山东玲珑轮胎股份有限公司 关于控股股东部分股份质押展期的公告 证券代码：601966 证券简称：玲珑轮胎 公告编号：2026-010 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个别及连带责任。 重要内容提示： 山东玲珑轮胎股份有限公司(以下简称"公司")控股股东玲 珑集团有限公司（以下简称"玲珑集团"）持有公司股份596,644,122 股，占公司总股本的 40.77%。本次股份质押展期业务完成后，玲珑 集团累计质押其所持有的公司股份 137,900,000 股，约占公司总股本 的 9.42%，占玲珑集团所持公司股份的 23.11%。 玲珑集团及其一致行动人，合计持有公司股份 799,169,922 股， 占公司总股本的 54.61%，本次股份质押展期业务完成后，累计被质 押股份 137,900,000 股，占其所持股份总数的 17.26%，占公司总股 本的 9.42%。 山东玲珑轮胎股份有限公司（以下简称"公司"）于近日接到控 股股东玲珑集团有限公司（以下简称"玲珑集团"）的通知，获悉玲 珑集团办理了部分股份质押展期业务，具体事项 ...

证券代码：601966 证券简称：玲珑轮胎 公告编号：2026-009 山东玲珑轮胎股份有限公司 关于高级管理人员变更的公告 董事会于近日收到王锋先生的书面辞职申请。为优化公司治理结 构，王锋先生申请辞去公司总裁职务，其辞职后仍将在公司担任其他 职务。 公司召开第六届董事会第五次会议，同意聘任周令坤先生为公司 总裁。 一、高级管理人员离任情况 | | 离任 | | 原定任期 | | 是否继续 在上市公 | | 是否存 在未履 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | 离任时间 | 到期日 | 离任原因 | 司及其控 | 具体职务（如适用） | 行完毕 | | | | | | | 股子公司 | | 的公开 | | | | | | | 任职 | | 承诺 | | | | | | | | 董事长、战略决策 | | | | | | | | | 委员会主任委员、 | | | | | | | | | 可持续发展委员会 | | | | | 2026 年 3 | 2028 年 7 | 优化公司 | | 主任委员、合规管 | | | 王锋 | ...

证券代码：601966 证券简称：玲珑轮胎 公告编号：2026-008 山东玲珑轮胎股份有限公司 关于股东回馈活动的自愿性信息披露公告 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个别及连带责任。 山东玲珑轮胎股份有限公司（以下简称"公司"）为建立长效、 多样的股东回报机制，感谢广大股东长期以来对公司的支持，使股东 更直观、深刻地认同公司的内在价值与技术实力，进一步提升公司"玲 珑大师"系列产品的品牌认知度，公司将开展"股东回馈活动"。现 将活动内容公告如下： 一、活动时间 本次活动时间为 2026 年 3 月 12 日 00:00 至 2026 年 6 月 12 日 24:00。股东未在 2026 年 6 月 12 日 23:59:59 前完成申领的，视为自 动放弃本次参与资格。 二、参加活动股东范围 全体玲珑轮胎股东（包括现有股东、历史股东及未来投资者）， 均可参与本次活动。 三、活动内容 1、专属优惠券：每位符合资格的股东，可专享一次"玲珑大师" 系列产品 9 折优惠券，每个 ID 限量一张； 使用平台：京东"玲珑轮胎官方自营旗 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1][28]. Core Insights - The global chemical industry is entering a significant upward cycle driven by anti-involution and AI demand, with China's leading companies benefiting from solid cost and efficiency advantages. The industry is expected to see a substantial increase in free cash flow as capacity expansion slows, transforming companies from cash-consuming entities to cash-generating ones. The upcoming peak season for chemicals is anticipated to enhance profitability, making it crucial to focus on demand, value, and supply dynamics for investment opportunities [3][28]. Summary by Sections Recent Trends - As of March 5, 2026, the Guohai Chemical Prosperity Index stands at 99.35, reflecting a 5.16 increase from February 26, 2026 [1]. Performance Metrics - The basic chemical sector has shown a performance increase of 7.4% over the past month, 23.6% over the past three months, and 50.8% over the past year [4]. Investment Opportunities 1. **Value-Driven Opportunities**: Potential for increased dividend yields in sectors such as coal chemicals (e.g., Hualu Hengsheng, Luxi Chemical), oil refining (e.g., Hengli Petrochemical, Sinopec), pesticides (e.g., Yangnong Chemical), and potassium fertilizers (e.g., Salt Lake Industry) [3]. 2. **Supply-Driven Opportunities**: Focus on domestic anti-involution policies and European capacity exits, with key players including PTA/Polyester (e.g., Xinfengming, Tongkun), glyphosate and organosilicon (e.g., Xingfa Group), and industrial silicon (e.g., Hoshine Silicon) [6]. 3. **Demand-Driven Opportunities**: Highlighting sectors benefiting from large-scale opportunities, including gas turbines (e.g., Zhenhua Group), refrigerants (e.g., Juhua), and energy storage (e.g., Chuanheng) [6]. Key Companies and Earnings Forecasts - The report tracks several key companies with their respective earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical [29]. Market Observations - The report notes that geopolitical tensions, particularly in the Middle East, are likely to drive oil prices higher, benefiting companies like China National Petroleum and CNOOC, while also increasing costs for petrochemical products [9][13]. Price Trends - Recent price increases have been observed in various chemical products, including MDI and TDI, with significant upward movements in raw material costs due to geopolitical events [14][18]. Conclusion - The chemical industry is positioned for a favorable outlook, driven by structural changes in supply and demand dynamics, with a focus on companies that can leverage these trends for growth and profitability [28].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The titanium dioxide industry has initiated its first collective price increase of the year, with domestic prices rising by 500 CNY/ton and international prices by 100 USD/ton [3] - A historic disruption in the global natural gas supply chain occurred due to an attack on Qatar's energy facilities, leading to a 50% increase in European natural gas prices and an 8% rise in Brent crude oil prices [3] - The domestic tire industry shows strong competitiveness, with recommended companies including Sailun Tire, Senqilin, General Motors, and Linglong Tire [4] - The consumer electronics sector is expected to gradually recover, with a focus on upstream material companies benefiting from the recovery in the panel supply chain [4] - The report highlights the resilience of certain cyclical industries, particularly in the phosphorous chemical sector, which is supported by environmental policies limiting supply [6] Summary by Sections Chemical Sector Market Review - The Shanghai Composite Index fell by 0.93%, with the CITIC Basic Chemical Index down by 2.27% [12] - The top-performing sub-industries included synthetic resins (6.9%) and chlor-alkali (3.53%), while electronic chemicals (-7.91%) and membrane materials (-7.5%) were the worst performers [15] Key Sub-Industry Market Review Tires - Full steel tire production load in Shandong increased to 66.41%, while semi-steel tire production load reached 73.52% [52] Fertilizers - Urea prices rose to 1853.5 CNY/ton, with a production load of 93.62% [67] - Phosphate prices for monoammonium phosphate and diammonium phosphate increased to 3892.5 CNY/ton and 4381.88 CNY/ton, respectively [70] Vitamins - Vitamin A price remained stable at 60.5 CNY/kg, while Vitamin E increased by 15.65% to 66.5 CNY/kg [82] Fluorochemicals - Fluorspar prices rose to 3475 CNY/ton, with a production load of 8.07% [84] Organic Silicon - The organic silicon market is experiencing price increases due to production cuts, with DMC prices reported at 14000-14300 CNY/ton [97]

Economic Overview - Thailand's GDP growth has been volatile, with an average growth rate of 2.5% projected for 2024, lower than the global average of 2.9% and emerging markets at 4.3%[8] - The contribution of tourism to Thailand's GDP is significant, averaging around 17.7% from 2015 to 2019, and rebounding to 18% in 2024 after pandemic impacts[29] Manufacturing and Exports - Manufacturing, particularly in automotive and electronics, is a key driver of Thailand's economy, with manufacturing contributing over 25% to GDP[17] - Thailand is the largest automotive producer in Southeast Asia, with automotive exports accounting for nearly 2% of global exports[23] Foreign Investment Landscape - China is a major source of foreign direct investment (FDI) in Thailand, with Chinese investments reaching approximately $3.16 billion in 2024, representing 22.1% of total FDI[34] - From 2018 to 2024, Chinese investment applications in Thailand totaled 1,941 projects, amounting to 779.6 billion Thai Baht[34] Compliance and Regulatory Environment - Foreign investment in Thailand is subject to strict regulations, including restrictions on land ownership and specific industries requiring government approval[43] - The Thai government mandates that foreign companies must have local partners holding at least 40% of shares in certain restricted sectors[45] Labor and Employment - Thailand has a minimum wage policy and a high number of public holidays, with 13 public holidays and 6 paid leave days annually[43] - There are restrictions on foreign labor, including quotas and limitations on certain job types for expatriates[43]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The report highlights the solid cost and efficiency advantages of leading Chinese chemical companies, which are entering a long-term upward performance phase. The recovery in demand is expected to sustain the improvement in the performance of supply-constrained sectors. The carbon emission control measures are likely to lead to a re-evaluation of the Chinese chemical industry, with capacity expansion slowing down significantly. This is expected to enhance free cash flow and potential dividend yields for companies, transforming them from cash-consuming entities to cash-generating ones. The report emphasizes the importance of demand, value, and supply in identifying investment opportunities [2][29] Summary by Sections Recent Trends - As of February 26, 2026, the Guohai Chemical Prosperity Index stands at 94.19, reflecting a slight increase of 0.22 from February 19, 2026 [1] Performance Analysis - The basic chemical sector has shown a performance increase of 6.0% over the past month, 26.1% over the past three months, and 52.2% over the past year, significantly outperforming the CSI 300 index [4] Investment Opportunities - **Value-Driven Opportunities**: Companies such as Hualu Hengsheng, Luxi Chemical, and Baofeng Energy are highlighted for their potential dividend rate increases [2] - **Supply-Driven Opportunities**: Companies like Xin Fengming and Tongkun Co. are noted for benefiting from domestic supply constraints and European capacity exits [6] - **Demand-Driven Opportunities**: The report identifies companies in sectors such as gas turbines, refrigerants, and energy storage as key beneficiaries of growing demand [6][7] Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for various companies, indicating a positive outlook for firms like Dongfang Shenghong, Hubei Yihua, and Baofeng Energy, with expected earnings per share (EPS) growth in the coming years [30] Market Dynamics - The report discusses the impact of geopolitical tensions on oil prices, which are expected to rise, benefiting companies like China Petroleum and China National Offshore Oil Corporation. It also notes potential supply shortages in methanol and urea due to disruptions in Iranian production [10][11] Price Trends - Recent price movements include a significant increase in battery-grade lithium carbonate prices, which rose by 19.18% week-on-week, driven by supply constraints and demand recovery [14] Conclusion - The report concludes that the chemical industry is entering a favorable cycle, driven by supply-side constraints and increasing demand, making it an attractive investment area [29]

Core Viewpoint - The successful industrialization of the high-end tire barrier material DVA by Shandong Daon Polymer Materials Co., Ltd. and Linglong Tire marks a significant breakthrough in the rubber new materials sector, overcoming long-standing technological monopolies by European and American companies [2] Group 1: DVA Material Development - DVA is a new high-performance dynamic vulcanized alloy material for tire airtight layers, offering 7 to 10 times the airtightness of traditional materials while being lightweight, which significantly reduces rolling resistance and enhances fuel efficiency for vehicles, especially electric ones [2] - The collaboration between Linglong and Daon began in 2020, focusing on addressing the unique challenges of DVA material, particularly its difficulty in adhering to tire inner walls due to its smooth surface [2] Group 2: Innovation and Collaboration - The breakthrough in DVA's industrialization was achieved through a unique process developed by Linglong and Daon, which included the invention of a dual continuous non-homogeneous cross-linking structure and an innovative online film application technology [2] - This collaboration has positioned Linglong as a central hub in the "material-process-product" transformation chain, driving the development and industrialization of various high-tech materials, including graphene tires and bio-based rubber tires [2] Group 3: Industry Impact - The successful commercialization of DVA technology signifies a shift in the Chinese tire industry from mere product manufacturing to a system-driven approach that integrates material and process innovation based on end-user demands [2] - Linglong's role as a key integrator in the innovation and industrial chain highlights its commitment to transforming cutting-edge technologies into reliable high-performance products for the market [2]

基本面依旧坚实。 作者 | 白猫 编辑 | 小白 风云君一直强调，财报是企业经营的体检单。而在行业周期波动的关口，一份"营收增长利润下滑"的成 绩单往往最能折射出企业当下的处境与韧性。 玲珑轮胎（601966.SH）2025年前三季度的表现，恰恰展现了这样一幅喜忧参半的图景。 业绩扫描：营收新高与利润磨底 最新的财务数据显示，2025年前三季度，公司实现营业总收入181.6亿元。这一数字相比去年同期增长了 13.9%。 在宏观经济环境复杂多变、行业竞争日趋白热化的背景下，能够维持双位数的营收增长，实属不易。这 表明公司的市场份额仍在扩张，产品在终端市场的消化能力依然强劲。 然而，利润端的表现却显得颇为沉重。同期，归母净利润为11.7亿元，同比下滑了31.8%。扣非净利润 10.2亿元，同比下滑26.7%。 这一数据的背离，清晰地指向了轮胎行业目前面临的共性难题：成本端的刚性上涨与外部环境的扰动。 | ● 15.6亿 20.9亿 6.4亿 1.8亿 13.0亿 14.0亿 10.2亿 | | --- | | · 41.2% 33.1% -64.5% -63.0% 376.9% 26.0% -31.8% | | ...

Core Viewpoint - The Chinese automotive market is experiencing rapid growth, with domestic brands emerging quickly due to favorable market conditions, yet there is a notable reluctance among these brands to partner with local tire manufacturers [1][29]. Group 1: Domestic Automotive Brands and Tire Partnerships - Domestic automotive brands, like Xiaomi and Great Wall, predominantly choose international tire brands such as Michelin and Bridgestone for their vehicles, indicating a preference for established global brands over local options [4][34]. - The recent launch of Xiaomi's SU7 highlights its exclusive partnerships with premium tire brands, with an average tire price constituting about 5% of the vehicle's total price [4][32]. - The 2023 new car original equipment tire rankings show that only a few domestic tire brands, like Linglong and Chaoyang, are making it into the top tier, with most high-end vehicles still opting for international brands [8][36]. Group 2: Challenges for Domestic Tire Manufacturers - Domestic tire manufacturers face significant challenges in competing with established international brands, primarily due to a lack of advanced technology and brand recognition [16][44]. - The perception of domestic tires is hindered by their insufficient technological innovation and the absence of compelling patents, which are crucial for gaining consumer trust [17][45]. - Brand recognition plays a critical role in consumer choice, with international brands investing heavily in marketing and sponsorships to enhance visibility and credibility [18][46]. Group 3: Market Dynamics and Future Prospects - The rise of new energy vehicles in China has provided an opportunity for domestic tire brands to gain traction, particularly as they align with the growing domestic automotive industry [13][41]. - Despite the challenges, there is potential for domestic tire brands to improve their market position by enhancing technology, marketing strategies, and distribution channels [28][56]. - The relationship between domestic automotive and tire manufacturers may evolve, fostering a sense of national brand loyalty and collaboration in the future [20][56].