輪胎生產基地（「生產基地」）暫時停產事宜 發佈的公告（「8月4日公告」），以及於2025年8月8日就自2025年8月8日起至2025 年9月4日期間解除生產基地暫時停產狀態以進行試產事宜發佈的公告（「8月8日公 告」）。除另有界定者外，本公告所用詞彙與8月4日公告所界定者具有相同涵義。 於2025年9月4日，Prinx Thailand已完成生產基地相關整改工作。本公司將於該生 產基地獲准恢復生產後，立刻向其股 ...