北京市西城区平安里西大街 26 号新时代大厦 6-8 层 邮编：100034 电话：(86)010-66091188 传真：(86)010-66091616 北京市中咨律师事务所 关于三角轮胎股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年六月 法律意见书 北京市中咨律师事务所 关于三角轮胎股份有限公司 2024 年年度股东大会的 法律意见书 致：三角轮胎股份有限公司 三角轮胎股份有限公司（以下简称公司）2024 年年度股东大会（以下简称 本次股东大会）于 2025 年 6 月 27 日在公司会议室举行。北京市中咨律师事务所 （以下简称本所）接受公司的委托，指派陈新庚律师、杨利律师（以下合称本所 律师）出席并见证公司 2024 年年度股东大会。 根据《中华人民共和国公司法》（以下简称《公司法》）等有关法律、行政 法规、部门规章、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，本所律师审查了公司提供的关于 召开本次股东大会的有关会议资料，并对本次股东大会的召集程序、会议召集人 资格、本次股东大会的召开、出席会议人员资格、本次股东大会的议案情况、议 ...

证券代码：601163 证券简称：三角轮胎 公告编号：2025-013 三角轮胎股份有限公司 2024年年度股东大会决议公告 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 6 月 27 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 | 383 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 560,997,385 | | 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（%） | 70.1246 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 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、召开及表决方式符合 ...

证券代码：601163 证券简称：三角轮胎 公告编号：2025-014 三角轮胎股份有限公司 第七届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 三角轮胎股份有限公司董事会 2025 年 6 月 27 日 1 （一）本次董事会会议的召开符合《公司法》等法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 （二）本次董事会会议通知已于 2025 年 6 月 27 日以专人送达的方式向董事 会全体董事发出。 （三）本次董事会会议于 2025 年 6 月 27 日在公司会议室以现场表决的方式 召开。 （四）本次董事会会议应出席董事 9 人，实际出席董事 9 人。 （五）本次董事会会议由董事长丁木先生召集并主持，公司监事、高级管理 人员列席会议。 二、董事会会议审议情况 以 9 票同意、0 票反对、0 票弃权审议通过了《关于公司向金融机构申请综 合授信额度的议案》 特此公告。 ...

三角轮胎股份有限公司 （股票代码：601163） 2024 年年度股东大会 会议资料 二〇二五年六月二十七日 三角轮胎股份有限公司 2024 年年度股东大会会议资料 三角轮胎股份有限公司 2024 年年度股东大会会议议程 一、现场会议时间：2025 年 6 月 27 日 14:00 二、现场会议地点：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、网络投票：采用上海证券交易所网络投票系统。通过 交易系统投票平台的投票时间 6 月 27 日 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台（网址：vote.sseinfo.com） 的投票时间 6 月 27 日 9:15-15:00。 四、现场会议安排 （一）会前程序：6 月 27 日 13:30-13:55，会议签到。 召集人和律师对股东资格的合法性进行验证，并登记股东 姓名或名称及其所持有表决权的股份数。 （二）大会议程 1、14:00 主持人宣布会议开始，介绍出席现场会议的股东 和代理人人数及所持有表决权的股份总数、参会人员情况。 2、董事会秘书宣读会议须知。 3、推选计票人、监票人。 4、宣读议案，独 ...

Company Overview - Triangle Tire Co., Ltd. will hold its 2024 Annual General Meeting on June 27, 2025, at 14:00 in Weihai, Shandong Province [1] - The meeting will include various agenda items such as the 2024 Work Report of the Board of Directors, the 2024 Financial Settlement Report, and the 2024 Profit Distribution Plan [1][2] Financial Performance - For the year 2024, the total assets of the company reached approximately CNY 19.28 billion, a 2.78% increase from 2023 [20] - The total liabilities decreased by 0.85% to approximately CNY 5.84 billion, while total equity increased by 4.43% to approximately CNY 13.44 billion [20] - The company's operating revenue for 2024 was approximately CNY 10.16 billion, a decrease of 2.55% compared to 2023 [20] - The net profit for 2024 was approximately CNY 1.10 billion, reflecting a decline of 21.03% from the previous year [20] Industry Trends - The tire industry is maturing, with global tire production concentrated in developed markets, while Chinese tire manufacturers are rapidly growing through technological innovation and international expansion [9][10] - The domestic tire industry is transitioning towards quality improvement rather than quantity, focusing on green and intelligent manufacturing practices [10][11] - The demand for high-performance and environmentally friendly tires is increasing, driven by consumer preferences and regulatory pressures [11][12] Strategic Initiatives - The company aims to leverage domestic industrial systems and talent advantages to enhance its market position, particularly in the context of the growing new energy vehicle market [13][14] - Triangle Tire plans to focus on digital transformation, green manufacturing, and high-quality development to align with national policies and market trends [14][15] - The company is committed to enhancing its brand value and expanding its market presence through innovative product development and strategic partnerships [14][15]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5][11]. Core Viewpoints - The company is expected to face rising costs due to the increase in raw material prices in 2024, with a focus on market development and brand promotion in 2025, alongside ongoing technological research and innovation [2][11]. - The projected revenue for 2024 is 10.156 billion yuan, a decrease of 2.55% year-on-year, while the net profit attributable to the parent company is expected to drop by 21.03% to 1.103 billion yuan [11]. - The company is actively promoting its brand internationally and enhancing its product offerings, including the introduction of the DIAMONDBACK brand to the domestic market and the launch of the "Journey" series products [11]. - There is a continuous increase in R&D investment to align with global trends in tire greenization and intelligence, focusing on high-performance green tires and innovative materials [11]. Financial Summary - **Revenue Forecast**: - 2023A: 10,422 million yuan - 2024A: 10,156 million yuan (-2.6%) - 2025E: 10,336 million yuan (+1.8%) - 2026E: 10,559 million yuan (+2.2%) - 2027E: 11,228 million yuan (+6.3%) [4][12] - **Net Profit (Attributable to Parent)**: - 2023A: 1,396 million yuan - 2024A: 1,103 million yuan (-21.0%) - 2025E: 1,108 million yuan (+0.5%) - 2026E: 1,181 million yuan (+6.6%) - 2027E: 1,325 million yuan (+12.2%) [4][12] - **Earnings Per Share (EPS)**: - 2023A: 1.75 yuan - 2024A: 1.38 yuan - 2025E: 1.39 yuan - 2026E: 1.48 yuan - 2027E: 1.66 yuan [4][12] - **Return on Equity (ROE)**: - 2023A: 10.8% - 2024A: 8.2% - 2025E: 7.8% - 2026E: 7.9% - 2027E: 8.4% [4][12] Market Data - **Current Price**: 13.84 yuan [5] - **Market Capitalization**: 11,072 million yuan [6] - **52-Week Price Range**: 13.19 - 16.37 yuan [6] - **Price-to-Earnings Ratio (P/E)**: - 2024A: 10.04 - 2025E: 9.99 - 2026E: 9.37 - 2027E: 8.35 [4][12]

Core Insights - Triangle Tire Co., Ltd. reported a decline in both revenue and profit for Q1 2025, indicating operational challenges for the company [2] Financial Performance - The company's revenue for Q1 2025 was 2.24 billion yuan, a year-on-year decrease of 5.92% and a quarter-on-quarter decrease of 11.78% [5] - Net profit attributable to shareholders was 166 million yuan, representing a significant year-on-year decline of 43.54% and a quarter-on-quarter decline of 24.23% [5] - The net profit after excluding non-recurring gains and losses was 108 million yuan, down 55.28% year-on-year and 34.61% quarter-on-quarter [5] - The gross profit margin for Q1 2025 was 15.45%, a decrease of 5.20 percentage points year-on-year and 0.16 percentage points quarter-on-quarter [5] - The net profit margin was 7.39%, down 4.94 percentage points year-on-year and 1.22 percentage points quarter-on-quarter [5] Expense Analysis - Total operating expenses for Q1 2025 were 175 million yuan, a slight decrease of 1.66 million yuan year-on-year, but the expense ratio increased to 7.82%, up 0.39 percentage points year-on-year [5] - Sales expenses decreased by 7.53% year-on-year, while management expenses increased by 4.50% and R&D expenses rose by 19.63% [5] - Financial expenses decreased by 26.98%, indicating a mixed impact on overall profitability due to changes in expense structure [5] Market Context - In 2024, Triangle Tire's annual revenue was 10.16 billion yuan, down 2.55% year-on-year, with net profit decreasing by 21.03% to 1.10 billion yuan [6] - The increase in raw material prices, particularly natural and synthetic rubber, which rose by 30% and 19% respectively, contributed to the profit pressure [6] - Despite price increases to counteract rising costs, the company faced challenges in fully passing on these costs to consumers, leading to continued profit pressure into Q1 2025 [6]

届时公司总经理林小彬先生、董事会秘书兼财务负责人钟丹芳女士、独立董 事赵磊先生、张居忠先生和王贞洁女士将在线就公司 2024 年度和 2025 年一季度 业绩情况、经营状况及投资者关心的其他问题，与投资者进行沟通与交流，欢迎 广大投资者参与。 本 次 网 上 集 体 接 待 日 活 动 后 ， 投 资 者 可 以 通 过 " 全 景 路 演 " 网 站 （https://rs.p5w.net）查看本次活动的召开情况及主要内容。 特此公告。 三角轮胎股份有限公司董事会 2025 年 5 月 13 日 证券代码：601163 证券简称：三角轮胎 公告编号：2025-012 三角轮胎股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，三角轮胎股份有限公司（以下简称"公 司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合 举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项 公告 ...

Core Viewpoint - The financial performance of major Chinese tire companies, including Sailun, Linglong, and Triangle, shows significant divergence in 2024, with Sailun and Linglong experiencing substantial growth in revenue and net profit, while Triangle faced declines in both revenue and profit [2][4][8]. Financial Performance Summary - **Sailun Tire**: - Revenue reached 31.802 billion yuan, up 22.4% year-on-year - Net profit was 4.063 billion yuan, a 31.4% increase - R&D expenses amounted to 1.013 billion yuan, a 20.8% increase [3][4][6][8] - **Linglong Tire**: - Revenue was 22.058 billion yuan, growing by 9.4% - Net profit reached 1.752 billion yuan, up 26% - R&D expenses totaled 920 million yuan, a 12.97% increase [3][4][7][8] - **Triangle Tire**: - Revenue fell to 10.156 billion yuan, down 2.55% - Net profit decreased to 1.103 billion yuan, a decline of 21.03% - R&D expenses were 150 million yuan, a 6% increase [3][4][8] Market Trends and Challenges - The global tire market is expanding, driven by the recovery of the automotive industry, with a total global tire sales volume of 1.856 billion units in 2024, a 1.86% increase year-on-year [4][12] - The domestic tire market saw a total production of 847 million units, up 7.8% year-on-year [4] - The industry is facing challenges from rising raw material prices, particularly natural rubber and synthetic rubber, which increased by 30% and 19% respectively [7][11] Q1 2025 Performance - **Sailun**: - Revenue for Q1 2025 was 8.411 billion yuan, a 15.28% increase year-on-year - Net profit was 1.039 billion yuan, a slight increase of 0.47% [9][10] - **Linglong**: - Q1 revenue reached 5.697 billion yuan, up 12.92% - Net profit fell to 341 million yuan, down 22.78% [9][10] - **Triangle**: - Q1 revenue was 2.244 billion yuan, down 5.92% - Net profit decreased significantly to 166 million yuan, a decline of 43.54% [9][11] Strategic Developments - Sailun is enhancing its digital and intelligent manufacturing capabilities, establishing a comprehensive digital ecosystem to improve production efficiency and reduce costs [6][8] - Linglong is expanding its global footprint with new factories in Brazil and Serbia, aiming to strengthen its international competitiveness [14] - Triangle is also investing in digital transformation to improve operational efficiency despite facing significant challenges [7][11]

Group 1 - The core viewpoint is that Chinese tire companies are accelerating their overseas factory layout, expanding from Southeast Asia to diversified markets such as Europe, North America, and Africa, transitioning from scale expansion to value creation [1][2] - The average import price of semi-steel tires in the U.S. for 2024 is projected to be $62 per tire, with those from Thailand, Cambodia, and Vietnam averaging $40 per tire. The average import price for all-steel tires is $117 per tire, with those from Cambodia and Vietnam averaging around $80-85 per tire [2][3] - The imposition of a 25% tariff may further widen the price gap between Chinese tires and those from North America and Japan, thereby solidifying cost advantages for Chinese manufacturers [2][3] Group 2 - The new 25% tariff on passenger car and light truck tires under Section 232 may not significantly reduce the cost advantage of tires imported from low-cost regions compared to high-cost regions [2][3] - Historical data indicates that tariffs have not effectively increased domestic tire production in the U.S. due to high labor costs, significant investment requirements, and long construction periods [4] - The high-end market for tires presents a significant opportunity for Chinese manufacturers, allowing them to escape low-end competition and enhance profitability in markets outside the U.S. [5] Group 3 - Recommended stocks include Sailun Tire (601058.SH), Senking (002984.SZ), Linglong Tire (601966.SH), General Shares (601500.SH), Triangle Tire (601163.SH), Guizhou Tire (000589.SZ), and Wind God Shares (600469.SH) [6]