Investment Rating - The report maintains a "Buy" recommendation for the basic chemical industry, highlighting price increases in key products such as folic acid, lithium hexafluorophosphate, and concentrated nitric acid [2]. Core Insights - The basic chemical industry is expected to see a turnaround, with the overall weighted operating rate at historical highs and price differentials at the bottom, indicating potential for recovery [15][18]. - The report suggests four investment strategies: prioritize early turnaround stocks, focus on scarce resource products, invest in growth-oriented companies, and target sectors with favorable supply-demand structures [15]. - The tire industry is showing signs of recovery, with major companies expected to return to high growth by 2026 due to easing tariffs and stabilizing raw material costs [16]. - The Ministry of Industry and Information Technology has introduced a growth plan for the petrochemical industry, aiming for an average annual growth of over 5% from 2025 to 2026 [17]. - The report emphasizes the importance of the fluorine, silicon, and phosphorus sectors, which are expected to have significant valuation elasticity and potential for new cycle star products [19]. Summary by Sections Investment Strategy - The Huachuang Chemical Industry Index is at 67.92, with a week-on-week increase of 1.66% and a year-on-year decrease of 21.52% [14]. - Key products with significant price increases include folic acid (+25.8%), lithium hexafluorophosphate (+22.2%), and concentrated nitric acid (+20.1%) [14]. Price and Price Differential Changes - The report notes that the industry price percentile is at 15.54% over the past decade, indicating a relatively low price level [14]. - The industry inventory percentile is at 87.36%, suggesting a high level of inventory compared to historical data [14]. Tracking Basic Chemical Sub-sectors - The report tracks various sub-sectors, including tire, agricultural chemicals, phosphorus chemicals, coal chemicals, and chlor-alkali, providing insights into their performance and market conditions [7]. - The tire industry is highlighted for its recovery potential, with nine out of eleven listed companies reporting profit growth in Q3 [16]. - The phosphorus chemical sector is noted for favorable policy developments and potential market changes [7][19]. Trading Data - The report includes trading data and performance metrics for various chemical products, indicating trends in supply and demand dynamics [7].

Core Viewpoint - Triangle Tire (601163.SH) reported its Q3 2025 results, highlighting a significant presence of institutional investors holding 59.11% of its total shares, although this represents a slight decline from the previous quarter [1] Institutional Holdings - As of October 30, 2025, six institutional investors disclosed holdings in Triangle Tire, totaling 473 million shares [1] - The institutional investors include Triangle Group Co., Ltd., Hong Kong Central Clearing Limited, Guosen Securities Co., Ltd., and three public funds [1] - The overall institutional holding percentage decreased by 1.43 percentage points compared to the previous quarter [1] Public Fund Activity - One public fund, Hengsheng Qianhai Xingtai Mixed A, increased its holdings during this period [1] - Two new public funds disclosed their holdings, namely Dongfanghong CSI 500 Index Enhanced Initiation A and Huafu Xinhua Zhongxin Hongli Value Index A [1] - A total of 85 public funds that were previously disclosed did not report their holdings this quarter, including several notable funds such as Dongfanghong CSI Dividend Low Volatility Index A and Southern CSI 1000 ETF [1]

Core Viewpoint - Triangle Tire reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1]. Financial Performance - Revenue for the first three quarters of 2025 was approximately 7.32 billion yuan, a year-on-year decrease of 3.83% [1]. - Net profit attributable to shareholders was around 682 million yuan, reflecting a year-on-year decline of 22.77% [1]. - Basic earnings per share were 0.85 yuan, down 22.73% compared to the previous year [1].

Core Points - Triangle Tire announced the election of Mr. Yu Weiyuan as the employee director of the company's seventh board of directors during the employee representative meeting held on October 30, 2025 [2] Company Summary - The employee representative meeting was convened on October 30, 2025, to discuss and approve the election [2] - Mr. Yu Weiyuan was elected as the employee director, indicating a move towards employee representation in the company's governance [2]

证券代码：601163 证券简称：三角轮胎 公告编号：2025-024 三角轮胎股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 10 月 30 日 (二)股东大会召开的地点：山东省威海市临港经济技术开发区台湾路 67 号公司 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 328 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 542,948,335 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 67.8685 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长丁木先生主持，以现场记名投票和网络投票 相结合的方式进行表决，本次会议的召集、召开及表决方式 ...

上海市锦天城律师事务所 关于三角轮胎股份有限公司 2025 年第一次临时股东大会的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址: 上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 传真:021-20511999 电话: 021-20511000 邮编: 200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于三角轮胎股份有限公司 2025 年第一次临时股东大会的 法律意见书 致:三角轮胎股份有限公司 为出具本法律意见书,本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则(试行)》等规定,严格履行 了法定职责,遵循了勤勉尽责和诚实信用原则,对本次股东大会所涉及的相关事 项进行了必要的核查和验证,核查了本所认为出具该法律意见书所需的相关文件、 资料。本所保证本法律意见书所认定的事实真实、准确、完整,所发表的结论性 意见合法、准确,不存在虚假记载、误导性陈述或者重大遗漏,并愿意承担相应 法律责任。 鉴此,本所律师根据上述法律、法规、规章及规范性文件的要求,按照律师 行业公认的业务标准、道德规范和 ...

Financial Performance - The company's operating revenue for the third quarter was approximately CNY 2.54 billion, a decrease of 2.55% compared to the same period last year[5]. - The total profit for the quarter was approximately CNY 308.58 million, reflecting an increase of 5.67% year-on-year[5]. - The net profit attributable to shareholders was approximately CNY 286.53 million, up by 5.52% compared to the previous year[5]. - The net profit after deducting non-recurring gains and losses was approximately CNY 235.45 million, an increase of 8.78% year-on-year[5]. - The basic earnings per share for the quarter was CNY 0.36, a decrease of 22.73% compared to the same period last year[6]. - The net profit for the first three quarters of 2025 is CNY 682.74 million, a decrease of 22.7% compared to CNY 883.81 million in the same period of 2024[18]. - The total comprehensive income for the first three quarters of 2025 is CNY 689.27 million, down from CNY 890.59 million in the previous year, representing a decline of 22.6%[19]. - The basic and diluted earnings per share for the first three quarters of 2025 are both CNY 0.85, compared to CNY 1.10 in the same period of 2024, reflecting a decrease of 22.7%[19]. Cash Flow and Investments - The cash flow from operating activities for the year-to-date was approximately CNY 538.74 million, down by 29.60% compared to the previous year[6]. - The net cash flow from operating activities for the first three quarters of 2025 is CNY 538.74 million, down 29.6% from CNY 765.29 million in the previous year[21]. - Cash received from sales of goods and services in the first three quarters of 2025 is CNY 6.12 billion, a slight decrease of 1.7% from CNY 6.23 billion in the same period of 2024[20]. - The cash outflow from investing activities in the first three quarters of 2025 is CNY 379.23 million, significantly lower than CNY 1.71 billion in the previous year, indicating a reduction in investment spending[21]. - The cash flow from financing activities in the first three quarters of 2025 shows a net outflow of CNY 868.07 million, compared to a net outflow of CNY 628.09 million in the same period of 2024, indicating increased financing costs[21]. - The company reported a decrease in interest expenses from CNY 35.13 million in 2024 to CNY 27.51 million in 2025, a reduction of 21.7%[18]. - The total revenue from investment income for the first three quarters of 2025 is CNY 167.04 million, slightly down from CNY 174.13 million in the previous year[18]. Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 19.22 billion, a decrease of 0.28% from the end of the previous year[6]. - Current assets totaled CNY 14,575,323,032.21 as of September 30, 2025, compared to CNY 13,393,420,508.67 at the end of 2024, indicating an increase of 8.81%[14]. - Total liabilities decreased to CNY 5,510,394,208.21 as of September 30, 2025, from CNY 5,835,631,916.59 at the end of 2024, a reduction of 5.57%[15]. - The total assets as of September 30, 2025, were CNY 19,224,892,487.06, slightly down from CNY 19,278,878,115.70 at the end of 2024, a decrease of 0.28%[15]. - Shareholders' equity increased to CNY 13,714,498,278.85 as of September 30, 2025, compared to CNY 13,443,246,199.11 at the end of 2024, reflecting an increase of 2.01%[16]. - The equity attributable to shareholders was approximately CNY 13.71 billion, an increase of 2.02% compared to the end of the previous year[6]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 39,420[11]. Research and Development - Research and development expenses increased to CNY 126,382,191.36 in 2025 from CNY 111,298,858.70 in 2024, representing a growth of 13.56%[17]. Inventory and Accounts Receivable - Inventory as of September 30, 2025, was CNY 1,428,096,045.25, up from CNY 1,193,129,093.95 at the end of 2024, marking a significant increase of 19.66%[14]. - The company reported accounts receivable of CNY 1,219,808,474.66 as of September 30, 2025, compared to CNY 1,037,963,743.02 at the end of 2024, an increase of 17.52%[14]. Company Strategy - The company has not reported any new product launches or significant market expansion strategies during this period[22].

三角轮胎股份有限公司独立董事制度 三角轮胎股份有限公司独立董事制度 第一章 总 则 第一条 为促进三角轮胎股份有限公司（以下简称公司）持续规范发展，充 分发挥独立董事在公司治理中的作用，维护公司整体利益，公司依据中国证监会 《上市公司治理准则》《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、 法规、规范性文件、上海证券交易所业务规则及《三角轮胎股份有限公司章程》 （以下简称《公司章程》）的规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或 者个人的影响。 第二章 任职资格 第五条 独立董事必须保持独立性。 下列人员不得担任独立董事： （一）在公司或者其附属企业任职的人员及其配偶、父母、子女、主要社会 关系； （二）直接或者间接持有公司已发行股份 1%以上或者是公司前 10 名股东中 的自然人股东及其配偶、父母、子女； （三）在直接或者 ...

第一章 总 则 三角轮胎股份有限公司董事会议事规则 三角轮胎股份有限公司董事会议事规则 第一条 为健全和规范三角轮胎股份有限公司（以下简称公司）董事会议事 和决策程序，提高董事会工作效率和科学决策的水平，保证公司经营、管理工作 的顺利进行，根据《中华人民共和国公司法》（以下简称《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》（以下简称《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》等有关法律、法 规、规范性文件和《三角轮胎股份有限公司章程》（以下简称《公司章程》）的有 关规定，结合公司实际情况，制定本规则。 第二条 董事会是公司经营管理的决策机构，维护公司和全体股东的利益， 在《公司章程》和股东会的授权范围内，负责公司发展目标和重大经营活动的决 策。 董事会应按照《公司法》《公司章程》的规定行使职权。 第三条 公司董事会各项法定职权应当由董事会集体行使，不得授权他人行 使，不得以《公司章程》、股东会决议等方式变更或者剥夺。 《公司章程》规定的董事会其他职权，涉及重大事项的，应当进行集体决策， 不得授予董事长、总经理等其他主体行使。 第二章 董事会议事规则 ...

三角轮胎股份有限公司董事薪酬管理制度 第一条 为进一步完善三角轮胎股份有限公司（以下简称 "公司"）的治 理制度，规范董事薪酬的管理，保障董事更好地履行职责，根据《中华人民共 和国公司法》《上市公司治理准则》《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》等法律法规、规范性文件及《三角轮胎股份有限公司章 程》（以下简称《公司章程》）的相关规定，结合公司实际情况，特制定本制 度。 第二条 公司董事薪酬管理遵循以下原则： 1、以岗位价值为基础，绩效优先，体现与公司收益共享、风险共担的价值 理念。 三角轮胎股份有限公司董事薪酬管理制度 1、董事长 第 1页/共 3页 2、薪酬水平与公司效益及工作目标紧密结合。 3、坚持激励与约束并重，体现结果导向的原则。 第三条 公司董事会薪酬与考核委员会是董事薪酬事项的管理机构，董事的 薪酬方案由薪酬与考核委员会审查后向董事会提出建议，董事会审议通过提交 股东会审议。 在董事会或者薪酬与考核委员会对董事个人进行评价或者讨论其报酬时， 该董事应当回避。 第四条 本制度适用《公司章程》规定的董事。根据产生方式和工作性质， 董事划分为以下三类: 1、独立董事，指公司按照中 ...