Core Viewpoint - Pulin Chengshan (01809) experienced a decline of over 6%, with a current price of 7.03 HKD and a trading volume of 3.5555 million HKD following the release of its mid-year results for 2025 [1] Financial Performance - The company reported a revenue of 5.705 billion RMB, representing a year-on-year increase of 6.37% [1] - Shareholders' profit attributable to the company was 508 million RMB, a decrease of 37.44% year-on-year [1] - Basic earnings per share stood at 0.8 RMB [1] Sales Performance - The group sold approximately 14.1 million tires, reflecting a year-on-year growth of 2.8% [1] - Sales of all-steel radial tires were about 3.9 million units, showing a decline of 3.8% year-on-year [1] - Sales of semi-steel radial tires reached approximately 10 million units, marking a year-on-year increase of 5.7% [1] - Sales of bias tires amounted to 200,000 units, with a year-on-year growth of 2.3% [1]

Core Viewpoint - Pulin Chengshan (01809) experienced a decline of over 6% in stock price, attributed to the release of its mid-year results for 2025, which showed mixed financial performance [1] Financial Performance - The company reported revenue of RMB 5.705 billion, representing a year-on-year increase of 6.37% [1] - Shareholder profit attributable to the company was RMB 508 million, a significant decrease of 37.44% year-on-year [1] - Basic earnings per share were RMB 0.8 [1] Sales Performance - The group sold approximately 14.1 million tires during the six months ending June 30, 2025, reflecting a year-on-year growth of 2.8% [1] - Sales of all-steel radial tires were about 3.9 million units, showing a decline of 3.8% year-on-year [1] - Sales of semi-steel radial tires reached approximately 10 million units, marking a year-on-year increase of 5.7% [1] - Sales of bias tires were 200,000 units, with a year-on-year growth of 2.3% [1]

Core Viewpoint - Pulin Chengshan (01809.HK) reported a mid-year performance for 2025, showing a revenue increase but a significant decline in profit attributable to shareholders [1] Financial Performance - The company achieved a revenue of RMB 5.705 billion, representing a year-on-year increase of 6.37% [1] - Profit attributable to shareholders was RMB 508 million, reflecting a year-on-year decrease of 37.44% [1] - Basic earnings per share stood at RMB 0.8 [1]

Group 1 - The company reported a revenue of RMB 5.705 billion for the first half of 2025, representing a year-on-year increase of 6.37% [1] - The profit attributable to shareholders was RMB 508 million, a decrease of 37.44% compared to the previous year [1] - Basic earnings per share were RMB 0.8 [1] Group 2 - The company sold approximately 14.1 million tires during the first half of 2025, a year-on-year increase of 2.8% [1] - Sales of all-steel radial tires were about 3.9 million units, a decline of 3.8% year-on-year; sales of semi-steel radial tires were approximately 10 million units, an increase of 5.7% year-on-year; and cross-ply tires sold 200,000 units, up 2.3% year-on-year [1] Group 3 - Domestic dealer channel revenue was approximately RMB 1.017 billion, a decrease of 18.3% year-on-year; international dealer channel revenue was about RMB 3.896 billion, an increase of 10.9% year-on-year; and direct sales to automobile manufacturers generated revenue of RMB 792 million, up 30.5% year-on-year [2] - The revenue contribution from all-steel radial tires and semi-steel radial tires was approximately 55.3% and 43.2% respectively, compared to 57.1% and 41.1% in the same period of 2024 [2] - The revenue from the company's tire production base in Shandong and Thailand accounted for approximately 61.6% and 38.4% of total tire revenue, respectively, compared to 64.9% and 35.1% in 2024 [2]

Core Insights - The company reported a revenue of RMB 5.705 billion for the first half of 2025, representing a year-on-year increase of 6.37% [1] - Shareholders' profit decreased by 37.44% to RMB 508 million, with basic earnings per share at RMB 0.8 [1] Sales Performance - The company sold approximately 14.1 million tires, a year-on-year increase of 2.8% [1] - Sales of all-steel radial tires were about 3.9 million units, down 3.8% year-on-year; semi-steel radial tires sales were approximately 10 million units, up 5.7%; and cross-ply tires sales were 200,000 units, up 2.3% [1] Revenue Breakdown - Domestic dealer channel revenue was approximately RMB 1.017 billion, a decrease of 18.3% year-on-year [2] - International dealer channel revenue was about RMB 3.896 billion, an increase of 10.9% year-on-year [2] - Direct sales to automobile manufacturers generated revenue of approximately RMB 792 million, up 30.5% year-on-year [2] Tire Revenue Composition - All-steel radial tires accounted for approximately 55.3% of total tire revenue, while semi-steel radial tires made up 43.2% [2] - The company's tire production bases in Shandong and Thailand contributed approximately 61.6% and 38.4% to total tire revenue, respectively [2]

Core Viewpoint - The company reported an increase in overall sales and revenue for the first half of 2025, with significant growth in international dealer channels and direct sales to automotive manufacturers, while domestic dealer channels experienced a decline [1][2] Group 1: Sales and Revenue Performance - The company sold approximately 14.1 million tires in the first half of 2025, representing a year-on-year increase of 2.8% [1] - Revenue for the period reached approximately RMB 5.7052 billion, reflecting a year-on-year growth of 6.4% [1] - The company’s gross profit was approximately RMB 9.475 billion, which is a year-on-year decrease of 28.2% [1] Group 2: Profitability Metrics - The profit attributable to the owners of the company was approximately RMB 5.076 billion, down 37.4% year-on-year [1] - EBITDA for the period was approximately RMB 7.910 billion, showing a year-on-year decline of 33.8% [1] - The EBITDA margin was 13.9%, which is a decrease of 8.4 percentage points compared to the previous year [1] Group 3: Channel Performance - Revenue from domestic dealer channels was approximately RMB 10.173 billion, a year-on-year decrease of 18.3% [2] - Revenue from international dealer channels was approximately RMB 38.958 billion, reflecting a year-on-year increase of 10.9% [2] - Direct sales to automotive manufacturers generated approximately RMB 7.917 billion in revenue, marking a year-on-year increase of 30.5% [2] Group 4: Product Segmentation - Sales of all-steel radial tires accounted for approximately 55.3% of the company's tire revenue, while semi-steel radial tires accounted for about 43.2% [2] - The share of cross-ply tires in total revenue was approximately 1.5% [2] - Revenue from the company's Shandong and Thailand tire production bases accounted for approximately 61.6% and 38.4% of total tire revenue, respectively [2]

Financial Performance - For the six months ended June 30, 2025, the company's revenue was RMB 5,705.2 million, representing a year-over-year increase of 6.4%[12]. - The net profit for the same period was RMB 507.6 million, reflecting a year-over-year decrease of 37.4%[16]. - The gross profit margin decreased to 16.6%, down 8.0 percentage points year-over-year[16]. - The EBITDA for the first half of 2025 was RMB 791.0 million, a decline of 33.8% compared to the previous year[16]. - Revenue for the reporting period was approximately RMB 5,705.2 million, a year-on-year increase of 6.4%, while gross profit decreased by 28.2% to RMB 947.5 million[22]. - Profit attributable to the owners of the company was approximately RMB 507.6 million, down 37.4% year-on-year[22]. - Operating profit for the six months ended June 30, 2025, was approximately RMB 507.1 million, a decrease of 44.4% compared to RMB 911.3 million for the same period in 2024[91]. - The company's gross profit decreased by 28.2% year-on-year to approximately RMB 947.5 million, with the gross margin dropping from 24.6% to 16.6%, a decline of 8.0 percentage points[83]. - The company’s total comprehensive income for the same period fell to approximately RMB 498.0 million, a decrease of 40.2% compared to approximately RMB 832.7 million in the previous year, mainly due to reduced gross profit[95]. Assets and Liabilities - The total assets as of June 30, 2025, amounted to RMB 10,984.2 million, an increase from RMB 10,654.7 million as of December 31, 2024[14]. - The total liabilities decreased to RMB 4,245.8 million from RMB 4,575.9 million as of December 31, 2024[14]. - As of June 30, 2025, the company's cash and cash equivalents amounted to approximately RMB 385.6 million, a decrease of approximately RMB 312.3 million from RMB 697.9 million as of December 31, 2024, primarily due to dividend payments of approximately RMB 285.0 million[96]. - Trade receivables increased by approximately RMB 320.7 million to RMB 2,341.3 million as of June 30, 2025, attributed to longer collection periods from direct sales to automotive manufacturers[100]. - Inventory as of June 30, 2025, was approximately RMB 2,043.9 million, an increase of approximately RMB 101.0 million from RMB 1,942.9 million as of December 31, 2024, due to preemptive stockpiling in response to international market changes[99]. - The company's bank borrowings as of June 30, 2025, were approximately RMB 703.8 million, a slight decrease from RMB 755.3 million as of December 31, 2024, with a floating rate proportion of 32.7% and fixed rate of 67.3%[96]. - The current ratio as of June 30, 2025, was approximately 1.6, compared to 1.4 as of December 31, 2024, indicating improved liquidity[98]. - The capital to debt ratio increased to 5.1% as of June 30, 2025, from 1.7% as of December 31, 2024, reflecting a significant change in the company's financial leverage[107]. Market and Sales Performance - The domestic automobile production and sales reached 15.62 million and 15.65 million units, respectively, with year-over-year growth of 12.5% and 11.4%[17]. - The tire export volume was 349 million units, showing a year-over-year increase of 5.5%, with export value reaching RMB 83.45 billion, up 4.9%[17]. - The penetration rate of new energy vehicles in the domestic market reached 44.3%, with production and sales of 6.968 million and 6.937 million units, respectively, reflecting year-over-year growth of 41.4% and 40.3%[19]. - The company sold approximately 14.1 million tires in the first half of 2025, representing a year-on-year increase of 2.8%[22]. - Domestic dealer channel revenue decreased by 18.3% to RMB 1,017.3 million, while international dealer channel revenue increased by 10.9% to RMB 3,895.8 million[23]. - International marketing revenue reached approximately RMB 3,895.8 million, a year-on-year increase of about 10.9% compared to RMB 3,511.9 million in the same period of 2024[33]. - Direct sales to automotive manufacturers generated revenue of approximately RMB 791.7 million, representing a 30.5% increase from RMB 606.9 million in the same period of 2024[37]. Operational Efficiency and Innovation - The company completed 97 Lean Six Sigma projects, significantly improving operational efficiency through process optimization and defect rate reduction[26]. - The company is advancing automation logistics projects, expecting to enhance sorting and packaging capacity to over 30,000 tires per day[27]. - The company is focusing on sustainable supply chain development, implementing EcoVadis for supplier management starting in 2025[28]. - The group expanded its channel network by adding 1,161 new stores and developing 14 new first-level distributors in the first half of 2025[31]. - The group upgraded its digital sales system, enhancing operational capabilities and customer service efficiency through various digital tools[31]. - The group’s online sales achieved a historical high, growing by 37% year-on-year, outpacing the industry average[31]. - The company is focusing on enhancing internal efficiency and innovation capabilities through organizational restructuring and digital transformation[59]. - The company is advancing its "smart factory" strategy, emphasizing the implementation of the MES system for non-road tires and exploring AI applications[61]. - The company completed the full implementation of the Manufacturing Execution System (MES) for air spring manufacturing, achieving digital control of the entire production process[62]. Product Development and R&D - The group completed 341 new product development projects, including the successful launch of the "Colorful Elf" series tires, which cater to personalized customer needs[55]. - The company launched 354 innovative products during the reporting period, including 47 full-steel radial tires and 307 semi-steel radial tires, enhancing its product line and market competitiveness[65]. - The total sales volume of new products reached 486.5 thousand units, accounting for 34.4% of total sales volume of 1,414.8 thousand units[69]. - The company's R&D expenses increased by approximately 2.8% to RMB 111.7 million, mainly due to rising labor costs[86]. Corporate Governance and Shareholder Information - The audit committee reviewed the unaudited interim results for the six-month period ending June 30, 2025, and confirmed compliance with relevant accounting standards[179]. - The company has maintained compliance with the corporate governance code during the reporting period[176]. - The board views the annual general meeting as a crucial communication opportunity with shareholders, held on May 23, 2025[181]. - Major shareholders include Sinotruk (BVI) Limited and China National Heavy Duty Truck Group, each holding 54,873,500 shares, accounting for 8.59% of the company[184]. - The total number of issued shares as of June 30, 2025, is 638,645,000, with no treasury shares held by the company[185]. - The company has a substantial beneficial ownership concentration, with the top shareholders holding over 70% of the total shares[186]. Employee Engagement and Welfare - Employee welfare expenses for the first half of 2025 were approximately RMB 378.8 million, compared to RMB 351.5 million for the same period in 2024[134]. - The workforce as of June 30, 2025, consisted of 6,779 employees, a slight decrease from 6,818 employees as of December 31, 2024[134]. - The company established the "Pulin Academy" to promote corporate culture and develop employee skills, implementing various training activities during the reporting period[135]. - The company continues to strengthen cooperation with key universities for talent development and has established training bases[135]. Environmental and Social Responsibility - The company is enhancing its climate resilience strategy by upgrading its Shandong green smart factory and optimizing its supply chain to mitigate climate-related risks[126]. - The establishment of a rubber reserve center in Southeast Asia aims to buffer against supply fluctuations caused by geopolitical and climate factors[126]. - The company is collaborating with international carbon accounting organizations to ensure compliance with carbon footprint certification requirements in key markets like the EU[126]. - The company is facing dual compliance pressures from the EU's carbon border adjustment mechanism and new domestic tire energy consumption standards, which may increase production costs[124]. - The company actively participated in community engagement in Thailand, contributing to local education and promoting harmonious coexistence with the community[71]. Stock Options and Incentive Plans - The company has granted a total of 14,400,000 and 835,500 stock options under the 2019 Stock Option Plan, with conditional grants to eligible participants[137]. - The 2021 Stock Option Plan was adopted on May 17, 2021, replacing the 2019 plan, with a total of 35,050,000, 3,080,000, and 960,000 stock options granted on specified dates[138]. - The 2024 Stock Incentive Plan was adopted on May 31, 2024, with details to be provided in the report[139]. - The stock option plans aim to attract, retain, and motivate management and key employees by linking their interests with the company's performance[140]. - The company has designed specialized training programs tailored to different job roles and levels, enhancing employee capabilities and aligning with business needs[136].

格隆汇8月14日丨浦林成山(01809.HK)公布，公司将于2025年8月26日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

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通告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 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。 浦林成山控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 五年八月二十六日（星期二）舉行董事會會議，藉以（其中包括）審議及批准本公司及 其附屬公司截至二零二五年六月三十日止六個月之中期業績及其刊發，考慮派發中 期股息（如有），以及處理其他事宜。 承董事會命 浦林成山控股有限公司 主席兼非執行董事 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） 董事會會議通告 車宏志 中國山東，二零二五年八月十四日 於本通告日期，本公司董事會包括本公司執行董事車寶臻先生、石富濤先生及姜錫 洲先生；本公司非執行董事車宏志先生、王寧女士及邵全峰先生；本公司獨立非執 行董事靳慶軍先生、蔡子傑先生及汪傳生先生。 ...

格隆汇8月8日丨浦林成山(01809.HK)发布公告，2025年8月7日，Prinx Thailand收到IEAT同意解除生产基 地停产的通知，自2025年8月8日起生效，为期28天(直至2025年9月4日)进行试产，以测试空气质量采样 的相关设备。 ...