[Summary of Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) Sailun Group forecasts a year-on-year decline in 2025 H1 performance, with net profit attributable to shareholders decreasing by approximately 15% and non-recurring net profit by about 12% Key Performance Indicators for 2025 Semi-Annual Forecast | Indicator | Forecasted Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Approximately 1.83 billion | Decrease by approximately 15% | | Net Profit Excluding Non-Recurring Items | Approximately 1.81 billion | Decrease by approximately 12% | - This performance forecast represents preliminary calculations by the company's finance department and has not been audited by a certified public accountant[4](index=4&type=chunk) [Comparison with Prior Year's Performance](index=1&type=section&id=II.%20Prior%20Year's%20Performance) This section compares the 2025 H1 performance forecast against 2024 H1 actuals, showing all forecasted indicators are lower than the prior year's levels 2025 H1 Performance Forecast vs. 2024 H1 Actual Performance | Indicator | 2025 H1 (Forecast) | 2024 H1 (Actual) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders (Billion RMB) | 1.83 | 2.151 | -15% | | Net Profit Excluding Non-Recurring Items (Billion RMB) | 1.81 | 2.052 | -12% | | Earnings Per Share (RMB) | Not Disclosed | 0.66 | N/A | [Analysis of Performance Changes](index=2&type=section&id=III.%20Main%20Reasons%20for%20Performance%20Changes%20in%20Current%20Period) The projected net profit decline is attributed to a decrease in gross profit margin, influenced by trade barriers, raw material prices, and market changes, with plans to optimize overseas capacity and promote high-value products - Core reason for performance decline: The company's gross profit margin decreased year-on-year during the reporting period, influenced by factors such as international trade barriers, raw material prices, and market environment[7](index=7&type=chunk) - Future countermeasures: The company plans to mitigate adverse effects by optimizing overseas production capacity layout and increasing the promotion of high-value-added products[7](index=7&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=IV.%20Risk%20Warning) This performance forecast is a preliminary, unaudited estimate, subject to uncertainty, with final data to be confirmed in the official 2025 semi-annual report, cautioning investors about investment risks - The data in this performance forecast is preliminary and unaudited by a certified public accountant, with final figures subject to the official semi-annual report[8](index=8&type=chunk)[9](index=9&type=chunk)

Core Viewpoint - The company expects a decline in net profit for the first half of 2025, primarily due to international trade barriers, raw material prices, and market conditions [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 1.83 billion yuan for the first half of 2025, a decrease of about 321 million yuan compared to the same period last year, representing a year-on-year decline of around 15% [1] - The expected net profit, excluding non-recurring gains and losses, is approximately 1.81 billion yuan, which is a decrease of about 242 million yuan year-on-year, equating to a decline of around 12% [1] Factors Influencing Performance - The decline in net profit is attributed to factors such as international trade barriers, raw material prices, and market environment, which have also led to a decrease in gross profit margin compared to the previous year [1] Future Strategies - The company plans to optimize its overseas production capacity and increase the promotion of high value-added products to mitigate the impact of the aforementioned factors on its performance [1]

赛轮轮胎（601058）(601058.SH)是中国第一家在海外建厂的轮胎企业，如今持续加码海外布局。 近日，赛轮轮胎公告显示，公司拟在埃及投资建设"年产360万条子午线轮胎项目"，项目投资总额2.91 亿美元(按照当前汇率计算约合人民币20.9亿元)。 赛轮轮胎表示，埃及地处亚非欧三大洲交汇处，濒临苏伊士运河，连接欧洲、非洲及中东市场，产品可 以辐射周边国家和地区。 值得一提的是，2024年，赛轮轮胎内销营业收入达75.52亿元，同比增长19.9%；外销营业收入达238.11 亿元，同比增长25%。外销收入占营业收入比例约为75%，成为公司业绩主要支撑。 拟在埃及投资建设轮胎项目 目前，赛轮轮胎旗下轮胎产品主要有"赛轮""路极""黑鹰""锐科途""黑骑士""赛维""迈驰"等品牌，产品 销往欧、美、亚、非等180多个国家和地区。 作为中国第一家在海外建厂的轮胎企业，赛轮轮胎已在越南、柬埔寨、墨西哥、印度尼西亚等四个国家 建有生产基地，在海外项目建设与运营领域积累了丰富经验，逐渐形成了涵盖供应链管理、本地化生产 及跨文化运营的成熟体系。 8月14日晚间，赛轮轮胎发布公告，为满足当地市场需求及公司全球化战略布局的 ...

Core Viewpoint - The company plans to invest in a new tire production project in Egypt, which is expected to enhance its global capacity and market presence [2][4]. Group 1: Project Overview - The company intends to invest a total of $291 million in the "360 million radial tire project" in Egypt, with $255 million allocated for construction and $35 million for working capital [4]. - The project will add 3 million semi-steel radial tires and 600,000 all-steel radial tires to the company's production capacity [4]. - Located in the Suez Economic Cooperation Zone, the project aims to serve both the local Egyptian market and surrounding regions [4]. - The project is expected to reach 60% production capacity in the first year and 100% in the second year, generating an average annual revenue of $190 million and a net profit of $35 million, with a net profit margin of 18.3% [4]. Group 2: Global Expansion and Product Development - The company currently has a production capacity exceeding 70 million tires, with facilities in Qingdao, Dongying, Weifang, Shenyang, Vietnam, and Cambodia [5]. - Ongoing construction projects are progressing steadily, with significant capacity planned for completion by the end of 2024 [5]. - The company has established partnerships with major domestic and international firms, enhancing its presence in the non-highway tire sector [5]. Group 3: Product Innovation - The "Liquid Gold" tire utilizes a pioneering chemical vulcanization technology that reduces rolling resistance and improves wet grip and wear resistance [6]. - This innovation addresses long-standing industry challenges, enhancing safety, energy efficiency, and comfort for users [6]. - The average "Liquid Gold" tire can reduce fuel consumption by over 4% for buses and 3% for passenger cars, while increasing the range of electric vehicles by 5-10% [6]. Group 4: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 36.54 billion, 41.85 billion, and 46.16 billion yuan, respectively, with corresponding net profits of 4.50 billion, 5.26 billion, and 6.14 billion yuan [7][8]. - The expected earnings per share (EPS) for the same period are 1.37, 1.60, and 1.87 yuan, with price-to-earnings (PE) ratios of 10, 8, and 7 [7][8].

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].

Group 1 - The core viewpoint of the report is the recommendation rating for Sailun Tire (601058.SH) based on several positive factors [2] - The expansion of production capacity in Egypt is highlighted as a significant development for the company [2] - The company is making steady progress in globalization and is focusing on non-highway markets [2] - The performance of "liquid gold" products is noted to enhance the company's brand strength [2]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 13.39 CNY per share on August 15, 2025 [5]. Core Views - The company is expanding its overseas production capacity with a new project in Egypt, which will produce 3.6 million radial tires annually, with a total investment of 291 million USD [1]. - The project is expected to generate an average annual revenue of 190 million USD and a net profit of 35 million USD, with a net profit margin of 18.3% and a payback period of 6.15 years [1]. - The company has a strong existing capacity of over 70 million tires, with production facilities in various locations including Qingdao, Dongying, and Vietnam, and is steadily advancing its construction of new capacities [2]. - The company has established partnerships with major domestic and international firms, enhancing its presence in the non-road tire sector [2]. - The innovative "Liquid Gold" tire technology has improved performance metrics, reducing rolling resistance and enhancing safety and comfort, which is expected to boost brand strength [3]. - Revenue projections for the company from 2025 to 2027 are estimated at 36.535 billion CNY, 41.850 billion CNY, and 46.156 billion CNY respectively, with net profits of 4.504 billion CNY, 5.264 billion CNY, and 6.138 billion CNY [4][8]. Summary by Sections Investment and Expansion - The company plans to invest in a new tire production facility in Egypt, which will add significant capacity to its global operations [1]. - The project is strategically located to serve both local and regional markets, enhancing the company's international footprint [1]. Production Capacity and Partnerships - The company has a robust production capacity and is actively expanding its facilities in Vietnam and Cambodia, with significant progress reported in ongoing projects [2]. - Collaborations with leading companies in both domestic and international markets have strengthened its position in the non-road tire segment [2]. Product Innovation - The "Liquid Gold" tire technology represents a significant advancement in tire performance, addressing long-standing industry challenges and improving energy efficiency [3]. - The technology has been validated by multiple international testing organizations, further solidifying the company's reputation in the market [3]. Financial Projections - The company is expected to see steady revenue growth over the next few years, with significant increases in both revenue and net profit anticipated [4][8]. - The earnings per share (EPS) are projected to rise from 1.37 CNY in 2025 to 1.87 CNY in 2027, indicating strong financial health and growth potential [4][8].

子。因此，瑞元鼎实投资有限公司、青岛煜明投资中心（有限合伙）、杨德华女士、袁嵩先生是袁仲雪先生的一致行动人。 注 2：上表中合计比例数与各明细数直接相加之和在尾数上若有差异，是由于数据四舍五入造成。 存在平仓风险或被强制平仓的情形，亦不存在需履行的业绩补偿义务。若出现平仓风险， 袁仲雪先生及其一致行动人将采取补充质押、提前购回被质押股份等措施应对风险。 制权稳定、股权结构、日常管理产生实质性影响，不会导致公司实际控制权发生变更。 特此公告。 赛轮集团股份有限公司董事会 | 证券代码：601058 | 2025-056 | 证券简称：赛轮轮胎 | 公告编号：临 | 赛轮集团股份有限公司 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关于股东部分股份质押延期购回及质押的公告 | 公司股东保证向本公司提供的信息内容真实、准确和完整，没有虚假记载、 | | | | | | | | | | | | | | | | 误导性 ...

赛轮轮胎表示，项目投资总额29148万美元，其中：建设投资25523万美元、流动资金3523万美元、建设期利息102万美元。本项目所需资金拟以自有资金及 向金融机构借款等形式解决。本项目预计实现年平均营业收入18997万美元，实现年平均净利润3477万美元。根据财务分析评价结果，项目净利润率为 18.30%，项目投资回收期为6.15年。 年报显示，截至2024年12月31日，赛轮轮胎总资产402.85亿元，较上年末增长19.45%；归属于上市公司股东的净资产195.09亿元，较上年末增长31.35%。报 告期内，赛轮轮胎实现营业收入318.02亿元，同比增长22.42%；实现归属于上市公司股东的净利润40.63亿元，同比增长31.42%。 公告显示，作为中国第一家在海外建厂的轮胎企业，赛轮轮胎已在越南、柬埔寨、墨西哥、印度尼西亚等四个国家建有生产基地，在海外项目建设与运营领 域积累了丰富经验，逐渐形成了涵盖供应链管理、本地化生产及跨文化运营的成熟体系。此次在埃及投建轮胎生产基地，既能通过贴近市场的本地化运营精 准捕捉海外需求，快速响应下游客户的诉求，持续强化对核心客户的综合服务能力，更能依托埃及的区位与政策优 ...