Core Viewpoint - S Jiatong (600182.SH) announced that it cannot disclose its share reform plan within the next month due to the lack of written consent from non-circulating shareholders, which currently stands at 0% of the total non-circulating shares [1] Summary by Relevant Sections - Share Reform Status - Currently, there are 0 non-circulating shareholders who have provided written consent for the share reform, representing 0% of the total non-circulating shares [1] - The company has not reached the two-thirds threshold required by the "Management Measures for the Share Reform of Listed Companies" [1] - Contractual Agreements - The company has not yet signed a sponsorship contract with the sponsoring institution for the share reform [1]

Core Viewpoint - S Giti Tire Co., Ltd. (referred to as "S Giti") is facing challenges in its share reform process, which has not yet been approved by shareholders despite two previous attempts, leading to concerns among small and medium investors about the company's communication and transparency [2][3]. Group 1: Company Overview - S Giti primarily engages in the production and sales of automotive tires and is currently the only listed company that has not completed its share reform [3]. - The company has initiated share reform twice but has not received approval from the shareholders' meeting [2]. Group 2: Investor Concerns - Small and medium investors are particularly concerned about the lack of progress in the share reform, which involves complex issues of equity structure adjustment and profit distribution [3]. - Effective communication with investors is crucial, and the company is encouraged to disclose updates on the share reform process, details of the plan, and potential impacts to help investors understand the decision-making logic [4]. Group 3: Management Response - During the earnings briefing, management acknowledged the need for better communication with investors and emphasized the importance of timely and transparent information disclosure [4]. - The management assured that necessary daily related transactions would be fair and equitable, and they aim to reward investors with good long-term performance [4]. - The current dividend policy focuses on annual dividends, with considerations for mid-term dividends based on industry characteristics, company operations, and mid-term profitability [4].

Financial Performance - The company achieved a revenue of ¥4,668,393,022.04 in 2024, representing a 12.11% increase compared to ¥4,164,066,008.07 in 2023[22] - The net profit attributable to shareholders was ¥174,292,308.28 in 2024, a decrease of 4.76% from ¥182,995,822.98 in 2023[22] - The cash flow from operating activities increased by 49.50% to ¥573,037,594.97 in 2024, up from ¥383,293,184.51 in 2023[22] - The total assets of the company reached ¥4,343,578,723.02 at the end of 2024, an increase of 11.73% from ¥3,887,538,239.81 at the end of 2023[22] - The company reported a net profit excluding non-recurring gains and losses of ¥174,916,985.30 in 2024, down 3.79% from ¥181,815,732.90 in 2023[22] - Basic earnings per share for 2024 decreased by 4.76% to CNY 0.5126 compared to CNY 0.5382 in 2023[23] - The weighted average return on equity dropped to 13.93% in 2024, down 2.25 percentage points from 16.18% in 2023[23] - The net profit for the year was 351 million RMB, a decrease of 4.21% compared to the previous year[42] Dividend Distribution - The company plans to distribute a cash dividend of ¥0.59 per share, totaling ¥200,600,000.00, based on the total share capital as of December 31, 2024[5] - The company intends to retain ¥110,682,818.74 of the distributable profits for future periods after the dividend distribution[5] - The cumulative cash dividends for the year will amount to 309,400,000.00 CNY (including tax), representing 177.52% of the net profit attributable to shareholders[129] - The company plans to distribute a cash dividend of 108,800,000.00 CNY (including tax) for the 2024 mid-year, equating to 0.32 CNY per share[129] Market and Industry Trends - The global tire industry is facing challenges such as rising raw material prices and geopolitical uncertainties, yet the domestic market shows resilience due to supportive policies[29] - The anticipated economic growth in China for 2025 is projected at 4.8%, slightly down from 4.9% in 2024, which may impact tire demand[30] - The production and sales of new energy vehicles in China grew significantly, with production reaching 12.88 million units and sales at 12.87 million units, reflecting year-on-year growth of 34.4% and 35.5% respectively[34] - The market for new energy vehicles in China reached a penetration rate of 40.9%, significantly impacting tire consumption[36] - Trade protectionism has increased, with various countries imposing restrictions on Chinese tire exports, prompting companies to expand production overseas[36] Production and Sales - The production volume of tires reached 1.749 million units, with a sales volume of 1.752 million units, marking increases of 15.10% and 15.26% respectively[49] - The domestic sales of semi-steel radial tires increased by 16.5% in 2024, with 18-inch and above specifications rising by 35.5%[37] - The export volume of passenger car tires increased by 13.7%, while the export volume of truck and bus tires decreased by 0.7%[34] - The total export volume of rubber tires from China reached 9.32 million tons in 2024, with an export value of approximately 164.49 billion yuan, marking a year-on-year increase of 5.6%[33] Research and Development - Research and development expenses increased by 22.10% to approximately 30 million RMB, driven by the expansion of R&D projects[44] - The company has established stable partnerships with major automotive manufacturers, including Mercedes-Benz and BMW, enhancing its market presence[39] - The company is focusing on developing new products, including tires for light rail vehicles and engineering vehicles, to enhance its competitive edge[39] - The company plans to launch over 170 new products in 2025, including more than 40 green new energy tire products, to enhance its product structure and increase the proportion of green products[90] Environmental Initiatives - The company invested CNY 1,535.9 million in environmental protection during the reporting period[140] - The company has successfully completed the ultra-low emission transformation of its coal-fired boilers and has obtained a new pollutant discharge permit[141] - The company has reduced carbon emissions by 10,067 tons per year through the use of clean energy generation from its rooftop solar photovoltaic project, which generated 18,760,679 kWh in 2024[154] - The company has implemented a wastewater treatment process using a combination of sedimentation and flotation, with facilities operating normally[147] Corporate Governance - The company has established an internal control management system covering key business areas, focusing on financial reporting[96] - The company has a performance-based compensation system for senior management, which is influenced by the company's operational performance and market standards[109] - The company has experienced a regulatory warning from the Shanghai Stock Exchange on September 30, 2022, involving several current and former directors[111] - The company has appointed a new secretary to the board, replacing the previous one due to a re-election[110] Related Party Transactions - Giti Tire has significant related party transactions with various parties, which poses a risk of incomplete disclosure in financial statements[191] - The management has implemented internal controls to identify and disclose related party relationships, including regular reviews and reconciliations[192] - Related party transactions include significant sales and purchases, which are analyzed for pricing consistency with market rates[194] Financial Controls and Audit - The audit report confirms that the financial statements fairly reflect the company's financial position as of December 31, 2024[188] - The audit was conducted in accordance with Chinese CPA auditing standards, ensuring independence and adherence to ethical responsibilities[189] - The company has maintained effective internal control over financial reporting, with no significant deficiencies identified as of the internal control evaluation report date[137]

证券代码：600182 证券简称：S 佳通 公告编号：临 2025-017 佳通轮胎股份有限公司 关于《第十一届董事会第五次会议决议公告》等公告的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 佳通轮胎股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日披露了《第十一 届董事会第五次会议决议公告》（公告编号：临 2025-005）、《2024 年年度利润分配方案 公告》（公告编号：临 2025-007）、《关于续聘会计师事务所的公告》（公告编号：临 2025-009）、《2024 年年度报告》及《2024 年年度报告摘要》。经事后复核，发现部分内 容有误，现予以更正，并相应更正对应的内容，具体如下： （二）、《2024 年年度报告》更正 更正前： 重要提示……二、公司全体董事出席董事会会议。 更正后： 重要提示……二、未出席董事情况。 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 陈应毅 | 因工 ...

Core Viewpoint - S Jiatong's performance in 2024 was relatively stable, but a significant decline in net profit of 48.92% was reported in Q1 2025, primarily due to fluctuations in raw material prices [1][4]. Financial Performance - In 2024, S Jiatong achieved operating revenue of 4.668 billion yuan, a year-on-year increase of 12.11%, and a net profit attributable to shareholders of 174 million yuan, down 4.76% year-on-year [1]. - For Q1 2025, the company reported operating revenue of 1.126 billion yuan, a year-on-year increase of 4.8%, but net profit dropped to 23.66 million yuan, a decline of 48.92% [4]. Dividend Distribution - S Jiatong distributed a cash dividend of 0.32 yuan per share (including tax) to all shareholders in the first three quarters of 2024 and plans to distribute an additional 0.59 yuan per share, totaling 309 million yuan in dividends, which accounts for 177.52% of the net profit for the year [1]. Production and Sales - The company primarily produces and sells automotive tires, with a total production and sales volume of 17.4965 million and 17.5218 million tires in 2024, respectively [2]. - Sales volume for semi-steel radial tires increased by 16.5%, while sales of all-steel radial tires rose by 3.9% in 2024 [2]. Raw Material Impact - The fluctuation in raw material prices, particularly natural rubber, significantly affects the profit margins of tire manufacturers. The price of natural rubber has increased from 11,000 yuan/ton in April 2023 to 19,000 yuan/ton in October 2024, before dropping back to around 14,000 yuan/ton [5][7]. - S Jiatong's gross margin decreased from 20.09% in 2023 to 18.46% in 2024, and further to 14.03% in Q1 2025 due to rising raw material costs [5]. Shareholder Dynamics - S Jiatong remains one of the few companies in A-shares that has not completed its share reform, with no approved reform plan as of now [8][10]. - The company has made three attempts at share reform since 2005, all of which were rejected by shareholders [11][14][16]. Market Position and Strategy - S Jiatong has a foreign sales business that accounts for approximately 35% of its revenue, leveraging a multi-brand strategy and partnerships with major automotive manufacturers [2]. - The company is exploring further expansion plans despite the ongoing challenges related to its share reform status [25].

佳通轮胎股份有限公司 现金管理制度 （2025年4月制定） 第一章 总则 第一条 为规范佳通轮胎股份有限公司（以下简称"公司"）的现金管理行 为，提高资金运作效率，有效防范投资风险，维护公司及股东利益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第5号-交易与关联交易》等法律、法规 及规范性文件以及《公司章程》的有关规定，结合公司的实际情况，特制定本制 度。 第二条 本制度所称"现金管理"，是在国家政策允许和投资风险能有效控 制的前提下，以提高资金利用效率、增加现金资产收益为原则，对闲置资金(含 闲置自有资金、闲置募集资金)通过投资包括商业银行、证券公司、基金公司在 内的金融机构对外发行的安全性高、流通性好且投资期限不超过12个月的投资产 品(包括但不限于通知存款、协定性存款、结构性存款、定期存款、大额存单、 大额可转让存单以及保本型产品或收益凭证等)。 第三条 本制度适用于公司及合并报表范围的所有公司（以下简称"子公 司"）的现金管理。公司进行现金管理时，应当严格按照本制度规定的审批权限、 决策程序、信息披露等要求执行。未经公司同 ...

（二）独立性情况说明 佳通轮胎股份有限公司 独立董事 2024 年度述职报告 作为佳通轮胎股份有限公司（以下简称"公司"）第十届、第十一届董事会 的独立董事，根据相关法律法规和《公司章程》的规定，本人在2024年度认真履 行独立董事职责，积极出席各次会议，参与独立董事专门会议、董事会专门委员 会工作，独立自主决策，努力维护公司和全体股东的利益。现将2024年度工作情 况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人郭博耀，男，1979 年 6 月出生，本科学历，新加坡国籍。现任公司独立 董事， ACESIAN PARTNERS LIMITED (Singapore) 独立董事、 Metro Transit Solutions Pte Ltd (Singapore) 总裁、MTS Systems Engineering Pte Ltd (Singapore) 执行董事、Key Direction (Singapore) Pte Ltd 执行董事、SML Corporate Advisory Pte Ltd (Singapore)执行董事。 作为公司独立董事，本人及直系亲属、主 ...

佳通轮胎股份有限公司 独立董事 2024 年度述职报告 作为佳通轮胎股份有限公司（以下简称"公司"）第十届、第十一届董事会的独立 董事，根据相关法律法规和《公司章程》的规定，本人在2024年度认真履行独立董事职 责，积极出席各次会议，参与独立董事专门会议、董事会专门委员会工作，独立自主决 策，努力维护公司和全体股东的利益。现将2024年度工作情况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人钟庆全，1969 年生，国籍：新加坡，学历：学士，专业资格：新加坡注册会计 师资格。现任公司独立董事，Crowe Horwath First Trust LLP 副总裁、Jubilee Industries Holdings Ltd 独立董事及审计委员会主任委员、Acrometa Group Limited 独立董事。曾任 Arthur Andersen 经理，Linklaters Allen & Gledhill Pte Ltd 区域 财务经理。 （二）独立性情况说明 作为公司独立董事，本人及直系亲属、主要社会关系均不在公司或其附属企业任职， 未直接或间接持有公司股份，不在直接或间接持 ...

佳通轮胎股份有限公司 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人朱华友，1961年生，国籍：中国，经济社会学博士。自2021年5月17日 起担任公司独立董事。现任海南赛伯乐教育集团总裁、海口经济学院执行校长。 曾任海南省办事办处长、中国南海研究院副院长、海南省发改委副主任、海南省 副秘书长、海南省政府政策研究室主任。 （二）独立性情况说明 作为公司独立董事，本人及直系亲属、主要社会关系均不在公司或其附属企 业任职，未直接或间接持有公司股份，不在直接或间接持有公司已发行股份5%或 5%以上的股东单位任职。本人不曾为公司及其控股股东、实际控制人或其各自附 属企业提供财务、法律、咨询等服务，没有从公司及其主要股东或有利害关系的 机构和人员处取得额外的、未予披露的其他利益。因此，本人具备法律法规所要 求的独立性，并在履职中保持客观、独立的专业判断，不存在影响独立性的情况。 二、独立董事2024年度履职概况 （一）出席董事会会议、股东大会情况 2024年度，公司第十届、第十一届董事会共召开6次会议，本人均亲自参加 会议，无授权委托及缺席的情况。 独立董事 2024 年度述职报告 作为佳通轮胎 ...

经认真核查公司第十届、第十一届董事会独立董事朱华友先生、钟庆全先生、 郭博耀先生的相关任职经历及签署的相关自查文件,上述人员未在公司担任除独 立董事以外的任何职务,也未在公司主要股东公司担任任何职务,与公司以及主 要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系,其在 2024 年度不存在任何影响独立性的情形。因此,公司独立董事符合《上市公司独 立董事管理办法》《上海证券交易所上市公司自律监管指引第1号 -- 规范运作》 中对独立董事独立性的相关要求。 佳诵轮胎般 佳通轮胎股份有限公司 董事会对独立董事 2024年度独立性自查情况的专项报告 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第1号 -- 规范运作》等法律、行政法规、规 范性文件的有关规定,佳通轮胎股份有限公司(以下简称"公司")董事会就公 司在任独立董事朱华友先生、钟庆全先生、郭博耀先生的独立性情况进行评估并 出具如下专项意见: ...