Core Viewpoint - The announcement details the increase in shareholding by a significant shareholder of Sailun Tire (601058), indicating a strategic move that may reflect confidence in the company's future performance [1] Shareholding Changes - From April 11, 2025, to June 20, 2025, the actual controller Yuan Zhongxue's concerted actor, Ruiyuan Dingshi, increased its shareholding by 32.82 million shares, raising its ownership from 24.00% to 25.00%, marking a 1% change in equity [1] - Between November 25, 2024, and June 20, 2025, Ruiyuan Dingshi acquired an additional 92.96 million shares, increasing its stake from 12.79% to 15.62%, which represents a 5% change in equity [1] Control and Ownership - The changes in shareholding did not result in any alterations to the company's controlling shareholder, actual controller, or the largest shareholder [1]

Investment Rating - The report maintains a "Buy" rating for both Sailun Tire and Senqilin, with target prices of 16.44 and 26.91 respectively [9][28]. Core Insights - The tire industry is approaching a turning point due to tariff digestion and cost improvements, with Chinese tire companies expected to expand their market share despite current tariff challenges [1]. - Raw material costs have significantly decreased, with the price index for semi-steel and all-steel tires dropping by 15% and 14% respectively as of June 6, 2025, indicating a recovery in profitability for the tire industry expected by Q3 2025 [2]. - Demand for semi-steel tires in North America and Europe remains strong, with a year-on-year growth of 3% and 5% respectively in early 2025, enhancing the competitiveness of Chinese products in these markets [3]. - Leading companies are actively expanding their overseas presence, with Sailun Tire increasing its brand investment and establishing production facilities in Indonesia and Mexico, while Senqilin is set to ramp up production in Morocco [4]. Summary by Sections Tariff and Cost Dynamics - Tariff impacts are gradually being absorbed, allowing Chinese tire companies to leverage their cost advantages and enhance market penetration [1]. - The cost pressure from raw materials has eased significantly, with expectations of improved profitability in the upcoming quarters [2]. Market Demand and Competitiveness - The semi-steel tire demand in North America and Europe continues to grow, with a notable increase in imports from China [3]. - Chinese tire manufacturers are positioned to benefit from their competitive pricing and quality, leading to increased market share in international markets [3]. Company Recommendations - Sailun Tire is recommended due to its strong brand development and successful overseas production initiatives, with a projected revenue growth of 22% year-on-year [32]. - Senqilin is also recommended for its high-end product positioning and expected production ramp-up in Morocco, contributing to its market share growth [32].

Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2025-048 赛轮集团股份有限公司 关于提供担保的进展公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次被担保人名称：赛轮香港 本次担保金额及已实际为其提供担保的余额：公司本次为赛轮香港6,000 万美元连带责任担保。包含本次担保在内，公司已实际为赛轮香港提供53.37亿 元连带责任担保。 特别风险提示：公司及控股子公司预计年度对外担保总额为272亿元，截 至本公告披露日实际发生担保额为202.23亿元，分别占公司最近一期经审计净资 产的139.42%、103.66%；公司对资产负债率超过70%的全资子公司实际发生担保 额为121.44亿元，占公司最近一期经审计净资产的62.25%。请广大投资者充分关 注担保风险。 一、担保情况概述 2024 年 12 月 13 日，赛轮集团股份有限公司（以下简称"公司"或"赛轮 集团"）召开第六届董事会第二十一次会议，审议通过了《关于 2025 年度预计对 外担保的议案》，同意公司为控股子公司提供总额不超过 ...

本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次被担保人名称：赛轮香港 证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2025-048 赛轮集团股份有限公司 关于提供担保的进展公告 本次担保金额及已实际为其提供担保的余额：公司本次为赛轮香港6,000 万美元连带责任担保。包含本次担保在内，公司已实际为赛轮香港提供53.37亿 元连带责任担保。 特别风险提示：公司及控股子公司预计年度对外担保总额为272亿元，截 至本公告披露日实际发生担保额为202.23亿元，分别占公司最近一期经审计净资 产的139.42%、103.66%；公司对资产负债率超过70%的全资子公司实际发生担保 额为121.44亿元，占公司最近一期经审计净资产的62.25%。请广大投资者充分关 注担保风险。 一、担保情况概述 2024 年 12 月 13 日，赛轮集团股份有限公司（以下简称"公司"或"赛轮 集团"）召开第六届董事会第二十一次会议，审议通过了《关于 2025 年度预计对 外担保的议案》，同意公司为控股子公司提供总额不超过 ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2025-047 赛轮集团股份有限公司 关于增资控股华东（东营）智能网联汽车试验场有限 公司暨关联交易的进展公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、本次增资情况概述 2025 年 2 月 24 日，赛轮集团股份有限公司（以下简称"公司"）召开第六 届董事会第二十三次会议，审议通过了《关于增资控股华东（东营）智能网联汽 车试验场有限公司（以下简称"华东试验场"）暨关联交易的议案》。上述事项 亦经公司 2025 年 3 月 18 日召开的 2025 年第一次临时股东大会审议通过。2025 年 5 月 9 日，华东试验场召开股东会审议通过了《股权调整方案》，同意公司增 资成为华东试验场的控股股东。 二、本次增资的进展情况 近日，华东试验场完成了相关变更登记手续并取得了山东省黄河三角洲农业 高新技术产业示范区管委会核发的《营业执照》，相关登记信息如下： 名称：华东（东营）智能网联汽车试验场有限公司 统一社会信用代码：91370523085136192J 公司类 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [10]. Core Views - The report emphasizes the importance of focusing on domestic demand, high dividend stocks, and import substitution in the chemical industry, especially in light of the recent stabilization of international oil prices [6][17]. - It notes that the international oil price is expected to stabilize around $70 per barrel in 2025, which supports the outlook for companies with strong asset quality and high dividend yields [6][17]. Summary by Sections Industry Investment Recommendations - The report suggests that the chemical industry is currently in a weak performance phase, with mixed results across different sub-sectors due to past capacity expansions and weak demand [20]. - It highlights specific sectors such as the tire industry, which is expected to perform well due to global positioning and tariff experiences [20]. - The report also identifies opportunities in import substitution for chemical products like lubricant additives and special coatings [20]. Price Movements - Significant price increases were observed in natural gas (up 14.76%), hydrochloric acid (up 9.39%), and synthetic ammonia (up 5.24%) [17][18]. - Conversely, products like adipic acid and coal tar saw notable declines, with adipic acid down 7.53% [17][18]. Key Companies and Earnings Forecasts - The report provides earnings per share (EPS) forecasts for various companies, indicating a positive outlook for firms like Xinyangfeng and Senqilin, with projected EPS growth [10]. - It lists several companies with strong dividend yields, such as Yuntianhua and Xingfa Group, which are expected to attract investor interest [20].

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [10]. Core Viewpoints - The report emphasizes the importance of focusing on domestic demand, high dividend stocks, and import substitution in the chemical industry, especially in light of the recent stabilization of international oil prices [6][17]. - It notes that the international oil prices have shown a slight increase, with WTI crude oil priced at $64.58 per barrel and Brent crude at $66.47 per barrel as of June 6, 2025, indicating a positive outlook for companies with high dividend yields [6][17]. - The report suggests that the chemical industry is currently experiencing mixed performance across different sub-sectors, with some areas like the tire industry showing better-than-expected results [20]. Summary by Sections Chemical Industry Investment Suggestions - The report highlights significant price increases in products such as natural gas (up 14.76%) and hydrochloric acid (up 9.39%), while products like adipic acid and coal tar have seen notable declines [17][18]. - It recommends focusing on sectors that can benefit from import substitution, such as lubricating oil additives and special coatings, as well as companies involved in chemical fertilizers and coal chemical industries [8][20]. Price Movements - The report details the fluctuations in chemical product prices, noting that while some products have rebounded, others continue to decline, reflecting the overall weak performance of the industry [20][28]. - It mentions that the overall market sentiment remains cautious due to high supply pressures and weak demand, particularly in the urea and compound fertilizer markets [30][31]. Key Companies and Earnings Forecasts - The report provides a detailed earnings forecast for key companies, indicating expected EPS growth for companies like Xinyangfeng and Senqilin, with respective PE ratios suggesting attractive valuations [10]. - It emphasizes the strong dividend yields of leading companies in the chemical sector, making them appealing investment opportunities in the current market environment [8][10].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The chemical industry is expected to enter a replenishment cycle, driven by the recovery of demand and limited supply in certain sectors [30] - The chromium salt and phosphate rock sectors are highlighted as key areas of focus due to their potential for growth and value reassessment [4][6] - The report emphasizes the importance of companies with cost advantages and stable market positions, particularly in the context of rising prices for key products [10][30] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 2.4% over the last month, 1.0% over the last three months, and 8.9% over the last year, outperforming the CSI 300 index [3] Key Opportunities - Focus on chromium salt and phosphate rock industries, with expectations of continued demand growth in fine phosphorus chemicals and lithium iron phosphate batteries [7] - Companies like Zhuhai Holdings and Baitian Co. are noted for their capacity expansions and potential for increased profitability [7][9] Price Trends - Recent price adjustments include a decrease in metal chromium prices from 76,000 yuan/ton to 73,000 yuan/ton, reflecting market fluctuations and demand shifts [5][17] - Phosphate rock prices are stable at 1,038 yuan/ton, with expectations of a reassessment of value due to supply constraints [19] Company Focus - Companies such as Zhuhai Holdings and Baitian Co. are highlighted for their strategic advantages in technology innovation, cost reduction, and capacity expansion [5][7] - The report suggests that leading companies in the chemical sector are entering a long-term upward performance cycle, supported by their competitive advantages [8][30] Investment Recommendations - The report recommends a focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Yantai Chemical, as well as those in the chromium salt and phosphate rock sectors [9][10] - High dividend yield companies, particularly state-owned enterprises, are also recommended for their stable returns and resource advantages [10][11]

Investment Rating - The report provides a positive outlook for the tire industry, highlighting robust demand and strategic expansions by key players like Sailun [3][4]. Core Insights - The tire industry is experiencing a decline in raw material prices, which is beneficial for manufacturers [3][6]. - Sailun Group has successfully launched its first high-performance tires in Indonesia and Mexico, marking significant milestones in its global expansion strategy [3][4]. - Sailun has entered the top ten of the global tire brand value rankings, reaffirming its position as the most valuable tire brand in China with a 13% increase in brand value [3][4]. - The tire raw material price index has decreased significantly, with a 2.95% month-on-month decline and an 8.28% year-on-year decline [6][7]. Summary by Sections Raw Materials - The raw material price index for tires in May was 156.89, reflecting a 2.95% decrease month-on-month and an 8.28% decrease year-on-year [6][7]. - Specific prices include natural rubber at 14,955 CNY/ton (down 2.52% month-on-month, up 5.48% year-on-year), styrene-butadiene rubber at 12,459 CNY/ton (down 0.22% month-on-month, down 7.79% year-on-year), and carbon black at 6,815 CNY/ton (down 7.46% month-on-month, down 21.72% year-on-year) [6][7]. Production and Export - In May, the average operating rate for full steel tires in China was 58.80%, a decrease of 6.34 percentage points month-on-month, while for semi-steel tires, it was 72.53%, down 6.68 percentage points month-on-month [25]. - In April, China's rubber tire production was 102 million units, a 5.07% decrease month-on-month but a 14.03% increase year-on-year [27]. Consumption - The replacement market shows resilience, with stable demand in the U.S. and a 1.95% month-on-month increase in imported semi-steel tires [3][41]. - In April, U.S. automotive parts and tire store retail sales were $11.529 billion, reflecting a 1.20% decrease month-on-month but a 0.60% increase year-on-year [68]. Shipping Costs - In May, shipping costs remained stable at a low level, indicating a potential for cost management in the tire supply chain [4]. Key Companies - Sailun Tire is highlighted as a key player in the industry, with significant achievements in production and brand value [3][4].