山东玲珑轮胎股份有限公司 2025 年第三次临时股东会会议资料 山东玲珑轮胎股份有限公司 2025 年第三次临时股东会 会议资料 （股票代码：601966） 二〇二五年十一月十二日 1 | | | 山东玲珑轮胎股份有限公司 2025 年第三次临时股东会会议资料 2025 年第三次临时股东会会议议程 一、会议召开的基本事项 （一）会议召集人：公司董事会 （四）现场会议地点：山东省招远市金龙路 777 号玲珑轮胎办公楼会议室 （五）股权登记日：2025 年 11 月 5 日（周三） （六）会议召开及表决方式：现场和网络结合方式 （七）会议出席对象 （二）现场会议召开时间：2025 年 11 月 12 日（周三）14:00 （三）网络投票时间： 1、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 为股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00。 2、通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 1、股权登记日收市后在中国证券登记结算有限责任公司上海分公司登记在 册的公司股东或其代理人； 2、公司董事和高级管理人员； 3、公 ...

Core Points - The controlling shareholder, Linglong Group, plans to increase its stake in Shandong Linglong Tire Co., Ltd. by investing between RMB 200 million and RMB 300 million over a six-month period starting from May 7, 2025, to stabilize the stock price and protect shareholder interests [2][3] - From May 7 to October 30, 2025, Linglong Group successfully acquired 13,295,095 A-shares, representing approximately 0.91% of the total share capital, with a total investment of RMB 200 million [2][4] - The share buyback plan was executed in compliance with relevant laws and regulations, and did not lead to any changes in the company's controlling shareholder or actual controller [5][6] Summary of Implementation - The buyback plan was completed within the stipulated six-month period, and the total shares acquired did not exceed 2% of the company's total share capital [5] - Linglong Group did not reduce its shareholding during the buyback period and completed the plan as intended [4][5] - Legal opinions confirm that Linglong Group is qualified to be a shareholder and that the buyback complies with applicable laws and regulations [6]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to experience a recovery in demand, driven by government policies aimed at stabilizing growth and transforming the industry [4][5] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected supply gap by 2028 [8] - The report highlights the potential for high dividend yields and improved cash flow for leading companies in the chemical sector as capacity expansion slows down globally [4] Summary by Sections Industry Performance - The basic chemical sector has shown a performance increase of 23.0% over the past 12 months, outperforming the CSI 300 index [2] Government Initiatives - A joint announcement from seven government departments outlines a plan for stable growth in the petrochemical industry, targeting an average annual growth of over 5% in value-added output from 2025 to 2026 [5] Market Dynamics - The price of chromium salts is on the rise, with significant increases noted in the prices of chromium metal and chromium oxide in October 2025 [8][18] - The report indicates that the chemical industry is transitioning from a "cash-consuming" phase to a "cash-generating" phase, with a focus on high-quality development and innovation [4][5] Investment Opportunities - Key investment opportunities identified include low-cost expansion in leading companies, improving market conditions for chromium salts, and high dividend yields from state-owned enterprises [9][10][11]

Core Viewpoint - The company reported its Q3 2025 earnings, showing a mixed performance with revenue growth but a significant decline in net profit [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 18.16 billion yuan, a year-on-year increase of 13.9% [1] - The net profit attributable to shareholders was 1.17 billion yuan, down 31.8% year-on-year [1] - The adjusted net profit was 1.02 billion yuan, a decrease of 26.7% year-on-year [1] - In Q3 2025, the company reported revenue of 6.35 billion yuan, with year-on-year and quarter-on-quarter increases of 14.0% and 3.8%, respectively [1] - The net profit for Q3 was 310 million yuan, reflecting a year-on-year decline of 60.2% and a quarter-on-quarter decline of 39.1% [1] - The adjusted net profit for Q3 was 250 million yuan, down 46.3% year-on-year and 48.9% quarter-on-quarter [1] Gross Margin and Production - The gross margin for Q3 2025 was 18.0%, an increase of 2.0 percentage points quarter-on-quarter, driven by higher sales prices and lower raw material costs [2] - The average price per tire increased by 3.1% quarter-on-quarter, while the procurement costs for key raw materials decreased by 7.4% [2] - For the first three quarters of 2025, tire production reached 69.79 million units, up 6.2% year-on-year, and sales were 67.48 million units, up 10.0% year-on-year [2] - In Q3, tire production was 23.90 million units, with year-on-year and quarter-on-quarter increases of 7.0% and 4.5%, respectively [2] - Tire sales in Q3 were 23.10 million units, reflecting year-on-year and quarter-on-quarter increases of 7.8% and 0.5%, respectively [2] Global Expansion Strategy - The company announced a planned investment of 1.19 billion USD to establish a tire production project in Brazil, which includes various tire types and liquid reclaimed rubber [2] - This project marks the company's third overseas factory, following Thailand and Serbia, and represents a significant step in its "7+5" global strategy [2] Earnings Forecast and Investment Recommendation - The company is projected to achieve revenues of 25.34 billion, 28.92 billion, and 32.47 billion yuan for 2025-2027, with year-on-year growth rates of 14.9%, 14.1%, and 12.3%, respectively [3] - The net profit attributable to shareholders is expected to be 1.58 billion, 1.99 billion, and 2.87 billion yuan for the same period, with year-on-year changes of -9.6%, +25.7%, and +44.3% [3] - Based on the closing price on October 31, the corresponding PE ratios are projected to be 14, 11, and 8 times, with a "recommended" rating for the first coverage [3]

证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-075 本公司董事会、全体董事及相关股东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： 已披露增持计划情况：基于对山东玲珑轮胎股份有限公司（以下简称"公 司"）未来发展的信心和价值的认可，以及为维护股价稳定和股东利益，公司控 股股东玲珑集团有限公司（以下简称"玲珑集团"）计划自 2025 年 5 月 7 日起（含 当日）6 个月内，以自有资金和自筹资金（包含股票增持专项再贷款）通过上海 证券交易所交易系统增持公司股份，累计增持金额不低于人民币 2 亿元不超过人 民币 3 亿元。本次增持计划不设定价格区间，将根据公司股票价格波动情况及资 本市场整体趋势，择机逐步实施增持计划。 增持计划的实施结果：2025 年 5 月 7 日至 10 月 30 日期间，玲珑集团以 自有资金和自筹资金（包含股票增持专项再贷款）通过上海证券交易所集中竞价 方式增持公司 13,295,095 股 A 股股份，占公司总股本的比例约 0.91%，累计增 持金额 2 亿元，本次增持计划已实施完毕。 | ...

北京市中伦（青岛）律师事务所 关于山东玲珑轮胎股份有限公司 控股股东增持公司股份的 专项核查意见 二〇二五年十月 北京市中伦（青岛）律师事务所（以下简称"本所"）接受山东玲珑轮胎股 份有限公司（以下简称"玲珑轮胎"或"公司"）的委托，就玲珑轮胎的控股股 东玲珑集团有限公司（以下简称"玲珑集团"或"增持人"）增持公司 A 股股票 的相关事项（以下简称"本次股份增持"）出具《北京市中伦（青岛）律师事务 所关于山东玲珑轮胎股份有限公司控股股东增持公司股份的专项核查意见》（以 下简称"本核查意见"）。本所律师根据《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》(以下简称《证券法》)、《上市公司收购管 理办法（2025 修正）》(以下简称《收购管理办法》)、《上海证券交易所上市公司 自律监管指引第 8 号——股份变动管理（2025 年 4 月修订）》等中国（为本核查 意见之目的，不包括香港特别行政区、澳门特别行政区、台湾地区）法律、法规、 规章、规范性文件的规定，对出具本核查意见有关的文件资料进行了必要的核查 验证。按照律师行为公认的业务标准、道德规范和勤勉尽责精神，对玲珑轮胎提 供的有关文件 ...

Investment Rating - The report maintains an "Outperform" rating for Linglong Tire (601966) [1] Core Insights - The company achieved a total revenue of 18.16 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 13.9%. However, the net profit attributable to the parent company was 1.17 billion yuan, down 31.8% year-on-year [5] - The decline in profit is attributed to high comparative figures from the previous year, including tax refunds and foreign exchange losses in Q3 2025 compared to gains in Q2 2025 [5] - Tire production and sales showed steady growth, with production reaching approximately 69.79 million units (up 6.2% YoY) and sales at 67.48 million units (up 10% YoY) [5] - The company is actively expanding its Serbian base, which is expected to contribute to revenue growth once customer certifications are completed [5] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 25.36 billion yuan, with a year-on-year growth rate of 15.0% [4] - The net profit for 2025 is forecasted to be 1.35 billion yuan, representing a decrease of 23.0% compared to the previous year [4] - The gross margin is expected to be around 16.1% for 2025, down from 22.1% in 2024 [4] - The company anticipates a gradual recovery in profitability, with net profits projected to reach approximately 1.97 billion yuan by 2027 [4][6]

Group 1: Coal Industry Insights - In Q3 2025, the proportion of coal stocks in actively managed funds decreased to 0.30%, indicating a low level of investment in the coal sector, which is at its lowest since 2008 [4][5][6] - Coal prices have been recovering, with the price of thermal coal reaching 770 RMB/ton by October 24, 2025, marking a new high for the year [6] - The coal mining industry is expected to maintain upward price trends due to seasonal demand and supply constraints from production regulations, with long-term price increases driven by rising operational costs and regulatory pressures [6] Group 2: Easy Point Technology - In Q3 2025, Easy Point Technology reported a revenue of 9.8 billion RMB, a year-on-year increase of 46.8%, driven by the growth of its programmatic advertising platform [10] - The company’s gross margin decreased to 13.06%, primarily due to rising traffic acquisition costs and increased R&D and sales expenses [10][11] - The programmatic advertising platform has seen significant growth, with daily ad requests reaching 220 billion, and the company is investing heavily in R&D to enhance its service capabilities [11][12] Group 3: Amway Corporation - Amway reported a revenue of 16.79 billion RMB in the first three quarters of 2025, a year-on-year decrease of 6.8%, with net profit declining by 19.2% [14][15] - The company is optimizing its product structure and expanding into emerging markets, with a focus on maintaining strong relationships with global clients like Nike and Adidas [17] - Despite challenges, Amway is seeing improvements in its operational performance, particularly in its Vietnam operations [16][18] Group 4: Nanjing Bank - Nanjing Bank achieved a revenue of 419.49 billion RMB in Q3 2025, reflecting an 8.79% year-on-year growth, with net profit increasing by 8.06% [19][20] - The bank's total assets reached 2.96 trillion RMB, a 14.31% increase from the previous year, with a notable growth in corporate loans [20] - The bank's non-performing loan ratio improved to 0.83%, indicating a strengthening of its asset quality [21] Group 5: Linglong Tire - Linglong Tire reported a revenue of 181.61 billion RMB in the first three quarters of 2025, a 13.87% increase, although net profit fell by 31.81% due to rising raw material costs [22][24] - The company’s tire production and sales volumes increased, with a focus on expanding its global footprint through its "7+5" strategy [27][28] - Linglong Tire is positioned as a leader in the domestic market and is actively pursuing international expansion, including a significant investment in Brazil [27][29] Group 6: Wuxi Bank - Wuxi Bank's revenue grew by 3.87% year-on-year in the first three quarters of 2025, with a net profit increase of 3.78% [30][31] - The bank's loan growth exceeded 10%, with a significant increase in corporate loans, indicating strong demand for financing [31] - The non-performing loan ratio remained stable at 0.78%, reflecting effective risk management practices [32] Group 7: China Aluminum - China Aluminum reported a revenue of 1,765 billion RMB in the first three quarters of 2025, with a net profit increase of 20.65% [33][34] - The company benefited from lower costs and rising prices for aluminum and alumina, contributing to improved profitability [34][35] - Production volumes for key products increased, supporting the overall positive performance of the company [34] Group 8: Jin Zai Food - Jin Zai Food achieved a revenue of 18.08 billion RMB in the first three quarters of 2025, with a slight increase of 2.05%, while net profit declined by 19.51% [37][38] - The company’s Q3 revenue growth of 6.55% indicates a recovery in its core product lines, although profitability remains under pressure due to increased costs [38][39] - Jin Zai Food is focusing on quality and new product development to enhance its market position [39] Group 9: China Coal Energy - China Coal Energy reported a revenue of 1,105.8 billion RMB in the first three quarters of 2025, a decrease of 21.2%, with net profit down by 14.6% [40][41] - The company’s Q3 performance improved due to rising coal prices and cost reductions, with a notable increase in profit margins [41] - The coal production and sales volumes showed resilience despite price pressures, indicating operational efficiency [41]

Investment Rating - The report maintains a "Strong Buy" rating for Linglong Tire (601966) with a target price of 21.75 CNY [2][10]. Core Insights - In the first three quarters of 2025, the company achieved revenue of 18.161 billion CNY, a year-on-year increase of 13.87%. However, the net profit attributable to shareholders decreased by 31.81% to 1.167 billion CNY [2][10]. - The third quarter saw revenue of 6.349 billion CNY, up 14.00% year-on-year and 3.82% quarter-on-quarter. The net profit for Q3 was 313 million CNY, down 60.22% year-on-year and 39.12% quarter-on-quarter [2][10]. - The company is expanding its global competitiveness with the completion of its Serbia plant and the establishment of a third base in Brazil, which is expected to enhance its market share in the Americas [4][10]. Financial Performance Summary - For 2024A, total revenue is projected at 22.058 billion CNY, with a year-on-year growth rate of 9.4%. The net profit attributable to shareholders is expected to be 1.752 billion CNY, reflecting a growth rate of 26.0% [6][11]. - The company anticipates a revenue increase to 25.744 billion CNY in 2025E, with a growth rate of 16.7%. However, the net profit is projected to decline to 1.562 billion CNY, a decrease of 10.9% [6][11]. - The earnings per share (EPS) for 2025E is estimated at 1.07 CNY, with a price-to-earnings (P/E) ratio of 14 [6][11]. Production and Sales Insights - In the first three quarters of 2025, the company produced and sold 69.789 million and 67.482 million tires, respectively, representing year-on-year increases of 6.2% and 10.0% [10]. - The average price per tire in Q3 2025 was 273.1 CNY, up 6.1% year-on-year, attributed to market structure changes and product adjustments [10]. - The gross margin for Q3 2025 was recorded at 18.0%, a decrease of 9.4 percentage points year-on-year, but an improvement of approximately 2.0 percentage points from Q2 2025 [10].

Core Points - The company reported a net profit of 312.86 million yuan for the third quarter of 2025, with a revenue of 6.35 billion yuan, indicating a profit distribution plan of 0.065 yuan per share [9][39] - The company’s major shareholder, Linglong Group, plans to increase its stake in the company by investing between 200 million and 300 million yuan over a six-month period starting from May 7, 2025 [6][9] - The company is set to hold an investor meeting on November 24, 2025, to discuss its third-quarter performance and financial indicators [28][30] Financial Data - The company achieved a total revenue of 634.89 million yuan and a net profit of 312.86 million yuan for the third quarter of 2025 [9][39] - The total undistributed profits of the company reached 4.74 billion yuan as of September 30, 2025 [9] - The cash dividend distribution plan amounts to approximately 95.13 million yuan, which is 30.41% of the net profit attributable to shareholders [9][39] Shareholder Information - The total number of shares held by the top ten shareholders and the number of shareholders with more than 5% ownership were reported [5] - Linglong Group has increased its shareholding by 13,294,095 shares, representing about 0.91% of the total share capital [6] Related Party Transactions - The company plans to sign new related party framework agreements with Linglong Group to standardize transactions and improve operational efficiency [12][14] - The agreements will include procurement and supply frameworks, as well as energy procurement agreements, effective for three years upon shareholder approval [18][21] Decision-Making Process - The profit distribution plan was approved during the third board meeting held on October 27, 2025, with unanimous support from all attending directors [39][40] - The company’s board of directors has also approved the continuation of the accounting firm PwC for the 2025 fiscal year [41][42]